Akastor ASA: Third Quarter Results 2015

  • January 01, 0001
  • 00:00
  • News
  • Stock exchange release
  • Akastor ASA

3Q Highlights

  • EBITDA of NOK -169 million
    • EBITDA of NOK 177 million when adjusted for special items
    • Special items of NOK 346 million charged to EBITDA; mainly NOK 173 million provision for onerous rea estate leases and NOK 142 million restructuring costs in MHWirth
    • MHWirth reported EBITDA of NOK -184 million, including both restructuring charge of NOK 142 million and NOK 102 million loss in Managed Pressure Operations (MPO), a wholly-owned MHWirth subsidiar
    • Majority of the other portfolio companies delivered satisfactory operational and financial performance
  • EBIT of NOK -1 576 million
    • AKOFS Seafarer impairment of NOK 1 037 million
    • Other impairments of NOK 86 million
  • Net debt and working capital were both stable at NOK 6.4 billion and NOK 3.0 billion, respectively; liquidity reserve of NOK 1.6 billion
  • Accelerating cost and capacity reductions
    • Portfolio companies have initiated plans to reduce workforce by 33 percent in aggregate
    • MHWirth: expected financial savings of NOK 1.4 billion from initiated workforce reductions
    • AKOFS Seafarer: reduced operating expenses to < USD 10K/day by adjusting operational preparedness
  • Akastor has focused priorities:
    • Supporting portfolio companies’ efforts to adjust their cost base and strategies to market environments
    • Further developing Akastor as an investment company and value-enhancing owner of businesses
    • Processes ongoing to enhance financial flexibility through productive dialogue with lenders and continuously exploring transaction opportunities

For more information, please contact:
Tore Langballe
Head of Communication
and Investor Relations
Tel: +47 21 52 58 10
E-mail: tore.langballe@akastor.com

Visiting Address: Oksenøyveien 10,
NO-1366 Lysaker, Norway

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Akastor 3Q 2015