2004 Balance Sheet

 
ATTICA HOLDINGS S.A. - GROUP OF COMPANIES
THIRTEENTH CONSOLIDATED BALANCE SHEET
As at 31st December 2004
 
 

IN EURO

 

 

 
      2004     2003
             
ASSETS            
  Cost Depreciation Net Book Value Cost Depreciation Net Book Value
             
ESTABLISHMENT EXPENSES            
Exchange differences on currency loans 290,053.81 -290,053.81 0.00 2,039,674.41 -996,293.80 1,043,380.61
Interest pertaining to construction period 218,933.05 -218,933.05 0.00 218,933.05 -164,014.81 54,918.24
Other establishment expenses 13,564,995.20 -11,421,934.97 2,143,060.23 13,310,169.75 -9,554,323.20 3,755,846.55
 
14,073,982.06
-11,930,921.83
2,143,060.23
15,568,777.21
-10,714,631.81
4,854,145.40
             
FIXED ASSETS            
Intangible Assets            
Registered trade marks
347,130.49
-266,978.24
80,152.25
444,455.45
-293,515.43
150,940.02
             
Tangible assets            
Vessels 1,250,322,064.85 -116,743,808.74 1,133,578,256.11 1,397,086,440.88 -178,091,113.50 1,218,995,327.38
Buildings and technical installations 1,874,414.57 -855,028.35 1,019,386.22 1,738,241.87 -704,595.77 1,033,646.10
Motor vehicles 5,928.10 -5,928.09 0.01 5,928.10 -5,928.09 0.01
Technical installations 121,896.54 -89,069.94 32,826.60 121,896.54 -70,785.48 51,111.06
Furniture and other equipment 5,542,869.29 -4,736,251.92 806,617.37 5,178,951.89 -4,238,843.02 940,108.87
Assets under construction 2,241,229.23 - 2,241,229.23      
 
1,260,108,402.58
-122,430,087.04
1,137,678,315.54
1,404,131,459.28 -183,111,265.86 1,221,020,193.42
 
1,260,455,533.07
-122,697,065.28
1,137,758,467.79
1,404,575,914.73
-183,404,781.29
1,221,171,133.44
             
Investments in affiliated companies   3,839,616.07     3,839,616.07  
Less: Provisions for adjustments   1,024,371.82 2,815,244.25   1,438,510.29 2,401,105.78
Long term receivables     75,596.23     68,087.83
     
2,890,840.48
    2,469,193.61
Total fixed assets    
1,140,649,308.27
   
1,223,640,327.05
             
CURRENT ASSETS            
Inventories    
3,221,873.14
    3,647,989.34
Trade receivables     38,386,824.12     43,673,311.91
Bills receivables     0.00     156,659.32
Post dated cheques     13,522,935.64     14,251,934.58
Cheques overdue     199,259.20     236,586.38
Other receivables    

-

   

-

Bad and doubtful debts   4,276,192.43     3,716,322.42  
Less: Provisions   4,265,092.89 11,099.54   3,082,293.16 634,029.26
Sundry debtors     5,270,311.59     10,778,295.40
Sundry advances     664,280.85     928,670.59
     
61,276,584.08
    74,307,476.78
Securities            
Shares   3,718,423.24     3,718,423.24  
Less: Provisions for adjustments   438,145.96 3,280,277.28   814,962.90 2,903,460.34
Sundry securities     27,393.80     27,393.80
     
3,307,671.08
   
2,930,854.14
Cash and banks            
Cash     75,366.39     100,601.47
Banks     138,239,566.05     152,004,180.30
     
138,314,932.44
    152,104,781.77
Total current assets    
202,899,187.60
   
229,343,112.69
             
PREPAYMENTS AND ACCRUED INCOME            
Prepaid expenses     8,330,017.39     9,640,279.63
Income receivable     4,282.26     153,581.12
Other deferred amounts     -     35,510.67
     
8,334,299.65
    9,829,371.42
TOTAL ASSETS

 

 
1,354,025,855.75
   
1,467,666,956.56
   
 
  2004 2003
LIABILITIES AND SHAREHOLDERS´ EQUITY    
SHAREHOLDERS´ EQUITY AND RESERVES    
Share capital    
Paid up capital (104,173,680 shares at Euro 0.90) 93,756,312.00 93,756,312.00
     
Share premium account 239,243,651.20 241,802,776.35
Revaluation reserves    
Reserves from value adjustments of investments
and securities
-1,462,517.78 -9,666,426.51
Reserves from value adjustments of other assets -4,892,018.09 -65,514,504.99
Government grants 0.00 77,366.76
  -6,354,535.87 -75,103,564.74
Reserves    
Statutory reserve 4,423,706.81 4,994,261.91
Extraordinary reserve 117,206,845.26 100,140,513.19
Special tax free reserve 2,738,615.35 1,453,760.68
Total reserves
124,369,167.42
106,588,535.78
     
