Attica’s consolidated results show reduced after tax Losses of Euro 14.81mln against Consolidated after Tax Losses of Euro 26.45mln in the period January to September 2011, the latter including extraordinary profits of Euro 3.9mln from the sale of Superferry II in March 2011.
Attica’s results are reported under International Financial Reporting Standards (IFRS) and as at 30th September, 2012, show Total Equity of Euro 388.83mln (Euro 406.22mln as at 31st December, 2011) and Fixed Assets (ships) at Euro 740.01mln (Euro 712.93mln as at 31st December, 2011). As at 30th September, 2012 Attica’s cash balances stood at Euro 19.7mln.
The Group’s 9 month 2012 results include Interest and other Financial Expenses Paid of Euro 10.33mln against Euro 8.22mln and depreciation charges of Euro 20.17mln against Euro 20.37mln in the first nine months of 2011.
TRAFFIC VOLUMES – MARKET SHARES
Attica Group operates in the Greece-Italy routes in the Adriatic Sea and in the Greek domestic sea routes. According to traffic data derived from the Greek Port Authorities, the total traffic in all the Greece-Italy routes in the Adriatic Sea, dropped by 30% in passengers and private vehicles and by 14% in freight units in 23% less total departures compared to the nine months of 2011. Attica’s vessels Superfast I and Superfast II operating in the Greece-Bari route and Superfast VI and Superfast XI operating in joint service with one vessel of ANEK in the Greece-Ancona route, maintained the leading position with increased market shares by three percentage points to 33% in passengers, by four percentage points to 36% in freight units and by one percentage point to 29% in private vehicles. In 11% less sailings, the Group’s vessels carried 372,087 passengers (reduction of 23% vs 9mo 11), 84,021 freight units (4% reduction) and 72,438 private vehicles (28% reduction).
In the domestic ferry routes to the islands, (Piraeus to the Cycladic islands, Piraeus to the Dodekanese islands, Piraeus to Herakleion, Rafina-Cycladic islands 28th November, 2012 17:30 Pages: 2 as of the beginning of June and Piraeus-Chios-Mytilene as of mid-July), Attica’s traffic grew by 1% in passengers, by 4% in cars and by 7% in cargo units with traffic volumes of 2,592,000 passengers, 328,000 private cars and motos and 110,000 cargo units. In the Piraeus-Herakleion route, one vessel of the Group operates in joint service with one vessel of ANEK since June 2011.
Attica’s improved results have been achieved in a financial environment of higher fuel costs and continuing recession of the Greek economy which has caused further reductions in traffic on all routes operated by Attica’s vessels. It should also be noted that in the course of the year, signs of unfair competition against the Greek-flagged ships have been observed in the Greece-Italy routes. As a consequence of the above, journey times and the frequency of service on certain routes were adjusted to meet the reduced levels of demand, reaping additional savings in the administrative as well as the operational expenses of the Group’s fleet. In conjunction with the above, Attica’s management is in continuing discussions with the Group’s lending banks in order to agree on a restructuring plan of the group’s long term loans, which will take care of the current circumstances and requirements of the Company, its subsidiaries and the Banks.
The Board of Directors
For more information please contact:
Tel.: +30 210 891 9500
Fax: +30 210 891 9509
Attica Group’s accounts will appear on the Athens Exchange (www.ase.gr) and the Company’s websites (www.atticagroup. com) and will be published in the Greek Press on Thursday 29th November, 2012.
Attica Group press release