ANEK still in the red – merger gets approval

2023-10-01T13:37:54+00:00 October 1st, 2023|Finance|

Greek ferry operator, ANEK Lines has announced an increase in turnover during the first half of this year to €81.9 mill, compared to €74.2 mill in 1H22.


In 1H23, ANEK Group strengthened its transport services and turnover, presenting reduced losses, compared to 1H22. An improvement in operating results, plus the lower fuel prices, contributed to a better result.


However, due to the first half losses, which was exacerbated by high financial costs, mainly due to the increased interest rates, the reduction of its capital continued, with the company’s equity on 30th June, 2023  being negative by €91.9 mill.


At operational level, in 1H23, ANEK utilised privately owned and chartered vessels sailing in Adriatic Sea (Ancona, Venice), Crete (Chania, Heraklion), Dodecanese islands and Cyclades.


Both the Cyclades and Dodecanese routes continued to operate as a public service until the beginning of May.


On the Crete and Adriatic routes, the Group’s vessels sailed on joint itineraries with ATTICA’s vessels, while a charter of a company’s vessel overseas continued.


By operating almost the same number of itineraries, compared to 1H22, ANEK transported a total of 328, 000 passengers, compared with 257, 000 in the comparable period of 2022 (+ 28%), 67,000 vehicles, versus 59,000 (+ 13%) and 58,000 trucks (same as 1H22).


ANEK’s consolidated gross results included a profit of €4 mill, versus a loss of €7.5 mill during 1H22. EBITDA recorded a €2.4 mill loss, compared to a loss of €12 mill in 1H22.


The net financial cost of the Group and the parent company for 1H23 amounted to €8.9 mill, versus €5.6 mill in 1H22.


Consolidated net results after taxes and minority interests for the first half of this year also amounted to a loss of €16.2 mill, compared to €22.6 mill in the previous year, while the parent company’s net results after taxes was a loss of €16.9 mill, versus a loss of €20.7 mill in the comparable period.


The ongoing merger process of the absorption of ANEK by ATTICA, was approved by the Hellenic Competition Committee on 3rd August, 2023.