Apr. 1, 2021 - Fiven ASA annual report 2020 is published with highlights as below.
1. Fiven total consolidated revenues and other income for the 12-month period reached 99.7 MEUR
2. Adjusted EBITDA was 16.7 MEUR with a corresponding margin of 16.8 per cent. The results include 0.5 MEUR of costs from restructuring actions executed in 2020.
3. The Operating Profit for the period ended at 10.5 MEUR. The Net Finance expenses of 11.9 MEUR include realized and unrealized exchange losses of 2.9 MEUR and interest on debt of 8.3 MEUR as main elements. Net Loss of the year was 2.9 MEUR.
The outbreak of the COVID 19 Pandemic had a negative impact on the Fiven revenues and profits. The impact on the operating results was mitigated by a better product mix in sales, the local currency depreciation in Norway and Brazil against major trading currencies and cost reduction measures executed. The restructuring program launched in second quarter 2020 has lowered Fiven cost base and will bring full year effects in 2021.
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