- Significant impact of the pandemic on activity = significant reduction in turnover and EBITDA
- Losses after taxes and minority interests against profits in the previous year.
- Turnover € 124.5m (173.9m)
- EBITDA € 6.9m (25.6m)
- Net results € -14.1m (€ 3.8m)
- Outlook: lots depends on summer season 2021 (peak season). Progress of vaccination is positive.
ANEK LINES Q3 2020 Key Financial Figures
During the first nine months (2020), traffic volumes of the ANEK Group vessels dropped by 50% for passengers, by 44% for private cars and by 8% for freight units.
Respectively, in Q3 (2020) traffic volumes decreased by 48% in passengers, by 38% in private cars and by 6% in freight units.
First 9 months of 2020 in EUR ,000 (same period in 2019)
- Turnover: 97,004 (138,076)
- Gross Profit: 13,893 (36,491)
- EBITDA: 7,705 (26,582)
- EBIT: -718 (18,080)
Consolidated profit before taxes: -7,685 (11,039)
Consolidated profit after taxes: -8,216 (10,120)
- Q3 of 2020 in EUR ,000 (same period in 2019)
- Turnover: 41,627 (65,573)
- Gross Profit: 12,429 (27,711)
- EBITDA: 10,004 (23,408)
- EBIT: 7,155 (20,582)
Consolidated profit before taxes: 4,916 (18,069)
Consolidated profit after taxes: 4,642 (17,540)
The second wave of the pandemic and the new restrictive measures in the movement of passengers are expected to lead to a decrease in traffic and revenue during the winter period 2020-2021 compared to the same period last year, while a gradual recovery of sizes is expected after Q1, 2021.
ANEK LINES S.A. reported its 1st semester results, which were heavily affected by Covid-19:
- A rapid decline in the demand for goods and services
- Implementation of emergency measures caused restriction in transfers and, consequently, large losses in maritime transport services.
- The strict limitations and bans imposed on passenger transports from and to Italy and the islands, led to a vertical decline in traffic volumes both in Adriatic routes as well as in coastal shipping.
- -3% itineraries
- -53% passengers
- -52% cars
- -9% Freight
Consolidated gross profits
- -82.9% MEUR 1.5 (8.8) Group
- -97.1% MEUR 0.2 (7.0) Parent Company
The key financial figures of the period are as follows:
- -23.6% MEUR 55.4 (72.5) Group
- -24.1% MEUR 50.2 (66.1) Parent company
- Losses of MEUR 2.3 (profits of MEUR 3.2) Group
- Losses of MEUR 2.4 (profits of MEUR 2.8) Parent Company
The net financial cost of the Group and the Parent Company amounted to MEUR 4.6 (MEUR 4.7)
Net Results after taxes
- Losses of MEUR 13.2 (losses of MEUR 7.9) Group
- Losses of MEUR 12.4 (losses of MEUR 7.0) Parent Company
A fleet reshuffling is in progress on the Piraeus-Crete service due to scheduled ferry inspections and repairs.
- KRITI II will replace the cruise ferry ELYROS on the Piraeus-Chania line
- Her sister KRITI I (will be introduced on the Piraeus-Heraklion line on October 3
Hellenic Seaways/Blue Star Ferries
- NISSOS RODOS replaced the Blue Star Ferries’ BLUE HORIZON on the Piraeus – Heraklion run on 24 September.
The Acquisition of ANEK Lines is Unlikely to Happen
The pandemic seems to affect the rescue plan for the acquisition of the ANEK LINES by the Attica Group. The consequences of the Covid-19 had an operational and financial impact on the ANEK Lines which viability is severely threatened.
The hope that the banks had a few weeks ago for the absorption of ANEK Lines by Attica Group is now disappearing. The Cretan Ferry Operator is burdened with high non-performing loans, despite capital increases through the conversion of loans into shares in recent years, which have led creditor banks to control about 40% of its share capital.
The last increase was in early February, when Piraeus Bank (24,18%), Alpha Bank, Cross Ocean (fund that purchased the claims of the National Bank) and Bank of Attica acquired 16,3% of its share capital and converted it into a bond loan of EUR 10,84 million. Even so, ANEK’s non-performing bank liabilities at the end of the first half of 2019 amounted to EUR 255 million. Fact that mostly concerns Piraeus Bank which is ANEK Line’s largest creditor.
