Cash flow from operations NOK 60.6 million
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- Silvester Martin
- 7 years ago
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1 Third quarter Operating revenues of NOK million, reflecting an increase of 16.2% of which 11.2% was organic. EBITDA, excluding special items, of NOK 95.0 million, an increase of 14.7%. EBITDA margin, excluding special items, decreased 0.3% from same quarter last year due to continued operational challenges in Denmark and expired higher margin contracts in Norway. Margins in Sweden and Finland continued to improve. Order backlog strengthened to NOK 6.9 billion from new contract wins and positive currency effects on existing contracts. Cash flow from operations NOK 60.6 million RenoNorden is the Nordic region s leading domestic waste collection and transportation company, providing services to over five million people across four countries.
2 Key figures third quarter Group highlights Numbers in NOK millions FY Operating revenues , , ,579.3 EBITDA EBITDA margin 19.7 % 19.7 % 17.4 % 18.1 % 15.2 % EBIT EBIT margin 12.0 % 14.5 % 10.0 % 12.0 % 8.4 % Net income Earnings per share (NOK) Average number of shares outstanding (millions) Group highlights excluding special items* Numbers in NOK millions FY EBITDA EBITDA margin 19.7 % 20.0 % 17.4 % 18.4 % 17.1 % EBIT EBIT margin 12.0 % 14.8 % 10.0 % 12.3 % 10.4 % Net income Earnings per share (NOK) * Please see Special Items table for more details 2
3 Stable growth and solid cash flow RenoNorden grew revenues in all countries and delivered a solid cash flow in the third quarter. Our order backlog was strengthened further during the quarter, due to contract wins and currency effects, ending up at NOK 6.9 billion. EBITDA for the third quarter has increased compared to last year, underpinned by internal efficiency improvements. The continued contribution of our improvement program provides us with comfort in our efforts to protect margins in an increasingly competitive environment. To win in the market, we need to deliver differentiated, innovative, high quality and cost effective solutions to our customers. Recent contract successes, including the significant Copenhagen contract, demonstrate our ability to do this. Intensified knowledge sharing between countries in operations and business development functions ensure a continuing process where innovative solutions developed and proven in existing contracts are worked into new tenders. This culture of continuous improvement delivers increased efficiency, and also secures the quality of our service offering. It also enables us to secure contracts on competitive terms. Our deep industry credentials and experience means we can appropriately balance the many variables in what is a complex service offering. Examples include the utilization and technical set-up of vehicles and compactors, systems for tagging, registration and weighing of bins and the critical need for advanced route planning systems and skilled route planners. Finally, our significant scale benefits on key expense items like equipment and financing provide us a competitive advantage to help us deliver competitive terms to customers at a healthy margin for us. index and increased revenues from additional activities in all countries, in particular from existing contracts in Sweden. Group EBITDA in the third quarter of was NOK 95.0 million, compared to NOK 81.5 million for the same period last year, representing constant margins of 19.7%. On constant currency the EBITDA margin was 18.5% this quarter. Sweden and Finland improved their EBITDA compared with last year, while continuing operational challenges in Denmark, expired contracts in Norway and Group costs, related to investments in new competences, affected the results negatively. While the issues related to the contracts in Denmark that have previously been explained are solved, we still expect some additional costs until the end of when the faulty equipment is replaced. Group EBIT was NOK 57.9 million for the quarter giving a margin of 12.0% compared to 14.5% in last year. The lower EBIT is a consequence of higher depreciation costs after increased investments in trucks related to new contracts during the year. Net income was NOK 34.0 million this quarter compared to NOK 42.7 million last year. The decrease is a result of higher financial items from the weakening of the NOK during the quarter. Cash