Results carried forward    
Profit and loss account 3,427,540.52 37,719,022.82
  3,427,540.52 37,719,022.82
     
Differences on consolidation -91,806,721.76 -67,602,565.21
     
Minority interests 94,754,548.02 92,861,619.83
     
Total shareholders´ equity and reserves
457,389,961.54
430,022,136.83
     
PROVISIONS    
Provision for termination indemnities 914,193.13 831,901.60
Sundry provisions 1,552,755.78 882,765.90
Total provisions
2,466,948.91
1,714,667.50
     
LIABILITIES    
Long term liabilities    
Convertible bonds 0.00 30,000,000.00
Bank loans 724,856,364.34 810,980,944.16
Other long term liabilities 10,000.00 10,000.00
 
724,866,364.34
840,990,944.16
     
Current liabilities    
Suppliers 18,234,938.28 23,464,985.26
Bank overdrafts 13,324,382.29 13,324,286.45
Taxes and other dues 2,039,319.45 2,777,245.69
Social security contributions 1,933,949.14 2,450,304.19
Current portion of long term loans 102,142,757.52 120,335,285.86
Dividends payable 11,644,388.67 7,852,376.24
Sundry creditors 1,873,716.41 2,657,910.40
Total current liabilities
151,193,451.76
172,862,394.09
Total liabilities
876,059,816.10
1,013,853,338.25
     
DEFERRED INCOME AND ACCRUED EXPENSES    
Deferred income 2,849,959.82 3,717,326.59
Accrued expenses 14,670,333.66 17,572,952.88
Other accruals 588,835.72 786,534.51
 
18,109,129.20
22,076,813.98
     
TOTAL EQUITY AND LIABILITIES
1,354,025,855.75
1,467,666,956.56
     
     
   
 

Notes:

1. The following companies have been consolidated in the financial statements of 2004:

a. using the method of “full consolidation”, except for the parent company:

aa) SUPERFAST FERRIES SHIPPING S.A and the ship owing companies of the vessels SUPERFAST VII to SUPERFAST X which are all owned 100%.
ab) The ship owning companies of the vessels SUPERFAST I to SUPERFAST VI and SUPERFAST XI and XII, which are 100% subsidiaries of SUPERFAST FERRIES SHIPPING SA.
ac) BLUE STAR MARITIME SA, an affiliated company, of which 48.795% of its shares belong to ATTICA HOLDINGS S.A plus the following companies: BLUE STAR FERRIES SHIPPING SA, BLUE STAR FERRIES S.A., WATERFRONT NAVIGATION COMPANY, THELMO MARINE S.A., BLUE ISLAND SHIPPING INC, STRINTZIS LINES SHIPPING LIMITED which are all 100% subsidiaries of BLUE STAR MARITIME SA.
ad) The following companies which have common group management: SUPERFAST FERRIES S.A., JOINT VENTURE SUPERFAST DODECA (HELLAS) INC. and JOINT VENTURE BLUE STAR FERRIES.

b. Using the equity method: ATTICA PREMIUM S.A. 100% subsidiary.

2. The accounting principles are the same as those of 31st December, 2003.

3. The Group employed during the year an average of 1,549 people.

4. The total turnover of the consolidated financial statements of the Group belongs to the following categories of financial activity:

(STAKOD 03) 611.0 “Sea and coastal transportation” € 343,847,957.44
(STAKOD 03) 553.1 “Restaurants on board” € 8,498,905.95
(STAKOD 03) 554.1 “ Bars on board” € 13,091,287.35

5. Certain numbers of the financial statements of year 2003 have been reclassified so as to correspond with those of 2004.

6. The vessels of the Group have been mortgaged for the security of long-term liabilities.

7. There are no legal or arbitration cases pending which could have a significant effect on the financial position of the company.

8. During 2004: a) Vessel SUPERFAST I of the SUPERFAST FERRIES SHIPPING S.A. Group was sold. b) Vessels BLUE SKY, BLUE BRIDGE, CESME 1 and KEFALONIA of the BLUE STAR MARITIME S.A. Group were sold.

9. On 11th October, 2004, the parent company paid back the € 45 mln Convertible Bond it had issued.

10. Following the decision of their Annual General Meetings, BLUE STAR MARITIME S.A. and 100% subsidiary BLUE STAR FERRIES SHIPPING S.A. reduced in June, 2004, their share capital as per Law 3193/03 by € 52.5 mln and € 14 mln, respectively.

11. 100% subsidiary SUPERFAST FERRIES SHIPPING S.A following the decision of its Annual General Meeting in December, 2004, reduced its share capital by € 17.5 mln which it paid back to the parent company. This amount was derived from the share capital of SUPERFAST FERRIES SHIPPING S.A’s subsidiaries which following the sale of their assets became inactive.