Norway: Vard Reveals Full Financial 2013 Report

first_imgVard, February 25, 2014 zoom Vard Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, revealed its fourth quarter and full financial year 2013 (“4Q2013” and “FY2013”) results ended 31 December 2013.Record order intake translates into improved visibility as order book extends into 2017.During 2013, VARD garnered its strongest full year order intake of NOK 14.2 billion since the last peak order period in 2007, and concluded the year with its highest year-end order book value since 2008 of NOK 19.4 billion, equivalent to about 21 months’ worth of revenues for the Group. The year also saw VARD achieve its largest-ever order win in the form of four Pipe Lay Support Vessels (“PLSV”) for DOF Subsea and Technip worth NOK 6.5 billion, contracted in August 2013.In 4Q2013, three newbuildings were contracted and total new order intake amounted to NOK 2.2 billion. Following 22 deliveries during the year, the Group’s order book stood at 41 vessels as at 31 December 2013, of which 26 are of VARD’s own design. Since then, three more vessels were contracted in the first six weeks of 2014 for a combined order value exceeding NOK 2 billion, further increasing VARD’s order book visibility.Top line resilient amidst challenging operating environment For 4Q2013, VARD recorded a 22.5% on-year increase in revenue to NOK 3.1 billion, up from NOK 2.5 billion in the fourth quarter of the preceding year (“4Q2012”), on the back of high yard utilization and good project progress.While showing an improvement from the previous two quarters, 4Q2013 EBITDA decreased 45% to NOK 158 million compared to NOK 287 million in 4Q2012, as further delays and cost overruns at the Niterói yard in Brazil continue to weigh on overall margins. EBITDA margin (representing EBITDA to total operating revenues) was 5.1% for 4Q2013.On a full-year basis, revenues remained virtually unchanged at NOK 11.2 billion, and the Group registered NOK 300 million in profit for the period, which represented a 62% decrease from FY2012. EBITDA for FY2013 stood at NOK 686 million, and the EBITDA margin for the year was 6.1%.Cash and cash equivalents stood at a healthy NOK 1.7 billion. Net asset value rose 17% as at 31 December 2013 compared to the end of the previous financial year. Print  Close My location 此页面无法正确加载 Google 地图。您是否拥有此网站?确定last_img read more

Teck drops Cominco

first_imgTeck Cominco has launched its simplified name and brand, Teck, and the formed five new strategic business units specialising in copper, metallurgical coal, zinc, gold and energy. “Seven years ago when Teck Cominco was formed, two strong Canadian companies with a tradition of excellence in mining and metal refining were brought together. Since then, we’ve grown stronger through the acquisition and development of a diversified range of commodities,” said Don Lindsay, President and CEO. “Today, under one simplified name and a new strategic business unit structure, Teck is well positioned to build on our strength as a diversified resource leader.” The new structure is designed to improve the company’s competitiveness by increasing Teck’s ability to analyse and act on available opportunities in each commodity segment. Each business unit is led by a senior executive with full responsibility for the unit’s performance including establishing a growth strategy, project identification and development, the safe and sustainable operation of the unit’s assets, delivering quality products to customers, and overall profit and loss accountability:Copper Business Unit – Roger Higgins, Senior Vice President, CopperMetallurgical Coal Business Unit – Boyd Payne, President and Chief Executive Officer, Elk Valley CoalZinc Business Unit – Mike Agg, Senior Vice President, ZincGold Business Unit – Rob Scott, Vice President, GoldEnergy Business Unit – Ray Reipas, Vice President, EnergyIn support of these business changes, the company is updating its brand and logo to more accurately reflect Teck’s diversified portfolio of commodities. “Each of us at Teck is striving to build a company that is a special place to work: where everyone goes home safely every day, where we treat the environment with care, where we give back to communities, and where we take pride in what we do and the value our products bring to the world,” said Lindsay.The company’s legal name will remain Teck Cominco Ltd until the next Annual General Meeting in April 2009. At that AGM, subject to the approval of shareholders, the company proposes to change the legal name to Teck Resources Ltd. However, effective immediately, the brand of the company will be simply Teck.Teck is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. Headquartered in Vancouver, Canada, its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and the New York Stock Exchange under the symbol TCK.last_img read more