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Tag: Attica Group | Page 2 | Ferry Shipping News

Aug 11
0

Attica Group to absorb Anek Lines: official statement

By | 2023 Newsletter week 32 | No Comments

Excerpt from the English-language press release from the Hellenic Competition Commission:

“The Plenary Session of the HCC (Hellenic Competition Commission) concluded that, although the merger may significantly restrict the operation of competition, in particular by creating or strengthening a dominant position, in the relevant markets for the provision of maritime transport services for passengers, cars and trucks in certain pairs of ports (Origin-Destination) in Crete and the Adriatic, the three conditions of the failing firm defence are fulfilled.

More specifically, the Competition Commission concluded that:

  1. a) ANEK would be forced to exit the market in the near future due to its financial difficulties,
  2. b) that there was no other alternative acquisition option, less harmful to competition, other than the notified concentration, and
  3. c) that there was no credible interest in acquiring the assets of ANEK and therefore the company’s assets would exit the market.

In any event, on the balance and the overall of the affected markets, the competitive structure will not be worse as a result of the merger than it would be in case of a non-liquidation of the company’s assets, and is therefore not causally related to it.”

Nov 18
0

Attica Group: Q3 2022

By | 2022 Newsletter week 46 | No Comments

Key Financial Figures (in EUR)

Revenue

Q3= 220.17mln = +48.45%

9M= 421.61mln = +55.86%

EBITDA

Q3= 62.33mln (47.11mln in the corresponding 2021 period)

9M= 52.73mln (42.74mln in the corresponding 2021 periods)

EBIT

Q3= 49.09mln (33.34mln in the corresponding 2021 period)

9M= 14.62mln (4.31mln in the corresponding 2021 period)

Consolidated Profit after taxes

Q3= 60.70mln (profit after taxes of 32.74mln in the corresponding 2021 period)

9M= 30.16mln (loss after taxes of 1.31mln in the corresponding 2021 period)

Outlook

For the forthcoming months of 2022, which constitute months of low traffic, the Group’s traffic volumes are expected to be at pre Covid-19 levels.

Others

The Group holds adequate liquidity with its cash and cash equivalents standing at Euro 75.67mln on 30.09.2022 compared to Euro 97.36mln as at 31.12.2021. Moreover, on 30.09.2022 the Group maintains undrawn credit lines amounting to Euro 15mln.

In October 2022, the Company has entered into bilateral credit facilities with three Greek credit institutions for a total amount of Euro 210mln and tenors from five to seven years, successfully concluding the long-term refinancing of all Group’s credit facilities maturing in 2022- 2023. The above agreements result in the reduction of the average interest rate margin of the Group.

Moreover, ICAP S.A., pursuant to its regular reassessment of the Company, upgraded its credit rating by one (1) notch by assigning it a ΑΑ credit rating (low credit risk zone).

Sep 29
0

Attica Group H1 sees gradual normalization of Group’s financial results to pre-Covid 19 levels

By | 2022 Newsletter week 39 | No Comments

Consolidated (in EUR)

  • Revenue 201.45m (122.19m in H1, 2021) Following the lifting of the state imposed reduced capacity protocol for transporting passengers by vessels since March 2022, Group revenue increased by 65% as compared to the 1st half of 2021, indicating the gradual normalization of the Group’s operations to pre Covid 19 levels.
  • Losses before taxes, investing and financial results, depreciation and amortization (EBITDA) of 9.61m (4.38m).
  • Losses after taxes 30.54m (consolidated losses after taxes of 34.05m in H1, 2021)
  • The increase in traffic volumes, and therefore in the Group revenue, was offset by the prolonged increased price of fuel (the average price of fuel oil consumed in H1, 2022 increased by 99% compared to H1, 2021), resulting in the increase of the Group’s operating costs.
  • Fuel price hedging transactions, conducted for part of the fuel consumption of the Group’s vessels pursuant to the Group’s hedging policy, contributed by 12.8m to the reduction of the Group consolidated losses compared to H1, 2021.
  • Group’s cash and cash equivalents stood at 67.88m (97.36m on 31.12.2021).
  • The total debt of the Group amounted to 467.42m (481.59m on 31.12.2021).

