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News Release from: Aker Kvaerner Oil and Gas
Edited by the Processingtalk Editorial
Team on 14 February 2007
AK announces strong growth and strong
profit
Aker Kvaerner reports strong fourth quarter 2006 results with an EBITDA of NOK 905million and NOK 3170million for the full year, increase of 31% and 58% respectively compared to last year
Aker Kvaerner reports strong fourth quarter 2006 results with an EBITDA of NOK 905million and NOK 3170 for the full year The EBITDA, excluding the Pulping and Power business (now sold), was NOK 786million for the fourth quarter and NOK 2872million for the year, an increase of 31 percent and 58 percent respectively compared to last year
This article was originally published on Processingtalk on 17 Nov 2004 at 8.00am (UK)
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The general activity level remained high and the main Aker Kvaerner markets developed positively throughout 2006.
This resulted in a high quality order backlog of NOK 59.7billion by the end of the year.
The Board of Directors will propose an extraordinary dividend following the Pulping and Power divestment of NOK 30 per share for 2006 and an ordinary dividend of NOK 10 per share, amounting to a total of NOK 2200 million.
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Aker Kvaerner Offshore Partner has signed a letter of intent for a framework contract covering maintenance and modification work on all BP-operated platforms on the Norwegian Continental Shelf
The Pulping and Power business is presented as discontinued operations.
Aker Kvaerner has today announced an initiative to activate a share buy-back programme to last until the ordinary general assembly on 29 March 2007.
Operating revenues for the fourth quarter 2006 reached NOK 15 304million compared to NOK 11 924million for the same quarter last year, an increase of 28 percent.
Operating revenues totalled NOK 50 592million in 2006 compared to NOK 36 940million in 2005, a growth of 37 percent.
EBITDA increased in the fourth quarter to NOK 786million, compared to NOK 680million in the corresponding period last year.
Adjusted for a one time sales gain in the fourth quarter 2005, this reflects a growth of 31 percent.
Full-year EBITDA amounted to NOK 2872million, which is a 58 percent increase from NOK 1816million in 2005.
The full-year EBITDA-margin was 5.7 percent, compared to 4.9 percent in 2005.
Order intake in the fourth quarter was NOK 12.8 billion.
At the end of December the order backlog was at a level of NOK 59.7billion - an increase of 23 percent from 2005 to 2006.
Cashflow from operating activities was NOK 2636million in 2006, reflecting a NOK 678million increase in net current operating assets.
Cash and bank deposits at the end of December amounted to NOK 5.7billion.The liquidity buffer, including undrawn credit facilities of NOK 6.2billion, was NOK 11.9billion.
In addition NOK 2411million is pledged for the defeased loan of EUR 260million.
The refinancing of Aker Kvaerner was successfully concluded 1 December.
The syndication of the bank facility of EUR 750million attracted substantial interest in the market.
Aker Kvaerner also issued bonds with a total amount of NOK 1.6billion in connection with the refinancing.
Net financial expenses include NOK652 million in refinancing costs.
The sale of the Pulping and Power businesses to Metso Corporation was approved by the European Commission in December, and the transaction was closed by 31 December 2006.
The final transaction value has been based on the balance sheet as of 31 December 2006.
The net cash effect is NOK 2.6billion and net gain compared to book value, NOK 2327million.
On 18 January 2007 Aker Kvaerner announced a buy-back of 300 000 shares at NOK 660 per share in connection with the limited divesture of shares by Aker ASA.
The share price increased from NOK 414.50 at year-end 2005 to NOK 778 at the end of 2006.
This increase of 88 percent represents a value creation of NOK 20billion for Aker Kvaerner shareholders in 2006.
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