UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2021
Commission File Number 001-31236
TSAKOS ENERGY NAVIGATION LIMITED
(Translation of registrants name into English)
367 Syngrou Avenue, 175 64 P. Faliro, Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
TSAKOS ENERGY NAVIGATION LIMITED
FORM 6-K
This report on Form 6-K (other than Exhibit 99.1 hereto) is hereby incorporated by reference into the following Registration Statements of the Company:
| Registration Statement (Form F-3 No. 333-240253) filed with the SEC on July 31, 2020; |
| Registration Statement on Form F-3 (No. 333-234279) filed with the SEC on October 21, 2019; |
| Registration Statement on Form F-3 (No. 333-206852) filed with the SEC on September 9, 2015; |
| Registration Statement on Form F-3 (No. 333-111615) filed with the SEC on December 30, 2003; |
| Registration Statement on Form S-8 (No. 333-183007) initially filed with the SEC on August 2, 2012, as amended; |
| Registration Statement on Form S-8 (No. 333-134306) initially filed with the SEC on May 19, 2006, as amended; |
| Registration Statement on Form S-8 (No. 333-104062) filed with the SEC on March 27, 2003; and |
| Registration Statement on Form S-8 (No. 333-102860) filed with the SEC on January 31, 2003. |
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The press releases issued by Tsakos Energy Navigation Ltd. on (1) October 7, 2021 reporting results for the second quarter and six months ended June 30, 2021 and (2) October 8, 2021 announcing that Tsakos Energy Navigation Ltd. has declared a dividend on its Series F Preferred Shares are attached hereto as Exhibits 99.1 and Exhibit 99.2, respectively.
EXHIBIT INDEX
99.1 | Press Release, dated October 7, 2021 | |
99.2 | Press Release, dated October 8, 2021 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 8, 2021
TSAKOS ENERGY NAVIGATION LIMITED | ||
By: | /s/ George Saroglou | |
George Saroglou | ||
Chief Operating Officer |
4
Exhibit 99.1
TEN, Ltd. 367 Syngrou Avenue, 175 64 P. Faliro, Hellas Tel: 30210 94 07 710-3, Fax: 30210 94 07 716, e-mail: ten@tenn.gr Website: http://www.tenn.gr |
Press Release
October 7, 2021
TEN LTD REPORTS RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2021
Initiation of dual-fuel newbuilding program for up to six tankers chartered to a major oil concern
Timely completion of four-vessel newbuilding program chartered to a US oil major
Half-year revenues of $275 million despite challenging market
$87 million further net debt reduction in first six months
Total opex decrease irrespective of larger fleet and dry-dockings
Strong cash reserves of $140 million
Athens, Greece October 7, 2021 -TEN, Ltd (TEN) (NYSE: TNP) (the Company) today reported results (unaudited) for the six months and second quarter ended June 30, 2021.
SIX MONTHS 2021 SUMMARY RESULTS
During the first half of 2021 TEN continued its countercyclical growth strategy, taking advantage of the weak markets created by the pandemic.
In addition, and as a result of its balanced strategy with 60% of vessels under secured employment, TEN weathered the impact of market pressures and managed to contain its net loss to $18.7 million, before a non-cash loss of $5.8 million on the sale of three vessels.
The sale related to the disposal of two suezmax crude tankers, a transaction that generated $44.7 million in proceeds and released $16.6 million of cash after related loan prepayments. In addition, a product carrier was transferred in May to our joint venture partners that released a further $4.4 million.
Despite the prolonged weak market, gross revenues in the first half of 2021 amounted to $275.4 million and the daily time charter equivalent rate per vessel, for the same period, averaged $17,701. An overall positive rate, in most cases well above market spot rates per vessel category during this period, highlighting the contribution of our time charters in weak markets.
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1
Fleet utilization during the first half of 2021 was at 92.3% as a total of eight vessels underwent dry docking, four of which ahead of schedule in preparation for the anticipated market upturn.
Total vessel operating expenses, reflecting pro-active cost controls, declined from the first half of 2020 and stood at $87.7 million. Average daily opex per vessel were very competitive at $7,834.
