Premuda has concluded the third trimester with a net loss of -18,7 million euros



the shipowning society Italian Premuda, that past september has a fleet of 22 ships (to the 30) of which seven tankers of property, a FPSO of property, 11 to rinfusiere of property and three to rinfusiere to chartering, has archived item the third trimester of this year with a net loss of -18,7 million euros on revenues Time base charter for 15,3 million euros respect to a net loss of -5,6 million euros on revenues Time base charter for 15,4 million euros in the correspondent period of 2013. The operating result has been of sign negative for -10,5 million euros respect to a result negative for -2,0 million euros in the period July-september last year.

In the first nine months of 2014 Premuda has recorded a net loss of -34,1 million euros on revenues Time base charter for 46,8 million euros respect to a net loss of -17,7 million euros on revenues Time base charter for 47,3 million euros in the period January-september of 2013. The operating result, of sign negative is this year that in 2013, has been pairs respective to -19,4 million euros and -6,2 million euros.

Premuda has announced that the turned out negatives economic of the third trimester and the first nine months of exercise 2014 are influenced by various factors, between which the - it has explained the company - "negative differences of change not realized (6,6 million euros - it has specified Premuda - the effect in the first nine months of the year, of which very 5,9 million euros in the third trimester) deriving from the controvalutazione to the fine change of period of the financings in dollars in head to the societies of the group that they manage the budget in euro for which - waiting for the finalizzazione of a restructure agreement of the debit - he is not applicable the hedge accounting (that it previews to find such differences to net worth directly); the lack of revenues from the FPSO Four Rainbow, remained in disarmament for all the considered period, waiting for a new plan of employment; the transattiva definition of the arbitrateed one which instituted regarding Eni Australia for the lacked hires and the damages endured in the past from the FPSO Four Rainbow for the presence in the oil producing outside specific. The compensation obtained from ours controlled (4,8 million dollars Australian, of which had already 50% embedded and the residual one within April 2015), inferior to the which joined credits budget, has determined a loss of approximately 5,5 million euros at the expense of the third trimester, already to clearly of the absorption of the funds allocated against against claim of Eni, also comprised it in the transaction; the greater weight of the interests liabilities, burdened from the elevated one spread applied on the last realized operations and from the increase of the consequent indebtedness to the completion of the under way investments in the past; the greater weight of the structure costs, burdened from the expenses today supported against the process of restructure of the indebtedness, still in course and from the strong impact of the expenses lawyers for the arbitrateed one regarding Eni Australia, inclusive of that reimbursing to counterpart as a result of the refusal of the arbitrateed face to obtain an integrating compensation for the last contractual period; the market of the hires in the section of cargos dries, widely unsatisfactory, single partially compensated by the best course of the section of cargos liquids and by the commercial covers defined in the past and still available".