Good morning, everyone, and welcome to Arribatec's Third Quarter Presentation. Let's dive in. The quarterly revenue for the third quarter ended at NOK 130 million. That is NOK 2 million lower than what we had the same quarter in 2023. Our EBITDA ended at negative NOK 4 million, and that is a reduction of NOK 14 million compared to a year ago. Cash EBITDA for the quarter was negative NOK 10 million.
Also, the cash position, or cash in bank, at the end of the quarter was at NOK 18 million , and that is significantly below what we have ended with for the previous four to five quarters, where we have typically been between NOK 30 million and NOK 40 million . On a different note, Arribatec Business Services signed a frame agreement with Forsvarsmateriell, which is a part of the Norwegian Armed Forces.
The value of that is NOK 19 million, and NOK 7.5 million has already been called upon us to deliver on. Also, we have won an ERP implementation project, Unit4 implementation, for a Norwegian customer with a total value of approximately NOK 9 million. On September 27, Arribatec announced that we would be undergoing a financial restructuring.
The plan for the restructuring was announced through the Oslo Stock Exchange this morning, and it includes, first of all, an agreement with Danske Bank that they will extend our current NOK 20 million credit facility to the end of next year. Additionally, they will make available another NOK 15 million facility that lasts until 31 January 2025, and lastly, the board proposes to raise up to NOK 35 million through a fully underwritten rights issue with preferential subscription rights for existing shareholders.
In parallel with these initiatives, we will, or we have launched profitability improvement initiatives across the company, and the goal is to move our profitability level for Arribatec Group up to the same level as we see our peers at. This will include cost reductions across the company, both in the business areas and on group level.
We will also look at selling non-core assets, primarily then hospitality and marine, Arribatec Marine, and of course, we will also seek to lift resource utilization across our business areas. We will have, over the next quarters, more profitability focus than growth focus. However, we are now seeing that demand is picking up for the services delivered by our three largest business areas, and of course, we will take advantage of this as we work through these plans.
If you look at the overall performance for the group during the third quarter, as I said, we have NOK 130 million revenue, which is slightly down compared to the NOK 132 million we did a year ago. Recurring revenue is at all-time high of NOK 63 million, which is NOK 9 million up compared to a year ago, and it now accounts for 49% of total revenue, and the corresponding number was 41% a year ago.
Lastly, as I mentioned, EBITDA of -NOK 4 million compared to +NOK 9 million last quarter, or same quarter last year. Norway accounts for NOK 87 million of our total revenue. That is 67% of the total, and that is up 6% compared to where we were a year ago. Continental Europe, NOK 21 million, and accounts for 16% of the total. That is down compared to 13% compared to what we saw in the third quarter last year.
U.K. and U.S. also down compared to the same quarter last year, with revenue of NOK 21 million and NOK 26 million in the same quarter in 2023, and U.K. and U.S. now accounts for 70% of the total revenue of Arribatec. Then, if you look at our segment reporting, you can see here each of the BAs and their profitability. So, Business Services at 4.6%, EA & BPM just 3.5%, 5% in Cloud, - 34% in Hospitality, and a + 25% in Marine. In total for the group, that's an EBITDA margin of - 3.1%.
And what is the reason, or one of the reasons that we want to undertake the, let's say, program for enhancing the profitability is that if you look at, if you take the corporate costs, which includes support for the business areas for accounting, consolidation, HR, IT, and so on, if we take that corporate cost of NOK 10.2 million and distribute that directly to the business areas, the actual EBITDA percentage will drop quite significantly.
So, for us now, the focus on margin improvement is key for the coming quarters. And we, as I said, we see that demand is picking up, and we have a healthy pipeline as of today, and we think that will support us in our effort to improve our margins up to a level that our competitors are at.
So, this slide you have seen before, it shows the revenue development for each of the business areas over the last nine quarters. When you compare to third quarter last year, you can see that cloud is the only one of the three largest business areas that actually is growing, while both Business Services and EA and BPM has a reduction in activity compared to a year ago.
Total recurring revenue now accounts for 49% of our total revenue, and 33% of our activities or revenue is created outside of Norway. Then to sales. Here you can see that during the last quarter, we secured new contracts and scope extension worth NOK 105 million, and that compares to NOK 135 million a year ago. So that is down 22%. However, in third quarter in 2023, hospitality signed the contract with Flytoget, and that was worth NOK 22 million.
If you adjust for that, you can see that the difference between the two quarters is around NOK 8 million . The order intake this third quarter is more or less the same as we had a year ago for other business areas outside of hospitality.
You can see here on the right-hand side, high order intake in business services, while EA & B PM up to now have had a lower intake in third quarter than a year ago, and cloud up to NOK 28 million from NOK 25 million in third quarter last year. Marine also slightly up compared to where we were a year ago. Cash flow development, as I said at the beginning of the presentation, we have typically ended the quarter at somewhere between NOK 30 million and NOK 40 million over the last five quarters.
This quarter, or at the end of September, we had NOK 18 million in cash, and that is obviously too low, and therefore we have taken the initiatives to do a financial reconstruction. As you can see on the right-hand side here, net cash from operation was -NOK 5 million, and net working capital had a positive effect of NOK 17 million, while contract assets, this IFRS way of accounting for prepayments from customers, had a negative effect of NOK 10 million.
Public duties accounted for NOK 7.7 million. Net cash from financing activities was - NOK 5 million, and that is mainly installment on lease liabilities that's included there. Net cash from investing activities was - NOK 2 million, and that is primarily capitalized development cost. So, as I said, at the end of the quarter, NOK 18 million of cash equivalent. Let's go to the balance sheet.
Total balance sheet value of NOK 478 million at the end of third quarter, which compares to year and last year of NOK 501 million. We have an equity ratio of 48.7%. On the asset side, most important movement here is the reduction in cash from NOK 39 million at the end of 2023 to NOK 18 million at the end of third quarter, then to outlook.
Focus going forward will for us be to improve financial performance and to reassess our balance sheet and win new business. The group-wide initiatives to reduce cost and improve efficiency are expected to lift our margins during 2025, and we see robust demand now for services, both for Cloud, for EA & B PM, and also for Business Services, and this, of course, will help us in our efforts to improve our margins.
The Orbus partnership that we signed earlier this year is expected to accelerate EA & BPM's growth outside Norway, and we will continue to our multi-partnership strategy also in the coming quarters, so that ends the third quarter presentation, and I will now give you a couple of minutes, and then we'll come back and take some questions.
Thank you. Okay, so welcome back again. We have not received any questions from any of you, so then I would just say thank you for listening and see you back again in about three months' time. Thank you.