Consolidated Financial Statements - Minoan Lines

MINOAN LINES SHIPPING S.A. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the six month period ended June 30, 1999 and 2000
(Amounts expressed in thousands of drachmae unless otherwise stated)
Operating Activities
Unaudited
June 30,
1999
Unaudited
June 30,
2000
Net loss before minority interest 431,322 (1,612,631)
Adjustments for:
Depreciation and amortization 2,375,168 1,372,257
Other provisions 53,618 -
(Income) loss from associates (21,668) 1,138,513
Interest and other financing expenses 1,784,182 621,371
Gain from sale of marketable securities net - (995,605)
Gain from sale of vessels (1,239,537) -
Unrealized exchange losses 176,046 1,686,100
Operating Profit before working capital changes 3,559,131 2,210,005
Change in current assets and liabilities:
(Increase)/decrease in prepayments (322,788) 139,306
(Increase) in inventories (125,906) (162,058)
(Increase) in trade accounts and other receivable (4,642,199) (7,048,986)
Increase in trade accounts payable and accruals 3,509,193 3,091,989
Cash from operations 1,977,431 (1,769,744)
Interest and other financing expenses paid (1,766,770) (1,420,110)
Taxation paid (132,098) (180,371)
Net cash from (used in) operating activities 78,563 (3,370,225)
Investing Activities
Advances for vessels under construction (6,046,810) (5,275,093)
Vessel acquisitions and improvements (11,947,017) (788,529)
Proceeds from vessel disposal 2,439,200 -
Purchase of property, plant and equipment (471,765) (196,821)
Acquisition of subsidiary, net of cash acquired (1,089,359) -
Purchase of other investments including associates (280,000) (10,782,395)
Increase in other financial assets 21,248 (437)
(Purchase) of other investments (128,366) (24,530)
Net cash used in investing activities (17,502,869) (17,067,805)
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