“Kiriacoulis Mediterranean Cruises Shipping S.A.” posted a significant increase in its financial figures for the full year 2002 (1/1-31/12/2002) as compared to those of 2001, despite the adverse conjuncture in the tourist industry.
More precisely, profit before taxes rose by 15,5% reaching € 2.075.345,20 from € 1.797.350,29 in 2001. The company’s turnover (net sales) increased by 61,8%, amounting to € 6.648.499,85 from € 4.109.997,66 in 2001. The shareholders’ equity grew by 6,1% reaching € 23.044.297,97 from € 21.729.361,20 in the fiscal year of 2001. The Board of Directors of “Kiriacoulis Mediterranean Cruises Shipping S.A.” will propose to the company’s General Meeting of the shareholders the payment of a € 0,049 dividend per share, distinctly increased as compared to that paid last year. It is noted that on the basis of the share’s closing market price as of February 28th, 2003, the dividend yield comes to 3,71%.
The financial figures of Kiriacoulis Group recorded an increase as well. Turnover (net sales) rose by 49% amounting to€ 16.087.239,49 from € 10.799.573,55 in 2001. Profit before taxes grew by 12,6% totalling € 2.030.339,00 while theshareholders’ equity of the Group rose by 7,1% reaching € 23.514.099,31 from € 21.950.265,62 in 2001.
The company’s management anticipates that both “Kiriacoulis Mediterranean Cruises Shipping S.A.” andKiriacoulis Group will continue their operation with high growth rates in the current fiscal year as well. It is noteworthy that the Group has already ordered and is taking delivery of 54 new yachts. Moreover, the company’s management, taking into account the international developments concerning war scenarios in Iraq, assures that up to now bookings have not been affected. The company has successfully managed international crises in the past, which is evidenced by the continuous increase in its financial results.
Special emphasis will be laid on the implementation of the investment project which aims to improve the facilities and the offered services of Zea marina. It is pointed out that the marina is leased for 40 years to the company “Marina Zeas S.A.” in which “Kiriacoulis Mediterranean Cruises Shipping S.A.” holds a significant equity stake. The company’s management with a view to supporting the effort for the best organization of the Olympic Games, aims to have all the works at the marina done before the beginning of the Games. The budget of the investment project will amount to € 10,5 million. After the completion of the particular investments, the marina will have available 670 berths.
Athens, March 4th, 2003
