ATTICA GROUP 9 MONTH 2011 RESULTS
ATTICA GROUP 9 MONTH 2011 RESULTS
- AFTER TAX NET PROFIT EURO 7.5MLN IN 3rd QUARTER 2011 AND AFTER TAX LOSSES OF EURO 26.5MLN IN 9 MONTHS 2011
- FUEL COSTS RISE 26% COMPARED TO 9 MONTHS 2010
- SHAREHOLDERS MEETING TO APPROVE A EURO 24.4MLN CAPITAL INCREASE
- NEWBUILDING RO-PAX BLUE STAR DELOS DELIVERED
- Sharp rising fuel prices by 26% versus 9 months 2010 affect Attica's financial results.
- Due to the sale of Superferry II, Attica Group did not operate in the Rafina-Cycladic islands route in 2011.
- The continuing adverse financial environment caused a further reduction in traffic movements in the Adriatic Sea and in the domestic trade.
FINANCIAL RESULTS
The Board of Directors of Attica Holdings S.A. (Attica Group) announces the Group's 9 month 2011 financial results which show consolidated Revenues of Euro 203.026mln (Euro 221.24mln in 9 months 2010) and Earnings before taxes, investing and financial results, depreciation and amortisation (EBITDA) of Euro 0.51mln (Euro 10.68mln in Jan-Sept 2010). Attica's consolidated results show after tax Losses of Euro 26.45mln including capital gains of Euro 3.9mln from the sale of a vessel against Consolidated after Tax Losses of Euro 23.63mln in the period January to September 2010.
The fluctuations in the world price of fuel, from which Attica's fleet bunker costs are derived, play an important role in the Group's results. It must be noted that, compared to the first nine months of 2010, in the current year bunkering costs increased by 26% and therefore affected significantly the operating costs of the vessels.
In 2011, Attica's management completed successfully a Euro 24.3mln capital increase and proceeded with the sale of one vessel. The disposal of Superferry II added Euro 2.65mln to the cash balances of the Group, leading to a cash position of Attica at Euro 14.8mln as at 30th September, 2011 versus Euro 26.5mln at year end 2010.
Attica's 9 month 2011 results as well as those of the corresponding period in 2010, are reported under International Financial Reporting Standards (IFRS) and as at 30th September, 2011, show Total Equity Euro 469.27mln (Euro 471.05mln as at 31st December, 2010) and Fixed Assets (ships) at Euro 719.81mln (Euro 738.24mln as at 31st December, 2010).
The Group's results include Interest Expenses paid of Euro 8.22mln against Euro 5.50mln and depreciation charges of Euro 20.37mln against Euro 20.24mln in the period January-September 2010.
TRAFFIC VOLUMES – MARKET SHARES
Total traffic in the Greece-Italy ferry routes in the period January-September 2011, showed a 8% decline in passengers, 6% drop in freight units and in private vehicles in 12% less sailings over the same period in 2010. Attica's vessels Superfast VI, Superfast XI, Superfast I and Superfast II carried 478,375 passengers, 87,350 freight units and 100,750 private vehicles and attained market shares of 30% in passengers, 32% in freight units and 28% in private vehicles on the total passenger, freight unit and private vehicle traffic in the Greece-Italy routes in the Adriatic Sea in the nine months of 2011. The market shares are derived from statistical data of the Greek Port Authorities.
In the domestic ferry routes to the islands, (Piraeus to the Cycladic islands, Piraeus to the Dodekanese islands and Piraeus to Herakleion), in 27% less sailings compared to 9 months 2010 due to the non operation in the Rafina-Cycladic islands route, the Group's vessels, Blue Star 1, Blue Star 2, Blue Star Paros, Blue Star Naxos, Blue Star Ithaki, Superferry II (until she was sold on 1st March), Blue Horizon (until the beginning of February), Diagoras and Superfast XII, carried 2,585,500 passengers, 103,250 freight units and 314,200 private vehicles and motos.
SUPERFAST FERRIES IN JOINT SERVICE WITH ANEK IN THE PATRAS-IGOUMENITSA-ANCONA AND PIRAEUS-HERAKLEION ROUTES
On 24th May 2011, Attica Group announced the signing of a joint service agreement with ANEK Lines for the employment of vessels of the two companies in the international route Patras–Igoumenitsa–Ancona and the domestic route Piraeus–Herakleion, Crete.
The 3-year agreement, effective as of the beginning of June, 2011, aims to further improve the services offered in the Piraeus–Herakleion route with the ultramodern car- passenger ferries Superfast XII and Olympic Champion as well as to optimise the capacity offered in the Patras–Igoumenitsa–Ancona route so as to better reflect the current demand of the route while maintaining the high quality of services offered.
ATTICA'S BOARD TO PROPOSE A EURO 24.4MLN CAPITAL INCREASE AT AN EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS ON 2nd NOVEMBER, 2011
On 12th October, 2011 the Board of Directors of Attica Holdings S.A. announced its decision to propose a share capital increase of Euro 24.4mln at an Extraordinary General Meeting of Shareholders which will take place on 2nd November 2011.
Existing shareholders of Attica will have the right to acquire 17 new shares for every 40 shares held at the price of Euro 0.30 per share. At the same Meeting, Attica's shareholders will be asked to approve the reduction of the nominal price of Euro 0.83 to Euro 0.30 per share.
NEWBUILDING RO-PAX BLUE STAR DELOS DELIVERED
The Board of Directors of Attica Group announced on 18th October, 2011, the delivery of the Ro-Pax vessel Blue Star Delos which was built at Daewoo Shipbuilding & Marine Engineering Co. Ltd, of Korea. Blue Star Delos is the first of two vessels ordered in June 2009 and has overall length 145.50 meters, a speed of 26 knots and the capacity to carry 2,400 passengers and 450 private vehicles or 50 freight units and 150 private vehicles.
The total acquisition cost of Blue Star Delos exceeded Euro 70mln, of which Euro 32mln came from Attica's Own Funds and the balance from bank financing.
Blue Star Delos is expected to arrive at the Port of Piraeus in the next few days and will be deployed in the Piraeus-Paros-Naxos-Ios-Thira (Santorini) route.
The Board of Directors
1st November, 2011
For more information please contact:
Yannis Criticos
Group CFO
Tel.: +30 210 891 9500
Fax: +30 210 891 9509
Attica Group's accounts will appear on the Athens Exchange (www.ase.gr) and the Company's websites (www.attica-group.com) and will be published in the Greek Press on Wednesday 2nd November, 2011.