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)
The weighted average interest rates on the loan were USD 5.6%, JPY 2.93% and EURO 4.75%, for the year
ended December 31, 1999 and JPY 1.33% and EURO 2.76% for the six months ended June 30, 2000. Such
credit facilities as at December 31, 1999 are secured by first preferred shipping mortgages on the vessels
"Artemis" and “Minoan Prince" and by first legal assignment of all insurance regarding these vessels. Of the
above noted short term borrowings, the maximum credit available as at December 31, 1999 was USD 22.40
million, EURO 6.48 million and GRD 530 million (convertible) to JPY and for June 30, 2000 the maximum credit
available was GRD 250 million (convertible to EURO) and GRD 300 million (convertible to JPY).
11. Long Term Debt
Loans denominated in:
1999
Unaudited
2000
Japanese Yen 11,321,050 11,697,136
US Dollar 7,903,504
Deutschemark 5,913,258 5,683,206
EURO 42,332,755 39,573,096
59,567,063 64,856,942
Less: current portion 5,873,771 4,474,344
53,693,292 60,382,598
On May 12, 1995, the Company obtained a loan of approximately DEM 83 million with a multi-currency option to
provide capital of up to 60.65% of the contract price for the purpose of the construction and subsequent
purchase of the vessel "Aretousa". The loan was drawn down in three currencies on June 7, 1995: DEM 49.67
million, JPY 986 million, JPY 986 million anf FRF 58 million. Also during 1995, the FRF denominated portion of
the loan was converted into JPY 1.186 million. The loan bears interest at Libor plus 1% per annum and is
payable in 34 consecutive semi-annual and quarterly instalments beginning on June 11, 1996 and a balloon
payment for the remaining unpaid balance due on June 15, 2005. The balances outstanding of the DEM
denominated portion at December 31, 1999 and June 30, 2000 was GRD 5,913,258 and GRD 5,683,206. The
weighted average rate of interest on the loan was JPY 1.75%, DEM 4.385%, EURO 4.527 % for the six months
ended June 30, 2000 respectively.
On May 24, 1995, the subsidiary Minoan Cruises S.A. obtained a loan of USD 6.5 million or its equivalent in
another foreign currency to partly finance the acquisition cost of the vessel "Minoan Prince". The loan was
drawn down in two currencies, DEM 4.45 million and FRF 15.86 million bearing interest at Libor plus 1.25%.
On September 11, 1996 the remaining portion of the loan denominated in FRF was converted into JPY and on
May 11, 1998 the remaining portion in DEM was converted in EURO. The balances outstanding of the JPY
denominated portion at June 30, 2000 were GRD 443,648, while the balance outstanding of the EURO
denominated portion was GRD 299,138. The weighted average rate of interest on the loan was JPY 0.73%, and
EURO 2.5% for the six months ended June 30, 2000.
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