
© George Giannakis
Attica Group financial results for the first nine months of 2024
FinanceAttica Holdings S.A. (the 'Company') announced its results for the nine-month period 2024, incorporating for the first time the business operation of ANEK LINES S.A. and its subsidiaries ('ANEK') for the entire nine-month reporting period. The group's revenue rose by 27.4% in the nine-month period of 2024, reaching EUR 593.4 million (EUR 465.6 million), mainly due to the incorporation of ANEK.
EBITDA amounted to EUR 93.5 million (EUR 121.3 million), while the consolidated earnings after tax amounted to EUR 45.3 million (EUR 59.9 million).
It should be noted that the results for the nine-month period and for the fiscal year 2024 overall bear non-recurring expenses of a total amount of EUR 18.5 million related to the merger and operational integration of ANEK, including costs associated with the voluntary termination of services plan, the fleet upgrading, the training and integration of crew and onshore personnel, as well as other merger-related costs. In addition, the group's operating cost was affected by the emission allowances purchase cost of EUR 14.1 million, in compliance with the European Union Emissions Trading System requirement, which came into effect on 1 January 2024.
The group’s debt decreased from EUR 588.5 million on 31 December 2023 to EUR 578.2 million on 30 September 2024, while unutilized credit lines amounted to EUR 34 million. Cash and cash equivalents as of 30 September 2024 amounted to EUR 42.3 million, down from EUR 103.4 million as of 31 December 2023, primarily due to the implementation of the group’s extensive investment plan. The group recorded total investment cash outflows of EUR 145.1 million during the nine-month reporting period, including the advance payment for the long-term charter with a purchase option of two E-Flexer vessels, currently under construction, the acquisition of the ro-pax high-speed vessel HIGH SPEED 3 (ex. THUNDER), the exercise of the purchase option regarding the ro-pax vessels KISSAMOS and KYDON, the acquisition of the new hotel complex in Naxos, the renovation of the hotel in Tinos, extensive digitization projects, as well as environmental upgrades and maintenance of the Group's vessels.
The group’s traffic volumes increased compared to the nine-month period of 2023. More specifically, in the nine-month period of 2024, the Group vessels transported 6.1 million passengers (5.4 million), 1.1 million private vehicles (853,000) and 407,000 freight units (319,000). The number of sailings for the nine-month period of 2024 reached 14,411 (13,412).
© Shippax
Dec 03 2024
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