Still challenging
The company reported revenues of NOK 52 million for
the 1st quarter, compared with NOK 62 million for the
same quarter in 2012. EBITDA for the quarter was NOK -
10 million, compared with NOK -13 million for the
corresponding quarter in 2012. This corresponds to an
EBITDA margin of -18.2 per cent, compared with -21.1
per cent for the 1st quarter of 2012. The operating
profit for the quarter was NOK -18 million, compared
with NOK -23 million for the same period in 2012. The
pre-tax profit was NOK -21 million, compared with
NOK -37 million for the corresponding quarter in 2012.
Blom has for several years reduced its operations
through divestment and downsizing of several
subsidiaries and will reduce its geographical
exposure and risk further. The company's scope,
complexity and risk have accordingly become
considerably smaller. The company is actively working
on creating shareholder value and improve the
company's debt servicing capacity through adapting
structure, cost base and product portfolio, thereby.
The company has had an ongoing dialogue with a
majority of the bondholders for the company's bond
loan. At the bondholder meeting of 26 April, the term
of the bond loan ISIN NO 001064747.2 ("2012 Bond")
was extended until 26 June 2013. The term of a short-
term liquidity loan of EUR 2.5 million from Hexagon
AB agreed on in December 2012 was extended until 24
June 2013. The main creditors for this debt are also
among the company's principal shareholders. The
company has an ongoing dialogue with its principal
creditors and is actively seeking to find a final and
permanent solution for the company's debt that
matures at the end of June 2013.
For further information please contact the CEO, Dirk
Blaauw, on tel. +47 22 13 19 20 or CFO Lars Bakklund
on tel. +47 22 13 19 34.Attachments
Blom_Q1_2013