Onorato Armatori 7,75% 2016-23 (XS1361301457)

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Revenue
Our revenues for the nine-month period ended September 30, 2019 increased by €22,463 thousand, or 4.7%, to
€501,306 thousand from €478,843 thousand for the nine-month period ended September 30, 2018.
The increase in our revenues for the nine-month period ended September 30, 2019 is mainly due to the increase
in the revenues from the Ferries business unit, which increased by €11,469 thousand, or 2.5%, to €463,849
thousand from €452,380 thousand for the nine-month period ended September 30, 2018 and from Port
Operations which increased by €10,739 thousand, more than 100%, to €21,044 thousand from €10,305 thousand
for the nine-month period ended September 30, 2018. The increase in the port operation segment is mostly due
to the revenues generated by Porto di Livorno 2000, which is included in consolidated Group’s results since
May 2, 2019 and has contributed for five months to the Q3 2019 figures. The revenues from the Tugboats
business unit and the other revenues did not show significant changes for the same period. The increase in our
Ferries business unit revenues for the nine-month period ended September 30, 2019 was mainly due to: i) an
increase in revenue from freight transport by €14,459 thousand, or 13.1%, to €124,430 from €109,971 thousand
for the nine-month period ended September 30, 2018; and ii) an increase in revenue from chartering of €6,862
thousand, more than 100%, partially offset by iii) a decrease in income from passenger and vehicle transport for
€10,953 thousand.

Other information
The Group is continuing to review its operations and is in discussions with its lenders under the Senior Facilities
Agreement and announced on 18 October 2019 that it would hold a roundtable discussion with holders of the
Senior Secured Notes. To assist the Group with its financial review, the Group has hired
PricewaterhouseCoopers as its financial adviser. In light of the ongoing discussions and internal reviews, the
Group will not hold a Q3 update call with investors.
 
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