Cash flow from operations NOK 60.6 million

Size: px
Start display at page:

Download "Cash flow from operations NOK 60.6 million"

Transcription

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

Report of the Board of Directors

Report of the Board of Directors Report of the Board of Directors First Half 2010 In the first half of 2010, NedSense enterprises n.v. (the Company ) has performed on par with expectations, with results strongly improved as compared to

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q3 2014 Q3 2015 % change 9m 2014 9m 2015 % change Revenue 636 661 3.9% 1,909 1,974 3.4% Cost of sales (440) (453) 3.0% (1,324) (1,340) 1.2% Gross

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q2 2012 Q2 2013 % H1 2012 H1 2013 % Restated * change Restated * change Revenue 779 732-6.0% 1,513 1,437-5.0% Cost of sales (553) (521) -5.8%

More information

FINANCIAL SUPPLEMENT December 31, 2015

FINANCIAL SUPPLEMENT December 31, 2015 FINANCIAL SUPPLEMENT December 31, 2015 Monster Worldwide, Inc. (together with its consolidated subsidiaries, the Company, Monster, we, our or us ) provides this supplement to assist investors in evaluating

More information

HIGHLIGHTS FIRST QUARTER 2016

HIGHLIGHTS FIRST QUARTER 2016 Q1-16 EUROPRIS ASA 2 CONTENTS / HIGHLIGHTS FIRST QUARTER 2016 HIGHLIGHTS FIRST QUARTER 2016 (Figures for the corresponding period of last year in brackets. The figures are unaudited.) Group revenues increased

More information

FINANCIAL REPORT Q4 2015

FINANCIAL REPORT Q4 2015 CRAYON GROUP HOLDING AS FINANCIAL REPORT Q4 2015 Management commentary Q4 2015 Crayon continues to invest in geographic expansion centred on Software Asset Management (SAM) and cloud first, providing its

More information

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Condensed Interim Consolidated Financial Statements of THE BRICK LTD. For the three months ended March 31, 2013 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7% GrandVision reports Revenue of 13.8% and EPS of 31.7% Schiphol, the Netherlands 16 March 2015. GrandVision NV (EURONEXT: GVNV) publishes Full Year and Fourth Quarter 2015 results. 2015 Highlights Revenue

More information

TO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR

TO OUR SHAREHOLDERS DYNAMIC FIRST HALF YEAR HALF YEAR REPORT AS OF JUNE 30, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group maintained its dynamic development from the first quarter of 2015

More information

Condensed consolidated income statement

Condensed consolidated income statement RESTATED AND PREVIOUSLY COMMUNICATED (OLD) QUARTERLY INFORMATION FOR Fortum signed the agreement to sell its Swedish distribution business on 13 March 2015, which concludes Fortum s divestment of its electricity

More information

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 BE SEMICONDUCTOR INDUSTRIES N.V. DUIVEN, THE NETHERLANDS UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 Contents Unaudited Condensed Interim Consolidated

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q3 2013 Q3 2014 % change 9m 2013 9m 2014 % change Revenue 689 636-7.7% 2,126 1,909-10.2% Cost of sales (497) (440) -11.5% (1,520) (1,324) -12.9%

More information

condensed consolidated interim financial statements 2015

condensed consolidated interim financial statements 2015 January march 2015 condensed consolidated interim financial statements 2015 (unaudited) contents 1. Income Statement 1 2. Statement of Comprehensive Income 2 3. Balance Sheet 3 4. Statement of Changes

More information

ATS AUTOMATION TOOLING SYSTEMS INC.