conversion is solid and we are reporting NOK 60.6 million in cash flows from operations and a net cash increase of NOK 34.9 million this quarter. Net debt / EBITDA ratio at the end of the quarter was 3.7x, a decrease of 0.2x from Q2. Third Quarter Group operating revenue increased 16.2% to NOK million in the third quarter compared to NOK million in the same period last year. NOK 13.3 million of the revenue growth came through acquisitions. Organic operating revenue delivered growth of 11.2%, however the NOK weakened towards the other Nordic currencies and the Euro. Net of currency impact, total growth was 9.5% based on last year s average currency rates of NOK per EUR, NOK per DKK and NOK per SEK. The organic growth was generated from contracts won in Denmark and Norway, contracted inflationary 3
4 Order backlog The order backlog on 30 September was NOK 6.9 billion including NOK 4.3 billion in firm contracts and NOK 2.6 billion in prolonging options. The increase of NOK 614 million (9.8 %) compared to the order backlog presented in Q2 is mainly due to new contract won in Copenhagen for 3 districts with a yearly impact of about DKK 50 million over the next 6 years in addition to a possible extension of one year. Finland has also won several smaller contracts that add to the backlog. The devaluation of the NOK has a significant impact on the order backlog compared to Q2 of NOK 536 million. The sizable backlog provides a strong platform for further development of the Company. 1,622 Order backlog NOK millions Order backlog by country (incl. options) 214 1,409 1, , Contracts Options Denmark 41 % Finland 7 % Norway 21 % Sweden 31 % 4
5 Norway (NOK millions) Operating revenue EBITDA EBIT CAPEX Norway generated operating revenues in the third quarter of NOK million, a growth of 4.4% compared to the same quarter last year. New contracts in Farsund/Lyngdal, Nordfjord, Fosen, Karmøy and the acquisition of NTS Miljø AS are together with indexation of existing contracts and increased activity and services in existing contracts contributing to the growth. EBITDA in the third quarter was NOK 45.4 million compared to NOK 47.7 million in the same quarter last year reflecting an EBITDA margin decrease of 4.8%. The margin decrease was principally a result of expired higher margin contracts not fully compensated by new contracts, but partly mitigated by savings on fuel with favorable fuel price development and scale advantages. With continued focus and efforts on fleet management and optimization, we see potential for further improvements in fuel consumption, maintenance costs and lower levels of vehicle damage. CAPEX in the third quarter was NOK 0.2 million. Sweden (NOK millions) Operating revenue EBITDA EBIT CAPEX Sweden s operating revenues for the third quarter was NOK 99.2 million, an increase of 13.4% on the comparable period last year (5.3% on constant currency), primarily driven by new contracts won in Säffle, Sundbyberg, Sigtuna, Östhammar and Uppsala C in addition to increased activity and services on existing contracts. our focus on operational excellence, which in addition to lowering costs enables us to achieve higher add-on sales. In the end, this leads to a better service for our customers. CAPEX in the third quarter was NOK 5.4 million mainly related to investments in startup of Uppsala. Denmark (NOK millions) Operating revenue EBITDA EBIT CAPEX Denmark generated operating revenues of NOK million in the third quarter, representing a growth of 35.3% compared to the same quarter last year (22.8% on constant currency). The growth was driven by new contracts won in Frederikssund, Holbæk, Århus, Stevns, Glostrup, København (glass), Skanderborg/Odder, Høje-Taastrup and Randers as well as the acquired contracts in Ringsted and Odsherred. In addition, there has been increased activity and services in existing contracts. EBITDA in the third quarter was NOK 16.6 million compared to NOK 17.5 million in the same quarter last year. Continuing operational challenges in Denmark have led to higher operational costs in the quarter. Actions plans have been launched and implemented to solve problems in certain contracts and, while progress is being made, we expect that this will continue for the remainder of the year. Support has been provided to the Danish organization to recover to normalized margins as soon as possible. CAPEX in the third quarter was NOK 4.1 million related to new trucks in Randers, Greve and København. EBITDA in the third quarter was NOK 25.4 million compared to NOK 19.7 million generated in the third quarter of. EBITDA margin for the quarter was 25.6% (22.5% in ). The increase is driven by 5
