ATTICA HOLDINGS S.A.

1st HALF 2013 RESULTS

1st HALF 2013 RESULTS

 

  • REVENUE INCREASED BY 3.9%. TRAFFIC VOLUMES INCREASED BY 11.01% IN PASSENGERS, 4.3% IN FREIGHT UNITS AND 5.8% IN PRIVATE VEHICLES

 

  • SUBSTANTIALLY REDUCED LOSSES BEFORE INTEREST, TAXES, INVESTING AND FINANCIAL RESULTS, DEPRECIATION AND AMORTISATION (EBITDA) OF EURO 0.94 MLN VERSUS LOSSES OF EURO 10.76 MLN IN THE 1st HALF 2012

 

  • CONTAINMENT OF AFTER TAX LOSSES TO EURO 21.06 MLN AGAINST AFTER TAX LOSSES OF EURO 29.90 MLN IN THE PERIOD JANUARY TO JUNE 2012

 

 

 

FINANCIAL RESULTS

The Board of Directors of Attica Holdings S.A. (Attica Group), member of Marfin Investment Group (MIG), announces the Group's 1st half 2013 financial results which show consolidated Revenues of Euro 106.71mln (Euro 102.66mln in 1st half 2012) and Losses before interest, taxes, investing and financial results, depreciation and amortisation (EBITDA) of Euro 0.94mln (Losses Euro 10.76mln in 1st half 2012).

 

The increase in consolidated revenue is attributed mainly to the winter sailings of the newly built Blue Star Patmos, operating in Piraeus – Chios – Mytilene route.

 

The substantial improvement in operating results is mainly attributed to the containment of administrative expenses, selling and distribution costs, as well as, to the active fleet employment aiming to improve fleet capacity utilization. An additional factor that contributed positively in operating results was the reduction in fuel oil price which resulted in overall reduction in fuel and lubricants costs by Euro 4.4mln against the same period in 2012. Losses after Tax were contained to 21.06mln against Losses after Tax of Euro 29.90mln in the period January to June 2012.

 

It should be noted that the 1st half of each financial year is weaker in terms of traffic volumes for passenger shipping, compared to the 2nd half which includes the summer period.

 

Attica's results are reported under International Financial Reporting Standards (IFRS) and as at 30th June, 2013, Total Equity stood at Euro 328.98mln (Euro 350.37mln as at 31st December, 2012) and Fixed

 

Assets (vessels) at Euro 641.03mln (Euro 706.73mln as at 31st December, 2012). As at 30th June, 2013 Attica's cash balances stood at Euro 13.39mln (Euro 16.00mln as at 31st December, 2012).The total debt of the Group during 1st half 2013 was reduced by Euro 49.07mln.The Group's 1st half 2013 results include Interest and other Financial Expenses Paid of Euro 6.89mln against Euro 6.81mln in the first six months of 2012 and depreciation charges of Euro 12.90mln against Euro 13.18mln in the first half 2012.

 

TRAFFIC VOLUMES – MARKET SHARES

 

Attica Group operates in Greece – Italy routes in the Adriatic Sea and in the Greek domestic sea routes with an owned fleet of 13 modern Ropax vessels, of which during 1st half 2013, four were deployed in the Adriatic Sea and nine in domestic routes. Additionally, Superfast VI operated during the 1st half of 2013, before being sold on April 2013. According to traffic data derived from the Greek Port Authorities, the total traffic in all Greece-Italy routes increased by 4% in passengers, 4.5% in private vehicles and 2.5% in freight units in 0.4% more departures compared to the first six months of 2012.

 

During 1st half 2013, Attica's vessels maintained their leading position in the Adriatic routes with increased market shares by two percentage points to 37% in passengers while market shares remained stable at 37% in freight units and 30% in private vehicles. Group's vessels increased their respective traffic volumes, by 8% in passengers (189.808 passengers), 1% in freight units (58.073 freight units) and 0.3% in private vehicles (35.915 private vehicles), in 0.5% more sailings compared to the same period of 2012.

 

In the domestic ferry routes to the islands, (Piraeus to the Cycladic islands, Piraeus to the Dodekanese islands, Piraeus to Herakleion and Piraeus to Chios and Mytilene islands), Attica's traffic volumes in 3.8% more sailings in 1st half 2013, increased by 12% in passengers, 7% in private vehicles and freight units (compared to 1st half 2012), with traffic volumes reaching 1.166.632 passengers, 131.041 private cars and 72.105 freight units.

 

CURRENT DEVELOPMENTS

 

The substantial improvement in consolidated operating results was achieved within a continuing adverse financial environment with direct impact on levels of demand for passenger shipping. Despite the severe financial recession, the Management has achieved significantly improved operating results through active fleet deployment and cost management.

 

The Management of Attica Group is in continuing discussions with the Group's Lending banks in order to achieve a mutually agreed restructuring plan of the Group's long term loans and is assessing plans of long term refinancing acceptable by its Lenders.

 

In parallel with the discussions with the Lending banks, the Group continuously assesses a series of actions to strengthen the Group's liquidity position. In particular, further to the continuous focus on cost containment and working capital management, the Group concluded on 05/04/2013 the sale of Ropax vessel Superfast VI to Genting Group for a total cash consideration of Euro 54 mln. From the above sale proceeds, Attica repaid Euro 48.9mln to its lenders including full repayment of the loan related to Superfast VI as well as partial repayment of loans.

 

The Board of Directors 

22nd August, 2013

For more information please contact:

 

Panos Dikaios

Group CFO

Tel.: +30 210 891 9500

Fax: +30 210 891 9509

ir@attica-group.com

www.attica-group.com

 

Attica Group's accounts will appear on the Athens Exchange (www.ase.gr) and the Company's websites (www.attica-group.com) on Friday, 23rd August, 2013.