minoan lines shipping sa annual report 2003

ññUpon conclusion of the liquidation process the subsidiary companies MINOAN LINESHIGHSPEED FERRIES S.A. and MINOAN CHANGE S.A. were finally dissolved.The subsidiary company EUROPEAN THALASSIC AGENCIES SHIPPINGMANAGEMENT & CONSULTANTS S.A. as well as the associated companyMEDITERRANEAN FERRIES S.R.L. were put under final liquidation.CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUPThe Balance Sheet of the company is now presented for the sixth year on a consolidated basistogether with the balance sheets of the subsidiary companies and also of the companies in which theparent company holds a significant share in their share capital. This consolidation contributes to asystematic examination of all the events that definitely affected the formation of all the economicalmagnitudes of the group.In particular, are presented in detail all the factors that contributed to the current financial positionof the group including, among others, the overall span of its economic activities, the business stepstaken throughout the past year as well as the financial performance that conduced to its presentstatus.In the table herebelow are set out in detail the financial results of the group compared withcorresponding items of the preceding year.Table 3: Analysis of resultsChange(in thousand Euro) 2003 2002 € %Operating income (turnover) 194,292 179,983 14,309 8%Cost of operation 114,225 111,995 2,230 2%Gross operating results 80,067 67,988 12,079 17.8%Administration expenses & distribution costs 26,855 25,486 1,369 5.4%Other operating income 213 394 -181 -45.9%Results before income, taxes and depreciation (EBITDA) 53,425 42,896 10,529 24.5%Financial expenses 31,067 73,219 -42,152 -57.6%Total results 22,358 -30,323 52,681Other / Extraordinary income 5,900 7,046 -1,146 -16.3%Other / Extraordinary expenses 6,331 41,361 -35,030 -84.7%Net Results before depreciation 21,927 -64,638 86,565Depreciation 17,458 18,890 -1,432 -7.6%Net results of the group before minority interests & taxes 4,469 -83,528 87,997Minority Shareholders’ Share -10 -2,177 2,167 -99.5%Net results of the group before taxes 4,479 -81,351 85,830From the records disclosed in the consolidated financial statements arise the following conclusions:ñ The operating income (turnover) of the companies of the group in the year 2003 increased by 8%as compared to 2002 and amounted to € 194.3 million. The increase of income was positively55 MINOAN LINES S.A. - Annual Report 2003