ΑΝΕΚ Α.Ε.
FINANCIAL RESULTS FOR THE NINE MONTH PERIOD OF 2009
PRESS RELEASE
FINANCIAL RESULTS FOR THE NINE MONTH PERIOD OF 2009
+9% EBITDA increase to ? 32.8 mil.
+9% Net earnings increase to ? 10.5 mil.
+2% Increase of operating liquidity: operating cash flow ? 29.4 mil.
Traffic increase: Passengers (+9%), Vehicles (+9%), Trucks (-1%)
EK LINES S.A. (ANEK) announces its financial results for the period from January 1st to September 30th 2009, in accordance with the International Financial Reporting Standards (IFRS):
In the nine month period of 2009, ANEK Group operated in the Cretan, Aegean and Adriatic Sea lines through a total of 19 vessels under operation (13 of which are own). Passenger and vehicles traffic increased within the 3rd quarter, which is historically the most significant of every fiscal year due to passenger ferry shipping seasonality, while the Group extended its subsidized routes, covering the transportation needs of the Aegean Sea islands. As far as the Adriatic Sea lines are concerned, the overall decrease reported is attributed to the decline in truck transportation due to the recession.
At the same time, the agreement for the acquisition of a 33.35% stake in Hellenic Seaways (HSW) is expected to contribute to the increase of the Group's activity and is in line with the strategic development plan.
Turnover
More specifically, Group turnover in the nine month period of 2009 amounted to euro 221.3 mil. over euro 228.7 mil. in the nine month period of 2008, posting a decrease of 3.2%. This decrease is primarily attributed to the Adriatic Sea (euro 103.7 mil. over euro 116.2 mil.), where the recession and the global financial crisis had a major impact. On the contrary, domestic routes traffic posted an increase (euro 117.7 over 112.4 mil.) based on the penetration in new routes in the Aegean Sea and the dynamic course marked within the 3rd quarter.
The positive course posted in the 3rd quarter, is illustrated in the Parent Company's figures, where its turnover increased by 1.4% and amounted to euro 205.6 mil. over euro 202.7 mil. in the respective nine month period of 2008. Domestic routes turnover increased by 14.1% (euro 108.5 mil. over euro 95.1 mil.) while domestic fares turnover posting a 14.6% increase (euro 95.7 mil. over euro 83.5 mil.).
In the 3rd quarter, which is the most significant in terms of traffic, Group's turnover decreased by 1.7%, over the 3rd quarter of 2008 (euro 110.2 mil. over euro 112.1 mil.), while the parent company's turnover increased by 2.9% (euro 104.1 mil. over euro 101.2 mil.)
Gross Profit
Consolidated gross profit stood at euro 53.9 mil. over euro 51.8 mil. in the respective nine month period of 2008 posting an increase of 4.1%. Respectively, gross profit margin increased by 1.7 percentage points (pps) to 24.4% of consolidated turnover over 22.7% in 2008. This positive outcome was partially due to the decrease in fuel prices, which counterbalanced the increase in other operating expenses originating from the expansion of the fleet managed by the Group.
Respectively, the parent company's gross profit stood at euro 50.1 mil. over euro 49.6 mil. up by 1.0% versus the nine month period of 2008. As regards the 3rd quarter, consolidated gross profit increased by 3.9% over the 3rd quarter of 2008 (euro 43.5 mil. over euro 41.9 mil.), while the parent company's gross profit increased by 5.3% (euro 41.3 mil. over euro 39.2 mil.)
EBITDA
Group EBITDA increased by 9.0% and amounted to 32.8 mil. in the nine month period of 2009 versus euro 30.1 mil. in 2008, while EBITDA margin went up by 1.6 percentage points, standing at 14.8% of consolidated turnover versus 13.2% in the respective nine month period of 2008.
Company EBITDA stood at euro 30.6 mil. over euro 30.0 mil., posting an increase of 2.0% versus the nine month period of 2008.
In the 3rd quarter, Group EBITDA marked an increase by 3.7% over the 3rd quarter of 2008 (euro 33.6 mil. over euro 32.4 mil.) while the Parent Company EBITDA boosted by 4.0% (euro 31.9 mil. over euro 30.7 mil.).
Net earnings
Consolidated earnings after taxes and minority rights in the nine month period of 2009 amounted to euro 10.0 mil., over euro 9.6 mil., while the Company's net earnings decreased to euro 8.7 mil. over euro 10.2 mil. in the nine month period of 2008.
