Superfast Ferries Posts Super Revenue

Superfast Ferries posted sales of almost 160 million euros for the first nine months of last year. Some 61% of sales came from the Adriatic market, about 30% from the Balkan market and the remaining 9% from the North Sea routes.

Superfast’s holding company, Attica Enterprises, announced the group as a whole posted a 25.7% increase in turnover that totaled 246.7 million euros, which were generated by the operation of the Superfast Ferries fleet and the Blue Star Ferries fleet for the nine-month period ending September 30, 2002. Earnings before interest, tax and depreciation stood at 52.3 million euros against 38.1 million, an increase of 37.4%, compared with the same period last year.

Net profit for the group rose by 44.6% to 15.3 million euros and includes earnings derived from Attica Enterprises’ participation in the Strintzis Lines Shipping S.A. Group of companies.

Nine month financial results for 2002 include net financials of 26.9 million euros against 22 million in the same period last year and depreciation of 27 million against 17 million during the same period in 2001, and net extraordinary income of 18.6 million euros.

During the 9-month period, the group took delivery of three new Superfast ferries and two new Blue Star ferries and sold Superfast III and Superfast IV.

On the Adriatic Sea routes, the Superfast ferries ranked first for the fifth consecutive year in the transportation of passengers and trucks between all Italian ports and Greece on these routes.

On the Germany-Finland route, Superfast has succeeded in capturing a significant market share particularly in the transportation of freight.

On the Scotland-Belgium route, inaugurated on 17th May, 2002, it provides the only direct sea link between Scotland and Continental Europe. The Scotland-Belgium service receives PACT funding from the European Commission.

Meanwhile, the company said the delivery of Superfast XII at the beginning of October, 2002, concludes the building program of Attica Enterprises for twelve Superfast ferries which began in 1993 with the order of Superfast I and Superfast II.

Attica executives add that the group’s efforts towards improvement of its financial performance will continue with a focus on the most efficient utilization of the group’s modern fleet to maximize returns. This year Superfast plans to open its third regular sailing from the UK and to sell some older vessels belonging to the Blue Star fleet.