FINANCIAL RESULTS OF THE FIRST QUARTER 2007

21/05/2007

Minoan Lines are announcing the financial results for the first quarter of 2007.

• 89.4 % increase in operating profitability (EBITDA)
• 51.1% improvement in net results
• 13.1% increase in revenues
• Increase in traffic volumes

The Parent Company
For the first 3 months of 2007, the turnover reached € 37.4 million against € 33.1 million, increased by 13.1% in relation to the respective period of 2006, despite the fact that the Company operates with one vessel lees, after the sale of H/S/F Ariadne Palace.
In Q1 of 2007, the Company’s operating profitability (EBITDA) stood at € 7.3 million versus € 3.8 million in the first quarter of 2006 showing an increase of 89.4% while the relative operating profitability margin shaped at 19.5% versus 11.6% in the respective period of 2006, increased by 7.9 points.
The net results (loss) improved by € 2.7 million (+51.1%) despite the fact that in the respective net results of 2006 recorded extraordinary profits amounted to € 1.4 million.

The Group
The Group’s turnover reached € 37.5 million versus € 33.1 million in the previous’ year respective period (increase of 13.2%). The Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) shaped at € 7.3 million against € 3.8 million of in the first quarter of 2006 (increase of 90.1%).
The Group’s net results (loss) for the 3-month period stood at € -3.9 million against € -7.7 million in the first quarter of 2006. The improvement in the Group’s financial results is derived from both, the parent’s company and the associate’s Hellenic Seaways S.A. financial results. In terms of the later, Minoan Lines possess 33.3% of its share capital.

More specifically, in the Q1 of 2007, the revenues of Hellenic Seaways stood at € 20.7 million versus 14.9 million in Q1 of 2006 while at the same period the net results (loss), according to international financial reporting standards, shaped at € -4.0 million compared to € -6.7 million. It is worth noting that due to the intense seasonality, Hellenic Seaways high profitability period is recorded during the summer period.

Traffic
The current year, Minoan Lines operates its business with four vessels in the North Adriatic market and two vessels in the domestic market.

North Adriatic Routes
In Q1 of 2007, Minoan Lines, despite the operation of the fleet with one vessel less, managed to increase the traffic volumes in all traffic categories. More precisely, passenger volumes stood at 59.8 thousands in Q1 of 2007 compared to 55.6 thousands in the respective period of 2006 (increase of 7.7%), car volumes stood at 13.7 thousands compared to 12.9 thousands in 2006 (increase of 5.7%) while the truck volumes shaped at 22.2 thousands compared to 21.8 thousands in 2006 (increase of 1.5%).

Domestic Market
In Heraklion – Piraeus route passenger volumes stood at 187.3 thousands in Q1 of 2007 compared to 158.1 thousands in the respective period of 2006 (increase of 18.4%), car volumes stood at 21.9 thousands compared to 19.6 thousands in 2006 (increase of 12.2%) while the truck volumes shaped at 18.0 thousands compared to 14.8 thousands in 2006 (increase of 21.0%).

The financial results of the first quarter along with the traffic data and the bookings for the summer period confirm the confidence of top management for the accomplishment of its targeted goals set for this year.

Source: MINOAN LINES S.A.