North Energy ASA – fourth quarter of 2017 – Growing investment portfolio
North Energy ASA (“North Energy” or “Company”) recorded a comprehensive income of NOK 11.7 million in the fourth quarter of 2017, compared with NOK 4.8 million in the corresponding quarter of 2016. For the full year 2017 comprehensive income ended at NOK 35.4 million, compared with NOK 91.8 million for 2016. The improved result in the fourth quarter is mainly due to a solid result from the investment activities as well as a lower cost base after the closure of the petroleum business, while the full year 2016 result were affected by the gain from the acquisition of Explora Petroleum.
“I am pleased to report yet another solid financial year for North Energy. The successful transformation from an oil company to a holding company for industrial investments delivers according to strategy. We are building the foundation for the company by gradually and carefully increasing our investment portfolio and by that preparing the basis for attractive shareholder returns,” said Knut Sæberg, CEO of North Energy.
“The closure of North E&P is on track and in October we filed the tax return for 2017 with the Norwegian government and requested an early tax settlement. The timing of the tax settlement is however not yet known,” said Knut Sæberg.
North Energy looks back at a solid financial year with continued cost adaptions and successful investments completed. The company reports equity of NOK 420 million at the end of the year. The net cash of NOK 61 million together with the value of tax losses carried forward in North E&P add up to a net cash position of NOK 262 million. The investment portfolio was valued at NOK 157 million at year end, up by more than NOK 100 million during the last 12 months.
The interim report and presentation for the fourth quarter are attached. These can also be accessed at www.northenergy.no.
North Energy will present its results for the fourth quarter at 09.00 today. The presentation will be held by CEO Knut Sæberg at Tjuvholmen allé 3, Oslo. The presentation will also stream live via webcast.