SUPERFAST FERRIES STEADILY FIRST WITH THE HIGHEST PROFIT AND THE LARGEST MARKET SHARE IN THE GREECE - ITALY ROUTES
Superfast Ferries ranks first with increased carryings and higher profits in the Adriatic market as per the published 9month interim accounts as at 30th September, 1999.
In particular, as shown in the financial results of the consolidated accounts of the parent company Attica Enterprises S.A. of 30 September, 1999, Superfast Ferries posts higher profits and increased traffic and maintains the first place in the transportation of passengers and trucks with a 23.4% and 27.1% share of the total traffic of passenger and trucks respectively from all ports between Greece and Italy in the Adriatic for the period 1st January to 30th September, 1999. In the same period in 1998, the market share of Superfast Ferries in the Adriatic stood at 21.4% in passengers and 24.1% in trucks respectively.
In the 9month period of this year, Superfast Ferries carried 437.000 passengers, 77.900 trucks and 87.000 private vehicles, showing and increase of 12.4% in passengers, 28.5% in trucks and 14.8% in private vehicles. Earnings before interest on loans and depreciation reached Grd 10.9 bln against last years Grd 10.5 bln despite the international rise of oil prices and higher asset depreciation expenses which together affected the profit of the period by over Grd 1 billion.
Increased net profit for the period which reached Grd 7.9 bln prove the companys ability to produce high returns despite the outbreak of war in Kossovo and the increase of oil prices. It should be noted that above results do not include profits from the sale of ships or other assets nor the results of Strintzis Lines in which Attica Enterprises obtained a controlling interest. According to the agreement signed in August 31, 1999, the acquisition of 14,431,000 shares of Athens listed Strintzis Lines Shipping S.A. will be finalised upon completion of the Grd 66.9 bln capital increase of Attica Enterprises S.A. on 9th December 1999. These shares were purchased at Grd 2,900 per share whereas at the close of business of 29th November, 1999, Strintzis share price closed at Grd 4,530 which in fact generates a substantial added value, besides the obvious synergies which are created by this acquisition.
For the years 2000 - 2001, Attica Enterprises Group investment program includes eleven (11) large car passenger ferries currently under construction i.e. six (6) ships for Superfast Ferries and five (5) for Strinztis Lines which will be deployed in years 2000 and 2001 aiming to add considerable income and profit to the Group.