Marenave Schiffahrts AG / Key word(s): Miscellaneous/AGM/EGM 11.01.2016 20:25 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. --------------------------------------------------------------------------- The management board of Marenave Schiffahrts AG ("Marenave" or the "Company") hereby announces that based on the current status of the preparation of the consolidated financial statement under IFRS for the fiscal year ending 31 December 2015 it has to be assumed after due assessment of the circumstances that, due to the continuous significant decrease of the market value of parts of the fleet operated by Marenave, in particular of the four vessels operated in the bulker-segment, a loss of more than half of the Company's nominal share capital has occurred (section 92 para 1 of the German Stock Corporation Act - AktG). From today's perspective, the management board expects - further to the impairments that have already been accounted for the third quarter of 2015 - additional extraordinary impairments or use of the revaluation reserve, respectively, in the total amount of approx. USD 12.5 million (IFRS). Due to the very early stage of the preparation of the Company's financial statements the final amount of the consolidated result as well as of the consolidated equity cannot yet be conclusively determined; from today's perspective, however, a negative consolidated equity in the range between EUR 5 to EUR 10 million (IFRS) as of 31 December 2015 appears likely. In this context, it is to be expected that the individual financial statement (HGB) of the Company will also show a negative equity value as of 31 December 2015, although no precise quantitative statement can yet be made also in this regard due to the very early stage of the preparation of the Company's financial statements. A restructuring opinion (Sanierungsgutachten) in accordance with the requirements of IDW-S6 is currently being prepared in coordination and cooperation with all financing banks of the Marenave group. Moreover, the Company is in final talks with the bank consortium financing Marenave's eight product tanker and container shipping companies to extend the repayment structure agreed in the restructuring agreement (Sanierungsvereinbarung) dated 24 April 2013 and its amendments until 30 June 2016. The finalisation of the restructuring opinion is likely to be possible only in temporal connection with the approval of the individual and the consolidated financial statement of the company due to the existing interdependencies between the financial statements and the restructuring opinion. Against the background of the duty to convene a general meeting to give notice of the loss pursuant to section 92 of the German Stock Corporation Act (AktG) and the interest of the shareholders to be comprehensively informed at this general shareholders' meeting, the management board will endeavour to accelerate the process of the preparation of the restructuring opinion as well as of the individual and the consolidated financial statement of the Company. The notice of the loss to the general meeting will likely be given at the upcoming ordinary general meeting for cost and especially expediency reasons. In such case, the management board will endeavour to hold the general meeting as soon as possible and prior to the date announced in the Company's financial calendar. 11.01.2016 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: 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 ---------------------------------------------------------------------------