"2012 will be a year of uncertainty with regards to the final financial outcome. The results will be influenced by uncertainty connected to the commercial closing of major projects, representing both a potential upside as well as a downside. There is also uncertainty with regards to on-going projects," says Jan Arve Haugan, President and CEO of Kvaerner, according to a press release.
"Additionally, the portfolio for 2012 will consist of several projects where profit not will be recognised in 2012 due to the fact that they not will reach 20 percent completion before year end", says Haugan
Despite the financial uncertainty, Haugen considers the market outlook as "very promising".
"We have a significant number of upcoming prospects in our target markets which fit well with our technologyplatform and project execution model", Haugan concludes.
Full year on the same level
Kvaerner had operating revenues of NOK 3 004 million in the fourth quarter 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 249 million, resulting in an EBITDA margin of 8.3 percent.
This represents a decrease of 24 percent, or NOK 928 million. The decrease in operating revenues compared to last year is a reflection of a lower activity level within parts of the business during the quarter.
Full year operating revenues totalled NOK 13 295 million, on the same level as in 2010.
"The fourth quarter has been a good quarter both operationally and financially", says Jan Arve Haugan, President & CEO of Kvaerner.
The Board of Directors proposes a dividend of NOK 1.00 per share for 2011.
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"There is uncertainty with regards to on-going projects," says Jan Arve Haugan, President and CEO of Kvaerner.
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