The Board of Directors of Havyard Group ASA and its
subsidiaries (The "Group") wishes to make reference
to the third quarter financial results presentation
for the period ended 30 September 2014, as published
on 21 November 2014. In this presentation the Group
highlighted the importance of control in projects
within the fishing and aquaculture markets as key
for the short term performance.
The Group has experienced severe cost overruns in
the fishing and aquaculture segments in the fourth
quarter of 2014. The main part of the overruns is
related to the construction of two prototype
vessels. The projects were calculated with a lower
than normal margin due to entering into new segments
and the recent cost overruns have therefore resulted
in a substantial loss for the Group. All known and
expected losses regarding these projects have been
taken into account as of the fourth quarter of 2014.
In addition, during the fourth quarter of 2014, the
Fish Handling division of Havyard MMC has
experienced cost overruns in a few larger projects
that are in their last phase. All known and expected
losses on these projects have been taken into
account as of the fourth quarter of 2014.
Within the offshore windmill service segment the
Group has also incurred cost overruns related to the
final outfitting phase that were not taken account
for in the third quarter financial presentation. All
known and expected losses regarding this project
have been taken into account as of the fourth
quarter of 2014.
As a result of the above, the Group expects a
negative EBIT result of NOK 15 million in the fourth
quarter of 2014, and has the following preliminary
and unaudited figures for 2014:
- Revenue: NOK 2 400 million
- EBITDA: NOK 65 million (2.7 %)
- EBIT: NOK 45 million (1.9 %)
For further information, please contact:
Geir Johan Bakke, CEO +47 48 18 00 11
Karl Eirik Hansen, CFO +47 40 24 71 13
BY ORDER OF THE BOARD
Geir Johan Bakke
Chief Executive Officer
05 February 2015
This information is subject to the disclosure
requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.