Fiven ASA third quarter report 2020 - Solid financial performance

Press release

Oslo, 27.11.2020 at 10:00 CET

Fiven ASA third quarter report 2020 - Solid financial performance

• In a challenging market environment following the Covid pandemic, Fiven Group succeeded in delivering solid financial performance during the third quarter.
• Total revenues reported at EUR 20.9m, down by 27.8% versus third quarter 2019.
• The adjusted EBITDA was EUR 3.9m, down by 7.9% versus third quarter 2019.
• The adjusted EBITDA margin increased as a result of better sales mix, favorable situation on forex and solid cost discipline.
• At the end of the third quarter of 2020, the Fiven work force comprised 525 full-time equivalents. This is a reduction during the quarter of 74 and 101 less than year-end 2019.
• Fiven's cash balance at quarter three end 2020 was EUR 16.7m versus EUR 8.8m third quarter 2019. The leverage ratio remains solid at 2.89.
• The second wave of the Covid-19 still causes major uncertainty in the short run with continued low visibility in the market. Recent months' order intake is improving, but the market recovery is slow.

Outlook

The end markets are expected to recover slowly, but the pace is subject to the impact of the COVID-19 situation on the economy, especially in Europe and the Americas. However, Fiven through its customer-centric organization is taking all the proper measures to manage efficiently through an extended period of subdued demand. On the other hand, the management is equally focusing on the period after the acute crisis to ensure that Fiven is best prepared for when it is time to ramp-up production again.

The full third quarter report 2020 can be downloaded from https://www.fiven.com/company-information/investor-relations/reports/

http://www.rns-pdf.londonstockexchange.com/rns/7436G_1-2020-11-27.pdf

This information is information that Fiven ASA is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 10:00 CET on 27.11.2020.

For further information, please contact:
Stein Erik Ommundsen, Group CFO and General Manager
+47 975 10 481, Stein.E.Ommundsen@Fiven.com

Stefan Mokros, IR Manager
+49 221 6507 6097, stefan.mokros@fiven.com

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