ΜΙΝΩΙΚΕΣ ΓΡΑΜΜΕΣ Α.Ν.Ε.
FINANCIAL RESULTS OF THE SIX-MONTH PERIOD 2009
MINOAN LINES FINANCIAL RESULTS OF THE SIX-MONTH PERIOD 2009
- Revenue of the Company euro 75.6 million
- Operating Profitability of the Company (EBITDA) euro 4.1 million
The Parent Company
For the first 6-month period of 2009 the revenues stood at euro 75.6 million having been affected by the global crisis which had a significant effect on Greece as well, resulting in the consequent decline of commercial activities between Greece and the member countries of the European Union. The operating profitability (EBITDA) was shaped at euro 4.1 while the net results after taxes for the six-month period of 2009, which due to seasonality in traffic volumes are always negative, stood at euro -9.3 million.
The Group
The group's turnover was shaped at euro 75.6 million while the operating profits (ΕBITDA) stood at the same level with that of the parent company. The group's net results for the 6-month period of 2009 stood at euro -12.7 million. The differentiation, recorded and noted in the net results of the Group in comparison with the ones of the parent company, is due to the results of the affiliated company Hellenic Seaways.
Traffic
North Adriatic Routes
In the North Adriatic market (International routes / Ancona & Venice) a decrease in the traffic volumes of the whole market was noted due to the global economic recession. Minoan Lines, having as a principle the achievement of the most efficient economic operation of its fleet, succeeded in the 6-month period of 2009 higher market shares in all traffic categories in comparison with the respective share of trips. More specifically, the market shares stood at 37.3%, 38.6% and 34.9% for passengers, private cars and trucks respectively while Minoan Lines accomplished the 33.1% of trips in the market. Moreover, during the first quarter of 2009 Minoan lines carried 191,000 passengers, 49,000 cars and 42,000 trucks.
Domestic Market
The company, after the entrance of a new competitor in the route 'Piraeus ' Heraklion?, decided to implement a more aggressive commercial policy in order to maintain its leading position. Customers reacted positively showing their loyalty and clear preference to the company and its ships. Moreover, the subject policy has proved a successful one since the goal of leading position maintenance has been achieved.
In the first six months of 2009 the traffic volumes of passengers presented a slight decline, while the volumes of cars, despite the entrance of a new competitor, posted increase. The company's market shares shaped at 61.7%, 58.7% and 44.7% for passengers, private cars and trucks respectively while Minoan Lines accomplished the 39.5% of trips in the market. Moreover, during the first half of 2009 Minoan Lines carried 389,000 passengers, 48,000 cars and 31,000 trucks.
Additionally, during the first two months of the second half of 2009, further increase in both passengers and cars has been presented.
Sale of participation in Hellenic Seaways
On May 18, 2009 the company signed an agreement with "ANEK LINES S.A." regarding the sale of the Company's total participation in Hellenic Seaways (representing 33.35% of Hellenic Seaways' share capital) in consideration of the amount of ? 125.0 million. The agreement provided that a portion of the above price equal to ? 47.5 million, will be paid within the current year while the remaining consideration will be interest bearing and will be paid in installments till the end of the 4th quarter of the year 2012, when the agreement will be completed. It is noted that on August 2009, the buyer of the said participation deposited ? 22.5 million to Minoan Lines. The sale of the subject participation, which is not considered as a strategic one by the company's top management, is a part of Minoan Lines' strategic plan for a gradual renewal of its fleet with vessels of higher capacity.
- Revenue of the Company euro 75.6 million
- Operating Profitability of the Company (EBITDA) euro 4.1 million
The Parent Company
For the first 6-month period of 2009 the revenues stood at euro 75.6 million having been affected by the global crisis which had a significant effect on Greece as well, resulting in the consequent decline of commercial activities between Greece and the member countries of the European Union. The operating profitability (EBITDA) was shaped at euro 4.1 while the net results after taxes for the six-month period of 2009, which due to seasonality in traffic volumes are always negative, stood at euro -9.3 million.
The Group
The group's turnover was shaped at euro 75.6 million while the operating profits (ΕBITDA) stood at the same level with that of the parent company. The group's net results for the 6-month period of 2009 stood at euro -12.7 million. The differentiation, recorded and noted in the net results of the Group in comparison with the ones of the parent company, is due to the results of the affiliated company Hellenic Seaways.
Traffic
North Adriatic Routes
In the North Adriatic market (International routes / Ancona & Venice) a decrease in the traffic volumes of the whole market was noted due to the global economic recession. Minoan Lines, having as a principle the achievement of the most efficient economic operation of its fleet, succeeded in the 6-month period of 2009 higher market shares in all traffic categories in comparison with the respective share of trips. More specifically, the market shares stood at 37.3%, 38.6% and 34.9% for passengers, private cars and trucks respectively while Minoan Lines accomplished the 33.1% of trips in the market. Moreover, during the first quarter of 2009 Minoan lines carried 191,000 passengers, 49,000 cars and 42,000 trucks.
Domestic Market
The company, after the entrance of a new competitor in the route 'Piraeus ' Heraklion?, decided to implement a more aggressive commercial policy in order to maintain its leading position. Customers reacted positively showing their loyalty and clear preference to the company and its ships. Moreover, the subject policy has proved a successful one since the goal of leading position maintenance has been achieved.
In the first six months of 2009 the traffic volumes of passengers presented a slight decline, while the volumes of cars, despite the entrance of a new competitor, posted increase. The company's market shares shaped at 61.7%, 58.7% and 44.7% for passengers, private cars and trucks respectively while Minoan Lines accomplished the 39.5% of trips in the market. Moreover, during the first half of 2009 Minoan Lines carried 389,000 passengers, 48,000 cars and 31,000 trucks.
Additionally, during the first two months of the second half of 2009, further increase in both passengers and cars has been presented.
Sale of participation in Hellenic Seaways
On May 18, 2009 the company signed an agreement with "ANEK LINES S.A." regarding the sale of the Company's total participation in Hellenic Seaways (representing 33.35% of Hellenic Seaways' share capital) in consideration of the amount of ? 125.0 million. The agreement provided that a portion of the above price equal to ? 47.5 million, will be paid within the current year while the remaining consideration will be interest bearing and will be paid in installments till the end of the 4th quarter of the year 2012, when the agreement will be completed. It is noted that on August 2009, the buyer of the said participation deposited ? 22.5 million to Minoan Lines. The sale of the subject participation, which is not considered as a strategic one by the company's top management, is a part of Minoan Lines' strategic plan for a gradual renewal of its fleet with vessels of higher capacity.