Beskrivning
| Land | Norge |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Handel & varor |
| Industri | Detaljhandel |
2024-01-24 22:48:01
As earlier communicated by Elektroimportøren AS ("Elektroimportøren" or the
"Company"), the market conditions have been challenging for a longer period of
time, mainly driven by low consumer spending and reduced demand in general. Both
revenues and profitability were weaker than expected in December and preliminary
numbers indicate that this trend has continued into January 2024. Based on the
preliminary financial figures, the Company currently expects to report revenues
of approx. NOK 490 million for Q4 2023 and gross margins to deteriorate from Q3
2023.
Under the current loan agreement with DNB, the NIBD/EBITDA covenant (EBITDA to
be measured according to NGAAP) (the "Covenant") is 4.0x for Q4 2023, Q1 2024
and Q2 2024. Based on preliminary financial figures for 2023 (NGAAP), the
Company will comply with the Covenant for Q4 2023. However, due to challenging
market conditions in the building sector continuing, the company risks breaching
the covenant in Q1 2024 unless conditions improve.
As a result of the current outlook, the Company has initiated a dialogue with
DNB in order to obtain waivers from existing covenants or, alternatively, to
refinance existing facilities as the current financing and loan agreement is due
end of March 2025. However, as both solutions will depend on the outcome of the
negotiations with DNB and the trading going forward, no assurances can be given
as to the outcome or timing of this process. Further information will be
provided in due time.
Preliminary IFRS financial numbers for the Company are not currently available.
The Company's Q4 2023 report will be released on 15 February 2024.
For more information, please contact: Andreas Niss CEO Elektroimportøren AS +47
934 67 067 or Jørgen Wist CFO Elektroimportøren AS +47 959 34 619.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Jørgen Wist, Chief
Financial Officer at Elektroimportøren AS on 24 January 2024 at 22.45 CET.