oThe group's revenue increased by 31.7% in the third quarter of 2023 compared to
the same period in 2022.
oEBITDA for the third quarter of 2023 improved by NOK 50.6 million compared to
third quarter of 2022. This was mainly due to a partially owned subsidiary of
Borgestad ASA, Macon AB, , receiving a favourable ruling on all aspects in the
arbitration case in Vienna, as announced in the stock exchange notice on 7 July
2023. This resulted in a positive EBITDA impact of NOK 46.4 million in the third
quarter.
oThe group has implemented an impairment of Agora Bytom per 30 September 2023
with an effect of NOK 59.7 million due to increased yield in 2023.
oAfter the end of the quarter, on 27 October 2023, Borgestad announced a
conditional sale-and-leaseback agreement with Bjuv municipality in Sweden for
two properties located in Sweden. The transaction has an estimated net cash
effect for the group of NOK 141.3 million.
oDue to maturing short term debt and the general level of debt in the group, a
private placement of NOK 250 million private placement is expected to be
launched. Conditional on a successful private placement and completion of the
sale-and-leaseback transaction with Bjuv municipality, Borgestad will have
significantly lower debt and be fully financed.
Borgestad ASA's report for the third quarter of 2023 is attached hereto.
The contact person is Pål Feen Larsen, CEO Borgestad ASA, +47 488 45 333
- -
This announcement refers to Borgestad ASA's EBITDA. EBITDA stands for earnings
before interest, tax, depreciation and amortization," which means the result
before interest, tax, depreciation, and amortization. For more information,
please refer to the report for the third quarter of 2023.
This information is subject to disclosure requirements pursuant to the
Securities Trading Act §5-12.
About Borgestad | www.borgestad.no
Borgestad ASA (OSE:BOR) is an investment company focused on real estate and
industry. The key investments include Agora Bytom shopping center and the
leading refractory manufacturer Höganäs Borgestad.
About Höganäs Borgestad | www.hoganasborgestad.com
Höganäs Borgestad develops, manufactures and delivers refractory products,
installations and turnkey solutions that enhance the productivity and
competitiveness of industrial customers. The aim is to contribute to the
customers' profitability by providing high-value refractory solutions to their
challenges. Today, the company is a leading supplier in the refractory market of
the Nordic countries and has a global presence in a number of selected
application areas.