The final results were affected by the increased depreciation which rose by euro 2.2 mil. for the Company and 2.4 mil. for the Group.
In the 3rd quarter, consolidated net earnings posted a significant increase by 9.6% over the 3rd quarter of 2008 (euro 26.0 mil. over euro 23.7 mil.), while the Parent Company's net earnings went up by 8.4% (euro 25.1 mil. over euro 23.2 mil.)
Key developments in the nine month period of 2009
Within the nine month period of the current fiscal year ANEK Lines and its subsidiary LANE participated in the competitive tenders organized by the Ministry of Mercantile Marine, The Aegean and Island Policy for the service of routes through subsidized routes contracts regarding the transportation between various islands of the Aegean Sea. Both companies were successful tenderers and as a result, the vessel "ARTEMIS" (chartered) started serving the route of the Cyclades islands, the vessels "IERAPETRA" and "PREVELIS" served the routes between the Dodecanese islands, Crete, Cyclades islands and Piraeus and the vessel "V. KORNAROS" started serving the route between Crete, Kithira and Peloponnisos. Moreover, the vessel "HIGHSPEED 1" (chartered) served the route between the Sporadic Islands and Ag. Constantinos.
In April 2009 the Company signed with the insurance company INTERAMERICAN the pioneer agreement - group insurance contract " "Safely Together" that provides, medical assistance during the journey and 7 days after, to all ANEK passengers free of charge. ANEK Lines is the only company in the passenger ferry shipping sector that provides medical coverage to its passengers and this program has already proven the human-oriented character of the Company.
During May 2009 ANEK Lines signed an agreement with MINOAN LINES shipping company for the acquisition of 33.35% of HELLENIC SEAWAYS SA. Within the framework of the agreement, the amount of euro 22.5 mil. was paid within the 3rd quarter.
Finally, the chartering of the vessels "ARIADNI" and "EL. VENIZELOS" to foreign companies continued during the 3rd quarter. The positive financial results of the 2009 nine month period confirm the expansion strategy in new routes, subsidized or not, covering various destinations on the Greek islands, as well as the vessel chartering to third parties. Furthermore, the fuel cost decrease favored profit margins, particularly within the 3rd quarter.
FINANCIAL RESULTS FOR THE NINE MONTH PERIOD OF 2009
+9% EBITDA increase to ? 32.8 mil.
+9% Net earnings increase to ? 10.5 mil.
+2% Increase of operating liquidity: operating cash flow ? 29.4 mil.
Traffic increase: Passengers (+9%), Vehicles (+9%), Trucks (-1%)
EK LINES S.A. (ANEK) announces its financial results for the period from January 1st to September 30th 2009, in accordance with the International Financial Reporting Standards (IFRS):
In the nine month period of 2009, ANEK Group operated in the Cretan, Aegean and Adriatic Sea lines through a total of 19 vessels under operation (13 of which are own). Passenger and vehicles traffic increased within the 3rd quarter, which is historically the most significant of every fiscal year due to passenger ferry shipping seasonality, while the Group extended its subsidized routes, covering the transportation needs of the Aegean Sea islands. As far as the Adriatic Sea lines are concerned, the overall decrease reported is attributed to the decline in truck transportation due to the recession.
At the same time, the agreement for the acquisition of a 33.35% stake in Hellenic Seaways (HSW) is expected to contribute to the increase of the Group's activity and is in line with the strategic development plan.
Turnover
More specifically, Group turnover in the nine month period of 2009 amounted to euro 221.3 mil. over euro 228.7 mil. in the nine month period of 2008, posting a decrease of 3.2%. This decrease is primarily attributed to the Adriatic Sea (euro 103.7 mil. over euro 116.2 mil.), where the recession and the global financial crisis had a major impact. On the contrary, domestic routes traffic posted an increase (euro 117.7 over 112.4 mil.) based on the penetration in new routes in the Aegean Sea and the dynamic course marked within the 3rd quarter.
The positive course posted in the 3rd quarter, is illustrated in the Parent Company's figures, where its turnover increased by 1.4% and amounted to euro 205.6 mil. over euro 202.7 mil. in the respective nine month period of 2008. Domestic routes turnover increased by 14.1% (euro 108.5 mil. over euro 95.1 mil.) while domestic fares turnover posting a 14.6% increase (euro 95.7 mil. over euro 83.5 mil.).
