Aqualis ASA : Fourth quarter and preliminary annual results 2014

25 February 2015 - Marine and offshore engineering consultancy group Aqualis ASA (Aqualis) reported revenues of USD 10.1 million in the fourth quarter 2014. EBIT was negative at USD 0.9 million, while profit after tax ended at USD 1.2 million.

 "It was a solid quarter in most our oil and gas regions, but the results were adversely impacted by lower than expected activity levels from our Brazil operations following the fall-out from the Petrobras corruption scandal. However, this was partly offset by very strong performance in the marine and renewables sectors," says David Wells, CEO of Aqualis ASA.

Operating revenues were USD 10.1 million in the fourth quarter of 2014. Earnings before interest and tax (EBIT) was negative at USD 0.9 million. Profit after tax was positive at USD 1.2 million, including an unrealised foreign exchange gain of USD 2.1 million. Aqualis had a net operating cash flow of USD 0.6 million in the fourth quarter. The order backlog was USD 19.7 million at the end of the quarter.

At the end of December, the company had 196 full time equivalent employees - an increase of 19 percent from the end of the previous quarter.

"We are still gaining market share from our competitors. As a result, we continue to expand our workforce. Furthermore, during the fourth quarter we have observed a noticeable increase in available high-quality senior engineers and mariners in the market. We aim to capitalise on this and continue to selectively pick staff that will add value to our business," says David Wells.

Full-year results

Consolidated operating revenues for 2014 was USD 31.9 million. EBIT was negative at USD 2.1 million. EBIT adjusted for USD 1.4 million in one-off costs related to restructuring and listing was negative 0.7 million. Profit after tax adjusted for costs related to restructuring and listing was USD 1.1 million. Net cash flow from operating activities was USD 0.4 million. As of 31 December 2014, the group had cash and cash equivalents of USD 21.8 million and no interest-bearing debt.

As a relatively new company, Aqualis had limited operational activity in 2013.

Please find enclosed the interim report and presentation for the fourth quarter and preliminary full-year results 2014 or see www.newsweb.no