ATTICA GROUP

ATTICA HOLDINGS S.A. - GROUP OF COMPANIES
THIRTEENTH CONSOLIDATED BALANCE SHEET
As at 31st December 2004

IN EURO

2004

2003

ASSETS

Cost

Depreciation

Net Book Value

Cost

Depreciation

Net Book Value

ESTABLISHMENT EXPENSES

Exchange differences on currency loans

290,053.81

-290,053.81

0.00

2,039,674.41

-996,293.80

1,043,380.61

Interest pertaining to construction period

218,933.05

-218,933.05

0.00

218,933.05

-164,014.81

54,918.24

Other establishment expenses

13,564,995.20

-11,421,934.97

2,143,060.23

13,310,169.75

-9,554,323.20

3,755,846.55

14,073,982.06

-11,930,921.83

2,143,060.23

15,568,777.21

-10,714,631.81

4,854,145.40

FIXED ASSETS

Intangible Assets

Registered trade marks

347,130.49

-266,978.24

80,152.25

444,455.45

-293,515.43

150,940.02

Tangible assets

Vessels

1,250,322,064.85

-116,743,808.74

1,133,578,256.11

1,397,086,440.88

-178,091,113.50

1,218,995,327.38

Buildings and technical installations

1,874,414.57

-855,028.35

1,019,386.22

1,738,241.87

-704,595.77

1,033,646.10

Motor vehicles

5,928.10

-5,928.09

0.01

5,928.10

-5,928.09

0.01

Technical installations

121,896.54

-89,069.94

32,826.60

121,896.54

-70,785.48

51,111.06

Furniture and other equipment

5,542,869.29

-4,736,251.92

806,617.37

5,178,951.89

-4,238,843.02

940,108.87

Assets under construction

2,241,229.23

1,260,108,402.58

-122,430,087.04

1,137,678,315.54

1,404,131,459.28

-183,111,265.86

1,221,020,193.42

1,260,455,533.07

-122,697,065.28

1,137,758,467.79

1,404,575,914.73

-183,404,781.29

1,221,171,133.44

Investments in affiliated companies

3,839,616.07

Less: Provisions for adjustments

1,024,371.82

2,815,244.25

1,438,510.29

2,401,105.78

Long term receivables

75,596.23

68,087.83

2,890,840.48

2,469,193.61

Total fixed assets

1,140,649,308.27

1,223,640,327.05

CURRENT ASSETS

Inventories

3,221,873.14

3,647,989.34

Trade receivables

38,386,824.12

43,673,311.91

Bills receivables

0.00

156,659.32

Post dated cheques

13,522,935.64

14,251,934.58

Cheques overdue

199,259.20

236,586.38

Other receivables

Bad and doubtful debts

4,276,192.43

3,716,322.42

Less: Provisions

4,265,092.89

11,099.54

3,082,293.16

634,029.26

Sundry debtors

5,270,311.59

10,778,295.40

Sundry advances

664,280.85

928,670.59

61,276,584.08

74,307,476.78

Securities

3,718,423.24

Less: Provisions for adjustments

438,145.96

3,280,277.28

814,962.90

2,903,460.34

Sundry securities

27,393.80

3,307,671.08

2,930,854.14

Cash and banks

Cash

75,366.39

100,601.47

Banks

138,239,566.05

152,004,180.30

138,314,932.44

152,104,781.77

Total current assets

202,899,187.60

229,343,112.69

PREPAYMENTS AND ACCRUED INCOME

Prepaid expenses

8,330,017.39

9,640,279.63

Income receivable

4,282.26

153,581.12

Other deferred amounts

35,510.67

8,334,299.65

9,829,371.42

TOTAL ASSETS

1,354,025,855.75

1,467,666,956.56

2004

2003

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

Share premium account

239,243,651.20

241,802,776.35

Revaluation reserves

Reserves from value adjustments of investments
and securities

-1,462,517.78

-9,666,426.51

Reserves from value adjustments of other assets

-4,892,018.09

-65,514,504.99

Government grants

0.00

77,366.76

-6,354,535.87

-75,103,564.74

Reserves

Statutory reserve

4,423,706.81

4,994,261.91

Extraordinary reserve

117,206,845.26

100,140,513.19

Special tax free reserve

2,738,615.35

1,453,760.68

Total reserves

124,369,167.42

106,588,535.78

Results carried forward

Profit and loss account

3,427,540.52

37,719,022.82

3,427,540.52

