· EBITDA of
"Earnings trends in the Group are moving in the right direction. Transaction activity is high, resulting in substantial improvement in the results from ongoing operations. Despite the challenges we have faced, including the extensive restructuring of the Group, we are delivering in accordance with our aspirations," says the CEO of
The underlying strategic platform remains unchanged, although the organisation of how we service the clients of the
All these companies are undergoing extensive structural changes to highlight portfolio values, ensure better liquidity and ensure choice for shareholders with respect to future exposure.
"Our strategy remains unchanged, and the transactions now being conducted in HBS II and Etatbygg I and II clearly show how
As a result of the wind up of the Group's investment advisory business, the second quarter has been subject to massive changes. The decision was made to reduce the workforce by approximately 100 employees, so that at the end of the third quarter, the Group will have around 130 employees. In addition, all of the advisory offices in
"Implementing such massive changes, while keeping the focus on creating results for clients and shareholders has been a demanding exercise, but I think we've performed well, given the circumstances. We have done what we said we would do, and we have done it faster and more cost efficient than planned," says Ulvness.
"We can conclude that we have succeeded in the choice of route that we made in autumn 2012. It is the Group's changed strategy from the autumn of 2012, which focuses on building a leading investment management environment within direct and alternative investments, well supported by a restructuring competent Capital Markets division, that has now secured our profitability and future potential. The development of the Investment Management and Capital Markets business areas now ensures our clients better investment opportunities, solid management and more options. Our earnings trend shows that we are well on our way, but we will continue to work hard to create the best possible returns and values for both clients and shareholders," says JØrgen Pleym Ulvness.
A complete English version of the interim report of the first half and second quarter of 2014 is attached on www.newsweb.no and on
Contact details: CEO, JØrgen Pleym Ulvness, phone (+47) 906 67 877 CFO,
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
http://mb.cision.com/Main/987/9630488/276544.pdf 2nd quarter 2014
http://mb.cision.com/Public/987/9630488/9ee6df3134b97ccf.pdf Presentation Q2 2014
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
SEPTEMBER 22, 2014
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