Barska plovidba made a profit of 152 thousand euros in nine months of this year, which is a significantly worse result than last year in the same period when the profit was 770 thousand. The Port of Bar had a profit of 896 thousand euros, four times higher compared to last year’s nine months, while Marina Bar had a profit of 475 thousand euros, which is a hundred thousand better result.
This was stated in the reports of Montenegrin state maritime companies published on the website of the Montenegro Stock Exchange, while the report on the operations of Crnogorska plovidba from Kotor has not yet been published.
The government plans to merge the two state shipping companies Barska, in which it owns 53 percent of the shares, and Crnogorska, in which the entire capital is in the hands of the state, into one company through the classic form of merger, or to introduce Crnogorska into bankruptcy and then annex its ships to Barska through some form of recapitalization.
The Ministry of Maritime Affairs, headed by him Filip Radulović commissioned an economic-financial study of the situation in shipping companies. Radulović said in mid-August that he “expects the analysis of the Faculty of Economics to be finished in the next four to six weeks”, and that “after the analysis, he will consider all the options offered and then he will inform the companies and the public, what he will do and what concrete steps he will take undertaking”. Two and a half months have passed since then.
The Law on Business Companies prevents mergers or mergers of companies in the event that one of them has a negative capital, and now both the Montenegrin and Bar companies have a negative value, that is, their accumulated losses from previous years are greater than its capital.
According to the nine-month report for Barska plovidba, it was worth minus one and a half million euros at the end of September, due to the fact that the accumulated loss amounts to 12.7 million euros. The situation is a little better than in the same report for this period last year, because then its value was minus 3.3 million and the accumulated loss was 14.1 million euros.
Crnogorska plovidba has no published reports from this year on the stock exchange website, and at the end of last year its capital had a negative value of 3.2 million euros, due to the accumulated loss from the previous period of 13.9 million euros.
Both companies could not repay the loans for the purchase of ships this year, the Government as a guarantor paid the Chinese Exim Bank 4.9 million dollars for Crnogorska plovidba, while Barska helped to repay the loan with 1.82 million.
Barska plovidba now owes the state six million euros for paid installments, and Montenegro even 34 million euros.
A “Vijesti” source from the management of Crnogorska plovidba said in August that Maritime Minister Radulović told them at a meeting that in his opinion, the situation in that company was “catastrophic” and that it should go into bankruptcy.
Radulović subsequently denied this, while his cabinet announced that only after the preparation of an economic and financial study of the situation in shipping companies, the state will be able to decide what and how to proceed with Crnogorski plovidba, which is 100 percent state-owned, that is, with Barska shipping, where the state shares ownership of the company with numerous private minority shareholders.
A theoretical merger of the companies into a new company or one merging with the other would be possible in the next year if both of them made a profit this year that is greater than the current accumulated loss. Also, decisions on the merger would have to be made by a two-thirds majority of the assemblies of shareholders of both companies.
In the Montenegrin company, the Government plays the role of the Shareholders’ Assembly, given that it is the sole owner, while at the Assembly of Barska plovidba, another 13 percent of small shareholders should vote for such a decision or buy at least as many shares from them on the stock market. Small shareholders of Barska plovidba have a total of about 46 percent of shares. The problem is that part of the small shareholders may vote against it, and if the merger decision is adopted, they have the right to declare themselves dissenting shareholders and ask the company to buy back their shares at market prices, either voluntarily or by forced payment. The company would not have the money for that, and according to current prices on the stock market, the entire share of the small shareholders is worth 3.2 million euros.
For this nine-month period, Barska plovidba had total revenues of 5.5 million euros, and they are also lower than for the same period last year, when they were higher by about 18 percent, that is, they amounted to 6.8 million.
Business expenses amounted to 3.31 million euros, that is, they were about 28 thousand euros less than last year, while expenses for gross wages and other personal incomes were worth 1.8 million euros.
In this period, the company had income based on interest and exchange rate differences of 1.08 million, as well as expenses on the same basis of 1.3 million. Thus, the total result from operations less financial expenses amounted to 152 thousand euros.
The Port of Bar improved its operations and is waiting for compensation for the damage, the Marina increased its profit
For these nine months, the Port of Bar had total revenues of 12.2 million euros, which is about one million more than in the same period last year.
Business expenses were 4.9 million, one million less, while salary expenses were 5.6 million, one million more.
The business result was 1.3 million euros, about 700 thousand better than last year, while financial expenses amounted to 433 thousand (about 53 thousand more). So the total result was a profit of 896 thousand euros, compared to last year’s profit of 237 thousand euros.
The unallocated loss of the company from previous years, at the end of September, amounted to 12 million euros, which is 2 million less than last year in the same period.
In a storm at the beginning of July, the port of Bar suffered major damage to the port infrastructure and equipment, which was estimated at 35 million euros. The company sent a request to the state for compensation and assistance.
Marina Bar had revenues of 1.3 million euros for this period, which is about 250 thousand better than last year in the same period.
Operating costs were 283 thousand, about 60 thousand higher, and salary costs were 601 thousand (about 90 thousand higher).
So the total profit at the end of September was 475 thousand, while last year for this period it was 372 thousand euros.
At the end of this period, Marina Bar had a total undistributed profit of 3.8 million euros.
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Source: www.vijesti.me