37,719,022.82

Differences on consolidation

-91,806,721.76

-67,602,565.21

Minority interests

94,754,548.02

92,861,619.83

Total shareholders´ equity and reserves

457,389,961.54

430,022,136.83

PROVISIONS

Provision for termination indemnities

914,193.13

831,901.60

Sundry provisions

1,552,755.78

882,765.90

Total provisions

2,466,948.91

1,714,667.50

LIABILITIES

Long term liabilities

Convertible bonds

0.00

30,000,000.00

Bank loans

724,856,364.34

810,980,944.16

Other long term liabilities

10,000.00

724,866,364.34

840,990,944.16

Current liabilities

Suppliers

18,234,938.28

23,464,985.26

Bank overdrafts

13,324,382.29

13,324,286.45

Taxes and other dues

2,039,319.45

2,777,245.69

Social security contributions

1,933,949.14

2,450,304.19

Current portion of long term loans

102,142,757.52

120,335,285.86

Dividends payable

11,644,388.67

7,852,376.24

Sundry creditors

1,873,716.41

2,657,910.40

Total current liabilities

151,193,451.76

172,862,394.09

Total liabilities

876,059,816.10

1,013,853,338.25

DEFERRED INCOME AND ACCRUED EXPENSES

Deferred income

2,849,959.82

3,717,326.59

Accrued expenses

14,670,333.66

17,572,952.88

Other accruals

588,835.72

786,534.51

18,109,129.20

22,076,813.98

TOTAL EQUITY AND LIABILITIES

1,354,025,855.75

1,467,666,956.56

Notes:

1. The following companies have been consolidated in the financial statements of 2004:

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) BLUE STAR MARITIME SA, an affiliated company, of which 48.795% of its shares belong to ATTICA HOLDINGS S.A plus the following companies: BLUE STAR FERRIES SHIPPING SA, BLUE STAR FERRIES S.A., WATERFRONT NAVIGATION COMPANY, THELMO MARINE S.A., BLUE ISLAND SHIPPING INC, STRINTZIS LINES SHIPPING LIMITED which are all 100% subsidiaries of BLUE STAR MARITIME SA.
ad) The following companies which have common group management: SUPERFAST FERRIES S.A., JOINT VENTURE SUPERFAST DODECA (HELLAS) INC. and JOINT VENTURE BLUE STAR FERRIES.

b. Using the equity method: ATTICA PREMIUM S.A. 100% subsidiary.

2. The accounting principles are the same as those of 31st December, 2003.

3. The Group employed during the year an average of 1,549 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” € 343,847,957.44
(STAKOD 03) 553.1 “Restaurants on board” € 8,498,905.95
(STAKOD 03) 554.1 “ Bars on board” € 13,091,287.35

5. Certain numbers of the financial statements of year 2003 have been reclassified so as to correspond with those of 2004.

6. The vessels of the Group have been mortgaged for the security of long-term liabilities.

7. There are no legal or arbitration cases pending which could have a significant effect on the financial position of the company.

8. During 2004: a) Vessel SUPERFAST I of the SUPERFAST FERRIES SHIPPING S.A. Group was sold. b) Vessels BLUE SKY, BLUE BRIDGE, CESME 1 and KEFALONIA of the BLUE STAR MARITIME S.A. Group were sold.

9. On 11th October, 2004, the parent company paid back the € 45 mln Convertible Bond it had issued.

10. Following the decision of their Annual General Meetings, BLUE STAR MARITIME S.A. and 100% subsidiary BLUE STAR FERRIES SHIPPING S.A. reduced in June, 2004, their share capital as per Law 3193/03 by € 52.5 mln and € 14 mln, respectively.

11. 100% subsidiary SUPERFAST FERRIES SHIPPING S.A following the decision of its Annual General Meeting in December, 2004, reduced its share capital by € 17.5 mln which it paid back to the parent company. This amount was derived from the share capital of SUPERFAST FERRIES SHIPPING S.A’s subsidiaries which following the sale of their assets became inactive.