Group operating revenues totaled NOK 41,463 million in 2005 compared to NOK 35,553 million in 2004.
EBITDA increased in the fourth quarter to NOK 789 million, positively impacted by a one-time sales gain of NOK 80 million from the sale of Aker Kvaerner Industrielt Vedlikehold AS. Full-year EBITDA amounted to NOK 2,145 million, which is a substantial increase from NOK 1,362 million in 2004. The full-year EBITDA-margin was 5.2 percent compared to 3.8 percent in 2004.
Order intake in the fourth quarter was NOK 19.7 billion. The order backlog at the end of December was at a record-high level of NOK 53.3 billion - an increase of 48 percent from 2004 to 2005. Several large contracts were secured during the year in addition to growth in existing contracts.
Cashflow from operating activities was NOK 3,674 million in 2005, reflecting a NOK 2,243 million decrease in net current operating assets. Cash and bank deposits at the end of December amounted to NOK 6.7 billion after a NOK 300 million repayment of debt in the first quarter of 2005. The cash position at year-end was positively impacted by advances from customers, which will be partly off-set by corresponding outflows in the next quarters.
New financial targets were announced on the company's annual Capital Markets Day in December 2005. The target is to reach an EBITDA margin of between 6.5 and 7.0 percent by the end of 2007. The long-term target for equity to total asset-ratio will be in the 20-25 percent range.
A letter of intent for sale of the pulping and power businesses was signed with Metso February 8, 2006. The agreement is subject to completion of due diligence process and signing of the final sale and purchase agreement. The transaction value is NOK 3 billion. Net gain compared to book value is NOK 2.4 billion and the cash effect is NOK 2.6 billion. All numbers are approximate values.
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