6 Finland (NOK millions) Operating revenue EBITDA EBIT CAPEX Finland s operating revenues in the third quarter was NOK 73.3 million, an increase of 15.6% compared to the same quarter last year (4.4% on constant currency). This is a result of several new contracts with start up after last year as well as increased sales on existing contracts. EBITDA in the third quarter was NOK 12.0 million compared to NOK 8.1 million in the same quarter last year. The increase comes from new contracts with start up after in addition to increased production rate of the Company s own fleet and thereby reductions of usage of local subcontractors. The change in operational set-up has reduced costs and improved the Company s control over the quality and the service we deliver to our customers. CAPEX in the third quarter was NOK 4.0 million related to trucks and bins in the southern parts of Finland. Other (NOK millions) Operating revenue EBITDA EBIT CAPEX The other segment contains primarily administration costs related to the Group. The Group has continued to strengthen the organization in. 6
7 Financials Financial items Net financial items in the third quarter was NOK 15.8 million up from NOK 6.9 million in last year driven by the weakening of the NOK. Taxation RenoNorden had an estimated tax expense of NOK 8.1 million for (NOK 10.5 million in ). Consolidated cash flow RenoNorden had a positive net change in cash and cash equivalents of NOK 34.9 million in. The cash generated from operations in was NOK 60.6 million compared to NOK 52.6 million in last year. The increase is mainly due to improved operations. Financial position and liquidity As of , total assets amounted to NOK 2.25 billion. Total equity was NOK million, giving an equity ratio of 31.1%. In addition to bank loans, the Group has guarantees of approximately NOK million. Cash and cash equivalents amounted to NOK million as of and the Group has leasing facilities available for truck financing. On , Net interest bearing debt amounted to NOK billion. Net debt/ EBITDA excluding special items is 3.7x. Risks and uncertainties RenoNorden s risks and uncertainties are described in Annual Report, which is available on No significant changes have taken place that has changed the view of the risks and uncertainties. Cash used in investing activities was NOK 2.3 million in compared to NOK 2.5 million in. Net cash from financing activities was a negative NOK 25.3 million in compared to a negative NOK 78.9 million in mainly due to the payment of current liabilities of NOK 64.3 million in last year. 7
8 Outlook Since the number and size of tenders coming out in each market varies, our ability to deploy our resources in those markets with the greatest potential is a strong advantage. In markets with focus on price, our initiatives to lower operational costs and enhance innovative solutions in the tenders are essential to optimize our operating margins. We see great results of this work, in particular in Sweden and Norway. In addition, common Group sourcing initiatives is further strengthening our competitive position. In Norway, aggressive pricing recently offered by new entrants to the market, as seen in some large contracts, have led to general price pressure on the market. The ability of newcomers to deliver acceptable services within the new price frame will set the prerequisites for the future tenders and determine whether the new price level will remain. In Denmark, the positive momentum in contract wins continues. The start-up issues in certain new contracts coupled with delayed deliveries of vehicles have burdened the results so far this year and are expected to do so for the remainder of. In Sweden, we have been notified that Stockholm contracts could be retendered already next year due to new logistics solutions where all fractions are to be tendered for collectively. This potential change could affect the existing order backlog per Q4 (with some SEK 330 million), but as well does represent an opportunity for RenoNorden as the scope and the size of the Stockholm contracts will increase significantly. In Finland, the continued contract wins are driving capex and the fleet is both updated and expanded. The newly introduced Group fleet management function is putting more focus on the intra-group usage and re-usage of the available trucks, ensuring a more effective deployment of our fleet across our markets. The positive development of our order backlog and the recently won contracts in Copenhagen have strengthened our position as the only full Nordic household collection specialist. RenoNorden continues to invest in a strengthened organization both to prepare for new business development opportunities and to accelerate our operational efficiency program. 12 November The Board of Directors and CEO of RenoNorden ASA 8
