FULL YEAR 2007 RESULTS
ATTICA GROUP – EBITDA AT EURO 69.58MLN
AND NET PROFIT AFTER TAX AND MINORITIES AT EURO 50.72MLN
DIVIDEND PER SHARE EURO 0.08
27 March, 2008
The Board of Directors of Attica Holdings S.A. (Attica
Group) wishes to announce the Group’s financial
results for 2007 which show consolidated Revenue of
Euro 316.31mln (Euro 308.54mln in 2006), and
Earnings before taxes, investing and financial results,
depreciation and amortisation (EBITDA) of Euro
69.58mln (Euro 74.52mln). Attica’s consolidated
results for 2007 which include Euro 12.5mln profit
from the sale of Superfast X and Euro 27.7mln from
the sale of Attica’s participation in the share capital of
Minoan Lines S.A., show Profit after Tax and Minority
Interests of Euro 50.72mln (Euro 26.28mln in 2006).
Previous year’s 2006 net profits include continuing
and discontinued operations (three Superfast vessels’
operations in the Baltic Sea sold in April 2006), profits
of Euro 13.29mln from the sale of six vessels
(Superfast VII, Superfast VIII, Superfast IX, Seajet 2,
Patmos and Rodos) and capital gains of Euro 7.09mln
from the sale of Attica’s holdings in Hellenic Seaways
and other securities. It should be noted that 2007
results are not directly comparable to the results of
2006, due to the redeployment of three ships and the
addition of one ferry in the domestic market in August
2006.
The Group’s Ebitda was largely affected by the sharp
increase of the world oil prices which burdened our
fuel bills and raised the average fuel price of our
Group by 9%.
The Group’s annual results include Net Financial
Income of Euro 7.30mln (including Euro 27.69mln
from the sale of Attica’s holdings in Minoan Lines SA)
against Net Financial Expenses of Euro 15.52mln in
the same period in 2006 and depreciation charges of
Euro 27.15mln against Euro 29.93mln in the same
period in 2006.
Attica’s results for the period are reported under International
Financial Reporting Standards (IFRS) and as at 31st
December, 2007, show Total Net Equity, after Minority
rights, at Euro 389.12mln (Euro 344.29mln as at 31st
December, 2006), Cash and Cash Equivalents at Euro
171.87mln (Euro 105.45mln as at 31st December, 2006) and
Fixed Assets at Euro 698.02mln (Euro 757.28mln as at 31st
December, 2006). It should be noted that above amounts
are net of dividends of Euro 13.2mln paid to Attica’s
shareholders in July 2007 for the financial year 2006.
Attica Group’s Management will propose to the Annual
General Shareholders’ Meeting the distribution of a total
dividend of Euro 8.33mln (Euro 0.08 per share).
CHANGES IN FLEET COMPOSITION – RECENT DEVELOPMENTS
In the course of 2007, Attica Group was active in the Adriatic
with four Superfast vessels, one Blue Star vessel and one
RoRo, in the North Sea with one Blue Star vessel and in the
Greek domestic market six Blue Star vessels. Attica’s fleet
comprises also of three more freight only RoRo vessels,
which are chartered out, namely the RoRos Nordia,
Challenge and Shield. All the RoRo vessels of the Group
were sold at the beginning of 2008.
This previous year’s fleet deployment changes include the
Blue Star 1 shift from the Patras-Igoumenitsa-Bari route to
replace Superfast X on the Rosyth-Zeebrugge at the end of
January 2007, and in February 2007, after two years of
successful operation in the Germany-Finland market, the
RoRo Marin began trading in the route Patras-Venice (Porto
Marghera) – Patras.
In September 2007, Attica announced the purchase of two
RoRo vessels for the amount of Euro 30.4mln. The vessels Challenge and Shield, built in 1998 and 1999
respectively, were subsequently sold in February 2008
at a profit of Euro 3.98mln which will appear in the
Group’s 1st quarter 2008 results.
On 3rd October 2007, Marfin Investment Group (MIG)
acquired directly and indirectly through its subsidiary
company MIG Shipping S.A. 51.64% of Attica’s stock.
On 23rd October 2007, MIG Shipping S.A. submitted a
Mandatory Public Offer to the shareholders of Attica
Group S.A. for the purchase of the entirety of their
common bearer shares with voting rights at the price
of Euro 5.50 per share to be paid in cash. A similar
Mandatory Public Offer was submitted at the same
date to the shareholders of Blue Star Maritime S.A. for
the purchase of the entirety of their common bearer
shares with voting rights at the price of Euro 3.83 per
share to be paid in cash.
The Tender Offers were concluded on 2nd January
2008 with MIG and its subsidiary MIG Shipping SA
owning 91.1% of the share capital of Attica Group and
together with Attica Group 84.45% of the share capital
of Blue Star Maritime S.A.
