Fram Skandinavien

Carmudi continues to grow gross profit month-on-month and reducing EBITDA-losses steadily. The company has been able to reduce EBITDA losses down to only ca -5 kUSD per month (vs. -37 kUSD per month a year ago). In order to continue to drive improvements on the EBITDA level, Carmudi is planning to shift out of certain car trading transactions that generate GMV but are not EBITDA accretive. This will likely have a ca. 30% negative impact on GMV, while render further improvements on EBITDA. It’s the right long-term step for the business but might hurt NAV valuation in the short term.

The Company sold most of the shares in SEA Group at average exit price in line with original entry price.

Interest bearing instruments is from now on reported together with the equity position in each of the resp. ventures.