2004 Profit and Loss Account

2004 Profit and Loss Account

 
ATTICA HOLDINGS S.A. - GROUP OF COMPANIES
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31st December, 2004
   
   
 
  IN EURO
 

2004

2003

RESULTS FROM EXPLOITATION    
Total turnover 365,438,150.74 385,476,583.25
Less: Direct exploitation costs 233,577,330.99 255,245,369.21
Gross profit from exploitation 131,860,819.75 130,231,214.04
Plus: Sundry income 175,188.29 403,399.56
Total gross profit from exploitation 132,036,008.04 130,634,613.60
Less: Expenses    
 Administration expenses 23,494,617.50 21,355,680.17

Operating and distribution expenses

43,052,831.37 48,568,860.34
66,547,448.87 69,924,540.51
Operating profit 65,488,559.17 60,710,073.09
Other income/expenses    
Plus: Income from participations 512,969.42 985,416.18
        Income from securities 55,785.00 45,785.00
        Interest income 2,999,829.91 2,577,779.09
        Interest expense 33,985,936.19 35,612,961.69
  -30,417,351.86 -32,003,981.42
Extraordinary income:    

Extraordinary income

3,322,081.21 6,764,378.78

Extraordinary profit

11,646,339.38 6,815,554.31

Prior year income

1,628,682.02 1,283,365.99

Income from prior year provisions

120,351.87 3,425,159.94
  16,717,454.48 18,288,459.02
Less: Extraordinary expenses:    

Extraordinary expenses

7,423,692.53 12,476,379.89

Extraordinary costs

- 201,101.66

Prior year expenses

2,991,185.98 2,333,011.53

Sundry provisions

1,472,114.72 1,028,460.39
  11,886,993.23 16,038,953.47
Profit including extraordinary items 39,901,668.56 30,955,597.22
   
Total depreciation of fixed assets 38,942,891.60 40,119,157.28
Less: Depreciation included in exploitation costs -38,942,891.60 -40,119,157.28
  - -
Net profit for the year before taxes 39,901,668.56 30,955,597.22
Less: Taxes 529,199.84 564,260.15
Net profit for the year after taxes 39,372,468.72 30,391,337.07
Less: Minority interest 5,578,959.69 2,433,597.68
Net consolidated profit for the year after taxes
33,793,509.03
27,957,739.39
 

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.

 

Voula, 15th February 2005

       

Pericles S. Panagopulos
Chairman of the Board
of Directors

Alexander P. Panagopulos
 
Vice-Chairman of the Board of Directors
-
Chief Executive Officer

Charalambos N. Zavitsanos
Director

Nikolaos I. Tapiris
Financial Director

  

REPORT OF THE CERTIFIED PUBLIC ACCOUNTANTS
To the Shareholders of
ATTICA HOLDINGS SA AND ITS SUBSIDIARIES

We have audited, in accordance with the provisions of article 108 of Company Law 2190/1920, the 13th consolidated balance sheet, the consolidated profit and loss account and the consolidated cash flow statement as well as the related notes to the financial statements of ATTICA HOLDINGS SA and its subsidiaries for the year ended 31st December, 2004. 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). An amount of € 4.3 million has been charged to the results of the current year, which represents the cost of repayment of the Bond Loan. Of this amount, € 3.2 million should have been charged to the results of prior years and the profit of the current year is therefore understated by the same amount.

2). The companies of the Group have not been audited by the tax authorities for the years 2002 to 2004 with the exception of BLUE STAR FERRIES SHIPPING SA which has not been audited for the years 1998 to 2004 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 Company Law 2190/1920 and present the property structure, the financial position, the financial results and the cash flow movements of all the companies which are included in the consolidation of 31st December, 2004, 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, 21st February, 2005
The Certified Public Accountant

Athos Stylianou, FCCA
SOEL No: 12311
DRM Stylianou SA
Member of RSM International