G&A expenses fell by 5% compared to the first half of 2020.
Depreciation and amortization exhibited slight but anticipated increases, due to the larger number of vessels in the fleet and the aforementioned dry-dockings.
Operating losses, excluding those on vessel sales, were contained to $4.9 million.
In line with the Companys debt reduction strategy, total debt fell by a further $87 million in the six months ended June 30, 2021. Net debt to capital at June 30, 2021 was 50%, while our overall cost of debt remained at a very competitive 2%, reflecting the quality of the fleet and the Companys long-standing track record in the tanker and debt markets. From the peak of 2016, the Company has reduced its debt by close to $340 million in addition to $100 million of preferred shares redemptions.
Finance costs in the first six months of 2021 fell by $32.9 million or over 69%, due to the reduction in outstanding loans and benefits resulting from the bunker hedges in place.
Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) for the first six months of 2021 was at $66.8 million, reflecting market conditions.
Cash and cash equivalent levels, despite newbuilding installments in addition to loan repayments during the first six months of 2021, stood at a healthy $140 million.
Q2 2021 SUMMARY RESULTS
The second quarter of the year mostly followed the first six months in terms of activity and market rates, leading to a loss of $13.8 million before non-cash losses of $5.8 million.
Voyage revenues totaled $136 million with utilization at 93%. Daily average TCE per vessel stood at $17,239, an overall positive rate, again well in excess of spot market rates per category of vessel.
Operating expenses increased by a manageable $3.5 million due mainly to the impact of the heightened number of dry-dockings as four vessels were brought forward from their scheduled due date. On an average daily per vessel basis, operating expenses per ship per day reached $8,241, an increase that seems likely to reverse over the coming months as conditions normalize.
G&A expenses were again lower when compared to the 2020 second quarter.
Interest and Finance costs declined by 46% to $7.5 million due to the $87 million reduction in total debt since the end of 2020, and positive bunker hedge valuations, cash gains and decreases in margins on certain loans.
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2
Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) for the second quarter of 2021 reached $29.5 million.
SUBSEQUENT EVENTS
Following the successful delivery of four vessels with long term charters to a US oil major, in September of 2021 the Company signed newbuilding contracts for the construction of four to up to six dual-fueled LNG powered aframax tankers against long-term employment to a major oil concern. Assuming all six are built, the expected gross revenues from these contracts could be approximately $350 million.
DIVIDEND COMMON SHARES
The Company paid a semi-annual dividend of $0.10 per common share on July 20, 2021, despite the challenging market environment. Inclusive of this payment, TEN has paid common shareholders approximately half a billion dollars in dividends, equating to about $26 million per annum since its 2002 NYSE listing.
ATM PROGRAM
The Companys ATM program for both preferred shares and common shares has netted $19.6 million during the second quarter of 2021 and $15.7 million from the beginning of the third quarter to date.
CORPORATE STRATEGY & OUTLOOK
With the pandemic gradually waning, the anticipated alignment of the tanker markets to those of the container and dry bulk sectors is beginning to take shape. The long-awaited resumption of air travel and overall economic activity is setting the foundations for a tanker lift-off. In view of this, we are seeing increased activity from major end-users and in particular long-term business. Such appetite is evidenced across all tanker segments and should result in firmer rates as we move into the winter months. Asset prices seem to have turned the corner as well with inquiries for second-hand tonnage on the rise.
The basic favorable fundamentals that should help propel the sector remain firmly in place. In particular, the low orderbook, the advanced age of the global fleet, the high scrapping prices in the context of increases in oil supplies and the building of new refineries in distant locations. As Covid restrictions are lifted around the globe, the pent-up consumer demand of prior months raises hopes that oil demand could surpass 100 million barrels per day, helped, as in prior years, by Chinese and Indian imports, especially for their strategic petroleum reserves. There are also signs that product trade carriage is beginning to revive.
As we have frequently indicated, our long-term strategy is to always seek opportunities to maintain a young and modern fleet profile, so we continue to dispose of older vessels and replace them with new generation tankers with long-term charters to first-class charterers.
