PRESS RELEASES / ANNOUNCEMENTS

ATTICA GROUP TURNOVER RISES BY 31.5% IN FIRST HALF 2002. NET PROFIT RISES TO EURO 2.5 MLN AGAINST EURO 0.4 MLN IN FIRST HALF 2001.

Consolidated results for the first half 2002, show sales of Euro 124.8 mln, an increase by 31.5% over sales of Euro 94.9 mln during the same period of last year. Net profit after interest, depreciation and taxes stands at Euro 2.5 mln versus Euro 0.4 mln in the first half of 2001.

The above financial results are derived from the operation of the Superfast Ferries and Blue Star Ferries fleets which in the period July 2001 – June 2002 increased by newly built Superfast VIII (July 2001), Superfast IX (January 2002) and Superfast X (February 2002), Blue Star Paros (April 2002) and Blue Star Naxos (June 2002). During the same period Ionian Sun was sold (October 2001) followed by Blue Aegean (March 2002), Seajet 1 (April 2002) and Superfast III and Superfast IV (May 2002).

The financial results of this year’s first half include extraordinary income of Euro 41.1 mln mainly deriving from the profit of the sale of Superfast III and Superfast IV, as well as penalty payments made to our Group by the shipyards for late deliveries of newly built vessels and extraordinary expenses of Euro 19.7 mln related mainly to the sale of Superfast III and Superfast IV. It should be noted that, depreciation charges stood at Euro 14.9 mln versus Euro 9.9 mln in last year’s first half and net financial expenses increased by Euro 4.8 mln compared to the first half of 2001 due to the addition of new ships to the Group’s fleet.

Attica’s fleet trades between Greece and Italy in the Adriatic Sea, between Germany and Finland in the Baltic Sea, since May 2001, in the new route between Scotland and Belgium in the North Sea as of May 2002 and in the Greek domestic routes.

During the first half of 2002, Attica’s Superfast ferries in the Greece – Italy routes ranked first in the transportation of passengers and trucks with a market share of 30% and 27% respectively, and Blue Star Ferries ranked second in the transportation of passengers and private vehicles with a market share of 21% and 24% respectively.

In their first year of operation on the Germany – Finland route, Superfast VII and Superfast VIII became market leaders in the transportation of passengers and self-driven freight units posting satisfactory financial results. The new North Sea Superfast Ferries service between Rosyth, Scotland and Zeebrugge, Belgium, the first direct ferry service between Scotland and the Continent was inaugurated on 17th May, 2002.

In the domestic market, Strintzis Lines carried, during the first half of this year, 785,000 passengers an increase of 1.5% compared to first half 2001 and 103,500 private vehicles and motorcycles an increase of 3.5% versus the same period in the previous year and 28,000 trucks, a decrease of 11.6%. With the deployment of Blue Star Paros and Blue Star Naxos on the Cycladic Islands’ routes, Strintzis Lines continues the process of renewing its fleet with the addition of purpose-built vessels designed to serve the transport needs of the Greek domestic market.

At the beginning of July, 2002, Superfast Ferries S.A. took delivery of Superfast XI was delivered by Flender Werft, Germany. Superfast XI is deployed in the Adriatic Sea routes taking up the route previously served by Blue Star 1 which now serves the new Piraeus – Patmos – Leros – Kos – Rhodes route. The delivery of Superfast XII is expected in late September 2002.

Voula, 28th Αugust, 2002

Τhe Board of Directors

For more information please contact:

Mr. Yannis Criticos,
Attica Enterprises S.A.,
tel.: +3010 891 9500,
fax : +3010 891 9509,
e-mail: criticos@superfast.com