DGAP-News: Marenave Schiffahrts AG / Key word(s): Preliminary Results Marenave Schiffahrts AG: Publication of preliminary results for financial year 2015 23.03.2016 / 10:32 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- 23 March 2016 Press release Important note: It is expressly noted that the following figures and other information are based on the going concern principle, are preliminary, have been neither conclusively audited nor issued with an auditor's report by the company's auditor and have not yet been adopted by the Supervisory Board or the Annual General Meeting. Marenave Schiffahrts AG: Publication of preliminary results for financial year 2015 - Performance figures solid and improved in operating terms - Impairments negatively affect results and consume equity Hamburg, Germany: Marenave announces preliminary and unaudited results for financial year 2015. These stand out first of all for an increase in sales revenues to EUR 63.4 million (up 14.6%) and a solid EUR 28.0 million operating profit from shipping operations (EBITDA) (up 6.6%). The ongoing difficult market environment - notably in bulk shipping - nonetheless resulted in further impairments that pushed equity into negative figures. The main factor in the healthy increase in operating earnings was the upturn in the product tanker markets. The consolidated financial statements based on IFRS and still unaudited for financial year 2015 nevertheless show a consolidated loss of EUR 23.69 million, primarily due to EUR 26.08 million in impairments on the Supramax bulkers in the fleet. Together with EUR 9.22 million added to the revaluation surplus at the same time, this resulted overall in negative consolidated total equity of EUR 9.84 million as of 31 December 2015. The separate financial statements of the company based on the German Commercial Code (HGB) and still unaudited for financial year 2015 show a loss for the year of EUR 44.26 million, which primarily resulted from additions (of EUR 31.0 million) to provisions (now totalling EUR 52.0 million) for any recourse against Marenave Schiffahrts AG under guarantees given for borrowings by its subsidiaries and from write-downs on investments in subsidiaries (EUR 11.63 million). This resulted as of 31 December 2015 in a EUR 26.49 million deficit not covered by equity. The preliminary and unaudited consolidated and separate statements of financial position (balance sheet) and statements of comprehensive income (income statement) are available at http://www.marenave.com/investor-relations/financial-reports/2015.html. It is currently planned for the separate and consolidated financial statements for financial year 2015 prepared on a going concern basis to be published by the end of April 2016. It is not yet possible to state whether the auditor will have completed the audit by that time and will be able to issue the prepared separate and consolidated financial statements with an auditor's report. For this to be the case, it must be possible to demonstrate to the auditor that the requirements for application of the going concern assumption are met. In particular, this requires the agreement of a restructuring plan with the financing banks. The company remains in ongoing negotiations with the banks in this matter. Marenave Schiffahrts AG Marenave Schiffahrts AG is the first publicly traded German shipping company organized as a joint-stock corporation under German law (AG, Aktiengesellschaft). It was developed so institutional and retail investors could obtain long-term exposure to the shipping market and diversify their portfolios further. Marenave Schiffahrts AG manages a fleet that currently comprises a total of thirteen vessels operating in all major segments of the shipping industry: six Panamax and Handymax product/chemical tankers, two 1,200 TEU container vessels, one car carrier and four Supramax bulkers. For more information about Marenave Schiffahrts AG, please visit www.marenave.com. The shares of Marenave Schiffahrts AG are presently traded on the regulated market of the Hamburg Stock Exchange. German securities ID number (WKN): A0H1GY International Securities Identification Number (ISIN): DE000A0H1GY2 Exchange mnemonic: M5S If you have any questions, please contact: Marenave Schiffahrts AG Mr. Bernd Raddatz Telephone: +49-(0)40-284 193 270 Telefax: +49-(0)40-284 193 297 E-mail: [email protected] www.marenave.com --------------------------------------------------------------------------- 23.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. 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 News DGAP News Service --------------------------------------------------------------------------- 448099 23.03.2016