INTERIM REPORT
First half-year of 2018
In order to enhance the international profile of the company, the board of directors of ERRIA has decided pursuant to applicable listing rules to publish its stock exchange announcements and financial reports in the English language effective today.
The total result for the first half 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 second quarter of 2018.
In view of the current situation in Venezuela, ERRIA has chosen to write down the value of its receivable of 3.3 mio. Kr. from the national oil company PDVSA to 0 kr.
Highlights for the first half of 2018
- Revenue 52,4 mio. kr. (2017: 53,4 mio. kr.)
- EBITDA -4,0 mio. kr. (2017: 4,7 mio. kr.)
- EBIT -8,1 mio. kr. (2017: 1,5 mio. kr.)
- Book equity -8,6 mio. kr. (2017: 1,1 mio. kr.)
Outlook for 2018 ERRIA lower its expectations for the year 2018 to an EBITDA of -6 to -7 mio. kr (previously -1 to -3 mio. Kr.).
“Despite the current challenges, the new board of directors is confident that it can add significant value in this challenging environment and manage to shape the future strategy under the new ownership. The board is working on a new strategy including a capital increase, to further enhance the financial position of the Company and expects to be able to inform about this before year end 2018”, says Chairman Peter Kristian Ellegaard.
After the end of first half year, ERRIA has redelivered its last two time-chartered vessels.
For further information, contact CEO, Henrik N. Andersen on +45 3336 4400.
Peter K. Ellegaard Henrik N. Andersen Chairman Chief Excecutive Officer
Certified adviser
Kapital Partner, CVR 37364843 Peter Høgsted, +45 3133 0215 Havnegade 39, 1058 København K +45 8988 7846 info@kapitalpartner.dk www.kapitalpartner.dk
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