Marenave Schiffahrts AG / Key word(s): Profit Warning 26.02.2014 11:36 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- In preparation of the consolidated financial statements of Marenave Schiffahrts AG as of 31 December 2013, it emerged today that due to one-time items, the net result for the 2013 financial year will be significantly poorer than planned, with a lasting negative impact on net assets. The Company anticipates a consolidated net loss (IFRS-basis) of the order of between EUR 100 million and EUR 110 million. The reason consists of non-cash impairments on vessels in the fleet classified as non-current assets. In light of the ongoing shipping crisis, the Executive Board subjected the parameters used in annual impairment testing to critical review. In particular, account was given to the observation that despite existing overcapacity in the industry, new building orders are currently - and in recent months increasingly - being placed worldwide on a massive scale. Ship owners are ordering this new generation of fuel-efficient, eco-design vessels with a view to lower operating costs and hence improved competitiveness over older tonnage. While the impact cannot yet be precisely quantified because most of the new vessels will not leave their shipyards until sometime in the future, it is already likely that older, conventionally designed tonnage will have a significantly shorter profitable operating lifetime relative to both the historical average and to its technical service life. Regulatory requirements currently under discussion (such as for ballast water treatment) are highly likely to have the same effect. In view of this, the Executive Board considers it necessary to reduce the originally assumed economic useful life of product tankers, bulk freighters and container vessels sailing in the Marenave fleet from previously 25 years to 20 years, and to assume lower earnings potential from the age of 15 years. This results in an impairment charge of an amount which is yet to be precisely determined given the many parameters entering the calculation but which will be within the stated range. Excluding this one-time item, the consolidated net result would likely be slightly positive and thus in line with guidance. The impairment expense to be recognized in the 2013 financial year is entirely a non-cash expense and reduces depreciation charges in future years. The Group's balance sheet equity ratio decreases as a result of the impairment charge from 38 percent to approximately 15 percent. Hamburg, 26 February 2014 The Executive Board 26.02.2014 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Marenave Schiffahrts AG Axel-Springer-Platz 3 20355 Hamburg Germany Phone: 040 / 28 41 93 0 Fax: 040 / 28 41 93 297 E-mail: [email protected] Internet: www.marenave.com ISIN: DE000A0H1GY2 WKN: A0H1GY Listed: Regulierter Markt in Hamburg; Freiverkehr in Berlin, München; Frankfurt in Open Market End of Announcement DGAP News-Service ---------------------------------------------------------------------------