Oslo, Norway, 3rd April 2019.
Based on preliminary figures for Q1 2019, management expects to report Gross Revenue of approximately USD 59 million (USD 49 million in Q1 2018) and Net Revenue of approximately USD 47 million for the quarter (USD 27 million in Q1 2018). The difference between Gross Revenue and Net Revenue in Q1 2019 is primarily sales made on risk share projects. The expected Net Revenue is split between Late Sales of approximately USD 32 million (USD 13 million in Q1 2018) and Early Sales of approximately USD 15 million (USD 14 million in Q1 2018).
The Revenue indicated is based on the Percentage Of Completion (POC) principle used by Spectrum for management reporting and external segment reporting.
Spectrum expects to report secured Net Interest Bearing Debt of negative USD 21 million as the cash balance of USD 39 million as of 31st March 2019 exceeds the secured Interest Bearing Debt of USD 18 million.
Spectrum will report Q1 2019 financial results 10th May 2019.
For further information please contact:
Dean Zuzic, CFO Mobile: +47 41 43 35 60 E-mail: firstname.lastname@example.org