9 RenoNorden s specialist focus and pan-nordic coverage coupled with operations based on strong local management have proven successful. Our core values; quality, respect, efficiency and environment are steering our priorities. Today, tenders are becoming more complex and the customers are requiring higher environmental standards in the contracts. RenoNorden works with our customers to identify improvement areas and support their objectives to improve the environmental impact of waste handling. Equally important is our ambition to conduct our business according to the highest professional, ethical and legal standards. RenoNorden considers good corporate governance essential for sound sustainable business activities and key to building trustworthiness, access to capital and value creation. 9
10 Special items NOK 1,000 EBITDA effect Profit before tax effect Write-down of capitalized origination fees related to old bank facility Management fees* - 1,300 3,400-1,300 3,400 IPO costs Total special items - 1,300-3,400-1,300-3,400 *Management fees were incurred under the previous ownership structure and will not be incurred from January. 10
11 Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) NOK 1,000 Note FY Audited Operating revenues and expenses Total operating revenue 2 481, ,217 1,338,213 1,172,843 1,579,306 Cost of sales 46,655 40, , , ,610 Employee benefit expense 247, , , , ,129 Depreciation and amortization 37,120 21,369 98,945 71, ,030 Other operating expenses 91,992 88, , , ,432 Total operating expenses 423, ,120 1,204,862 1,031,951 1,446,201 Operating profit 57,871 60, , , ,105 Financial items Financial income 743 2,095 1,543 6,030 8,463 Financial expense (16,539) (8,970) (37,240) (56,850) (106,402) Net Financial items (15,796) (6,875) (35,697) (50,820) (97,939) Profit before taxes 42,076 53,222 97,654 90,072 35,166 Income tax expense (8,056) (10,478) (21,059) (9,888) 7,320 Profit for the period 34,019 42,744 76,595 80,184 42,486 Other comprehensive income Items that may be subsequently reclassified to profit or loss Currency translation differences 9,001 (4,883) 10,173 (7,279) 11,996 Total comprehensive income for the period 43,020 37,861 86,768 72,905 54,482 Earnings per share Basic earnings per share from profit for the year (NOK) Diluted earnings per share from profit for the year (NOK) The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements. 11
12 Condensed Consolidated Interim Statement of Financial Positions (Unaudited) NOK 1, Assets Audited Non-current assets Goodwill 1,017,339 1,009,774 1,014,223 Other intangibles 19,373 11,515 12,246 Equipment 753, , ,138 Investments in shares Total non-current assets 1,789,733 1,693,218 1,755,634 Current assets Inventory 7,588 6,754 7,157 Accounts receivable 239, , ,560 Other receivables 56,435 34,954 44,015 Cash and cash equivalents 155, , ,642 Total current assets 459, , ,374 Total assets 2,249,053 2,220,110 2,240,008 Equity and liabilities Equity Share capital 27, ,248 Treasury shares - (2) - Share premium 501,445 4, ,445 Retained earnings 171,209 (339,981) 134,441 Total equity 699,902 (335,907) 663,135 Non-current liabilities Deferred tax 36,039 30,647 33,117 Non-current finance lease obligation 376, , ,170 Non-current liabilities to financial institutions 775, , ,300 Total non-current liabilities 1,188,752 1,106,041 1,130,587 Current liabilities Shareholder loan - 1,020,674 - Current liabilities to financial institutions - 101,910 89,106 Current finance lease obligation 60,404 50,242 58,166 Accounts payable 82,799 62,269 95,221 Taxes payable 27,939 26,135 8,320 Accrued public duties 55,839 49,394 38,536 Other current liabilities 133, , ,937 Total current liabilities 360,398 1,449, ,286 Total liabilities 1,549,150 2,556,017 1,576,873 Total equity and liabilities 2,249,053 2,220,110 2,240,008 The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements. 12
