News

Oslo, Thursday, February 17, 2011
Stock Exchange Notification
4TH QUARTER 2010 RESULTS REPORT AND PRESENTATION

Today, Blom presented the 4th quarter 2010 results. The report and presentation can be downloaded here in full.

4Q 2010 REPORT

4Q 2010 RESULT PRESENTATION

The presentation was webcast. Please enter here to see the WEBCAST


A quarter marked by write-downs and weak operations

The company posted revenues of NOK 149 million in the 4th quarter, compared with NOK 159 million for the same quarter in 2009. EBITDA for the quarter was NOK -87 million, compared with NOK 23 million for the corresponding quarter in 2009. This corresponds to an EBITDA margin of –58.3 per cent, compared with 14.4 per cent in the 4th quarter of 2009. The operating profit for the quarter was a loss of NOK 403 million, compared with a loss of NOK 59 million for the same period in 2009. The operating profit includes write-off of NOK 293 million for the write-down of fixed assets, related primarily to goodwill and assets associated with the Pictometry agreement. There are also charges totalling NOK 75 million for provisions for potential losses on stocks and receivables from customers, as well as potential claims from customers as a result of the uncertainty associated with the Pictometry agreement.

The operating revenues for the respective segments were NOK 129 million for Geo Engineering and NOK 20 million for Information Services in the 4th quarter. The comparative figures for the 4th quarter of 2009 were NOK 123 million for Geo Engineering and NOK 37 million for Information Services.

The company’s revenues totalled NOK 619 million in 2010, compared with NOK 737 million in 2009. EBITDA for 2010 was NOK –46 million, compared with NOK 92 million for 2009. This corresponds to an EBITDA margin of –7.4 per cent for 2010, compared with 12.5 per cent for 2009. The operating revenues for the respective segments totalled NOK 501 million for Geo Engineering and NOK 118 million for Information Services in 2010. The comparative figures for 2009 were NOK 618 million for Geo Engineering and NOK 119 million for Information Services.

Financial restructuring

As a result of the company’s challenges in 2010, Blom has lost a major portion of its equity due to the weak operating results and extraordinary write-downs. The company has been in continuous dialogue with its largest creditors aiming to establish good solutions that can meet the company’s needs in the short and long term.

The bond holders have granted a waiver for the existing terms of the loan in connection with the presentation of the results for the 4th quarter of 2010. The company has a constructive dialog with the bond holders in order to find a more permanent long-term solution. Blom anticipate that further details will be presented shortly.


For further information please contact the CEO, Dirk Blaauw, on tel. +47 22 13 19 20 or CFO Lars Bakklund on tel. +47 22 13 19 34.

 

 

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