Traffic volumes (compared to H1, 2021)

+108% passengers

+56% private vehicles

+16% freight units

+54% number of sailings

Agreement with creditors and shareholders of ANEK

On 21.9.2022, the Company announced that an agreement was reached with the largest creditors of ANEK S.A., as well as with ANEK shareholders representing 57.70% of the total share capital of ANEK.

The agreement provides for:

  1. a) the merger by absorption of ANEK by the Company at an exchange ratio of 1 common or preference share of ANEK to 0.1217 new common registered shares of ATTICA and
  2. b) the payment by the post-merger entity of the amount of EUR 80,000,000 in full and complete repayment of ANEK’s loan obligations to the above creditors (outstanding capital in an amount of EUR 236,419,251.23 plus total outstanding interest accrued on the date of completion of the intended transaction).

The agreement was executed on 23.9.2022.

Sep 29
0

Attica Group: a new giant with 45 ferries

By | 2022 Newsletter week 39 | No Comments

The merger of ANEK with Attica Group will lead to the formation of a new shipping giant in Greece. It will operate 45 ferries on all the main Greece and Italy lines.

With the specific agreement a significant write-off of the ANEK’s’ debts by EUR 156,4 million was decided. Attica Group will only pay EUR 80 million from the total of EUR 236,4 million.

After the completion of the agreement, which is expected by March 2023, Attica group will control four companies in Greece: Superfast Ferries, Blue Star Ferries, Hellenic Seaways and ANEK Lines.

Attica Group also operates in the Western Mediterranean with a 49% stake in Africa Morocco Line.

Sep 22
0

Attica Group: Announced the merger with ANEK Lines to the Athens Stock Market

By | 2022 Newsletter week 38 | No Comments

According to an official Attica Group press release (in Greek) the deal contains:

  • The merger with the absorption of ANEK Lines by Attica Group with an exchange of one common or preferred share of ANEK for 0,1217 new common registered shares of Attica Group and
  • the payment of EUR 80 million for full and complete repayment of ANEK Line’s loan to its creditors from the consolidated scheme which will be formed on the date of the completion of the merger.

The agreement was sent on Tuesday 20 September 2022 by the legal advisors to be signed by the representatives of the contracting parties.

The Boards of Directors of both companies will be convened in accordance with the law and decide on the initiation and individual parameters of the merger process.

Attica Group points out at its press release that:  “We estimate that the specific agreement will benefit the shareholders, the employees and the suppliers of both companies as well as the Hellenic Coastal Shipping.”

Sep 15
0

Attica Group: EUR 120 million for green investments

By | 2022 Newsletter week 37 | No Comments

According to the Greek press, the management of the Attica Group submitted its EUR 120 million investment plan to the Recovery Fund for the energy upgrading of its existing ships, as well as the gradual replacement of its oldest vessels within a decade.

Attica Group has already completed a EUR 21 million investment for the construction of its three modern Aero Catamarans (AERO 1, 2 and 3), which were introduced last August in the Saronic Gulf service and officially presented to the press on September 8, 2022.

As far as the passenger traffic performance of the Group is concerned, the first eight months of 2022 (January-August) the traffic was reduced by 15% compared to 2019, while the traffic in August 2022, was reduced by 6% compared to August 2019.

Feb 17
8

Attica Group’s newbuilding catamaran AERO 1 launched in Norway

By | 2022 Newsletter week 7 | No Comments

The first of three ‘Aero’ catamarans ordered a year ago by Attica Group, has been launched by Norwegian shipyard Brødrene Aa.

All Aero’s will be introduced in the Saronic Gulf service within 2022. A Greek crew is already in Norway to inspect and get acquainted with the first new vessel.

The total investment amounts up to EUR 21 million and is covered by equity and bank lending. All three ships are expected to be delivered within the first four months of 2022.

Length 36m | 150 pax | 34 knots