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ATTICA ENTERPRISES S.A.
- GROUP OF COMPANIES
CONSOLIDATED PROFIT AND LOSS
ACCOUNT
For the year ended 31st December 2003 |
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IN EURO |
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2003 |
2002 |
| RESULTS FROM
EXPLOITATION |
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| Total turnover |
385,476,583.25 |
318,610,210.90 |
| Less: Direct
exploitation costs |
255,245,369.21 |
232,292,438.44 |
| Gross profit from
exploitation |
130,231,214.04 |
86,317,772.46 |
| Plus: Sundry income |
403,399.56 |
156,613.14 |
| Total gross profit from exploitation |
130,634,613.60 |
86,474,385.60 |
| Less: Expenses |
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| Administration
expenses |
21,355,680.17 |
17,617,293.49 |
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Operating and distribution expenses |
48,568,860.34 |
40,841,843.62 |
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69,924,540.51 |
58,459,137.11 |
| Operating
profit |
60,710,073.09 |
28,015,248.49 |
| Other income/expenses
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| Plus: Income from
participations |
851,363.65 |
1,297,895.92 |
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Income from securities |
45,785.00 |
347,978.93 |
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Profit from sale of investments and securities |
2,577,779.09 |
2,731,410.32 |
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Interest income |
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366,060.00 |
| Less: Expenses and
losses of investments and securities |
35,612,961.69 |
41,306,296.48 |
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Interest expense |
-32,138,033.95 |
-37,295,071.31 |
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| Extraordinary income: |
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Extraordinary income |
6,764,378.78 |
45,707,663.68 |
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Extraordinary profit |
6,815,554.31 |
23,462,038.68 |
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Prior year income |
1,283,365.99 |
511,828.71 |
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Income from prior year provisions |
3,425,159.94 |
7,303.33 |
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18,288,459.02 |
69,688,834.40 |
| Less:
Extraordinary expenses: |
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Extraordinary expenses |
12,476,379.89 |
43,972,344.47 |
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Extraordinary costs |
201,101.66 |
2,421,235.19 |
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Prior year expenses |
2,333,011.53 |
3,294,504.49 |
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Sundry provisions |
1,028,460.39 |
1,855,274.68 |
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16,038,953.47 |
51,543,358.83 |
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Profit including extraordinary items |
30,821,544.69 |
8,865,652.75 |
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| Total
depreciation of fixed assets |
40,119,157.28 |
32,975,840.87 |
| Less:
Depreciation included in exploitation costs |
-40,119,157.28 |
-32,975,840.87 |
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| Net
profit for the year |
30,821,544.69 |
8,865,652.75 |
| Less:
Minority interest |
2,541,103.97 |
2,082,464.22 |
| Net
consolidated profit for the year |
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Notes:
1. The following companies have been consolidated in the financial
statements of 2003:
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) STRINTZIS LINES SHIPPING SA, an affiliated company, of which 48.57% of
its shares belong to ATTICA ENTERPRISES S.A plus the following companies:
i) BLUE STAR FERRIES SHIPPING SA, BLUE STAR FERRIES S.A.,
WATERFRONT NAVIGATION COMPANY, THELMO MARINE S.A.,
BLUE ISLAND SHIPPING INC which are all 100% subsidiaries of
STRINTZIS LINES SHIPPING SA.
ii) STRINTZIS LINES SHIPPING LIMITED, 99% subsidiary.
b. The following companies which have common group management:
SUPERFAST FERRIES S.A., JOIN VENTURE PREMIUM ALLIANCE and JOINT VENTURE
BLUESTAR FERRIES.
c. Using the equity method: ATTICA PREMIUM S.A. 100% subsidiary.
2. The accounting principles are the same as those of 31st December, 2002.
3. The Group employed during the year an average of 1,851 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” € 360,281,574.18
(STAKOD 03) 553.11 “Restaurants on board” € 14,678,598.50
(STAKOD 03) 554.1 “ Bars on board” € 10,516,410.57
5. Certain numbers of the financial statements of year 2002 have been
reclassified so as to correspond with those of 2003.
