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The Board of Directors of Attica Holdings S.A. (Attica Group) announces the Group’s nine month 2009 financial results which show consolidated Revenue of Euro 246.27mln (Euro 267.51mln in the same period of 2008), reduced by 7.9%, and Earnings before taxes, investing and financial results, depreciation and amortisation (EBITDA) of Euro 39.26mln (Euro 50.29mln). Attica’s consolidated results include a one-off loss of Euro 4.38mln from financial derivatives on fuel hedging and show after tax Profit of Euro 2.17mln against Consolidated Profits after Tax and Minority Interests of Euro 21.57mln in the period January to September 2008. Last year’s results include extraordinary Profits of Euro 9.65mln from the sale of four RoRo vessels (RoRos Marin, Challenge, Shield and Nordia). The third quarter 2009 results of the Group show sales of 106.34mln (Euro 111.03mln), Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) of Euro 25.61mln versus Euro 28.08mln and after tax Net Profits of Euro 13.52mln (Euro 22.43mln).
For more than a year, the world financial crisis has affected the traffic movements in the Adriatic Sea and in the domestic market which show reduced volumes in all categories of traffic. In this environment, and despite the drop in volumes, Attica has managed to increase its market shares in the Greece-Italy routes both in passenger and cargo traffic and has strengthened its presence in the domestic waters with the addition of two vessels, one in the Piraeus-Rhodes route in the Dodekanese and one in the new route between Piraeus and Heraklion which started on 12th March, 2009.
Attica’s nine months 2009 results as well as those of the corresponding period in 2008, are reported under International Financial Reporting Standards (IFRS) and as at 30th September, 2009, show Total Equity Euro 500.95mln (Euro 502.83mln as at 31st December, 2008) and Fixed Assets (ships) at Euro 752.10mln (Euro 744.72mln as at 31st December, 2008). As at 30th September, 2009, Attica’s strong cash balances stood at Euro 80.19mln.
The Group’s January to September 2009 results include Interest Expenses of Euro 12.30mln against Euro 17.04mln and depreciation charges of Euro 20.91mln against Euro 19.35mln in the same period in 2008.
Traffic Volumes – Market Shares
During the first nine months of 2009, Attica Group operated in the Greece-Italy routes in the Adriatic Sea and in the Greek domestic sea routes with five Superfast vessels and eight Blue Star vessels. According to traffic data derived from the Greek Port Authorities, in the period January to September this year, the total passenger in the Greece-Italy routes fell by 3%, and the total freight traffic dropped by about 19% compared to the same period last year. The private vehicle traffic grew by 2%.
In the Greece-Italy routes, Attica’s vessels Superfast V, Superfast VI, Superfast XI, Superfast XII (until the beginning of March), the Blue Horizon and the newly acquired Superfast I carried 587,008 passengers (1.6% decrease), 100,407 freight units (10.2% decrease) and 124,466 private vehicles (9.3% increase) maintaining the leading position in all categories of traffic with market shares of 33.4% in passengers, 32.7% in freight units and 28.9% in private vehicles on the total passenger, freight unit and private vehicle traffic in the Greece-Italy routes in the Adriatic Sea in the first nine months of 2009. The market shares are derived from statistical data of the Greek Port Authorities.
In the domestic ferry routes to the islands, (Piraeus and Rafina to the Cycladic islands, Piraeus to the Dodekanese islands and Piraeus-Herakleion, Crete), the Group’s vessels, Blue Star 1, Blue Star 2, Blue Star Paros, Blue Star Naxos, Blue Star Ithaki, Superferry II, Diagoras and Superfast XII, carried 3,199,939 passengers, (12.3% increase), 113,602 freight units (30.2% increase) and 412,252 private vehicles (13.6% increase) in 23% more sailings compared to the same period in 2008 due to the rerouting of Blue Star 1 and Superfast XII (as of 12th March, 2009) from the North Sea and the Adriatic Sea respectively.
As per Attica’s Board of Directors announcement of 4th November, 2009, the company’s shareholders are invited to an Extraordinary General Shareholders’ Meeting on Thursday 25th November 2009 to decide upon the Board’s proposition for the company’s share capital increase. Attica, which is 87.5% owned by Marfin Investment Group, is seeking to raise Euro 45.32mln through a rights issue of 22.66mln new shares at Euro 2.00 per share at the rate of 4 new shares for 25 old.
The funds will be used partly to finance the building of two car-passenger ferries currently under construction at DSME, Korea and as working capital of the Group. Attica’s strategy to provide first class sea transportation services in domestic and international waters with modern, new and fast ships is further enhanced with the addition of these two units.
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