Oslo, Saturday, January 1, 2000
Stock Exchange Notification
4Q 2008 REPORT
Profit in 4th quarter influenced by provisions
Blom delivered positive results for the fourth quarter with revenues of NOK 218.9 million, which represents growth of 17.0 per cent compared with the same period in 2007. The EBITDA margin for the fourth quarter was 14.9 per cent, adjusted for a provision for credit risk of NOK 16.6 million the EBITDA-margin
would be 22.4 %.
In 2008 the company have increased its exposure to new customers groups within the market navigation and services related to handheld devices. Some of the customers in this group have not been able to meet their obligations to Blom. The company has found appropriate to make a provision totalling NOK 16.6
million for possible future losses.
The company delivered good organic growth of 22.6 per cent for the full year 2008. The combined operating revenues were NOK 867.2 million, compared with NOK 707.6 in the previous year, and the EBITDA result was NOK 154.8 million, compared with NOK 152.2 million in 2007. This corresponds to an EBITDA margin of 17.9 per cent in 2008, adjusted for a provision for credit risk of NOK 16.6 million the EBITDA-margin would be 19.8 %.The profit before tax was NOK 63.3
million, compared with NOK 42.6 million in 2007. The comparable figures for 2007 have been adjusted for the capital gain of NOK 370 million on the sale of the company's shares in Scan Subsea.
The fourth quarter showed a cash flow from operational activities of NOK 45.5 million. Work in progress decreased by NOK 105 million, while receivables from customers increased by NOK 131 million in the fourth quarter. Adjusting for foreign currency fluctuations reduces the work in progress and receivables from customers by NOK 85 million.
The company has a strong focus on measures to increase the cash flow and reduce the working capital, and further improvements are expected in the
first quarter of 2009.
For further information please contact:
CEO, Mr. Håkon Jacobsen, on tel. +47 22 13 19 33 or
CFO Jan Erik Braathen on tel. +47 22 13 19 24.