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Attica Holdings S.A.

Quarterly Report • Sep 30, 2015

2691_10-q_2015-09-30_da966804-7f53-4bd1-892b-0b02031d4d2d.pdf

Quarterly Report

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ATTICA HOLDINGS SA

Interim Financial Statements for the period 1-1-2006 to 31-03-2006 (Unaudited)

(amounts in € thousand)

The Interim Financial Statements for the period 1/1/2006 to 31/3/2006 were approved by the Board of Directors of Attica Holdings S.A. on May 24, 2006.

ATTICA HOLDINGS S.A. 157, C. Karamanli Avenue Voula 166 73 Athens, Greece

CONTENTS Page

Income Statement of the Group 3
Income Statement of the Company 4
Balance Sheet 5
Statement of Changes in Equity (period 1-1 to 31-03-2006) 6
Statement of Changes in Equity (period 1-1 to 31-03-2005) 7
Cash Flow Statement 8
Review of the First Quarter 2006 Financial Results 9-12
Notes to the Interim Financial Statements 13
1. General Information 13
2. Significant Group accounting policies 13-14
3.
4.		 Consolidation
Related party disclosures		 14-15
15
4.1. Intercompany transactions 15-22
4.2. Participation of the members of the Board of Directors
to the Board of Directors of other companies 22
5. Financial Statements Analysis 22
5.1. Revenue analysis and geographical segment reporting 22-24
5.2. Cost of sales 25
5.3. Other Operating Income 25
5.4. Administrative Expenses 25
5.5. Distribution Expenses 26
5.6. Depreciation 26
5.7. Financial Results 26-27
5.8. Profit / (Loss) from vessels' disposal 27
5.9. Income taxes 27
5.10. Tangible assets 28-31
5.11. Intangible assets 31-32
5.12. Investments in subsidiaries - associated companies 33
5.13. Other Financial Assets 33
5.14. Non-current receivables 33
5.15. Inventories 34
5.16. Trade receivables and prepayments 34
5.17. Tax receivables 34
5.18. Other receivables 35
5.19 Financial assets held for trading 35
5.20. Cash and cash equivalents 35
5.21. Deferred expenses - accrued income 36
5.22. Non-current assets classified as held for sale 36
5.23. Share capital - Reserves 36
5.24. Secured loans 36-37
5.25. Unsecured loans 37
5.26. Finance Leases 37
5.27. Deferred tax liabilities 38
5.28. Retirement benefit provisions 38
5.29. Other provisions 38-39
5.30. Bank loans and overdrafts 39
5.31. Trade and other payables 39
5.32. Tax liabilities 39
5.33. Deferred Income – Accrued expenses 40
5.34. Liabilities directly associated with non current assets
classified as held for sale 40
6. Events after the balance sheet date 41

INCOME STATEMENT

For the period ending at 31/03/ 2006 & 2005

GROUP
Notes 1/1-31/03/03 1/1-31/03/05
Continuing Discontinuing
operations operations Total
Revenue (5.1) 51.357 17.139 68.496 63.141
Cost of sales (5.2) (40.902) (15.012) (55.914) (45.516)
Gross Profit/(loss) 10.455 2.127 12.582 17.625
Other operating income (5.3) 127 213 340 1.526
Administrative expenses (5.4) (5.214) (723) (5.937) (5.390)
Distribution expenses (5.5) (2.531) (2.601) (5.132) (4.878)
Earnings before taxes, investing and financial
results,depreciation and amortization 2.837 (984) 1.853 8.883
Depreciation and amortization (5.6) (7.003) (2.261) (9.264) (9.373)
Earnings before taxes, investing and financial
results (4.166) (3.245) (7.411) (490)
Profit from sale of investments (5.7) 7.066 7.066 450
Interest & other similar income (5.7) 531 4 535 1.013
Interest and other financial expenses (5.7) (5.710) (1.744) (7.454) (8.186)
Foreign exchange differences (6.7) 165 (23) 142 1.317
Financial results 2.052 (1.763) 289 (5.406)
Profit/(loss) from vessels' disposal (5.8) 1.076 1.076
Profit/(loss) before taxes (1.038) (5.008) (6.046) (5.896)
Taxes (5.9) (477) (28) (505) (138)
Profit/(loss) after taxes (1.515) (5.036) (6.551) (6.034)
Attributable as follows:
Company shareholders (466) (5.036) (5.502) (3.792)
Minority interests in subsidiaries (1.049) 0,00 (1.049) (2.242)
Earnings after taxes Per Share - basic (in €) (0,00) (0,05) (0,05) (0,04)

The Notes on pages 13 to 41 are an integral part of these Financial Statements.

INCOME STATEMENT

For the period ending at 31/03/ 2006 & 2005

COMPANY
Notes 1/1-31/03/06 1/1-31/03/05
Revenue
Cost of sales
Gross Profit/(loss)
Other operating income
Administrative expenses (5.4) (319) (178)
Distribution expenses
Earnings before taxes, investing and financial
results,depreciation and amortization (319) (178)
Depreciation and amortization (5.6) (3) (5)
Earnings before taxes, investing and financial results (322) (183)
Profit from sale of investments (5.7) 7.066 450
Interest & other similar income (5.7) 102 85
Interest and other financial expenses (5.7) (453) (943)
Foreign exchange differences
Financial results 6.715 (408)
Profit/(loss) from vessels' disposal
Profit/(loss) before taxes 6.393 (591)
Taxes (5.9) (344)
Profit/(loss) after taxes 6.049 (591)
Attributable as follows:
Company shareholders 6.049 (591)
Minority interests in subsidiaries
Earnings after taxes Per Share - basic (in €) 0,06 (0,01)

The Notes on pages 13 to 41 are an integral part of these Financial Statements.

