ANEK: Significant improvement in turnover – Marginal increase in EBITDA in 2021

Significant increase + 21% of turnover, to € 150 million compared to € 124.5 million and marginal improvement of EBITDA to € 7 million compared to € 6.8 million last year was recorded in 2021 by the ANEK Group, recording at the same time net losses € 40.2 million

The Shipping Company of Crete, in its relevant announcement, notes that “in 2021 the gradual recovery of economic activity led to an improvement of the economic climate and the recovery of the economy at the international level. In the Greek economy, the best expected course of tourism and vertical increase in exports contributed significantly to GDP growth.

In the passenger shipping industry, restrictions on passenger movement due to the implementation of emergency measures to address the spread of the pandemic continued in the first months of 2021 and were gradually lifted by mid-May, while the reduced pre-existing conditions remained in place. passengers of ships. In 2021, a partial recovery of the transport project and the revenues was achieved in relation to 2020, where the negative effects of the pandemic were particularly intense, having brought about unprecedented losses in these quantities. However, the sharp rise in international oil prices has absorbed most of the benefits of rising traffic and revenue. The average purchase prices of the Group’s fuel in 2021 increased by approximately 45% compared to the previous year.

ANEK Group at the operational level, operated with privately owned and chartered ships on lines of the Adriatic (Ancona, Venice), Crete (Chania, Heraklion), the Dodecanese and the Cyclades, while the chartering of a ship abroad continued. Performing the same number of routes compared to the previous year, the ANEK Group in 2021 in all lines that operated, handled a total of 652 thousand passengers compared to 497 thousand in 2020 (increase by 31%), 183 thousand cars. cars against 115 thousand (increase by 60%) and 133 thousand trucks against 121 thousand.
(increase by 10%).

In terms of financial results, compared to the previous year, the ANEK Group significantly increased its turnover by 21%, marginally improved profits before taxes, financial, investment results and depreciation (EBITDA), while respectively improved the results before taxes , financial and investment results (EBIT). However, it showed high losses after taxes and minority rights which include shipwrecks, contingencies and other non-recurring losses. In more detail:

Operations’ Circle

Significant increase by 21%, ie € 25.5 million, was presented by the Group’s turnover in 2021 which amounted to € 150.0 million compared to € 124.5 million in the fiscal year 2020. Respectively, the turnover of the Parent Company amounted to € 129.4 million compared to € 110.0 million.

Gross Profit

Consolidated gross profits increased by 15%, which for the year 2021 amounted to € 17.0 million compared to € 14.8 million in 2020. The significant increase in fuel prices was the main factor in the increase in the cost of goods sold by € 23.3 million, which amounted to € 133.0 million against
€ 109.7 million in the previous year. Respectively, for the Company the gross profits amounted to € 11.1 million compared to € 10.1 million, with the cost of sales being € 118.3 million from € 99.9 million in the previous year.

EBITDA

The management and disposal expenses of the Group in 2021 amounted to € 20.8 million compared to € 19.4 million in 2020, while the other operating income and expenses presented small changes. In relation to the increase in gross profit, the Group in 2021 marginally improved earnings before taxes, financial, investment results and depreciation (EBITDA) which amounted to € 7.0 million compared to € 6.8 million in 2020. For the Parent EBITDA amounted to € 4.1 million compared to € 4.8 million in the previous year.

Financial and investment results

The net financial cost of the Group and the Company for 2021 amounted to € 10.0 million compared to € 8.9 million in the previous year, while the results from investment activities amounted to losses of € 25.7 million against losses of € 0 , 1 million in 2020. The high losses of the investment results of the year 2021 resulted mainly from the impairments of the ships, as well as from the effect of the non-exercise of the right to purchase the ship and the re-recognition of the relevant lease agreement from the fixed assets and liabilities.

Net results

As a result of the above, the consolidated net results after taxes for 2021 amounted to losses of € 40.2 million against losses of € 14.1 million, while the net results after taxes and minority interests amounted to losses of € 41.7 million. million against losses of € 15.1 million Respectively, the net results after taxes of the Parent for 2021 amounted to losses of € 43.9 million against losses of € 14.8 million.

In the first quarter of 2022, the passenger traffic and the transport work of the Group fluctuated at quite satisfactory levels, a fact that confirms the estimate for the return of the relevant figures to the pre-pandemic data. However, international oil prices in 2022 gradually reached unprecedented high levels influenced by current geopolitical developments and the energy crisis. In conclusion, at the economic level, geopolitical uncertainty, the energy crisis, price increases and the development of possible new variants of the COVID-19 pandemic perpetuate a climate of concern.

To address the risk of high prices of fuels and raw materials, the Group is forced to regularly adjust its pricing policy to offset as much as possible the negative impact on its financial results and cash flows. The management of the Group closely monitors the developments and ensures the implementation of the procedures and in particular the taking of the necessary measures in order to ensure its smooth operational activity.