ANEK’s losses continue

2022-05-14T10:15:33+00:00 May 14th, 2022|Finance|

In its annual results roundup, Greek ferry company ANEK Lines said that during 2021, the gradual restoration in economic activity led to an improvement in the economic climate.

Regarding the Greek economy, the better-than-expected tourist activity and the sharp increase in exports, contributed significantly to the rise of GDP. 

In the passenger shipping sector, the restrictions imposed on transfers, due to the implementation of stringent measures to deal with the spread of COVID-19, continued during the first few months of 2021 but were gradually abolished by mid-May, while reduced protocols on vessels continued to apply. 

In 2021, a partial recovery of transportation and turnover was achieved, compared to 2020, when the negative consequences of the pandemic were extremely intense, having brought unprecedented losses.

However, the dramatic rise in the international oil price has absorbed a large part of the benefit from the traffic and turnover increase.

The Group’s fuel prices on a weighted average basis in 2021 increased by 45%, compared to the previous year. 

At an operational level, ANEK Group participated through owned and chartered vessels in the Adriatic Sea (Ancona, Venice), Crete (Chania, Heraklion), Dodecanese and Cyclades, while the chartering of one vessel abroad continued.

By operating the same number of services compared to the previous year, in 2021, ANEK carried a total 652,000 pax, compared to 497,000 in 2020 (an increase of 31%), 183,000 private vehicles, compared to 115,000 (plus 60%), and 133,000 trucks, versus 121,000 (plus 10%).

For 2021, ANEK reported a group turnover of €149.997 mill, compared to €124.452 mill for 2020.

The consolidated cost of sales was €132.950 mill from €109.684 mill in the previous year. Group gross profit was €17.047 mill, compared to €14.768 mill in 2020. Consolidated EBITDA was €7.030 mill, versus €6.826 mill in 2020.

The Group recorded a net result after taxes and minority rights of a loss of €41.702 mill, as opposed to a loss of €15.095 mill in the previous year.

During the first quarter of this year, traffic volumes and transportation services performed at satisfactory levels, confirming the estimate for a return to the figures seen before the pandemic. 

However, the international oil prices in 2022 have gradually reached unprecedented high levels, affected by current geopolitical developments and the energy crisis.

In conclusion, on an economic level, the geopolitical uncertainty, the energy crisis, the increase in prices and the evolution of potential new variants of the COVID-19 pandemic, is causing concern. 

To confront the risk of high fuel and raw materials prices, the Group frequently adjusts its pricing policy where this is possible, it said.