BALANCE SHEET

As at 31st of March 2006 and at December 31, 2005

GROUP COMPANY
Notes 31/03/2006 31/12/2005 31/03/2006 31/12/2005
ASSETS
Non-current assets
Tangible assets (5.10) 817.593 1.116.915 1
Intangible assets (5.11) 3.068 3.240 89 86
Investments in subsidiaries-associated companies (5.12) 168.434 168.434
Other financial assets (5.13) 26.643 26.643 26.643 26.643
Non-current receivables (5.14) 210 135
847.514 1.146.933 195.167 195.163
Current assets
Inventories (5.15) 4.293 4.194
Trade receivables and prepayments (5.16) 62.061 60.224
Tax receivables (5.17) 1.228 1.496 661 581
Receivables from subsidiaries-associated companies
Other receivables (5.18) 7.168 6.449 4 219
Financial assets held for trading (5.19) 588 16.545 588 16.517
Cash and cash equivalents (5.20) 100.108 92.558 25.790 3.251
Deferred expenses (5.21) 10.524 5.079 542
Accrued income (5.21) 13 1.218 2
185.983 187.763 27.585 20.570
Non-current assets classified as held for sale (5.22) 288.890
Total assets 1.322.387 1.334.696 222.752 215.733
EQUITY AND LIABILITIES
Equity
Share capital (5.23) 93.756 93.756 93.756 93.756
Reserves (5.23) 289.636 289.644 75.293 75.293
Retained Earnings (5.23) 178 5.680 16.988 10.939
Total Sharholders equity 383.570 389.080 186.037 179.988
Minority interests in subsidiaries 101.677 102.726
Total equity 485.247 491.806 186.037 179.988
Non-current liabilities
Secured loans (5.24) 483.866 677.965
Unsecured loans 25.000 25.000 25.000 25.000
Finance leases (5.25) 181 202
Deferred tax liabilities (5.26) 331 295 267 267
Retirement benefit provisions (5.27) 1.017 1.017 54 54
Other provisions (5.28) 2.481 2.482
512.876 706.961 25.321 25.321
Current liabilities
Bank loans and overdrafts (5.29) 9.931 12.150 9.931 9.931
Current portion of long term liabilities 47.695 69.924
Trade and other payables (5.30) 41.152 35.722 17 81
Payables to subsidiaries-associated companies (5.31)
Tax liabilities (5.32) 4.897 3.908 1.016
Deferred income (5.33) 8.991 2.864
Accrued expenses (5.33) 14.965 11.361 430 412
127.631 135.929 11.394 10.424
Liabilities directly associated with non current assets classified
as held for sale (5.34) 196.633
Total equity and liabilities 1.322.387 1.334.696 222.752 215.733

The Notes on pages 13 to 41 are an integral part of these Financial Statements.

Statement of Changes in Equity

For the Period 1/1-31/03/2006

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Balance at 31 March 200693.756 225.936 (4.362) (154.254) 16.988 7.973 186.037 186.037

Statement of Changes in Equity

For the Period 1/1-31/03/2005

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CASH FLOW STATEMENT

For the period 1/1/-31/03 2006 & 2005

GROUP COMPANY
1/1-31/03/2006 1/1-31/03/2005 1/1-31/03/2006 1/1-31/03/2005
Cash flow from Operating Activities
Profit Before Taxes (6.046) (5.896) 6.393 (591)
Adjustments for:
Depreciation & amortization 9.264 9.373 3 5
Deferred tax expense
Net (profit)/Loss from investing activities (8.329) (453) (7.168)
Provisions 334
Foreign exchange differences (141) (1.750)
Interest and other financial expenses 7.454 8.186 453 943
Plus or minus for Working Capital changes :
Decrease/(increase) in Receivables 16.577 (21.270) 138 1.574
Decrease/(increase) in Inventories (99) (448)
(Decrease)/increase in Payables (excluding banks)
Less:		 (6.922) 26.038 (429) (112)
Interest and other financial expenses paid (5.881) (9.006) (785)
Taxes paid (147) (135)
Total cash inflow/(outflow) from operating activities (a) 6.064 4.639 (610) 1.034
Acquisition of subsidiaries,associated companies,joint
ventures and other investments
Purchase of tangible and intangible assets
Proceeds from sale of tangible and intangible assets
Interest received		 (504)
23.518
535		 (45.300)
(14.509)
700		 (2)
23.049
102		 (45.300)
Dividends received
Total cash inflow/(outflow) from investing activities (b)
23.549 (59.109) 23.149 (45.300)
Cash flow from Financing Activities
Proceeds from issue of Share Capital 7.810
Proceeds from Borrowings 34.000 25.000
Payments of Borrowings (21.918) (22.801)
Payments of finance lease liabilities (145) (166)
Dividends paid
Total cash inflow/(outflow) from financing activities (c) (22.063) 18.843 25.000
Net increase/(decrease) in cash and cash equivalents
(a)+(b)+(c) 7.550 (35.627) 22.539 (19.266)
Cash and cash equivalents at beginning of period 92.558 143.008 3.251 22.181
Cash and cash equivalents at end of period 100.108 107.381 25.790 2.915

The method used for the preparation of the above Cash Flow Statement is the Indirect Method.

Cash and cash equivalents analysis is presented in paragraph 5.20.

The Notes on pages 13 to 41 are an integral part of these Financial Stetements.

ATTICA HOLDINGS S.Α. Review of the First Quarter 2006 Financial Results

Development of financial results

In the first quarter of 2006, Attica Group operated in the markets (geographic segments) of the Adriatic Sea, the Baltic Sea, the North Sea and the Greek domestic market with eight Superfast vessels, seven Blue Star vessels and two freight-only RoRos.

Total revenue for the Group in the first quarter stood at Euro 68.5 mln against Euro 63.1 mln in the first quarter of 2005, an increase of 8.5%. Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) stood at Euro 1.8 mln against Euro 8.8 mln while losses after tax and minority interests stood at Euro 5.5 mln against Euro 3.8 mln in the same period in 2005.