ATS AUTOMATION TOOLING SYSTEMS INC. Interim Consolidated Financial Statements For the period ended June 29, 2014 (Unaudited) (Condensed) Interim Consolidated Statements of Financial Position (in thousands of Canadian dollars unaudited) June

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited)

Western Energy Services Corp. Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Financial Statements September 30, 2015 and 2014 (Unaudited) Condensed Consolidated Balance Sheets (Unaudited) (thousands of Canadian dollars) Note September 30, 2015 December 31,

More information

Monster Worldwide Reports Third Quarter 2015 Results

Monster Worldwide Reports Third Quarter 2015 Results Monster Worldwide Reports Third Quarter 2015 Results Third Quarter Financial Highlights: o Company Exceeds Expectations on All Profitability Metrics For the 5th Consecutive Quarter Adjusted EBITDA Including

More information

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2015 and 2014 (Unaudited)

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2015 and 2014 (Unaudited) Interim Condensed Consolidated Financial Statements NOBLE IRON INC. MANAGEMENT S COMMENTS ON UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

Results PostNL Q1 2015

Results PostNL Q1 2015 Results PostNL Q1 2015 On track to achieve full year 2015 outlook Financial highlights Q1 2015 Revenue at 1,058 million (Q1 2014: 1,033 million) Underlying cash operating income at 68 million (Q1 2014:

More information

Telesat Reports Results for the Quarter and Year Ended December 31, 2014

Telesat Reports Results for the Quarter and Year Ended December 31, 2014 Telesat Reports Results for the Quarter and Year Ended December 31, 2014 OTTAWA, CANADA, February 26, 2015. Telesat Holdings Inc. ( Telesat ) today announced its financial results for the three month and

More information

Results PostNL Q3 2014

Results PostNL Q3 2014 Results PostNL Q3 2014 The Hague, 3 November 2014 PostNL reports solid Q3 2014 results Financial highlights Q3 2014 Revenue increased to 988 million (Q3 2013: 969 million) Underlying cash operating income

More information

NOBINA AB INVESTOR PRESENTATION, Q3, SEPTEMBER NOVEMBER 2015

NOBINA AB INVESTOR PRESENTATION, Q3, SEPTEMBER NOVEMBER 2015 NOBINA AB INVESTOR PRESENTATION,, SEPTEMBER NOVEMBER 2015 LARGEST PUBLIC TRANSPORT COMPANY IN THE NORDIC REGION Nobina s economies of scale, market expertrise and outstanding bus fleet, combined with long-term

More information

Net interest-bearing debt at 30 June 2015 was DKK 560 million (30 June 2014: DKK 595 million).

Net interest-bearing debt at 30 June 2015 was DKK 560 million (30 June 2014: DKK 595 million). H+H International A/S Interim financial report Company Announcement No. 327, 2015 H+H International A/S Dampfærgevej 3, 3rd Floor 2100 Copenhagen Ø Denmark Tel. +45 35 27 02 00 info@hplush.com www.hplush.com

More information

Norsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO

Norsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO Norsk Gjenvinning Group 1st Quarter 2016 Erik Osmundsen, CEO and Dean Zuzic, CFO Disclaimer VV Holding AS is providing the following interim financial statements for Q1 2016 to holders of its NOK 2,235,000,000

More information

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014

GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 Schiphol, the Netherlands 18 March 2015. GrandVision N.V. publishes Full Year and Quarter 2014 results. 2014 Highlights Revenue grew

More information

ARM Holdings plc Consolidated balance sheet - IFRS

ARM Holdings plc Consolidated balance sheet - IFRS ARM Holdings plc Consolidated balance sheet - IFRS 30 June 31 December 2010 2009 Unaudited Audited 000 000 Assets Current assets: Financial assets: Cash and cash equivalents 53,746 34,489 Short-term investments

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion

More information

Financial Results. siemens.com

Financial Results. siemens.com s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014

More information

Interim report 4-6/2010

Interim report 4-6/2010 Interim report 4-6/2010 4 August 2010 CEO Pekka Eloholma 1 Forward-Looking Statements Certain sections of this presentation contain forward-looking statements based on the Company s current expectations,

More information

Tower International Reports Solid Third Quarter And Raises Full Year Outlook

Tower International Reports Solid Third Quarter And Raises Full Year Outlook FOR IMMEDIATE RELEASE Tower International Reports Solid Third Quarter And Raises Full Year Outlook LIVONIA, Mich., November 3, 2011 Tower International, Inc. [NYSE: TOWR], a leading integrated global manufacturer

More information

NedSense enterprises n.v. Condensed consolidated Interim financial statements

NedSense enterprises n.v. Condensed consolidated Interim financial statements NED NEDSENSE enterprises n.v. NedSense enterprises n.v. Condensed consolidated Interim financial statements 30 June 2012 NedSense enterprises n.v. Half-year Report 2012 (unaudited) Report of the Board