In the first months of 2021, we experienced the worst tanker market in recent memory. However, the tried and tested balanced employment policy of the Company assisted to somewhat absorb the pressure. Capitalizing on our strong cash balance and access to capital, management continued the countercyclical investment strategy with the ordering of a minimum four up to six new technology dual fuel LNG powered tankers for our top tier clients, the first such investment in our Companys history. These newbuildings are expected to enhance the Companys revenue and profit generation capacity and reinforce the Companys environmental footprint.
Visit our company website at: http://www.tenn.gr
3
Mr. George Saroglou, COO of TEN commented. With the majority of the vessels able to capture the anticipated upside, TEN is poised to be a primary beneficiary of the tanker upturn and continue to offer investors a mix of secured income, upside potential and dividend payments, Mr. Saroglou concluded.
CONFERENCE CALL
Today, Thursday, October 7, 2021 at 11:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as managements outlook for the business. The call, which will be hosted by TENs senior management, may contain information beyond that which is included in the earnings press release.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 877 553 9962 (US Toll Free Dial In), 0808 2380 669 (UK Toll Free Dial In) or +44 (0)2071 928592 (Standard International Dial In). Please quote Tsakos to the operator.
To listen to the archived audio file, visit our website www.tenn.gr and click on Corporate Presentations under our Investors Relations page. The audio replay of the conference call will remain available until Thursday, October 14, 2021.
SIMULTANEOUS SLIDES AND AUDIO WEBCAST
There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TENs website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Companys corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
ABOUT TEN
TEN, founded in 1993 and celebrating this year 28 years as a public company, is one of the first and most established public shipping companies in the world. TENs diversified energy fleet currently consists of 71 double-hull vessels, including one LNG carrier, one suezmax DP2 shuttle tanker and four dual-fuel aframax vessels under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.0 million dwt.
ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Visit our company website at: http://www.tenn.gr
4
For further information, please contact:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com
Visit our company website at: http://www.tenn.gr
5
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES
Selected Consolidated Financial and Other Data
(In Thousands of U.S. Dollars, except share, per share and fleet data)
Three months ended | Six months ended | |||||||||||||||
June 30 (unaudited) | June 30 (unaudited) | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
STATEMENT OF OPERATIONS DATA |
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Voyage revenues |
$ | 136,415 | $ | 190,770 | $ | 275,429 | $ | 369,669 | ||||||||
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Voyage expenses |
47,567 | 35,412 | 94,866 | 68,120 | ||||||||||||
Charter hire expense |
6,325 | 5,421 | 12,443 | 10,561 | ||||||||||||
Vessel operating expenses |
46,169 | 42,705 | 87,652 | 88,194 | ||||||||||||
Depreciation and amortization |
35,798 | 34,503 | 70,850 | 69,331 | ||||||||||||
General and administrative expenses |
7,627 | 7,665 | 14,471 | 15,269 | ||||||||||||
Loss on sale of vessels |
5,817 | 4,688 | 5,817 | 3,050 | ||||||||||||
Impairment charges |
| 13,450 | | 13,450 | ||||||||||||
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Total expenses |
149,303 | 143,844 | 286,099 | 267,975 | ||||||||||||
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Operating income (loss) |
(12,888 | ) | 46,926 | (10,670 | ) | 101,694 | ||||||||||
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Interest and finance costs, net |
(7,525 | ) | (13,881 | ) | (14,568 | ) | (47,474 | ) | ||||||||
Interest income |
200 | 120 | 327 | 511 | ||||||||||||
Other, net |
(80 | ) | 108 | (192 | ) | 517 | ||||||||||
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Total other expenses, net |
(7,405 | ) | (13,653 | ) | (14,433 | ) | (46,446 | ) | ||||||||
