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EARNINGS BEFORE TAX, INTEREST AND DEPRECIATION AT EURO 52.3 MLN, UP 37.4%, FOR THE ATTICA GROUP FOR THE NINE MONTHS TO 30TH SEPTEMBER 2002

Attica Enterprises posted a 25.7% increase in turnover at Euro 246.7 mln, generated by the operation of the Superfast Ferries fleet (Euro 151 mln) and the Blue Star Ferries fleet (Euro 95.7mln) for the nine months to 30th September, 2002. Earnings before interest, tax and depreciation (EBITDA) stood at Euro 52.3 mln against Euro 38.1 mln, an increase of 37.4% compared to the same period last year.

Net profit for the Group rose by 44.6% at Euro 15.3 mln and includes earnings derived from Attica Enterprises’ participation in the Strintzis Lines Shipping S.A. Group of companies.

Specifically, the Group’s results for the period 1/1/02-30/9/02, stand at:

(in Euro mln)

2002

2001

A%

Turnover

246.7

196.4

25.7

Earnings before Interest, Tax
and Depreciation (EBITDA)

52.3

38.1

37.4

Net Profit

15.3

10.6

44.6

Nine month financial results for 2002 include net financials of Euro 26.9 mln against Euro 22 mln in the same period last year and depreciation of Euro 27 mln against Euro 17 mln during the same period in 2001, and net extraordinary income of Euro 18.6 mln.

During the period 1/1/02-30/9/02, the Group took delivery of three new Superfast ferries (Superfast IX, Superfast X, and Superfast XI) and two new Blue Star ferries (Blue Star Paros and Blue Star Naxos) and sold Superfast III and Superfast IV.


SUPERFAST FERRIES MAINTAIN LEADING POSITION IN THE ADRIATIC SEA MARKET AND ESTABLISH THEIR PRESENCE ON THE NORTHERN EUROPEAN ROUTES

On the Adriatic Sea routes, the Superfast ferries ranked first for the fifth running year in the transportation of passengers and trucks with a market share of 26.5% and 26.8% respectively, on the total market traffic of passengers and freight between all Italian ports and Greece on the Adriatic Sea routes.

On the Germany-Finland route, Superfast VII and Superfast VIII carried since the beginning of the year, over 135,000 passengers, 30,000 trucks and 50,000 private vehicles. Superfast Ferries has succeeded in capturing a significant market share particularly in the transportation of freight.

The Scotland-Belgium route was inaugurated on 17th May, 2002 and provides the only direct sea link between Scotland and Continental Europe. Superfast IX and Superfast X carried up to the period ending on 30th September, 2002, over 75,000 passengers while dynamically increasing their presence in the freight transport market. The Scotland-Belgium service receives PACT funding from the European Commission.


IMPRESSIVE INCREASE OF STRINTZIS’ GROUP (BLUE STAR FERRIES) FINANCIAL RESULTS AND INTRODUCTION OF NEW ROUTES IN THE DOMESTIC MARKET

Strintzis Lines Shipping S.A., in which Attica holds a controlling stake of 48.6%, reported earnings before interest, tax and depreciation (EBITDA) of Euro 21.2 mln (increase of 42.1%) and turnover at Euro 95.7mln (increase of 8%) for the period to 30th September, 2002. In the new liberalized framework of Greek coastal shipping, Strintzis Lines is at the forefront with three brand new ships on the Cycladic Islands’ routes, the deployment of Blue Star 1 on the Dodecanese route and as of early next year, the new fast connection between Piraeus and Chania with ultra-modern Blue Star 2.


FUTURE OUTLOOK: TO OPTIMISE THE PERFORMANCE OF THE FLEET

The delivery of Superfast XII at the beginning of October 2002, concludes the building programme of Attica Enterprises for twelve Superfast ferries which began in 1993 with the order of Superfast I and Superfast II. In the course of 2002, Strintzis Lines achieved an impressive improvement of its financial results mainly due to the modernization of its fleet and the development of new routes in the domestic market.

The Group’s efforts towards improvement of its financial performance will continue with a focus on the most efficient utilisation of the Group’s modern fleet to maximize returns.

Voula, 26th November, 2002

Τhe Board of Directors


For more information please contact:
Mr. Yannis Criticos,
Attica Enterprises S.A.,
tel.: +30 210 891 9500,
fax : +30 210 891 9509,
e-mail: criticos@superfast.com

www.attica-enterprises.com
www.superfast.com
www.bluestarferries.com