BlomASA signs agreement to divest its Danish subsidiary Blominfo a/s

January 27, 2012 -- Blom ASA (Blom) has signed an agreement to divest its Danish subsidiary BlomInfo A/S to the Danish engineering and consulting company NIRAS A/S.

Blom will receive a consideration of DKK 19.4 million as compensation for the equity in BlomInfo A/S and working capital provided by Blom to BlomInfo A/S. After the completion date Blom may receive up to an additional DKK 4.5 million as further repayment of the working capital in BlomInfo A/S.

The transaction is expected to be completed within the end of next week.

The transaction comprises the activities of BlomInfo A/S in Denmark and certain projects for mapping and property registration carried out outside Denmark. The transaction does not comprise the shares hold by BlomInfo A/S in PT Blom Nusantara, Indonesia (95%), Blom Romania SRL, Romania (100%), Blom Bulgaria EODD, Bulgaria (100%), BlomInfo Polska Sp.zo.o., Poland (100%), Blom Kosova Shpk, Kosovo (100%) and BlomInfo Ukraine Ltd., Ukraine (51%), which ownership will remain with Blom.

BlomInfo A/S had 42 employees at 30. September 2011 and its Board and Management consisted of the following members:

Board of Directors:

Dirk Blaauw, Chairman of the Board

Simon Holse

Jannie Elisabeth Westermann

Gunnar Hirsti

Lars Bakklund

Management:

Kristian Skak Nielsen, General Manager

Jesper Rye Rasmussen - Market Manager

Niels Verner Pedersen - Head of Århus branch office

Laurids Rolighed Larsen - Key Account Manager

Claus Poetzsch - Director International Business

Vibeke Godvin Jensen - Finance Manager

The key financials (in NOK 1,000) of BlomInfo A/S are:

BlomInfo A/S  

             

( 1000 NOK)

             
               

P&L

YTD Q3 2011

2010

2009

               

Revenues

   

50 968

 

69 363

 

92 518

               

EBITDA

   

612

 

-10 622

 

792

               

Net result

   

-1 158

 

-13 405

 

-2 611

               
               

Balance (divested items)

YTD Q3 2011

2 010

2 009

               

Fixed assets

   

2 432

 

3 462

 

5 233

               

Current assets

   

44 975

 

44 432

 

54 550

               

Liabilities

   

18 359

 

23 173

 

23 948


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