In the first Premuda semester it has recorded an ulterior deterioration of the economic performances



The shipowning society Italian Premuda has closed the first semester of this year with an ulterior deterioration of the economic performances, period on which - it has specified the company - various factors are weighed, some of not recurrent nature, between which the reduction of the fleet, the market of the hires of cargos dries still very unsatisfactory, the lack of revenues by the FPSO Four Rainbow, the devaluations of three units, the effect of the monetary changes, the weight of the interests liabilities and the weight of the structure costs.

Premuda last year has archived item the first half of the 2015 with a net loss of -39,9 million euros on revenues Time base charter for 29,9 million euros respect to a net loss of -15,4 million euros on revenues Time base charter for 31,5 million euros in the first semester. The operating result has been of sign negative for -27,9 million euros respect to operating liabilities of -8,9 million euros in the first six months of 2014.

Premuda has emphasized that, "to clearly of the accounting operations not monetary and devaluations of the piling assets to 18,921 million euros and differences of change on the financings not tied to the operating management (pairs to 6,663 million euros), the result of the semester would have been in loss for 14,346 million euros, online with the correspondent period of the exercise precedence".

In the second solo trimester of this year the Italian company has totaled a net loss of -25,3 million euros on revenues Time base charter for 14,5 million euros respect to a net loss of -12,1 million euros on revenues Time base charter for 15,0 million euros in the period April-june last year. The quarterly operating result has been negative for -24,1 million euros respect to operating liabilities of -7,1 million euros in according to trimester of 2014.

Premuda has specified that "after the closing of the semester actively the negotiations with banks with the objective are continued to approve of as soon as possible the plan of restructure of the indebtedness of the group and to place end to the current situation of nonperformance in confronts of the institutes backers. In the impossibility to reach it stipulates of the definitive agreements within the summery pause and with the attempt to place the societies of the group in the condition of being able to carry out some necessary dismissioni of cespiti times to obtain a sufficient level of liquidity - it has remembered the company - in the course of the July month have been sign with all the appropriate banks patrons agreements of standstill (pacta de not petendo), having various durations, until maximum on December 31, 2015. With such agreements the banks formalize their intention not to act for the payment than they due, are informed of the intention of the societies of the group to carry out the cited dismissioni and, also not assuming formal engagements to conclude an agreement, they are engaged in good faith to continue the negotiations with the attempt to reach stipulates of a definitive agreement within on October 31, 2015, on the base of a rough draft of termsheet already agreed in the fundamental terms".

Premuda has moreover specified that "the eventuality that is not reached to the definitive agreement shapes however 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. The administrators of Premuda - but he has emphasized the company - however have maintained the reasonable conviction that the probabilities to reach to an agreement with banks patrons are advanced regarding the hypothesis of failure of the negotiations and to the consequent one to happen of other scenes of concorsuale nature and, on the base of this, have managed the relation relative financial institution to first semester 2015 on the base of the business continuity".