Revenue per geographic segment evolved as follows:

Superfast Ferries

  • In the Adriatic Sea revenue decreased by 12.8% over an attendant 15.5% decrease in the number of sailings.

  • In the Baltic Sea revenue increased by 41.9% over an attendant 43.9% increase in the number of sailings.

  • In the North Sea revenue decreased by 8.4% over an attendant 21.3% decrease in the number of sailings.

Blue Star Ferries

  • In the Adriatic Sea revenue increased by 80.2% over an attendant 105.9% increase in the number of sailings.

  • In the Greek Domestic market revenue increased by 13.6% over an 19.3% decrease in the number of sailings.

It should be noted that:

  • In April 2006, the Group sold vessels Superfast VII, Superfast VIII and Superfast IX. The financial results from the operation of these vessels in the first quarter of 2006 are presented within a distinct section in the Income Statement under the heading "Discontinuing Operations".

The decision for the sale of the vessels was guided by the forecast of a tightening of competition in the Germany – Finland and Finland – Estonia connections and in the Baltic Sea in general, with the advent in the near future of a large number of newlybuilt vessels whose frequency of service coupled with high price of fuel oil, would undermine the profitability of our operation.

  • Comparison with the previous year is not indicative, since the Group was active in the Baltic Sea with three Superfast vessels and two RoRos in the first quarter of 2006, against two Superfast vessels and two RoRos in the first quarter of 2005. Additionally, in the North Sea, the Group was active with one Superfast vessel against two Superfast vessels in 2005.

The decrease in operational profitability (EBITDA) for the Group is attributed mainly to the Adriatic and Baltic Sea markets owing to the significant increase of the price of fuel oil. Fuel and lubricant expenses for the Group rose from Euro 16.7 mln in the first quarter of 2005 to Euro 27.7 mln in the current period, a 65.1% increase, despite the decrease in the number of sailings executed. Fuel and lubricant expenses represent approximately 50% of the vessels' operational cost base. "Discontinuing Operations" posted an operational loss (EBITDA) of approximately Euro 1 mln.

Results after tax include Euro 7.0 mln gain from the sale of Attica's stake in Hellenic Seaways (Euro 6.5 mln) as well as from the sale of other securities. A Euro 1 mln profit has also been booked following the sale of passenger – catamaran Seajet 2, which was concluded in March 2006.

The first quarter of 2006 does not include the Euro 11 mln approximately capital gain from the sale of the three Superfast vessels in April of the current year, which will appear in the second quarter 2006 results.

The Group maintained its cash and cash equivalents at the end of the period at the Euro 100 mln level. This amount does not include the cash proceeds of approximately Euro 102 mln left from the sale of the three aforementioned vessels and which will appear in the second quarter 2006 results.

In analyzing the results of the first quarter, it should be noted that the Group operates in a highly seasonal sector particularly in the passenger and private vehicle traffic segments, which exhibit a peak between July and September and a slowdown between November and February.

Developments in the sector

The sharp increase in the average price of fuel oil and the partial liberalization of the fare structure in the Greek domestic market are the most important developments in the sector. Specifically:

  • The increase in the average price of marine heavy fuel oil in the course of 2006 compared to the same period in 2005 was approximately 65%.

  • The recent decision of the Greek government for the partial liberalization of fares in the Greek domestic market for services out of the port of Piraeus is a step closer towards the harmonization of the Greek regulatory framework with European Regulation 3577/92 on maritime transport within Member States, although there are still many matters to be resolved until a fully liberalized environment of operation is in place.

Developments in the Group

The most important developments for the Group in the current period are:

  • In May 2006, the Annual General Meeting of Shareholders voted, among other issues, for:

  • The return of capital to shareholders at Euro 0.60 per share and authorized the Board of Directors to determine the ex-coupon date;

  • The distribution of dividend at Euro 0.08 per share. Entitled to the dividend are the shareholders at the end of Stock Exchange's trading session on Thursday 29th June, 2006. The payment of the dividend shall begin on Monday 10th July, 2006.

  • The Annual General Assembly also voted in a new Board of Directors for a two-year term, with the same composition as the outgoing Board.

  • In April 2006, the Group sold vessels Superfast VII, Superfast VIII and Superfast IX to AS Tallink Grupp for a total of Euro 310 mln. Following the sale of the three vessels, the Group's cash balances increased by approximately Euro 102 mln and the capital gain from the transaction of approximately Euro 11 mln will appear in the second quarter 2006 results.

  • In February 2006, Attica Group sold its stake in Hellenic Seaways and posted a profit of approximately Euro 6.5 mln.

Traffic and markets' analysis

Adriatic Sea

Total carryings for the Superfast fleet (Superfast V, Superfast VI, Superfast XI and Superfast XII) for the first quarter stood at 71,311 passengers, 12,553 private vehicles and 22,724 freight units. Compared to the same period last year, traffic decreased by 15.4% in the passenger traffic segment, by 20.0% in the private vehicle traffic segment and by 17.2% in the freight unit traffic segment. It should be noted that the above decrease in traffic volumes is mainly attributable to the 15.5% reduction in the number of sailings of the Superfast vessels compared to the first quarter of 2005.

The Blue Star Group was present in the Adriatic Sea with two vessels for most part of the first quarter of 2006. Total carryings for the Blue Star vessels (Blue Star 1 and Blue Horizon) for the first quarter stood at 24,545 passengers (a 43.4% increase compared to the fist quarter of 2005), 3,403 private vehicles (a 35.1% increase) and 8,149 freight units (a 123.1% increase). The significant increase in volumes carried was achieved against a 105.9% increase in the number of sailings executed.

Market shares for the Superfast Group on the Greece – Italy routes stood at 27.7% in passengers (against 33.7% in the same period in 2005), 25.3% in private vehicles (against 32.6%) and 20.7% in freight units (against 26.4%). The respective shares for the Blue Star Group are 10.6% in passengers (against 6.7%), 6.6% in private vehicles (against 4.5%) and 8.3% in freight units (against 3.5%).

