Attica Group results 2021 shows the beginning of the gradual normalisation of operations

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Attica group 2021 results (in EUR)

  • 20% revenue increase, in total 347.91 mln (290.40 mln in 2020)
  • 4% EBITDA increas, in total 41.96 mln (40.39 mln in 2020)
  • Significant reduction in consolidated losses after tax: losses of 13.19 mln (losses of 49.42 mln in 2020)

Attica Group’s turnover continued to be adversely affected, for the second consecutive year, by the COVID -19 pandemic and the restrictions on the movement of passengers and vehicles, as well as by the imposition of a reduced passenger capacity protocol on board of the vessels.

Traffic volumes in 2021 are lower than those recorded in the pre-COVID-19 period, and in particular as compared to year 2019. However, despite the restrictive measures imposed on passenger traffic, especially during the first four months of 2021, and the delayed touristic traffic resumption, passenger traffic increased compared to 2020, marking the beginning of the gradual normalization of Group’s operations.

The results were achieved despite the significant increase in fuel oil prices, by over 32% compared to 2020, which resulted in the increase of Group’s operating costs by 31.76 mln. Partial fuel hedging transactions, which were conducted pursuant to the Group’s hedging policy, contributed to the reduction of the Group consolidated losses compared to year 2020.

On 31 December 2021 (compared to 31 December 2020):

  • Group’s cash and cash equivalents: 97.36 mln (80.53 mln)
  • Tangible fixed assets: 673.84 mln (678.66 mln) and mainly concern the vessels owned by the Group.
  • Total debt: 481.59 mln (430.54 mln)
  • Group Equity: 361.7mln which corresponds to EUR 1.68 per share.

Traffic volumes: +34% passengers | +38% cars | +11% freight units | +12% sailings

Outlook: uncertainty due to the Ukrainian crisis.

It requires measures including the adjustment of Group’s pricing policy to current conditions, optimization of fleet deployment, vessels speed reduction and partial hedging of the risk of fuel oil price fluctuation.

Safe Restart Funding Helps BC Ferries Address COVID-19 Impacts

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Q3

-39.6% or 2.9 million passengers

-22.3% or 1.6 million vehicles

Year-to-date

-42.1% or 10.6 million passengers

-26.9% or 5.3 million vehicles

The effects of COVID-19 have negatively impacted BC Ferries’ traffic and revenues over the current year. This trend is expected to continue in the near term as the province recovers from the effects of the pandemic.

In December 2020, BC Ferries received $308 million from the Safe Restart Program, a federal-provincial initiative.

BC Ferries applied nine months’ worth of Safe Restart funding, or $154.8 million, to Q3 revenues. Without this relief, the net loss for the three months ended December 31, 2020 would have been $56.4 million.

As a result of the funding, BC Ferries recorded net earnings of $98.4 million for the three months ended December 31, 2020, compared to a net loss of $8.3 million in the same quarter in the prior year.

On a year-to-date basis, BC Ferries’ net earnings were $74.3 million to December 31, 2020. Without federal-provincial Safe Restart funding, the company would have had a net loss of $80.5 million, compared to net earnings of $98.9 million in the same period in the prior year.

The Year Was A Real Challenge For Wasaline

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Due to Covid-19 the turnover decreased during the year with 46.4%.

The passenger turnover decreased by 71.8% and passenger volume by 72%.

Turnover for the cargo traffic increased with 7.5% and cargo volume increased with 6.6%.

The operating result decreased with 133% = €-745,000 (€2,114,000)

  • Passengers: 57,415 (204,704)
  • Cars: 14,532 (46,312)
  • Cargo units: 16,969 (15,913)
  • Departures: 816 (826)

The pandemic will strongly affect Wasalines result also in 2021.

Restrictions are expected to continue during the year.

During the year the newbuilding project with AURORA BOTNIA has proceeded according to the plan at RMC, Rauma and will continue intensively until the delivery expected in April-May 2021. There is a risk of delay in the delivery, though, due to the Covid-19.

Tallink Grupp’s Latest Statistics Reveal Impact of Pandemic

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Tallink’s Q4 and December statistics reveal the total impact of COVID-19 on the company’s annual passenger, vehicle and cargo figures.

