Attica returns to the black

2023-04-14T20:07:42+00:00 April 14th, 2023|Finance|

Major Greek ferry and transport group Attica, a subsidiary of Mig Holdings, reported net income of €17.05 mill for 2022, compared to a net loss of €13.19 mill for fiscal 2021.

EBITDA increased by 38% to €57.75 mill, compared to €41.96 mill the previous year. Revenue increased by 52% to €530.24 mill, compared to €347.91 mill for 2021.

Last year, Attica took delivery of three aero catamarans for the Saronic Gulf routes and commenced merger proceedings with ANEK.

The Group’s revenue increase stemmed mainly from the increase in vessels’ utilisation rate in all revenue streams, underpinned by the lifting, since mid-March 2022, of the Greek Government imposed reduced capacity protocol for passengers – due to Covid-19 restrictions – the increase in number of sailings by 28.6%, as well as, the increase in fares, as a result of the surge in fuel prices.

This increase outweighed to a great extent the rise in operating costs, which were caused by the fuel prices hike, as a result of the energy crisis – the average price of fuel oil consumed in 2022 increased by 73%, compared to 2021.

Moreover, fuel price hedging transactions contributed gains of €26.65 mill last year, compared to gains of €12.99 mill in 2021.

Attica’s cash and cash equivalents stood at €87.87 mill, compared to €97.36 mill on 31st December, 2021. Tangible fixed assets amounted to €688.04 mill, compared to €673.84 mill. These mainly relate to value of the vessels owned by the Group.

The Group’s total debt was €497.70 mill, compared to €481.59 mill at the end of the previous year. As at 31st December, 2022 Group equity stood at €357.75 mill, which corresponded to €1.66 per share.

Attica deploys 33 vessels sailing under the banners of Superfast Ferries, Blue Star Ferries and Hellenic Seaways, of which 20 are conventional ropaxes, 12 are high speed catamaran vessels and one a ro-ro.

They operate on Greek domestic routes and on Greece/Italy routes.

Attica’s traffic volumes, compared to 2021, increased by 38% in passengers, 16% in private vehicles and by 11% in freight units. The number of sailings increased by 28.6%, compared to 2021.

The Group’s new environmental strategy was approved last year. Its implementation has already been initiated through the reduction of polluting gas emissions, the provision for the installation of energy efficiency equipment on board vessels, as well as the implementation of specific actions that reduce the Group’s environmental footprint.

On 21st September.2022, Attica announced that an agreement was reached with the largest creditors of ANEK, as well as with its shareholders representing 57.7% of the total share capital.

This agreement provides for: a) the merger by absorption of ANEK by Attica at an exchange ratio of one (1) common or preference share of ANEK to 0.1217 new common registered shares of Attica, and b) the payment by the post merger entity of the amount of €80 mill in full and complete repayment of ANEK’s loan obligations to the creditors (outstanding capital in an amount of €236,419,251.23 plus total outstanding interest accrued on the date of completion of the intended transaction).

The merger is subject to the usual conditions and approvals of the competent corporate bodies, as well as of the Greek Competition Commission.

Attica also entered into bilateral credit facilities with three Greek credit institutions for a total of €210 mill with tenors from five to seven years, which successfully concluded the long-term refinancing of all Group’s credit facilities maturing in 2022/2023.