The end of "Crnogorska plovidba", loss of 40 million, assets of 18 thousand

After the sale of both ships, Crnogorska plovidat had three million euros left in its account, while it owed the government 33,8 million euros. The company's accumulated loss is 40,7 million euros, and the value of its remaining assets is 18.311 euros.

This is stated in the financial reports of Crnogorska plovidba published on the Montenegro Stock Exchange website, signed by the company's executive director. Vladimir Tadic.

The company has had virtually no activity since September, and still has an executive director, seven employees and five members of the board of directors, who continue to receive salaries and benefits. Not even from the Ministry of Maritime Affairs, which is headed by Filip Radulovic, Even the Prime Minister's Office has not officially announced what they will do with this propertyless loser.

In the case of this company, the state lost its founding stake of 10,6 million euros, as well as the largest part of the loans to Crnogorska plovidba of 33,8 million euros, because theoretically, the maximum amount that can be collected from this debt from the end of last year is three million.

The company is 100% state-owned and had a loan repaid to the Chinese Exim Bank for the purchase of both ships, but the installments for that loan were most often paid by the Government as guarantor, which is why Crnogorska plovidba owes it 33,8 million euros.

In September last year, after the government's approval, the company sold both of its ships, "Kotor" and "21. maj", to the Danish company "K/S Navision Group" for $13,2 million, which at that time was around 11,3 million euros.

According to the income statement, the company had operating income of 6,5 million euros, other income including the sale of assets of 10,9 million euros, while operating expenses were 13,8 million euros, salary costs 268 thousand, and “other expenses” 31,6 million euros. Thus, the total operating result was negative by 28,2 million euros, or after tax, it was 26 million with accumulated losses from previous years of 14,7 million euros, the company ended last year with an undistributed loss of 40,7 million euros.

It is not explained what the other expenses of 31,6 million are, considering that the previous year they were 78 thousand. From the document published with the balance sheet, called the “final sheet”, it can be seen that the ships were valued at 43,98 million euros at the beginning of the year, or four times the amount for which they were sold. The document states that there was an adjustment to the value of the ships for 13,5 million euros. So it is possible that the other expenses relate to the decrease in the value of total assets, or the difference between the accounting and sales prices.

According to the balance sheet, the remaining assets are now worth 18.311 euros, of which 6.614 euros relate to licenses and intangible assets and 11.697 to plant and equipment. These plants and equipment were worth 32,7 million euros at the end of 2024. The company's total capital is negative and amounts to minus 30,07 million euros.

The company's total working capital is estimated at 3,8 million euros, of which three million relate to cash, 129 thousand to advances given, receivables from customers of 481 thousand euros, and 158 thousand for receivables based on the refund of overpaid VAT.

In addition to the debt to the state, "Crnogorska" owed 53,8 thousand, 636 euros in taxes to suppliers at the end of the year and had a provision of 14,8 thousand for compensation and other benefits for employees.

Since the beginning of last year, the ship "Kotor" has had several breakdowns. Due to these malfunctions, as well as debts, it was detained in ports. In April last year, the company's account was blocked due to a debt of 372 thousand euros to Prva Banka. There were also debts to employees.

However, throughout the crisis, the Ministry of Maritime Affairs announced that they could not help the company, while for procedural reasons they lost the bid of the Turkish company “EOS Group”, which was three million better. The Association of Sea Captains claimed that the Minister of Maritime Affairs and the State Secretaries had been trying for a long time to portray “Crnogorska plovidba” and the ships in the worst possible light, which allowed them to sell the ships as quickly as possible and below market price.

About 700 thousand disappeared before the money was deposited into the account

According to the Government's decision, the ships of "Crnogorska" were sold for 13,2 million dollars, which at that time was about 11,3 million euros.

However, the company's cash flow reports stated that they had income of 10,6 million euros from the sale of the property.

The difference of around 700 thousand euros was not explained, or whether the difference was taken by some intermediaries or the price was reduced for the necessary ship repairs, as "Vijesti" announced in December last year, but denied by the company's management.

As far as is known, the state's legal representative in the ship sale deal was "VRD Legal", which was previously announced to receive 135 thousand euros for the deal.