More information

EDB Business Partner ASA FIRST QUARTER 2005 INTERIM REPORT

EDB Business Partner ASA FIRST QUARTER 2005 INTERIM REPORT - 1 - EDB Business Partner ASA FIRST QUARTER 2005 INTERIM REPORT Growth in revenues and profit as a consequence of acquisitions Successful integration of acquired businesses and subsequent cost reductions

More information

Helmut Engelbrecht, Chief Executive of URENCO Group, commenting on the half-year results, said:

Helmut Engelbrecht, Chief Executive of URENCO Group, commenting on the half-year results, said: news release 3 September 2014 URENCO Group Half-Year 2014 Unaudited Financial Results London 3 September 2014 URENCO Group ( URENCO or the Group ), an international supplier of uranium enrichment and nuclear

More information

INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2011

INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2011 Q3 INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2011 Helsinki, October 27, 2011 Fiskars Corporation Interim Report January 1 - September 30, 2011 October 27, 2011 Third quarter: Net sales and operating profit

More information

EVENTS AFTER THE END OF THE PERIOD

EVENTS AFTER THE END OF THE PERIOD BE Q1 Interim report BE Group AB (publ) January March 2015 Malmö, April 28, 2015 FIRST QUARTER 2015 Net sales rose by 2 percent compared with the year-earlier period, amounting to SEK 1,104 M (1,083).

More information

Interim report Q3 2015

Interim report Q3 2015 Interim report Q3 2015 Interim report Q3 2015 Dear Shareholders 2 November 2015 marked a milestone in the history of Kid when the company's shares were listed on the Oslo Stock Exchange. Over the last

More information

EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended 30 June 2015

EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended 30 June 2015 9 September EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended EU Supply, the e-procurement SaaS provider, is pleased to announce its unaudited interim results

More information

EDB Business Partner ASA FOURTH QUARTER 2003 INTERIM REPORT

EDB Business Partner ASA FOURTH QUARTER 2003 INTERIM REPORT - 1 - EDB Business Partner ASA FOURTH QUARTER 2003 INTERIM REPORT Summary The EDB group reports its best quarterly earnings since the fourth quarter of 2001 All business areas report improved operating

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016

NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 NOMAD FOODS LIMITED ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2016 FELTHAM, United Kingdom, May 25, 2016 /PRNewswire/ Nomad Foods Limited ( Nomad or the Company ) (NYSE: NOMD), today

More information

PENSONIC HOLDINGS BERHAD (300426-P) (Incorporated in Malaysia) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015

PENSONIC HOLDINGS BERHAD (300426-P) (Incorporated in Malaysia) CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 AUGUST 2015 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 AUGUST 2015 (Unaudited) Individual Quarter

More information

Syncordia Technologies and Healthcare Solutions, Corp. Reports Second Quarter Fiscal 2016 Results

Syncordia Technologies and Healthcare Solutions, Corp. Reports Second Quarter Fiscal 2016 Results Syncordia Technologies and Healthcare Solutions, Corp. Reports Second Quarter Fiscal 2016 Results - Sequential growth of Revenue and Adjusted EBITDA of 15% and 10%, respectively Toronto, Ontario. November

More information

Non-GAAP Financial Measures. Second Quarter and First Half of Fiscal 2014. siemens.com. Energy efficiency. Intelligent infrastructure solutions

Non-GAAP Financial Measures. Second Quarter and First Half of Fiscal 2014. siemens.com. Energy efficiency. Intelligent infrastructure solutions Energy efficiency Next-generation healthcare Industrial productivity Intelligent infrastructure solutions Non-GAAP Financial Measures Second Quarter and First Half of Fiscal 2014 siemens.com second QUARTER

More information

Consolidated balance sheet

Consolidated balance sheet 83 Consolidated balance sheet December 31 Non-current assets Goodwill 14 675.1 978.4 Other intangible assets 14 317.4 303.8 Property, plant, and equipment 15 530.7 492.0 Investment in associates 16 2.5

