Multiconsult second quarter 2015 results: Improved billing ratio and strong earnings

Oslo, 26 August 2015 – Underlying EBITDA for the quarter, adjusted for one-off IPO expenses, rose 34 per cent to NOK 71.1 million. Focused efforts on improving the billing ratio proved successful, which combined with a positive calendar effect and high project activity led to increased profitability. Group net operating revenues increased by 14 per cent to NOK 557.5 million, driven by high project activity within Transportation & Infrastructure, Energy, Buildings & Properties and Industry.

“I am very pleased to see that our intensified and focused efforts to improve the billing ratio have proved successful, leading to improved profitability. We will continue to focus on strong project execution and efficiency throughout the organisation going forward”, says Mr Christian Nørgaard Madsen, CEO of Multiconsult ASA.
Order backlog remains solid at NOK 1 600.0 million at the end of the quarter. Multiconsult won contracts within all business areas during the quarter, confirming the company’s strong competitive position.

The group’s cash flow in the quarter was negative NOK 314.0 million, reflecting payments of ordinary and extraordinary dividends totaling NOK 275.6 million as well as one-off IPO expenses.  

The group’s financial position at 30 June 2015 was strong, with total assets of NOK 1 028.9 million and total equity of NOK 295.9 million. Cash and cash equivalents amounted to NOK 190.6 million, while net interest bearing debt was negative NOK 179.7 million, i.e. an asset.
 
In August 2015, Multiconsult entered into agreements to acquire the remaining 68 per cent of the shares in LINK arkitektur AS.  LINK represents an excellent strategic fit for Multiconsult, offering the potential for significant value creation through operational synergies as well as further strengthened value proposition to customers.  
The overall market outlook for 2015 remains fairly robust, but with variations among the business areas. Competition is particularly fierce within the transportation and building sectors and this may lead to increased pressure on pricing. Multiconsult’s strong market position, flexible business model and wide service offering provides a sound base for further growth.

A presentation of the second quarter 2015 results will be held today, 26 August, 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 .

For further information, please contact:

   Investor relations:
   Mitra Hagen Negård, Head of Investor Relations
   Phone: +47 95 79 36 31
   E-mail:  ir@multiconsult.no

   Media:
   Gaute Christensen, VP Communications
   Phone: +47 911 70 188
   E-mail: gaute.christensen@multiconsult.no
 

ABOUT MULTICONSULT ASA
Multiconsult is a leading Norwegian multidisciplinary engineering consulting firm, with more than 1 700 employees and 30 offices in Norway 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.