13 Condensed Consolidated Statement of Changes in Equity (Unaudited) NOK 1,000 Share capital Share premium Retained earnings Treasury shares Total shareholders equity Opening shareholders Equity ,875 (412,888) (1) (408,961) Proceeds from shares issued (private placement) Sale of treasury shares Repurchase of own shares (143) (2) (145) Profit for the period ,184-80,184 Other comprehensive income for the period - - (7,279) - (7,279) Shareholder's equity ,022 (339,983) (2) (335,907) Opening shareholders Equity , , , ,135 Profit/loss for the period ,595-76,595 Dividend paid (50,000) (50,000) Other comprehensive income/(loss) for the period ,173-10,173 Shareholders' equity , , , ,902 The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements. 13
14 Condensed Consolidated Statement of Cash Flows (Unaudited) NOK 1,000 FY Audited Cash flows from operating activities Profit before income taxes 42,076 53,223 97,654 90,072 35,166 Taxes paid in the period (3,854) (6,316) (2,478) (7,077) (9,512) (Gain)/Loss from sale of equipment (369) (502) Depreciation and amortization 37,120 21,368 98,945 71, ,030 Change in inventory (738) (896) (431) (1,103) (1,506) Change in accounts receivable 11,062 20,603 (26,351) (31,767) (7,553) Change in accounts payable 8,338 (1,888) (12,422) (15,582) 17,370 Other changes in working capital and non-cash items (33,443) (33,701) (5,303) (5,696) 31,558 Net cash generated from operating activities 60,574 52, ,747 99, ,050 Cash flows from investing activities Proceeds from sale of equipment ,876 1,700 9,726 Purchase of equipment (3,256) (2,557) (16,156) (14,640) (40,968) Purchase of Finnish acquisition, net of cash acquired ,156 Purchase of subsidiaries and other business - - (13,461) - - Net cash used in investing activities (2,306) (2,537) (23,741) (12,940) (28,087) Cash flows from financing activities Proceeds from non-current liabilities to financial institutions ,038 Repayments of non-current liabilities to financial institutions (60,261) (872,412) Net increase/decrease in current liabilities to financial institutions - (64,275) (89,106) (19,095) (47,601) Proceeds from shareholder loans ,738 11,915 Repayment of shareholder loans (5,426) (308,948) Repayment of finance lease obligation (25,321) (14,588) (53,620) (44,043) (49,619) Proceeds from sale of treasury shares Purchases of treasury shares (142) (197) Proceeds from issuance of equity (private placement) Proceeds from issuance of equity (public offering) ,850 Dividend paid - - (50,000) - - Net cash used in financing activities (25,321) (78,864) (192,726) (125,005) (209,414) Foreign exchange effect on cash 1, ,465 - (509) Net change in cash and cash equivalents 34,858 (28,583) (64,255) (38,190) (65,959) Cash and cash equivalents at the beginning of the period 120, , , , ,601 Cash and cash equivalents at the end of the period 155, , , , ,642 The accompanying notes are an integral part of the condensed consolidated interim financial statements. 14
15 Notes Note 1. Accounting policies and judgments and estimates The Board of Directors of RenoNorden ASA approved these unaudited condensed consolidated interim financial statements on the 12 November. The unaudited condensed consolidated interim accounts are prepared in accordance with IAS 34 Interim Financial Reporting. The Group's accounting principles are presented in Note 2 Accounting policies in RenoNorden Group's IFRS Consolidated Financial Statements for the year ending 31 December. The interim financial information should be read in conjunction with the RenoNorden Group IFRS Consolidated Financial Statements. There was no material effect on the unaudited condensed consolidated interim financial statements from the implementation in of new or amended IFRS standards or interpretations. New or amended IFRS standards or interpretations with implementation dates on or after the 1 October are not expected to have a material effect on recognition and measurement in the Group consolidated financial statements, but may impact notes disclosures As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column. Judgements and estimates The preparation of the interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ending 31 December. Income tax expense is assessed based on annual results and, accordingly, determining the tax charge for the interim period involves making an estimate of the likely effective tax rate for the year for each material tax jurisdiction. The tax effect of 'one-off' items are not included in the estimated effective annual tax rate, but are recognized in the same period as the relevant 'one-off' item. 15