More information

Q1/2010 Report for the 1st quarter of 2010

Q1/2010 Report for the 1st quarter of 2010 Q1/2010 Report for the 1st quarter of 2010 CONTENTS The quarter in brief 3 Highlights Key figures Financial review Outlook for 2010 Business areas Software 5 BPO, Accounting and Payroll 6 Procurement and

More information

Condensed Consolidated Statement of Comprehensive Income For the second quarter ended 30 September 2013 (Unaudited)

Condensed Consolidated Statement of Comprehensive Income For the second quarter ended 30 September 2013 (Unaudited) Condensed Consolidated Statement of Comprehensive Income For the second quarter ended 30 September 2013 (Unaudited) Group Individual Quarter ended Unaudited Unaudited 30 Sep 2012 (Company No: 591898-H)

More information

Interim Financial Statements

Interim Financial Statements [Type text] Interim Financial Statements KCA Deutag Alpha Limited For the twelve months ended 31 December 2015 Page 1 of 11 Table of Contents Consolidated income statement... 3 Consolidated statement of

More information

Net sales Operating income Ordinary income

Net sales Operating income Ordinary income Consolidated Financial Statements Summary May 10, 2016 (For the year ended March 31, 2016) English translation from the original Japanese-language document (All financial information has been prepared

More information

INFORMATION SERVICES GROUP ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

INFORMATION SERVICES GROUP ANNOUNCES SECOND QUARTER FINANCIAL RESULTS Press Contact: Barry Holt 203-517-3110 bholt@informationsg.com Investor Contact: David Berger 203-517-3104 dberger@informationsg.com INFORMATION SERVICES GROUP ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

More information

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 (Unaudited) TSX-V: ANF. www.anfieldnickel.com

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 (Unaudited) TSX-V: ANF. www.anfieldnickel.com CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS September 30, 2015 () TSX-V: ANF www.anfieldnickel.com NOTICE OF NO AUDITOR REVIEW The unaudited condensed consolidated interim financial statements,

More information

DELL INC. Condensed Consolidated Statement of Income and Related Financial Highlights (in millions, except per share data and percentages) (unaudited)

DELL INC. Condensed Consolidated Statement of Income and Related Financial Highlights (in millions, except per share data and percentages) (unaudited) Condensed Consolidated Statement of Income and Related Financial Highlights (in millions, except per share data and percentages) Three Months Ended % Growth Rates August 2, May 3, August 3, 2013 2013 2012

More information

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2013 AND 2012.

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2013 AND 2012. CONDENSED (Unaudited) (presented in Canadian dollars unless otherwise noted) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31 As at 2013 2012 Note $ $ Assets Current assets Cash

More information

SAGICOR FINANCIAL CORPORATION

SAGICOR FINANCIAL CORPORATION Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the

More information

Third quarter results as of December 31, 2014. Investor presentation

Third quarter results as of December 31, 2014. Investor presentation Third quarter results as of December 31, 2014 Investor presentation February, 26 th 2015 Disclaimer Certain statements included or incorporated by reference within this presentation may constitute forwardlooking

More information

Regulated information

Regulated information Regulated information JENSEN-GROUP Half Year Results 2012 1 Consolidated, not audited key figures: Income Statement 30/06/2012-30/06/2011 Non-audited, consolidated key figures (million euro) June 30, 2012

More information

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Mar 30, Mar 29, 2014 2015 Net system sales 1,030.0 1,246.5 Net service and field option sales 366.5 403.4 Total net

More information

INTERIM REPORT H1 2015/16

INTERIM REPORT H1 2015/16 I C GR OUP Company Announcement no. 4 /2016 INTERIM REPORT Consolidated revenue for amounted to DKK 1,446 million (DKK 1,426 million) corresponding to an increase of 1.4%, or 2.3% measured in local currency,

More information

TomTom reports second quarter 2013 results

TomTom reports second quarter 2013 results De Ruyterkade 154 1011 AC Amsterdam, The Netherlands corporate.tomtom.com ir@tomtom.com 25 July 2013 TomTom reports second quarter 2013 results Financial summary - Group revenue decreased by 4% to 250

