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@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.
