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Erria focuses on service and management

Erria focuses on service and management

04-12-2016 10:00:00


Erria has bought Saigon Shipping J/S Company Ltd.'s 49 percent share of Erria Container Services Ltd. and thus receives full ownership of the company, which Erria has owned 51 percent of since 2013. The purchase price was 3,4 million kroner

Erria Container Service Ltd.'s turnover year to date was 33 million kroner with an operating profit of 4 million kroner (2015: 43 million kroner in sales and an operating profit of 2 million kroner).

Erria has simultaneously sold its stake of 34,1 percent in Saigon Shipping J/S Company Ltd. to Bao Viet Fund.

The sale price is 17 million kroner. The book value amounts to 27 million kroner and results are therefore affected in 2016 with a loss of 10 million kroner. Liquidity-wise, the proceeds from the sale of 15 million kroner will strengthen Erria's cash flow substantially and provide additional ballast to execute the company's long-term niche strategies.

Erria has completed the refinancing from a loan of 11 million kroner from a financial creditor, and has fully repaid the loan with a deposit of 5 million kroner. The refinancing involves income recognition of 5,5 million kroner.

"From the beginning we've seen great potential in Erria Container Services, which over the years has developed stably and with a reasonable profit. Now we are increasing efforts to make the company the largest container service provider in Vietnam. We also focus on the development of technical management from our new office in Køge," says Erria director Henrik N. Andersen.

Management maintains its expectation of revenue of around 70 million to 75 million kroner and an EBITDA of -1 to -3 million kroner.

Source: Erria / Maritime Denmark


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