ANEK takes a hit from fuel costs

2023-05-12T17:05:34+00:00 May 12th, 2023|Finance|

Soon to be merged Greek ferry company, ANEK has reported a 24% increase in the number of passengers carried in 2022 to 809,000.

The number of cars shipped also increased by 2% to 186,000 units. However, the number of cargo units fell by 14% to 115,000.

ANEK also reported a 20% increase in Group turnover to €150 mill and a 27% increase in sales to €133 mill.

The company experienced a sharp rise in fuel costs last year, averaging more than 80%, compared to the fuel costs in 2021, which affected the operating result, negated the benefit of the turnover increase and affected the Group’s ability to maintain adequate working capital, it said.

An expenses increase, plus the reduction in the Group’s gross profit, resulted in EBITDA falling to €0.8 mill, compared to €7 mill in 2021), while the parent company reported a loss of €0.8 mill against a profit of €4.1 mill for the previous year.

As a result, the consolidated net results after taxes amounted to a loss of €20.4 mill, compared to a loss of €40.2 mill for 2021, while the net results after taxes and minority interests amounted to a loss of €21.4 mill, compared to a loss of €41.7 mill for the previous year.

Due to the losses, the Group’s equity as at 31st December, 2022 was a negative €61.4 mill. The Group’s capital, as well as the parent company’s liquidity, also deteriorated significantly, resulting in the lack of fulfilling loan obligations, as well as difficulty in taking care of other current liabilities.

Following the agreement between Attica Holdings and the major creditors and shareholders of ANEK, representing 57.7% of the company’s total capital, the merger procedure, in which Attica will absorb the company, was still ongoing.

Its completion is still subject to the relevant bodies’ approval, according to the legislative framework. It is currently under examination by the Hellenic Competition Commission, ANEK said.