Aker Yards ASA reported an EBITDA of NOK 437 million for the first quarter of 2007, an increase of 22 percent compared with the first quarter of 2006. Earnings per share (EPS) were NOK 1.80 for the quarter, compared with NOK 2.08 in the same period in 2006. Order intake in the first quarter was NOK 14 765 million, giving an order backlog of NOK 86 089 million at the end of the quarter, comprising 148 vessels. During the quarter, Aker ASA divested all its shares in Aker Yards.
Aker Yards had revenues of NOK 8 387 million in the first quarter of 2007, an increase of 55.4 percent compared with NOK 5 397 million in the corresponding period of 2006. High activity in all three business areas and high capacity utilization across the business areas contributed to the development.
The pressure on subcontractors is high, and demands a careful follow up in order to reduce the risk of delays on projects. The trend is that deliveries of parts and supplies are mostly on time, but an increasing number of deliveries are suffering from unacceptable quality.
The order backlog increased by NOK 6 669 million from the previous quarter, and order intake in the first quarter was NOK 14 765 million. The business area Cruise & Ferries contributed the major part of the order intake. A second Genesis class vessel was ordered at a price of approximately EUR 900 million, and the order with MSC Cruises represented approximately EUR 410 million. The order backlog at the close of the first quarter was NOK 86 089 million, compared with NOK 47 868 million at the end of the first quarter 2006.
Aker Yards achieved an EBITDA result of NOK 437 million in the first quarter of 2007, compared with NOK 357 million in the corresponding quarter of 2006. The EBITDA margin for the first quarter of 2007 was 5.2 percent.
Please find enclosed the full version of the first quarter 2007 report.
--------------- END -----------------
Aker Yards ASA
P.O.Box 1523 Vika
Tel: + 47 24 13 00 00
SVP Corp. Communications and Investor Relations
Tel: + 47 24 13 01 30
Mob: + 47 90 77 78 41
IR Manager & Analyst
Tel: +47 24 13 01 19
Mob: +47 95 14 11 47
This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Yards ASA and its subsidiaries and affiliates (the "Aker Yards Group") lines of business. These expectations, estimates, and projections are generally identifiable by statements containing words such as "expects," "believes," "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Aker Yards Group's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Aker Yards ASA believes that its expectations and the information in this Press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Press release. Neither Aker Yards ASA nor any other company within the Aker Yards Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Press release, and neither Aker Yards ASA, any other company within the Aker Yards Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Press release.
Aker Yards ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the press release, other than what is required by law.
The Aker Yards Group consists of many legally independent entities, constituting their own separate identities. Aker Yards is used as the common brand or trade mark for most of these entities. In this press release we may sometimes use "Aker Yards," "Group, "we," or "us," when we refer to Aker Yards companies in general or where no useful purpose is served by identifying any particular Aker Yards company.