ΑΝΕΚ Α.Ε.
PRESS RELEASE : Q1 2009 FINANCIAL RESULTS
Anek Lines SA announces the Company?s and Group?s financial highlights for the first quarter of 2009:
Turnover
Turnover of ANEK LINES SA during the first quarter of 2009 amounted to euro 38.9 million, compared to euro 40.3 million for 2008, decreased by 3.5%. Correspondingly, the group revenues stood at euro 43.5 million versus euro 47.1 million the relative previous period. It is of high importance to mention that, due to sharp seasonality in the sector of passenger ferry shipping, the 1st quarter of each year is usually characterized by low traffic volume and lack of profitability.
Cost of sales
Cost of sales before depreciation for the 1st quarter of 2009, amounted to euro 37.6 million against euro 37.7 million in the corresponding period of 2008. Regarding the figures, included in the cost of sales, there was a decrease in the fuel cost due to the downfall of fuel prices in the international markets and an increase in the chartering expenses, in the insurance cost and in the vessels? other operating expenses, since there was a 10% increase in the numbers of trips during the first quarter of 2009 compared to the relative previous period.
EBITDA
The Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of the Company stood at euro 5.6 million of losses against euro 4.3 million losses in the relative period of the previous year. Respectively, Group?s EBITDA amounted at euro 5.5 million losses compared to euro 5.3 losses million in the first quarter of 2008.
Net results after taxes
The Company?s net losses amounted to euro 14.9 million versus losses euro 10.4 million in the 1st quarter of 2008, while the Group?s net losses after minority interests stood at euro 14.6 million against losses of euro 11.1 million.
Significant developments during the first quarter of 2009 and post balance events
- In the end of the first quarter of 2009 the F/B PREVELIS started serving the subsidized route Piraeus - Santorini - Anafi - Kassos - Karpathos - Diafani - Chalki ? Rhodes-. Additionally, during April the chartered vessel F/B IERAPETRA started serving a number of subsidized routes, connecting Thesalloniki and Kavala with the islands of central and northeast Aegean Sea.
- The Company decided to re-charter the F/B ARIADNE for the summer season of 2009 and 2010 to a company in abroad.
- During May 2009 the Company signed an agreement with MINOAN LINES SA regarding the purchase of 33.35% of the share capital of Hellenic Seaways SA.
The fact that the Company started serving new subsidized routes, the re-chartering of F/B ARIADNE as well as the decrease of the fuel prices in the international markets, is expected to affect significantly the improvement of the financial results in the current year. Last, the purchase agreement of 33.35% of the share capital of Hellenic Seaways SA proves that ANEK Group, despite the current financial crisis is able to take strategy decisions of high importance reinforcing the capital sufficiency and the leadership in the Greek coastal industry.
Turnover
Turnover of ANEK LINES SA during the first quarter of 2009 amounted to euro 38.9 million, compared to euro 40.3 million for 2008, decreased by 3.5%. Correspondingly, the group revenues stood at euro 43.5 million versus euro 47.1 million the relative previous period. It is of high importance to mention that, due to sharp seasonality in the sector of passenger ferry shipping, the 1st quarter of each year is usually characterized by low traffic volume and lack of profitability.
Cost of sales
Cost of sales before depreciation for the 1st quarter of 2009, amounted to euro 37.6 million against euro 37.7 million in the corresponding period of 2008. Regarding the figures, included in the cost of sales, there was a decrease in the fuel cost due to the downfall of fuel prices in the international markets and an increase in the chartering expenses, in the insurance cost and in the vessels? other operating expenses, since there was a 10% increase in the numbers of trips during the first quarter of 2009 compared to the relative previous period.
EBITDA
The Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of the Company stood at euro 5.6 million of losses against euro 4.3 million losses in the relative period of the previous year. Respectively, Group?s EBITDA amounted at euro 5.5 million losses compared to euro 5.3 losses million in the first quarter of 2008.
Net results after taxes
The Company?s net losses amounted to euro 14.9 million versus losses euro 10.4 million in the 1st quarter of 2008, while the Group?s net losses after minority interests stood at euro 14.6 million against losses of euro 11.1 million.
Significant developments during the first quarter of 2009 and post balance events
- In the end of the first quarter of 2009 the F/B PREVELIS started serving the subsidized route Piraeus - Santorini - Anafi - Kassos - Karpathos - Diafani - Chalki ? Rhodes-. Additionally, during April the chartered vessel F/B IERAPETRA started serving a number of subsidized routes, connecting Thesalloniki and Kavala with the islands of central and northeast Aegean Sea.
- The Company decided to re-charter the F/B ARIADNE for the summer season of 2009 and 2010 to a company in abroad.
- During May 2009 the Company signed an agreement with MINOAN LINES SA regarding the purchase of 33.35% of the share capital of Hellenic Seaways SA.
The fact that the Company started serving new subsidized routes, the re-chartering of F/B ARIADNE as well as the decrease of the fuel prices in the international markets, is expected to affect significantly the improvement of the financial results in the current year. Last, the purchase agreement of 33.35% of the share capital of Hellenic Seaways SA proves that ANEK Group, despite the current financial crisis is able to take strategy decisions of high importance reinforcing the capital sufficiency and the leadership in the Greek coastal industry.