Market shares are derived from the data of the Greek port authorities of Patras and Igoumenitsa.

Baltic Sea

Attica Group was present in this market with three Superfast vessels (Superfast VII, Superfast VIII, Superfast IX) against two vessels (Superfast VII, Superfast VIII) in the first quarter of 2005. The Group also operated RoRos m/v Nordia and m/v Marin in the Baltic Sea. In the first quarter of 2006 the vessels' sailings increased by 44.0% compared to the same period in 2005. Total carryings for the vessels stood at 35,603 passengers (a 23.5% increase compared to the first quarter of 2005), 10,258 private vehicles (a 15.2% increase) and 24,589 freight units (a 40.43% increase).

North Sea

The Group operated in the North Sea with one Superfast vessel (Superfast X), against two vessels (Superfast IX and Superfast X) in the first quarter of 2005. In the first quarter of 2006 total sailings decreased by 21.4% compared to the same period in 2005. Total carryings stood at 15,479 passengers (a 32.4% decrease compared to the first quarter of 2005), 4,938 private vehicles (a 12.0% decrease) and 7,343 freight units (a 10.1% decrease).

The Greek Domestic Market

In the Greek domestic market, the subsidiary Blue Star Group, against 19.3% fewer sailings (following the sale of Seajet 2 and the redeployment of Blue Star 1 to the Greece – Italy routes), carried 452,481 passengers against 434,138 in the same period in 2005 (a 4.2% increase), 60,801 private vehicles against 58,080 (a 4.7% increase) and 21,587 freight units against 19,026 (a 13.5% increase).

Outlook for the current period

The Group has significant cash balances which may allow it, at the proper time, to undertake new business ventures with a view to a continuous and steady growth. Moreover, the Group's management is constantly examining the developments in the Greek domestic market and studies the development of new routes, market conditions and regulatory framework permitting, through the acquisition or building of modern conventional vessels of the highest standards.

The development of the current year's results is closely related to the development of the price of fuel oil and the tourist traffic of the summer period.

Voula, May 23rd, 2006

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. General information

Attica Holdings S.A. ("Attica Group") is a Holding Company and as such does not have trading activities of its own. The Company, through its subsidiaries, operates in passenger shipping and in travel agency services.

The headquarters of the Company are in Athens, Greece, C. Karamanli Avenue 157, 16673 Voula.

At period end, the Company had 9 employees and the Group 1.536 employees.

Attica Holdings S.A. shares are listed in the Athens Stock Exchange under the ticker ATTICA.

The corresponding tickers for Bloomberg is ATTEN GA and for Reuters is EPA.AT.

The total number of common bearer shares outstanding as at 31 March 2006 was 104.173.680. Each share carries one voting right. The total market capitalization amounted to approximately € 469 million.

The interim financial statements of the Company and the Group for the period ending 31 March 2006 were approved by the Board of Directors on May 24, 2006.

Due to rounding there may be minor differences in some amounts.

2. Significant Group accounting policies

The accounting polices used by the Group for the preparation of the financial statements for the period 1/1-31/3/2006 are the same with those used for the preparation of the financial statements for the fiscal year 2005.

The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) which have been issued by the International Accounting Standards Board (IASB) and the interpretations which have been issued by the International Financial Reporting Interpretations Committee as adopted by the European Union. More specifically, for the preparation of the current period's Financial Statements the Group was applied IAS 34 "Interim Financial Reporting".

In addition, the Group has prepared the financial statements in compliance with the historical cost principle, the going concern principle, the accrual basis principle, the consistency principle and the materiality principle.

For the current period, the going concern principle does not apply for the 100% subsidiary companies SUPERFAST EPTA M.C., SUPERFAST OKTO M.C. and SUPERFAST ENNEA M.C., shipowing companies of SUPERFAST VII, SUPERAST VIII and SUPERFAST IX, which sold their vessels in April 2006 and therefore they do not have any trading activity anymore. For this reason the financial results from the operation of these vessels in the first quarter of 2006 are presented within a distinct column in the Income Statement under the heading "Discontinuing Operations". Moreover, the non-current assets of these subsidiaries are presented in paragraph 5.22 "Non-current assets classified as held for sale" whereas the longterm liabilities of these companies are presented in paragraph 5.34 "Liabilities directly associated with non current assets classified as held for sale".

The preparation of the financial statements calls for the use of estimates and assumptions which must be in line with the provisions of generally accepted accounting principles. The above estimates are based οn the knowledge and the information available to the Management of the Group until the date of approval of the financial statements for the period ending 31 March 2006.

3. Consolidation

The following fully owned subsidiaries are being consolidated using the full consolidation method.

Impairment /
Equity (Reversal of Net Book
Company name Cost Return Impairment) Value Registered in Participation
SUPERFAST FERRIES MARITIME SA 60.479 60.479 GREECE 100%
SUPERFAST EPTA MC 19.154 19.154 GREECE 100%
SUPERFAST OKTO MC 19.154 19.154 GREECE 100%
SUPERFAST ENNEA MC 5.544 5.544 GREECE 100%
SUPERFAST DEKA MC 10.625 10.625 GREECE 100%
SUPERFAST EPTA INC* 2 2 LIBERIA 100%
SUPERFAST OKTO INC* 2 2 LIBERIA 100%
SUPERFAST ENNEA INC* 2 2 LIBERIA 100%
SUPERFAST DEKA INC* 2 2 LIBERIA 100%
NORDIA MC 4.005 4.005 GREECE 100%
MARIN MC 3.805 3.805 GREECE 100%
BLUE STAR MARITIME SA 42.525 42.525 GREECE 48,79%
ATTICA PREMIUM SA 3.135 3.135 GREECE 100%
Total 168.434 168.434

* inactive companies

14

Further, the following companies are also fully consolidated indirectly into the Attica Group:

  1. The following 100% subsidiaries of Superfast Ferries Maritime SA: a) Registered in Liberia :

Superfast Ena Inc*, Superfast Dio Inc*, Superfast Tria Inc*, Superfast Tessera Inc*, Superfast Pente Inc, Superfast Exi Inc, Superfast Endeka Inc, Superfast Dodeka Inc.

b) Superfast Dodeka (Hellas) Inc. & Co. Joint Venture registered in Greece and Superfast Ferries SA, registered in Liberia which operate under common management.

