Akastor ASA: Third Quarter Results 2015
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
- ortfolio 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
Source: Akastor ASA
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