Dividend Amount: NOK 0.20 per share
Declared currency: NOK
Last day including right: 30 October 2020
Ex-date: 2 November 2020
Record date: 3 November 2020
Payment date: On or about 10 November 2020
Date of approval: 28 October 2020
This information is published in accordance with the requirements of the Continuing Obligations.
David Wells, CEO of AqualisBraemar ASA (“AqualisBraemar” or the “Company”) commented:
“In line with normal seasonality, the third quarter of 2020 was less active than previous quarters. Regardless, the business continues to show growth and improved profitability relative to the same period last year. We are delighted to present yet another quarter of record-high cash flow, as our ongoing focus on freeing up working capital is gaining traction.
OWC, our renewables arm, continues to grow rapidly, delivering organic revenue growth of 105% compared to the third quarter of 2019. Our ambition is for half of our revenues to come from renewables and other ESG driven sources by 2025. We are on track to reach that target, with OWC representing 21% of our revenues in the third quarter, up from 11% in the third quarter of 2019.
Looking ahead to the fourth quarter, we expect to see improved activity and utilisation. Despite the continued impact of travel restrictions and cautious client behaviour in many of our markets, the period has started on a positive note with several projects awards and continued strong cash flow.
Finally, we are happy to announce that the Board has proposed and declared an additional dividend of NOK 0.2 per share, to be distributed to shareholders in November. Together with the dividends paid during the second quarter, this brings the total dividend payments for 2020 to NOK 0.4 per share, corresponding to USD 3.0 million cash returned to our shareholders. We remain committed to our strategy of returning capital to our shareholders.”
A pre-recorded audio webcast presentation of the third quarter 2020 results will be released today at 14:00 CET. To view the webcast, please click here.
The slide deck for the quarterly presentation is available on www.newsweb.no and on our Reports and Presentations page.
AqualisBraemar ASA (“AqualisBraemar”) will release its third quarter 2020 results on Thursday, October 29, 2020 at approximately 06:00 Central European Time (CET).
The earnings release concerning the third quarter 2020 results and a corresponding slide presentation will be posted on www.newsweb.no and on our Reports and Presentations page.
An audio webcast of the quarterly results will be released the same day at 14:00 CET. To watch the webcast, please visit our webcasts page.
CEO David Wells is scheduled to present at Pareto Securities’ 27th Annual Energy Conference today, 16 September 2020.
The presentation can be downloaded here.
Zuzic has more than 30 years’ finance and management experience. He has recently held CFO roles at Oslo-listed seismic players TGS-NOPEC Geophysical Company ASA and Spectrum ASA. Prior to this Zuzic held CFO positions at Norwegian recycling group Norsk Gjenvinning, home textile retailer Kid Interior and Nordic retail group Plantasjen. He started his career with McKinsey & Company, and has also worked three years as an equity analyst.
Zuzic joins AqualisBraemar on 1 September 2020.
Zuzic succeeds Kim Boman, who joined as CFO in January 2016. Since then, AqualisBraemar has trebled its revenues from USD 26m in 2016 to USD 76m (last 12 months) and strengthened its financial position.
“Kim has played an instrumental role in developing AqualisBraemar since joining. He was a key contributor in the turnaround of our business and establishing a more resilient business model. He played an important part in the acquisition of Braemar Technical Services in 2019 and the subsequent integration process, including leading and developing a global finance function, which has now been successfully completed, realising significant synergies for our business. I would like to thank Kim for his tenure and at the same time welcome Dean Zuzic to the team. He is a highly experienced CFO that will be an excellent addition to our team,” says David Wells, CEO of AqualisBraemar ASA.
Kim Boman will continue to support AqualisBraemar as a key financial advisor.
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
David Wells, CEO of AqualisBraemar ASA (“AqualisBraemar” or the “Company”) commented:
“The second quarter of 2020 has presented some unique challenges to AqualisBraemar, our employees, and our clients. However, these challenges fade in comparison to those experienced by the individuals directly impacted by the COVID-19 pandemic. Our sincere thanks go out to health workers across the world, who have worked tirelessly, at great personal risk, to save lives and prevent the spread of the virus.
