Attica Group's turnover for the first half of 2024 showed an increase in both geographical areas of operation—Greek shipping and international voyages. According to the financial results released, consolidated turnover increased by 29.9% in the first half of 2024, reaching €317.2 million from €244.3 million in the corresponding period of 2023.

KEY DEVELOPMENTS

According to the announcement, the listed company's earnings before interest, taxes, financial results, investment results, depreciation, and amortisation (EBITDA) amounted to €19.5 million compared to a profit of €47.5 million in H1 2023, while a consolidated loss after tax of €4.5 million was incurred compared to a profit of €3.3 million in H1 2023.

This is the first time that Attica Group announces results that incorporate the entire period of operations of ANEK and its subsidiaries after the merger by absorption from 04.12.2023. The main priority in the first half of 2024 was the operational integration of ANEK and the successful implementation of the relevant planning ahead of the start of the summer season, both in terms of fleet and human resources, systems and practices

For comparison purposes, it is noted that if the ANEK merger had taken place from 1 January 2023, the pro-forma results for the period would have been: turnover of €325 million, earnings before interest, taxes, financing, investment income, depreciation and amortisation (EBITDA) of €45.1 million and a consolidated loss after tax of €12.5 million.

Attica Group notes that the results for the first half of the year and the 2024 financial year in general are burdened with non-recurring costs related to the merger and the operational integration of ANEK, such as the voluntary redundancy program, the cost of ship upgrades, the cost of training and integration of crews and shore-based personnel, as well as other merger costs. By the end of the year, full operational integration should be complete.

The charge for the purchase of emission allowances under the European Union Emissions Trading Scheme (EU ETS), which is applicable for the first time from 1 January 2024, as well as a 9% increase in average fuel prices compared to the first half of 2023, had an impact on the Group's operating costs.

During the first half of 2024, the Group disposed of its investment by selling its shareholding in the affiliated company Africa Morocco Links (AML), with the gain on the sale of the shareholding as well as the sale of the L/C-OO/C vessel Morocco Star, amounting to €22.8 million.

The sale of the vessel Morocco Express 1 (ex. Highspeed 3), which was part of the agreement for the sale of the aforementioned stake, was completed in July 2024.

Cash and cash equivalents at 30 June 2024 amounted to €157.8 million (€103.4 million at 31 December 2023), with unused financing limits totalling €44 million, with the Group having made total investment cash outflows of €55 million for the first half of 2024.

It should be noted that on 26 July 2024, the full repayment of the common bond loan of €175 million traded on the stock exchange was made The Group's equity amounted to €495.2 million (EUR 495.7 million as at 31 December 2023)