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Net income (loss) |
(20,293 | ) | 33,273 | (25,103 | ) | 55,248 | ||||||||||
Less: Net income (loss) attributable to the noncontrolling interest |
629 | (1,794 | ) | 618 | (2,545 | ) | ||||||||||
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Net income (loss) attributable to Tsakos Energy Navigation Limited |
$ | (19,664 | ) | $ | 31,479 | $ | (24,485 | ) | $ | 52,703 | ||||||
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Effect of preferred dividends |
(8,230 | ) | (9,422 | ) | (16,379 | ) | (19,064 | ) | ||||||||
Undistributed income to Series G participants |
| (1,653 | ) | | (2,219 | ) | ||||||||||
Deemed dividend on partially redeemed Series G convertible preferred shares |
| | (1,713 | ) | | |||||||||||
Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, basic and diluted |
$ | (27,894 | ) | $ | 20,404 | $ | (42,577 | ) | $ | 31,420 | ||||||
Earnings (Loss) per share, basic and diluted |
$ | (1.49 | ) | $ | 1.07 | $ | (2.31 | ) | $ | 1.64 | ||||||
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Weighted average number of common shares, basic and diluted |
18,660,333 | 19,087,556 | 18,433,070 | 19,105,159 | ||||||||||||
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Visit our company website at: http://www.tenn.gr
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June 30 | December 31 | |||||||
2021 | 2020 | |||||||
BALANCE SHEET DATA |
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Cash |
138,910 | 171,771 | ||||||
Other assets |
276,500 | 276,362 | ||||||
Vessels, net |
2,541,952 | 2,615,112 | ||||||
Advances for vessels under construction |
78,071 | 49,030 | ||||||
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Total assets |
$ | 3,035,433 | $ | 3,112,275 | ||||
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Debt, net of deferred finance costs |
1,415,057 | 1,500,357 | ||||||
Other liabilities |
252,123 | 230,100 | ||||||
Stockholders equity |
1,368,253 | 1,381,818 | ||||||
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Total liabilities and stockholders equity |
$ | 3,035,433 | $ | 3,112,275 | ||||
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Three months ended | Six months ended | |||||||||||||||||||
June 30 | June 30 | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
OTHER FINANCIAL DATA |
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Net cash from operating activities |
$ | 18,159 | $ | 84,624 | $ | 30,585 | $ | 142,079 | ||||||||||||
Net cash provided by (used in) investing activities |
$ | 40,558 | $ | (6,442 | ) | $ | 20,568 | $ | 16,103 | |||||||||||
Net cash used in financing activities |
$ | (46,705 | ) | $ | (42,482 | ) | $ | (84,014 | ) | $ | (99,400 | ) | ||||||||
TCE per ship per day |
$ | 17,239 | $ | 28,767 | $ | 17,701 | $ | 27,689 | ||||||||||||
Operating expenses per ship per day |
$ | 8,241 | $ | 7,457 | $ | 7,834 | $ | 7,672 | ||||||||||||
Vessel overhead costs per ship per day |
$ | 1,279 | $ | 1,297 | $ | 1,216 | $ | 1,288 | ||||||||||||
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9,520 | 8,754 | 9,050 | 8,960 | |||||||||||||||||
FLEET DATA |
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Average number of vessels during period |
65.5 | 64.9 | 65.8 | 65.1 | ||||||||||||||||
Number of vessels at end of period |
65.0 | 64.0 | 65.0 | 64.0 | ||||||||||||||||
Average age of fleet at end of period |
Years | 9.7 | 9.2 | 9.7 | 9.2 | |||||||||||||||
Dwt at end of period (in thousands) |
7,209 | 6,961 | 7,209 | 6,961 | ||||||||||||||||
Time charter employment - fixed rate |
Days | 2,054 | 2,412 | 4,021 | 4,923 | |||||||||||||||
Time charter employment - variable rate |
Days | 1,090 | 1,488 | 2,170 | 3,223 | |||||||||||||||
Period employment pool/(coa) at market rates |
Days | 317 | 87 | 423 | 176 | |||||||||||||||
Spot voyage employment at market rates |
Days | 2,085 | 1,669 | 4,372 | 3,090 | |||||||||||||||
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Total operating days |
5,546 | 5,656 | 10,986 | 11,412 | ||||||||||||||||
Total available days |
5,964 | 5,908 | 11,904 | 11,851 | ||||||||||||||||
Utilization |
93.0 | % | 95.7 | % | 92.3 | % | 96.3 | % |
Visit our company website at: http://www.tenn.gr
7
Non-GAAP Measures
Reconciliation of Net income (loss) to Adjusted EBITDA
