Multiconsult third quarter 2015 results
Oslo, 6 November 2015 - EBITDA for the quarter, rose 3.4 per cent to NOK 56.0 million driven by solid project execution and higher billing ratio. Continued efforts on improving the billing ratio proved successful and lead to increased revenues. Regular seasonal effects of holiday period impacted the result as expected.
Group net operating revenues increased by 13.8 per cent to NOK 486.6 million, LINK arkitektur AS contributing with NOK 32.1 million and 7.5 percentage points of the increase. The increase in net operating revenues was also driven by high activity within Buildings & Properties and higher billing ratio.
"I am very pleased with completing the acquisition of LINK arkitektur and thereby strengthening our value chain and competitive advantage", says Mr Christian Nørgaard Madsen, CEO of Multiconsult ASA.
Order backlog remains solid at NOK 1 732.3 million at the end of the quarter. Multiconsult won contracts within all business areas during the quarter, confirming the company's strong competitive position. Additions to existing contracts like Mt. Coffee in Liberia, together with new contracts such as E39 Svegatjørn and the Energy project Lyse – Støleheia in Norway contributed positively to the order backlog.
The acquisition of the remaining 68 percent of shares in LINK arkitektur for NOK 108.8 million lead to a negative net cash flow of NOK 65.8 million in the quarter. The acquisition is expected to result in significant value creation through closer cooperation, and stronger value proposition to our customers. LINK arkitektur was included into the Group’s financial statements as of 1 September 2015.
The Group's financial position at 30 September 2015 was strong, with total assets of NOK 1 114.9 million and total equity of NOK 278.8 million. Cash and cash equivalents amounted to NOK 124.9 million, while net interest bearing debt was negative NOK 89.1 million, i.e. an asset.
The overall market outlook remains fairly robust, but with variations among the business areas. Strong outlook is expected within transportation and infrastructure, while demand from the oil and gas industry is likely to continue to remain at a low level as a result of lower oil prices.
Multiconsult's strong market position, flexible business model and wide service offering provides a sound base for further growth.
A presentation of the third quarter 2015 results will be held today, 6 November, at 09:00 CET at Hotel Continental, Stortingsgaten 24/26, Oslo. The presentation will be held by CEO Christian Nørgaard Madsen and CFO Anne Harris. A live webcast from the presentation can be accessed at www.multiconsult-ir.com and http://webtv.hegnar.no/presentation.php?webcastId=25258115.
For further information, please contact:
Mirza Koristovic, Head of Investor Relations
Phone: +47 93 87 05 25
Gaute Christensen, VP Communications
Phone: +47 911 70 188
ABOUT MULTICONSULT ASA
Multiconsult is a leading Norwegian multidisciplinary engineering consulting firm, with more than 2 000 employees and 45 offices inNorway and abroad. Multiconsult's home market is Norway, representing 92 per cent of 2014 operating revenues. The Company focuses on six market areas: Buildings and Properties,Transport and Infrastructure, Energy, Oil and Gas, Industry and Environment and Natural resources.The Company has an operating history that spans more than a century, with the inception of Norsk Vandbygningskontor in 1908. In 2014 Multiconsult completed more than 8 000 projects for approx. 3 700 different customers.
This announcement includes forward-looking statements which are based on our current expectations and projections about future events. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.