Attica sees 677 pct profit increase in 2015

blue_star-Attica

The Board of Directors of Attica Holdings S.A. (Attica Group), member of Marfin Investment Group (MIG), the leading investment group in Southeast Europe with majority participation in leading corporations, announces the Group’s financial results of 2015 which show consolidated profits after tax of Euro 33.18mln compared to profits of 4.27mln in same period in 2014 (677% increase), significant growth in Earnings before interest, taxes, investing and financial results, depreciation and amortization (EBITDA) to Euro 80.70mln compared to Euro 42.35mln in 2014 (91% increase).

Consolidated Revenues reached 277,63mln Euro, increased in 2015 by 4% compared to 266,66 mln Euro in the financial period of 2014. Attica Group’s financial results signify the commencement of a new era, after a long period of challenges, as a consequence of the Greek economic conditions, a challenging period during which Attica Group was supported and financed by its principal shareholder Marfin Investment Group (MIG), not only for its operational needs but also for its investing program.

The above – mentioned Group performance, was achieved within a challenging economic environment which was deteriorated by the imposed restrictions on capital flows (capital controls) from the 2nd Quarter of 2015. The improved financial results are attributed to the increase in consolidated revenue alongside with the operational cost containment. The decrease in operating expenses is attributed to the efficient fleet redeployment, which resulted in improved fleet capacity utilization per sailing and savings in fuel consumption.

The above, in combination with the reduction in fuel oil price and the cost containment efforts over the last years, resulted in the substantial improvement of the operational profitability of the Group.

As at 31 st December, 2015 Attica’s cash balances stood at Euro 71.56mln (Euro 23.94mln as at 31 st December, 2014). Fixed assets of the Group amounted to Euro 565.52 mln (Euro 581.01mln as at 31st December, 2014). The total debt of the Group stood , as at 31st December 2015, at Euro 285.26mln (Euro 282.16mln as at 31st December, 2014) from which long – term borrowings are Euro 243.73mln (Euro 270.80mln as at 31st December, 2014) and short – term borrowings are Euro 41.53mln (Euro 11.3 6mln as at 31st December, 2014).

The Group’s total equity as at 31 st December, 2015 stood at Euro 376.23mln, corresponding to Euro 1.96 per share.

TRAFFIC VOLUMES

During the year of 2015, Attica Group operated through its subsidiaries in the Adriatic Sea and in the Greek domestic sea routes with an owned fleet of twelve Ro – Pax vessels, out of which three were deployed in the Adriatic Sea and nine in domestic routes. Furthermore, early in April the Group took delivery of Ro – Pax Blue Galaxy under a bareboat charter agreement. The vessel operate s since 24th April, 2015 on the Piraeus – Chania (Crete) route.

During the period from January to December 2015, Attica’s traffic volumes increased by 9% in passengers, by 7.3% in private vehicles and by 2.4% in freight units against the same period in 2014, on the basis of 1% increase in total number of fleet sailings.

In the Adriatic Sea and specifically in the Patras – Igoumenitsa – Ancona route and in the Patras – Igoumenitsa – Bari route, the Group deployed three vessels (versus 4 in 2014). In this specific market the traffic volumes of the vessels Superfast XI, Superfast I and Superfast II (in Joint Service with one vessel of ANEK), decreased by 31.5% in passengers, by 31.0% in private vehicles and by 14.5% in freight units. The Adriatic Sea sailings dropped by 16.8% compared to the same period in 2014.

In the Greek Domestic Sea , and specifically on the Piraeus – Cyclades route, Piraeus – Dodecanese islands route, Piraeus – Heraklion route, Piraeus – N.E. Aegean islands route and since 24 th April 2015, Piraeus – Chania route, Attica’s traffic volumes in 2015, with 6.3% more sailings compared to the same period of 2014, increased by 14.9% in passengers, by 17.2% in private vehicles and by 14.2% in freight units compared to the same period in 2014. In Piraeus – Heraklion route and Piraeus – Chania route the vessels of the Group are in join t service with vessels of ANEK.

SIGNIFICANT EVENTS / CURRENT DEVELOPMENTS

Attica Group, as part of its fleet strengthening initiatives, chartered on 08 th April, 2015 the Ro – Pax Blue Galaxy under a long – term bareboat charter agreement. The vessel was completely renovated in order to fulfill all the specifications and high quality standards that characterize all vessels of Attica Group. The vessel operates since 24th April, 2015 on the Piraeus – Chania (Crete) route as part of the joint service with ANEK Lines S.A.

On 22nd May, 2015 Superfast Ferries celebrated 20 years from its first sailings. In Twenty Years of operations, Superfast Ferries, established in Greece and flying the Greek Flag, transported over 12,000,000 passengers, 2,500,000 freight units and 2,500,000 private vehicles in Adriatic, Baltic and North Sea. The next goal is to develop new destinations, maintaining the service quality that always characterizes the vessels of Superfast and Attica Group.

On 08th July, 2015 Attica Holdings S.A. announced that the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) granted Attica approval to operate a marine route between US and Cuba. Attica is in the process of applying for appropriate regulatory and other approvals from the Cuban Government. On 27th October, 2015 Attica Group was honored as “True Leader”, Group – Leader, during the ICAP “True Leader” Awards . This award confirms Attica ’s leading position in the sector of Greek passenger shipping as well as in the Greek business scene in general.

In November 2015, Attica Group published the 6th Corporate Social Responsibility Report 2014. The Report was drawn up for the first time in accordance with the guidelines of the Global Reporting Initiative GRI – G4 “In accordance” Code, aiming at presenting the Group’s actions, effects, and commitments in social, environmental and governance matters, in an objective and transparent manner.

On 7th January, 2016, Attica Group announced that Blue Star Ferries was among the winners at the Energy Mastering Awards 2015 event receiving a Silver Award at the category Energy Efficiency Management – Means of Public Transport, for the plan “Blue Star Ferries Innovative Renewable Energy Sources”. The plan involves the pilot implementation and operation of a photovoltaic unit on board of Blue Star Delos resulting in reduced use of its electricity generators and, in turn, in lower fuel consumption and air pollutant emissions.

The Management of Attica Group continues to assess plans for further revenue growth including alternative fleet deployment combinations, as well as, development of new international routes with the ongoing support of Marfin Investment Group (MIG) and its global business network.

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