SEANERGY MARITIME HOLDINGS CORP. | |||
(Registrant) | |||
/s/ Christina Anagnostara | |||
By: | Christina Anagnostara | ||
Chief Financial Officer |
Page
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Unaudited Pro Forma Condensed Consolidated Statement of Income of Seanergy Maritime Holdings Corp. and subsidiaries for the period Ended December 31, 2010
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2
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Unaudited Conversion of MCS Consolidated Statement of Income from IFRS to U.S. GAAP for the period from January 1, 2010 to May 20, 2010
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4
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Seanergy Maritime Holdings Corp. and subsidiaries
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Unaudited Pro Forma Consolidated Statement of Income
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For the period ended December 31, 2010
(In thousands of US Dollars, except for share and per share data, unless otherwise stated)
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Seanergy 2010 including MCS for the period from May 21, 2010 to December 31, 2010(G1)
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MCS for the period from January 1, 2010 to May 20, 2010(G2)
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Disposals of 8 vessels
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Proforma including
fair value adjustments
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Consolidated Proforma Balances 2010
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Debit
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Credit
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Debit
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Credit
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Revenues:
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Vessel revenue-related party | 44,175 | 44,175 | ||||||||||||||||||||||||||||||||||||||||||||
Vessel revenue, non-related party
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54,777 | 26,692 | 5,571 | (G7 | ) | 75,898 | ||||||||||||||||||||||||||||||||||||||||
Commissions - related party
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(1,546 | ) | (1,546 | ) | ||||||||||||||||||||||||||||||||||||||||||
Commissions , non-related party
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(1,550 | ) | (844 | ) | 147 | (G7 | ) | (2,247 | ) | |||||||||||||||||||||||||||||||||||||
Vessel revenue, net
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95,856 | 25,848 | 5,571 | 147 | 0 | 0 | 116,280 | |||||||||||||||||||||||||||||||||||||||
Expenses:
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Direct voyage expenses
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(2,399 | ) | (50 | ) | (2,449 | ) | ||||||||||||||||||||||||||||||||||||||||
Vessel operating expenses
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(30,667 | ) | (4,657 | ) | 2,008 | (G7 | ) | (33,316 | ) | |||||||||||||||||||||||||||||||||||||
Voyage expenses - related party
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(434 | ) | (434 | ) | ||||||||||||||||||||||||||||||||||||||||||
Management fees
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(316 | ) | (360 | ) | (676 | ) | ||||||||||||||||||||||||||||||||||||||||
Management fees - related party
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(2,328 | ) | (2,328 | ) | ||||||||||||||||||||||||||||||||||||||||||
General and administration expenses
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(7,606 | ) | (1,415 | ) | 73 | (G7 | ) | (8,948 | ) | |||||||||||||||||||||||||||||||||||||
General and administration expenses -related party
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(697 | ) | (697 | ) | ||||||||||||||||||||||||||||||||||||||||||
Depreciation
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(29,328 | ) | (5,409 | ) | 2,510 | (G7 | ) | 253 | (G3 | ) | (32,480 | ) | ||||||||||||||||||||||||||||||||||
Amortization of deferred drydocking costs
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(3,657 | ) | (475 | ) | 158 | (G7 | ) | 317 | (G5 | ) | (3,657 | ) | ||||||||||||||||||||||||||||||||||
Operating Income/(Loss)
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18,424 | 13,482 | 5,571 | 4,896 | 253 | 317 | 31,295 | |||||||||||||||||||||||||||||||||||||||
Other expenses:
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Interest and finance costs
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(12,931 | ) | (2,437 | ) | 511 | (G7 | ) | 861 | (G8 | ) | 124 | (G4 | ) | (15,594 | ) | |||||||||||||||||||||||||||||||
Interest income
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358 | 3 | 361 | |||||||||||||||||||||||||||||||||||||||||||
Loss on interest rate swaps
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(4,164 | ) | (1,222 | ) | (5,386 | ) | ||||||||||||||||||||||||||||||||||||||||
Income Tax
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(60 | ) | (60 | ) | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange gains (losses), net
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14 | (13 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||||
Net Income/(Loss)
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1,641 | 9,813 | 5,571 | 5,407 | 1,114 | 441 | 10,617 | |||||||||||||||||||||||||||||||||||||||
Less: Net Loss Attributtable to the non-controlling interest
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(1,509 | ) | 1,509 | (G6 | ) | - | ||||||||||||||||||||||||||||||||||||||||
Net Income/(Loss) attributable to Seanergy
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132 | 9,813 | 5,571 | 5,407 | 1,114 | 1,950 | 10,617 |
Net Income per
common share
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Basic | $ 0.00 | $ | 0.10 | ||||||||||||||||||||||||
Diluted | $ 0.00 | $ | 0.10 | ||||||||||||||||||||||||
Weighted average
common shares
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Basic | 87,916,947 | 107,048,062 | |||||||||||||||||||||||||
Diluted | 87,916,947 | 107,048,062 |
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(G1):
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Derived from the consolidated statement of income of Seanergy and subsidiaries for the period ended December 31, 2010.
