About the share

Rana Gruber is followed by sell-side equity analysts, which regularly produce research reports on Rana Gruber. An overview of who these analysts are and their contact information is provided.

* Including share buy-backs amounting to NOK 14 million by the end of Q1 2022.

Dividend policy

Pursuant to the company’s dividend policy, applicable from the Q1 2022 dividends scheduled to be paid from Q2 2022, the company will target to distribute 50-70 per cent of its adjusted net profit as quarterly dividends. The board of directors may decide that 0-30 per cent of the allocated dividend amount can be applied for acquisition of own shares.

Adjusted net profit shall for the purpose of the dividend policy constitute the IFRS based net profit after tax, adjusted for unrealised gains and losses from the company’s portfolio of hedging positions related to iron ore, USD and freight, which does not impact the shipments concluded in the quarter. The board of directors can also adjust for larger specific events that it does not consider to be of relevance for normal business.

The board is committed to maintain a satisfactory capital structure for the company to support its goals, strategy and risk profile, thereby ensuring that there is an appropriate balance between equity and other sources of financing. Given the volatile nature of Rana Gruber’s markets, the group benefits from having a sound capital structure and financial flexibility that handles swift changes.

The group settled all outstanding borrowings during 2021.

Non-current liabilities, which mainly constitutes leasing debt and deferred tax liabilities, totalled NOK 130.5 million at 31 December 2021.

The group has access to undrawn credit facilities for an amount of NOK 100 million at 31 December 2021.

The interest rate margin for this loan facility is 3.25% p.a. The funds are available under the current agreement to the extent that the group complies with the relevant financial covenants.

The overdraft credit facility agreement includes the following quarterly financial covenant for the group:

Net interest-bearing debt / EBITDA < 1.5
Equity ratio > 35%, adjusted for unrealised effects from derivative instruments
Adverse unrealised effects from derivative instruments < 250 MNOK 21.2.

The group has complied with all the financial covenants during 2021 and 2020, and the management does not expect to breach any covenant in the foreseeable future.