ΜΙΝΩΙΚΕΣ ΓΡΑΜΜΕΣ Α.Ν.Ε.

Return to profitability - Operating profit (EBITDA) of EUR 53.2 million - Net profits of EUR 3.6 million - Dividend of EUR 0.02 per share

  • Return to profitability
  • Operating profit (EBITDA) of EUR 53.2 million
  • Net profits of EUR 3.6 million
  • Dividend of EUR 0.02 per share

MINOAN LINES' management closely following its strategy managed to complete one of the biggest investment programs in the passenger ferry market, in a rather unvaforable and volatile environment and at the same time restore the company?s profitability as the financial results for 2003 show.

In detail:

Parent Company

The parent company's revenues increased by 7.8% reaching EUR 193.6 million versus EUR 179.6 million in 2002. The operating profits (earnings before interest, taxes and depreciation - EBITDA) reached EUR 53.2 million (EUR 42 million in 2002) increased by 26.7% versus last year, while the respective margin (EBITDA margin) increased from 23.4% to 27.5%, due to the increased sales and the cutback in operating expenses.

On a net result basis there was a complete upturn over the negative results of the two previous years, with net profits for 2003 reaching EUR 3.6 million. With the return into profitability and the strengthening of the financial sizes, the Board of Directors resolved to propose to the General Meeting of Shareholders (scheduled for June 20, 2004) the appropriation of a dividend equal to EUR 0.02 per share.

Group of companies

The Group's turnover reached EUR 194.3 million versus EUR 180.0 million in 2002. The operating profits for the group (EBITDA) increased by 24.5% reaching EUR 53.4 million against EUR 42.9 million in 2002. The net consolidated profits after taxes and minority interests rose to EUR 4.5 million (loss of EUR 81.3 million in 2002).

Priorities for 2004

For 2004, MINOAN LINES' forecasts and basic targets remain unchanged, with their strategic focus in cost containment and improvement in operating profitability and enhancement of all performance and efficiency ratios. This strategy allows MINOAN LINES to set as targets for 2004 the increase in revenues by 5%, the increase in operating profit by 20% and the quadruple of earnings per share.