Erria lost 19,3 mio. kr. i 2018

Erria lost 19,3 mio. kr. i 2018

08-03-2019 12:00:00

Danish shipping company Erria lost 19,3 million kroner in 2018, compared to a loss of 278.000 kroner in 2017, and 10,9 million in 2016. The revenue amounted to 83.6 million kroner, compared to 101,3 million kroner in 2017.

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. The 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.

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.)

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.

Source: Erria

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