ANEK cost-cutting drive paying off

ANEK LINES S.A. (ANEK) announces its financial results for the half-year period from January 1st to June 30th 2013 (1H 2013), in accordance with the International Financial Reporting Standards (IFRS):

ΑΝΕΚ Group in the first half of 2013 reported improved financial results despite the decrease in turnover. The Group’s management, continuing its efforts to deal with the adverse conditions that govern the passenger shipping sector and the Greek economy in general, and aiming predominantly at the reduction of operating cost, took specific actions such as cut itineraries, consumption reduction, vessels’ withdrawal from non-efficient routes,vessels’ replacement etc. and improved Group’s financial results.

During first half of 2013, ANEK Group operated in the Adriatic Sea (Ancona, Venice), Crete (Chania,Heraklion), Dodecanese and Cyclades. It is noted that the activity in the industry of passenger shipping sector is characterized by strong seasonality and the results of the first half are not indicative for the entire year.

Turnover

Consolidated turnover of 1H 2013 amounted to euro 73.7 million compared to euro 83.2 mil. in the respective period, that is mainly due to the termination of operations (as of October 2012) in Intercycladic as well as in East Aegean route. Accordingly, the Parent Company’s turnover amounted to euro 64.3 mil. compared to euro 69.3 mil. in 1H 2012.

Gross Results

As a result of the aforementioned actions, in 1H2013 Group’s cost of sales amounted to euro 72.3 mil. compared to euro 85.3 mil. in the respective period, while Parent Company’s cost of sales stood at euro 63.8 mil. from euro 72.2 mil.

Consolidated gross results in 1H 2013 stood at profits of euro 1.4 mil. compared to losses of euro 2.1 mil. Respectively, Parent Company’s gross results stood at profits of euro 0.4 mil. versus losses of euro 2.9 mil. in 1H2012.

EBITDA

Additionally, Group’s results before interest, taxes and depreciation (EBITDA) improved significantly by 43.3% standing in 1H 2013 at losses euro 5.5 mil. compared to euro 9.8 mil., while Parent company’s EBITDA stood at losses of euro 5.0 mil. versus euro 8.7 mil. in 1H 2012.

Net Results

Finally, Group’s net results after taxes and minority interests improved by 21.2% amounting in 1H2013 to losses of euro 19.3 mil. compared to euro 24.4 mil. in 1H 2012, while respectively, Parent company’s net results after taxes stood at losses of euro 18.5 mil. compared to euro 22.7 mil. in the comparative period.

The financial results of 1H 2013 reflect the reduction of operating cost and the optimal utilization of Group’s fleet.

Furthermore, within the framework of exploiting the opportunities arise, at the end of the first half, two vessels of ANEK were chartered to companies abroad, fact that is expected to enhance the financial results and the liquidity of the second half of 2013.

The traffic volumes during the summer season in conjunction with the containment of fuel prices create the conditions for a gradual recovery. However, the significant problems of the passenger shipping sector and of the Greek economy in general and the continuing recession do not allow complacency and require further efforts at strategic level.

Πηγή: ShippingHerald.com

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