minoan lines shipping sa annual report 2003
minoan lines shipping sa annual report 2003
minoan lines shipping sa annual report 2003
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Other cost of operation, <strong>sa</strong>les and administrationSales expenses present significant decreases since 2001 in relation to the company’s revenues,following the adaptation of innovative marketing practices. In addition administrative expenses ha<strong>sa</strong>lso been contained representing 4.3% on the company’s revenues for <strong>2003</strong>.SALES EXPENSES (before depreciation) (in € million)COST ELEMENT 2001 2002 <strong>2003</strong>Staff costs 4.24 4.84 5.07Other 2.79 3.29 3.23TOTAL 7.03 8.13 8.30as % on Turnover 4.8% 4.5% 4.3%ADMINISTRATIVE EXPENSES (before depreciation) (in € million)COST ELEMENT 2001 2002 <strong>2003</strong>Wages 1.53 1.81 3.00Commissions 13.92 13.70 12.15Marketing expenses 3.26 2.99 2.62Other 0.53 1.06 0.98TOTAL 19.2619.5618.74as % on Turnover 13.0% 10.9% 9.7%Finance costThe reduction in the finance cost for <strong>2003</strong> is attributed primarily to the reduction of the financialobligations following the <strong>sa</strong>le of the vessel ARIADNE PALACE 1 (ex OCEANUS) in March <strong>2003</strong>and the repayment of the respective debt obligation.EXPENSE (in € million) 2001 2002 <strong>2003</strong>Interest on long & short term debt 25.92 29.55 27.15Other bank charges 0.64 4.20 3.79Total 26.56 33.75 30.9423 MINOAN LINES S.A. - Annual Report <strong>2003</strong>
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