Aqualis ASA : Q2 2016 financial results
Oslo, Norway – August 25, 2016:
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Revenues of USD 8.2 million in Q2 2016 vs USD 11.4 million in Q2 2015
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The activity level and revenues increased in most regions from Q1 2016
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Operating loss (EBIT) of USD 0.8 million in Q2 2016 vs EBIT of USD 0.0 million in Q2 2015
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Results impacted by weak performance at the beginning of the quarter and costs of USD 0.1 million related to provision for legal case. Cost efficiency measures continued to take effect throughout the quarter
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Billing ratio increased from 67% Q1 2016 to 75% in Q2 2016 due to improved operational performance and capacity adjustments
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Order backlog maintained at approximately USD 10 million (3rd consecutive quarter)
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High activity within offshore wind market and new contract wins
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ADLER Solar results impacted by lack of larger projects and introduction of new services
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Cash balance at the end of quarter of USD 11.7 million vs USD 13.2 million a quarter earlier
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Continued solid HSE performance, no lost time incidents during the quarter
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175 employees vs 193 a quarter earlier
David Wells, CEO of Aqualis ASA said:
We have made progress during the quarter to improve our profitability, but not enough. The effects of measures implemented will continue to take effect throughout 2016, and we will continue to take steps to improve our profitability and competitiveness. I am pleased that we managed to improve the activity level in Q2 2016 and increase the billing ratio.
For more information, please see the attached second quarter 2016 report.
Morning program:
A presentation is scheduled the same day at 8:00 am CET at Swedbank’s office at Filipstad Brygge 1, 0252 Oslo, Norway.
The presentation, held in English, will be webcasted live and available for replay shortly after. To watch the webcast over the internet, please visit Aqualis’ web site, www.aqualis.no, at least 10 minutes early to to download and install any necessary software.
The earnings release concerning the second quarter 2016 results and a corresponding slide presentation will be posted on www.newsweb.no and on Aqualis’ web site www.aqualis.no.
For further information, please contact:
Investors and financial media:
Kim Boman, CFO, Aqualis ASA
Telephone: +47 959 63 912
Email: kim.boman@aqualis.no
Other media enquiries:
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05,
Email: endre.johansen@corpcom.no
About Aqualis ASA
Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries and associates, offers energy consultancy services to the global oil and gas, wind and solar sectors. The group employs experienced consultants in 22 offices in 15 countries worldwide. Aqualis ASA operates under three different brands: AqualisBraemar, Offshore Wind Consultants and ADLER Solar. AqualisBraemar is a specialised offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Offshore Wind Consultants is a globally focused consultancy providing independent services to the offshore renewables industry. ADLER Solar is a technical and engineering service provider for the global solar industry. Aqualis owns 49.9 percent of ADLER Solar.