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.