Grimaldi illustrates the strategy in order to bring back Finnlines to generate meaningful profits



After to have reassumed the guide of the company of Finnlines navigation, of which it is named president and managing director newly ( on 5 November 2013), Emanuele Grimaldi, that he is managing director of the Grimaldi group leader and that 9th October is named also Shipping president of the Italian Confederation (Confitarma), has sent a letter to the shareholders of Finnlines in order to illustrate which they will be the strategies in order to bring back the Finnish company to record meaningful profits.

Remembering to have already assumed the double role of president and CEO of the company from the beginning of 2009 to the june of the same year in order to tackle to the effects of one of it gets worse crisis world-wide financial institutions from the Thirties that have hit hardly also the marine field and that it has carried Finnlines to record losses pairs to 11 million euros to the month, in the Emanuele Grimaldi missive emphasizes that in the 2009 company it has been wide positive capacity in a short time to record turned out in balance and EBITDA. "Unfortunately - it continues - in the course of last the four years and means, in spite of the efforts of management and some injections of capital and liquidity by the Grimaldi Group and other associates, my hopes of a gradual return to a meaningful profit have not been realized and the society is still fluctuating in an area of next profits to the zero". "This tendency - it evidences - must change. That's why, as a result of the decision of Bakosch (that it has left to Grimaldi the charges of president and CEO of the company, ndr), I am reassuming the direct and complete control of the management in the interest of the shareholders of the society and the other shareholders".

Grimaldi explains that its action will concentrate on transmitting a new entrepreneurial spirit to the leaders and workers of Finnlines, that can among other things presuppose a working timetable been extended and an attitude mainly turned to the creation of profit and value for the benefit of the society. Moreover - according to Emanuele Grimaldi - it is necessary also a more international mentality that allows than to arrange the excellent potentialities of Finnlines with the economies and the resources of the net of the Grimaldi group.

Grimaldi finds that, from the closely financial point of view Finnlines a relationship anticipates debt/asset-earnings that is not neither online with the rigorous policies of the Grimaldi group neither with the prudent standards of the best familiar societies. "In spite of the crisis - specific - our quota vital own is improved in the course of last the four years and it is capacity not for long over 25% until 33.4%. Although this I am engaged to reduce ulteriorly is the indebtedness relationship that the exposure total financial institution of Finnlines". Such objective - Grimaldi specifies - will be reached the punctual reimbursement of the installments of the loans, with the sale of not productive assets and, if necessary, through increases of capital. Emanuele Grimaldi continues asserting that it is its intention to still make more in order to contain the expenses and to increase the productivity, in particular in the harbour field.