  1. The following 100% subsidiaries of Blue Star Maritime SA:

a) Registered in Greece:

Blue Star Ferries Maritime SA

Blue Star Ferries Joint Venture which operates under common management.

b) Registered in Cyprus:

Strintzis Lines Shipping Ltd*

c) Registered in Liberia:

Blue Star Ferries SA, Waterfront Navigation Company*, Thelmo Marine SA* d) Registered in Panama:

Blue Island Shipping Inc.*

*inactive companies

4. Related Party disclosures

4.1. Intercompany transactions

During the 1st Quarter of 2006, ATTICA HOLDINGS S.A. didn't post any intercompany transactions with its subsidiaries that create commercial revenue, except for the purchase of airline tickets of total value € 1.219,43 from it's 100% subsidiary Attica Premium S.A. This amount is written-off on the consolidated accounts of Attica Group.

Furthermore, there were not any capital transactions between Attica Holdings S.A. and its subsidiaries during the current period.

The intercompany balances as at 31/03/2006 can be found in the following tables.

Intercompany balances of SUPERFAST Group
-- -- ------------------------------------------ --
COMPANY SUPERFAST ENA
INC.		 SUPERFAST ENA
(HELLAS) INC.		 SUPERFAST DIO
INC.		 SUPERFAST DIO
(HELLAS) INC.		 SUPERFAST TRIA
INC.		 SUPERFAST TRIA
(HELLAS) INC.
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
SUPERFAST ENA INC.
SUPERFAST ENA (HELLAS) INC.
SUPERFAST DIO INC.
SUPERFAST DIO (HELLAS) INC.
SUPERFAST TRIA INC.
SUPERFAST TRIA (HELLAS) INC.
SUPERFAST TESSERA INC.
SUPERFAST TESSERA (HELLAS) INC.
SUPERFAST PENTE INC.
SUPERFAST PENTE (HELLAS) INC.
SUPERFAST EXI INC.
SUPERFAST EXI (HELLAS) INC.
SUPERFAST EPTA MC
SUPERFAST EPTA INC.
SUPERFAST OKTO MC
SUPERFAST OKTO INC.
SUPERFAST ENNEA MC
SUPERFAST ENNEA INC.
SUPERFAST DEKA MC
SUPERFAST DEKA INC.
SUPERFAST ENDEKA INC.
SUPERFAST ENDEKA (ΗΕLLAS) INC.
SUPERFAST DODEKA INC.
SUPERFAST DODEKA (HELLAS) INC.
NORDIA MC
MARIN MC
SUPERFAST FERRIES S.A. 7.016 9.884 645
SUPERFAST DODEKA (HELLAS) INC.
& CO JOINT VENTURE
SUPERFAST FERRIES MARITIME S.A. 17 20 6
TOTAL 7.016 17 9.884 20 645 6
COMPANY SUPERFAST
TESSERA INC.		 SUPERFAST
TESSERA
(HELLAS) INC.		 SUPERFAST
PENTE INC.		 SUPERFAST
PENTE (HELLAS)
INC.		 SUPERFAST EXI
INC.		 SUPERFAST EXI
(HELLAS) INC.
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
SUPERFAST ENA INC.
SUPERFAST ENA (HELLAS) INC.
SUPERFAST DIO INC.
SUPERFAST DIO (HELLAS) INC.
SUPERFAST TRIA INC.
SUPERFAST TRIA (HELLAS) INC.
SUPERFAST TESSERA INC.
SUPERFAST TESSERA (HELLAS) INC.
SUPERFAST PENTE INC. 43.194
SUPERFAST PENTE (HELLAS) INC. 43.194
SUPERFAST EXI INC. 43.677
SUPERFAST EXI (HELLAS) INC. 43.677
SUPERFAST EPTA MC
SUPERFAST EPTA INC.
SUPERFAST OKTO MC
SUPERFAST OKTO INC.
SUPERFAST ENNEA MC
SUPERFAST ENNEA INC.
SUPERFAST DEKA MC
SUPERFAST DEKA INC.
SUPERFAST ENDEKA INC.
SUPERFAST ENDEKA (ΗΕLLAS) INC.
SUPERFAST DODEKA INC.
SUPERFAST DODEKA (HELLAS) INC.
NORDIA MC
MARIN MC
SUPERFAST FERRIES S.A. 868 5 3 28.389 23 8.688 3 38.706 14 10.118
SUPERFAST DODEKA (HELLAS) INC. &
CO JOINT VENTURE		 54.947 2.072 57.303 2.096
SUPERFAST FERRIES MARITIME S.A.
TOTAL 868 5 43.197 28.389 54.970 53.954 43.680 38.706 57.317 55.891
COMPANY MC SUPERFAST EPTA SUPERFAST
EPTA INC.		 SUPERFAST
OKTO MC		 SUPERFAST
OKTO INC.		 SUPERFAST
ENNEA MC		 SUPERFAST ENNEA
INC.
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
SUPERFAST ENA INC.
SUPERFAST ENA (HELLAS) INC.
SUPERFAST DIO INC.
SUPERFAST DIO (HELLAS) INC.
SUPERFAST TRIA INC.
SUPERFAST TRIA (HELLAS) INC.
SUPERFAST TESSERA INC.
SUPERFAST TESSERA (HELLAS) INC.
SUPERFAST PENTE INC.
SUPERFAST PENTE (HELLAS) INC.
SUPERFAST EXI INC.
SUPERFAST EXI (HELLAS) INC.
SUPERFAST EPTA MC
SUPERFAST EPTA INC.
SUPERFAST OKTO MC
