28 February 2018

Interim Report for Q4 2017

In Q4 2017 Bergen Group ASA had a turnover of NOK 63 million and a net positive cash flow of NOK 4 million. The order backlog increased during the quarter by NOK 15 million to NOK 152 million.

Operating profit (EBITDA) was negative by NOK 9 million.

The deficit in the quarter is mainly related to a lower activity towards the Norwegian Armed Forces than expected, as well as a continued competitive market on prefabrication. The quarter also includes costs related to the ongoing growth and acquisition phase.

CEO Torgeir Nærø summarizes the fourth quarter as challenging, but in no way alarming.

“We have managed to strengthen the order book in a competitive market. We are also pleased that we have invested in strategic processes and organizational measures that will contribute to a more profitable and robust operation, "says Nærø, referring to the acquisitions that has been published this week.

"We strengthen our position towards the aquaculture sector by taking over a leading manufacturer of integrated feeders, including a dry dock for aquaculture and maritime industry. At the same time, this facility also provides us with a long-term strategic capacity that, if necessary, can be utilized against the Group's other activities towards maritime operations”, Torgeir Nærø points out.

In addition, the group has entered into a share purchase agreement for the acquisition of Vitek AS, a company with established specialist expertise in pipeline inspection, pipe renewal and waste management.

“The acquisition of Vitek helps to further enhance and diversify our operational activity, both marketwise and geographic. We will take on board a well-established and profitable company being a market leader in what is a new market area for us, and which opens up synergies towards existing operations”, says Nærø.

The CEO evaluate the fourth quarter figures as influenced by an investment in adapting the Group to a future-oriented market position.

“We now have a dedicated focus on ensuring that the cost of organizational measures implemented at the end of 2017 and at the beginning of 2018, as soon as possible, has a positive impact on existing operations. We maintain and enhance our core competence and well-established position as a leading provider and of maritime service and advanced access technology. At the same time, we have now completed the necessary steps that make it possible to have profitable prefabrication within the market areas we experience as viable in the future, and which are better able to integrate into other activities, "says Nærø.

The interim report can be downloaded here.

Contact persons: 
CEO Torgeir Nørø, tlf. +47 922 00 778 
CFO Nils Hoff, tel. +47 930 92 346 
SVP Corporate Functions & Communications Øyvind Risnes, tel. +47 480 48 561