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The group had four main loan facilities per end of Q2 2023, comprising of a long-term revolving credit facility (RCF), a short-term overdraft facility and two term loans. The credit limits are NOK 200 million and NOK 350 million on the RCF and overdraft facility, respectively.

NORBIT had drawn NOK 84.1 million on the overdraft facility as of 30 June 2023, while the RCF was undrawn. NOK 138.6 million was outstanding on the two terms loans. As per 30 June 2023, NOK 30 million was available to draw under one of the term loans.

The RCF and one term loan are priced at 3M NIBOR + 1.8 per cent margin p.a., the overdraft facility is priced at 1M NIBOR + 1.4 per cent margin p.a, while the NOK 120 million term loan is priced at 3M NIBOR + 2.15 per cent margin p.a.

Dividend policy

Adopted by the Board of Directors on 16 May 2019.

NORBIT ASA’s dividend policy is to pay out annual dividends between 30 and 50 per cent of the company’s ordinary net profit after tax. When deciding on the annual dividend, the company will take into account the company’s financial position, investment plans as well as the needed financial flexibility to provide for sustainable growth.

In deciding whether to propose a dividend and in determining the dividend amount, the Board will take into account legal restrictions, as set out in the Norwegian Public Limited Companies Act, the Company’s capital requirements, including capital expenditure requirements, the Company’s financial condition, general business conditions and any restrictions that its contractual arrangements in place at the time of the dividend may place on its ability to pay dividends and the maintenance of appropriate financial flexibility. Except in certain specific and limited circumstances set out in the Norwegian Public Limited Companies Act, the amount of dividends paid may not exceed the amount recommended by the Board.

Dividends paid

The dividends paid in 2017 and 2018 were paid before NORBIT was listed at the Oslo Stock Exchange.

2022 | During 2022, NORBIT distributed total dividends of NOK 17.5 million, equating to NOK 0.30 per share.

2021 | During 2021, NORBIT distributed total dividends of NOK 17.0 million, equating to NOK 0.30 per share.

2020 | In 2020, NORBIT paid dividends twice, due to the uncertainty created by the Covid-19 virus. In the second quarter, the company paid dividends of NOK 0.30 per share and in the fourth quarter, the company paid dividends of an additional NOK 0.30 per share, bringing the total dividends paid for the fiscal year 2019 to NOK 0.60 per share, an aggregate amount of NOK 34.0 million.

2019 | In 2019, the Company paid dividends in the aggregate amount of NOK 6.0 million during the first quarter, prior to the listing of the Company’s shares at the Oslo Stock Exchange on 20 June 2019.

2018 | In 2018, the Company paid dividends in amounts of NOK 38.979 per share to its shareholders, in aggregate NOK 16.0 million, equivalent to approximately NOK 0.368 per share considering the share split resolved by the Company’s extraordinary General Meeting on 3 May 2019.

2017 | No dividends were distributed to the shareholders of the Company in 2017.