In the 3rd quarter, which is the most significant in terms of traffic, Group's turnover decreased by 1.7%, over the 3rd quarter of 2008 (euro 110.2 mil. over euro 112.1 mil.), while the parent company's turnover increased by 2.9% (euro 104.1 mil. over euro 101.2 mil.)
Gross Profit
Consolidated gross profit stood at euro 53.9 mil. over euro 51.8 mil. in the respective nine month period of 2008 posting an increase of 4.1%. Respectively, gross profit margin increased by 1.7 percentage points (pps) to 24.4% of consolidated turnover over 22.7% in 2008. This positive outcome was partially due to the decrease in fuel prices, which counterbalanced the increase in other operating expenses originating from the expansion of the fleet managed by the Group.
Respectively, the parent company's gross profit stood at euro 50.1 mil. over euro 49.6 mil. up by 1.0% versus the nine month period of 2008. As regards the 3rd quarter, consolidated gross profit increased by 3.9% over the 3rd quarter of 2008 (euro 43.5 mil. over euro 41.9 mil.), while the parent company's gross profit increased by 5.3% (euro 41.3 mil. over euro 39.2 mil.)
EBITDA
Group EBITDA increased by 9.0% and amounted to 32.8 mil. in the nine month period of 2009 versus euro 30.1 mil. in 2008, while EBITDA margin went up by 1.6 percentage points, standing at 14.8% of consolidated turnover versus 13.2% in the respective nine month period of 2008.
Company EBITDA stood at euro 30.6 mil. over euro 30.0 mil., posting an increase of 2.0% versus the nine month period of 2008.
In the 3rd quarter, Group EBITDA marked an increase by 3.7% over the 3rd quarter of 2008 (euro 33.6 mil. over euro 32.4 mil.) while the Parent Company EBITDA boosted by 4.0% (euro 31.9 mil. over euro 30.7 mil.).
Net earnings
Consolidated earnings after taxes and minority rights in the nine month period of 2009 amounted to euro 10.0 mil., over euro 9.6 mil., while the Company's net earnings decreased to euro 8.7 mil. over euro 10.2 mil. in the nine month period of 2008.
The final results were affected by the increased depreciation which rose by euro 2.2 mil. for the Company and 2.4 mil. for the Group.
In the 3rd quarter, consolidated net earnings posted a significant increase by 9.6% over the 3rd quarter of 2008 (euro 26.0 mil. over euro 23.7 mil.), while the Parent Company's net earnings went up by 8.4% (euro 25.1 mil. over euro 23.2 mil.)
Key developments in the nine month period of 2009
Within the nine month period of the current fiscal year ANEK Lines and its subsidiary LANE participated in the competitive tenders organized by the Ministry of Mercantile Marine, The Aegean and Island Policy for the service of routes through subsidized routes contracts regarding the transportation between various islands of the Aegean Sea. Both companies were successful tenderers and as a result, the vessel "ARTEMIS" (chartered) started serving the route of the Cyclades islands, the vessels "IERAPETRA" and "PREVELIS" served the routes between the Dodecanese islands, Crete, Cyclades islands and Piraeus and the vessel "V. KORNAROS" started serving the route between Crete, Kithira and Peloponnisos. Moreover, the vessel "HIGHSPEED 1" (chartered) served the route between the Sporadic Islands and Ag. Constantinos.
In April 2009 the Company signed with the insurance company INTERAMERICAN the pioneer agreement - group insurance contract " "Safely Together" that provides, medical assistance during the journey and 7 days after, to all ANEK passengers free of charge. ANEK Lines is the only company in the passenger ferry shipping sector that provides medical coverage to its passengers and this program has already proven the human-oriented character of the Company.
During May 2009 ANEK Lines signed an agreement with MINOAN LINES shipping company for the acquisition of 33.35% of HELLENIC SEAWAYS SA. Within the framework of the agreement, the amount of euro 22.5 mil. was paid within the 3rd quarter.
Finally, the chartering of the vessels "ARIADNI" and "EL. VENIZELOS" to foreign companies continued during the 3rd quarter. The positive financial results of the 2009 nine month period confirm the expansion strategy in new routes, subsidized or not, covering various destinations on the Greek islands, as well as the vessel chartering to third parties. Furthermore, the fuel cost decrease favored profit margins, particularly within the 3rd quarter.