Every so often a new scenario emerges, but the result remains zero. This phrase perfectly captures the reality taking shape over the past year at Attica Group.
Vicious cycle
The latest rumors mentioned interest from Grimaldi, which, even if real, is not considered likely to have a positive outcome that would pull the company out of its current vicious cycle, as significant competition issues arise. What is clear, however, is that the company's highly-paid management—which has a controversial track record—has failed to translate the group's trajectory into actual progress. Some may have forgotten, but the year 2023 is not far off, when the Greek public was shocked by the killing of Antonis Kariotis on the vessel Blue Horizon; at that time, management was pushing for pay raises and stock options, which were only withdrawn following a massive public outcry.
Investments, but with what capital?
For shareholders, the bottom line is that early last year, Attica Group management held presentations in London regarding the disposal of a 20% stake in the company. These efforts failed to convince investors despite expectations to the contrary, resulting in absolutely nothing being achieved and the share placement being postponed until 2026. Now, a "silence of the lambs" prevails as the sale scenario resurfaces. What is certain is that the company requires capital both to improve its financials and, primarily, to implement a highly ambitious investment plan. After all, last summer it announced investments of €1.2 billion by 2030, yet no one has understood how these will be funded, as the company refuses to reveal its "secret." For now, the image from the 2025 first-half results is not particularly encouraging, and there is little optimism for the full-year results—which have yet to be announced—despite ticket price increases, given the loss of market share.
Negative working capital
As of June 30, 2025, the Group reported negative working capital, as short-term liabilities exceed current assets by €10.6 million. Short-term debt obligations include a bond loan of €34.2 million, which reaches contractual maturity in April 2026. Group management stated that it has already entered into discussions with credit institutions to refinance the aforementioned loan. Despite the negative working capital, the Group claims to maintain a satisfactory capital structure and adequate liquidity levels. As of June 30, 2025, the leverage ratio stood at 53%, while according to the group, the existence of unused credit lines amounting to €51.3 million from financial institutions bolsters its financial flexibility. How they can be discussing a loan extension while simultaneously holding unused balances remains an interesting question.
Money... exists
Regarding other matters, in the first half of 2025, the compensation for senior executives and board members rose to €1.4 million from €1.2 million, an increase attributed to the addition of more senior staff to the management team. Apparently, the previous executives were not enough. Furthermore, stock option benefits recognized in the period's results amounted to €0.5 million for these executives. Even with a delay after the events of 2023, the managers have been "vindicated" financially. It is also striking that on September 9, 2025, a dividend distribution was approved from 2024 profits and retained earnings, totaling €17,021,493.51, or €0.07 per share.
Nikos Karoutzos
nkaroutzos@gmail.com
www.bankingnews.gr
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