minoan lines shipping sa annual report 2003

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MEDITERRANEAN FERRIES S.R.L.The company has its registered office in Genova, Italy, and was founded in 2002 in cooperationbetween MINOAN LINES and the Italian shipping group Grimaldi. The main objects of thecompany were at first the exploitation of the route Genova - Tunisia via Malta and afterwards theexploitation of other routes.This business venture yielded a satisfactory return. However, it was decided the interruption of thiscooperation and the withdrawal of the ship from this route owing to its sale. The company is putunder liquidation.EUROPEAN THALASSIC AGENCIES SHIPPING MANAGEMENT &CONSULTANTS S.A.The company was bought out in July 2001, where full ownership and control passed to MINOANLINES. By the end of 2002 the personnel and the operations were fully incorporated to theMINOAN LINES, while during the year 2003 the company was put under liquidation.SUMMARY FINANCIAL DATA OF SUBSIDIARIES ANDASSOCIATED COMPANIESIn the table hereunder is set out in summary the basic financial data of subsidiaries and of associatedcompanies of the group in which the parent company’s holdings exceed 20%.Table 4: Basic Financial Data(in € million)Fixed Assets 0.00 3.28 0.02 0.00 0.00 209.92 66.76Current Assets 0.03 0.00 0.42 0.34 1.23 72.00 35.22Shareholders’ Equity -0.02 3.19 0.06 0.34 0.05 207.14 63.70Total Liabilities 0.05 0.12 0.36 0.00 1.15 79.78 51.80Turnover 0.00 0.00 1.57 0.00 0.46 134.09 75.34Results before taxes -0.15 -0.02 0.12 -0.06 -0.29 7.13 0.22Results after taxes andBoard of Directors remuneration -0.15 -0.02 0.03 -0.06-0.29 7.12 0.11* under liquidationEUROPEAN THALASSICAGENCIES SHIPPINGMANAGEMENT &CONSULTANTS S.A.*CRETANFILOXENIA S.A.MINOANAGENCIES S.R.L.MINOAN CRUISES S.A.MEDITERRANEANFERRIES S.R.L.*HELLAS FLYINGDOLPHINS S.A. –GROUP OF COMPANIESFORTHnet S.A.GROUP OF COMPANIESIraklion, 22 April 2004The Chairman of the Board of DirectorsConstantinos Clironomos58MINOAN LINES S.A. - Annual Report 2003
CERTIFICATIONIt is certified that the above Board of Directors Consolidated Report of the parent limited shippingcompany "MINOAN LINES S.A." which consists of six (6) pages, is what is referred to in theAuditor’s Report (short-form), dated 23 April 2004.Athens, 23 April 2004The Certified Public Accountant AuditorStefanos P. SarakostidisSOEL Reg. No.14621" SOL S.A." Associated Certified Public Accountants59 MINOAN LINES S.A. - Annual Report 2003
Page 3 and 4:
MINOAN LINES SHIPPING S.AANNUAL REP
Page 6:
KEY FINANCIAL DATA1.1.1. KEY FINANC
Page 9 and 10: 1.2.2 Financial Statements 2001 - 2
Page 11 and 12: 2.2 SHARE DATAMINOAN LINES’ stock
Page 13 and 14: 3.2. FIXED ASSETS3.2.1 Principal Es
Page 15 and 16: 3.2.4 Guarantees and Collateral sec
Page 17 and 18: INFORMATIONON MANAGEMENT & EMPLOYEE
Page 19 and 20: 4.2 EMPLOYEESThe following table pr
Page 21 and 22: GENERAL MARKET& COMPANY OVERVIEW5.5
Page 23 and 24: 6.2 STATEMENT OF OPERATING RESULTS
Page 25 and 26: Other cost of operation, sales and
Page 27 and 28: Depreciation charges on vessels ove
Page 29 and 30: Formation expensesFormation expense
Page 31 and 32: e. CreditorsThe trade accounts paya
Page 33 and 34: PROFIT AND LOSS ACCOUNT (in € mil
Page 35 and 36: 7.1 SUBSIDIARIESEUROPEAN THALASSIC
Page 37 and 38: MEDITERRANEAN FERRIES S.R.L.The com
Page 39 and 40: Shareholders who have dematerialise
Page 41 and 42: SHIPPING S.A.- 31th FINANCIAL YEAR
Page 43 and 44: to € 555,520,406.82 and b) On shi
Page 45 and 46: The new ships built and the compara
Page 47 and 48: Reduction in borrowing - Loan restr
Page 49 and 50: operation thanks to the special ins
Page 51 and 52: ñ Particular thanks we owe to expr
Page 53 and 54: - GROUP OF COMPANIESAS AT 31st DECE
Page 55 and 56: SHIPPING MANAGEMENT & CONSULTANTS S
Page 57 and 58: ññUpon conclusion of the liquidat
Page 59: FORTHnet S.A.The FORTHnet in the la
Page 63 and 64: For the year ended For the year end
Page 65 and 66: For the year ended For the year end
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minoan lines shipping sa annual report 2003

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