More information

Belden Reports Record Revenues in the Second Quarter 2014

Belden Reports Record Revenues in the Second Quarter 2014 July 30, 2014 Belden Reports Record Revenues in the Second Quarter 2014 ST. LOUIS--(BUSINESS WIRE)-- Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for

More information

Significant reduction in net loss

Significant reduction in net loss press release 12 May 2015 Royal Imtech publishes first quarter 2015 results Significant reduction in net loss Order intake in Q1 at a satisfactorily level of 912 million Revenue 3% down excluding Germany

More information

SATISFACTORY DEVELOPMENT IN THE Q3 HIGH SEASON SUPPORTED BY DIVESTMENT GAIN

SATISFACTORY DEVELOPMENT IN THE Q3 HIGH SEASON SUPPORTED BY DIVESTMENT GAIN INTERIM REPORT Q3 2015 SATISFACTORY DEVELOPMENT IN THE Q3 HIGH SEASON SUPPORTED BY DIVESTMENT GAIN Consolidated highlights from Q3 2015: Revenue grew by 9.1% in EUR to EUR 114.4m (EUR 104.9m). 3.9% growth

More information

2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6

2 N D Q U A R T E R 2 0 1 6. O s l o, 1 8 J u l y 2 0 1 6 2 N D Q U A R T E R 2 1 6 O s l o, 1 8 J u l y 2 1 6 Agenda Per A Sørlie, President & CEO Highlights Business areas Outlook Per Bjarne Lyngstad, CFO Financial performance 2 Highlights 2 nd quarter 216

More information

Condensed Interim Consolidated Financial Statements

Condensed Interim Consolidated Financial Statements Condensed Interim Consolidated Financial Statements Unaudited (Expressed in Canadian dollars) NOTICE TO READER: These condensed interim consolidated financial statements have not been reviewed by the Company's

More information

FORM 6-K. CGG (Translation of registrant s name into English)

FORM 6-K. CGG (Translation of registrant s name into English) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of August, 2014

More information

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc Interim Report 2011 Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc ("Capcon" or the "Group"), the AIM listed investigations and risk management

More information

Third Quarter 2015 Financial Highlights:

Third Quarter 2015 Financial Highlights: DISCOVERY COMMUNICATIONS REPORTS THIRD QUARTER 2015 RESULTS, INCREASES BUYBACK AUTHORIZATION BY $2 BILLION AND ANNOUNCES RESUMPTION OF SHARE REPURCHASES BEGINNING IN FOURTH QUARTER 2015 Third Quarter 2015

More information

MIX TELEMATICS ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER OF FISCAL YEAR 2016

MIX TELEMATICS ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER OF FISCAL YEAR 2016 MIX TELEMATICS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1995/013858/06) JSE share code: MIX ISIN: ZAE000125316 NYSE share code: MIXT ( MiX Telematics ) MIX TELEMATICS

More information

Fiat S.p.A. Board of Directors Meeting: 2013 Financial Statements and Calling of the Annual General Meeting

Fiat S.p.A. Board of Directors Meeting: 2013 Financial Statements and Calling of the Annual General Meeting Fiat S.p.A. Board of Directors Meeting: 2013 Financial Statements and Calling of the Annual General Meeting The Board of Directors of Fiat S.p.A. met today in Turin to: approve the 2013 consolidated financial

More information

Aalberts Industries Net profit and earnings per share +15%

Aalberts Industries Net profit and earnings per share +15% PRESS RELEASE 1 ST HALF YEAR 2015 Aalberts Industries Net profit and earnings per share +15% Langbroek, 13 August 2015 Highlights o Revenue EUR 1,244 million, increase +18% (organic +2%). o Operating profit

More information

IV. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS. 6 VII. STATUTORY AUDITOR'S LIMITED REVIEW REPORT... 10

IV. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS. 6 VII. STATUTORY AUDITOR'S LIMITED REVIEW REPORT... 10 2015 INTERIM REPORT TABLE OF CONTENTS I. INTERIM MANAGEMENT REPORT.. 2 II. III. CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION.. 4 CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE

More information

INTERIM REPORT Q2 and H1 2015

INTERIM REPORT Q2 and H1 2015 INTERIM REPORT Q2 and H1 2015 HIGHLIGHTS Significant improvement in the billing ratio Strong revenue growth and increased profitability Order backlog remains solid with strong order intake, supporting

More information

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2014 and 2013 (Unaudited)

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2014 and 2013 (Unaudited) Interim Condensed Consolidated Financial Statements NOBLE IRON INC. MANAGEMENT S COMMENTS ON UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

Icelandair Group hf.