All of ANEK’s obligations have been classified in the financial statements as short-term borrowing, which is estimated that exceeds EUR 240 million. The total liabilities reached -in the middle of 2019- EUR 353 million. The 2019 balance sheet is expected to be published in the coming days, but after the latest developments related to the pandemic, its financial position is expected to deteriorate drastically during the current fiscal year. Banks initially examined a scenario of drastic restructuring through a change of administration, but such a move, in addition to its inherent difficulties, would also worsen the company’s liquidity problems.
The next option was to increase control of the share capital, in order to lead the company to acquisition by another shipping company. The obvious choice was Attica Group, with which ANEK operates jointly on the lines of Crete and the Adriatic Sea. However, the consequences of the pandemic severely affected the ferry market and ferry companies are expected to lose sales of EUR 300 million. Fact that will definitely not allow Attica Group to inject liquidity into a acquisition of that scale.
Source: KATHIMERINI NEWSPAPER (Financial Part)
Last week, Anek Line’s KRITI I left Civitavecchia and returned to Piraeus as her time charter to the Italian GNV expired. The ship had been chartered by the Italian ferry operator since March 2017 and operated on the Civitavecchia (Lazio) – Termine Immerse (North Sicily) line.
KRITI I may have been accused of being an old ship in previous years, but it turned out to be a very successful ship, due her low operational costs and large garage capacity. She will be replaced by the French ropax GIROLATA.
KRITI I will get a two-month refit in Perama repair. She is expected to serve the Piraeus-Crete run for the season of 2020.
Color Line has established an intermodal transport solution, with ships from Oslo to Kiel and trains to Verona in Italy.
This is done in cooperation with the German company Kombiverkehr.
Color Line can also offer space on Kombiverkehr trains to hubs such as Vienna, Nuremberg, Cologne, Duisburg, Ludwigshafen, Munich and Basel.
The Norwegian ferry company says the solution is more environmentally friendly and cost-effective compared to transport using the European motorway network.
Roro COLOR CARRIER and the two cruise ferries COLOR FANTASY and COLOR MAGIC can carry about 80,000 trailers annually on the route between Oslo and Kiel.
According to the current timetable, the UK is due to leave the EU on 31 October. But what does withdrawal mean for those who ship freight between Sweden and the UK via the Port of Gothenburg? And will it affect those handling non-UK bound freight at the port?
Does Grimaldi Intend To Take Over ANEK LINES?
According to an article in the Greek news website newmoney.gr, there has been an exploratory discussion between a representative of the Italian Group and the management of Piraeus Bank, on whether there are conditions for Grimaldi Group to acquire ANEK LINES. A development that became serious when Piraeus Bank opened the discussion about the future of the MIG’s Attica Group (Superfast-Blue Star Ferries-Hellenic Seaways), as well as the future of ANEK LINES.
A few days ago, a senior executive of the Grimaldi Group said that Emanuele Grimaldi is interested in making serious investments in Crete. Within that framework there was a meeting held with the management of Piraeus Bank about ANEK LINES. However, the price was initially considered high and the conversation stopped there. Of course, that is not meaning that there will not be any surprises in the future.
Italian Group’s “circles” add that: “Crete must have one company resulting from the Minoan-ANEK merger and the Attica Group as a competitor”. Also they claimed that: “Minoan Lines have repaid all their bank loans while the company’s overall financial condition can possibly absorb the financial shocks from a possible purchase of the ANEK LINES “.
Moreover, senior executives of the Italian Group made a few points about the future of Hellenic Coastal Lines:
- Things will become very serious at the end of 2019 early 2020.
- Next year will be crucial for the Greek Ferry Operators. The comparative advantage in Hellenic Coastal Lines will be for those who do not have debts as well as for those that have also foreseen installing scrubbers on their ships.
- Those operators that failed to install scrubbers to their fleets will be forced to use the other type of fuel that costs much more.
- The increase in fuel prices will result in the financial burden on ferry companies in 2019.
Also, they stressed that the Italian Group is always considering plans to expand its routes, but everything will depend on the conditions of the ferry market.
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