Premuda has closed 2013 with a net loss consolidated pairs to -32,7 million euros



The shipowning group Italian Premuda has concluded 2013 with a net loss consolidated pairs to -32,7 million euros regarding a net loss consolidated of -47,9 million euros in the exercise anniversary precedence. The revenues have recorded a contraction of the -27,8% and are come down to 64,5 million euros. The operating result has been of sign negative for - 20,8 million euros respect to operating liabilities of -23,6 million euros in 2012.

Premuda has explained that "exercise 2013 has evidenced hires, especially for the section bulk, better than those of the year precedence and has marked meaningful increases of the value of the ships and, under this profile, it could therefore be considered the first year of reversal of the trend, however still full of uncertainties and shadows. After the devaluations of some units carried out in the exercises precedence - it has specified the group - from the examination carried out by means of the usual procedures of imparment, is not emerged the necessity to proceed to ulterior devaluations. Moreover not even the conditions have not been ravvisate in order to proceed to restorations of value, also partial".

Premuda has announced that, "in reason of the conjuncture of the marine markets and the situation of tension financial institution", the board of directors has proposed "not to proceed to some distribution of dividends, to cover entirely the losses of exercise 2013 by means of partial uses of the results brought back to new and bringing back ulteriorly to new the residual one. After the efforts demanded to the shareholders with the increase of capital realized in the exercise the 2010 and with the lacked distribution dividends beginning from next exercise - it has found the Italian company - has been forced to demand an ulterior sacrifice in the auspice that the attended improvement of the markets can allow - in the not too distant future - to recreate the conditions in order to restore usual politics of emolument of the shareholders through the traditional instrument of the dividend".

The shipowning group has remembered that "exercise 2013 is characterized by the start of procedures for the restructure of the debit financial" and that "the unexpected one lacked finalizzazione the negotiations for I renew of a credit line to 18 months less a day, of the amount of 15/20 million euros, substitutive of an analogous past due operation and regularly reimbursed in the course of the January month has generated a meaningful tension financial institution and has suggested to proceed to the suspension of the payment of the installments vital of the mortgages due beginning from on June 30, 2013 and to start negotiations times on the rischedulazione of the bank indebtedness, maintaining at the same time regulating correntezza on the ordinary engagements of managerial and commercial nature. With the assistance of advisor financial Lazard Srl - it has specified Premuda - it is formulated to all the banks of the group a demand for "standstill" and, on the base of the managed industrial plan with the aid of advisor the VSL Spa, a maneuver proposal is managed financial institution to subject to former attestation art. 67 L.F. After some modifications necessary to return the confacente proposal to the requirements manifested several times from the interested banks - it has emphasized the group - is considered of being by now next to the drawing up of a final, propedeutica proposal to the start of the necessary deliberative processes by the competent organs of the banks".

"In such context, the eventuality that is not reached to a sustainable agreement of riscadenziamento - has still found the group - it is shaped as an important uncertainty that can raise meaningful doubts on the ability to the Premuda Group to continue to operate on the base of the foundation of the business continuity. However the administrators of Premuda, in consideration: of the forecasts of realizability of the industrial plan; of the fact that the agreement proposal does not preview sacrifices in terms of quotas for banks vital but only deferrals of the expirations; of the attitude until now assumed from the banks regarding other operators in situation of temporary difficulty financial institution; of the fact that up to the present the demand for standstill in fact is received, not being undertaken some executive action by some of the banks interested; of the fact that regularly is carried out the distribution of the last tranche of the relative financing to the first unit panamax bulk carrier (that so it is regularly taken in delivery); of the fact that two of the institutes involved in the restructure process have introduced a firm offer for the financing of the twin unit panamax of the precedence (last unit to take in delivery), however subordinately to the finalizzazione of the restructure agreement has matured the reasonable conviction that the plan currently under argument can find the consent of the banks patrons that, consequently, they will continue to guarantee own support to the Premuda Group, assuring the availability of the resources necessary in order to continue to operate in the expectable future".

In exercise 2014, "also prescinding - it has emphasized the company - from evolutions of the market that involve the necessity of ulterior adjustments of value of the ships and also excluding happening of serious events negatives", Premuda previews to newly record a result of sign negative and this - it has specified the company - "in reason of the persistent weakness of the marine markets, closely correlated to the economic conjuncture, and in spite of some signs of resumption already recorded in 2013".