Three months ended | Six months ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income (loss) attributable to Tsakos Energy Navigation Limited |
(19,664 | ) | 31,479 | (24,485 | ) | 52,703 | ||||||||||
Depreciation and amortization |
35,798 | 34,503 | 70,850 | 69,331 | ||||||||||||
Interest Expense |
7,525 | 13,881 | 14,568 | 47,474 | ||||||||||||
Loss on sale of vessels |
5,817 | 4,688 | 5,817 | 3,050 | ||||||||||||
Impairment charges |
| 13,450 | | 13,450 | ||||||||||||
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Adjusted EBITDA |
$ | 29,476 | $ | 98,001 | $ | 66,750 | $ | 186,008 | ||||||||
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Three months ended | Six months ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income (loss) attributable to Tsakos Energy Navigation Limited |
(19,664 | ) | 31,479 | (24,485 | ) | 52,703 | ||||||||||
Depreciation and amortization |
35,798 | 34,503 | 70,850 | 69,331 | ||||||||||||
Interest Expense |
7,525 | 13,881 | 14,568 | 47,474 | ||||||||||||
Loss on sale of vessels |
5,817 | 4,688 | 5,817 | 3,050 | ||||||||||||
Impairment charges |
| 13,450 | | 13,450 | ||||||||||||
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Adjusted EBITDA |
$ | 29,476 | $ | 98,001 | $ | 66,750 | $ | 186,008 | ||||||||
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The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating, and planning decisions and in evaluating the Companys performance.
We are using the following Non-GAAP measures:
(i) | TCE which represents voyage revenue less voyage expenses is divided by the number of operating days less 181 days lost for the secondquarter and 376 days for the first half of 2021 and 192 days for the prior year quarter of 2020 and 392 days for first half of 2020,respectively, as a result of calculating revenue on a loading to discharge basis. |
(ii) | Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award. |
(iii) | Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award. |
(iv) | EBITDA. See above for reconciliation to net income (loss). |
Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Companys reported results prepared in accordance with GAAP.
The Company does not incur corporation tax.
Visit our company website at: http://www.tenn.gr
8
Exhibit 99.2
TSAKOS ENERGY NAVIGATION LIMITED (TEN) 367 Syngrou Avenue, 175 64 P. Faliro, Hellas Tel: 30210 94 07 710-3, Fax: 30210 94 07 716, e-mail: ten@tenn.gr Website: http://www.tenn.gr |
Press Release October 8, 2021
|
TEN Ltd. Declares Dividend on its
Series F Cumulative Redeemable Perpetual Preferred Shares
ATHENS, GREECE, October 8, 2021 TEN Ltd. (TEN) (NYSE: TNP) (the Company), a leading diversified crude, product and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of approximately $0.59375 per share for its Series F Cumulative Redeemable Perpetual Preferred Shares (the Series F Preferred Shares; NYSE: TNPPRF).
Each dividend of the Series F Preferred Shares is for the period from the most recent dividend payment date on July 30, 2021 through October 29, 2021.
The dividend on the Series F Preferred Shares will be paid on November 1, 2021 to all holders of record of Series F Preferred Shares as of October 27, 2021. Dividends on the Series F Preferred Shares are payable quarterly in arrears on the 30th day (unless the 30th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of January, April, July and October of each year, when, as and if declared by TENs board of directors. This is the 13th dividend on the Series F since their commencement of trading on the New York Stock Exchange.
TEN has 6,612,528 Series F Preferred Shares outstanding as of the date of this press release.
ABOUT TSAKOS ENERGY NAVIGATION
TEN, founded in 1993 and celebrating this year 28 years as a public company, is one of the first and most established public shipping companies in the world. TENs diversified energy fleet currently consists of 71 double-hull vessels, including one LNG carrier, one suezmax DP2 shuttle tanker and four dual-fuel aframax vessels under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.0 million dwt.
Visit our company website at: http://www.tenn.gr
1
ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information please contact:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com
Visit our company website at: http://www.tenn.gr
2