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Attica Group

Oct 02
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FERRY SHIPPING

By 2020 Newsletter week 40

Positive EBITDA Attica Group Powered by Monitoring and Timely Decisions

  • Revenue EUR 117.00 million (EUR 164.01 million)
  • EBITDA EUR 1.94 (EUR 15.50 million)
  • The decrease in revenue and EBITDA resulted from reduced traffic volumes(*) due to the pandemic and the imposed restrictive measures.
  • Losses after taxes amounting to EUR 40.96 million (EUR 11.05 million)
  • Financial results (include fuel hedging) loss of EUR 12.51 million (profit of EUR 1.3 million)

(*) Traffic figures:

-56.0% passengers

-46.3% private vehicles

-15.6% freight units

-33.0% sailings (4,446 compared to 6,683 sailings last year).

In the context of these extraordinary and constantly changing circumstances, management monitored daily the traffic volumes data, the pandemic evolution, as well as the measures imposed by the Authorities and assessed the traffic evolution by market, vessel and route.

Based on these assessments, the management made timely decisions achieving, among others, reduced operational and general costs and adjusted vessel itineraries. These measures contained significantly the Group operating costs and achieved the best possible balance between services provided and market demand, considering the necessity to maintain the service and the connectivity of the islands and utilizing to the maximum extent the support measures for the affected companies announced by the Hellenic State.

Jul 23
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Attica Group Achieves ISO 27001:2013 Certification For Information Security Management System

By 2020 Newsletter week 30

Attica Group obtained its certification according to the international standard ISO 27001: 2013 for the Information Security Management System (ISMS).

The ISO 27001: 2013 certification concerns the operation and management of the Group’s Data Center infrastructure, including servers, networking equipment, environmental control devices, storage equipment and physical access processes.

Obtaining and maintaining the aforementioned certification presupposes strict adherence to specific security policies and procedures for the protection of the Group’s information systems, equipment, confidential information it manages, including those relating to personal data.

Jul 23
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Attica Group Publishes 11th Corporate Responsibility Report

By 2020 Newsletter week 30

The Report focuses on the Stakeholders’ main issues of interest as part of the Group’s long-term commitment to operate responsibly, with reference to 85 GRI (Global Reporting Initiatives) disclosures, 235 quantitative indicators, as well as to 38 future objectives.

Some examples:

  • Attica reduced its total energy consumption and carbon dioxide emissions.
  • Distributed over €470 million in economic value:
  • Conducted internal drills on Health and Safety issues
  • Used refrigerants that do not affect the ozone layer
  • Was subjected to 45 inspections from local authorities for food hygiene and safety, with no recorded non-compliance incidents.
  • Had no violation cases concerning main principles and rules of professional behavior, corruption incidents or bribery incidents related to its employees.

The 2019 Corporate Responsibility Report is available on the Group’s website, www.attica-group.com.

Jul 16
Love1

SUPERFAST XI Enters Service On July 19

By 2020 Newsletter week 29

Almost ready is the Attica Group’s ro pax SUPERFAST XI, which is undergoing a scrubber conversion at Keratsini dock since March 29, 2020. Her new funnel has already been in place while the final outcome looks great. The popular “red” ship is expected to return at her Adriatic regular service on July 19.

Jun 25
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Attica Group Implements Specific And Effective Infection Prevention Measures Certified By Bureau Veritas

By 2020 Newsletter week 26

With the tourist season now commencing and the transportation of passengers to and from the Greek islands now permitted, Attica Group is using the new service ‘Restart your business with BV’ in cooperation with Bureau Veritas, in order to certify the quality and reliability that have established the Group as a provider of maritime passenger transport.

Introduced in May, “Restart your business with BV”, addresses biological risks, as posed by COVID-19 and other infections, providing procedures and measures to protect people. The new service includes a framework of standards, which after the completion of strict audits and certification, is validated through the new Bureau Veritas label ‘SAFEGUARD’, providing operators, crew and passengers with the confidence that dangers occurring from potential infections or pandemics are being addressed effectively.

10 vessels of Attica Group have now been certified by Bureau Veritas.

Mr. Spyros Paschalis, CEO of Attica Group commenting further said: ‘Attica Group is systematically implementing measures towards the protection of the health of its passengers and crews on board its vessels. Since the first day of the outbreak of COVID-19 we intensified and adapted our procedures accordingly, remaining always in close collaboration with the Health Authorities. During this process we became familiar with “Restart your Business with BV”. Bureau Veritas, after checking carefully our procedures and based on the standards it has established, concluded that they are being implemented correctly and proceeded to the issuance of certification for each vessel with the SAFEGUARD label, demonstrating that the services offered by Attica Group are effectively addressing health, sanitation and hygiene requirements.”

Jun 04
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FERRY FINANCE

By 2020 Newsletter week 23

After A Strong Year Attica Group Can Handle The Storm

  • +37% EBITDA €78.02m
  • +21% Net income after taxes €20.85m compared to €17.27m for fiscal year
  • 2018 which included one off gains of €15.80m
  • +11% Revenue increase €405.40m

The positive financial results are mainly attributed to the synergies generated from the acquisition of Hellenic Seaways Maritime s.a. which is consolidated for the first time on a full year basis.

Attica Group saw a significant increase of liquidity reserves to €105.33m at the end of the year,  compared to €59.42m on 31 December 2018.

The upward trend of traffic volumes during the first two months of year 2020 was disrupted by the outbreak of the pandemic. The management proceeded immediately with an action plan to mitigate the impact.

The management anticipates that the Group will present losses for the fiscal year 2020.

Additionally, it is expected that the Group’s liquidity fully covers its cash flow needs.

May 14
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PHOTOS OF THE WEEK

By 2020 Newsletter week 20

The scrubber conversions on Attica Group’s SUPERFAST XI and BLUE STAR PATMOS are moving on.

The “red” ship has been in Keratsini (DEH dock) since March 29, 2020, while the new front section for her new enlarged funnel has already been put in place.

Her “Blue” fleetmate on the other hand, has been in the Palumbo (Malta) shipyard since the beginning of March 2020 for scheduled repairs and dry docking, as well as to undergo a scrubber conversion too.

Unfortunately, the Covid-19 found the ship in the shipyard and kept her there. As a result, the work progress was relatively slow.

Both ships are expected to be ready by the end of May.

Apr 23
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FINNLINES

By 2020 Newsletter week 17

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)

Sep 20
Love2

INTERVIEW

By 2019 Newsletter week 38

Evaluating The Greek Summer Season And Much More, With Spiros Paschalis, CEO Attica Group

Ferry Shipping News was in Athens this week, grabbing the golden opportunity to meet with Spiros Paschalis, CEO Attica Group.

How was the summer season? How is Hellenic Seaways’ integration doing? What are the plans for new tonnage? Etc…