SUPERFAST OKTO INC.
SUPERFAST ENNEA MC
SUPERFAST ENNEA INC.
SUPERFAST DEKA MC
SUPERFAST DEKA INC.
SUPERFAST ENDEKA INC.
SUPERFAST ENDEKA (ΗΕLLAS) INC.
SUPERFAST DODEKA INC.
SUPERFAST DODEKA (HELLAS) INC.
NORDIA MC
MARIN MC
SUPERFAST FERRIES S.A. 1.234 94.786 266 618 91.886 268 1.002 68.268 532
SUPERFAST DODEKA (HELLAS) INC.&
CO JOINT VENTURE 87.803 1.871 91.081 5.248 47.932 5.418
SUPERFAST FERRIES MARITIME S.A.
TOTAL 89.037 96.657 266 91.699 97.134 268 48.934 73.686 532
COMPANY SUPERFAST
DEKA MC		 SUPERFAST
DEKA INC.		 SUPERFAST
ENDEKA INC.		 SUPERFAST
ENDEKA
(HELLAS) INC.		 SUPERFAST
DODEKA INC.		 (HELLAS) INC. SUPERFAST DODEKA
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
SUPERFAST ENA INC.
SUPERFAST ENA (HELLAS) INC.
SUPERFAST DIO INC.
SUPERFAST DIO (HELLAS) INC.
SUPERFAST TRIA INC.
SUPERFAST TRIA (HELLAS) INC.
SUPERFAST TESSERA INC.
SUPERFAST TESSERA (HELLAS) INC.
SUPERFAST PENTE INC.
SUPERFAST PENTE (HELLAS) INC.
SUPERFAST EXI INC.
SUPERFAST EXI (HELLAS) INC.
SUPERFAST EPTA MC
SUPERFAST EPTA INC.
SUPERFAST OKTO MC
SUPERFAST OKTO INC.
SUPERFAST ENNEA MC
SUPERFAST ENNEA INC.
SUPERFAST DEKA MC
SUPERFAST DEKA INC.
SUPERFAST ENDEKA INC. 41.528
SUPERFAST ENDEKA (ΗΕLLAS) INC. 41.528
SUPERFAST DODEKA INC. 1.620 38.383
SUPERFAST DODEKA (HELLAS) INC. 38.383 1.620
NORDIA MC
MARIN MC
SUPERFAST FERRIES S.A. 1.228 62.211 515 3 19.791 50 5.312 3 15.599 34 5.160
SUPERFAST DODEKA (HELLAS) INC. & CO
JOINT VENTURE 48.453 6.005 52.526 2.658 49.225 4.341
SUPERFAST FERRIES MARITIME S.A.
TOTAL 49.681 68.216 515 41.531 19.791 52.576 49.498 38.386 17.219 50.879 47.884
COMPANY NORDIA MC MARIN MC SUPERFAST
FERRIES MARITIME
S.A.		 SUPERFAST
FERRIES S.A.		 JOINT VENTURE SUPERFAST
DODEKA (HELLAS)
INC. & CO
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
SUPERFAST ENA INC. 7.016
SUPERFAST ENA (HELLAS) INC. 17
SUPERFAST DIO INC. 9.884
SUPERFAST DIO (HELLAS) INC. 20
SUPERFAST TRIA INC. 645
SUPERFAST TRIA (HELLAS) INC. 6
SUPERFAST TESSERA INC. 868
SUPERFAST TESSERA (HELLAS) INC. 5
SUPERFAST PENTE INC. 28.389 3
SUPERFAST PENTE (HELLAS) INC. 8.688 23 2.072 54.947
SUPERFAST EXI INC. 38.706 3
SUPERFAST EXI (HELLAS) INC. 10.118 14 2.096 57.303
SUPERFAST EPTA MC 94.786 1.234 1.871 87.803
SUPERFAST EPTA INC. 266
SUPERFAST OKTO MC 91.886 618 5.248 91.081
SUPERFAST OKTO INC. 268
SUPERFAST ENNEA MC 68.268 1.002 5.418 47.932
SUPERFAST ENNEA INC. 532
SUPERFAST DEKA MC 62.211 1.228 6.005 48.453
SUPERFAST DEKA INC. 515
SUPERFAST ENDEKA INC. 19.791 3
SUPERFAST ENDEKA (ΗΕLLAS) INC. 5.312 50 2.658 52.526
SUPERFAST DODEKA INC. 15.599 3
SUPERFAST DODEKA (HELLAS) INC. 5.160 34 4.341 49.225
NORDIA MC 2.511 506 3.875
MARIN MC 2.394 431 3.892
SUPERFAST FERRIES S.A. 2.511 2.394 445.311 9.303
SUPERFAST DODEKA (HELLAS) INC.
& CO JOINT VENTURE		 3.875 506 3.892 431 9.303 445.311
SUPERFAST FERRIES MARITIME S.A.
TOTAL 3.875 3.017 3.892 2.825 463.170 469.520 475.957 506.340

Reconciliation of intercompany balances:

Total debit: 1.628.775
Total credit: 1.628.775
Balance 0

Intercompany Balances of Blue Star Group

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Reconciliation of Intercompany Balances

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Attica Premium S.A.

Reconciliation of intercompany balances:

31/03/2006 31/12/2005
Debit Credit Debit Credit
Superfast Group 13.277 12.948
Blue Star Group 1.068 1.264
14.345 14.212

Sales to associated companies:

1/1-31/03/2006 1/1-31/03/2005
Debit Credit Debit Credit
Superfast Group 1.963 1.996
Blue Star Group 77 64
2.040 2.060

Furthermore, there are intercompany transactions between Superfast Dodeka (Hellas) Inc. and Co Joint Venture and Blue Star Group amounting to € 3.675 thousand approximately.

