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The core group achieved annual profit of $ 42.8 million last year, compared to $ 9 million the year before. The decline is due to lower financial income from Shelter Vest, as well as writedowns in the value of brokerage firm Wunderlich Investment Company, writes Finansavisen on Friday.
According to accounts, the core group violated the terms of a syndicated loan of $ 135 million. According to DN, NOK 105 million of the loan would expire on December 1 of next year.
– Last year was a good year for the core group. We have three business areas that are residential, commercial and private health care. Ydstebø told the newspaper that value creation has been the best for many years.
The group had about 14% equity at the end of 2017 and the banking syndicate acknowledged that the Ydstebøs group was violating the loan agreement until the end of the year. 2018.
The depreciation of investment in the US brokerage Wunderlich, according to Ydstebø, means that the unit group has not satisfied the 25 percent equity requirement . The unit group recorded depreciations of nearly 32 million NOK last year and 68 million NOK the year before
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