Attica Holdings has reported that group revenue reached €317.2 mill in the first half of 2024, compared to €244.3 mill in 1H23.
EBITDA stood at €19.5 mill, compared to €47.5 mill in the first half of the previous year.
The Group said it is continuing its implementation of its investment plan for fleet renewal, environmental transition, as well as further digitisation of its operations.
These results included ANEK Lines’ business operation and its subsidiaries for the entire period for the first time, following the completion of its merger by absorption on 4th December, 2023.
In 1H24, the Group focused on the operational integration of ANEK and the successful implementation of the planning of fleet operations, human resources, systems and practices in anticipation of the summer peak season.
During the period, the Group’s revenue increased across both geographic segments – Greek domestic and international routes.
Overall, compared to 1H23, the consolidated revenue rose by 29.9%, while the consolidated losses after taxes amounted to €4.5 mill, compared to earnings of €3.3 mill in 1H23.
For comparison purposes, it should be noted that the results for the 1H24, and for 2024 fiscal year overall, are burdened by non-recurring expenses related to the merger and the operational integration of ANEK, including costs associated with the voluntary exit programme, the fleet upgrade, the training and integration of crew and onshore personnel, as well as other merger-related costs.
Overall, the operational integration is expected to be completed by the end of this year.
In addition, the Group’s operating cost was affected by a 9% increase in the average fuel price compared to 1H23, as well as the emission allowances purchase cost, in compliance with the European Union Emissions Trading System (EU ETS) requirement, which came into effect on 1st January, 2024.
During the period, the Group sold its stake in the affiliate Africa Morocco Links (AML). The total gain from this sale, including the sale of the ropax ‘Morocco Star’, amounted to €22.8 mill.
The sale of the ‘Morocco Express 1 (ex ‘Highspeed 3’), which was part of the agreement, was completed in July, 2024.
Cash and cash equivalents as of 30th June, 2024, stood at €157.8 mill (€103.4 mill as of 31st December, 2023), with unutilised credit lines amounting to €44 mill, while total Group investment cash outflows for 1H24 amounted to €55 mill.
The common bond loan of €175 mill, publicly traded on Athens Stock Exchange, was fully repaid on 26th July, 2024.
The Group’s equity stood at €495.2 mill (€495. mill as of 31st December, 2023).
Attica’s fleet numbered 42 vessels, sailing under the brands Superfast Ferries, Blue Star Ferries, Hellenic Seaways and Anek Lines, of which 28 are conventional ropaxes, 12 are high speed vessels and two are ro-ros.
All vessels are fully owned by the Group, except for two ropaxes, which are chartered.
During 1H24, the Group’s vessels operated on Greek domestic routes (Cyclades, Dodecanese, Crete, Northeast Aegean, Saronic Gulf and Sporades) and on the international sector, Greece/Italy route (Ancona, Bari, Venice).
In 1H24, the Group vessels transported 2.8 mill pax (2.4 mill pax in the 1H23, an increase of 16.7%, 462,000 private vehicles, (365,000 in 1H23), an increase of 26.6% and 266,000 freight units (209,000 units in 1H23), an increase of 27.3%.
Within the content of Attica Group’s investment plan towards green transition and fleet renewal, the Group has signed a long-term charter agreement with Stena RoRo, including a purchase option, for two newbuilding E-Flexer ropaxes.
These vessels will be certificated as methanol-ready and battery-ready, featuring engines capable of running on three different types of fuel. They will also be equipped with three technologies to optimise environmental performance and reduce greenhouse gas emissions.
Their delivery is scheduled to take place in April and August 2027, respectively.
In 2H24, the company acquired the ropaxes ‘Kissamos’ and ‘Kydon’, which were already part of the Group’s fleet under long-term bareboat charter agreements.
The acquisition of the two vessels was the result of exercising the respective purchase options under the bareboat charter agreements, for €4.4 mill and € 4.5 mill, respectively.
Attica also invested €14 mill in 1H24 for the acquisition of a second hotel complex on Naxos, Greece, further expanding its presence on the island.
