MINOAN LINES

Financial Results for the first half of 2007

Minoan Lines is announcing the financial results for the first half of 2007.

• Significant improvement by 79.0% in the Group’s Net Results.
• Increase by 51.1% in the Group’s operating profit (EBITDA)

The Company
?he turnover for the first half of 2007 was shaped at about the same levels in relation to the respective previous year period, despite the fact that in 2007, the Company operates its business with one vessel less due to the sale of H/S/F Ariadne Palace., reaching € 83.8 million against € 84.8 million of the respective period of 2006, presenting a slight decrease of 1.2%.
The Company’s operating profitability (EBITDA) was increased by 50.9% reaching € 18.2 million against € 12.1 million of the respective previous year period. The operating margin (EBITDA margin) was increased too, shaping at 21.7% versus 14.2% of the first half of 2006, improved by 7.5 units. The net results for the first half of 2007 recorded a loss of € 1.8 million against a loss of € 7.0 million of the respective previous year period, improved by € 5.2 million (+74.5%). It is worth noting that 2006 net results have recorded extraordinary profits of approximately, € 2.0 million.

The Group
At a Group level, the turnover reached € 83.9 million versus € 84.8 million of the respective previous year period, presenting a slight decrease of 1.2%. The operating profit reached € 18.2 million against € 12.0 million of the first half of 2006, increased by € 6.2 million while the net results recorded a loss of € 1.6 million against a loss of € 7.5 million of the respective period of 2006, improved by € 5.9 million (+79.0%).
The improvement of the Group’s net results is owing to the improvement of the net results so of Minoan Lines as of the associated company Hellenic Seaways.
As refers to the latter, its net results for the first half of 2007, recorded a profit of € 0.7 million versus a loss of € 1.3 million of the respective previous year period.

Traffic Volumes
The total traffic of Minoan Lines for the first half of 2007, despite the significant reduction in the Company’s trips, presented a few, marginal changes. In particular, the Company transported 621.4 thous. passengers, 99.9 thous. cars and 79.0 thous. trucks against 617.1 thous. passengers, 100.7 thous. cars and 79.5 thous. trucks, of the first half of 2006.

North Adriatic Routes
In north Adriatic routes, where Minoan Lines operated with a vessel less in relation to the previous year operations, it transported 185.4 thous. passengers, 48.1 thous. cars and 41.7 thous. trucks, versus 190.5 thous. passengers, 50.2 thous. cars ?a? 45.5 thous. trucks, of the first half of 2006.
The corresponding market shares were shaped at 33.9% in passengers, 34.6% in cars, and 30.8% in trucks, significantly higher than the respective share of Minoan Lines trips (29.8%).

Crete Route
In “Heraklion – Piraeus” route Minoan Lines increased its volumes in all traffic categories. Specifically, it transported 420.5 thous. passengers, 48.9 thous. cars and 36.0 thous. trucks, against 403.0 thous. passengers, 46.8 thous. cars and 32.1 thous. trucks, of the first half of 2006.
The corresponding market shares were shaped at 75.5% in passengers, 66.6% in cars, and 51.3% in trucks while the related share in trips was 46.5%

Minoan Lines Press Release