Quarterly Report - Performance on track
All main business units in the Oil & Gas, Process and Pulping & Power segments developed positively and as planned in the first quarter.
The cash position is strong. At the end of March cash and short-term interest-bearing receivables amounted to NOK 3.7 billion.
Aker Kvaerner has an ambition to increase the EBITDA to NOK 1.75 billion in 2006. In about one year, the group expects that the EBITDA will reach NOK 1.5 billion on an annualised level.
A focused group
In the first quarter this year Kværner ASA announced a three-way reorganisation of the group, which has resulted in the formation of Aker Kvaerner, a focused industrial group with activities within the oil, gas, energy and process industries. The figures in this report are prepared as if the restructuring and refinancing was completed before 1 January 2002.
For Aker Kvaerner, the plan was concluded on 2 April 2004 when the group was listed on the Oslo Stock Exchange with ticker AKVER.
Financially, the plan involved a NOK 2.1 billion equity issue, transfer of NOK 4.1 billion of subordinated debt maturing in 2011 to Aker Kværner ASA and repayment of NOK 3.1 billion debt which matured at the end of 2004. Furthermore, Aker Kvaerner O&G AS, a wholly owned subsidiary of Aker Kværner ASA, placed a EUR 260 million international bond with seven year maturity in the market, and arranged a EUR 150 million term and revolving credit facility maturing in 2009.
The Norwegian based industrial holding company Kværner ASA is the majority shareholder in Aker Kværner ASA, currently holding 71 per cent of the shares. Upon completion of an exchange offer presented to Kværner ASA shareholders on 20 April, Kværner ASA's holding in Aker Kværner ASA will be reduced to approximately 58 per cent.
AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, , Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 22,000 employees in more than 30 countries.
The Aker Kvaerner group consists of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kværner ASA.
This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com