Final Accounts 2017

17.04.2018 08:37:21 am

The Board of Directors of Solstad Farstad ASA (“SOFF” or “the Group”) approved the final annual report and accounts for 2017 in its meeting held April 16th 2018.

The ordinary result for the Group for 2017 was a loss of NOK 345 million, which is the same as the preliminary result for 2017 announced on February 22nd 2018.

It is proposed that no dividend is paid for the accounting year 2017.

As per March 31, 2018, it is likely that one of the subgroups under Solstad Farstad ASA, Farstad Shipping AS, is not able to fulfill a debt-service-cover-ratio covenant. This covenant is dependent on an EBITDA calculation, hence it can not be precisely measured until the subgroup’s accounts for Q1 2018 have been finalized. However, current estimates indicate that a breach is present. A breach will result in a reclassification of the subgroup’s non-current liabilities to current liabilities, until the subgroup is back in compliance with the financial covenant or until the covenant is unconditionally waived for a period of at least 12 months or amended in agreement with the financial creditors. Based on the current management forecast for 2018, the subgroup is expected to be back in compliance with the debt-service-cover ratio in second half of 2018. This situation is also described in the subsequent events note of the Annual Report.

Skudeneshavn, April 17th 2018

Contacts 
Lars Peder Solstad CEO, at +47 913 18 585
Anders Hall Jomaas CFO, at +47 400 42 918 

Solstad Farstad ASA
www.solstadfarstad.com

This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act).