RenoNorden ASA today announced financial results for
the fourth quarter 2016.
RenoNorden's revenues for the quarter were NOK 452
million, compared to 470 million in the same quarter
last year, a decrease of 4 percent. For the full year
2016, revenues were NOK 1,916 million, an increase of 6
percent from 1,808 million in 2015.
EBITDA was NOK 34.1 million, compared to 59.0 million
in the year-ago quarter, and net loss was NOK 22.7
million, compared to a profit of 6.8 million a year
ago. For the full year 2016, EBITDA was NOK 230.1
million, compared to 291.2 million in 2015, while net
loss for 2016 was NOK 396.6 million, compared to a
profit of 83.4 million.
"Adding to continuing price pressure, RenoNorden
experienced company-specific problems in 2016 related
to mismanaged tender processes and operational
challenges. This lead us to the conclusion that the
company needed a better financial platform from which
to move forward and to the ongoing rights issue," said
Harald Rafdal, CEO of RenoNorden.
The order backlog was NOK 7.6 billion, up from 7.3
billion at the same time last year.
"The sizable backlog provides a strong platform for a
fresh start for the company. Going forward, we have two
main priorities. First, we will employ a disciplined
approach to new tenders, based on clear financial
targets and solid risk assessment routines. Second, we
will focus on improving operational execution in order
to leverage our existing order backlog," said Mr.
Rafdal.
Cash flow from operations was NOK 98.8 million for the
quarter, compared to 55.0 million in the same quarter
last year. The change was mainly related to positive
development of working capital and an improved
invoicing process. For the full year 2016, cash flow
from operations was NOK 208.1 million, compared to
201.8 million in 2015.
Financial gearing, as measured by net debt/EBITDA, was
4.93.
Please find enclosed the interim report for the fourth
quarter 2016.
For further queries, please contact:
Øystein Disch Olsrød, CFO
Email: oo@renonorden.com
Tel: +47 91602226
About RenoNorden
RenoNorden is the market leader in waste management and
transportation in the Nordic countries, serving more
than 230 municipalities. The group has about 2000
employees and 2016 revenues of NOK 1.9 billion. The
company is listed on the Oslo Stock Exchange with the
ticker RENO. More information at www.renonorden.com.

RenoNorden ASA published this content on 13 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 February 2017 14:55:17 UTC.

Original documenthttp://ir.asp.manamind.com/products/html/companyDisclosuresArchive.do?key=reno&lang=en&externalCss=&referenceId=0000-http%3a%2f%2fwww.newsweb.no%2findex.jsp%3fmessageId%3d419841

Public permalinkhttp://www.publicnow.com/view/D53DEDE0FB8F2DD59664606F51084F7AE718EC4A