Fourth quarter 2019 report

28.02.20 | Pressemeldinger

Oslo (Norway)February 28,2020: Element ASA publishes today report for the fourth quarter 2019.

The main headlines for the third quarter included:

  • Termination of the convertible loan agreement with ABO
  • Sale of the CMT funds unit for EUR 1.3 million -Divestment of all shares in AMI and restructuring of the convertible loan previously given to AMI. The transaction provided Element with USD 2.0 million in cash at closing
  • Completion of a private placement of 433 000 shares with net proceeds of NOK 2.1 million
  • Operating loss was -0.5 million, which is a 56% improvement compared to same quarter in 2018
  • Loss after tax from ongoing operations for the quarter was USD -3.6 million, which compares to -5,0 million for Q4 2018
  • Net loss including discontinued operations was USD -6.2 million, which includes a net impairment of the Philippine operations of USD 2.4 million
  • Net cash balance at the end of the quarter was USD 2.9 million

Se the report of the board of directors here

For further information, please contact:

Geir Johansen
+47 4771 0451

Thomas Christensen
+47 9225 5444