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Norway : First phase of cost reduction program to be carried out.

EVRY reported in a stock exchange announcement on 25 November 2013 that it planned to take measures to adjust the cost base of its operating services organisation in Norway. In addition to initiating this task, EVRY also intends to make some adjustments to its other Norwegian and Swedish activities, resulting in an increase in the scale of the cost-reduction program of 100 full-time equivalent positions relative to the previous announcement. This will be achieved by accelerating work on the introduction of new industrialised delivery models that make greater use of automation. In parallel with this, customers are making greater use of self-service solutions. These developments pave the way to simplifying the company's organisation and reducing its overhead costs. In addition to the program of work to improve efficiency, EVRY will make some reductions to capacity in units that are experiencing weak demand.

The first phase of the program will be carried out in the second quarter of 2014, and will affect 160 full-time equivalent positions. EVRY will recognise a provision of NOK 40 million in its accounts for the second quarter of 2014 in relation to the first phase. It is expected that the full effect on earnings of this phase of the cost-reduction measures will first be seen in the third quarter of 2014.

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Publication:Mena Report
Date:Apr 5, 2014
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