Consolidated Financial Statements - Minoan Lines

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MINOAN LINES SHIPPING S.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENS (Amounts expressed in thousands of drachmae unless otherwise stated) 2. Vessels Advances for vessels under construction Name of Vessel 1999 2000 Knossos Palace 6,115,820 8,173,707 Festos Palace 3,747,872 5,563,350 Prometheus 2,126,670 3,405,752 Oceanus 2,134,708 2,159,001 Olympia Palace 3,407,673 3,425,897 Europa Palace 3,407,673 3,426,737 Ariadne 2,289,045 2,290,010 Other 50,900 111,000 Advances for vessels under construction 23,280,361 28,555,454 Refer to note on commitments for details on vessels under construction. Vessels Cost 1999 Unaudited 2000 Opening balance 121,599,088 102,539,753 Additions 1,058,381 788,529 Disposals (20,117,716) - Ending balance 102,539,753 103,328,282 Accumulated depreciation Opening balance 15,948,338 15,339,553 Charge for the year/period 2,993,094 1,349,031 Disposals (3,601,879) - Ending balance 15,339,553 16,688,584 Net book value, beginning of period 105,650,750 87,200,200 Net book value, end of period 87,200,200 86,639,698 During the year ended December 31, 1999, vessels Agia Galini (sold on August 12, 1999), Fedra and Erotokritos (sold on December 24, 1999), Ariadne (sold on March 2, 1999) and Highspeed I (sold on March 2, 1999) were sold to an associate, <strong>Minoan</strong> Flying Dolphins, for GRD 22,290,432. A gain on the sale of the vessels of GRD 5,774,595 was recorded in the accompanying consolidated statement of income for the year ended December 31, 1999. During the six months ended June 30, 1999 vessel Ariadni was sold and a gain of GRD 1,239,537 was recorded in the consolidated statement of income for the six months ended June 30, 1999. On April 24, 2000 the vessel Agia Galini was purchased from <strong>Minoan</strong> Flying Dolphins for GRD 609,624. 11
MINOAN LINES SHIPPING S.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENS (Amounts expressed in thousands of drachmae unless otherwise stated) 3. Property, Plant and Equipment Cost Land Buildings Other Total Ending balance, December 31, 1998 330,384 1,013,263 615,967 1,959,614 Additions 44,636 96,043 98,952 239,631 Ending balance, December 31, 1999 375,020 1,109,306 714,919 2,199,245 Additions (unaudited) - 101,553 95,439 196,992 Disposals (unaudited) - - (1,857) (1,857) Ending Balance, June 30, 2000 (unaudited) 375,020 1,210,859 808,501 2,394,380 Accumulated depreciation Ending balance, December 31, 1998 - 287,738 414,225 701,963 Charge for the year - 49,343 102,313 151,656 Ending balance, December 31, 1999 - 337,081 516,538 853,619 Charge for the Period (unaudited) - 24,110 47,586 71,696 Disposals (unaudited) - - (1,686) (1,686) Ending Balance, June 30, 2000 (unaudited) - 361,191 562,438 923,629 Net book value, December 31, 1999 375,020 772,225 198,381 1,345,626 Net book value, June 30, 2000 (unaudited) 375,020 849,668 246,063 1,470,751 12
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Consolidated Financial Statements - Minoan Lines

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