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Aker Soltuions Announces Preliminary Annual Results

Based on the preliminary annual results, which show revenues of NOK 44.9 billion and EBITDA of NOK 4.7 billion, the Board of Directors proposes to pay a dividend of NOK 4.00 per share.

“The performance in the fourth quarter can be described as solid, rather than spectacular. The first full year of operation since the restructuring of Aker Solutions has generated strong results, mainly due to favourable development in the larger business areas like Subsea, Drilling Technologies, MMO and Engineering. Year-on-year group revenues increased 25 per cent and, when non-recurring items are excluded, the EBITDA margin improved by 2.4 percentage points compared with the previous year. To put it succinctly, Aker Solutions develops and grows according to our five-year strategic plan”, says √ėyvind Eriksen, executive chairman of Aker Solutions.

Fourth quarter consolidated revenues amounted to NOK 12 034 million, an increase of 4 per cent compared with the corresponding quarter in the previous year. EBITDA in the fourth quarter rose 16.5 per cent to NOK 1 220 million. The figures include non-recurring items of NOK 160 million from the sale of real estate.

High activity

The increase in operating revenues and EBITDA reflect generally strong markets and high activity in the oil and gas industry. The EBITDA margin in the fourth quarter was 10.1 per cent (adjusted EBITDA margin was 8.9 per cent). The corresponding figure for fourth quarter of 2011 was 9.0 per cent. Order intake in the fourth quarter was NOK 9.1 billion, taking the order backlog to NOK 56.7 billion at the end of the year. Revenues for the year rose 23 per cent to NOK 44 922 million from NOK 36 474 million. EBITDA for the year was NOK 4 739 million compared to NOK 3 445 million for the last year. The full-year EBITDA margin was 10.5 per cent compared to 9.4 per cent in the previous year.

  

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