In the nine-month period of 2009, “Kiriacoulis Mediterranean Cruises Shipping S.A.” which is the parent company of the Group, reached a turnover of 5,879,549 euro, which exclusively came from chartering its own yachts, posting a 19,3% decrease compared to the 2008 nine-month period. As far as the Group is concerned, the turnover of the 2009 nine-month period is equal to the amount of 20,696,004 euro, decreased by 21,6% in relation with that of the 2008 nine-month period. The parent company’s profit after taxes amounted to 686,605 euro, decreased by 32,3% in view of the 2008 nine-month period.
The consolidated profit after taxes and minority interest of the 2009 nine-month period is equal to 579,184 euro, decreased by 54,2% compared to that of the same period of 2008. The first and the second three-month period of 2009 were determinants for this course, during which the parent company and the Group realized decreased results compared to the corresponding three-month periods of 2008, in contrast with the third three-month period of 2009 during which an increase of the parent company’s profit after taxes by 43,1% has been succeeded and an increase of the Group’s profit after taxes and minority interest by 37,4% has been also succeeded compared to the third three-month period of 2008. It is worthy of note that in the nine-month period of 2009, a decrease of the operating expenses both in the parent company by 16,0% and in the Group by 18,9% has been realized compared to the corresponding figures of the nine-month period of 2008. At the same period, the financial expenses presented a decrease both in the parent company by 19,9% and in the Group by 16,2% compared to the corresponding figures of the nine-month period of 2008.
On the occasion of the financial statements publication for the period 01/01-30/9/2009 the president of the Board of Director of the parent company Mr. Theofanis Kiriacoulis stated that “The administration of the parent company constantly keeps in touch and evaluates very carefully the global financial course, by taking – in close cooperation with the Administrations of the companies which compose the Group – measures which focus on the creation of adequate liquidity and on the best possible capital structure. Following this strategy, the influence of no propitious circumstances on the financial figures of the Group is minimized. We assess that the financial results of the third three-month period of 2009 signal a reversal of the negative economic conditions. The prospects of the Group for the year 2010 are judged positive. More precisely, in the business sector of the yachts management an increase in demand is expected since the client majority comes from countries of the Eurozone where the first signs of economy resurgence are apparent.
As for the real estate sector, it is expected that the demand will be maintained almost in the same levels of 2009, due to the low estimated rate of granted residence loans and the large stock of residences offered for sale.
Finally, the increase of Kiriacoulis Group’s profit before taxes, which springs from the marinas management sector by 39,7%, and has been realized within the nine-month period of 2009 during which no propitious circumstances prevailed both in macroeconomic and microeconomic level, give us the expectation of further results improvement within the year of 2010.”
Athens, 9 December 2009