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(G2):
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Derived from the MCS conversion from IFRS to US GAAP of the unaudited consolidated statement of operations for the period from January 1, 2010 to May 20, 2010.
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(G3):
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To adjust MCS depreciation expense based on the acquired value of the vessels as of the date of acquisition.
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(G4):
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To eliminate amortization of deferred financing costs due to purchase price adjustments.
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(G5):
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To eliminate amortization of dry-docking costs due to fair value adjustments.
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(G6):
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To eliminate 100% of non-controlling interest in BET.
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(G7):
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Reflects the operations of the eight disposed vessels during 2010 and prior to the acquisition.
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(G8):
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To adjust interest and finance costs for MCS, as if the increased margins on acquired loans were effective from January 1, 2010.
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Basic:
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December 31, 2010
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Net income
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$
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10,617
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Weighted average of common shares outstanding — basic
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107,048,062
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Net income per common share-basic
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$
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0.10
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Diluted:
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Net income
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$
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10,617
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Weighted average common shares outstanding
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107,048,062
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Effect of dilutive common stock equivalents
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–
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Ppro forma weighted average number of common shares outstanding — diluted
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107,048,062
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Net income per common share-diluted
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$
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0.10
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Underwriters purchase options - common shares
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1,000,000
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Underwriters purchase options - warrants
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1,000,000
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Private warrants
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17,155,584
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Public warrants
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22,968,000
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Total
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42,123,584
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Maritime Capital Shipping Limited
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Unaudited Consolidated Statement of Income
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Conversion From IFRS to US GAAP
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For the period January 1, 2010 to May 20, 2010
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As Reported Under
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Adjustments to Convert IFRS
to US GAAP |
As Presented Under
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IFRS
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Debit
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Credit
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US GAAP
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Revenues from vessels
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29,616
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2,924
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(B1)
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-
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26,692
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Commissions
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(650
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)
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194
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(B1)
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-
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(844
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)
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Vessel Revenue, net
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28,966
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3,118
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-
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25,848
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Direct voyage expenses
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60
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(B4)
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10
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(B1)
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(50
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)
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Vessel operating expenses
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(8,114
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)
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11
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(B2)
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2,924
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(B1)
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(4,657
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)
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10
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(B1)
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194
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(B1)
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-
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360
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(B1)
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Management fees
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-
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360
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(B1)
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-
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(360
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)
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Administrative expenses
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(1,528
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)
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-
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40
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(B3)
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(1,415
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)
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60
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(B4)
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13
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(B1)
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Depreciation of assets
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(5,409
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)
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-
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(5,409
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)
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Amortization of deferred drydocking costs
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(475
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)
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-
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-
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(475
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)
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Operating Income
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13,440
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13,482
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Finance costs
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(3,740
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)
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-
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1,222
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(B1)
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(2,437
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)
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-
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81
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(B1)
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Finance income
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3
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-
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-
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3
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Interest rate swap interest
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-
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1,222
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(B1)
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-
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(1,222
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)
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Other finance costs
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81
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81
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(B1)
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-
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-
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Foreign currency exchange losses
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-
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13
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(B1)
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(13
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)
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Net Income
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9,784
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4,875
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4,904
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9,813
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Income tax
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237
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237
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(B5)
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-
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-
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Net Income
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10,021
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5,112
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4,904
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9,813
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(B1)
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Reclassification to align with presentation of Seanergy's financial statements presentation.
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(B2)
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Represents additional operating expenses.
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(B3)
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To eliminate administrative expenses.
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(B4)
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To reclass administrative expenses.
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(B5)
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To eliminate tax expense related to eight vessels sold.
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