minoan lines shipping sa annual report 2003

Depreciation charges on vessels over the three-year period were as follows:DEPRECIATION ON VESSELS (in € million) 2001 2002 2003EROTOKRITOS 0.02KING MINOS 0.13EL GRECO 0.21AGIA GALINI 0.13 0.00DAEDALUS 0.99 1.02 1.03IKAROS PALACE 2.45 2.46 2.46PASIPHAE PALACE 1.87 2.67 2.67KNOSSOS PALACE 1.69 1.72 1.69PROMETHEUS 0.82 1.11 0.06FESTOS PALACE 1.01 1.56 1.53ARIADNE PALACE π (ex-OCEANUS) 0.48 1.18 0.01OLYMPIA PALACE 0.00 1.50 1.49EUROPE PALACE 0.96 1.50ARIADNE PALACE 0.10 1.20TOTAL 9.81 14.27 13.65On the Company’s financial statements, depreciation charges for the year are included in the cost ofoperation, while the depreciation on the other fixed assets are charged against the cost of sales andadministration as follows:DEPRECIATION CHARGED (in € million) 2001 2002 2003Cost of vessel’s operation 9.81 14.27 13.65G & A expenses 4.57 4.49 3.70Sales expenses 0.06 0.07 0.08TOTAL 14.43 18.84 17.43Profit before taxThe results of operations for 2003, is the evidence of the company’s definitive recovery after adifficult period that occurred at the same time with the completion of one of the biggest investmentplans in passenger shipping.The net profits for the year amounted to € 3,6 million over a loss of € 116 million of the previousyear.25 MINOAN LINES S.A. - Annual Report 2003