Attica group 2021 results (in EUR)
- 20% revenue increase, in total 347.91 mln (290.40 mln in 2020)
- 4% EBITDA increas, in total 41.96 mln (40.39 mln in 2020)
- Significant reduction in consolidated losses after tax: losses of 13.19 mln (losses of 49.42 mln in 2020)
Attica Group’s turnover continued to be adversely affected, for the second consecutive year, by the COVID -19 pandemic and the restrictions on the movement of passengers and vehicles, as well as by the imposition of a reduced passenger capacity protocol on board of the vessels.
Traffic volumes in 2021 are lower than those recorded in the pre-COVID-19 period, and in particular as compared to year 2019. However, despite the restrictive measures imposed on passenger traffic, especially during the first four months of 2021, and the delayed touristic traffic resumption, passenger traffic increased compared to 2020, marking the beginning of the gradual normalization of Group’s operations.
The results were achieved despite the significant increase in fuel oil prices, by over 32% compared to 2020, which resulted in the increase of Group’s operating costs by 31.76 mln. Partial fuel hedging transactions, which were conducted pursuant to the Group’s hedging policy, contributed to the reduction of the Group consolidated losses compared to year 2020.
On 31 December 2021 (compared to 31 December 2020):
- Group’s cash and cash equivalents: 97.36 mln (80.53 mln)
- Tangible fixed assets: 673.84 mln (678.66 mln) and mainly concern the vessels owned by the Group.
- Total debt: 481.59 mln (430.54 mln)
- Group Equity: 361.7mln which corresponds to EUR 1.68 per share.
Traffic volumes: +34% passengers | +38% cars | +11% freight units | +12% sailings
Outlook: uncertainty due to the Ukrainian crisis.
It requires measures including the adjustment of Group’s pricing policy to current conditions, optimization of fleet deployment, vessels speed reduction and partial hedging of the risk of fuel oil price fluctuation.