Annual Report ANEK Lines S.A. 2022

May 5, 2023
  • +24% pax 809,000
  • +2% cars 186,000
  • -14% cargo units 115,000
  • +20% in Group turnover: MEUR0 (MEUR 150.0)
  • +27% in Group cost of sales: MEUR5 (MEUR 133.0)
  • Sharp rise in fuel prices (average increase of more than 80% compared to 2021) burdened excessively operating results, absorbed the benefit from turnover increase and worsened the effort to preserve adequate working capital.
  • The increase in the expenses and the reduction in the Group’s gross profit resulted to the drop of EBITDA to MEUR 0.8 (MEUR 7.0 in 2021), while the Parent company showed losses of MEUR 0.8 versus profits of MEUR 4.1 in the previous year.
  • Net financial cost for the Group for 2022 amounted to MEUR 11.8 (MEUR 10.0), while the results from investing activities formed at profits of MEUR 0.5 against (losses of MEUR 25.7 in 2021). The significant losses from investing activities during 2021 were resulted mostly from impairment of the vessels’ value.
  • As a result of the above, the consolidated net results after taxes for 2022 amounted to losses of MEUR 20.4 (losses of MEUR 40.2 during the previous year), while the net results after taxes and minority interests amounted to losses of MEUR 21.4 (losses of MEUR 41.7). Respectively, net results after taxes for the Parent company for 2022 amounted to losses of MEUR 22.5 (losses of MEUR 43.9).
  • The losses recorded in 2022 continued to deteriorate the Group’s capital adequacy, which was also burdened in 2021 due to extraordinary non-recurring losses and provisions. As a result, the Group’s equity as at 31.12.2022 was negative by MEUR 61.4. Respectively, the capital adequacy as well as the liquidity of the Parent company has also deteriorated significantly, resulting in lack of fulfilling loan obligations as well as in difficulty to fulfil other current liabilities.
  • It is noted that following the agreement between Attica Holdings and the major creditors and shareholders of ANEK, representing 57.70% of the Company’s total capital, it is currently in progress the procedure of merger by absorption of the Company by Attica, according to the decision of ANEK’s Board of Directors dated 26 September 2022. The said agreement is deemed absolutely necessary due to the accumulated issues of the Company. The completion of the transaction is subject to the approval of the competent bodies according to the applicable legislative framework and currently lies at the stage of being examined by the Hellenic Competition Commission.
  • Source: ANEK Investors Centre