Financing
The group had three main loan facilities per end of Q3 2024, comprising of a long-term revolving credit facility (RCF), a short-term overdraft facility and one term loan. The credit limits are NOK 200 million and NOK 350 million on the RCF and overdraft facility, respectively, and EUR 38 million on the term loan.
NORBIT had drawn NOK 22.5 million on the overdraft facility at 30 September 2024, while the RCF was undrawn. EUR 38 million was outstanding on the term loan.
The RCF is priced at 3M NIBOR + 1.60 per cent margin p.a., the overdraft facility is priced at 1M NIBOR + 1.40 per cent margin p.a, while the EUR 38 million term loan is priced at 3M EURIBOR + 1.75 per cent margin p.a. subject to NIBD/EBITDA being below 2.5x. There is no repayment of the term loan if NIBD/ EBITDA is below 1.5x.
Dividend policy
Adopted by the Board of Directors on 14 February 2024:
NORBIT ASA’s objective is to provide shareholders with a long-term competitive return through an increase in the share price and payment of dividends.
The dividend policy is to pay out annual ordinary dividends between 30 and 50 per cent of the company’s net profit after tax, with the intention to pay out potential excess capital as extraordinary dividends.
When proposing the total dividend payment, the board of directors will take into account the company’s financial position, investment plans, any restrictions by law, as well as the needed financial flexibility to provide for sustainable growth.
To that end, the company has set long-term financial targets relating to its capital structure to have a NIBD/EBITDA ratio between 1.0 – 2.5x.
Dividends paid
The dividends paid in 2017 and 2018 were paid before NORBIT was listed at the Oslo Stock Exchange.
2024 | During 2024, NORBIT distributed total dividends of NOK 152.9 million, equating to NOK 2.55 per share.
2023 | During 2023, NORBIT distributed total dividends of NOK 41.6 million, equating to NOK 0.70 per share.
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.