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Attica Enterprises posted a 27.2% increase in turnover to Euro 318.6 mln, generated by the operation of the Superfast Ferries fleet (Euro 199.5 mln) and the Blue Star Ferries fleet (Euro 119.1 mln) for the year ending 31st December, 2002. Earnings before interest, tax and depreciation (EBITDA) stood at Euro 61 mln against Euro 50 mln, an increase of 22% compared to the previous year.
Net profit for the Group stood at Euro 6.8 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 1/1/02-31/12/02, stand at:
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(in Euro mln)
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2002
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2001
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Diff%
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Turnover
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318.6
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250.6
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27.2
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Earnings before Interest, Tax
and Depreciation (EBITDA)
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61
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50
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22
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Net Profit
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6.8
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10.3
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(34)
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Full year financial results for 2002 include net financial expenses of Euro 37.3 mln against Euro 30.2 mln the year before, depreciation charges of Euro 33 mln against Euro 24.7 mln in 2001 and net extraordinary results of Euro 18.1 mln. Increased financial expenses and increased depreciation charges are due to the addition of six new ships to the Group’s fleet during 2002. It should be added that in 2002, very high fuel prices affected the Group’s results.
During the period 1/1/02-31/12/02, the Group took delivery of four new Superfast ferries (Superfast IX, Superfast X, Superfast XI and Superfast XII) and two new Blue Star ferries (Blue Star Paros and Blue Star Naxos). In the course of the year, the Group sold Superfast III and Superfast IV at a profit of Euro 23.5 mln. Following the Group’s fleet redeployment due to the sale of Superfast III and Superfast IV and the delayed delivery of Superfast XI and Superfast XII, the Germany-Sweden service, operated with one ship between January and April 2002, was suspended. The resulting loss of Euro 7 mln, in accordance with International Accounting Standards is included in full in the 2002 results. In the course of 2002, Strintzis Lines – Blue Star Ferries sold the ships Blue Aegean and SeaJet1.
SUPERFAST FERRIES MAINTAIN LEADING POSITION IN THE GREECE-ITALY ROUTES IN THE ADRIATIC SEA FOR THE FIFTH CONSECUTIVE YEAR AND CONSOLIDATE THEIR PRESENCE ON THE NORTHERN EUROPEAN ROUTES
On the Adriatic Sea routes, the Superfast ferries fleet ranked first for the fifth running year in the transportation of passengers and trucks with a market share of 27.8% and 27.5% respectively, of the total 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 outperformed the Company’s expectations. In 2002, the two ships operated 616 sailings and carried over 150,000 passengers, private vehicles and a very significant number of freight units. One and half year after the start of the service, Superfast Ferries has attained record levels of capacity utilization on this route and has succeeded in capturing a significant market share in the transportation of accompanied 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 in 7 ½ months, from the launch of the service on 17th May, 2002 up to 31st December, 2002, in excess of 100,000 passengers with their cars and an increasing number of freight units. 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 23.6 mln (increase of 3.6%) and turnover of Euro 119.1 mln (increase of 10.6%) for the period to 31st December, 2002. Net profit for the Strintzis Group stood at Euro 4.1 mln an increase of 3.3% over the previous year.
In the new liberalized framework of Greek coastal shipping, Strintzis Lines is at the forefront with three brand new ships in the Cycladic Islands’ routes, the deployment of Blue Star 1 in the Dodecanese in the Piraeus-Rhodes route and as of March 2003, the new fast daily connection between Piraeus and Chania, Crete with ultra-modern car-passenger ferry Blue Star 2.
FUTURE OUTLOOK: TO OPTIMISE THE PERFORMANCE OF THE FLEET
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.
Voula, 24th February, 2003
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
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