16 Note 2. Segment information and seasonality RenoNorden Group identifies its reportable segments and discloses segment information under IFRS 8 Operating Segments. This standard requires RenoNorden Group to identify its segments according to the organization and reporting structure used by management. Management considers the business from both a geographic and a service perspective. Geographically, management considers the performance in Norway, Denmark, Sweden and Finland. From a service perspective, all geographic segments have municipal contracts and, additionally, Finland has specific corporate contracts. Management assesses the performance of the operating segments based on a measure of EBITDA. This measurement basis excludes discontinued operations and the effects of non-recurring expenditures from the operating segments such as restructuring costs, legal expenses and goodwill impairments when the impairment is the result of an isolated, non-recurring event. The measure also excludes the effects of equitysettled share-based payments and unrealised gains/losses on financial instruments. The Group s business is seasonal, and has historically realised a higher portion of its operating revenue and EBITDA in the second and third quarter of each year. This seasonality is a characteristic of the business in which it operates. During the warmer summer months, the Group increases the frequency of collection for biodegradable waste matter. Furthermore, the Group also collects from areas where holiday properties require additional collections in the summer holiday season. 16
17 Note 2. Segment information and seasonality (continued) Total operating revenue specified NOK 1,000 Audited Norway 160, , , , ,071 Sweden 99,187 87, , , ,459 Denmark 148, , , , ,200 Finland 73,331 63, , , ,576 Total operating revenues 481, ,218 1,338,213 1,172,844 1,579,306 EBITDA by segment: NOK 1,000 Audited Norway* 45,371 47, , , ,613 Sweden 25,423 19,746 56,386 41,915 54,304 Denmark 16,622 17,517 38,025 43,122 54,500 Finland 11,998 8,054 25,687 19,308 25,899 Other (4,423) (11,597) (16,648) (12,943) (44,181) Total EBITDA 94,992 81, , , ,135 Less depreciation and amortization 37,120 21,368 98,945 71, ,030 Operating income 57,871 60, , , ,105 *As of Q4 administration costs related to the Group cost is moved from Norway to «Other» segment. CAPEX specified by segment: NOK 1,000 Audited Norway (187) (11,967) (49,917) (31,000) (34,848) Sweden (5,372) (21,120) (6,860) (32,400) (45,000) Denmark (4,108) (7,087) (27,048) (17,800) (46,058) Finland (4,000) 314 (23,103) (5,800) (21,000) Total CAPEX (13,667) (39,860) (106,927) (87,000) (146,906) Non-current operating assets specified by segment: NOK 1, Audited Norway 248, , ,224 Sweden 224, , ,838 Denmark 201, , ,999 Finland 78,223 92,227 72,077 Total equipment 753, , ,138 17
18 Note 3. Earnings per share Basic and diluted earnings per share is calculated by dividing profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There are no dilutive potential ordinary shares in the Company in and. Net profit/loss attributable to ordinary equity holders of the parent (NOK 1,000) Weighted average number of ordinary shares in issue (thousands)* Basic earnings per share from profit for the year attributable to the ordinary shareholders (NOK) Diluted earnings per share from profit/loss for the period attribitable to the ordinary shareholders (NOK) Audited 34,019 42,744 76,595 80,184 42,486 27,248 5,457 27,248 5,455 7, * The Company has not purchased any shares in, it purchased 2,598 shares during the first three quarters in. The weighted average number of shares is calculated based on the assumption that the treasury shares were purchased and sold evenly throughout the period. At the end of the quarter ending 30 September, there are no treasury shares held by the Company. Note 4. Related parties and shareholder transactions Related parties The Group has a related party relationship with subsidiaries and associates and with its directors and executive officers. All transactions with related parties are based on arm s length principles. None of the Board members has been granted loans or guarantees in the current year. Long Term Incentive Program In the Company's annual general meeting held on 13 