Aves One AG: Threatening one-off burden from litigation
Aves One AG announces that due to legal proceedings of its subsidiary BSI Blue Seas Investment GmbH in connection with a purchase agreement for sea containers concluded in 2013 with a volume of more than USD 100 million, additional one-off expenses of approximately EUR 2.5 million may be incurred by the company. The estimate of this amount is based on a preliminary assessment by the court. The court proceedings have been in progress since 2014, and a discussion on a settlement of the dispute has not yet led to a result. Aves One AG will record a corresponding provision in the consolidated financial statements for 2018. This reduces the forecast EBITDA from EUR 54.7 million to EUR 52.2 million. The EBT from forecast EUR 13.7 million changes to EUR 11.2 million.
On the liquidity side, an amount in excess of this sum has been held in reserve for this purpose since the penultimate financial year. The pronouncement of judgement is expected at the end of May 2019. The company will decide on a possible revision after the pronouncement of judgement.