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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kvaerner Asa | LSE:KVR | London | Ordinary Share | NO0004684408 | ORD NOK12.50 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3259L Kvaerner ASA 9 October 2001 Kvaerner results and loan covenants LONDON, 9 OCTOBER 2001: Kvaerner today announced that the Group's lenders have appointed a task force to work closely with the Kvaerner Board and management in all aspects of the refinancing of the Group. A plan has been agreed for the analysis and discussions required in the preparation of the necessary long term loan facilities. A key element in the preparation of financial data is the Group's reporting of its third quarter result. Although the review of the Group's third quarter performance is in its early stage, it has become evident to the Board that disputes over two projects in the Group's Pulp & Paper division, as well as continued weak results from certain segments in the E&C area, will result in third quarter results being lower than expected. With this development it can not be excluded that the Group will be in breach of its financial covenants at the end of the third quarter. In light of this possibility the Group has entered into a dialogue with the Group's lenders to agree a suspension of the financial covenants should such breach occur. The two projects in the Pulp & Paper portfolio that have caused a deterioration in the results of the division in the third quarter, are for customers in Asia and Australia. In Asia, a performance dispute over two power boilers contracted in 1994 by Kvaerner Pulping Oy (then Tampella Power Inc.) led to arbitration proceedings which began in 1998. Contrary to the expectation of the Group and its legal advisers, preliminary declaration of the arbitration panel has ruled against Kvaerner. The second project in question is related to a contract signed in the first half of 1998 for the construction of two chlor-alkali plants in Australia. One of the two plants has experienced severe costs and schedule overruns due to union initiated industrial actions which are expected to lead to a loss to be booked on the project. In connection with the discussions with the banks, the Group on 13 September presented the following operating profit forecast for the year: Group NOK 918 million (including sales gains of NOK 150 millions) E & C NOK 224 million Oil & Gas NOK 424 million Shipbuilding NOK 184 million Pulp & Paper NOK 54 million Other mechanical NOK - 118 million For the Group as a whole an operating result of NOK 1.7 billion is forecasted for 2002 and NOK 2.2 billion for 2003. For more information: Senior Vice President Group Communications Trond Andresen: telephone 07770 856550 or Vice President Marit Ytreeide: telephone +47 67 51 31 06.
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