May, the general meeting of RenoNorden ASA resolved to approve the implementation of a long-term incentive program for key employees of the RenoNorden Group, LTIP. The general meeting approved the grant of a total of 169,460 performance share rights ("PSRs") to key employees of the RenoNorden Group. The number of PSRs granted to the key employees are based on a fixed percentage of their respective base salary, and the PSRs are granted without consideration. After a three-year vesting period commencing in connection with the implementation of LTIP, and provided that a certain annual compounded growth rate in earnings per share in the period from 1 January to 31 December 2017 ("EPS CAGR") is being met and that other conditions are satisfied, the participants may exercise their PSRs. When the PSRs are exercised, each participant shall be entitled to purchase up to one share in the Company per PSR (depending on the EPS CAGR), at a purchase price equal to the nominal value of the shares (NOK 1). Assuming that all granted PSRs vest, full achievement of EPS CAGR target set and a share price at the time of 18
19 grant of the PSRs of NOK , LTIP will result in the allocation of 169,460 shares in the Company to the key employees. In addition, 34,326 shares may be acquired by the Company for the purpose of hedging social security costs related to LTIP. Shareholder transactions There are no shareholder transactions in the first three quarters of. Note 5. Bank borrowings and net debt The Group s bank borrowings consists of a term loan facility of NOK million and an RCF facility of NOK million. Both facilities are 5-year bullets. In addition to the bank loans, the Group has guarantees of approximately NOK million. Carrying value NOK 1, Audited Non-current liabilities to financial institutions 775, , ,300 Current liabilities to financial institutions - 101,910 89,106 Capitalized origination fee 4,467 26,269 5,470 Total bank borrowings 780, , ,876 Non-current / current finance lease obligation 437, , ,336 Cash and cash equivalents 155, , ,642 Net debt 1,062,198 1,006,405 1,030,570 Note 6. Business combinations RenoNorden has on the 23 December signed an agreement to acquire two contracts from a competitor in Denmark. RenoNorden has taken over two contracts, both with effect from 1 January. Contract 1 ends 31 January 2016 with 6 months prolonging options and contract 2 ends 31 May 2018 with 24 months prolonging options. In connection with the transaction, RenoNorden has taken over 31 employees and 23 vehicles. Of the purchase price approximately 5.6 MNOK is allocated to customer contracts. RenoNorden has with effect from the 1 January acquired NTS Miljø AS in Norway, a subsidiary of NTS ASA. NTS Miljø AS operates one contract, serving several municipalities in northern Norway. The contract expires 1 October Revenue for was 12.3 MNOK and EBITDA is 4.0 MNOK. NTS Miljø AS has 13 employees and 8 vehicles. Purchase price for 100% of the shares is 4.6 MNOK, where approximately 3 MNOK is allocated to customer contracts. Note 7. Subsequent events There are no subsequent events with material effect. 19
20 Disclaimer This report contains forward-looking statements that reflect RenoNorden s current views with respect to future developments and performance. These forward-looking statements may be identified by the use of forwardlooking terminology, such as the terms anticipates, assumes, believes, can, could, estimates, expects, forecasts, intends, may, might, plans, projects, should, will, would or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic facts. The forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management s examination of historical operating trends, data contained in RenoNorden s records and data available from third parties. Although RenoNorden believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control, and many factors can therefore lead to actual developments and performance deviating substantially from what has been expressed or implied in such statements. Accordingly, no assurance can be given with respect to such developments and performance. RenoNorden disclaims any obligation to update or revise any forward-looking statements, unless required to do so by applicable law or listing rules. Q4 Annual Report Q Annual General Meeting Q Financial calendar Investor contact Lars Sandodden Johansen l.johansen@renonorden.com
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