FINANCIAL INFORMATION OF THE GROUP AND THE COMPANY KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING SA FOR THE THIRD QUARTER OF 2023

COMPANY KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING SA announces:

Selected figures of the Statement of Comprehensive Income for the third quarter of 2023, for the nine months of 2023 and their comparatives:

From the above table arise the following:

The Net Sales Revenue of the third quarter of 2023 for the Parent Company showed a decrease of 603.456 € or 23,34% in relation to the comparable period, while cumulatively the Net Sales Revenue for the period 1/1-30/9/2023 showed a decrease of 619.452€ or 16,35% in relation to the comparable period.

The Net Sales Revenue of the third quarter of 2023 for the Group showed a decrease of 429.668 € or 7,58% in relation to the comparable period, while cumulatively the Net Sales Revenue for the period 1/1-30/9/2023 showed an increase of 8.865.726 € or 34,89% in relation to the comparable period.

In the third quarter of 2023, the Parent Company produced Profit after taxes, decreased by 200.131 € or 19,87%  in relation to the comparable period of 2022, while cumulatively in the period 1/1-30/9/2023 it produced losses after taxes increased by 502.873 € or 184,75% in relation to the comparable period.

In the third quarter of 2023, the Group produced Profit after taxes, decreased by 1.042.207 € or 68,26% in relation to the comparable period of 2022, while cumulatively in the period 1/1-30/9/2023 produced Profit after taxes, increased by  412.648 € or 544,86% in relation to the comparable period.

In the third quarter of 2023, the Group produced Profit after taxes, corresponding to the owners of the Parent Company, decreased by 1.042.288 € or 68,31% in relation to the comparable period of 2022, while cumulatively in the period 1/1-30/9/2023 produced Profit after taxes, corresponding to the owners of the Parent Company increased by 416.123 €  or 611,56% in relation to the comparable period.

It is noted that, the Parent Company and the Group during the first 9 months of 2023 and 2022 had neither revenues and expenses from discontinued operating activities nor total comprehensive income.

Selected figures of the Financial Position at 30/9/2023 and their comparatives are as follows:

From the above table arise the following:

The Equity of the Parent Company decreased by 774.772 € or 4,98% compared to that of 31/12/2022.

The Equity attributable to the owners of the Parent Company increased by 484.166 € or 4,88% compared to that of 31/12/2022.

On 30/9/2023 the loans of the Parent Company constitute of 14,01% of the total equity and liabilities. In terms of maturity, consist of 34,87% of loans with a repayment period of less than or equal to one year, 49,81% of loans with a repayment period of between one and five years and at a rate of 15,32% of loans with a repayment period of more than five years.

During the third quarter of 2023, the Parent Company did not receive funds from borrowings while it repaid loans by paying 408.870 €. During the first 9 months of 2023, the Parent Company received funds from borrowings 663.000 €, while it repaid loans by paying 1.054.313 €.

On 30/9/2023 the loans of the Group constitute of 12,55% of the total equity and liabilities. In terms of maturity, consist of 35,91% of loans with a repayment period of less than or equal to one year, 55,88% of loans with a repayment period of between one and five years and at a rate of 8,20% of loans with a repayment period of more than five years.

During the third quarter of 2023, the Group did not receive funds from borrowings while it repaid loans by paying 408.870 €. During the first 9 months of 2023, the Group received funds from borrowings 663.000 €, while it repaid loans by paying 1.245.198 €.

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 1/1/2023-30/9/2023 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..

Recognizing that the protection of the natural environment requires – among other things – the rationalization of resource consumption, the implemented energy saving policy of the Parent company aims at the efficient use of artificial lighting, air conditioning systems and other office equipment. In the same direction the subsidiaries have taken similar measures to the Parent.

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% and for year 2023 it was calculated to 0.45%.

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% and for the year 2023 it was calculated to 0.20%.

Consequences of the war in the Eastern Mediterranean.

The events that began on October 7, 2023 had no impact on the 9-month 2023 financial results of the Parent Company and the Group, given that they took place at the end of the tourist season.