“Operations in the first quarter were characterized by sound project execution and cost control, although we recognize the improvement potential of the billing ratio”, says Mr Christian Nørgaard Madsen, CEO of Multiconsult ASA.
Order intake during the quarter was strong, reflecting Multiconsult’s solid market position. Important new contracts such as Hydro Karmøy’s pilot aluminium plant, the intercity railway project between Råde and the Swedish border, Kilden nursery and Trondheim Torg were awarded during this quarter. The group’s total order backlog at the end of the first quarter amounted to NOK 1 620.1 million, up 29 per cent year-on-year.
The group’s cash flow generated by operating activities was NOK 61.1 million, primarily driven by the quarter’s profit.
The group’s financial position at 31 March 2015 was strong, with total assets of NOK 1 326.0 million and total equity of NOK 474.1 million. Cash and cash equivalents amounted to NOK 504.6 million, while net interest bearing debt was negative NOK 493.0 million, i.e. an asset. Total dividends of NOK 276.0 million were resolved and paid during the second quarter of 2015.
The overall market outlook for 2015 remains robust, but with variations among the business areas. Multiconsult continues to leverage on a strong market position and its flexible business model. Earnings for the second quarter will be negatively impacted by costs related to the IPO, which are expected to be in the range of NOK 35 to 45 million.
A presentation of the first quarter 2015 results will be held today, 28 May, at 09:00 CET at Hotel Continental, Stortingsgaten 24/26, Oslo. The presentation will be held by CEO Christian Nørgaard Madsen and CFO Anne Harris. A live webcast from the presentation can be accessed at www.multiconsult-ir.com .
For further information, please contact:
Mitra Hagen Negård, Head of Investor Relations
Phone: +47 95 79 36 31
Gaute Christensen, VP Communications
Phone: +47 911 70 188
ABOUT MULTICONSULT ASA
Multiconsult is a leading Norwegian multidisciplinary engineering consulting firm, with more than 1 700 employees and 30 offices in Norway and abroad. Multiconsult’s home market is Norway, representing 92 per cent of 2014 operating revenues. The Company focuses on six market areas: Buildings and Properties, Transport and Infrastructure, Energy, Oil and Gas, Industry and Environment and Natural resources. The Company has an operating history that spans more than a century, with the inception of Norsk Vandbygningskontor in 1908. In 2014, Multiconsult completed more than 8 000 projects for approx. 3 700 different customers.
This announcement includes forward-looking statements which are based on our current expectations and projections about future events. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.