Marenave Schiffahrts AG / Key word(s): Profit Warning 23.03.2015 15:43 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Based on the consolidated financial statements of Marenave Schiffahrts AG as of 31 December 2014, which are currently in preparation, in view of unforeseen one-time items the Company anticipates a consolidated net loss on IFRS-basis of EUR 33.7 million, which is expected to reduce the consolidated total equity on IFRS-basis to EUR 3.9 million; in the separate financial statements prepared on the basis of the German Commercial Code (Handelsgesetzbuch - HGB), the equity of Marenave Schiffahrts AG is expected to amount to EUR 17.8 million as of 31 December 2014. This outcome is notably due to non-cash impairments on vessels in the fleet classified as non-current assets with corresponding implications for the measurement of investments in and receivables from affiliated companies in the HGB-basis separate financial statements of Marenave Schiffahrts AG. Impairments of EUR 27.4 million had already been recognized in the interim financial statements as of 30 September 2014 in light of a sustained downturn in the bulk carrier market segment, in which the Group operates 4 of its 13 vessels. Mainly due to the ongoing negative trend in this market beyond 30 September 2014 and likewise beyond 31 December 2014, it was necessary to increase the impairment loss concerned by EUR 5.4 million to now EUR 32.8 million in the consolidated financial statements as of 31 December 2014. The findings of the tax audit for the years 2006-2008, which have now been presented, had an additional negative impact of EUR 2.3 million. The findings have ongoing implications for the years from 2009 onwards and therefore result in an increased current tax expense for 2014 and the recognition of a provision for the years 2009-2013. Adoption and approval of the annual and consolidated financial statements for 2014 by the Supervisory Board is scheduled for 24 April 2015. The full 2014 annual report is to be published on 30 April 2015. Hamburg, 23 March 2015 The Executive Board 23.03.2015 The DGAP 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 Caffamacherreihe 7 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: Regulated Market in Hamburg; Regulated Unofficial Market in Berlin, Munich; Open Market in Frankfurt End of Announcement DGAP News-Service ---------------------------------------------------------------------------