Consolidated Financial Statements - Minoan Lines

MINOAN LINES SHIPPING S.A. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENS
(Amounts expressed in thousands of drachmae unless otherwise stated)
6. Other Investments
These are analysed as follows:
Non-current investments
1999
Unaudited
2000
Other investments 1,500,000 5,407,368
In March 2000, the Company purchased 15,000 common shares for GRD 15 million of FORTH-CRS
representing 10% of the share capital. The newly formed company’s main target is to develop a pioneering
computerised reservation system covering the whole phasma of the transport and tourism business. The
investment is recorded at cost.
In March 2000, the Company purchased 1,300 common shares for GRD 3.9 billion of Club Hotel Loutraki
Kazino S.A. representing 1.32% of the share capital. The Hotel-Kazino has been very profitable and it has filed
for an initial public offering on the Athens Stock Exchange. The Company anticipates that the value of the
shares will increase when the Company becomes public but it is also considering a potential alliance in the future
business activities. The investment is recorded at cost.
Current investments
1999
Unaudited
2000
Equity securities held for trading 17,510,137 18,530,272
The quoted market price of the investments as at June 30, 2000 was GRD 14,204,323. The Company has not
recorded the unrealised loss of GRD 4,325,949.
7. Trade Accounts and Other Receivables
Trade accounts and other receivables at December 31, 1999 and June 30, 2000 are analysed as follows:
1999
Unaudited
2000
Trade accounts receivable 4,879,233 8,729,860
Claims receivable 827,162 4,163,489
VAT and taxes receivable 380,512 400,478
Personnel loans 42,264 47,290
Other 3,739 10,523
6,132,910 13,351,640
Less: Provision for doubtful debts (25,697) (25,697)
6,107,213 13,325,943
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