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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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