1^st HALF 2014 RESULTS

 

 

 

The Board of Directors of Attica Holdings S.A announces the Group's 1^st half 2014 financial results which show consolidated Revenues of Euro 104.23mln (Euro 106.71mln in 1^st half 2013) and consolidated Losses before interest, taxes, investing and financial results, depreciation and amortisation (EBITDA) of Euro 2.20mln (Losses Euro 0.94mln in 1^st half 2013).

 

The consolidated financial results of Attica Group show Losses after Tax of Euro 21.07mln against Losses after Tax of Euro 21.06mln in the period January to June 2013. During1^st half 2014 the company experienced revenue increase in Greek domestic sea routes which however was offset by a revenue decrease in the Adriatic Sea.

 

It should be noted that the Group‘s revenues are highly seasonal. The highest traffic is observed during the months July, August and September while the lowest traffic is observed between November and February.

 

Attica's results are reported under International Financial Reporting Standards (IFRS) and as at 30^th June, 2014, Total Equity stood at Euro 318.99mln (Euro 340.05mln as at 31^st December, 2013) and Fixed Assets (vessels) at Euro 618.11mln (Euro 629.23mln as at 31^st December, 2013). As at 30^th June, 2014 Attica's cash balances stood at Euro 20.11mln (Euro 24.89mln as at 31^st December, 2013).

 

The Group's 1^st half 2014 results include Interest and other Financial Expenses Paid of Euro 5.53mln against Euro 6.89mln in the first six months of 2013 and depreciation charges of Euro 12.11mln against Euro 12.90mln in the first half 2013.

 

TRAFFIC VOLUMES

 

Attica Group operates in Greece – Italy routes in the Adriatic Sea and in the Greek domestic routes with an owned fleet of thirteen modern Ropax vessels, of which during 1^st half 2014, four Superfast vessels were deployed in the Adriatic Sea and nine Blue Star vessels in domestic routes.

 

 

During 1^st half 2014 Attica's vessels carried 1.48mln passengers against 1.36mln in 1^st half 2013,175.8 thousand private vehicles against 167.0 thousand in 1^st  half 2013 and 125.9 thousand freight units against 130.2 thousand in 1st half 2013.

 

In the Adriatic Sea and specifically in the Patras – Igoumenitsa – Ancona route and in the Patras – Igoumenitsa – Bari route, the traffic volumes of the vessels Superfast XI, Superfast XII (joint service with one vessel of ANEK), Superfast I and Superfast II in 2.0% less sailings compared to 1^st half 2013, decreased by 3.6% in passengers, 14.0% in freight units and 4.9% in private vehicles.

 

In the Greek domestic routes and specifically in the Piraeus – Cyclades route, Piraeus – Dodekanese islands route, Piraeus – Heraklion route and Piraeus – Chios – Mytilene route, Attica's traffic volumes in 8.5% more sailings in 1^st half 2014, increased by 11.5% in passengers, 5.4% in freight units and 8.1% in private vehicles. In Piraeus – Heraklion route one vessel of the Group is in joint service with one vessel of ANEK.

 

CURRENT DEVELOPMENTS

 

On 6.8.2014 Attica Holdings S.A. announced the conclusion of a comprehensive agreement with the entirety of the Group's lenders for the full and long-term refinancing of existing loans.  According to the refinancing agreement, funds managed by Fortress Investment Group will invest Euro 75 million in Attica Group. Fortress Investment Group is a leading, highly diversified global investment firm with approximately USD 60 billion in assets under management.

 

The agreement demonstrates the trust of the international investment community and of major Greek and international banks in Attica Group's potential for further growth, autonomous development and long-term establishment of its leading position in passenger shipping industry. This agreement solidifies Attica's capital structure and provides further access to funding resources in order to proceed with the planning and implementation of new business initiatives to further strengthen the Group's position and increase its revenue base.

 

 

 

The Board of Directors

 

For more information please contact:

 

Attica Group

Panos Dikaios

Group CFO

Tel.: +30 210 8919500