The challenging market situation has continued in the second quarter, resulting in a mixed performance of the investments. Overall, the majority of the portfolio companies have had satisfactory performance during the second quarter. As in the previous quarter; MHWirth is the company where the market situation is having most impact. All of Akastor's portfolio companies are focusing on making the necessary adjustments to their respective cost bases, as well as improving operational efficiency. The working capital level for Akastor remains high.
KEY HIGHLIGHTS 2Q 2015:
AKASTOR AS AN INVESTMENT COMPANY
- Significant improvement measures initiated in all portfolio companies.
- Cost saving programs ongoing.
- Substantial reduction in workforce implemented.
- Focus on operational improvements.
- The portfolio companies are affected by the weak oilfield service market.
- Strategy remains firm: Implementing value creation plans for portfolio companies.
- Divested a property in Norway for around NOK 28 million after closing of the second quarter.
- Kristian Røkke appointed CEO, succeeding Frank O. Reite, who will take the position of CFO at Aker ASA.
AKASTOR'S PORTFOLIO
- Revenues of NOK 3 693 million.
- EBITDA of NOK 141 million, with a margin of 3.8 percent.
- Restructuring costs of NOK 20 million in MHWirth charged to the EBITDA.
- Hedge transactions not qualifying for hedge accounting with a negative effect of NOK 12 million in EBITDA.
- Order intake of NOK 2.3 billion, giving an order backlog of NOK 18.7 billion.
- Working capital level remains high at NOK 3.1 billion, at the same level as the previous quarter.
- Net interest bearing debt of NOK 6.1 billion.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Akastor ASA via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Akastor ASA via Globenewswire
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