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Interim Report for the Period
January 1 through June 30, 2019
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Today, the Board of Directors of Erria A/S approved the interim report for the first half-year of 2019. The report contains the following highlights:
As announced on June 25, 2019 (company announcement no. 07/2019), we have achieved satisfactory progress on our strategic priorities and a completed vessel sale and purchase transaction are the main reasons behind a satisfactory second-quarter performance.
Highlights for the period January 1 through June 30, 2019:
- Revenue DKK 36.0m (2018: DKK 52.4m)
- EBITDA DKK 0.4m (2018: DKK -4.0m)
- EBIT DKK -0.9m (2018: DKK -8.1m)
- Equity DKK -15,2m (2018: DKK -8.6m)
- Change in cash and cash equivalents DKK 0.9m (2018: DKK -1.2m)
Re-Establishment of Capital
The company has entered into a dialogue with its two largest shareholders with a view to explore the possibility of carrying out an earlier conversion of their interests under the convertible notes between them, as creditors, and the company, as the debtor, as announced pursuant to company announcements no. 14/2018 and 02/2019.
The above is one of more initiatives to restore the capital and the company continues to service its financial obligations with its credit institutions.
The turnaround strategy launched in 2018 by the Board of Directors appointed last year is starting to pay off:
- Upwards adjustment of 2019 outlook announced on June 25 and 27, 2019 (company announcements no. 07/2019 and 08/2019)
- Increased revenue and activity in offshore personnel services
- Sound profitability in the container services division
Outlook for 2019
We maintain our expectations for year 2019 at a revenue of around DKK 55-65m and an EBIDTA of DKK -1m to +1m.
The full interim report is attached hereto as a PDF file.
For further information, contact CEO, Henrik N. Andersen on +45 3336 4400.
Flemming E. Ipsen Henrik N. Andersen
Chairman Chief Excecutive Officer
Certified adviser
Norden CEF ApS
John Norden
Kongevejen 365
Dk-2840 Holte
Tel: +45 2072 0200
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