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Editor in chief: Angelo Scorza
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02/09/19 14:38

Ferry business affecting negatively Aponte's financial statements in Italy

GNV's and SNAV's losses had a negative effect on the results of the Italian holding Marinvest, whose profits came mainly from LSCT

Gianluigi Aponte's Italian financial holding Marinvest closed 2018 recording 6 million euro profits, but the ferry companies Grandi Navi Veloci and SNAV affected results negatively. As of 31 December 2018, the parent company in Italy belonging to MSC's owner recorded a total production value (generated by the results of its affiliates and subsidiaries) of 4.4 million, witnessing a decrease compared to the 6.3 million of 2017, when profits amounted to over 7.7 million.

Following the 2 and 23.5 million losses recorded in 2016 and 2015 respectively, the past two financial years were satisfactory.

As concerns income from participations (consisting entirely of dividends), out of a total of 14.5 million, 8 are ascribable to La Spezia Container Terminal, followed by MS Crociere Spa with 2.5 million, TIV – Terminal Intermodale Venezia with 1 million, Agenzia Marittima Le Navi with 795,000 euro and Livorno-based Ag. Marittime Spadoni with 765,000 euro; Roma Cruise Terminal, Ancona-based ACT (Adriatic Container Terminal) and Livorno-based Lorenzini & C.

As pointed out above, ferries are affecting results negatively. Grandi Navi Veloci, owned by MSC also through Marinvest – which holds a 57.39% share (depreciated by 7.7 million in 2018) – closed the past financial year with a 13.4 million euro loss, witnessing an increase compared to the -10.2 million of 2017. The financial statement report records the competitive pressures affecting several markets, in particular Sicily, even though the Genoese company recorded an increase in passengers (+4.4%) and transported goods (+19.6%), as well as in revenues from onboard services.

On its part, in 2018 SNAV lost some 550,000 euro, recording a significant improvement compared to the over 2.5 million euro loss of 2017. Last year, the company underwent a significant restructuring, which caused it to focus more on transports with fast units in the Gulf of Naples, from Naples to the Eolie islands, on the Ancona-Split (Croatia) connection, and on the bareboat and manned charter of ships and fast units. Its goal is “achieving an economic-financial balance already from 2019”.

In July 2018, at the end of the bareboat charter lease agreement, SNAV purchased the ferry Snav Adriatico (former Stena Baltica) for 7.4 million euro and it chartered it to GNV for three years, with an option for an additional 3 years.

With regard to Marinvest, after several years of losses (-1.9 million in 2017), in 2018 the Neapolitan container terminal Conateco recorded 65,976 euro profits following the 1.9 million contribution provided by Aponte for capital and for covering losses.

 

Nicola Capuzzo

TAG : Finance
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