Παρ12022022

Last updateΠαρ, 02 Δεκ 2022 9am

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COMMENCEMENT OF THE MERGER PROCESS BETWEEN ATTICA HOLDINGS S.A. AND ANEK S.A.

0attica group"ATTICA HOLDINGS S.A." (hereinafter the “Company” or "ATTICA"), further to the announcement made on 23.9.2022

ATTICA GROUP: GRADUAL NORMALISATION OF THE GROUP’S OPERATIONS TO PRE - COVID 19 LEVELS; INCREASE IN ALL REVENUE STREAMS COMPARED TO 1ST HALF 2021

attica groupThe Board of Directors of Attica Group (the "Company"), a subsidiary of Marfin Investment Group (MIG), announces the Group’s 1st half 2022 results which present consolidated revenue of Euro 201.45mln (Euro 122.19mln in the 1st half 2021), consolidated losses before taxes, investing and financial results, depreciation and amortization (EBITDA) of Euro 9.61mln (Euro 4.38mln in the 1st half of 2021) and consolidated losses after taxes amounting to Euro 30.54mln (consolidated losses after taxes of Euro 34.05mln in the 1st half 2021).

Following the lifting of the state imposed reduced capacity protocol for transporting passengers by vessels since mid-March 2022, Group revenue increased by 65% as compared to the 1st half of 2021, indicating the gradual normalization of the Group’s operations to pre - Covid 19 levels.

The increase in traffic volumes, and therefore in the Group revenue, was offset by the prolonged increased price of fuel (the average price of fuel oil consumed in the 1st half of 2022 increased by 99% compared to the 1st half of 2021), resulting in the increase of the Group's operating costs. Fuel price hedging transactions, conducted for part of the fuel consumption of the Group’s vessels pursuant to the Group’s hedging policy, contributed by Euro 12.8mln to the reduction of the Group consolidated losses compared to 1st half 2021.

Group’s cash and cash equivalents stood at Euro 67.88mln compared to Euro 97.36mln on 31.12.2021. The total debt of the Group amounted to Euro 467.42mln compared to Euro 481.59mln on 31.12.2021.

Tangible fixed assets of the Group amounted to Euro 684.91mln compared to Euro 673.84mln as at 31.12.2021.

On 30.6.2022 Group Equity stood at Euro 344.44mln which corresponds to Euro 1.6 per share.

The Group employed 2,089 employees on 30.06.2022.

OPERATING MARKETS

Attica Group deploys 33 vessels sailing under the trademarks of “Superfast Ferries”, “Blue Star Ferries” and “Hellenic Seaways”, of which 20 are conventional Ro-Pax vessels, twelve (12) are highspeed - catamaran vessels and one (1) vessel is a Ro-Ro carrier.

The Group’s vessels operate οn Greek domestic routes (Cyclades, Dodecanese, Crete, North-East Aegean, Saronic and Sporades) and οn the International route of Greece-Italy (Ancona, Bari and Venice).

Attica Group’s traffic volumes, compared to 1st half 2021, increased by 108% in passengers, by 56% in private vehicles and by 16% in freight units. The number of sailings increased by 54% compared to 1st half 2021.

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

INNOVATION- INVESTMENTS

In June and July 2022, three new state-of-the-art Aero Catamaran vessels were added to the Attica Group fleet, built in the Brødrene Aa shipyard in Norway. Aero Highspeed 1, 2 and 3 were deployed since early August 2022 in the Saronic islands routes, in replacement of existing Group capacity in the market.

EXPANSION OF ACTIVITIES IN HOSPITALITY INDUSTRY

Within the context of its strategic plan for expansion of its activities and in order to capitalize on its strong presence in the Greek tourism industry, Attica Group started since 2021 investing in the complementary sector of hospitality. Within this framework, Attica Group in 2021 acquired through a 100% subsidiary, the owning company of Naxos Resort Beach Hotel located in Agios Georgios, Naxos and in 2022 the owning company of Tinos Beach Hotel located in Kionia, Tinos.

AGREEMENT WITH CREDITORS AND SHAREHOLDERS OF ANEK

On 21.9.2022, the Company announced that an agreement was reached with the largest creditors of ANEK S.A. (hereinafter "ANEK"), as well as with ANEK shareholders representing 57.70% of the total share capital of ANEK. The agreement provides for:
a) the merger by absorption of ANEK by the Company 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 Euro 80,000,000 in full and complete repayment of ANEK's loan obligations to the above creditors (outstanding capital in an amount of Euro 236,419,251.23 plus total outstanding interest accrued on the date of completion of the intended transaction). The agreement was executed on 23.9.2022.

CORPORATE GOVERNANCE

On 6.9.2022, following the resignation of Mr. M. Sakellis and the election of Mr. I. Trigkas as a Non-Executive Member, the Board of Directors announced its re-constitution, as follows: Kyriakos D. Magiras - Chairman, Executive Member / Georgios E. Efstratiadis - Vice Chairman, Non-Executive Member / Spyridon Ch. Paschalis - CEO and Deputy Chairman, Executive Member / Ilias K. Trigkas - 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.

The composition of the Audit Committee was formed as follows: Efstratios G. - I. Chatzigiannis - President, Loukas K. Papazoglou - Member, Georgios E. Efstratiadis – Member, while the composition of the Remuneration & Nomination Committee was formed as follows : Loukas K. Papazoglou - President, Efstratios G. - I. Chatzigiannis - Member, Ilias K. Trigkas - Member.

