Attica Holdings S.A. has successfully integrated ANEK LINES S.A., following their merger finalized on December 4, 2023. The consolidation has been a whirlwind of activity, with significant operational adjustments and a strategic focus on optimizing fleet operations, human resources, and systems in anticipation of peak season demands. The merger’s impact is undeniable, as evidenced by a remarkable 29.9% surge in revenue, reaching €317.2 million in the first half of 2024 compared to €244.3 million in the same period last year. This growth spanned both domestic Greek and international routes.
Despite the revenue boost, the group faced increased costs and operational losses. EBITDA dipped to €19.5 million from €47.5 million in the previous year, resulting in a post-tax loss of €4.5 million, a stark contrast to the €3.3 million profit recorded in the same period last year.
However, it’s important to note that if ANEK’s results were included from January 1, 2023, the pro forma revenue would have been €325 million, with EBITDA at €45.1 million, and a net loss of €12.5 million. This highlights the significant impact of the merger on the group’s financials.
The first half of 2024 results were influenced by non-recurring expenses associated with the merger, including costs for fleet upgrades, crew training, and a voluntary exit program. Additionally, operational costs escalated due to a 9% hike in average fuel prices and new emission allowances mandated by the European Union Emissions Trading System, effective from January 1, 2024.
During this period, Attica Holdings divested its stake in Africa Morocco Links (AML), including the sale of the Ro-Pax vessel Morocco Star, generating €22.8 million. The sale of Morocco Express 1, part of this transaction, was finalized in July 2024.
Attica Holdings remains financially sound. As of June 30, 2024, cash and cash equivalents stood at €157.8 million, up from €103.4 million at the end of 2023, with unutilized credit lines of €44 million. The group fully repaid its €175 million bond loan traded on the Athens Stock Exchange on July 26, 2024, while its equity remained stable at €495.2 million.
The Group’s fleet, comprising 42 vessels under brands like “Superfast Ferries,” “Blue Star Ferries,” “Hellenic Seaways,” and “Anek Lines,” operates across Greek domestic routes and international connections between Greece and Italy. In the first half of 2024, the fleet transported 2.8 million passengers, a 16.7% increase from the previous year, along with 462,000 private vehicles (up 26.6%) and 266,000 freight units (up 27.3%). The number of sailings also rose by 5.5%, totaling 8,406 voyages.
Attica Holdings is firmly committed to its investment plan for green transition and fleet renewal. The company signed a long-term charter agreement for two new E-Flexer vessels, methanol-ready and equipped with engines capable of running on multiple fuel types. These vessels, set for delivery in April and August 2027, will feature advanced technology to minimize environmental impact.
Furthermore, Attica Holdings acquired the Ro-Pax vessels KISSAMOS and KYDON, previously under bareboat charter agreements, for a total of €8.9 million. Expanding its footprint in the hospitality sector, the Group invested €14 million in a new hotel complex on the island of Naxos, further diversifying its service offerings in line with its strategic growth objectives since 2021.