Icelandair Group hf. Icelandair Group hf. Condensed Consolidated Interim Financial Information 1 January - 31 March 2010 ISK Icelandair Group hf. Reykjavíkurflugvöllur 101 Reykjavík Iceland Reg. no. 631205-1780 Contents Endorsement

More information

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009

Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Member of Financial Accounting Standards Foundation Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the 1st Section

More information

Vizrt Group AS Reports H1 and Q2 2015 Results

Vizrt Group AS Reports H1 and Q2 2015 Results Vizrt Group AS Reports H1 and Q2 2015 Results - 1 - Bergen, Norway, August 31, 2015. Vizrt Group AS. Vizrt today reported its financial results for the second quarter of 2015 and the first six months of

More information

Aurora LPG Holding ASA

Aurora LPG Holding ASA Unaudited Condensed Interim Financial Statements Q1 2016 2 Contents Highlights of operational review... 3 Unaudited consolidated income statement for the first quarter of 2016, first quarter 2015 and full

More information

INTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS

INTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS Press Release INTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS New York February 12, 2015 Interactive Data Corporation today reported its financial results for the fourth quarter and

More information

LOTTOMATICA GROUP ANNOUNCES RESULTS FOR THE THIRD-QUARTER AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2011

LOTTOMATICA GROUP ANNOUNCES RESULTS FOR THE THIRD-QUARTER AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2011 PRESS RELEASE LOTTOMATICA GROUP ANNOUNCES RESULTS FOR THE THIRD-QUARTER AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2011 Consolidated Financial and Business Highlights Continued quarterly Revenue growth

More information

eqube Gaming Limited Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 (Unaudited)

eqube Gaming Limited Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 (Unaudited) Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended November 30, 2015 Notice to Reader The following interim consolidated financial statements and notes have not been

More information

CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER 2015

CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER 2015 56 Neptune Orient Lines Limited (incorporated in Singapore) and its Subsidiaries Annual Report CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER Continuing operations Revenue 4 5,382,596

More information

THE EMPIRE LIFE INSURANCE COMPANY

THE EMPIRE LIFE INSURANCE COMPANY THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the nine months ended September 30, 2013 Unaudited Issue Date: November 6, 2013 These condensed interim consolidated

More information

Consolidated financial statements

Consolidated financial statements Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted

More information

Altus Group Reports First Quarter Financial Results for 2015

Altus Group Reports First Quarter Financial Results for 2015 Street Smart. World Wise. Altus Group Reports First Quarter Financial Results for 2015 Altus Group Delivers 14% Revenue Growth, Including 43% Increase in Recurring Revenues from GAIM Businesses TORONTO,

More information

Introduction. Half-year Financial Report 2015 Zenitel NV/SA 1

Introduction. Half-year Financial Report 2015 Zenitel NV/SA 1 Introduction Zenitel NV/SA (the Company) is a limited liability company organized under the laws of Belgium. The Consolidated interim financial statements for the six-month period ended 30 June 2015, comprise

More information

Logwin AG. Interim Financial Report as of 31 March 2015

Logwin AG. Interim Financial Report as of 31 March 2015 Logwin AG Interim Financial Report as of 31 March 2015 Key Figures 1 January 31 March 2015 Earnings position In thousand EUR 2015 2014 Revenues Group 274,433 278,533 Change on 2014-1.5% Solutions 101,821

More information

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS

TO OUR SHAREHOLDERS PROFITABLE GROWTH COURSE INTERNATIONALIZATION FURTHER EXTENDED US MARKET IN FOCUS QUARTERLY STATEMENT AS OF MARCH 31, 2015 TO OUR SHAREHOLDERS Patrik Heider, Spokesman of the Executive Board and CFOO The Nemetschek Group has made a dynamic start in the 2015 financial year and continues

