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Minoan Lines Financial Results for 9 month period 2006
Minoan Lines S.A. announces the financial results for the period 1/1/ -30/09/2006.
Increase in revenues 5.9% in the routes where the company operates the current year. Financial Results (Company)
During the 9month-period of 2006 the Company operated with 5 vessels in the routes of north Adriatic and 2 vessels in the route «Heraklion-Piraeus». The 9month revenues from the aforementioned routes stood at EUR 165.0 million versus EUR 155.8 million of the respective period of 2005 showing an increase of 5.9%. It should be marked, that in the above amount of EUR 155.8 million, are not included the revenues of the F/B Daedalus (EUR 8.3 million), which the company had deployed in the route "Heraklion-Thessaloniki".
The operating results (EBITDA) stood at EUR 42.2 million compared to EUR49.2 million of the respective period of 2005 (decrease 14.2%); this difference derives from the enormous increase in fuel cost which -regardless of the reduction in the number of trips (141 trips less)-reached EUR 49.6 million versus EUR 40.3 million in relation to the respective period of 2005 (increase 23.1%), and the tax differences EUR 0.9 million which were accepted and settled with the tax authorities. Nevertheless, the company recorded a net profit EUR 0.6 million after the completion of tax audit for the fiscal years 2000-2005.
The total net results after taxes reached at EUR 11.5 million compared to EUR 21.5 million of the respective previous year period (decrease 46.9%). The aforementioned difference is mainly due to profits gained in 2005 from the sale of the stake in the company "FORTHnet" amounted to EUR 7.8 million and the enormous increase in bunker cost for the current period ended.
Financial Results(Group)
The consolidated financial revenues and earnings before taxation and depreciation (EBITDA) for the 9month period of 2006 do not present any significant differentiation as compared to the parent financial results.
The consolidated net results after taxes stood at EUR 17.6 million versus EUR 26.0 million in the respective period of 2005 a decline of EUR 8.4 million (decrease 32.3%).
The differentiation of the consolidated financial profit (EUR 17.6 million) in relation to the company's outcome (EUR 11.5 million) for the 9 month period ended, is due to the financial result of the associated company HELLENIC SEAWAYS S.A.
The abovementioned company with the deployment of new ships, the operation in new routes and the rationalization of its itineraries has managed to improve the revenues from EUR 122.1 million in 9month period of 2005 to EUR 144.4 million in the respective period of the current year (increase 18.2%). Moreover the net financial results, despite the high cost of fuel prices, have been improved by 23% and stood at EUR 18.6 this year.
Traffic volumes - Market shares
The company by deploying 5 vessels in the Adriatic and 2 vessels in the Greek domestic sea has managed to preserve its leading position in both markets.
Adriatic Routes - North Italy
In Ancona and Venice lines, for the 9month period of 2006, the company carried in total 491 thousands passengers, 122 thousands private cars and 67 thousands trucks, maintaining its leading position regarding market shares among the companies operating in the north Adriatic market. The market share for passengers, cars and trucks is 36.2%, 37.9% and 35.5% respectively which are higher than the market share of trips (33.8%).
Heraklion - Piraeus Route
In the particular route, the Company during the 9month period of 2006 carried in total, 771 thousand passengers, 102 thousand private cars, and 50 thousand trucks against 750 thousand passengers, 100 thousand private cars and 46 thousand trucks in the relevant period of 2005. The market share remained in the level of 2005 and stood for passengers, cars and trucks at 70.5%, 61.4% and 49.2% respectively.
Important developments
Sale of the vessel Ariadne Palace
Last September Minoan Lines has agreed with Italian operator for the sale of H/S/F Ariadne Palace which operates in the route Patra-Venice. The total sale proceeds will be EUR 90 million and the estimated capital gains approximately EUR 11.0 million. The subject sale is expected to be concluded within the current year while the sale proceeds will reduce significantly the company's debt level and enhance its liquidity.
Interest rate Hedging
The company has already signed hedging agreements with several financial institutions, in order to hedge its exposure to interest rate fluctuations which are currently taking place.
