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Mamut ASA (OSL:MAMUT) Mamut ASA continues its growth and reached operating revenues of MNOK 367.8 in YTD 2008, compared to MNOK 332.5 in the same period 2007, a growth representing 14 per cent. The company reaches EBITDA of MNOK 67.0 and EBIT of MNOK 24.7 for YTD 2008, an EBIT improvement of 76% compared with the same period 2007. The company started a strategic process in Q3 and the company has now received indicative offers and entered the initial phase of the due diligence process. Financials Third Quarter 2008 Mamut ASA increased its operating revenues to MNOK 116.2 in 3Q08 compared to MNOK 100.6 in 3Q07. Operating profit before depreciation (EBITDA) for 3Q08 was MNOK 20.4, compared to MNOK 15.5 in 3Q07. EBIT for 3Q08 was MNOK 6.1, compared to MNOK 2.0 in 3Q07. Profit before tax for 3Q08 was MNOK 3.1, compared to MNOK -0.9 in 3Q07.
Cash and cash equivalents were MNOK 43.6 at the end of 3Q08 compared with MNOK 58.0 at the end of 2Q08. Equity ratio was 46 per cent and deferred revenues reached MNOK 98.3. Diluted earnings per share (EPS) were NOK 0.03 for 3Q08, compared with NOK -0.01 in 3Q07.
At the end of 3Q08, the Company had 495 employees compared to 435 at the end of 3Q07 and 480 at the end of 2Q08.
Segment information Segment reporting consolidates all business units in three regions; Nordic/HQ, Western Europe and Central Europe.
Nordic/HQ Operating revenues reached MNOK 79.7 in 3Q08 (11% growth), EBITDA was MNOK 18.3 and EBIT was MNOK 11.7, an EBIT margin of 15 per cent. This region includes Norway, Sweden, Denmark and Finland.
Western Europe Operating revenues reached MNOK 25.8 in 3Q08 (25% growth), EBITDA was MNOK 0.7 and EBIT was MNOK -2.5. This region includes the Netherlands, the UK, Republic of Ireland, Germany, Austria, Belgium, France, Switzerland and Spain.
Central Europe Operating revenues reached MNOK 10.6 in 3Q08 (34% growth), EBITDA was MNOK 1.4 and EBIT was MNOK 0.9, an EBIT margin of 9 per cent. This region includes the Czech Republic, Poland and Serbia.
Highlights Q3 - Operating revenues of MNOK 116.2 in 3Q08, up from MNOK 100.6 in 3Q07 - Earnings before interest, tax, depreciation and amortisation (EBITDA) of MNOK 20.4 in 3Q08 compared to MNOK 15.5 in 3Q07. EBIT of MNOK 6.1 in 3Q08 - Continued growth in all existing markets and well positioned for future growth and profitability - Integration of MYOB and KlubbenOnline are proceeding according to plan - Co-operation with Lexware in Germany is according to plan - Mamut has been awarded 'Best in test' by the Magazine PC World Norway for the fifth consecutive year - Mamut has been nominated as finalists with two solutions in the 2008 UK Accountancy Age Awards - Preparing for forthcoming launches of new strategic partnerships built on Mamut Business Platform - The company started a strategic process in Q3 and the company has now received indicative offers and entered the initial phase of the due diligence process
Outlook Mamut is well positioned for further growth and improved results in all markets. The company continues to maintain its focus on establishing and strengthening strategic alliances with international partners and increasing the distribution of Mamut's products and services. The company sees a considerable growth potential following the launch of Mamut One in combination with existing customer bases in acquired companies.
