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ATTICA ENTERPRISES S.A. - GROUP OF COMPANIES
NINTH CONSOLIDATED BALANCE SHEET
AS AT 31st DECEMBER 2000

ASSETS
	Cost	Depreciation	Net Book Value
			IN GRD	IN EURO
ESTABLISHMENT EXPENSES
Exchange differences on currency loans	5,171,533,952	3,197,704,721	1,973,829,231	5,792,602.29
Interest pertaining to construction period	138,555,393	76,450,637	62,104,756	182,259.01
Differences on valuation of investments & other expenses	24,801,828,199	7,184,495,585	17,617,332,614	51,701,636.43
	30,111,917,544	10,458,650,934	19,653,266,601	57,676,497.73
FIXED ASSETS
Intangible assets
Registered trade marks	335,702,493	288,032,892	47,669,601	139,896.11
	335,702,493	288,032,892	47,669,601	139,896.11
Tangible assets
Vessels	232,281,047,417	24,481,669,847	207,799,377,570	609,829,427.94
Vessels under construction	45,158,442,014	0	45,158,442,014	132,526,608.99
Buildings and technical installations	446,761,959	149,792,445	296,969,514	871,517.28
Motor vehicles	14,681,688	10,458,314	4,223,374	12,394.35
Technical installations	41,536,250	1,275,207	40,261,043	118,154.20
Furniture and other equipment	1,564,203,962	571,024,636	993,179,326	2,914,686.21
	279,506,673,290	25,214,220,449	254,292,452,841	746,272,788.97
	279,842,375,783	25,502,253,341	254,340,122,442	746,412,685.08

Investments in affiliated companies			1,590,170,031	4,666,676.54
Long term receivables			9,648,680	28,316.01
			1,599,818,711	4,694,992.55
Total fixed assets			255,939,941,153	751,107,677.63

CURRENT ASSETS
Inventories			1,251,274,503	3,672,118.86
Trade receivables			8,383,535,668	24,603,186.11
Bills receivables			26,913,200	78,982.25
Post dated cheques			2,467,729,929	7,2420,054.08
Cheques overdue			483,068,510	1,417,662.54
Due from subsidiaries			0	0.00
Other receivables			115,000,000	337,490.83
Bad and doubtful debts		351,596,613
Less: Provisions		-341,336,020	10,260,593	30,111.79
Sundry debtors			2,641,532,042	7,752,111.64
Sundry advances			367,691,661	1,079,065.77
			15,747,006,106	46,212,783.87

Securities
Shares			0	0.00
Sundry securities			1,402,080,234	4,114,688.87
			1,402,080,234	4,114,688.87
Cash and banks
Cash			40,801,391	119,739.96
Banks			29,460,447,183	86,457,658.64
			29,501,248,574	86,577,398.60
Total current assets			46,650,334,914	136,904,871.34
PREPAYMENTS AND ACCRUED INCOME
Prepaid expenses			1,822,509,989	5,348,525.28
Income receivable			3,509,513,100	10,299,378.14
Other deferred amounts			187,282	549.62
			5,332,210,371	15,648,453.04

TOTAL ASSETS			327,575,753,039	961,337,499.74

LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY AND RESERVES
Share capital
Paid up capital (104,173,680 shares at GRD 100)			10,417,368,000	30,571,879.68

Share premium account			104,491,766,354	306,652,285.71
Revaluation reserves
Reserves from value adjustments of other assets			166,290	488.01
Government grants			82,869,242	243,196.60
			83,035,532	243,684.61

Reserves
Statutory reserve			830,474,107	2,437,194.74
Extraordinary reserve			13,007,629,203	38,173,526.64
Special tax free reserve			651,741,975	1,912,669.04
Total reserves			14,489,845,285	42,523,390.42

Results carried forward
Profit and loss account			12,552,853,598	36,838,895.37
			12,552,853,598	36,838,895.37

Differences on consolidation			-6,631,252,596	-19,460,755.97
Minority interests			44,154,857,727	129,581,387.31

Total shareholders' equity and reserves			179,558,473,900	526,950,767.13

PROVISIONS
Provision for termination indemnities			61,546,468	180,620.60
Sundry provisions			398,919,169	1,170,709.23
Total provisions			460,465,637	1,351,329.83

LIABILITIES
Long term liabilities
Bank loans			109,449,877,251	321,202,867.94
			109,449,877,251	321,202,867.94

Current liabilities
Suppliers			5,629,597,725	16,521,196.55
Post dated cheques			1,189,727	3,491.50
Bank overdrafts			12,597,232,787	36,969,135.10
Taxes and other dues			773,339,987	2,269,523.07
Social security contributions			294,425,965	864,052.72
Current portion of long term loans			13,032,121,816	38,245,405.18
Dividends payable			20,878,915	61,273.41
Sundry creditors			946,881,567	2,778,816.04
Total current liabilities			33,295,668,489	97,712,893.57
Total liabilities			142,745,545,740	418,915,761.51

DEFERRED INCOME AND ACCRUED EXPENSES
Deferred income			235,655,082	691,577.64
Accrued expenses			2,466,062,872	7,237,161.77
Other accruals			2,109,549,808	6,190,901.86
			4,811,267,762	14,119,641.72
TOTAL EQUITY AND LIABILITIES			327,575,753,039	961,337,499.74