1st half of 2000 results - Consolidated sales of Grd 25.2 Bln and net profit of Grd 2.9 Bln

The Board of Directors of Attica Enterprises S.A. wishes to announce the consolidated results for the six month period ended 30th June, 2000 which show Sales of Grd. 25.2 bn and Net Profit of Grd. 2.9 bn. The Group sales derive from the consolidation of the turnover of Atticas subsidiaries Superfast Ferries Maritime S.A. and Strintzis Lines S.A. Strintzis results are consolidated for the first time in the Groups accounts.

Without Strintzis results, Attica Enterprises posted Sales of Grd. 13.9 bn against Grd. 12.2 bn in the same period of 1999 - an increase of 13.8% and Net Profit of Grd. 2.87 bn versus Grd. 2.66 bn in first half 1999, an increase of 7.73%.

It should be noted that Atticas four Superfast ferries performed 607 sailings in the first half 2000 and 654 sailings in the first half 1999 and that the operating cost of the ships was up by over Grd. 1.6 bn due to the sharp rise in the cost of fuel. Depreciation in the period 1st January - 30th June 2000 amounted to Grd. 1 bn, higher by 4.9% compared to same period in 1999.

In a total of 35 ferries that operate between Greece and Italy, the four Superfast ferries carried 238,302 passengers (42,921 more passengers than in the first half 1999 - an increase of 21.96%), 53,348 trucks (2,042 more trucks - an increase of 4%) and 43,028 private vehicles (6,759 more private vehicles - an increase of 18.64%) and ranked first in passengers (market share 30.6%) and in trucks (24.96%) in the total traffic between Greece and Italy.

In the first half of 2000, Strintzis Lines S.A., 41% owned by Attica Enterprises S.A., posted Sales of Grd. 11.3 bn, higher by 8.6% and Net Profit of Grd. 71.5 mln. Lower profits by Grd. 697 mln are mainly due to the increase in the cost of fuel by about Grd. 1.8 bn and the fact that last years first half results include profits of Grd. 436 mln from the sale of the companys subsidiary Swansea Cork Ferries.

In the first half 2000, in both domestic and international routes, Strintzis Lines carried 802.206 passengers, up 29.4% from first half 1999, 69,310 trucks, up by 18.2% and102,658 private vehicles, up 28.1% compared to the first six months of 1999.

Strintzis newly delivered car-passenger ferries Blue Star 1 and Blue Star 2 operate since mid-June and mid-July in the Greece-Italy routes whilst brand new and luxurious Blue Star Ithaki operates since the beginning of June 2000 in the domestic market connecting daily the ports of Syros, Paros, Naxos and Santorini with the mainland.

Atticas expansion plans, include the deployment of Superfast V and Superfast VI in the Greece-Italy routes in the coming weeks and the introduction as of mid year 2001 of four brand new cruise-class car-passenger ferries in the Baltic Sea that will connect daily the port of Rostock, Germany with the port of Hanko in southern Finland and the port of Sodertalje, south of Stockholm in Sweden.

For the domestic routes, Atticas subsidiary Strintzis Lines has placed an order with the Hellenic Shipyards in Skaramanga for the building of two car-passenger ferries to be delivered in 2001 plus an option for a third one.

Strintzis Lines growth plans include the building of more ships for the domestic and international routes. New investments shall be financed in part by the companys capital increase which is due to be concluded by the middle of October, 2000.

Voula, 30th August, 2000

Ohe Board of Directors

For more information please contact:
Mr. Yannis Criti