PERFORMANCE SUMMARY Q3 2018
· Total revenues were NOK 955 million, compared to revenues of NOK 1 249 million the same quarter previous year (which included NOK 500 million from a settlement agreement).
· EBITDA was NOK 87 million, compared to EBITDA of NOK 80 million in Q3 2017 adjusted for several special items.
· Successful closing of the transaction selling 50% of the shares in AKOFS Offshore to form Joint Venture with Mitsui and MOL. Received proceeds of USD 142.5 million plus interest (from 1 January)
· Net interest-bearing debt position decreased by NOK 1 230 million to NOK 76 million driven by divestment of 50% of the shares in AKOFS Offshore
· Strong balance sheet, high financial capacity with liquidity reserve of NOK 1.6 billion
· Started process to refinance existing credit facility (maturing in July 2019). Expecting to sign new 3 years loan agreement for NOK 2.5 billion in the fourth quarter
KEY FIGURES AKASTOR GROUP
|NOK million|| |
|Operating revenue and other income||955||1 249|
|CAPEX and R&D capitalization||68||30|
|Net capital employed||4 771||7 749|
|Order intake||799||1 140|
|Order backlog||2 759||1 515|
|Net interest-bearing debt||76||2 330|
|Employees||1 790||2 043|
Fourth Quarter Results 2018: February 13, 2019
Chief Financial Officer
Tel: +47 917 86 291
Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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