FINANCIAL INFORMATION OF THE GROUP AND THE COMPANY KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING SA FOR THE THIRD QUARTER OF 2024

COMPANY KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING SA announces:

Selected figures of the Statement of Comprehensive Income for the third quarter of 2024, for the nine months of 2024 and their comparatives:

From the above table arise the following:

The Net Sales Revenue of the third quarter of 2024 for the Parent Company showed a decrease of 426.543 € or 21,52% in relation to the comparable period, while cumulatively the Net Sales Revenue for the period 1/1-30/9/2024 showed a decrease of 949.952€ or 29,98% in relation to the comparable period.

The Net Sales Revenue of the third quarter of 2024 for the Group showed a decrease of 139.805 € or 2,67% in relation to the comparable period, while cumulatively the Net Sales Revenue for the period 1/1-30/9/2024 showed a decrease of 1.331.999 € or 3,89% in relation to the comparable period.

In the third quarter of 2024, the Parent Company produced Profit after taxes, decreased by 456.090 € or 45,28% in relation to the comparable period of 2023, while cumulatively in the period 1/1-30/9/2024 it produced losses after taxes increased by 373.848 € or 48,25% in relation to the comparable period.

In the third quarter of 2024, the Group produced Losses after taxes amounting to 783.120 € % compared to Profit of 484.572 € in the comparable period of 2023. The same trend is observed cumulatively in the period 1/1-30/9/2024 with Losses after taxes amounting to 1.151.053 € compared to Profit of 488.383 € in the comparable period of 2023.

In the third quarter of 2024, the Group produced Losses after taxes, corresponding to the shareholders of the Parent Company amounting to 658.102 € compared to Profit of 483.482 € in the corresponding period of 2023.Similarly, cumulatively in the period 1/1-30/9/2024, produced Losses after taxes, corresponding to the owners of the Parent Company amounting to 1.133.195 € compared to Profit of 484.165 € in the corresponding period of 2023.

It is noted that, the Parent Company and the Group during the first 9 months of 2024 and 2023 had neither revenues and expenses from discontinued operating activities nor total comprehensive income.

Selected figures of the Financial Position at 30/9/2024 and their comparatives are as follows:

From the above table arise the following:

The Equity of the Parent Company decreased by 1.148.620 € or 8,90% compared to that of 31/12/2023.

The Equity attributable to the owners of the Parent Company decreased by 1.151.052 € or 14,53% compared to that of 31/12/2023.

On 30/9/2024 the loans of the Parent Company constitute of 14,24% of the total equity and liabilities. In terms of maturity, consist of 37,70% of loans with a repayment period of less than or equal to one year, 49,02% of loans with a repayment period of between one and five years and at a rate of 13,26% of loans with a repayment period of more than five years.

During the third quarter of 2024, the Parent Company received funds from borrowings amounting to 1.284.947€ while it repaid loans by paying 476.790 €. During the first 9 months of 2024, the Parent Company received funds from borrowings 1.284.947 €, while it repaid loans by paying 1.065.394 €.

On 30/9/2024 the loans of the Group constitute of 13,91% of the total equity and liabilities. In terms of maturity, consist of 40,86% of loans with a repayment period of less than or equal to one year, 52,43% of loans with a repayment period of between one and five years and at a rate of 6,70% of loans with a repayment period of more than five years.

During the third quarter of 2024, the Group received funds from borrowings amounting to 1.284.947€ while it repaid loans by paying 477.016 €. During the first 9 months of 2024, the Group received funds from borrowings 1.316.947 €, while it repaid loans by paying 1.256.475 €.

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 1/1/2024-30/9/2024 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 behavior 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. 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%, while for the year 2024 it was calculated equal to 0,21%.

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%, for the year 2022 it was calculated equal to 0,11% and for the year 2023 it was calculated to 0,20%, while for the year 2024 it was calculated equal to 2,59%.

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.

In 2023 the share of charter days booked by brokerage agencies established in Israel accounted for 1,60% of the total number of charter days performed by yachts managed by the Group. This share decreased to 0,84% for the year 2024.