The financial results for the first quarter of 2010 were affected to a great degree by the adverse macroeconomic environment, the weak fiscal figures of Greece and the consequent austerity measures that unavoidably lead to a decrease in the consumers' disposal income.
Within this unfavorable economic environment, Minoan Lines, having followed over the past years a bank loan reduction approach as well as a reduction of operating expenses, has substantially strengthened its overall financial position. All this allows the company to surpass any difficulties arising from the unprecedented and negative economic crisis and adopt a flexible commercial and credit policy towards its customers being at the same time fully aware of its social role as a company, which provides high quality services addressed to the general public.
For the first 3-month period of 2010 the revenues stood at € 28.9 million while the operating results (EBITDA) was shaped at € -8.0 million. Minoan Lines net results after taxes for the first quarter of 2010, which due to the seasonality in traffic volumes are always negative, stood at € -12.3 million. It should be noted that financial results for the 3-month period of 2010 were significantly affected by both the high fuel cost (58.5% in comparison with the respective period of 2009) and the intensive competition.
The Group's turnover was shaped at € 28.9 million and the operating profits (ÅBITDA) and net results stood at the same level with that of the parent company.
North Adriatic Routes
In the North Adriatic market (International routes / Ancona & Venice) Minoan Lines, having as a guiding principle the achievement of the most efficient economic operation of its fleet, succeeded in the first 3-month period of 2010 higher market shares in the passenger and truck traffic categories in comparison with the respective share of trips. More specifically, the market shares stood at 35.3%, 30.0% and 36.6% for passengers, private cars and trucks respectively with Minoan Lines accomplishing the 34.2% of trips in the North Adriatic market. During the first quarter of 2010, Minoan lines carried 65,000 passengers, 12,000 cars and 20,000 trucks.
During the first quarter of 2010 in the Heraklion - Piraeus line, despite the operation of a third company on the route for the whole three-month period of 2010 (for 2009 the company operated the last 20 days of the respective period), Minoan Lines managed to maintain its leading position in the market by increasing further its traffic volumes in passengers and trucks in comparison with the respective first quarter of 2009. Minoan Lines, in the first quarter of 2010, carried 168,000 passengers, 19,000 cars and 15,000 trucks.
In addition, the company achieved higher market shares in all traffic categories in comparison with the respective share of trips. More specifically, the market shares on this specific route, with the Company having realized the 36.3% of trips, reached 56.2% for passengers, 50.1% for cars and 42.5% for trucks.
Deployment of new vessels
On October 15, 2009 the new building vessel Cruise Europa was deployed on the route Patra - Igoumenitsa - Ancona while next June the sister vessel Cruise Olympia will be deployed on the same route.
With carrying capacity of 3,000 passengers and a 3,000 linear meters garage (each vessel can carry 180 international transport trucks and 250 cars or alternatively 1,000 private cars approximately) both Cruise Europa and Cruise Olympia are signaling a new era in the sea connection between Greece and Italy.