| |
| |
|
|
2003 |
|
|
2002 |
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| |
Cost |
Depreciation |
Net Book Value |
Cost |
Depreciation |
Net Book Value |
| |
|
|
|
|
|
|
| ESTABLISHMENT EXPENSES |
|
|
|
|
|
|
| Exchange differences on currency loans |
2,039,674.41 |
-996,293.80 |
1,043,380.61 |
4,273,922.80 |
-1,565,602.06 |
2,708,320.74 |
| Interest pertaining to construction period |
218,933.05 |
-164,014.81 |
54,918.24 |
218,933.05 |
-124,775.74 |
94,157.31 |
| Other establishment expenses |
13,310,169.75 |
-9,554,323.20 |
3,755,846.55 |
12,032,059.87 |
-7,024,510.52 |
5,007,549.35 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| FIXED ASSETS |
|
|
|
|
|
|
| Intangible Assets |
|
|
|
|
|
|
| Registered trade marks |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Tangible assets |
|
|
|
|
|
|
| Vessels |
1,397,086,440.88 |
-178,091,113.50 |
1,218,995,327.38 |
1,466,543,138.56 |
-97,549,581.58 |
1,368,993,556.98 |
| Vessels under construction |
|
|
0.00 |
|
|
0.00 |
| Buildings and technical installations |
1,738,241.87 |
-704,595.77 |
1,033,646.10 |
1,731,444.58 |
-560,673.65 |
1,170,770.93 |
| Motor vehicles |
5,928.10 |
-5,928.09 |
0.01 |
5,928.10 |
-5,928.09 |
0.01 |
| Technical installations |
121,896.54 |
-70,785.48 |
51,111.06 |
121,896.55 |
-52,500.99 |
69,395.56 |
| Furniture and other equipment |
5,178,951.89 |
-4,238,843.02 |
940,108.87 |
5,004,207.78 |
-3,456,747.81 |
1,547,459.97 |
| |
1,404,131,459.28 |
-183,111,265.86 |
1,221,020,193.42 |
1,473,406,615.57 |
-101,625,432.12 |
1,371,781,183.45 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Investments in affiliated companies |
|
4,732,623.15 |
|
|
5,017,576.54 |
|
| Less: Provisions for adjustments |
|
1,438,510.29 |
3,294,112.86 |
|
2,305,127.07 |
2,712,449.47 |
| Long term receivables |
|
|
68,087.83 |
|
|
1,231,203.35 |
| |
|
|
3,362,200.69 |
|
|
3,943,652.82 |
| Total fixed assets |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
|
| Inventories |
|
|
3,647,989.34 |
|
|
3,691,696.32 |
| Trade receivables |
|
|
43,673,311.91 |
|
|
42,867,168.33 |
| Bills receivables |
|
|
156,659.32 |
|
|
|
| Post dated cheques |
|
|
14,251,934.58 |
|
|
11,446,047.89 |
| Cheques overdue |
|
|
236,586.38 |
|
|
379,599.32 |
| Other receivables |
|
|
-
|
|
|
753,740.83 |
| Bad and doubtful debts |
|
3,716,322.42 |
|
|
1,015,926.59 |
|
| Less: Provisions |
|
3,082,293.16 |
634,029.26 |
|
920,483.63 |
95,442.96 |
| Sundry debtors |
|
|
10,778,295.40 |
|
|
14,316,286.11 |
| Sundry advances |
|
|
928,670.59 |
|
|
941,625.80 |
| |
|
|
74,307,476.78 |
|
|
74,491,607.56 |
| Securities |
|
|
|
|
|
|
| Shares |
|
3,718,423.24 |
|
|
3,718,423.24 |
|
| Less: Provisions for adjustments |
|
814,962.90 |
2,903,460.34 |
|
1,172,650.12 |
2,545,773.12 |
| Sundry securities |
|
|
27,393.80 |
|
|
22,082.43 |
| |
|
|
|
|
|
|
| Cash and banks |
|
|
|
|
|
|
| Cash |
|
|
100,601.47 |
|
|
89,671.21 |
| Banks |
|
|
152,004,180.30 |
|
|
150,384,812.49 |
| |
|
|
152,104,781.77 |
|
|
150,474,483.70 |
| Total current assets |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| PREPAYMENTS AND ACCRUED INCOME |
|
|
|
|
|
|
| Prepaid expenses |
|
|
9,640,279.63 |
|
|
9,848,897.61 |
| Income receivable |
|
|
153,581.12 |
|
|
45,160.15 |
| Other deferred amounts |
|
|
35,510.67 |
|
|
14,592.05 |
| |
|
|
9,829,371.42 |
|
|
9,908,649.81 |
| TOTAL ASSETS |
|
|
|
|
|
|
|
| |
| |
2003 |
2002 |
| 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 |
241,802,776.35 |
241,802,776.35 |
| Revaluation reserves |
|
|
Reserves from value adjustments of investments
and securities |
-9,666,426.51 |
-1,172,650.12 |
| Reserves from value adjustments of other assets |
-65,514,504.99 |
488.01 |
| Government grants |
77,366.76 |
187,762.24 |
| |
-75,103,564.74 |
-984,399.87 |
| Reserves |
|
|
| Statutory reserve |
4,994,261.91 |
3,786,881.04 |
| Extraordinary reserve |
100,182,156.62 |
93,603,650.16 |
| Special tax free reserve |
1,453,760.68 |
2,909,815.25 |
| Total reserves |
106,630,179.21 |
100,300,346.45 |
| |
|
|
| Results carried forward |
|
|
| Profit and loss account |
38,462,880.18 |
-16,910,579.98 |
| |
38,462,880.18 |
-16,910,579.98 |
| |
|
|
| Differences on consolidation |
-67,602,565.21 |
-67,601,833.75 |
| |
|
|
| Minority interests |
92,969,126.12 |
130,431,872.73 |
| |
|
|
| Total shareholders´ equity and reserves |
|
|
| |
|
|
| PROVISIONS |
|
|
| Provision for termination indemnities |
831,901.60 |
693,468.67 |
| Sundry provisions |
882,765.90 |
1,907,682.09 |
| Total provisions |
|
|
| |
|
|
| LIABILITIES |
|
|
| Long term liabilities |
|
|
| Convertible bonds |
30,000,000.00 |
75,000,000.00 |
| Bank loans |
810,980,944.16 |
906,232,382.17 |
| Other long term liabilities |
10,000.00 |
-
|
| |
|
|
| |
|
|
| Current liabilities |
|
|
| Suppliers |
23,464,985.26 |
30,128,389.51 |
| Bank overdrafts |
13,324,286.45 |
13,330,496.71 |
| Taxes and other dues |
2,777,245.69 |
2,543,722.60 |
| Social security contributions |
2,450,304.19 |
1,996,162.84 |
| Current portion of long term loans |
120,335,285.86 |
61,554,693.68 |
| Dividends payable |
7,852,376.24 |
4,711,269.35 |
| Sundry creditors |
2,657,910.40 |
1,536,223.34 |
| Total current liabilities |
172,862,394.09 |
115,800,958.03 |
| Total liabilities |
|
|
| |
|
|
| DEFERRED INCOME AND ACCRUED EXPENSES |
|
|
| Deferred income |
3,717,326.59 |
2,618,059.51 |
| Accrued expenses |
17,572,952.88 |
36,954,965.57 |
| Other accruals |
786,534.51 |
1,197,199.65 |
| |
22,076,813.98 |
40,770,224.73 |
| |
|
|
| TOTAL EQUITY AND LIABILITIES |
|
|
| |
|
|
| |
|
|
|
