Q2 2024 Aker Solutions ASA Earnings Call Transcript
Key Points
- Aker Solutions ASA (AKRTF) reported a strong second quarter revenue of NOK12.8 billion, up from NOK8.8 billion a year ago, representing a 45% year-on-year growth.
- The company achieved an EBITDA margin of 9.5%, significantly higher than the previous year's margin.
- Order intake for the quarter was robust at NOK15.5 billion, with a book-to-bill ratio of 1.2, indicating strong future activity levels.
- Aker Solutions ASA (AKRTF) has a solid net cash position of about NOK11 billion, including investments in liquid funds.
- The company has a record high backlog of NOK71.4 billion, providing good visibility on future activity levels and supporting a positive outlook.
- The results were negatively impacted by a legacy renewable project, which is expected to be delivered in 2025.
- Net financial items were negatively affected by the development in SLB share price and associated exchange rate in the period.
- Working capital is expected to normalize, representing a cash outflow of around NOK3 billion in the second half of 2024.
- CapEx in the second quarter was around NOK400 million, mainly related to planned investments to safeguard the execution of large oil and gas projects.
- The company faces geopolitical tensions impacting markets and supply chains, which could pose risks to future operations.
Good morning and welcome to Aker Solutions presentation of our second quarter and half year results. My name is Preben Ãrbeck, and I'm the Head of Investor Relations. With me here today is our CEO, Kjetel Digre; and our CFO, Idar Eikrem. They will take you through the main developments of the quarter. After (Operator Instructions). And with that, I leave the floor to Kjetel Digre.
Thank you, Preben, and welcome to everyone listening in. I'm happy to report another quarter with impressive financial results. I want to thank everyone in Aker Solutions for making this happen. Our second quarter revenue was NOK12.8 billion with an EBITDA margin of 9.5%, including the net income from OneSubsea. We delivered a solid NOK15.5 billion in order intake in the quarter or 1.2 times book-to-bill, and our backlog ended at NOK71.4 billion.
Our financial position remains robust with a net cash position of about NOK11 billion, including
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