The total result of the year has not lived up to expectations. The negative development is primarily due to a weak performance from time-chartered vessels in the 1st half of 2018. Management has decided to write down receivables by 2,5 mio. Kr.
In view of the current situation in Venezuela, Erria earlier in 2018 decided to write down the value of its receivable of 3.3 mio. Kr. from the national oil company PDVSA to 0 kr.
Erria has chosen to write off goodwill of 2,5 mio. Kr. related to previous activities that Erria no longer deals with.
Highlights for 2018
- Revenue 83,6 mio. kr. (2017: 101,3 mio. kr.)
- EBITDA -9,8 mio. kr. (2017: 5,2 mio. kr.)
- Book equity -14,1 mio. kr. (2017: 0,3 mio. kr.)
- Change in cash -1,5 mio. kr. (2017: 1,2 mio. kr.)
Outlook for 2019
Erria expects a total revenue will amount to 40-50 mio. Kr. and an EBITDA of -2 to -3 mio. Kr. in 2019.
In February 2019, the Group received additional loans of 1,0 mio. Kr provided by existing shareholders - See Company Announcement no. 02/2019.
No significant events have occurred between the reporting date and the publication of this Annual Report that have not already been included and adequately disclosed in the annual report.
For further information, contact CEO, Henrik N. Andersen on +45 3336 4400.
Peter K. Ellegaard Henrik N. Andersen
Chairman Chief Excecutive Officer
Certified adviser
Norden CEF ApS
John Norden
Kongevejen 365
Dk-2840 Holte
Tel: +45 20720200
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