Oslo, 6 April 2017. The Board of Directors of NRC Group ASA ("NRC
Group") has in a meeting today approved the final financial
statements for 2016.
The Financial Supervisory Authority of Norway ("NFSA") has completed
a review of NRC Group's financial statements for 2015, focusing on
NRC Group's accounting principles used for its acquisitions made in
2015. NRC Group has received a preliminary notification of decision
by the NFSA, imposing an adjustment on how NRC Group accounts for
acquisitions when it comes to recognition and subsequent
amortisation of intangible assets of acquired companies. Based on
the notification received by the NFSA, NRC Group has made
corrections to the accounting of the acquisitions made in 2015
resulting in increased amortisation of intangible assets of NOK 3
million compared to the amounts presented in the annual report for
2015, and an increase of NOK 14 million in 2016 compared to as
presented in the fourth quarter report 2016. Total amortisations
related to these acquisitions is NOK 28 mill in 2016. The changes
will not have any cash effect.
For 2017, amortisations of intangible assets relating to
acquisitions made in 2015 will be NOK 19 million. There will be no
amortisations relating to these acquisitions in 2018.
The abovementioned corrections have also affected the split between
intangible assets and goodwill in the balance sheet of 2015 and
2016. The change will not affect cash flow.
NRC Group's annual report for 2016 will be made available on the
company's website: www.nrcgroup.no.
The Board of Directors also resolved in the same meeting to propose
to the general meeting that an ordinary dividend payment of NOK 0.80
per share is approved by the general meeting.