Third Quarter Financial Results

Our financial results for the third quarter have been published

27. January 2016

Operating profit before impairments (EBITDA) for the quarter rose by 3.4 percent to NOK 56.0 million, driven by strong project implementation and a higher proportion of billable hours. Our constant effort to raise the proportion of billable hours is bearing fruit. The impact on the results of normal seasonal effects caused by staff holidays was as expected.

The Group’s net operating revenues rose 13.8 percent to NOK 486.6 million, with LINK arkitektur contributing NOK 32.1 million and 7.5 percentage points of the increase. The remaining increase in net operating revenues was mainly driven by growth in the business area Buildings and Properties and a higher proportion of billable hours.

“I am very pleased that we have strengthened the whole value chain and made ourselves even more competitive with the acquisition of LINK arkitektur,” says Multiconsult ASA’s Group CEO Christian Nørgaard Madsen.

The group had a NOK 1,732.3 million order book at the end of the third quarter. Multiconsult confirmed its strong market position by winning new orders in all of its business areas. Extensions to existing projects such as Mt. Coffee in Liberia, as well as new contracts, including the E39 highway at Svegatjørn and the energy project Lyse-Støleheia in Norway, contributed to the strong order book.

The acquisition of the remaining 68 percent of the shares in LINK arkitektur for NOK 108.8 million meant that net cash flow was negative by NOK 65.8 million in the quarter. The acquisition is expected to generate significant added value by establishing closer ties and improving cooperation between the companies. In addition, it will allow us to offer a wider range of services to the market. LINK arkitektur was included in the group’s consolidated financial statements as of 1 September 2015.

The group has a strong balance sheet, with NOK 1,114.9 million of total assets and NOK 278.8 million of total equity at 30 September 2015. Cash and cash equivalents stood at NOK 124.9 million. After deducting interest-bearing liabilities from interest-bearing assets at the close of the third quarter, the group had NOK 89.1 million in net interest-bearing assets.

Overall market prospects are still quite robust, but the picture varies between business areas. The market is expected to be strong in Transportation & Infrastructure, while demand is expected to remain subdued in Oil and Gas due to lower oil prices.

Multiconsult’s strong market position, flexible business model and wide range of services provide a strong platform for future growth.

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