TTS Group ASA has identified a significant increase in cost-estimates for several projects in production.
A major part of the cost overruns are related to deliveries of offshore cranes and hatches for yacht projects.
TTS said that the increase in cost-estimates is caused by new information available regarding conditions that existed at the end of 2013. Total effect of the adjusting events, MNOK 90, has been recognized as increased cost in the 2013 Annual Financial Statements of the TTS Group ASA. The Financial Statements will be published not later than 30 April.
As a consequence of the increased cost, the published interim results for the 4 Q of 2013 will be adjusted accordingly. The negative EBITDA for 4 Q of 2013 is therefore adjusted to MNOK 110. The negative EBITDA for the full year 2013 is adjusted to MNOK 130.
TTS Group ASA said it was not in breach of its loan covenants following this adjustment.
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April 24, 2014