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ATTICA HOLDINGS S.A. - GROUP OF COMPANIES THIRTEENTH CONSOLIDATED BALANCE SHEET As at 31st December 2004
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IN EURO
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2004 |
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2003 |
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ASSETS |
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Cost |
Depreciation |
Net Book Value |
Cost |
Depreciation |
Net Book Value |
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ESTABLISHMENT EXPENSES |
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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 |
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FIXED ASSETS |
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Intangible Assets |
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Registered trade marks |
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Tangible assets |
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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 |
- |
2,241,229.23 |
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1,404,131,459.28 |
-183,111,265.86 |
1,221,020,193.42 |
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Investments in affiliated companies |
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3,839,616.07 |
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3,839,616.07 |
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Less: Provisions for adjustments |
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1,024,371.82 |
2,815,244.25 |
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1,438,510.29 |
2,401,105.78 |
Long term receivables |
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75,596.23 |
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68,087.83 |
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2,469,193.61 |
Total fixed assets |
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CURRENT ASSETS |
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Inventories |
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3,647,989.34 |
Trade receivables |
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38,386,824.12 |
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43,673,311.91 |
Bills receivables |
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0.00 |
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156,659.32 |
Post dated cheques |
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13,522,935.64 |
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14,251,934.58 |
Cheques overdue |
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199,259.20 |
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236,586.38 |
Other receivables |
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-
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-
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Bad and doubtful debts |
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4,276,192.43 |
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3,716,322.42 |
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Less: Provisions |
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4,265,092.89 |
11,099.54 |
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3,082,293.16 |
634,029.26 |
Sundry debtors |
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5,270,311.59 |
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10,778,295.40 |
Sundry advances |
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664,280.85 |
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928,670.59 |
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74,307,476.78 |
Securities |
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Shares |
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3,718,423.24 |
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3,718,423.24 |
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Less: Provisions for adjustments |
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438,145.96 |
3,280,277.28 |
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814,962.90 |
2,903,460.34 |
Sundry securities |
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27,393.80 |
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27,393.80 |
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Cash and banks |
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Cash |
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75,366.39 |
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100,601.47 |
Banks |
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138,239,566.05 |
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152,004,180.30 |
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152,104,781.77 |
Total current assets |
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PREPAYMENTS AND ACCRUED INCOME |
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Prepaid expenses |
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8,330,017.39 |
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9,640,279.63 |
Income receivable |
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4,282.26 |
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153,581.12 |
Other deferred amounts |
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- |
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35,510.67 |
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9,829,371.42 |
TOTAL ASSETS |
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2004 |
2003 |
LIABILITIES AND SHAREHOLDERS´ EQUITY |
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SHAREHOLDERS´ EQUITY AND RESERVES |
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Share capital |
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Paid up capital (104,173,680 shares at Euro 0.90) |
93,756,312.00 |
93,756,312.00 |
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Share premium account |
239,243,651.20 |
241,802,776.35 |
Revaluation reserves |
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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 |
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-6,354,535.87 |
-75,103,564.74 |
Reserves |
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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 |
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106,588,535.78 |
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Results carried forward |
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Profit and loss account |
3,427,540.52 |
37,719,022.82 |
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3,427,540.52 |
37,719,022.82 |
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Differences on consolidation |
-91,806,721.76 |
-67,602,565.21 |
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Minority interests |
94,754,548.02 |
92,861,619.83 |
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Total shareholders´ equity and reserves |
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PROVISIONS |
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Provision for termination indemnities |
914,193.13 |
831,901.60 |
Sundry provisions |
1,552,755.78 |
882,765.90 |
Total provisions |
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LIABILITIES |
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Long term liabilities |
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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 |
10,000.00 |
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Current liabilities |
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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 |
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172,862,394.09 |
Total liabilities |
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DEFERRED INCOME AND ACCRUED EXPENSES |
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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 |
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22,076,813.98 |
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TOTAL EQUITY AND LIABILITIES |
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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.
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