AKRTF - Aker Solutions Holding ASA (AKRTF) Q4 2023 Earnings Call Transcript
2024-02-08 15:14:13 ET
Aker Solutions Holding ASA (AKRTF)
Q4 2023 Earnings Conference Call
February 08, 2024 03:00 AM ET
Company Participants
Preben Ørbeck - Head of Investor Relations
Kjetel Digre - Chief Executive Officer
Idar Eikrem - Chief Financial Officer
Conference Call Participants
Presentation
Preben Ørbeck
Good morning, and welcome to Aker Solutions Presentation of our Fourth Quarter and Full Year Results. My name is Preben Ørbeck, and I am the Head of Investor Relations. With me today is our CEO, Kjetel Digre; and our CFO, Idar Eikrem. They will take you through the main developments of the quarter. [Operator Instructions] And with that I leave the floor to Kjetel Digre.
Kjetel Digre
Thank you, Preben and welcome, everyone. Let me take you through the highlights of the quarter. Firstly, we continue our positive development with increased top and bottom lines in the quarter compared to the same period last year. Our fourth quarter revenue excluding special items was NOK 11 billion, representing a growth of 33% compared to the same quarter last year. Our underlying EBITDA was NOK 615 million, with a margin of 5.6%. The numbers also include our share of the net income from the OneSubsea joint venture.
We delivered NOK 14.6 billion of order intake or 1.4 times book-to-bill and our backlog ended at about NOK 73 billion. More than half our current backlog or projects are Aker BP Alliance it balanced risk/reward profiles and upside potential through shared incentives.
Based on our financial position and outlook, we have revised our dividend policy with a new target of distributing 40% to 60% of adjusted net income to our shareholders in the form of dividends and share buybacks over time. For the fiscal year of 2023, with payment in 2024, the Board will propose a dividend of NOK 2 per share and implement a share buyback program of up to NOK 500 million for 2024.
Secondly, we are making good progress on our strategy and transformation. We completed a Subsea transaction with SLB and Subsea 7 at the start of the quarter forming the OneSubsea joint venture. And I would like to thank all the people involved in the merger and integration work, giving the new entity a great start in the market.
Our energy consultancy business, which is an important spearhead for Aker Solutions into emerging markets is experiencing high demand for their services with revenues growing almost 50% in 2023. Drawing on the breadth of capabilities across our organization, we are currently engaged in some of the most interesting and challenging energy projects around the world.
Aker Solutions has always been a front runner in bringing unique technologies and solutions to the market. We recently announced our first pilot project for our Subsea power distribution solutions to the offshore wind market, helping customers to reduce both CapEx, OpEx and environmental footprint....
Aker Solutions Holding ASA (AKRTF) Q4 2023 Earnings Call Transcript