Attica Group‘s consolidated sales increased by 55.86% in the 9th month and amounted to 421.61 million euros compared to 270.05 million euros in the corresponding period of 2021. In the third quarter, consolidated sales amounted to 220.17 million euros against 148.31 million in the corresponding period, marking an increase of 48.45%.
Group profitability
The consolidated Earnings before Investment, Taxes, Depreciation and Amortiztion (EBITDA) amounted to 62.33 million euros during the third quarter of 2022 and to 52.73 million euros for the period 01.01.2022-30.09.2022 against 47, 11 million and 42.74 million euros against the corresponding periods of the 2021 fiscal year.
Consolidated Earnings before Interest and Taxes (EBIT) amounted to 49.09 million euros in the third quarter of 2022 and 14.62 million for the period 01.01.2022-30.09.2022 against 33.34 million and 4.31 million euros during the corresponding periods of fiscal year 2021.
Consolidated Profits after taxes amounted to Euro 60.70 million during the 3rd quarter of 2022, while profits of 30.16 million euros were generated for the period 01.01.2022-30.09.-2022 against profits of 32.74 million and losses 1.31 million euros during the respective periods
of the 2021 fiscal year.
Cash and borrowing
For the following months of the year 2022, which are also months of low passenger traffic, as stated in a company announcement, the group’s transport project is expected to move at the usual pre-Covid-19 levels.
The group has sufficient liquidity with its cash reserves amounting to 75.67 million euros on 30.09.2022 compared to 97.36 million euros on 31.12.2021. Also, the Group has open financing lines of 15 million euros, which by 30.09.2022 were unused.
In October 2022, the company announced the conclusion of bilateral loan agreements, with a duration of five to seven years, with three Greek credit institutions, for a total amount of 210 million euros, achieving the long-term refinancing of all loan obligations of the contractual maturity of 2022-2023. The above agreements lead to a reduction in the average interest rate margin of the Group.
In addition, ICAP A.E., as part of the regular re-evaluation of the company, upgraded its credit rating by one notch, assigning it an AA rating (low credit risk category).
Following the signing of the agreement on 23.9.2022 between the Company and the largest shareholders and creditors of ANEK,for the merger with absorption of ANEK by the Company, the board of directors of the company at its meeting of 26.9.2022 decided to start the merger process by absorption of ANEK by the Company. December 31, 2021 was set as the date of transformation.
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