Cyprus Mail

Louis posts €111.3m loss citing loan restructuring deal

Louis Cristal

Louis Plc said that it posted a loss of €111.3m in the financial year that ended in Decmeber 2015, mainly on €106m in provisions booked following a restructuring agreement struck with its banks.

The hotel and cruise-ship operator, which was commenting on Friday in a statement on the website of the Cyprus Stock Exchange, said that the preliminary figure, a €5.2m after-tax loss announced in February, could be changed depending on the ongoing loan restructuring negotiations with its creditors.

With the inclusion of its subsidiary Celestyal Cruises Ltd in its operational earnings, which were left behind as the unit ceased this year to be considered a subsidiary in line with international accounting standards, Louis’s 2015 earnings would be €13.6m in 2015, compared with €6.6m in 2014, the company said.

In a separate statement, Louis said that a shareholders’ general meeting on Friday decided to reduce the company’s issued capital from €75.4m, divided into 147,895,554 ordinary shares with a value of €0.51, to €29.6m divided into the same number of shares with a nominal value of €0.20. The move reflects equity writedowns of €45.8m, amounting to €0.31 per share.

The shareholders also decided to reduce the nominal capital from €178,5m, divided into 350,000,000 ordinary shares with a nominal value of €0.51 each, to €70m divided into an unchanged number of shares with a nominal value of €0.20 each, Louis said.

The company has a total of €409.3m in total liabilities, which include €156m in bank loans booked as long-term liabilities, plus additional bank loans of €78m and overdraft of €28m booked as current liabilities, against total assets worth €579.6m, according to the company’s balance sheet. Total assets worth €278.6m, which include mainly ships, facilities, other equipment, stock and other claims, are up for sale.

On Monday, the Cyprus Securities and Exchange Commission suspended the trading of the company’s share at the Cyprus Stock Exchange, citing the company’s failure to announce its final 2015 earnings as well as its mid-2016 earnings. CySEC also ordered that the suspension remains in place until March 2017, giving the company a deadline to comply.

Related Posts

Lack of expertise impacts review of tenders

Elias Hazou

Transport ministry has budget of over €400m next year

Nikolaos Prakas

Part of Karpasia to be turned into Turkish Naval Base

Nikolaos Prakas

Christodoulides keeps mum over secret deal with Diko

Elias Hazou

A concert in total darkness

Eleni Philippou

Digitisation and green: budget for schools

Andria Kades