Kværner Reports Significant Growth in 2013

Kvaerner experienced growth in revenues and margins in the fourth quarter of 2013 compared to the fourth quarter 2012. Also for the year 2013, Kvaerner improved compared to 2012.

A strong order backlog leads to high activity at the start of 2014. Kvaerner continues to prioritise effective execution of on-going projects, while positioning for future projects. The company is already implementing a number of defined improvements, and aims at reducing costs by 15 percent.

Following the sale of its North American construction business in December, Kvaerner has recognised a net gain of NOK 272 million. The gain is presented within discontinued operations.

Operating revenues in fourth quarter amounted to NOK 3 939 million, up from NOK 2 669 million in the last quarter of 2012. The EBITDA result for the fourth quarter 2013 was NOK 180 million, resulting in an EBITDA margin of 4.6 percent. This represents a growth from fourth quarter 2012, with EBITDA and margin of NOK 118 million and 4.4 percent.

For the full year 2013, total revenues were NOK 12 960 million, a significant growth from 2012 restated revenues of NOK 8 867 million. The EBITDA result for 2013 was NOK 636 million, up from an EBITDA of NOK 417 million in 2012. This resulted in an EBITDA margin of 4.9 percent for 2013, versus a 4.7 percent EBITDA margin for the previous year.

“The fourth quarter results as well as the full year figures reflect that we experience high activity levels and good resource utilisation. We continue the work to reduce costs  in order to improve competitiveness, and this continues into 2014”, says Jan Arve Haugan, President & CEO of Kvaerner.

In line with the dividend policy, the Board of Directors proposes to pay a semi-annual dividend of NOK 0.61 per share in April.

Press Release, February 14, 2014; Image: Kværner