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Minoan financial results for the first 6 month period of 2006
Minoan Lines S.A. announces the financial results for the first 6 month period of 2006.
Increase in turnover by 2.0% despite the operation of the company with one vessel less.
Completion of tax audit for the fiscal years 2000-2005. FINANCIAL RESULTS
The first 6 month period of 2006 the company, despite the significant reduction in the number of trips (92 trips less) due to the sale of F/B DAEDALUS and the crew strike in February, 1 week's duration, managed to improve its turnover, which reached EUR 84.8 million compared to EUR 83.1 million - increase by 2.0% - of the respective period of 2005.
Nevertheless, the dramatic and continuous increase in the fuel prices, which reached the maximum level of the last years (an additional cost of ? 8.4 million), increased the company's relevant operational cost and limited its operational profitability.
The recent completion of the tax audit for the fiscal years 2000-2005 brought about a profit of EUR 595,000 which was included in the financial statements of the first 6 month period of 2006. More specifically, the amount of EUR 860,000(loss) reduced the EBITDA results while the amount of EUR 1.45 million (profit) influenced positively the earnings after taxes.
Taking into consideration the above factors, the company's financial results on EBITDA level stood at 12.1 million compared to EUR 18.0 million of the respective period of 2005.
The total net results after taxes stood at EUR -6.9 million compared to EUR -4.9 million of the respective period of 2005 including the profit from the sale of the Company's stake on MINOAN AGENCIES S.r.l. amounted to EUR 1.4 million.
THE GROUP
The Group's consolidated results after taxes are EUR -7.5 million versus EUR -6.2 million of the respective period of 2005 while the remaining financial figures are on the same level with the respective ones of the Parent Company. The difference noted in the Groups's net results in relation to the Parent Company's net result is due to the financial results of the company HELLENIC SEAWAYS.
This specific company managed, with the deployment of new vessels and the rationalization of its itineraries, despite the high cost of fuel prices, to reduce its loss to EUR 1.2 million compared to EUR 3.4 million of the respective period in 2005. This loss, due to the intense seasonality, is usually recorded during this period.
TRAFFIC
The company, having deployed five High Speed Ferries in the North Adriatic to serve the international routes and two in the domestic route, managed to maintain its dominant and leading position in both markets.
International Routes (North Adriatic Routes)
In the North Adriatic routes the numbers of trips were reduced, by 2.3%. As a result a proportional change was also recorded in the company's total traffic volumes. However, this change is smaller, in the sub traffic categories of passengers and trucks, than the aforementioned reduction in the number of trips. More specifically, during the 6 month period of 2006 the company carried 188,305 passengers (market share 35.5%), 46,987 cars (market share 37.0%) and 45,011 trucks (market share 36.1%) in relation to 189,561 passengers, 49,940 cars and 45,947 trucks of the respective period of 2005.
Domestic Route
In the domestic route (Heraklion-Piraeus) the Company improved and increased significantly its volumes in all traffic categories compared to the respective ones in 2005. More specifically, passengers increased from 389,638 in 2005 to 403,071 in 2006 (3.4% increase), Cars from 46,043 in 2005 to 46,829 in 2006 (1.7% increase) and Trucks from 31,238 in 2005 to 32,143 in 2006 (2.9% increase).
Increase in turnover by 2.0% despite the operation of the company with one vessel less.
Completion of tax audit for the fiscal years 2000-2005. FINANCIAL RESULTS
The first 6 month period of 2006 the company, despite the significant reduction in the number of trips (92 trips less) due to the sale of F/B DAEDALUS and the crew strike in February, 1 week's duration, managed to improve its turnover, which reached EUR 84.8 million compared to EUR 83.1 million - increase by 2.0% - of the respective period of 2005.
Nevertheless, the dramatic and continuous increase in the fuel prices, which reached the maximum level of the last years (an additional cost of ? 8.4 million), increased the company's relevant operational cost and limited its operational profitability.
The recent completion of the tax audit for the fiscal years 2000-2005 brought about a profit of EUR 595,000 which was included in the financial statements of the first 6 month period of 2006. More specifically, the amount of EUR 860,000(loss) reduced the EBITDA results while the amount of EUR 1.45 million (profit) influenced positively the earnings after taxes.
Taking into consideration the above factors, the company's financial results on EBITDA level stood at 12.1 million compared to EUR 18.0 million of the respective period of 2005.
The total net results after taxes stood at EUR -6.9 million compared to EUR -4.9 million of the respective period of 2005 including the profit from the sale of the Company's stake on MINOAN AGENCIES S.r.l. amounted to EUR 1.4 million.
THE GROUP
The Group's consolidated results after taxes are EUR -7.5 million versus EUR -6.2 million of the respective period of 2005 while the remaining financial figures are on the same level with the respective ones of the Parent Company. The difference noted in the Groups's net results in relation to the Parent Company's net result is due to the financial results of the company HELLENIC SEAWAYS.
This specific company managed, with the deployment of new vessels and the rationalization of its itineraries, despite the high cost of fuel prices, to reduce its loss to EUR 1.2 million compared to EUR 3.4 million of the respective period in 2005. This loss, due to the intense seasonality, is usually recorded during this period.
TRAFFIC
The company, having deployed five High Speed Ferries in the North Adriatic to serve the international routes and two in the domestic route, managed to maintain its dominant and leading position in both markets.
International Routes (North Adriatic Routes)
In the North Adriatic routes the numbers of trips were reduced, by 2.3%. As a result a proportional change was also recorded in the company's total traffic volumes. However, this change is smaller, in the sub traffic categories of passengers and trucks, than the aforementioned reduction in the number of trips. More specifically, during the 6 month period of 2006 the company carried 188,305 passengers (market share 35.5%), 46,987 cars (market share 37.0%) and 45,011 trucks (market share 36.1%) in relation to 189,561 passengers, 49,940 cars and 45,947 trucks of the respective period of 2005.
Domestic Route
In the domestic route (Heraklion-Piraeus) the Company improved and increased significantly its volumes in all traffic categories compared to the respective ones in 2005. More specifically, passengers increased from 389,638 in 2005 to 403,071 in 2006 (3.4% increase), Cars from 46,043 in 2005 to 46,829 in 2006 (1.7% increase) and Trucks from 31,238 in 2005 to 32,143 in 2006 (2.9% increase).
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