Akastor ASA: Third Quarter Results 2015
(Thomson Reuters ONE) -
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 real
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 subsidiary
- 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(at)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 Results:
http://hugin.info/77/R/1963160/716263.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Akastor ASA via GlobeNewswire
[HUG#1963160]
Unternehmensinformation / Kurzprofil:
Datum: 02.11.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 430968
Anzahl Zeichen: 2913
contact information:
Town:
Lysaker
Kategorie:
Business News
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