FINANCIAL INFORMATION OF THE GROUP AND THE COMPANY KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING SA FOR THE THIRD QUARTER OF 2022

COMPANY KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING SA announces:

Selected figures of the Statement of Comprehensive Income for the third quarter of 2021, for the first half of 2022 and their comparatives:

From the above table arise the following:

The Net Sales Revenue of the third quarter of 2022 for the Parent Company showed a decrease of 269.523 € or 9,44% in relation to the comparable period, while cumulatively the Net Sales Revenue for the period 1/1-30/9/2022 showed an increase of 6.184.293 € or 32,17% in relation to the comparable period.

The Net Sales Revenue of the third quarter of 2022 for the Group showed an increase of 374.187 € or 7,07% in relation to the comparable period, while cumulatively the Net Sales Revenue for the period 1/1-30/9/2022 showed an increase of 6.184.293 € or 32,17% in relation to the comparable period.

In the third quarter of 2022, the Parent Company produced Profit after taxes, increased by 168.025 € or 16,68%  in relation to the comparable period of 2021, while cumulatively in the period 1/1-30/9/2022 it produced losses after taxes increased by 109.339 € or 67,26%in relation to the comparable period.

In the third quarter of 2022, the Group produced Profit after taxes, decreased by 240.431 € or 13,61% in relation to the comparable period of 2022, while cumulatively in the period 1/1-30/9/2022 reversed the losses after tax of the comparable period to a profit, i.e. from a loss of  607.360 € to a profit of  75.735 €.

In the third quarter of 2022, the Group produced Profit after taxes, corresponding to the owners of the Parent Company, decreased by 74.804 € or 4,67% in relation to the comparable period of 2021, while cumulatively in the period 1/1-30/9/2022 reversed the losses after tax , corresponding to the owners of the Parent Company of the comparable period to a profit, i.e. from a loss of  617.245 € to a profit of  68.043 €.

It is noted that, the Parent Company and the Group during the first 9 months of 2022 and 2021 had neither revenues and expenses from discontinued operating activities nor total comprehensive income.

Selected figures of the Financial Position at 30/9/2022 and their comparatives are as follows:

From the above table arise the following:

The Equity of the Parent Company increased by 271.899 € or 1,41% compared to that of 31/12/2021.

The Equity attributable to the owners of the Parent Company increased by 75.734 € or 0,59% compared to that of 31/12/2021.

On 30/9/2022 the loans of the Parent Company constitute of 15,56% of the total equity and liabilities. In terms of maturity, consist of 21,32% of loans with a repayment period of less than or equal to one year, 71,50% of loans with a repayment period of between one and five years and at a rate of 7,18% of loans with a repayment period of more than five years.

During the third quarter of 2022, the Parent Company did not receive funds from borrowings while it repaid loans by paying 300.528 €. During the first 9 months of 2022, the Parent Company did not receive funds from borrowings, while it repaid loans by paying 977.905 €.

On 30/9/2022 the loans of the Group constitute of 14,42% of the total equity and liabilities. In terms of maturity, consist of 22,66% of loans with a repayment period of less than or equal to one year, 75,17% of loans with a repayment period of between one and five years and at a rate of 2,17% of loans with a repayment period of more than five years.

During the third quarter of 2022, the Group did not receive funds from borrowings while it repaid loans by paying 300.528 €. During the first 9 months of 2022, the Group did not receive funds from borrowings, while it repaid loans by paying 1.163.933 €.

Consequences of the Energy Crisis.

The negative impact of the increase in energy supply costs on the Group’s results is considered manageable. The energy consumption of the consolidating companies relates mainly to the electrification of office buildings, car park and port facilities, while a minor part of it relates to the electrification of yachts during their docking period. The following table shows the electricity consumption costs for the period 1/1/2022-30/9/2022 as a percentage of net sales revenue for that period for those companies that have the largest contribution to consolidated net sales revenue:

* Includes Companies SARL KIRIACOULIS FRANCE,  SARL VENT PORTANT, SARL KIRIACOULIS POINT D’AMURE and SCI DU DONATOR.

The figures in the above table show that the increase in the cost of electricity supply exerted a strong pressure on the results of the subsidiaries MARINA KALAMATAS TOURISM SOLE SHAREHOLDER S.A. and KIRIACOULIS MARINAS S.A., which led the former to adjust its charges to its customers-yacht owners for the consumption of electricity by its moored yachts and the latter to adjust its parking prices.

Finally, it is noted that all the facilities of the Group, use for their internal and external lighting, lamps of low energy consumption, while at the same time it is given significant emphasis to the rational (depending on the climatic conditions) temperature regulation while using the air conditioners.

Consequences of the war in Ukraine.

The hostilities that started on 24 February 2022 in Ukraine and continue to this day, the consequent imposition of sanctions by the Member States of the European Union on Russia and the latter’s reaction by issuing travel advisories warning of risks and undesirable behaviour to which Russian citizens may be exposed during their stay in European Union countries, have prevented a large part of the Russian population from taking holidays in the geographical areas in which the Group operates service points (Greece, Italy, Croatia, France, Malta, Spain and Caribbean). In addition, leisure travel is not a priority for citizens of countries at war (as is currently the case in Ukraine). Chartering of yachts without permanent crew was hardly affected, because the share of charterers from both Russia and Ukraine appears to be small over time. More specifically:

In the year 2019, before the pandemic of COVID – 19, the share of charter days booked by brokerage agencies established in Russia in the total number of charter days performed by yachts managed by the Group was 1.66%. This share for the year 2021, before the start of the military conflicts in Ukraine, was 1.06%, while for the year 2022 it was calculated equal to 0.30%.

In 2019, the share of charter days booked by brokerage agencies established in Ukraine in the total number of charter days performed by yachts operated by the Group was 0.25%. This share for the year 2021 was 0.77%, while for the year 2022 it was calculated equal to 0.11%.