TTS Group ASA will present fourth quarter 2014 result on February 12th, 2015. The company expects to report stronger 2014 results than current market expectations.
TTS Group ASA, and its Norwegian subsidiaries have changed its pension plan from defined pension benefit into a contribution based plan.
The new contribution plan, which has been negotiated and agreed in the Norwegian companies, is effective from December 30th 2014. The contribution plan, is based on a 7% / 25,1% contribution, including a 2% employee contribution. Annual pension premium is not significantly changed, however the predictability of the annual pension cost have improved significantly.
The change gives basis for a positive EBITDA effect of close to MNOK 101. Offset by pension cost of MNOK 15, finance cost of MNOK 3, and OCI (Other Comprehensive Income) effects of MNOK 31 the positive equity effect is calculated at MNOK 53.
A more comprehensive review of financial performance will be provided at the presentation taking place February 12, 2015.
Bergen, 27th January 2015
TTS Group ASA
Tel.: +47 55 94 74 00 / Fax: +47 55 94 74 01
www.ttsgroup.com
Contact persons:
Björn Andersson
CEO
M: +47 911 33 671
Henrik Solberg-Johansen
CFO
M: +47 982 06 438
Miao Reinlund
VP, Communications
M: +47 900 65 883