KAWASAKI KISEN KAISHA, LTD. July 26, 2017
Notice of transferring subsidiary company
Kawasaki Kisen Kaisha, Ltd. ("K" Line) announces today that it was approved by its board of directors that SAL Heavy lift GmbH (SAL), its subsidiary company, enters into agreement to transfer its share to SALTO Holding GmbH & Co. KG. (SALTO)
Outline of the company to be transferred
（1） Company Name | SAL Heavy Lift GmbH | ||
（2） Head Office | Brooktorkai 20, 20457 Hamburg, Germany | ||
（3） Representative | Executive Chairman Yutaka Nakagawa | ||
（4） Main Business | Owning of Heavylifter Vessels and Transport of Heavy Cargoes | ||
（5） Capital | Eur 155,458,544.00 | ||
（6） Date Established | May 9, 1980 | ||
（7） Main Shareholder and Share Ownership Ratio | "K" Line Heavy Lift (Germany) GmbH 100% (Listed company's 100% owning subsidiary) | ||
（8） Relationship with Subsidiary | Capital | Whole voting rights are held by the listed company's 100% owning subsidiary | |
Personnel | one executive officer and two employee are engaged. | ||
Business Transactions | some investment capital to aquire ship assets are lent | ||
（9） Subsidiary's consolidated business performance nad and consolidated financial status for the three most recent years (Unit : Eur 1,000) | |||
Reporting period for Year Ended | March 2015 | March 2016 | March 2017 |
Net Assets | 97,201.17 | 72,333.31 | △ 25,127.79 |
Total Assets | 358,296.14 | 315,350.89 | 196,872.26 |
Net Assets per Share (Eur) | 0.63 | 0.47 | △ 0.16 |
Sales | 201,594.23 | 151,617.72 | 133,626.67 |
Operating Profit | 6,367.97 | △ 17,846.98 | △ 17,303.30 |
Ordinary Profit | 4,508.49 | △ 23,079.41 | △ 17,356.96 |
Net Income | 14,272.43 | △ 24,867.86 | △ 97,461.10 |
Net Income per Share (Eur) | 0.09 | △ 0.16 | △ 0.63 |
Dividend per Share (Eur) | - | - | - |
for reference： as of 31 March 2017 Euro 1＝Yen 119.79
Background
"K" Line entered into agreement to take 50% shares of SAL in 2007 in order to diversify its business. In 2011, "K" Line took all the rest of the shares and SAL has become 100% subsidiary company ever since then. However SAL has long struggled after financial crisis in 2008 and profitability of owning asset has been depressed, heavily affected by low-price in energy markets. "K" Line reviewed its business portfolio in "Mid-term management
plan" in 2016 and has studied over the last fiscal year on how a sweeping reform of the company could be made. Upon giving careful considerations to the situation, it was decided that the best solution should be to transfer the business to SALTO.
Outline of the transferee
（1） Company name | SALTO Holding GmbH & Co.KG | ||
（2） Head Office | Hermann-Hollerith-Strasse 10, 28355 Bremen | ||
（3） Representative | Dr.Martin Harren | ||
（4） Main Business | Acquisition and managing of investments in shipping business | ||
（5） Capital | Eur 10,000 | ||
（6） Date established | 7th March 2017 | ||
（7） Consolidated NET capital | Eur 10,000 | ||
（8） Consolidated total asset | Eur 10,000 | ||
（9） Main Shareholder and Share Ownership Ratio | Dr.Martin Harren (50.1%), | ||
Peter Harren (49.9%) | |||
（10 Relationship with Subsidiary | Capital | None | |
Personell | None | ||
Business | None | ||
It is NOT estimated that financial loss will be recorded in this fiscal year by this transaction.
Note: The forecasts of financial results set forth in this document were calculated based on available information at the time of announcement. Actual results may differ from the forecast because of various factors such as future developments in the business environment.
"K" Line's website URL http://www.kline.co.jp/en
For further information, please contact: Kazumasa Mori (Mr.) or Mikio Aso (Mr.)
General Manager or Assistant General Manager, Business Promotion Group Tel: +81-3-3595-6049 or 5583 Fax: +81-3-3595-5175
Kiyoshi Tokonami (Mr.)
General Manager, IR & PR Group
Tel: +81-3-3595-5189 Fax: +81-3-3595-5001
Kawasaki Kisen Kaisha, Ltd. ("K" Line)
K Line - Kawasaki Kisen Kaisha Ltd. published this content on 26 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 July 2017 23:45:04 UTC.
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