LSCT: not enough profits, Marinvest forced to refinance debts
In 2016 the Italian holding of Gianluigi Aponte reported a 30 million Euro loss, to be refunded to Unicredit. Shares held in Trieste Marine Terminal and Consorzio Bettolo were sold to the Luxembourg-based Itaterminaux
Marinvest, controlling all shares held by Gianluigi Aponte in Italy, was forced to renegotiate debts with Unicredit Bank, originally standing at 50 million Euro, namely including 30 millions baloon payment upon deadline (set in late 2017).
As reported in latest available financial statement, which also showed 2 million Euro loss, actually growing versus 23.5 millions recorded in 2015.
At December 31st 2016, Marinvest showed 32 millions residual debt with the Bank, however after violation of few financial covenants, they applied for and was granted a waiver.
“Meanwhile – as reported in the statement – the company has been negotiating an accord with Unicredit to postpone final deadline from June 30th to December 31st 2017, so as to seal ongoing transactions to renegotiate outstanding debts”.
Marinvest confirmed they will refund due debts “through new funding allocated by other Banks, by ploughing back existing loans and through new cashflow to be generated in 2017”.
For the time being, besides Unicredit, the company controlled by Trading and Project Limited of the Aponte family generally holds close relations with Bnl (Bnp Paribas) and Banco Bpm.
Subsequently, after forthcoming participation in Messina group, by taking over 49% shares, the group will also start cooperating with Banca Carige.
In 2016 the Italian holding controlled by Sorrento-native shipowner was particularly hurt by overall 18.9 million Euro depreciations, (versus former 30.6 millions recorded in 2015), almost 12 millions in Conateco terminal of Naples (Marinvest also took over the left 50% shares from Cosco in 2016) and 6.8 millions in Grandi Navi Veloci.
Participation revenues reached 10.8 millions and capital gains recorded 7 millions, standing at overall 17.8 millions.
While the most profitable sister-companies were: (40% controlled) La Spezia Container Terminal which brought 7.7 million share dividends, followed by Le Navi, Spadoni and Roma Cruise Terminal, which recorded half million share each.
On the other hand, capital gain achieved in 2016 (almost 7 million Euro) was generated by the sale of shares held in Aprile freight forwarder, sold Aponte's partner Savino Del Bene, in Genoa-based Consorzio Bettolo and Trieste Marine Terminal (both transferred Luxembourg-based Itaterminaux Sàrl, still controlled by the Aponte family).
Furthermore, even 36% shares in Terminal Rinfuse Genova S.r.l. were recently taken over through the latter company in partnership with Spinelli Group.
Meanwhile, as illustrated by Zeno D'Agostino, President of local port Authority, the helm of Msc visited Trieste particularly focusing on the retroport area, currently hosting Wartsila marine engines, which could support Trieste Marine Terminal (where he holds 50% shares).