Sale of subsidiary in a challenging market
The company reported revenues from continuing business of NOK 72 million for the 4th quarter, compared with NOK 67 million for the same quarter in 2011. EBITDA for the quarter was NOK 11 million, compared with NOK -45 million for the corresponding quarter in 2011. This corresponds to an EBITDA margin of 14.6 per cent, compared with -68.3 per cent for the 4th quarter of 2011.
The challenging macroeconomic conditions, referred to in the company's report for the third quarter and the stock exchange announcements of 7 December 2012 and 7 February 2013, continues, resulting in weak operating results for the quarter. As a consequence of this, the company's Board of Directors entered into an agreement to sell the company's Italian subsidiary Blom CGR S.p.A. in February 2013.
In addition, the accounts for the 4th quarter include charges for the extraordinary depreciation and write-down of intangible assets, inventories and trade receivables. A final settlement between Pictometry International Corp. and Blom ASA for the dispute concerning the termination of the licence agreement entered into on 29 January 2009 had a positive impact on the 4th quarter results. The result from the business sold in Italy has been recognised on a net basis under "Discontinued business" on a separate line in the accounts.
The company’s revenues for 2012 totalled NOK 335 million, compared with NOK 289 million in 2011. EBITDA for 2012 was NOK 26 million, compared with NOK -58 million in 2011. This corresponds to an EBITDA margin of 7.7 per cent for 2011, compared with -20.0 per cent in 2011.
4Q 2012 Presentation
Blom presented the 4th quarter 2012 result in a WEBCAST today.
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.