EARNINGS BEFORE INTEREST, TAX AND DEPRECIATION (EBITDA) UP BY 13.55% AT EURO 69.64MLN AND NET PROFIT AT EURO 61.71 MLN, IN THE NINE MONTHS TO 30TH SEPTEMBER, 2007
The Board of Directors of Attica Holdings S.A. (Attica Group) wishes to announce the Group's financial results for the nine months to 30th September 2007 which show consolidated Revenue of Euro 254.01mln (Euro 262.82 mln in the nine months to 30th September 2006), and Earnings before taxes, investing and financial results, depreciation and amortisation (EBITDA) of Euro 69.64mln (Euro 61.34mln), increased by 13.55%. Attica?s consolidated results for the nine months to 30th September 2007 which include Euro 12.5mln profit from the sale of Superfast X and Euro 27.7mln from the sale of Attica?s participation in the share capital of Minoan Lines SA, show Profit after Tax and Minority Interests of Euro 61.71mln (Euro 27.96 mln in nine months of 2006). Last year?s results include continuing and discontinued operations (three Superfast vessels operations in the Baltic Sea sold in April 2006), profits of Euro 13.29mln from the sale of six vessels (Superfast VII, Superfast VIII, Superfast IX, Seajet 2, Patmos and Rodos) and capital gains of Euro 7.09mln from the sale of Attica's holdings in Hellenic Seaways and other securities. It should be noted that this year's nine months results are not directly comparable to the nine months results of 2006, due to the redeployment of three ships and the addition of one ferry in the domestic market in August 2006.
The Group's nine months results include Net Financial Income of Euro 13.13mln (including Euro 27.69 mln from the sale of Attica?s holdings in Minoan Lines SA) against Net Financial Expenses of Euro 10.54mln in the same period in 2006 and depreciation charges of Euro 20.13mln against Euro 23.76mln in the same period in 2006.
Attica's results for the period are reported under International Financial Reporting Standards (IFRS) and as at 30th September, 2007, show Total Net Equity, after Minority rights, at Euro 400.05mln (Euro 344.29mln as at 31st December, 2006), Cash and Cash Equivalents at Euro 185.42mln (Euro 123.38mln as at 30th September, 2006) and Fixed Assets at Euro 711.95mln (Euro 757.28mln as at 31st December, 2006). It should be noted that above amounts are net of dividends of Euro 13.2mln paid to Attica?s shareholders in July 2007 for the financial year 2006.
CHANGES IN FLEET COMPOSITION. RECENT DEVELOPMENTS
In the course of the nine months to 30th September 2007, Attica Group was active in the Adriatic with four Superfast vessels, one Blue Star vessel and one RoRo, in the North Sea with one Blue Star vessel and in the Greek domestic market seven Blue Star vessels. Attica?s fleet comprises also of three more freight only RoRo vessels, namely the RoRos Nordia, Challenge and Shield that are chartered out.
Recent fleet deployment changes include the Blue Star 1 shift from the Patras-Igoumenitsa-Bari route to replace Superfast X on the Rosyth-Zeebrugge at the end of January 2007, and in February 2007, after two years of successful operation in the Germany-Finland market, the RoRo Marin began trading in the route Patras-Venice (Porto Marghera)- Patras. In November 2006, Attica Group reached an agreement with the French company Fret Cetam for the chartering of the RoRo Nordia for two years.
In September 2007, Attica announced the purchase of two RoRo vessels for the amount of Euro 30.4mln. The vessels Challenge and Shield, built in 1998 and 1999 respectively, were delivered in October 2007 and remain time-chartered between the UK and Ireland.
On 3rd October 2007, Marfin Investment Group (MIG) acquired directly and indirectly through its subsidiary company MIG Shipping S.A. 51.64% of Attica's stock. As at 26th November 2007, MIG's participation in Attica has risen to 56.49%.
On 23rd October 2007, MIG Shipping S.A. submitted a Mandatory Public Offer to the shareholders of Attica Group S.A. for the purchase of the entirety of their common bearer shares with voting rights at the price of Euro 5.50 per share to be paid in cash. A similar Mandatory Public Offer was submitted at the same date to the shareholders of Blue Star Maritime S.A. for the purchase of the entirety of their common bearer shares with voting rights at the price of Euro 3.83 per share to be paid in cash.
Both Mandatory Public Offers are in progress.
MARKET REVIEW
In the Greece-Italy routes, Superfast V, Superfast VI, Superfast XI and Superfast XII carried 497,838 passengers (14.2% increase), 85,597 freight units (28.3% increase) and 103,186 private vehicles (17.0% increase) maintaining their leading position in the transportation of passengers, freight units and private vehicles with market shares of 27.6% in passengers, 25.4% in freight units and 24.6% in private vehicles on the total passenger, freight unit and private vehicle traffic in the Greece-Italy routes in the Adriatic Sea in the period 1st January to 30th September 2007. In the reported period, the RoRo vessel Marin carried 5,209 freight units and 1,091 private vehicles. The market shares are derived from the Greek Port Authorities.
The Blue Star Group was present in the Adriatic Sea with one vessel, the Blue Horizon, against two vessels in the corresponding period in 2006. On 48% less sailings, Blue Star Ferries carryings stood at 114,570 passengers, 21,063 freight units and 16,705 private vehicles.
In the North Sea, the Group operated with Superfast X until 29th January 2007 and thereafter with Blue Star 1 redeployed from the Patras-Igoumenitsa-Bari route to the Rosyth-Zeebugge service in the North Sea. In the nine months of 2007, on the same number of sailings as in the previous year, total carryings stood at 87,812 passengers (1.3% decrease), 30,622 private vehicles (2.2% increase) and 16,889 freight units (18.7% decrease mainly due to the smaller garage space for trucks of the new vessel).
BLUE STAR MARITIME S.A. NINE MONTH 2007 RESULTS. NET PROFIT GROWS BY 13.5%
In the nine months to 30th September, 2007, consolidated Revenue for Blue Star Maritime S.A., in which Attica Group holds a 48.79% controlling stake, stood at Euro 136.78mln against Euro 113.28mln in the nine months to 30th September, 2006 (20.76% increase). Earnings before taxes, investing and financial results, depreciation and amortisation (EBITDA) increased to Euro 42.94mln against Euro 36.25mln (18.4% increase) while Profit after Tax and Minority Interests stood at Euro 25.43mln against Euro 22.41mln in the same period last year (13.5% increase).
The main contributing factors to the increase in revenue and in the operational profitability of the Blue Star Group in the nine months to 30th September, 2007, were the increased traffic volumes in the Greek domestic market, in particular in the Dodecanese Islands? routes where Blue Star operates with a second vessel since August 2006 and the increase in the load factors in cargo traffic in the Patras-Igounenitsa-Bari route as well as the successful redeployment of Blue Star 1 from the Greece-Italy routes to the Scotland-Belgium route.
Total traffic volumes for the Blue Star Group, in the nine months to 30th September, 2007, stood at 2,960,661 passengers (3.6% increase), 395,384 private vehicles (8.5% increase) and 122,033 freight units (15.0% increase).
The Board of Directors
Voula, 28 November, 2007
For more information please contact:
Attica Group
Yannis Criticos
Tel.: +30 210 891 9500
Fax : +30 210 891 9509
e-mail: ir@attica-group.com
www.attica-group.com
www.superfast.com
www.bluestarferries.com
Attica Group's accounts appear in the Athens Exchange (www.ase.gr) and the Company websites (www.attica-group.com) and will be published in the Greek Press on Thursday 29th November, 2007.