(Arendal, 10th of June 2024) Arendals Fossekompani (AFK) expects an impairment of its shareholding and shareholder debts in its German subsidiary, Commeo. This expectation is based on an assessment of Commeo’s financial performance.
AFK is assessing alternatives for Commeo and expects a significant impairment of its interests in the company, impairing up to the entire book value of AFK’s shareholding, as well as its shareholder debt to Commeo. As of 10th of June 2024, the book value of AFK parent company's shareholding and shareholder debt in Commeo was EUR 81,3m (equivalent to NOK 935m at current exchange rate).
The impairment will be accounted for in the financial statements for Q2, 2024. Commeo is a subsidiary of AFK’s portfolio company, Ampwell. Ampwell was established in 2022 to build an eco-system for battery technology and a Battery-as-a-Service business model. The investment in Commeo was made in April 2022.
ENDS
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For inquiries or additional comments, please contact:
Benjamin Golding, Chief Executive Officer: +47 974 04 496
Hanne Watts, VP Communications & Sustainability: +47 974 04 496
Arendals Fossekompani | www.arendalsfossekompani.no
Arendals Fossekompani (AFK) is a long-term investment company that owns energy and technology-related companies which enable the energy transition and develop next generation industrial technologies. Arendals Fossekompani operates globally in several forward-thinking industries, such as B2B software and analytics, satellite communications, industrial 3D printing, battery and induction technology. Established in 1896, Arendals Fossekompani has been a proud producer of renewable hydro power for more than 100 years. The company is headquartered in Arendal, Norway has been listed at the Oslo Stock Exchange since 1913.
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This information is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Lars Peder Fensli, CFO, Arendals Fossekompani ASA, on 10 June 2024 at 19:30 CET.