2002 Profit and Loss Account

For the year ended 31st December 2002



Total turnover 318,610,210.90 250,559,264.50
Less: Direct exploitation costs 232,292,438.44 182,089,970.93
Gross profit from exploitation 86,317,772.46 68,469,293.57
Plus: Sundry income 156,613.14 444,339.64
Total gross profit from exploitation 86,474,385.60 68,913,633.21
Less: Expenses    
 Administration expenses 17,617,293.49 13,854,308.48

Operating and distribution expenses

40,841,843.62 29,765,394.23
58,459,137.11 43,619,702.71
Operating profit 28,015,248.49 25,293,930.50
Other income/expenses    
Plus: Income from participations 1,297,895.92 21,700.37
        Income from securities 347,978.93 233,087.57
       Profit from sale of investments and securities 0.00 331,813.72
       Interest income 2,731,410.32 2,471,682.10
Less: Expenses and losses of investments and securities 366,060.00  
        Interest expense 41,306,296.48 33,248,064.74
  -37,295,071.31 -30,189,780.98
Extraordinary income:    

Extraordinary income

45,707,663.68 19,872,179.80

Extraordinary profit

23,462,038.68 4,695.52

Prior year income

511,828.71 246,545.39

Income from prior year provisions

7,303.33 4,389.82
  69,688,834.40 20,127,810.53
Less: Extraordinary expenses:    

Extraordinary expenses

43,972,344.47 669,335.30

Extraordinary costs

2,421,235.19 2,063,778.84

Prior year expenses

3,294,504.49 216,339.57

Sundry provisions

1,855,274.68 -
  51,543,358.83 2,949,453.71
Profit including extraordinary items 8,865,652.75 12,282,506.34
Total depreciation of fixed assets 32,975,840.87 24,702,104.92
Less: Depreciation included in exploitation costs -32,975,840.87 -24,702,104.92
Net profit for the year 8,865,652.75 12,282,506.34
Less: Minority interest 2,082,464.22 2,013,072.09
Net consolidated profit for the year 6,783,188.53 10,269,434.25
   Voula, 14th February, 2003
  Pericles S. Panagopulos 
of the Board of Directors       
Alexander P. Panagopulos
Vice Chairman
of the Board of Directors
Nikolaos I. Tapiris
Financial Director





To the Shareholders of



We have audited, in accordance with the provisions of article 108 of Company Law 2190/1920, the 10 th consolidated balance sheet and the consolidated profit and loss account as well as the related notes to the financial statements of ATTICA ENTERPRISES HOLDING SA and its subsidiaries for the year ended 31 December 2002. 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)  The companies of the Group “STRINTZIS LINES SHIPPING SA” have not made a provision for receivables totaling Euro 2.8 million which are in our view doubtful.

2)  As mentioned in note 9, as a result of the policy followed with regard to the depreciation of the vessels of “STRINTZIS LINES SHIPPING SA”, the accumulated depreciation is Euro 8.8 million less, of which Euro 3.3 million relates to the current year.

3)  As mentioned in note 10 of the Group, the values of the vessels of “STRINTZIS SHIPPING LINES SA” are shown at cost or at the value arrived at by the Committee of article 9 of Law 2190/1920 and the losses, if any, which result from the sale of the vessels are charged in the year in which the sale is effected.

4)  In December 1998 the Competition Committee of the European Union levied a fine on a number of Greek shipping companies, including “STRINTZIS SHIPPING LINES SA”. The fine which was imposed relates to the period 1987 to and 1993 and amounts to Euro 1.5 million, against which no provision was made because the Group challenges this decision and has already referred this case to the European Court . The outcome of this case in currently uncertain.

5)  The parent company and its subsidiary “Strintzis Lines Shipping SA” have not made a provision of Euro 2.4 million which relates to the possible cost of repayment of their Bond Loans in case the banks does not exercise their option to convert the loans into shares, because management believe that it is very likely that at the expiry date the conversion option will be preferred.

6)  “Attica Enterprises Holding SA” is currently being audited by the tax authorities for the years 1993 to 2000 and as a result of this, its tax liabilitiy for these years and for the years 2001 and 2002 have not become definite. The companies of the Group of “Strintzis Lines Shipping SA” have not been audited by the tax authorities for the years 2000 to 2002 with the exception of “Blue Star Ferries Shipping SA” which has not been audited for the years 1993 to 2002 and as a result of this their tax liabilities 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 2002, 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 , 17 February 2003

The Certified Public Accountants

Kyriacos Papakyriacou
DRM Stylianou SA
Member of RSM International