Premuda closes 2014 with a consolidated net loss of -41,8 million euros



the plan budgetary of exercise 2014 of the shipowning group Italian Premuda, approved of yesterday from the board of directors, anticipates a net loss consolidated of -41,8 million euros respect to a result negative for -32,7 million euros in 2013. The revenues Time base charter record a bending of the -3,5% being are pairs to 62,2 million euros regarding 64,5 million euros in exercise 2013. The operating result turns out of sign negative for -21,5 million euros respect to operating liabilities of -20,8 million euros in 2013.

the Premuda group has specified that "the consolidated result of exercise 2014 is weighted down by some having factors not recurrent nature between which passive differences of change from update of the mutua (not realized and having not monetary nature) for 9,4 million euros and burdens connected to the definition of litigations pregressi and the process of restructure of the financial debits of the group for a advanced total amount to 10 million euros".

the Italian group has remembered that "exercise 2014 is characterized by the follow-up of the negotiations with the banks for the restructure of the debit financial, in order to obtain an agreement of restructure of own indebtedness within an attested plan former art. 67 L.F. In the blackberries of the negotiations with the banks - Premuda has explained - the course of the market has continued to get worse, returning the waits of the plan substantially unattainable on which previously it had been worked and on which it was founded it negotiate that it appeared by now next at the close in July 2014. Against the worsening of the market, the societies of the group are also forced beginning from to suspend unilaterally the payment of the interests on the debit 31 December 2014, decision unavoidable in order to preserve the correct commercial operativity. In reason of this they have been, in more resumptions, see again is the industrial plan (managed with the aid of advisor the VSL Spa) is the maneuver proposal financial institution. With the participation of the advisors charged (Lazard Srl), the society has met several times the banks, introducing own proposals, gradually dawned in order to reflect, on one side, the course current of the market and its expectable evolutions and, from the other, the demands and the indications from time to time received from the counterparts. The last proposal is introduced to the banks in date 7 April 2015 and, to the today's date, it is waiting for to receive eventual comments and observations; the negotiation is therefore in course. The board of directors of the society, after to have carefully analyzed the situation, continues however to consider that the outcome of the negotiations can lead to the putting in safety of the society and the group and currency such result more probable respect to other scenes of concorsuale nature".

With respect to the forecasts of closing of exercise 2015, the group has anticipated that "in reason of the persistent weakness of the marine markets - with detail reference to the section of cargos it dry - and in spite of the resumption started in 2014 and confirmed in first trimester 2015 in the cisterniero section, he is reasonable to still consider that the exercise 2015 signs a result in loss".