Attica S A : FULL YEAR 2018 FINANCIAL RESULTS

24th April, 2019

17:30

Pages: 2

ATTICA GROUP 2018 RESULTS

∙CONSOLIDATED REVENUE OF EURO 365.40MLN, EARNINGS BEFORE INTEREST, TAXES, INVESTING AND FINANCIAL RESULTS, DEPRECIATION AND AMORTIZATION (EBITDA) OF EURO 57.00MLN. AND NET INCOME AFTER TAXES AND MINORITY INTERESTS OF EURO 17.11MLN

∙ATTICA GROUP CONSOLIDATES FOR THE FIRST TIME HELLENIC SEAWAYS MARITIME S.A. IN THE FINANCIAL STATEMENTS FOR THE PERIOD 1.6.2018-31.12.2018

∙COMPLETION OF THE OPERATIONAL INTERGRATION OF HELLENIC SEAWAYS MARITIME S.A.

∙COMPLETION OF REFINANCING OF LARGE PART OF THE GROUP'S DEBT WITH SIGNIFICANTLY

LOWER COST

FINANCIAL RESULTS

The Board of Directors of Attica Group, subsidiary of Marfin Investment Group (MIG), announces the Group's financial results for 2018 which show consolidated Revenue of Euro 365.40mln compared to Euro 271.54mln in 2017 and consolidated Earnings before interest, taxes, investing and financial results, depreciation and amortization (EBITDA) of 57.00mln compared to Euro 59.55mln in 2017. The lower EBITDA margin in 2018 is attributed mainly to the significant increase in fuel price and to the integration cost of Hellenic Seaways Maritime S.A. («HSW»). Profit after tax and minority interests stood at Euro 17.11mln compared to profit of Euro 1.25mln in 2017. Attica Group consolidates HSW for the first time in 2018 financial results for the period 1.6.2018- 31.12.2018.

As at 31st December, 2018 Attica's cash balances stood at Euro 59.42mln compared to Euro 44.10mln as at 31st December, 2017.

Fixed assets of the Group amounted to Euro 690.36mln (Euro 533.71mln as at 31st December, 2017). The variance in fixed Assets is mainly attributable to the consolidation of HSW and the sale of Superfast XII.

The total debt of the Group stood, as at 31st December 2018, at Euro 346.08mln (Euro 238.73mln as at 31st December, 2017) of which long-term borrowings are Euro 274.50mln (Euro 214.43mln as at 31st December, 2017) while short- term borrowings stood at Euro 71.58mln (Euro 24.30mln as at 31st December, 2017.

The Group's total equity as at 31st December, 2018 stood at Euro 409.18mln, corresponding to Euro 1.90 per share.

TRAFFIC VOLUMES

After the acquisition of HSW and the consolidation of the company since 1.6.2018, the fleet of Attica Group under the brands «Superfast Ferries», «Blue Star Ferries» and

«Hellenic Seaways» consists of 29 vessels, 20 of which are conventional Ro-Pax ferries and 9 are High-speed vessels. All vessels fly the Greek flag. The Group's vessels operate in Greek domestic routes (Cyclades, Dodecanese, Crete, North Aegean, Saronic and Sporades) and in the Adriatic Sea.

Attica's traffic volumes taken into consideration consolidation of HSW as from 1.6.2018 amounted to 6.66mln passengers, 953.53k private vehicles and 362.49k freight units.

In the Adriatic Sea and on Crete routes, Group vessels operate in a joint service with vessels of ANEK S.A.

CURRENT DEVELOPMENTS

The acquisition of a 98.83% stake of the share capital of HSW was completed in the first half of 2018, against a total consideration of Euro 152.57mln. Euro 109.11mln was paid in cash, while the remaining amount due to the sellers was settled through the issuance of 24,145,523 new shares of Attica Holdings S.A. of Euro 0.30 nominal value per share and issue price of Euro 1.80 per share.

During the second half of 2018 and beginning of 2019 the Group proceeded with the implementation of the operational integration of the newly acquired HSW.

Significant projects relating to operational integration were:

-Τhe integration of the fleet of HSW into the Group, through fleet redeployment based on domestic market needs and in line with Group's commitments towards the Hellenic Competition Committee.

-Assessment and integration of all information systems, applications and procedures and transition to information systems and operational procedures of Attica Group.

-Reorganization of business units wherever considered necessary.

As a result of the above, operations of all subsidiaries of Attica Group are now under common management.

On December, 2018 Attica Group proceeded with refinancing a large portion of its existing debt. Specifically, Attica Group proceeded with the voluntary prepayment to Fortress Investment Group of the convertible bond loan issued on 5.9.2014 for a total consideration of Euro 105.4mln, out of which an amount of Euro 87mln was prepaid in order to prevent conversion into shares.

The prepayment of the Euro 105.4mln was funded by a new credit facility at significantly lower cost.

Management is examining plans in order to further increase the revenue of the Group with new combinations of sailings, further development in new markets, as well as, increase of capacity capabilities.

The Board of Directors

For more information please contact:

Attica Group

Panos Dikaios

Group CFO

Tel.: [phone]

Fax: [phone]

e-mail:[e-mail]

Attica Group's accounts will be uploaded on the Athens Exchange (www.helex.gr) and the Company's websites (www.attica-group.com)on Thursday, 25th April, 2019.