4.2. Participation of the members of the Board of Directors to the Board of Directors of other companies

There are no changes from what is referred in the annual Financial Statements of year 2005.

Rent paid by the Group to Odyssey Maritime Inc. and Pellucid Trade Inc., companies owned by Pericles Panagopulos family, for the period 1/1- 31/03/06 totaled an amount of € 88,5 thousand approximately.

5. Financial statements analysis

5.1. Revenue Analysis and Geographical Segment Reporting The Group has decided to provide information based on the geographical segmentation of its operations.

The consolidated results and other information per segment for the period 1/1 – 31/03 2006 and 2005 are as follows:

GROUP
1/1-31/03/2006
Geographical Segment Domestic
Routes		 Adriatic
Sea		 Baltic Sea North Sea Other Total Grand
Total
Continuing Discontinuing Continuing Discontinuing
operations operations operations operations
Revenue from Fares 15.315 23.115 2.011 16.509 5.183 45.624 16.509 62.133
On-board Sales 1.154 3.362 629 249 4.765 629 5.394
Travel Agency Services 969 969 969
Total Revenue 16.469 26.477 2.011 17.138 5.433 969 51.356 17.138 68.496
Financial results (1.035) (2.957) (64) (1.763) (660) 6.767 2.051 (1.763) 288
Profit/(Loss) before Taxes
investing and financial results,
depreciation and
amortization 2.182 592 253 (984) 326 (516) 2.837 (984) 1.853
Profit/(Loss) before Taxes 70 (6.231) 39 (5.009) (1.099) 6.184 (1.037) (5.009) (6.046)
Profit/(Loss) after Taxes 68 (6.285) 25 (5.037) (1.108) 5.786 (1.514) (5.037) (6.551)
Vessels' Book Value at 01/01
Improvements / Additions		 217.972
403		 492.019 13.920 291.107 99.785 823.696
403		 291.107 1.114.803
403
Vessels' Disposals (1.815) (1.815) (1.815)
Depreciation for the Period (1.877) (3.922) (145) (2.217) (750) (6.694) (2.217) (8.911)
Net Book Value of vessels at 31/03 214.683 488.097 13.775 288.890 99.035 815.590 288.890 1.104.480
Secured loans 115.385 300.318 6.429 177.580 61.734 483.866 177.580 661.446

There are no transactions related to income and expenses between segments.

The vessels' values are presented in the geographical segments where the vessels operate in.

Secured loans are the loans obtained by the Group for the acquisition and construction of vessels.

GROUP
1/1-31/03/2005
Geographical Segment Domestic
Routes		 Adriatic Sea Baltic Sea North Sea Other Total
Revenue from Fares 13.140 23.876 13.079 5.546 55.641
On-board Sales 1.358 3.675 559 391 5.983
Travel Agency Services 1.517 1.517
Total Revenue 14.498 27.551 13.638 5.937 1.517 63.141
Financial results (1.960) (2.882) (1.077) (644) 1.157 (5.406)
Profit/(Loss) before Taxes
investing and financial results,
depreciation and amortization 607 6.927 1.509 285 (445) 8.883
Profit/(Loss) before Taxes (4.095) 752 (1.231) (1.906) 584 (5.896)
Profit/(Loss) after Taxes (4.095) 689 (1.274) (1.936) 580 (6.034)
Vessels' Book Value at 01/01
Improvements / Additions		 224.632
74		 507.301 197.301 205.484 1.134.719
74
Vessels' Disposals 14.500 14.500
Depreciation for the Period (1.902) (3.967) (1.610) (1.502) (8.982)
Net Book Value of vessels at 31/03 222.804 503.334 210.191 203.982 1.140.311
Secured loans 136.346 279.232 135.755 137.186 688.519

The Revenues that appear in the Group's Consolidated Financial Statements for the period 01/01 - 31/03/2006 belong to the following Business Activity Categories:

Sea & Coastal Transportation 62.133
Restaurants on board 1.403
Bars on board 2.392
Casino on board 1.011
Shops on board 588
Travel agency services 969
Total 68.496

5.2. Cost of sales

Below can be obtained the analysis of Cost of Sales as stated in the Income Statement for the period ending 31/03 2006 and 2005.

GROUP COMPANY
1/1-31/03/2006
1/1-31/03/2005		 1/1-31/03/2006
1/1-31/03/2005
Continuing Discontinuing
operations operations Total
Crew Expenses 9.576 3.565 13.141 12.226
Fuel-Lubricants 19.466 8.257 27.724 16.786
Insurance Premia 836 233 1.069 1.364
Repairs-Maintenance-Spare
Parts 5.098 741 5.840 6.685
Port Expenses 3.403 2.184 5.587 4.575
On-board Cost of Goods Sold 1.111 32 1.143 1.306
Other 361
Cost of Travel Agency Services 1.410 1.410 2.213
Total 40.901 15.012 55.914 45.516

5.3. Other Operating Income

The item "Other Operating Income", amounting € 340 thousand, refer mainly to income received by insurance claims.

