Consolidated Financial Statements - Minoan Lines

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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) 5
Financing Activities 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) Unaudited June 30, 1999 Unaudited June 30, 2000 Contributions by Minority 6,567,757 - Repayment of capital by Minority (1,827,592) - Net change in short-term borrowings 19,277,177 (7,363,473) Proceeds from long-term borrowings 12,354,502 7,379,120 Repayment of long-term borrowings (10,218,702) (3,919,737) Net change of deferred charges (515,127) (48,546) Dividends paid (29,035) (2,430,451) Net cash from (used in) financing activities 25,608,980 (6,383,087) Net increase/(decrease) in cash and cash equivalents 8,184,674 (26,821,117) Cash and cash equivalents at beginning of the year 3,433,389 36,274,722 Cash and cash equivalents at end of period 11,618,063 9,453,605 The accompanying notes are integral parts of these consolidated financial statements. 6
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Consolidated Financial Statements - Minoan Lines

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