REVENUE INCREASED BY 7.9% TO EURO 147.6 MLN,
EBITDA STOOD AT EURO 37.1 MLN AND NET PROFIT AT EURO 20.5 MLN
The Board of Directors of Blue Star Maritime S.A. announces the 9 month 2008 results which show consolidated revenue of Euro 147.64 mln against Euro 136.78 man in the first nine months of 2007, an increase of 7.94%. Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) stood at Euro 37.13 mln against Euro 42.94 mln (13.53% decrease) largely due on higher fuel costs, while Earnings after tax and minority interests stood at Euro 20.48 mln against Euro 25.43 mln in the same period of previous year.
The most important developments of the Group in the course of the current year 2008 are:
In January 2008, the results of the Mandatory Public Offer of MIG SHIPPING S.A. were announced to the shareholders of BLUE STAR MARITIME S.A., according to which MIG SHIPPING S.A., MIG HOLDINGS S.A. and ATTICA HOLDINGS S.A. held shares representing the 84.45% of the company's share capital.
On 28th May, 2008, the Company announced the discontinuation of the Zeebrugge - Rosyth route as of 14th September, 2008. The vessel Blue Star 1 is redeployed to the Cycladic and Dodecanese Island's routes.
In June 2008, the Company's Board of Director's decided to propose to the Shareholder's General Meeting the merger by absorption of the Company by Attica Holdings S.A. The Transformation Balance Sheet date will be the 30th of June, 2008.
On 15th October, 2008, the Boards of Attica Holdings S.A., Blue Star Maritime S.A. and Superfast Ferries Maritime S.A., approved the Draft Merger Agreement of the merger by absorption of Blue Star Maritime S.A. and Superfast Ferries Maritime S.A. by Attica Holdings S.A.
According to the Draft Merger Agreement, the Minority Shareholders of Blue Star Ferries will exchange each of their shares, of par value Euro 1.00, for 0.6963 new shares of Attica Holdings S.A. which will derive from the merger by absorption. On completion of the merger, Attica's share capital will be Euro 117,539,371 comprising of 141,613,700 common shares, with a par value Euro 0.83. The exchange ratio and the Draft Merger Agreement are subject to approval by the General Shareholders' Meetings of the Merging companies which will take place on 2nd December, 2008.
Upon completion of the merger, Blue Star Minority Shareholders in Attica will be entitled to participate in Attica Holdings S.A. profits.
The Consolidated and Company Interim Financial Statements will be published in the press and will be posted on the Athens Exchange and Group (www. bluestarferries.com) websites on Tuesday, 25th November, 2008.
For more information please contact:
Mr. Dionissis Theodoratos
BLUE STAR MARITIME S.A.
Ôel.: +30 210 891 9820
Fax: +30 210 891 9829