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ATTICA GROUP NET PROFIT RISES BY 15% TO 35.2 MLN FOR THE NINE MONTHS TO 30TH SEPTEMBER, 2004, AND EARNINGS BEFORE INTEREST AND DEPRECIATION RISE TO 89.5 MLN

Attica Group net profit generated by Superfast Ferries (Euro 36.6 mln), Blue Star Ferries (Euro 4.5 mln) fleets, Attica Premium (Euro 0.7 mln) and a loss of parent Attica (Euro –6.6 mln), rose by 15% to Euro 35.2 mln in the nine months to 30th September, 2004, with Group sales down by 5% due to reduced size of the Group’s fleet. As at 30th September, 2004, consolidated turnover stands at Euro 295.5 mln generated by the operation of 8 Superfast ferries (Euro 188.5 mln) against 10 in the previous year, and the Blue Star Ferries fleet (Euro 106.9 mln).

Consolidated earnings before interest and depreciation (EBITDA) stand at Euro 89.5 mln and are generated by parent Attica (Euro –0.7 mln), Superfast Ferries (Euro 60.7 mln) and Blue Star Ferries (Euro 29.5 mln).

The nine month 2004 results show EBITDA margin at 30.3%, an increase of 9.8% over the same period last year while net profit margin rose by 20%.

Specifically, the Group’s results for the nine months to 30th September, 2004 are:

in Euro mln

1.1-30.9.04

1.1-30.9.03

Turnover

295.4

310.0

-4.7%

EBITDA

89.5

85.8

+4.4%

Net Profit

35.2

30.7

+14.6%

Nine month financial results for 2004 include net financials of Euro 24.4 mln against Euro 25.9 mln in the same period last year and depreciation charges of Euro 29.5 mln against Euro 30.1 mln during the same period in 2003, and net extraordinary income of Euro 3.6 mln against Euro 4.1 mln in 2003. It should also be noted that the Group’s long-term debt was reduced by 16.2% from Euro 918.1 to Euro 768.8 mln.

SUPERFAST FERRIES MAINTAINS LEADING POSITION IN THE GREECE-ITALY ROUTES FOR SEVENTH CONSECUTIVE YEAR. STEADY INCREASE IN TRAFFIC FOR SUPERFAST FERRIES IN THE NORTHERN EUROPEAN ROUTES

In the Greece-Italy routes, the Superfast ferries maintained their first place for the seventh running year in the transportation of passengers and freight units with market shares of 25.5% and 26.4% respectively on the total passenger and freight unit traffic of the Adriatic Sea routes.

In the Germany-Finland route, Superfast VII and Superfast VIII carried 150,000 passengers, 36,000 freight units and 40,000 private vehicles. Superfast Ferries ranks first in the transportation of passengers and private vehicles on this route with an 80% market share.

In the Scotland-Belgium route, Superfast IX and Superfast X carried 152,00 passengers, 28,500 freight units and 33,000 private vehicles posting a significant increase in traffic, in particular in freight units (25% increase) against the same period last year, despite 9% less sailings due to the prolonged maintenance period of the ships in the first quarter of the year.

NET PROFIT UP 49% FOR THE BLUE STAR GROUP IN THE NINE MONTHS TO 30TH SEPTEMBER, 2004

Athens-listed Blue Star Maritime S.A., in which Attica holds a 48.6% controlling stake posted an increase of 14.4% in consolidated earnings before interest and depreciation (EBITDA) at Euro 29.5 mln for the nine months to 30th September, 2004, and a 48.6% increase in net profit at Euro 9.2 mln, on turnover of Euro 106.9 mln (increase 1%). Long-term debt dropped from Euro 240 mln to Euro 213 mln or 11.2%.

The steady growth exhibited in the results of the Blue Star Group is attributed primarily to the decision of the Management to discontinue the Venice route in October, 2003, operated by Blue Horizon and Blue Sky which produced negative results and is also due to the improved capacity utilisation on the Dodecanese Islands routes, operated by Blue Star 1 and on the Cycladic Islands routes served by Blue Star Paros, Blue Star Naxos, Blue Star Ithaki, Superferry II and SeaJet2.

It should be noted that in the course of 2004, and up to this date, Blue Star Ferries has sold older vessels Blue Sky, built in 1974 (delivered in March, 2004), Blue Bridge, built in 1976 (delivered in May, 2004), Cesme 1, built in 1973 (delivered in October, 2004) and Kefalonia, built in 1975 (delivered in November, 2004).

NEW ORDERS

The Attica Group looks forward to the development of its activities and recently announced the conclusion of an agreement to acquire two freight-only Ro-Ro ferries which will increase the Group’s capacity as of the beginning of next year.


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: ir@attica-group.com


www.attica-group.com
www.superfast.com
www.bluestarferries.com