For comparison purposes, it is noted that if the merger of ANEK had taken place from 1 January 2023, pro-forma consolidated key figures would be: Revenue of EUR 325 million, EBITDA) of EUR 45.1 million, while consolidated losses after taxes would amount to EUR 12.5 million.

It should be noted that the results for the first half of the year and for the 2024 fiscal year overall are burdened by non-recurring expenses related to the merger and the operational integration of ANEK., including costs associated with the voluntary exit program, the fleet upgrading, the training and integration of crew and onshore personnel, as well as other merger-related costs. Overall, the operational integration is expected to be completed by the end of the year. In addition, the group's operating cost was affected by a 9% increase in the average fuel price compared to the first half of 2023, as well as the emission allowance purchase cost, in compliance with the European Union Emissions Trading System requirement, which came into effect on 1 January 2024.

In the first half of 2024, the Group divested its stake in the affiliate company Africa Morocco Link (AML), with the total gain from this sale, including the sale of the ro-pax vessel MOROCCO STAR, amounting to EUR 22.8 million. The sale of the MOROCCO EXPRESS 1 (ex. HIGHSPEED 3) vessel, which was part of the agreement related to the sale of the aforementioned stake, was completed in July 2024.

Cash and cash equivalents as of 30 June 2024, stood at EUR 157.8 million (EUR 103.4 million as of 31 December 2023), with unutilized credit lines amounting to EUR 44 million, while total Group investment cash outflows for the first half of 2024 amounted to EUR 55 million. The common bond loan of EUR 175 million, publicly traded on Athens Stock Exchange, was fully repaid on 26 July 2024. The group's equity stood at EUR 495.2 million (EUR 495.7 million as of 31 December 2023).

In the first half of 2024, the Group's vessels operated on Greek domestic routes (Cyclades, Dodecanese, Crete, North-East Aegean, Saronic Gulf and Sporades) and on the international Greece-Italy route (Ancona, Bari, Venice).

The group's traffic volumes increased compared to the first half of 2023. More specifically, in the first half of 2024, the Group vessels transported 2.8 million passengers (2.4 million passengers in the first half of 2023, an increase of 16.7%), 462,000 private vehicles, (365,000 private vehicles in the first half of 2023, an increase of 26.6%) and 266,000 freight units (209,000 freight units in the first half of 2023, an increase of 27.3%). The number of sailings for the first half of 2024 reached 8,406 (7,968 in the first half of 2023, an increase of 5.5%). For comparison purposes, it is noted that according to pro forma figures for the first half of 2023, the consolidated traffic volume of the group, including ANEK, would have amounted to 2.7 million passengers, 438,000 private vehicles and 261,000 freight units. In the first half of 2024, as compared to pro forma figures for the first half of 2023, traffic volumes increased by 3.7% for passengers, 5.5% for private vehicles, and 1.9% for freight units.

The group's revenues are highly seasonal, particularly in relation to passengers and private vehicles, experiencing peak activity from July to September and a decrease from November to February. On the other hand, freight units traffic volume is more evenly distributed throughout the year, exhibiting significantly less seasonal variation.

In the second half of 2024, the company acquired the ro-pax vessels KISSAMOS and KYDON, which were already part of the group's fleet under long-term bareboat charter agreements. The acquisition of the two vessels was the result of exercising the respective purchase options under the bareboat charter agreements, for a total consideration of EUR 4.4 million and EUR 4.5 million, respectively.

At the same time, Attica Group continues the expansion of its operations in the hospitality sector. This strategy has been gradually implemented since 2021 through the acquisition of hotel complexes on islands where the group's vessels operate. In this context, and following its two prior acquisitions, the company invested EUR 14 million in the first half of 2024 for the acquisition of a second hotel complex in the island of Naxos, Greece, further expanding its presence on the island.

© Shippax