We are proud to present record profitability and cash flow in the quarter, especially considering the challenging business environment. Through our extensive global reach, increased remote work and enhanced digital collaborations, we have maintained a high level of service to our clients. Increased focus on capital efficiency has resulted in improved cash conversion, resulting in an improved cash position despite paying dividend to our shareholders during the quarter.
OWC, our renewables arm, continues to grow at a brisk pace delivering organic revenue growth of 70% compared to the second quarter of 2019. With several strong contract wins in 2020 so far, and an increased share of renewables related projects in our traditional business lines, we expect growth in the segment to continue. Our ambition is for 50% of our revenues to come from renewables and other ESG driven sources by 2025.
While we expect lower activity and margins in Q3 due to seasonality and the continued impact of travel restrictions and cautious client behaviour, we remain optimistic towards the development of AqualisBraemar. The integration between Aqualis and BTS has been a success, and we have identified further potential for cost synergies to be realised over the next 12 months.
Finally, we remain committed to our strategy to return capital to our shareholders and are pleased to note that our Board of Directors signals an expectation of an additional dividend during Q4 2020.”
A pre-recorded audio webcast presentation of the second quarter 2020 results will be released today at 14:00 CEST. To view the webcast, please click here.
The quarterly report and the slide deck for the quarterly presentation are available on www.newsweb.no and on our Reports and Presentations page.
Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
Oslo, Norway – August 17, 2020:
AqualisBraemar ASA (“AqualisBraemar”) will release its second quarter 2020 results on Thursday, August 27, 2020 at approximately 06:00 Central European Time (CEST).
The earnings release concerning the second quarter 2020 results, the first half 2020 report and a corresponding slide presentation will be posted on www.newsweb.no and on AqualisBraemar’s website, www.aqualisbraemar.com.
An audio webcast of the quarterly results will be released the same day at 14:00 CEST. To watch the webcast, please visit this page.
Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
The shares in AqualisBraemar ASA will be traded ex-dividend NOK 0.20 as of today, 11 June 2020. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its subsidiaries and associates, offers adjusting, marine, offshore and renewables consultancy services to the energy, shipping, and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 49 offices located across 5 continents in 32 countries. AqualisBraemar ASA operates under three distinct brands globally:
The Annual General Meeting in AqualisBraemar ASA, held 10 June 2020 at 11am, approved the board proposal of distributing a dividend of NOK 0.20 per share. The shares in AqualisBraemar ASA will be traded without the right to receive the dividend as from 11 June (ex-date). The dividend will be distributed to the shareholders on or about 24 June 2020
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its subsidiaries and associates, offers adjusting, marine, offshore and renewables consultancy services to the energy, shipping, and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 49 offices located across 5 continents in 32 countries. AqualisBraemar ASA operates under three distinct brands globally:
This press release may include “forward-looking statements”. These statements may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar expressions and may refer to, amongst other topics, capital expenditure, cash flows, costs, growth, performance, profits, sales, acquisitions, and strategy. Any such statements reflect our views as of the date made and are subject to risks and uncertainties. We disclaim any responsibility to update forward-looking statements.
The Annual General Meeting of AqualisBraemar ASA was held on 10 June 2020.
All resolutions proposed in the notice to the Annual General Meeting were approved by the shareholders. Please click here to download the minutes from the Annual General Meeting.
Kim Boman, CFO, AqualisBraemar ASA
Telephone: +47 959 63 912
Endre Johansen, Corporate Communications AS
Telephone: +47 41 61 06 05
Email: endre.johansen@corpcom.no
AqualisBraemar ASA (OSE: Aqua) is a public listed company that, through its subsidiaries and associates, offers adjusting, marine, offshore and renewables consultancy services to the energy, shipping, and insurance industries. The group employs specialist engineers, naval architects, master mariners, loss adjusters and technical consultants in 49 offices located across 5 continents in 32 countries. AqualisBraemar ASA operates under three distinct brands globally:
This press release may include “forward-looking statements”. These statements may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar expressions and may refer to, amongst other topics, capital expenditure, cash flows, costs, growth, performance, profits, sales, acquisitions, and strategy. Any such statements reflect our views as of the date made and are subject to risks and uncertainties. We disclaim any responsibility to update forward-looking statements.
