Anek Lines SA announces the Company's and Group's financial highlights for the first half of 2009:
Turnover
At the first half of 2009 the Company's turnover remained at the same level as the previous period of 2008 and amounted to euro 101.5 million, while the Group?s turnover was decreased and stood at euro 111.2 million versus euro 116.6 million. It is mentioned that, due to sharp seasonality in the sector of passenger ferry shipping, the sales of the first half of each year are not indicative of the total annual sales, as the majority of them take place during the third quarter of the year, where the evidence so far are really encouraging for the full year.
Gross profit
The Group's gross profit increased by euro 0.5 million and stood at euro 10.5 million versus euro 10.0 million, while the Company?s gross profit was euro 8.8 million against euro 10.4 million the corresponding period 2008. The decrease in the fuel prices was offset by the increased crew cost, vessels insurance, chartering, and depreciation due to the increased number of vessels under operation for the first half of 2009.
EBITDA
The earnings before interest, taxes, depreciation and amortization (EBITDA) of the Group for the first half of 2009 were improved and stood at losses euro 0.7 million against losses euro 2.3 million, while the EBITDA of the Company amounted to losses euro 1.3 million versus losses euro 0.7 million in the corresponding period.
Net results after taxes
The Group's net results after taxes and minority interests for the first half of 2009 stood at losses euro 16.0 million, versus losses euro 14.2 million, and the Company?s results were losses euro 16.4 million against losses euro 13.0 million the first half of 2008.
Results for the 2nd quarter of 2009
During the second quarter of 2009 the consolidated turnover decreased slightly from euro 69.4 million to euro 67.7 million, but on the contrary, the significant decrease in the operating cost resulted in the increase of gross profit of the Group by euro 1,7 million and amounted to euro 11,6 million. Additionally, the EBITDA of the Group improved significantly by euro 1,8 million and stood at euro 4,8 million against euro 3,0 million. Last, the consolidated net results after taxes and minority interests amounted to losses euro 1,4 million against losses euro 3.0 million the corresponding period of 2008.
Company's results were improved during the second quarter of 2009, since the turnover stood at euro 62,6 million (against euro 61,2 million), the gross profit at euro 10,5 million (versus euro 9,9 million), the EBITDA at euro 4,3 million (against euro 3,6 million) and last the net results after taxes amounted to losses euro 1,6 million (versus losses euro 2,6 million).
Significant developments during the first half of 2009
During the first half of 2009 ANEK Lines and the subsidiary LANE participated in the lowest bidder competitions declared by the Greek Ministry of Mercantile Marine, Aegean and Island Policy for the service of routes with contracts for public service regarding the connection between the Aegean islands. Both companies under-bided, and as a result the vessel ARTEMIS (chartered) started serving the route in Cyclades islands, the vessels IERAPETRA and PREVELIS served the routes between the Dodecanese islands, Crete, Cyclades and Piraeus, and the vessel V. KORNAROS started serving the route between Crete, Kithira and Peloponnisos. Additionally, 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, free of cost to all passengers of ANEK medical assistance during the journey and 7 days after. ANEK Lines is the only company in the passenger shipping sector that provides medical coverage to the passengers and this program has already demonstrated the anthropocentric character of the Company.
During May 2009 ANEK Lines signed an agreement with the shipping company Minoan Lines for the acquisition of 33,35% of the Hellenic Seaways SA.
Additionally, in May 2009 the annual ordinary general assembly of the shareholders decided, among others, the election of new Board of Directors, that consisted in body in the meeting of 5th of June 2009.
Last, in May 2009 the Company chartered the vessel ARIADNE and in June continued the chartering of vessel EL. Venizelos in foreign companies for the summer season.
Generally, the beginning of serving new routes, subsidized or not, the re-organization of the served routes as well as the increase in the revenue due to vessel chartering are expected to affect positively the operating results of the second half of 2009. The Group estimates that due to the increased sales and the maintenance of operating cost will manage to improve the business finance environment and return to profitability for the year 2009.