Minoan Lines S.A. announces the annual financial results under the International Financial Reporting Standards (I.F.R.S.) as well as the main corporate developments for the fiscal year 2005. In 2005 the company improved significantly its turnover and net profits despite the increase of operating cost by around Euro 14 million due to the enormous increase in fuel prices compared to 2004. Moreover, Minoan Lines proceeded with the liquidation of its stakes in Forthnet & ANEK companies and the sale of the oldest and last conventional vessel of the fleet (vessel Daedalus) with profits of around Euro 9.3 million. Additionally, the company in 2005 reduced the debt from Euro 505 million in 2004 to Euro 454 million in 2005 ( reduction Euro 51 million) while proceeded with interest rate hedging, reducing significantly its interest rate risk derived by an eventual increase in interest rates.

FINANCIAL RESULTS:
The Companys financial results presents Annual Turnover Euro 204.2 millions compared to Euro 191.5 millions in 2004 (increase of 6.6%) while the Operating Results (EBITDA) stood at Euro 56.0 compared to Euro 58.2 million in 2004 (reduction of 3.7%) derived exclusively by the huge increase in fuel prices. The Net Profits reached Euro 17.0 million versus Euro 12.2 million in 2004 (increase of 39.5%) while the Earnings per Share rose to Euro 0.24 from 0.17 in 2004. The consolidated financial results, up to the EBITDA level, did not present any significant differentiation compared to the parent companys financial results. The Net Profits stood at Euro 17.6 million versus Euro 9.0 million in 2004 (increase of 94.7%) and the Earnings per Share increased to Euro 0.25 from 0.13 in 2004.

TRAFFIC:
In North Adriatic Routes Minoan Lines managed to increase the traffic volumes in Passengers from 536 thousands in 2004 to 590 thousands in 2005 (increase of 10.1%) in Cars from 147 thousands in 2004 to 160 thousands in 2005 (increase of 8.3%) while in Trucks the traffic volumes decreased from 95 thousands in 2004 to 92 thousands in 2005 (decrease of 3.9%). Its noteworthy to be mentioned that the overall reduction in North Adriatic routes, namely Patra Ancona and Patra Venice, was 8% approximately.
Market Share in North Adriatic Routes:
2005 - Passengers: 37.1%. Cars: 39.8%. Trucks: 34.8%.
2004 - Passengers: 37.3%. Cars: 39.1%. Trucks: 33.4%.
In the Domestic Route Heraklion Piraeus Minoan Lines improved significantly the volumes in all traffic categories. More precisely, Passengers increased from 874 thousands in 2004 to 950 thousands in 2005 (increase of 8.6%), Cars from 109 thousands in 2004 to 124 thousands in 2005 (increase of 13.9%) and Trucks from 56 thousands in 2004 to 61 thousands in 2005 (increase of 9.5%).
Market Share in Heraklion - Piraeus Route:
2005 - Passengers: 70.9%. Cars: 62.3%. Trucks: 49.6%.
2004 - Passengers: 71.2%. Cars: 62.1%. Trucks: 47.4%.
The traffic data for the fiscal year 2005 accompanied with the currents year indications, the continues effort of companys management for further reduction of administrative and distribution expenses paired with the new commercial agreements preserve our positive view of the future prospects of Minoan Lines.