Highlights o Cashflow from operations improved by MNOK 210 in 2023, from negative MNOK 52 in 2022 to positive MNOK 158 in 2023. Significant improved capital efficiency in HöganäsBorgestad during 2023, NWC reduction of MNOK 28,3. o New equity, after transaction costs, of MNOK 296.7. o Gross interest-bearing debt reduced from MNOK 780 at31.12.22 to MNOK 458 at31.12.23 . After closing of sale leaseback transaction in Bjuv (expected in 2024) net interest-bearing debt estimated at MNOK 152 o Agora Bytom refinanced with new maturity date31.12.28 "The fourth quarter of 2023 was a transformatory period forBorgestad , with a continued positive operational development for our two businesses, in addition to the significant financial restructuring and the positive outcome (payment) of the arbitration process inVienna . These developments positionBorgestad as a financially strong investment company, and the ongoing strategy process will outline the priorities for growth and value creation to leverage on the opportunities" saysPål Feen Larsen , Chief Executive Officer ofBorgestad .Borgestad ASA's report for the fourth quarter of 2023 is attached hereto. The contact person isPål Feen Larsen , CEOBorgestad ASA , +47 488 45 333 - - This information is subject to disclosure requirements pursuant to the Securities Trading Act §5-12. AboutBorgestad | www.borgestad.noBorgestad ASA (OSE:BOR) is an investment company focused on real estate and industry. The key investments include Agora Bytom shopping center and the leading refractory manufacturer HöganäsBorgestad . About HöganäsBorgestad | www.hoganasborgestad.com HöganäsBorgestad develops, manufactures and delivers refractory products, installations and turnkey solutions that enhance the productivity and competitiveness of industrial customers. The aim is to contribute to the customers' profitability by providing high-value refractory solutions to their challenges. Today, the company is a leading supplier in the refractory market of the Nordic countries and has a global presence in a number of selected application areas.
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