AWARDS

During the 1st half 2022, Attica Group received one (1) award at the Green Awards 2022, nine (9) awards at the Tourism Awards 2022, and seven (7) awards at the Health & Safety Awards 2022.

DEVELOPMENTS WITHIN CURRENT YEAR

During the eight-month period January - August 2022, the Group's traffic volumes increased in all revenue streams compared to the corresponding period last year. More specifically, an increase of 42.8% was recorded in passengers, 19.4% in private vehicles and 13.6% in freight units, compared to the corresponding 2021 period. The above data, in combination with the stabilization of fuel prices in the recent months underpin the gradual normalization of Group’s financial results to pre-Covid 19 levels.

In this highly volatile environment the Group management evaluates on an ongoing basis all parameters related to the energy crisis, the evolution of the pandemic as well as the geopolitical and economic developments, and evaluates actions to optimize the performance of the Group, mainly focusing on protecting the Group's financial position and rendering the best possible service to its customers and local communities.

ATTICA GROUP: FORMAL EXECUTION OF THE AGREEMENT WITH CREDITORS AND SHAREHOLDERS OF ANEK

attica group"ATTICA HOLDINGS S.A." (the "Company"), further to the announcement made on 21.9.2022 entitled “AGREEMENT WITH CREDITORS AND SHAREHOLDERS OF ANEK”, announces that the agreement between the Company on the one part and the largest creditors of ANEK S.A. ("ANEK") and shareholders representing 57.70% of ANEK’s total share capital on the other, was formally executed by all parties today, the 23rd of September 2022.

CLIA hosts “Ports and Destinations Dialogue” in Malaga

CLIA PanelCruise Lines International Association (CLIA) hosted “Ports and Destinations Dialogue” in Malaga, Spain on 12-13 September bringing together the cruise community to discuss industry trends, challenges and opportunities.

During the Dialogue, CLIA hosted a business session on the evolution and future transformation of the passenger journey at port terminals.

The pandemic has had a major impact on port infrastructure, impacting space for passenger controls as well as the passenger experience. The session discussed the new rules on the horizon for 2023 when the EU will implement new border requirements for third country nationals that will impact passenger flows at port terminals.

The session was chaired by Maria Deligianni, National Director, Eastern Mediterranean, CLIA who commented, “The EU Entry-Exit System will have a major impact on cruise operations and itinerary planning especially in the Eastern Mediterranean where Greece borders non-EU and non-Schengen countries. We call upon governments in the region to coordinate efforts with cruise lines and ports to prepare adequately for the implementation of the new EU border rules.”

The new rules are derived from EU regulations on the Entry-Exit System (EES) and the European Travel Information and Authorisation System (ETIAS) that will be in operation by May and November 2023 respectively. It was evident from the discussion that meeting these deadlines will be challenging whilst cooperation among cruise lines, port authorities and governments is key for the implementation of the systems.

Panellists included Nicola Cesaro, Director of Operations MSC Cruises, Dimitris Iatrides , Executive Director of the Hellenic Ports Association (ELIME), Mai Elmar, Executive Director of the Port of Rotterdam Cruises and Benoit Verbaere, Director of Business Development at SITA.

The CLIA Dialogue also discussed the industry’s pursuit of net-zero carbon cruising by 2050, including the deployment of shore-side electricity for cruise at ports, as well as the development of new cruise destinations.

Addressing delegates, CLIA Director General in Europe Marie-Caroline Laurent said, “We are exploring many paths to achieve our ambition of net-zero carbon cruising. Now is the time to match dialogue with action and agree the practical steps that we need to take together across our sector. Our success is dependent upon our ability to bring local communities with us on this journey. Our cruise lines members are investing in destinations, and it is important that we work with local partners to manage tourism in ways that protect the economic and social opportunities that cruising brings.”

As cruise lines continue to advance their sustainability initiatives, more international travellers say they have a more positive view of the industry’s leadership. According to CLIA data, the percentage of travelers who say the cruise industry is a leader in responsible travel reached 51%, a 9% increase over the past year.

Resurgent consumer appetite to cruise

CLIA’s new sentiment data also shows a resurgent appetite for cruise, with associated economic benefits for cruise destinations. According to the latest survey data, intent to book a cruise now exceeds levels from three years ago: of the cruise travelers surveyed this summer, 84% said they intend to cruise again, which represents a 5% increase from 2019.

Greek ports acquire global strategic prominence and western sanctions on Russian energy exports cause major disruption for shipping industry

0Propeller Club C. Frangoulis Opening SmallThe importance of the port of Alexandroupolis for peace and stability in the Southeast Europe and East Mediterranean regions, and for the economic growth of Greece due to its geostrategic location, was highlighted during the opening day of the 96th Annual Convention and Conference of the International Propeller Club of the United States currently being held in Athens till today, Thursday 22 September.

CELESTYAL announces removal OF COVID-19 protocols for 2023 season

0SEL1Celestyal, the award-winning, number one choice for travellers to the Greek Islands and the Eastern Mediterranean, has announced the removal of its COVID-19 vaccination, proof of COVID recovery and pre-departure testing requirements for all guests on sailings commencing on or after 2nd March 2023 unless required by Greek health authorities.

The tanker market is strong for yet another week

0tanker 600x314The tanker market is strong for yet another week, with high freight rates and high asset prices.

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