The EBITDA for 2018 is expected to be DKK 50-55m, and Profit before tax is expected to be DKK 15-20m.
The EBITDA margin excluding the gain from the sale of Stockholms Auktionsverk’s Fine Art business is expected to be around 10 percent including the gain from the sale of Stockholms Auktionsverk’s Fine Art business the EBITDA margin is expected to be approx. 40-45 percent which is the new guidance.
Net revenue is expected to decrease. Partly due to not including any sale of partnership agreement, and partly due to revenue from fees and commissions expected to decrease by around 15 percent due to the impact of not having revenue from sold auction houses, including the decrease caused by the sale of Stockholms Auktionsverk’s Fine Art business at the end of Q1 2018.
The cash flow for 2018 is expected to be neutral, although the seasonality of the business will impact the quarterly cash flows, and we expect to comply with applicable financial covenants.
All numbers in future prospects are based on exchange rates at the end of Q3 2018.