1st HALF 2021 RESULTS: REVENUE INCREASE, REDUCTION OF LOSSES AND LIQUIDITY STRENGTHENING FOR ATTICA GROUP

The Board of Directors of Attica Group (the "Company"), a subsidiary of Marfin Investment Group (MIG), announces the Group’s 1st half 2021 financial results which present consolidated revenue of Euro 122.19mln (Euro 117.00mln for the 1st half 2020), consolidated losses before taxes, investing and financial results, depreciation and amortization (EBITDA) of Euro 4.38mln (earnings of Euro 1.94mln in the 1st half of 2020) and consolidated losses after taxes amounting to Euro 34.05mln (losses after taxes of Euro 40.96mln in the 1st half 2020).

The Group 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 whole semester. It is noted that the 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 2020. Moreover, the significant increase in the Group’s fuel cost by 15.4% during the 1st half of 2021 led to generation of losses before taxes, investing and financial results, depreciation and amortization. Fuel hedging transactions, which were conducted pursuant to the Group’s hedging policy, contributed to the reduction of the Group consolidated losses compared to 1st half of 2020.

Group’s cash and cash equivalents stood at Euro 89.83mln compared to Euro 80.53mln as at 31.12.2020. Moreover, on 30.06.2021 the Group maintains undrawn credit lines amounting to Euro 35mln.

On 30.6.2021, the tangible fixed assets of the Group amounted to Euro 678.69mln compared to Euro 678.66mln as at 31.12.2020 and mainly concern the vessels owned by the Group.

The total debt of the Group on 30.6.2021 amounted to Euro 452.77mln (Euro 430.54mln as at 31.12.2020), of which Euro 430.32mln is classified as long-term debt (Euro 405.49mln as at 31.12.2020) and Euro 22.45mln as short-term debt (Euro 25.05mln as at 31.12.2020).

On 30.6.2021 Group Equity stood at Euro 352.43mln which corresponds to Euro 1.63 per share.

The Group employed 1,910 employees on 30.6.2021.

OPERATING MARKETS

The fleet of Attica Group consists of 30 vessels sailing under the trademarks of “Superfast Ferries”, “Blue Star Ferries” and “Hellenic Seaways”, of which 20 are conventional Ro-Pax vessels, nine (9) are highspeed- catamaran vessels and one (1) vessel is a Ro-Ro carrier. All vessels are fully owned by the Group, except for one (1) Ro-Pax vessel, which is under long-term lease. All vessels are registered in Greece and fly the Greek flag.

The Group’s vessels operate in Greek domestic routes (Cyclades, Dodecanese, Crete, North-East Aegean, Saronic and Sporades) and in the Adriatic Sea (International routes) while one vessel was chartered out abroad. As of March 2021, the Group has announced the commencement of the direct connection of Thessaloniki with the islands of North Aegean and Cyclades.

Attica Group’s traffic volumes, compared to the 1st half 2020, dropped by 3.6% in passengers, and increased by 23% in private vehicles and 11% in freight units.

In the Adriatic Sea and on Crete routes, Group vessels operate in a joint service with vessels of ANEK LINES.

ENVIRONMENT-INNOVATION- INVESTMENTS

Attica Group continues its tradition in innovative shipbuilding by signing an agreement with the Norwegian shipyard Brødrene Aa for the construction of three (3) Aero Catamaran type vessels, which will be deployed on the routes of the Saronic Gulf, in replacement of existing Group vessels. The new vessels boast an ultra-modern design and innovative features that will significantly upgrade the travel experience for passengers and will contribute significantly to the reduction of the environmental footprint and the gradual transition to a greener, more competitive economy.

Moreover, Attica Group completed the installation of scrubbers on the vessels BLUE STAR DELOS and BLUE STAR MYCONOS, the third and fourth of the Group’s vessels on which scrubbers have been installed.

CORPORATE GOVERNANCE

The Board of Directors (BoD) at its meeting on 14.7.2021 approved the new corporate governance framework, in accordance with the provisions of Law 4706/2020. On 15.7.2021, the Ordinary General Meeting (OGM) approved the election of Ms. Maria Sarri as a member of the BoD and elected her as an Independent Non-Executive member until the end of the term of the current BoD. In addition, the OGM approved, among others, the Suitability Policy of BoD members as well as the revised Remuneration Policy of Attica Group.

Οn 19.7.2021, the Board of Directors composed of the following members : Kyriakos D. Mageiras - Chairman, Executive Member / Michalis G. Sakellis - Vice Chairman, Non-Executive Member / Spyridon Ch. Paschalis – CEO and Deputy Chairman, Executive Member / Georgios E. Efstratiadis –Non-Executive Member / Loukas K. Papazoglou –Independent Non-Executive Member / Efstratios G. - I. Chatzigiannis - Independent Non-Executive Member / Maria G. Sarri - Independent Non-Executive Member.

AWARDS

In the 1st half of 2021, Attica Group received six (6) awards at Tourism Awards 2021, and four (4) awards at Health & Safety Awards 2021, organized by Boussias Communications.

CURRENT DEVELOPMENTS

During the two-month period July - August 2021, Group's traffic volumes increased in all revenue streams. More specifically, an increase of 42.9% was recorded in passengers, 36.9% in private vehicles and 16.8% in trucks, compared to the corresponding 2020 period. In comparison with the period July – August 2019, Group Revenue in the corresponding 2021 period presented a 8.4% reduction. The above data underpin a trend of gradual normalization of Group’s operations. However, it should also be highlighted there is still a strong degree of uncertainty as to the evolution of the pandemic and potential imposition of additional restrictive measures on passenger transportation.

The management is acting systematically to mitigate the effects of the pandemic by continuously adapting the Group operations to evolving conditions, whilst implementing its strategic planning for sustainable development in the post-COVID era.