Turnover rose by 10.6% and net profit by 3.5% compared to 2001

TURNOVER ROSE BY 10.6% AND NET PROFIT BY 3.5% COMPARED TO 2001

Τhe Board of Directors of Strintzis Lines Shipping S.A. wishes to announce that consolidated net profit before tax for financial year 2002 increased by 3.5% compared to the previous year. Consolidated turnover in 2002 increased by 10.6% compared to 2001.

Specifically, the Group's results for 2002, compared to 2001, stand at:

In thousand Euro 2002 2001 Diff.%

Turnover 119,148 107,749 10.58%
Earnings before Interest, Tax
and Depreciation (EBITDA) 23,574 22,747 3.63%
Net profit 4,049 3,913 3.48%

The increase in turnover and the improvement in Group results is mainly due to the deployment of newbuildings Blue Star Paros and Blue Star Naxos on the Cycladic Islands' routes in the summer of 2002. These vessels were successful and were preferred by travelers due to the high quality of services offered, their speed and timetable punctuality. It should also be noted, that the increase in Group turnover was achieved despite the 21% decrease in the number of trips performed in 2002 compared with 2001. This was the effect of a considerable improvement in load factors and therefore employment efficiency.

It should also be noted that the improvement in the Group's profitability took place despite the overall unfavorable conditions which characterized the sector during 2002 such as the high price of fuel oil, the regulation of the ticket prices by the Ministry of Mercantile Marine for the domestic ferry market and the increase in direct exploitation costs.

In total the Group's ships carried, in 2002, 2,944,633 passengers, a 15.6% increase over 2001, 444,486 private vehicles a 18.6% increase over 2001 and 127,866 trucks, a decrease of 8.0% compared to 2001.

Special reference should be made to the successful employment of Blue Star 1 on the Piraeus - Cyclades - Dodecanese route as of July, 2002. Τhe vessel was warmly welcomed by the traveling public and is now established on the Dodecanese route by offering high quality services. The employment of the vessel has created a considerably increased total traffic volumes to the Dodecanese during the year.

Οn 2nd Μarch, 2003, our Group will inaugurate one more new route between Piraeus and Chania, Crete which will be operated by ultra-modern Blue Star 2, built in 2000, covering the distance in 5 hours and 45 minutes with a speed of 28 knots. Τhe vessel will offer daily departures from Piraeus to Chania at 16:00 and from Chania to Piraeus at 23:30.

Following the successful conclusion in 2002 of the Group's investment program, the management of Strintzis Lines Shipping S.A. expects successful fleet operation and considerable improvement of financial performance for 2003.


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