Grandi Navi Veloci to cut red figures while still suffering competition in cargo business
In 2016 the company controlled by MSC recorded 12 million losses but refinanced indebtedness issuing a bond and gaining new Bank loans
According to latest financial statement, in few years Grandi Navi Veloci will deploy four new LNG-propelled ferries built in China, however, 2016 year-end figures still recorded 'red' financial results although operating income showed positive figures.
In 2016 GNV's revenues soared from 307 to 318 million Euro (2,3 millions growth in passengers transport and 11. millions revenues from ships' chartering, while cargo business recorded 3.8 million loss), Ebitda grew from 47.2 to 50 million Euro and operating results reached + 1.3 millions (versus – 4.5 million in 2015).
Latest Financial statement still showed 12 millions losses (though growing versus former 15.7 millions).
Furthermore, as occurred in 2015, losses exceeded one third equity and majority shareholder (Marinvest contrlled by Msc) suggested reducing share capital from 169.9 to 95.9 millions.
Last year passengers transport soared by 5.6% (from 1.45 to 1.54 millions) while shipped freights were stable at 1.78 millions (-0.4%).
Ro-ro cargo transport to Sicily and Malta is the most ailing one due Grimaldi's aggressive competition on most cabotage lines.
Overall indebtedness dropped from 371.8 to 359.5 million Euro and after renegotiation of debts with Banks (pool encompassing Mediobanca, Unicredit, Intesa Sanpaolo, MPS, BPM, Banco Popolare and UBI Banca), debts went down from 312 to 220 million Euro.
Last May the company helmed by Managing Director Matteo Catani refinanced indebtedness through 245 million Euro bank loan (expiring in late May 2021) and 75 million Euro bonds, sold institutional investors through private placement, to be fully refunded upon final deadline in late May 2022.