1 JANUARY - 31 DECEMBER 2004 - Minoan Lines
1 JANUARY - 31 DECEMBER 2004 - Minoan Lines
1 JANUARY - 31 DECEMBER 2004 - Minoan Lines
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1.2.2 Financial Statements 2002 - <strong>2004</strong><br />
Balance Sheet (in ú million) 2002 2003 <strong>2004</strong><br />
Formation Expenses 8.76 5.36 5.77<br />
Intangible Fixed Assets 0.46 0.34 0.16<br />
Tangible Fixed Assets 867.95 806.56 755.53<br />
LESS: Depreciation 45.74 58.25 73.44<br />
Non - Depreciated Tangible Fixed Assets 822.21 748.<strong>31</strong> 682.09<br />
Participations and Long-term receivables 70.83 73.22 63.28<br />
Current Assets 52.67 46.72 56.72<br />
Prepayments and accrued income 1.88 3.35 3.57<br />
TOTAL ASSETS 956.81 877.30 811.59<br />
Shareholders’ Equity 238.32 236.65 240.65<br />
Provisions 8.47 4.75 5.24<br />
Long-term debt 482.11 556.42 476.08<br />
Current liabilities 221.99 75.32 86.02<br />
Total liabilities 704.10 6<strong>31</strong>.74 562.10<br />
Accruals and deferred income 5.92 4.16 3.60<br />
TOTAL LIABILITIES 956.81 877.30 811.59<br />
Net book value per share 3.36 3.34 3.39<br />
FINANCIAL RATIOS 2002 2003 <strong>2004</strong><br />
Change in turnover 18.2% 8.0% - 1.1%<br />
Gross profit margin (before depreciation) 37.8% 41.2% 45.2%<br />
Net profit margin (before taxes) - 46.4% 2.3% 5.1%<br />
General Liquidity 0.2 0.6 0.7<br />
Financial leverage 0.3 0.4 0.4<br />
ANNUAL REPORT <strong>2004</strong> 7
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