(Oslo, Norway, 6 November 2024) Arribatec Group ASA (OSE: ARR, Arribatec)
reported revenues of NOK 129.5 million in the third quarter of 2024, down 1.7 %
from NOK 131.8 million in the corresponding quarter last year. The company today
announces the proposed financial restructuring plan including amended bank terms
and a fully underwritten rights issue.
Reference is made to the 27 September 2024 notification regarding a financial
restructuring following a short-term liquidity shortfall. The company
communicated a constructive dialogue with its lenders to increase credit
facilities, and the inclusion of additional equity as potential parts of the
refinancing.
The company today announces the full financial restructuring plan, including
extension of the NOK 20 million revolving credit facility until 31 December
2025, and an additional credit facility of NOK 15 million until 31 January 2025.
In addition, the company proposes a rights issue, with preferential subscription
rights for existing shareholders, to raise gross proceeds of up NOK 35 million.
See the separate stock exchange notification for full information on the
proposed fully underwritten rights issue of up to NOK 35 million, amended bank
terms, and issue warrants.
During the third quarter, Arribatec reported revenues of NOK 129.5 million
(131.8), with recognized recurring revenues of NOK 93.0 million (54.3). The
EBITDA for the quarter ended at negative 4.0 million (9.0). The company signed
412 new contracts and scope extensions for a combined value of NOK 105 million
in the period, Arribatec had NOK 18.0 million (40.2) in cash at the end of the
third quarter of 2024.
The Board of Directors' financial report for the third quarter of 2024 is
enclosed.
*EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as a part of the APM section of the
2024 third quarter report on page 30.
Arribatec Group ASA will host a web presentation of the third quarter financial
results 2024 on Wednesday 6 November 2024 09:00 CET. The presentation will be
streamed at
https://www.arribatec.com/arribatec-q3-2024/
ENDS
For additional information, please contact:
Geir Johansen, CEO, Arribatec Group ASA: +47 4771 0451
Martin Nes, Chairman of the Board, Arribatec Group ASA: +47 920 14 814
About Arribatec | www.arribatec.com Arribatec is a software and consulting
company headquartered in Oslo. With a customer-centric engagement model combined
with a deep system, integration, and domain competence, Arribatec builds
long-term strategic partnerships with a broad customer base. Arribatec serves
more than 1700 companies spread over 25 countries and various industries in the
private and public sectors. The company employs over 380 people with offices in
11 countries and is listed on the Oslo Stock Exchange under the ticker code ARR.