PRESS RELEASES / ANNOUNCEMENTSBACK
SUBSTANTIAL IMPROVEMENT IN ATTICAS HALF YEAR RESULTS WITH EARNINGS
SUBSTANTIAL IMPROVEMENT IN ATTICA S HALF YEAR RESULTS WITH EARNINGS BEFORE INTEREST AND DEPRECIATION (EBITDA) RISING BY 20% TO EURO 35.6 MLN AND NET PROFIT RISING TO EURO 6.4 MLN, IN THE FIRST HALF OF 2004 AGAINST EURO 4.3 MLN LOSS IN THE FIRST HALF OF 2003
The Board of Directors of Attica Holdings S.A. wishes to announce the financial results for the first half of 2004 for the Group which show Turnover at Euro 167.8 mln, Earnings before Interest and Depreciation (EBITDA) at Euro 35.6 mln, against Euro 29.7 mln for the same period last year. Net Profit for the Group stood at Euro 6.4 mln against Euro 4.3 loss in the first half of 2003.
The above financial results were generated by the operation of 8 ships of Superfast and 10 ships of Blue Star ferries against 10 Superfast ferries and 11 Blue Star ferries operated in the first half 2003.
|In Euro||1st Half 03||1st Half 04|
|Net Profit (Loss)||(4.3)||6.4|
Financial results for the first half of 2004 include net extraordinary income of Euro 4.7 mln from the sale of Superfast I, Depreciation charges of Euro 20 mln (against Euro 17.9 mln in the first half of 2003) and net financial expenses of Euro 18 mln (against Euro 19.5 mln in the first half of 2003).
On the Greece-Italy routes, the Superfast ferries ranked first in the transportation of passengers and freight units with market shares of 30.2% and 27% respectively.
On the Germany-Finland route, Superfast VII and Superfast VIII carried 82,300 passengers (1% increase), 24,300 freight units (1% increase) and 24,500 private vehicles (13.9% decrease), while in the only direct car-passenger ferry route between Scotland and the European Continent, Superfast IX and Superfast X carried 75,900 passengers (decrease 7.3%), 18,400 freight units (40.8% increase) and 13,800 private vehicles (4.6% decrease) in 254 sailings versus 294 sailings (14% less sailings) in the same period last year.
In the first half of 2004, the Blue Star Maritime S.A. (formerly Strintzis Lines Shipping S.A.) posted a 12% increase in passenger traffic, 10% increase in private vehicle traffic and 20% increase in freight unit traffic.
Consolidated financial results for the Attica Group, for the first half of 2004 are considerably improved in terms of Return on Invested Capital, EBITDA and Net Profit margins, mainly due to increased volumes carried, increased load factors and a reduction in costs.
It is worth noting that despite the increase in the price of fuel worldwide, the ships operating expenses remain at satisfactory levels.
The Board of Directors
For more information please contact:
Mr. Yannis Criticos, Attica Group tel.: +30 210 891 9500, fax : +30 210 891 9509, e-mail: email@example.com www.attica-group.com www.superfast.com www.bluestarferries.com