Increase in revenues 5.9% in the routes where the company operates the current year. Financial Results (Company)
During the 9month-period of 2006 the Company operated with 5 vessels in the routes of north Adriatic and 2 vessels in the route «Heraklion-Piraeus». The 9month revenues from the aforementioned routes stood at EUR 165.0 million versus EUR 155.8 million of the respective period of 2005 showing an increase of 5.9%. It should be marked, that in the above amount of EUR 155.8 million, are not included the revenues of the F/B Daedalus (EUR 8.3 million), which the company had deployed in the route "Heraklion-Thessaloniki".
The operating results (EBITDA) stood at EUR 42.2 million compared to EUR49.2 million of the respective period of 2005 (decrease 14.2%); this difference derives from the enormous increase in fuel cost which -regardless of the reduction in the number of trips (141 trips less)-reached EUR 49.6 million versus EUR 40.3 million in relation to the respective period of 2005 (increase 23.1%), and the tax differences EUR 0.9 million which were accepted and settled with the tax authorities. Nevertheless, the company recorded a net profit EUR 0.6 million after the completion of tax audit for the fiscal years 2000-2005.
The total net results after taxes reached at EUR 11.5 million compared to EUR 21.5 million of the respective previous year period (decrease 46.9%). The aforementioned difference is mainly due to profits gained in 2005 from the sale of the stake in the company "FORTHnet" amounted to EUR 7.8 million and the enormous increase in bunker cost for the current period ended.
Financial Results(Group)
The consolidated financial revenues and earnings before taxation and depreciation (EBITDA) for the 9month period of 2006 do not present any significant differentiation as compared to the parent financial results.
The consolidated net results after taxes stood at EUR 17.6 million versus EUR 26.0 million in the respective period of 2005 a decline of EUR 8.4 million (decrease 32.3%).
The differentiation of the consolidated financial profit (EUR 17.6 million) in relation to the company's outcome (EUR 11.5 million) for the 9 month period ended, is due to the financial result of the associated company HELLENIC SEAWAYS S.A.
The abovementioned company with the deployment of new ships, the operation in new routes and the rationalization of its itineraries has managed to improve the revenues from EUR 122.1 million in 9month period of 2005 to EUR 144.4 million in the respective period of the current year (increase 18.2%). Moreover the net financial results, despite the high cost of fuel prices, have been improved by 23% and stood at EUR 18.6 this year.
Traffic volumes - Market shares
The company by deploying 5 vessels in the Adriatic and 2 vessels in the Greek domestic sea has managed to preserve its leading position in both markets.
Adriatic Routes - North Italy
In Ancona and Venice lines, for the 9month period of 2006, the company carried in total 491 thousands passengers, 122 thousands private cars and 67 thousands trucks, maintaining its leading position regarding market shares among the companies operating in the north Adriatic market. The market share for passengers, cars and trucks is 36.2%, 37.9% and 35.5% respectively which are higher than the market share of trips (33.8%).
Heraklion - Piraeus Route
In the particular route, the Company during the 9month period of 2006 carried in total, 771 thousand passengers, 102 thousand private cars, and 50 thousand trucks against 750 thousand passengers, 100 thousand private cars and 46 thousand trucks in the relevant period of 2005. The market share remained in the level of 2005 and stood for passengers, cars and trucks at 70.5%, 61.4% and 49.2% respectively.
Important developments
Sale of the vessel Ariadne Palace
Last September Minoan Lines has agreed with Italian operator for the sale of H/S/F Ariadne Palace which operates in the route Patra-Venice. The total sale proceeds will be EUR 90 million and the estimated capital gains approximately EUR 11.0 million. The subject sale is expected to be concluded within the current year while the sale proceeds will reduce significantly the company's debt level and enhance its liquidity.
Interest rate Hedging
The company has already signed hedging agreements with several financial institutions, in order to hedge its exposure to interest rate fluctuations which are currently taking place.
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