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Mihail N. Diakomihalis
Georgia Ch. Papadopoulou


financial analysis, cruise sector, economic crisis, Greece


In this study we analyze the tendencies of the cruise sector in Greece during the last eight years -in which the economic crisis predominates. The financial ratio analysis shows that cruise sector in Greece has been facing a downward tendency from 2008 to 2014, with serious financial problems. Our case study is the Cypriot cruise company Celestyal Cruises (former Louis Cruises), which reflects to a considerable extent the Greek cruise market, since it has operating offices in Greece and pays taxes to the Greek state. The results of the financial analysis for the years 2007–2014 show that total Assets and Liabilities have decreased over the eight years of study. Revenues declined to 70% and Operating results to 45%. Return on Equity and Return on Assets declined rapidly, up to -60% and -11.60% respectively, and Liquidity ratios have worsened in 2014 (between -40% to -70%). The Net Profit in 2007 turned rapidly in the following years, to Net Losses, up to -33,95%, which were constrained in 2012, 2013, and even more in 2014 (-0.45%), while Interest expenses increased to 260% by 2014.

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