More information

Earnings Release Q3 FY 2015 April 1 to June 30, 2015

Earnings Release Q3 FY 2015 April 1 to June 30, 2015 Munich, Germany, July 30, 2015 Earnings Release FY 2015 April 1 to June 30, 2015 Solid performance, softening market environment»overall our businesses delivered solid underlying profitability despite

More information

Consolidated Interim Report

Consolidated Interim Report Consolidated Interim Report as of 31 March 2015 UNIWHEELS AG CONTENTS 1. Key performance data 2. Condensed group management report as of 31 March 2015 3. Condensed consolidated financial statements as

More information

CEMATRIX CORPORATION Consolidated Financial Statements (in Canadian dollars) September 30, 2015

CEMATRIX CORPORATION Consolidated Financial Statements (in Canadian dollars) September 30, 2015 Consolidated Financial Statements September 30, 2015 Management s Responsibility for Financial Reporting and Notice of No Auditor Review of the Interim Consolidated Financial Statements for the Three and

More information

Key figures as of June 30, 2013 1st half

Key figures as of June 30, 2013 1st half Never standing still. Interim Report as of June 30, 2013 Contents 2 Key figures as of June 30, 2013 1st half 3 Key figures as of June 30, 2013 2nd quarter 6 Strong revenue growth 12 Consolidated interim

More information

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Six months ended, Jun 29, Jun 28, Jun 29, Jun 28, 2014 2015 2014 2015 Net system sales 1,243.0 1,134.5 2,273.0 2,381.0

More information

Full Year Results 2014

Full Year Results 2014 Full Year Results 2014 18 March 2015 Conference call on FY Results 2014 Corporate Finance & Investor Relations AGENDA FY 2014 results presentation Highlights 2014 Financials 2014 Outlook 2015 Appendix

More information

ASML - Summary US GAAP Consolidated Statements of Operations 1,2

ASML - Summary US GAAP Consolidated Statements of Operations 1,2 ASML - Summary US GAAP Consolidated Statements of Operations 1,2 (in millions EUR, except per share data) Six months ended, Jun 29, Jun 28, Jun 29, Jun 28, 2014 2015 2014 2015 Net system sales 1,243.0

More information

Interim Report as of March 31, 2014. NorCell Sweden Holding 2 AB (publ) Group

Interim Report as of March 31, 2014. NorCell Sweden Holding 2 AB (publ) Group Interim Report as of March 31, 2014 NorCell Sweden Holding 2 AB (publ) Group FOR IMMEDIATE RELEASE Date: May 2, 2014 Time: 11:00 CET IMPORTANT INFORMATION For investors and prospective investors in NorCell

More information

(unaudited expressed in Canadian Dollars)

(unaudited expressed in Canadian Dollars) Condensed Consolidated Interim Financial Statements of CARGOJET INC. For the three month periods ended (unaudited expressed in Canadian Dollars) This page intentionally left blank Condensed Consolidated

More information

Verifone Reports Results for the Second Quarter of Fiscal 2016

Verifone Reports Results for the Second Quarter of Fiscal 2016 Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results

More information

PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010

PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010 PONSSE PLC, STOCK EXCHANGE RELEASE, 26 OCTOBER 2010, 9:00 a.m. PONSSE S INTERIM REPORT FOR 1 JANUARY 30 SEPTEMBER 2010 - Net sales were EUR 171.8 (Q1-Q3/2009 EUR 98.9) million. - Q3 net sales were EUR

More information

ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2014

ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2014 News Release ACI Worldwide, Inc. Reports Financial Results for the Quarter Ended March 31, 2014 HIGHLIGHTS SNET bookings of $122 million, up 59% from Q1 last year Recurring revenue up 57% from last year,

More information

INTERIM REPORT Q1 2016 PROTECTOR FORSIKRING ASA

INTERIM REPORT Q1 2016 PROTECTOR FORSIKRING ASA INTERIM REPORT Q1 2016 PROTECTOR FORSIKRING ASA (UNAUDITED) APRIL 2016 Highlights Q1 2016 Growth 26% - First UK client on board Protector delivers a strong premium growth for the first quarter of 2016,

More information