Na kraju, krajeva, to je i sam “il presidente” izjavio u jednom od rijetkih intervju-a lani…

Low-profile Atlantska explains sales as part of its restructuring

Croatian owner says disposals to Navios are small price to pay for lender lifeline reaching into 2018

June 14th, 2017 18:59 GMT
The worst dry cargo slump in 30 years has spared few owners in the past several years, whether they were public company behemoths such as New York-listed Scorpio Bulkers or smaller, low-profile types like Croatian operator Atlantska Plovidba.

Such owners faced clear choices: take quick action to get ahead of the problem through some sort of financial restructuring with lenders or face the prospect that their company may no longer be around to see an eventual market rebound.

This was the sort of behind-the-scenes process that led to recent vessel sales by the 62-year-old Zagreb-listed Atlanska, as reported by TradeWinds last month.

Company president Pero Kulas sought out T********* this week to break the company’s silence on those sales, and to explain how a successful restructuring had placed his outfit in a good position to profit from a budding recovery.

Kulas was joined by Evan Cohen, the former DVB banker who launched a restructuring practice — DC Maritime — in 2016 and assisted Atlantska with its recent negotiations.

“Like all the other dry bulk owners, we experienced a tough market the last few years,” Kulas said.

“Really, it’s been going on for a while. Even in the period of 2008 or 2009, it was starting to turn very negative.

“I would say that even though we needed to pass through a restructuring, we never experienced cash flow problems like some others in the market. I attribute that to a conservative strategy fixing our vessels and a long-standing relationship with our partners.”

Still it was clear by late 2015 that Atlantska needed to take steps, he said. The company began on its own by cutting general and administrative costs but, going through 2016, it became apparent it needed to do more.

Atlantska retained DC Maritime in late 2016 and engaged in talks with its core banking group of DVB, DNB and Credit Agricole for covenant and amortisation relief, which should see the company into 2018, Kulas said.

It also renegotiated bareboat charters with long-time client Oldendorff Carriers of Germany, although Kulas did not want to discuss details.

However, banks rarely render such relief for free and this is what led to the requirement that Atlantska trim its fleet.

Kulas confirmed T*********’reports that his company sold its 75,500-dwt Imperial and 74,900-dwt Libertas (both built 2007) to Navios Maritime Partners in a $27m transaction.

The vessels were built at South Korean shipyard STX Offshore & Shipbuilding and reportedly were financed by DVB.

Atlantska also is in the process of selling a third bulker that had been financed by French bank Calyon.

The 57,000-dwt AP Ston (built 2012) is on the market and can be inspected in Mumbai, India.

The vessel is one of three sisterships ­ordered at STX Offshore & Shipbuilding, probably for $35m each, and is now probably worth $17.5m to $18m, TradeWinds has reported.

“The banks have been very supportive to us,” Kulas said “But of course the process is a give and take, and in order to get their help we had to give something. I think we have sold at the right point in time.”

Ovo je već barem po drugi put recikliranje istog članka.

To što nije (još) prodan Ston, vjerojatno znači da se dugovi vraćaju i iz redovnog poslovanja, bolje od očekivanja. Možda na kraju Ston ostane u floti. Moja pretpostavka.

Dugovi u prošloj godini su značajno smanjeni, a budući da smo u fazi poboljšanja fundamenata u sektoru prijevoza rasutih tereta, za očekivati je veće prihode, dobit, a time i poboljšanje sposobnosti vraćanja dugova iz redovnog poslovanja u ovoj.

Pa očito će trebati još dosta puta jer se ovdje piše o tome kako je kompanija “na konju”, a u stvarnosti kreditori upravljaju njome. Otuda je kuriozitet još veći da cijena kompaniji kojoj upravljaju kreditori raste i otvara još više sumnji u održivost i manipulaciju tim rastom.

Da se razumijemo, NAV ne prelazi vrijednost od 250 kuna po dionici (a vjerojatno se kreće na razini tek nešto većoj od 200 kuna). Po tome je ATPL jedna od najprecijenjenijih dionica na svijetu u tom sektoru.

Dugovi su smanjeni, al pod koju cijenu, kroz rasprodaju produktivne imovine i to sad kad je kao navodno krenuo oporavak vozarina??? Otuda je jasno da su prisiljeni rasprodavati.

Strpimo se dva mjeseca, pa ćemo iz godišnjeg FI vidjeti tko je bliži realnosti i u kojem smjeru ide poslovanje.

Pogledaj u FI za 3. kvartal ukupan iznos smanjenja dugova u ovoj godini, povećanje gotovine na računu te dobiven iznos za dva panamaxa, pa izračunaj koliko su smanjeni dugovi i iz redovnog poslovanja, a koliko prodajom brodova.

Ajde, stavi to u konkretne brojeve pa ćemo vidjeti koliko je smanjena imovina, koliko kapital, a koliko dug?

I da li je uopće došlo do relativnog poboljšanja?

Ovako napamet jasno je jedno: prislijeni su prodavati jer su ucijenjeni od strane kreditora zbog lošeg omjera imovine i dugova odnosno dugova i vlastitog kapitala, zato i idu na dokap. I umjesto da cijena pada ili stagnira, oni je uz pomoć pojedinaca, vjerojatno u dogovoru, pumpaju. Valjda da bi što skuplje razvodnili vlastite dionice jer nemaju očito je para da preuzmu firmu…. a i tko bi je normalan, ovakvu uopće i htio preuzeti.

Koliko ja vidim ukupne ibveze po krefitima kraj 2015 1.286.539, kraj 2016. 1.191.780, a kraj Q3/17 827.382.
Iz toga meni proizlazi dmanjenje obveza za cca 36% uz povećanje prihoda cca 30% EBITDA od 99 mil kn i neto dobit od 43 mil kn. Zaista nevjerovatni pidatci
😀👍✌👌👏🤞💥

Prema FI u 2017. bilo je planirano otplatiti 283,7 milijuna kn kredita, a zaključno s 3. kvartalom dug prema kreditorima je smanjen za 364 milijuna. Dakle značajan prebačaj norme u 2017.
Za pretpostaviti je da je i u 4. kvartalu dug dodatno smanjen. Po meni još za cca 50 milijuna.

Da, da…. ove i 2019. godine ostaje im još “samo” za vratiti 815.898 tisuća kuna odnosno 816 milijuna kuna.

Bilješka 20. Izvješće za 2016. Godinu

priko 100 milja eura duga za vratit u dvi godine?
biće rasprodaje brodova ka na peškariji starih riba.
znači dokap ide samo za dugove.
jeli to znači 1+1gratis
jedan dokap ove godine + jedan druge gratis?
hip hip hura

Vidim da se po tvojoj računici treba još jednom vratiti dio već vraćenih kredita.

Trenutno iz raspoloživih FI za pretpostaviti je da su dugovi koji dospijevaju u 2018. i 2019. smanjeni u 2017. za 80 milijuna. Ako se u 4. kvartalu otplatilo još cca 50 milijuna, dolazi se na 130 milijuna otplate preko plana. Umanjite za toliko otplatni plan za 2018. i dobiva se preostali iznos od 320 milijuna, što ne bi trebalo biti problem otplatiti iz redovnog poslovanja!