Continued positive development within new and operating activities

  • Agasti’s operating activities are continuing to develop positively and in the third quarter the group achieved an adjusted EBIT of NOK 9 million and an adjusted EBITDA of NOK 13 million. Year to date the group achieved an adjusted EBIT of NOK 33 million and adjusted EBITDA of NOK 45 million.
  • After expensing of  NOK 12 million relating to reached settlements in the third quarter, EBITDA for the quarter was NOK 1 million and EBIT NOK -3 million. Restructuring costs and other provisions relating to the winding up of previous activities totalling NOK 28 million so far this year resulted in EBITDA of NOK 16 million and EBIT of NOK 5 million.
  • The strategy relating to the winding up of previous activities within Wealth Management was intensified with the clear objective of completing the process in the fastest and most cost-effective manner possible
  • Annual income within the group will be reduced by around NOK 90 million as a result of the completed restructuring processes. The annual cost base is expected to be reduced by around NOK 120 million compared with 2013, which is at the upper end of the previously communicated interval.
  • In general, high transaction activity, including transactions relating to the financing of oil service projects with international private equity actors and restructuring of real estate portfolios

The Agasti Group is continuing the positive trend in operating activities and achieved an adjusted EBIT of NOK 33 million and adjusted EBITDA of NOK 45 million on ongoing operating activities in the first three quarters of the year and an adjusted EBIT of NOK 9 million and adjusted EBITDA of NOK 13 million in the third quarter. In the year to date, provisions relating to restructuring processes totalling NOK 16 million have been charged to the accounts. In addition, the result for the third quarter is charged with NOK 12 million as a result of settlement agreements entered into with claimants who brought legal proceedings relating to investments made during the period 2006-2008 against subsidiaries.

“It is worth noting that the Agasti Group has delivered stable results and experienced a positive trend in the ongoing operations of our new organisation. The results continue to be influenced by the clean-up work and the massive restructuring processes we have worked with throughout the year, but which we intend to complete within the first six months of 2015,” says Jørgen Pleym Ulvness, CEO of Agasti Holding ASA.

“While the year’s first two quarters were subject to extensive restructuring processes and cost cuts, the third quarter has been characterised by adjustments to a new normal situation where we have worked to ensure the best possible operations and the best possible returns for our customers. At the same time, much work has been done to wind up all old non-operating activities,” says Ulvness.

“During the autumn Acta Kapitalforvaltning AS and Acta Asset Management AS have entered into settlements with 24 claimants in Norway, and in October Acta Kapitalforvaltning AS entered into settlements with a group of claimants in connection with the Lehman cases in Sweden. Agastis strategic goal is to wind up old business efficiently in order to put all efforts on delivering solid investment management and capital markets services, enabling good returns, liquidity and selection possibilities for our clients,” says Ulvness.

As at 4 November 2014, two sets of major cases remain, one in Sweden and one in Norway, both of which relate to investments made in the years 2006-2008.

The Agasti Group is generally experiencing a high level of activity within both Obligo Investment Management (Obligo) and Agasti Wunderlich Capital Markets (AWCM), which are working with several transactions.

“High activity level on ongoing business, combined with winding up of old business, gives us a sustainable platform for profitability and growth,” concludes Jørgen Pleym Ulvness.

A complete English version of the interim report for the third quarter of 2014 is attached on and on Agasti's Investor Relations web pages

Contact details:
CEO, Jørgen Pleym Ulvness, phone (+47) 906 67 877
CFO, Christian Dovland, phone (+47) 908 84 730
CCO, Tor Arne Olsen, phone (+47) 900 90 470

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.