PRESS RELEASES / ANNOUNCEMENTSBACK
GROUP RESULTS 2003
NET PROFIT TREBLES TO EURO 28.3 MLN AND EARNINGS BEFORE INTEREST AND DEPRECIATION (EBITDA) RISE BY 65% TO EURO 100.8 MLN FOR ΑTTICA ENTERPRISES GROUP IN 2003
Attica Enterprises Group posted a 65% increase in Earnings before Interest, Tax and Depreciation (EBITDA) which stand at Euro 100.8 mln for the period January to December, 2003, versus Euro 60.9 mln in 2002 and a 317% increase in Net Profit at Euro 28.3 mln versus Euro 6.8 mln in 2002.
Total Turnover for the Group in 2003 was Euro 385.5 mln versus 318.6 mln in 2002, generated by the operation of the Superfast Ferries (Euro 253.7 mln) and the Blue Star Ferries (Euro 131.8 mln) fleets.
Specifically, the Group’s results for the year 2003 are:
Full year financial results for 2003 include net financial expenses of Euro 33 mln versus Euro 38.6 mln in 2002 (a decrease of 14.5% in financial expenditure) and Depreciation charges of Euro 40.1 mln versus Euro 33 mln in 2002 (an increase in Depreciation charges of 21.7%). Net extraordinary income includes profit of Euro 6.8 mln from the sale of Superfast II concluded at the end of September, 2003, and exchange rate losses of approximately Euro 9 mln.
SUPERFAST FERRIES MAINTAINS LEADING POSITION IN THE GREECE-ITALY ROUTES IN THE ADRIATIC SEA FOR THE SIXTH CONSECUTIVE YEAR. IMPRESSIVE INCREASE IN VOLUMES CARRIED ON THE NORTHERN EUROPEAN ROUTES
On the Greece-Italy routes, the Superfast ferries ranked first for the sixth running year in the transportation of passengers and freight units in 2003 with a market share in passenger traffic of 31.3% (6% increase in passenger traffic over 2002), 29.9% in freight units (13% increase in freight unit traffic over 2002) and 25.7% in private vehicles (16% increase in private vehicle traffic over 2002) on the total traffic of passengers, freight units and private vehicles between all Italian ports and Greece on the Adriatic Sea routes.
On the direct Germany-Finland route, Superfast VII and Superfast VIII carried in 2003, 173,000 passengers (4% increase in passenger traffic over 2002), 50,500 freight units (20% increase in freight unit traffic over 2002) and 57,000 private vehicles (11% decrease in private vehicle traffic over 2002). Superfast Ferries ranks first in the transportation of passengers and accompanied freight units between Germany and Finland for the second consecutive year.
On the direct Scotland-Belgium route, Superfast IX and Superfast X carried in 2003, 196,000 passengers (82% increase in passenger traffic over 2002), 32,500 freight units (196% increase in freight unit traffic over 2002) and 37,600 private vehicles (50% increase in private vehicle traffic over 2002), a very significant increase over the previous year.
NET PROFIT FOR STRINTZIS GROUP (BLUE STAR FERRIES) RISES BY 22% TO EURO 4.9 MLN AND EARNINGS BEFORE INTEREST AND DEPRECIATION RISE BY 31.4% TO EURO 31 MLN IN 2003
Strintzis Lines Shipping S.A., in which Attica Enterprises holds a controlling stake of 48.6%, reported Earnings before Interest, Tax and Depreciation (EBITDA) of Euro 31 mln (31.4% increase) and Turnover at Euro 131.8 mln (11% increase) in 2003. Net Profit for the year 2003 stands Euro 4.9 mln versus Euro 4 mln in 2002, an increase of 22%.
The steady growth exhibited in the Strintzis Lines Shipping S.A. (Blue Star Ferries) Group results is attributed primarily to the increase of passenger and private vehicle volumes carried in the Greek Islands routes and particularly on the Cycladic Islands routes served by Blue Star Paros, Blue Star Naxos and Blue Star Ithaki, and on the new routes from Piraeus to the Dodecanese Islands and Chania, Crete, where Blue Star 1 and Blue Star 2 are extremely popular. Compared to 2002, Blue Star Ferries carried in the Greek Islands routes 49.1% more passengers, 47.4% more private vehicles and 32.4% more freight units.
The satisfactory operation of Superferry II and SeaJet 2, deployed on the Rafina-Cycladic Islands routes and car-passenger ferry Kefalonia which operates between the port of Patras and the islands of Cephalonia and Ithaca, also contributed positively to the Group’s financial results.
In the international routes between Greece and Italy, Blue Star Ferries discontinued the route to Venice as of the end of October, 2003, and redeployed Blue Horizon to the Patras-Igoumenitsa-Bari route.
Voula, 18th February, 2004
Τhe Board of Directors
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