Attica reveals improved results

2024-04-14T14:35:43+00:00 April 14th, 2024|Finance|

Large Greek ferry conglomerate, Attica Holdings has posted an improvement of its finances.

Revenue reached €588.3 mill, EBITDA stood at €126.4 mill, while net income after taxes amounted to €61.2 mill.

This marks the first announcement of financial results following the merger of ANEK, wherein the latter’s financial figures have been consolidated into the Group for the period of 4th December, 2023 to 31st December, 2023.

Compared to the fiscal year 2022, there was an increase in all financial figures. Specifically, both geographical segments in which Attica Group operates, namely Greek domestic and international routes, showed an increase in revenue.

Overall, in 2023 compared to 2022, the Group’s consolidated revenue increased by 11% reaching €588.3 mill from €530.2 mill.

Vessel sailings increased 8.7%, accompanied by an increase in volume of passengers, vehicles, and freight units. Additionally, the Group’s vessel fleet has further increased in 2023 by 10 ships, bringing the total count to 43 compared to 33 in the preceding year of 2022.

EBITDA amounted to €126.4 mill, compared to profits of €57.8 mill in 2022. Consolidated profit after taxes for fiscal year 2023 reached €61.2 mill, compared to profits of €17.1 mill in fiscal year 2022.

However, the fiscal year 2023 results include the profit from the merger of ANEK amounting to €22.8 mill.

The Group’s equity increased to €495.7 mill from €357.8 mill as of 31st December,23 amounting to €2.04 per company share (€1.66 as of 31st December,2022).

At the same time, the Group’s net debt to its EBITDA for the last twelve months stands at 3.8x. Cash and cash equivalents amounted to €103.4 mill (€87.9 mill as of 31st December, 2022) having concluded total investment cash outflows of €63 mill within 2023.

Through the merger with ANEK, the Group strengthened its fleet by adding eight vessels. In addition, as part of its investment programme, it acquired another two vessels of which 28 are conventional ropaxes, 13 are high-speed vessels, and two are roros.

In 2023, the Group’s vessels operated on Greek domestic routes and on the international Greece/Italy route. Vessels operated by Attica Group transported 6.5 mill passengers, 1 mill private vehicles, and 420,000 freight units, representing increases of 6.6%, 3.1%, and 1.9%, respectively, compared to 2022. The number of sailings increased by 8.7%, compared to 2022.

The Group continued its extensive investment programme for the energy and environmental upgrading of its fleet, as well as further digitisation of its operations.

Last year, the Group invested €6.8 mill in energy efficiency improvement technologies, aiming to reduce fuel consumption and greenhouse gas emissions of its vessels.

As part of the implementation of the extensive investment programme, focusing on reducing its environmental footprint and fleet upgrades, Attica Group signed an MoU with the ONEX shipyards of Elefisis and Syros Shipyards.

The MOU, having a total budget of €1 bill and of 10 years’ duration, focused on exclusive provision of Attica’s fleet maintenance, green retrofits, and newbuildings. The agreement is expected to contribute significantly to the sustainable development of the Greek shipbuilding and repair industry, the Group said.

Panos Dikaios, Attica Group CEO, (pictured) commented: “In 2023, we achieved improved financial results further strengthening our financial position.

“With ANEK merger, we completed a period of expansion through acquisitions. Continuing in momentum, in 2024, we focus on further improving our operational performance through the operational integration of ANEK and the anticipated synergies.

“At the same time, we evaluate three opportunities to reallocate the Group’s investment capital within the wider area of passenger shipping and tourism. Furthermore, we continue to implement our investment plan for fleet renewal, our steady progress towards green transition, and further digitization of all our activities, with a particular emphasis on redesigning and upgrading customer experience.

“Our team, of more than 2,300 employees, remains the driving force behind the implementation of our plans. We continuously invest in re-skilling and up-skilling, aiming at their improvement, evolution, and growth within our Group,” he said.