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) On November 25, 1999 Cretan Philoxenia S.A. was formed with the Company contributing 99.95% of the initial share capital of GRD 20,000. This wholly owned company was established in order to materialise the planned entrance in wider hotel sector strategically positioning the Company into the two most competitive areas of the Greek economy. On June 30, 2000 the share capital was increased by GRD 1,300,000 with the company fully contributing the amount and thus increasing its stake to 99.99% (refer to Note 1(c)). Disposals On December 28, 1999 the Company disposed of its interest in Air Greece for a total consideration of GRD 2,825,430. The disposal of this subsidiary was a result of the above acquisition, of Aegean Airlines S.A. (see above). It was also agreed that contingent tax or labour charges that will arise up until October 31, 1999 would burden the Company. Throughout 1999 and 2000 the Company did not fully participate in the share capital increases of <strong>Minoan</strong> Flying Dolphins S.A. consequently reducing its interest from 70% as at January 1, 1999 to 31.598% as at June 30, 2000. The Company’s interest in <strong>Minoan</strong> Flying Dolphins throughout the year is as follows: Month Interest January 1999 70% March 1999 58.627% August 1999 52.124% December 1999 31.344% June 2000 31.598% 19. Segmental Analysis Segment information is presented in respect of the Company’s business and geographical segments. The primary format, business segment, is based on the Group’s management and internal reporting structure. Inter-segment pricing is determined on an arm’s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise income-earning assets and revenue, interest-bearing loans, borrowing and expenses, and corporate assets and expenses. The Company has two main business segments ferries and cruises. The ferries operate in two principal geographical areas (domestic and international). In presenting the information on the basis of geographical segments, segment revenue is based on the geographical location of customers. Segment assets are based on the geographical location that the vessels travel. 23
MINOAN LINES SHIPPING S.A. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENS (Amounts expressed in thousands of drachmae unless otherwise stated) Unaudited June 30, 1999 Unaudited June 30, 2000 Revenue By business: Ferries 21,712,610 20,156,254 Cruises 602,134 585,254 Airlines 1,690,469 - 24,005,213 20,741,508 Operating profit (loss) By business: Ferries 2,055,064 803,604 Cruises (47,053) (138,415) Airlines (786,825) - Operating profit (loss) By geographical area: International routes Domestic routes 1,221,186 665,189 - 530,267 - 134,922 1,221,186 665,189 Revenue By geographical area: International routes 13,654,165 15,293,959 Domestic routes 10,351,048 5,447,549 24,005,213 20,741,508 Vessel cost net of depreciation is disclosed below. Other net operating assets have not been apportioned on grounds of materiality and of not being readily available. Unaudited Unaudited December 31, 1999 June 30, 2000 By Operating Asset By geographical area: International routes 81,549,183 80,565,245 Domestic routes 5,651,017 6,074,453 20. Net Financing Costs Net financing costs are analysed as follows: 87,200,200 86,639,698 Unaudited June 30, 1999 Unaudited June 30, 2000 Interest expense (1,590,178) Interest income 968,807 Revenue from trading investments 995,605 (1,784,182) 374,234 24
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Consolidated Financial Statements - Minoan Lines

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