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ATTICA ENTERPRISES S.A. - GROUP OF COMPANIES
EIGHTH CONSOLIDATED BALANCE SHEET
AS AT 31st DECEMBER 1999
 
ASSETS
Cost Depreciation

                Net Book Value 
IN GRD IN EURO
ESTABLISHMENT EXPENSES
Establishment expenses 3,379,764 - 3,379,764 10,248
Exchange differences on currency loans 1,157,290,798 144,661,350 1,012,629,448 3,070,435
Various establishment expenses 820,647,992 452,795,516 367,852,476 1,115,380
1,981,318,554 597,456,866 1,383,861,688 4,196,063
FIXED ASSETS
Intangible assets
Registered trade marks 29,556,760 21,300,879 8,255,881 25,033
29,556,760 21,300,879 8,255,881 25,033
Tangible assets
Vessels 88,763,427,762 4,477,478,914 84,285,948,848 255,566,855
Vessels under construction 16,397,678,127 - 16,397,678,127 49,720,067
Buildings and technical installations 84,947,721 28,335,343 56,612,378 171,657
Motor vehicles 2,020,000 1,471,541 548,459 1,663
Furniture and other equipment 407,391,371 254,503,595 152,887,776 463,577
105,655,464,981 4,761,789,393 100,893,675,588 305,923,819
105,685,021,741 4,783,090,272 100,901,931,469 305,948,852
   
Investments in affiliated companies 44,030,751,750 133,507,434
Long term receivables 1,544,000 4,682
  44,032,295,750 133,512,116
Total fixed assets 144,934,227,219 493,460,968
 
CURRENT ASSETS
Inventories 379,838,696 6,769
Trade receivables 2,249,503,337 6,820,811
Bills receivables 4,500,000 13,645
Post dated cheques 973,545,377 2,951,927
Due from subsidiaries 2,232,514 6,769
Bad and doubtful debts 114,990,048
Less:  Provisions 114,990,048 - -
Sundry debtors 1,175,011,033 3,562,799
Sundry advances 30,250,793 91,725
4,814,881,750 14,599,399
  
Securities
Shares 203,435,000 616,844
Sundry securities - -
203,435,000 616,844
Cash and banks
Cash 24,461,967 74,172
Banks 40,673,843,717 123,328,817
40,698,305,684 123,402,989
Total current assets 45,716,622,434 138,619,321
PREPAYMENTS AND ACCRUED INCOME
Prepaid expenses 387,625,349 1,175,335
Income receivable 192,426,067 583,463
Other deferred amounts 643,022 1,950
580,694,438 1,760,747
TOTAL ASSETS 192,615,405,779 584,037,010
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY AND RESERVES
Share capital
Paid up capital (104,173,680 shares at GRD 100) 10,417,368,000 31,586,925
Share premium account 98,517,720,000 298,719,588
Revaluation reserve 166,290 504
Reserves
Statutory reserve 682,343,974 2,068,963
Extraordinary reserve 13,480,196,717 40,873,853
Special tax free reserve 265,961,911 806,434
Total reserves 14,428,502,602 393,133,123
 
Retained earnings 6,291,546,927 19,076,855
Total shareholders' equity and reserves 129,655,303,819 393,133,123
 
PROVISIONS
Provision for termination indemnities 46,277,434 140,320
Sundry provisions 723,579,435 2,193,995
Total provisions 769,856,869 2,334,314
 
LIABILITIES
Long term liabilities
Bank loans 51,433,136,855 155,952,507
51,433,136,855 155,952,507
 
Current liabilities
Suppliers 1,063,048,398 3,223,312
Current portion of long term loans 4,870,085,700 14,766,785
Taxes and other dues 393,464,599 1,193,040
Social security contributions 143,232,859 434,302
Dividends payable 3,145,419,585 9,537,355
Sundry creditors 206,718,691 626,800
Total current liabilities 9,821,969,832 29,781,594
Total liabilities 61,255,106,687 185,734,102
  
DEFERRED INCOME AND ACCRUED EXPENSES
Deferred income 168,578,147 511,153
Accrued expenses 766,560,257 2,324,319
Other accruals - -
  935,138,404 2,835,471
TOTAL EQUITY AND LIABILITIES 192,615,405,779 584,037,010