6. The vessels of the Group have been mortgaged for the security of
long-term liabilities.
7. During the year 2003, the following vessels where sold: SUPERFAST II of
the group SUPERFAST FERRIES SHIPPING S.A. and CESME 2 of the group
STRINTZIS LINES SHIPPING S.A.
8. The group has signed sale agreements for the vessels SUPERFAST I and
BLUE SKY.
9. The Group STRINTZIS LINES SHIPPING S.A. has adjusted the values of
certain vessels in accordance with article 12 of Law 3193/2003. Because
the international standard practice is to value vessels in US dollars, the
group has not reduced the values of its vessels for that part of the
difference in the valuation which is due to the current disadvantageous
position of the dollar against the Euro. |
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Voula, 17th February, 2004 |
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Pericles S. Panagopulos
Chairman of the Board
of Directors |
Charalambos N. Zavitsanos
Director |
Nikolaos I. Tapiris
Financial Director |
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REPORT OF THE CERTIFIED
PUBLIC ACCOUNTANTS
To the Shareholders of
ATTICA ENTERPRISES HOLDINGS SA AND ITS SUBSIDIARIES
We have audited, in accordance with the
provisions of article 108 of Company Law 2190/1920, the 12th
consolidated balance sheet and the consolidated profit and loss account
as well as the related notes to the financial statements of ATTICA
ENTERPRISES HOLDINGS SA and its subsidiaries for the year ended 31
December 2003. We applied the auditing procedures which we deemed
necessary for the purpose of our audit and which are in accordance with
the principles and standards of auditing of the Institute of Certified
Public Accountants of Greece and we verified the contents of the
consolidated directors report with the related consolidated financial
statements. The
following matters resulted from our audit:
1). In accordance with the provisions of
article 12 of L. 3193/2003, during the current year the Group of
“STRINTZIS LINES SHIPPING SA and its subsidiaries” reduced the purchase
prices of its vessels. The difference which resulted from the
revaluation of € 65 million was transferred directly to the account
“Differences arising from the revaluation of sundry fixed assets”. In
accordance with Company Law 2190/1920 this amount should have been
transferred to Profit and Loss account.
2). The Group of “STRINTZIS LINES SHIPPING
SA and its subsidiaries” have not made a provision for receivables
totaling € 726.000 which are in our view doubtful.
3). In December 1998 the Competition
Committee of the European Union levied a fine on a number of shipping
companies including the Group company STRINTZIS LINES SHIPPING SA. The
fine which was finally imposed on the company in December 2003 based on
a decision of the European Court amounts to approximately € 1.5 million
against which a provision has been made of € 750.000 because the
company’s legal counsel believes that a positive outcome is possible on
the appeal which will be filed by the company.
4). The parent company and its subsidiary
STRINTZIS LINES SHIPPING SA have not made a provision of € 5 million (of
which € 2.6 million refers to the current year) which relates to the
possible cost of repayment of the Bond Loans in the case the option to
convert the loans into shares is not exercised because management
believe that it is very likely that at the expiry date of the Bond Loans
the conversion option will be preferred.
5). The companies of the Group have not
been audited by the tax authorities for the years 2002 and 2003 with the
exception of BLUE STAR FERRIES SHIPPING SA which has not been audited
for the years 1993 to 2003 and as a result of this, their tax
liabilities for these years have not become definite.
In our opinion, subject to the effect of
the matters referred to above, the consolidated financial statements
have been prepared in accordance with the provisions of the Company Law
2190/1920 and present the property structure, the financial position and
the results of all the companies which are included in the consolidation
of 31 December 2003, in accordance with the related statutes and the
accounting methods and principles which are applied by the parent
Company and which have been generally accepted and do not differ from
those applied in the previous year.
Athens, 18 February 2004
The Certified Public Accountants
Kyriacos Papakyriacou
SOEL No : 17801
DRM Stylianou SA
Member of RSM International |
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