  • -61.8% passengers in 2020
  • -82.5% Latvia-Sweden
  • -81.9% Estonia-Sweden
  • -66.1% Finland-Sweden
  • -52.3% Estonia-Finland
  • -36.7% passenger vehicles in 2020

Despite the many challenges during the year, the company transported a total of 359,811 units of cargo during 2020, which is only 5.2% less than during the full year 2019.

Paavo Nõgene, CEO of Tallink Grupp, said commenting on the results, “…. the company has weathered this storm as well as possible… and we are ready to carry on our battle through the storms and are determined to begin the road to recovery in 2021”

Passenger-driven Company BC Ferries Suffers from Pandemic

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BC Ferries released its second quarter results today for the three and six months ended September 30, 2020. COVID-19 continues to have a significant impact on the company’s operations and financial results.

  • Net earnings for Q2 of fiscal 2021 were $37.8 million, $57.2 million lower than the same quarter of the previous year.
  • Year-to-date, since April 1, 2020, net losses were $24.2 million, compared to net earnings of $107.2 million in the same period in the prior year, a decline of $131.4 million.
  • Revenue for Q2, at $247.6 million, was down $81.7 million year-over-year.
  • Revenue for the six months ended September 30, 2020 was $385.0 million, down $190.7 million over the same period in the prior year.

During the quarter, BC Ferries carried:

  • 5.5 million passengers (-29%)
  • 2.5 million vehicles (-14%)

Year-to-date, the company has carried:

  • 7.7 million passengers (-43%)
  • 3.8 million vehicles, (-28.7%)

Covid-19 Hits Tallink Grupp’s Employees and Q3 Results

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“Having started the year with over 7,200 dedicated employees in the group this year, we are faced with the reality of this number of good employees, dedicated and passionate tourism sector people in our company falling below the 5,000 mark by the end of this year.”

Tallink Grupp’s CEO Paavo Nõgene

Q3 is normally the high season for Tallink Grupp. This year it has been heavily affected by the pandemic and its travel restrictions.

  • -7% Trips
  • -55.8% Passengers
  • -1.9% Cargo units
  • -50.0% Consolidated revenue

EBITDA was EUR 5.7 million (EUR 83.2 million in Q3 2019)

Net loss was EUR 23.9 million (EUR 54.6 million in Q3 2019).

Q3 financial result was impacted by the following factors:

  • Significant decrease in operating expenses
  • Negative impact from one-off costs related to redundancies process in the amount of EUR 3.1 million
  • Positive impact from support measures, including the temporary salary compensation measure in Sweden and exemption from ships’ fairway dues in Estonia.

Outlook: “Due to the ongoing Covid-19 situation the earnings outlook has become uncertain and continues to be largely subject to external factors such as the states’ decisions regarding the timing of lifting of the travel restrictions, allowing passenger traffic as well as the duration of the recovery period.”

Portsmouth Port Leads the Way in Covid-19 Readiness

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Portsmouth International Port says in a press release that it has become one of the first in the UK, recognised by independent assessors, for its new protocols to manage and reduce the risk of COVID-19 infections.

Portsmouth is a major transport hub, with passenger sailings now operating again between France and Spain, and its continued role as a lifeline route for the Channel Islands. The port had to quickly adopt government safety measures to protect both staff and customers.

Andrew Williamson, passenger operations manager said: “Our aim was to give passengers confidence that the new preventative measures we have put into place are of the highest standard, and to highlight the benefits of international travel by sea. This verification from DNV GL provides further reassurance about the efforts we are taking to keep them safe.”

Port of Piraeus PPA Weathers the Covid Storm Pretty Well

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  • -5.8% turnover EUR 66.5 million (70.6)
  • -4.7% profit before tax EUR 20.9 million (21.9)
  • -2.2% earning after taxes EUR 15.5 million (15.9)

This change is mainly due to the significant reduction of revenues from:

  • the cruise sector EUR 3.7 million,
  • the revenues of the Coastal Shipping sector by EUR 1.6 million
  • the revenues from the Car Terminal by EUR 2.2 million

The above decrease was mainly counterbalanced by an increase in revenues at the Container Terminal and revenues from the Ship Repair sector.