Greek ferry operator Attica begins to see an upswing

2021-09-26T17:35:20+00:00 September 26th, 2021|Finance|

Marfin Investment’s subsidiary, the large Greek ferry operator Attica Group, has reported consolidated revenue of €122.19 mill for the first half of this year, compared to €117 mill for 1H20.

An EBITDA loss of €4.38 mill, compares to earnings of €1.94 mill in 1H20 and consolidated losses after taxes amounting to €34.05 mill, which compares to losses after taxes of €40.96 mill in 1H20.

Attica increased its revenue despite the adverse business environment, mainly caused by COVID-19 related restrictive measures and reduced passenger capacity protocols on the vessels, which applied throughout the six months.

Restrictive measures concerning the pandemic were imposed at the end of March, 2020, which abruptly disrupted the upward trend in the Group’s traffic volumes during the first two months of last year.

The significant increase in the Group’s fuel cost of 15.4% during 1H21 led to the EBITDA loss. However, fuel hedging transactions, which were conducted under the Group’s hedging policy, helped reduce the Group’s consolidated losses, compared to 1H20.

Attica’s cash and cash equivalents stood at €89.83 mill, compared to €80.53 mill as at the end of last year. As at the end of June this year, the Group had undrawn credit lines totalling €35 mill.

The Group’s total debt amounted to €452.77 mill, compared to €430.54 mill as the end of December, last year, of which €430.32 mill was classified as long-term debt and €22.45 mill as short-term debt.

As of 30th June, 2021, Group equity stood at €352.43 mill, which corresponded to €1.63 per share.

The Group’s fleet totalled 30 vessels, sailing under Superfast Ferries, Blue Star Ferries and Hellenic Seaways banners, of which 20 are conventional ropaxes, nine are high speed catamarans, plus one ro-ro vessel.

Attica Group’s traffic volumes in the first half of this year, compared to 1H20, dropped by 3.6% in passengers, but increased by 23% for private vehicles and 11% for freight units.

During 1H21, Attica signed an agreement with the Norwegian shipyard Brødrene Aa for the construction of three Aero Catamaran type vessels, which will be deployed on the Saronic Gulf routes, as replacements for existing vessels.

Attica also completed the installation of scrubbers on the ‘Blue Star Delos’ and ‘Blue Star Myconos’, the third and fourth vessels to have scrubbers installed.

During July and August, 2021, the Group’s traffic volumes increased in all revenue streams. More specifically, a rise of 42.9% was recorded in passengers, 36.9% in private vehicles and 16.8% in trucks, compared to the corresponding period last year.

However, Attica warned that there was still a strong degree of uncertainty as to the evolution of the pandemic and potential for additional restrictive measures on passenger movements.