On 4th January, 2008 Attica Holdings S.A. announced
the agreement to sell the RoRo vessel Marin, built
1991, trading between Greece and Italy for a total
cash consideration of Euro 8.45mln. The sale was
concluded in February 2008 and a net profit of Euro
2.2mln will appear in Attica’s 1st quarter results.
At the Extraordinary General Shareholders’ meeting of
12th February 2008, a new Board of Directors was
elected. It was also decided to convert Attica’s shares
from bearer to nominal. Since 20th March, 2008,
Attica’s shares are traded as nominal shares in the
Athens Exchange. Attica’s shareholders approved a
five-year stock option plan for 10,417,368 shares of
Attica Group at Euro 6.20 per share, in favour of the
company’s Board members, staff and persons
associated with the company.
As announced on 27th February, 2008, the Board of
Directors of Attica Group decided the merger by
absorption of the Athens Exchange listed company
Blue Star Maritime S.A. It was also decided that the
Transformation Balance Sheet date will be no later
than 30th June, 2008.
On 7th March, 2008 Attica Holdings S.A. announced
the agreement to sell the RoRo vessel Nordia, for a
total cash consideration of Euro 10.3mln. The
transaction will be concluded in April 2008 and the
expected profit of Euro 3.2mln will appear in the Group’s 2nd
quarter financial results.
MARKET REVIEW
SUPERFAST FERRIES MAINTAINS THE LEADING POSITION IN THE GREECE-ITALY ROUTES FOR THE 10th CONSECUTIVE YEAR
In the Greece-Italy market in the Adriatic Sea, in the routes
between Patras and Igoumenitsa and Ancona, Superfast V,
Superfast VI, Superfast XI and Superfast XII, carried in 2007
589,377 passengers (12.4% increase), 112,209 freight units
(26.1% decrease), and 121,209 private vehicles (14.4%
decrease). In the course of the year, in 146 sailings, RoRo
Marin carried 6.980 freight units and 1.343 private vehicles.
Superfast Ferries maintained, for the tenth consecutive year,
the leading position in the Greece-Italy routes in the
transportation of passengers with market shares of 27.4% in
passengers, 24.8% in freight units and 24.4% in private
vehicles on the total passenger, freight unit and private
vehicle traffic in the Greece-Italy routes in the Adriatic Sea.
Market shares are derived from the data of the Greek port
authorities.
The Blue Star Group was present in the Adriatic Sea with the
Blue Horizon. With one vessel against two vessels in 2006,
Blue Star Ferries’ carryings stood at 138,365 passengers,
29,130 freight units and 19,839 private vehicles.
In the North Sea, the Group operated with Superfast X until
29th January 2007 and thereafter with Blue Star 1
redeployed from the Patras-Igoumenitsa-Bari route to the
Rosyth-Zeebugge service in the North Sea. In 2007, on the
same number of sailings as in the previous year, total
carryings stood at 110,094 passengers (2.9% decrease),
36,756 private vehicles (1.2% increase) and 22,552 freight
units (18.0% decrease mainly due to the smaller garage
space for trucks of the new vessel).
BLUE STAR FERRIES – SALES UP 19.1% AND EARNINGS BEFORE INTEREST, TAX AND DEPRECIATION UP 8.5% IN 2007 – ANNUAL DIVIDEND EURO 0.09 PER SHARE
For the year 2007, consolidated Revenue for Blue Star
Maritime S.A., in which Attica Group holds a 48.79%
controlling stake, stood at Euro 168.13mln against Euro
141.16mln in 2006 (19.1% increase). Earnings before taxes,
investing and financial results, depreciation and amortisation
(EBITDA) increased to Euro 44.31mln against Euro
40.83mln (8.5% increase) while Profit after Tax and Minority
Interests stood at Euro 21.45mln against Euro 21.76mln in
the same period last year (1.4% decrease).
The main contributing factors to the increase in
revenue and in the operational profitability of the Blue
Star Group in 2007, were the increased traffic
volumes in the Greek domestic market, in particular in
the Dodekanese Islands’ routes where Blue Star
operated with a second vessel for the whole year
2007 and the increase in the load factors in cargo
traffic in the Patras-Igounenitsa-Bari route as well as
the successful redeployment of Blue Star 1 from the
Greece-Italy routes to the Scotland-Belgium route.
Total traffic volumes for the Blue Star Group in 2007 stood at
3,416,382 passengers (1.9% increase), 458,611 private
vehicles (7.7% increase) and 159,059 freight units (11.2%
increase).
The Board of Directors
For more information please contact:
Attica Group
Yannis Criticos
Tel.: +30 210 891 9500
Fax : +30 210 891 9509
e-mail: ir@attica-group.com
www.attica-group.com
www.superfast.com
www.bluestarferries.com
Attica Group’s accounts will be published in the Greek Press and
will appear in the Athens Exchange and the Company’s websites
(www.attica-group.com) on Thursday, 27th March, 2008.
Attica Group press release
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