MINOAN LINES SA
Q1 2007 Financial Results
Minoan Lines are announcing the financial results for the first quarter of 2007.
- 89.4 % increase in operating profitability (EBITDA).
- 51.1% improvement in net results.
- 13.1% increase in revenues.
-Increase in traffic volumes.
The Parent Company:
For the first 3 months of 2007, the turnover reached Euro 37.4 million against Euro 33.1 million, increased by 13.1% in relation to the respective period of 2006, despite the fact that the Company operates with one vessel lees, after the sale of H/S/F Ariadne Palace. In Q1 of 2007, the Company''s operating profitability (EBITDA) stood at Euro 7.3 million versus Euro 3.8 million in the first quarter of 2006 showing an increase of 89.4% while the relative operating profitability margin shaped at 19.5% versus 11.6% in the respective period of 2006, increased by 7.9 points. The net results (loss) improved by Euro 2.7 million (+51.1%) despite the fact that in the respective net results of 2006 recorded extraordinary profits amounted to Euro 1.4 million.
The Group:
The Group''s turnover reached Euro 37.5 million versus Euro 33.1 million in the previous'' year respective period (increase of 13.2%). The Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) shaped at Euro 7.3 million against Euro 3.8 million of in the first quarter of 2006 (increase of 90.1%). The Group''s net results (loss) for the 3-month period stood at Euro -3.9 million against Euro -7.7 million in the first quarter of 2006. The improvement in the Group''s financial results is derived from both, the parent''s company and the associate''s Hellenic Seaways S.A. financial results. In terms of the later, Minoan Lines possess 33.3% of its share capital. More specifically, in the Q1 of 2007, the revenues of Hellenic Seaways stood at Euro 20.7 million versus 14.9 million in Q1 of 2006 while at the same period the net results (loss), according to international financial reporting standards, shaped at Euro -4.0 million compared to Euro -6.7 million. It is worth noting that due to the intense seasonality, Hellenic Seaways high profitability period is recorded during the summer period.
Traffic:
The current year, Minoan Lines operates its business with four vessels in the North Adriatic market and two vessels in the domestic market.
North Adriatic Routes:
In Q1 of 2007, Minoan Lines, despite the operation of the fleet with one vessel less, managed to increase the traffic volumes in all traffic categories. More precisely, passenger volumes stood at 59.8 thousands in Q1 of 2007 compared to 55.6 thousands in the respective period of 2006 (increase of 7.7%), car volumes stood at 13.7 thousands compared to 12.9 thousands in 2006 (increase of 5.7%) while the truck volumes shaped at 22.2 thousands compared to 21.8 thousands in 2006 (increase of 1.5%).
Domestic Market:
In Heraklion - Piraeus route passenger volumes stood at 187.3 thousands in Q1 of 2007 compared to 158.1 thousands in the respective period of 2006 (increase of 18.4%), car volumes stood at 21.9 thousands compared to 19.6 thousands in 2006 (increase of 12.2%) while the truck volumes shaped at 18.0 thousands compared to 14.8 thousands in 2006 (increase of 21.0%).
The financial results of the first quarter along with the traffic data and the bookings for the summer period confirm the confidence of top management for the accomplishment of its targeted goals set for this year.
- 89.4 % increase in operating profitability (EBITDA).
- 51.1% improvement in net results.
- 13.1% increase in revenues.
-Increase in traffic volumes.
The Parent Company:
For the first 3 months of 2007, the turnover reached Euro 37.4 million against Euro 33.1 million, increased by 13.1% in relation to the respective period of 2006, despite the fact that the Company operates with one vessel lees, after the sale of H/S/F Ariadne Palace. In Q1 of 2007, the Company''s operating profitability (EBITDA) stood at Euro 7.3 million versus Euro 3.8 million in the first quarter of 2006 showing an increase of 89.4% while the relative operating profitability margin shaped at 19.5% versus 11.6% in the respective period of 2006, increased by 7.9 points. The net results (loss) improved by Euro 2.7 million (+51.1%) despite the fact that in the respective net results of 2006 recorded extraordinary profits amounted to Euro 1.4 million.
The Group:
The Group''s turnover reached Euro 37.5 million versus Euro 33.1 million in the previous'' year respective period (increase of 13.2%). The Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) shaped at Euro 7.3 million against Euro 3.8 million of in the first quarter of 2006 (increase of 90.1%). The Group''s net results (loss) for the 3-month period stood at Euro -3.9 million against Euro -7.7 million in the first quarter of 2006. The improvement in the Group''s financial results is derived from both, the parent''s company and the associate''s Hellenic Seaways S.A. financial results. In terms of the later, Minoan Lines possess 33.3% of its share capital. More specifically, in the Q1 of 2007, the revenues of Hellenic Seaways stood at Euro 20.7 million versus 14.9 million in Q1 of 2006 while at the same period the net results (loss), according to international financial reporting standards, shaped at Euro -4.0 million compared to Euro -6.7 million. It is worth noting that due to the intense seasonality, Hellenic Seaways high profitability period is recorded during the summer period.
Traffic:
The current year, Minoan Lines operates its business with four vessels in the North Adriatic market and two vessels in the domestic market.
North Adriatic Routes:
In Q1 of 2007, Minoan Lines, despite the operation of the fleet with one vessel less, managed to increase the traffic volumes in all traffic categories. More precisely, passenger volumes stood at 59.8 thousands in Q1 of 2007 compared to 55.6 thousands in the respective period of 2006 (increase of 7.7%), car volumes stood at 13.7 thousands compared to 12.9 thousands in 2006 (increase of 5.7%) while the truck volumes shaped at 22.2 thousands compared to 21.8 thousands in 2006 (increase of 1.5%).
Domestic Market:
In Heraklion - Piraeus route passenger volumes stood at 187.3 thousands in Q1 of 2007 compared to 158.1 thousands in the respective period of 2006 (increase of 18.4%), car volumes stood at 21.9 thousands compared to 19.6 thousands in 2006 (increase of 12.2%) while the truck volumes shaped at 18.0 thousands compared to 14.8 thousands in 2006 (increase of 21.0%).
The financial results of the first quarter along with the traffic data and the bookings for the summer period confirm the confidence of top management for the accomplishment of its targeted goals set for this year.