Annual Financial Statements approved 26.04.2017

The Board of Directors of TTS Group has approved the 2016 Annual Financial Statements, including Directors' report and report on Corporate Governance.

The following material changes have been made from the unaudited 4th quarter report previously published 15 February 2017:
• Impairment of the investment in the equity consolidated Jiangnan TTS of MNOK 43. This has a negative effect on EBITDA, EBIT and Net profit for 2016. Jiangnan TTS is a production plant for steel structures, an equity-consolidated company owned 40% by the 50% owned subsidiary TTS Hua Hai.
• The effect on equity from currency translation of subsidiaries and equity-consolidated companies is adjusted with a positive effect of MNOK 54 on the consolidated equity.

The 2016 Annual Financial Statements reports an EBITDA of MNOK 70, an Operating loss of MNOK 72, a Loss for the period of MNOK 127 and an Equity of MNOK 616.

The 2016 annual report will be published on the Group's website and on within the end of April 2017.