ATTICA GROUP

ATTICA ENTERPRISES S.A. - GROUP OF COMPANIES
ELEVENTH CONSOLIDATED BALANCE SHEET
As at 31st December 2002

IN EURO

			2002			2001

ASSETS
	Cost	Depreciation	Net Book Value	Cost	Depreciation	Net Book Value

ESTABLISHMENT EXPENSES
Exchange differences on currency loans	4,273,922.80	-1,565,602.06	2,708,320.74	14,797,943.21	-10,683,008.25	4,114,934.96
Interest pertaining to construction period	218,933.05	-124,775.74	94,157.31	406,618.91	-276,336.66	130,282.25
Other establishment expenses	12,032,059.87	-7,024,510.52	5,007,549.35	15,302,645.52	-11,588,814.61	3,713,830.91
	16,524,915.72	-8,714,888.32	7,810,027.40	30,507,207.65	-22,548,159.51	7,959,048.12

FIXED ASSETS
Intangible Assets
Registered trade marks	444,455.45	-222,706.12	221,749.33	454,385.03	-194,623.28	259,761.75
	444,455.45	-222,706.12	221,749.33	454,385.03	-194,623.28	259,761.75

Tangible assets
Vessels	1,466,543,138.56	-97,549,581.58	1,368,993,556.98	1,120,139,708.58	-90,518,697.45	1,029,621,011.13
Vessels under construction			0.00	116,888,032.02		116,888,032.02
Buildings and technical installations	1,731,444.58	-560,673.65	1,170,770.93	1,743,550.64	-478,953.47	1,264,597.17
Motor vehicles	5,928.10	-5,928.09	0.01	32,022.56	-27,808.26	4,214.30
Technical installations	121,896.54	-52,500.99	69,395.55	121,896.55	-28,121.66	93,774.89
Furniture and other equipment	5,004,207.78	-3,456,747.81	1,547,459.97	4,628,076.88	-2,686,087.08	1,941,989.80
	1,473,406,615.56	-101,625,432.12	1,371,781,183.44	1,243,553,287.23	-93,739,667.92	1,149,813,619.31
	1,473,851,071.01	-101,848,138.24	1,372,002,932.77	1,244,007,672.26	-93,934,291.20	1,150,073,381.06

Investments in affiliated companies			2,712,449.47			2,727,609.47
Long term receivables			1,231,203.35			1,230,127.63
			3,943,652.82			3,957,737.10
Total fixed assets			1,375,946,585.59			1,154,031,118.16

CURRENT ASSETS
Inventories			3,691,696.32			4,160,731.34
Trade receivables			42,867,168.33			36,221,767.43
Bills receivables
Post dated cheques			11,446,047.89			4,578,335.09
Cheques overdue			379,599.32			335,061.87
Due from subsidiaries
Other receivables			753,740.83			337,490.83
Bad and doubtful debts		1,015,926.59			566,806.88
Less: Provisions		920,483.63	95,442.96		465,035.52	101,771.36
Sundry debtors			14,316,286.11			10,211,533.95
Sundry advances			941,625.80			1,265,269.39
			74,491,607.56			57,211,961.26
Securities
Shares			2,545,773.12			753,010.41
Sundry securities			22,082.43			23,649,001.26
			2,567,855.55			24,402,011.67
Cash and banks
Cash			89,671.21			98,806.20
Banks			150,384,812.49			51,678,226.82
			150,474,483.70			51,777,033.02
Total current assets			227,533,946.81			133,391,005.95

PREPAYMENTS AND ACCRUED INCOME
Prepaid expenses			9,848,897.61			7,227,849.17
Income receivable			45,160.15			124,603.62
Other deferred amounts			14,592.05			6,154.33
			9,908,649.81			7,358,607.12
TOTAL ASSETS			1,621,199,209.61			1,302,739,779.35

	2002	2001
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	12,985,647.00	13,788,360.28
Reserves from value adjustments of other assets	488.01	488.01
Government grants	187,762.24	298,157.72
	13,173,897.25	14,087,006.01
Reserves
Statutory reserve	3,786,881.04	3,253,979.29
Extraordinary reserve	93,603,650.16	69,049,594.20
Special tax free reserve	2,909,815.25	3,228,348.21
Total reserves	100,300,346.45	75,531,921.70

Results carried forward
Profit and loss account	-16,910,579.98	5,177,758.80
	-16,910,579.98	5,177,758.80

Differences on consolidation	-81,760,130.87	-81,760,130.87
Minority interests	130,431,872.73	130,757,840.37

Total shareholders´ equity and reserves	480,794,493.93	479,353,484.36

PROVISIONS
Provision for termination indemnities	693,468.67	553,442.59
Sundry provisions	1,907,682.09	153,734.00
Total provisions	2,601,150.76	707,176.59

LIABILITIES
Long term liabilities
Convertible bonds	75,000,000.00	45,000,000.00
Bank loans	906,232,382.17	644,116,594.10
	981,232,382.17	689,116,594.10

Current liabilities
Suppliers	30,128,389.51	21,987,528.71
Post dated cheques
Bank overdrafts	13,330,496.71	18,706,771.69
Taxes and other dues	2,543,722.60	4,463,145.96
Social security contributions	1,996,162.84	1,640,364.70
Current portion of long term loans	61,554,693.68	56,236,334.86
Dividends payable	4,711,269.35	5,782,189.85
Sundry creditors	1,536,223.34	1,891,802.02
Total current liabilities	115,800,958.03	110,708,137.79
Total liabilities	1,097,033,340.20	799,824,731.89

DEFERRED INCOME AND ACCRUED EXPENSES
Deferred income	2,618,059.51	784,426.54
Accrued expenses	36,954,965.57	14,502,212.27
Other accruals	1,197,199.64	7,567,747.70
	40,770,224.72	22,854,386.51

TOTAL EQUITY AND LIABILITIES	1,621,199,209.61	1,302,739,779.35