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Here you find the answers to frequently asked questions about the Marenave Schiffahrts AG.
1. Do I, as a shareholder of the stock corporation, profit from the German tonnage tax?* |
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The Tonnagesteuer that is assessed and
settled within the framework of the separate notional calculation of
taxable income of shipping companies. Yes, you do; at Marenave Schiffahrts AG, the result of the tonnage tax is no appreciable tax burden and, in turn, a higher net profit after taxes, so that the shareholders benefit indirectly from the tonnage tax. |
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2. How is the value of the shares determined? |
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| The value of the shares is determined by the price on the stock exchange. This is determined by supply and demand. | |
3. Will there be a dividend payment, and if so when? |
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| The decision about a possible dividend is made once a year by resolution of the General Shareholders’ Meeting. The decision is based on the audited individual financial statements of Marenave Schiffahrts AG. These financial statements are prepared in accordance with the German Commercial Code (HGB). | |
4. Has the company yet distributed any profits? |
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| Marenave Schiffahrts AG has only conducted operating activities since November of 2006. Thus it has not yet distributed any profits. The decision about the appropriation of annual net profits for the 2008 financial year and any dividend that may be possible will be made by the 2009 General Shareholders' Meeting. | |
5. Would it not be preferable to use the profits as a reserve? Or will half of the profits be appropriated to reserves and half used for a distribution? |
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| The decision whether any annual net profits will be appropriated to reserves and /or distributed to the shareholders is solely incumbent upon the General Shareholders’ meeting. | |
6. Does the tonnage tax also apply to profit distributions of Marenave AG? |
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| No, it does not. Distributions, if any, are subject to capital gains tax in the year 2008 and to the Definitive Flat Rate Withholding Tax (Abgeltungssteuer) starting in 2009 – in each case plus the applicable solidarity surcharge. | |
7. How should I understand the idea of a “structured and risk-diversified portfolio?” |
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| Marenave Schiffahrts AG is pursuing a strategy of investments in a portfolio that is diversified in terms of size and type classes as well as utilization so as to be able to take optimal advantage of the opportunities and risks offered by diversification. The intent is to generate sustained earnings from the chartering out of vessels as well as from the buying and selling of the same. | |
8. What is the difference between HGB and IFRS? |
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| Almost all listed companies throughout the world prepare their account in accordance with the set of regulations known as IFRS. These international financial reporting standards are designed to facilitate a comparison of annual financial statements by companies that maintain their registered offices in different countries. HGB, the German Commercial Code [Handelsgesetzbuch], includes the German accounting regulations among other provisions with which all German companies must comply in preparing their accounts. Decisions about any dividends may only be made on the basis of audited financial statements prepared in accordance with HGB. | |
9. What is the impact of the USD exchange rate on Marenave? |
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| Revenues and major portions of the expenditures of Marenave Schiffahrts AG are denominated in USD. Since distributions of a company domiciled in Germany may only be made in EUR, a weak USD has a negative effect, while a strong USD has a positive effect on the results of the company. | |
10. What is the definition of a time charter/ pool/ voyage charter? |
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| Please refer to the Glossary | |
In our glossary you get a list of terms and definitions regarding the Marenave Schiffahrts AG.
| For further information please contact Bernd Raddatz: |
| +49 (0) 40 284 193 - 270 or: braddatz@marenave.com |