The parent of UK ship manager V.Group has revealed a bigger loss for 2023 as finance expenses increased and the managed fleet declined.
Accounts filed to Companies House by holding company AI Mistral TopCo show a net loss last year of $50.3m, up from $30.7m in 2022.
Ebitda was higher at $96.2m from $90.6m, however, while revenue rose to $682m from $658m, following the acquisitions of ShipMoney and Belships Singapore.
AI Mistral said 2023 had been a strong year with results on an upward trajectory.
The group experienced “top-line growth” despite vessels leaving for the shadow fleet, it added.
Ships with managed crew increased, but the number of vessels under full technical management fell to 537 from 569.
The group said management took decisions to part company with customers “where V.Group would not align on lower vessel standards”.
The accounts cover the period when the group was still owned by private equity company Advent International.
In June, V.Group was bought by a group comprising private equity player Star Capital, Antwerp-based investor Ackermans & van Haaren and others.
The plan is that the deal will cut debt, which had risen to $629.6m as of 31 December, from $610m at the end of 2022.
V.Group took on large debt in a 2017 refinancing after Advent bought it, with term loans totalling $687.5m due in 2025.
Money drawn down
Bank interest rose to $60m in 2023, from $42m.
The company drew down $22m on the revolver facility that financed the ShipMoney and Belships deals.
The accounts reveal it paid $31m for a 51% stake in the digital payment company, while acquiring Oslo-listed bulker owner Belships’ in-house management operation for $13.6m.
In separate results filed to Companies House, the group’s management services company and pension holder V.Ships posted an operating loss of £358,000 ($479,000), from profit of £27,000 in 2022.
The net loss was £263,000, down from a £57,000 profit the year before.
The accounts said the group must repay $46.6m in loans by 30 June 2025.
Existing borrowings will be repaid from equity investments and a new loan from a single lender, they added.
V.Group told TradeWinds the accounts reflect the “consolidated statutory account and IFRS accounting standards of the ultimate holding of V.”
“The standards and accounts include, amongst other things, the statutory valuation of balance sheets, owners’ and non-operating expenses, debt servicing expenses and other items which are not reflective of V.’s operational performance,” it explained.
“Furthermore, the reported acquisition values of ShipMoney and Belships Singapore also represent the statutory IFRS accounting standard valuations, not actual purchase prices,” the company said.
“As reported, we are very excited by our revenue and operating Ebitda growth during 2023. Following our recent change in ownership structure, V.’s overall financial position, including corporate financing, has significantly strengthened, supporting further growth,” it added.
