MV Werften Wismar GmbH

MV Werften Wismar GmbH, based in Wismar, is part of the MV Werften Group and belongs to the Genting Hong Kong group; the management and the majority of employees for project planning, engineering, procurement and finance are located in Wismar. The company operates shipyard facilities for newbuilding, conversion and repair and specifically constructs cruise ships (explicitly named in the report: Global‑Class and Endeavor‑Class); work‑in‑progress amounted to EUR 1,509.1 million as of 31 December 2020. Pandemic‑related production stoppages in 2020 resulted in revenue of EUR 2.8 million; the result before loss absorption was EUR -302.9 million and is fully taken over under the profit and loss transfer agreement. To secure liquidity, shareholder loans and a credit line from the Economic Stabilisation Fund (WSF) were utilised; cash and cash equivalents amounted to EUR 66.6 million, equity to EUR 100.0 million and total assets to EUR 571.5 million as of 31 December 2020.