5.4. Administrative Expenses

GROUP COMPANY
1/1-31/03/2006 1/1-31/03/2005 1/1-31/03/2006 1/1-31/03/2005
Personnel Expenses 3.464 3.299 79 88
Rent and related Expenses 371 329 4 4
Telecommunication Expenses 217 178 2 2
Stationery 79 141 2
Office Repair-Maintenance Expenses 396 418 4 8
Third Party Services & Expenses 360 306 180 14
Other 1.050 719 50 60
Total 5.937 5.390 319 178

5.5. Distribution Expenses

GROUP COMPANY
1/1-31/03/2006 1/1-31/03/2005 1/1-31/03/2006 1/1-31/03/2005
Advertising Expenses 2.083 1.871
Sales Promotional Expenses 266 151
Sales Commissions 2.442 2.608
Other 341 248
Total 5.132 4.878

5.6. Depreciation

COMPANY
1/1-31/03/2005 1/1-31/03/2006 1/1-31/03/2005
Continuing Discontinuing
operations operations Total
6.695 2.217 8.912 8.982
308 44 352 391 3 5
7.003 2.261 9.264 9.373 3 5
1/1-31/03/2006 GROUP

5.7. Financial Results

a) Profit form sale of investments The profits from sale of investments stand as follows:

GROUP COMPANY
6.536 6.536
530 530
7.066 7.066
  • b) Interest and similar Income The Group has invested its cash in time deposits with an average interest rate of 1.8%, net of taxes.
  • c) Interest and Other Financial Expenses They refer mainly to the interest paid on loans.
  • d) Foreign Exchange Differences They were created from the revaluation of the balances of the cash and cash equivalents, receivables and payables in foreign currencies.

The analysis of the financial income and expenses is the following:

GROUP COMPANY
1/1-31/03/2006 1/1-31/03/2005 1/1-31/03/2006 1/1-31/03/2005
Continuing Discontinuing
operations operations Total
Interest on Long-Term Borrowings (3.586) (1.735) (5.321) (6.582) (270) (621)
Interest on Bonds (1.899) (1.899) (718)
Interest on Short-Term Borrowings (131) (131) (302) (131) (271)
Other Financial Expenses (95) (9) (103) (583) (52) (51)
Interest Income 531 4 535 1.013 102 85
Dividend Income
Profit from sale of investments 7.066 7.066 450 7.066 450
Foreign Exchange Differences 165 (23) 142 1.317
Total 2050 (1.763) 288 (5.406) 6.715 (408)

5.8. Profit / (Loss) from vessels' disposal

It refers to the profit from the sale of Blue Star Group's passengercatamaran Seajet 2 which took place in March 2006. The agreed sale price is Euro 2.950.000. Part of the sale price was paid on vessel's delivery while the credited amount of Euro 2.550.000 will be paid in monthly installments until September 2006. The first installment due on April 2006 was already received.

The sale of the vessel is part of Blue Star Group's policy to focus on the operation of fast, modern conventional vessels.

5.9. Income taxes

Special taxation scheme apply on the Group's profits. Consequently, the following analysis provides a better understanding of the income taxes.

GROUP
1/1-31/03/2006
Continuing
operations operations Total
Dividend distribution Tax 54 54
Tax according to Law 27/75 79 28 107
Provision for unaudited fiscal years 344 344 344
Total 477 28 505 344

The companies of Superfast Group have been audited by the tax authorities up to and including fiscal year 2003. The companies of Blue Star Group and the parent company have been audited by the tax authorities up to and including fiscal year 2001, with the exception of Blue Star Ferries Maritime SA which has been audited up to and including fiscal year 1999. Blue Star Maritime S.A. and its subsidiaries are currently undergoing a taxation audit by the tax authorities for the fiscal years up to 2004. Attica Premium SA has been audited by the tax authorities up to fiscal year 2000.

5.10. Tangible assets

The vessels of the Group have been mortgaged as a security of the longterm borrowings for the amount of €1.177 mil.

There is no indication of impairment for the below-mentioned tangible assets.

The depreciation analysis can be found in paragraph 5.6.

5.10 Tangible Assets

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The following table gives an analysis of the tangible assets held by the Group under finance leases. These assets are included in the previous tables of tangible assets.

Leased Assets GROUP COMPANY
Net Book Value 2005 1.018
Additions 01/01-31/03/06 3
Depreciation 01/01-31/03/06 (148)
Net Book Value 31/03/06 873

The above table does not include finance leases of the shipowing companies SUPERFAST VII, SUPERFAST VIII and SUPERFAST IX.

5.11. Intangible assets

There is no indication of impairment for the following intangible assets.

Consolidated Figures Trademarks Software Total
Initial Cost at 01.01.2006 353 9.750 10.103
Acquisitions - Additions 15 15
Disposals / Write-offs
Adjustments-Impairments added to the Net Equity
Adjustments-Impairments added to the Income
Statement
Cost at 31.03.2006 353 9.765 10.118
Accumulated Depreciation at 01.01.2006 266 6.595 6.862
Depreciation for the Period 2 185 187
Disposals / Write-offs
Accumulated Depreciation at 31.03.2006 268 6.780 7.049
Net Book Value at 31.03.2006 85 2.984 3.069
Initial Cost at 01.01.2005 347 8.097 8.444
Acquisitions - Additions 6 1.643 1.649
Disposals / Write-offs
Adjustments-Impairments added to the Net Equity 10 10
Adjustments-Impairments added to the Income
Statement
Cost at 31.12.2005 353 9.750 10.102
Accumulated Depreciation at 01.01.2005 219 5.804 6.024
Depreciation for the Period 47 791 838
Disposals / Write-offs
Accumulated Depreciation at 31.12.2005 266 6.595 6.862
Net Book Value at 31.12.2005 87 3.155 3.240
Company figures
Initial Cost at 01.01.2006
Acquisitions - Additions
Disposals / Write-offs
Adjustments-Impairments added to the Net Equity
Adjustments-Impairments added to the Income
Statement		 Trademarks Software
111		 99
6		 Total
210
6
Cost at 31.03.2006 111 105 216
Accumulated Depreciation at 01.01.2006 103 21 124
Depreciation for the Period
Disposals / Write-offs		 3 3
Accumulated Depreciation at 31.03.2006 103 24 127
Net Book Value at 31.03.2006 8 81 89
Initial Cost at 01.01.2005
Acquisitions - Additions
Disposals / Write-offs
Adjustments-Impairments added to the Net Equity
Adjustments-Impairments added to the Income
Statement		 105
6		 99 204
6
Cost at 31.12.2005 111 99 210
Accumulated Depreciation at 01.01.2005 65 21 86
Depreciation for the Period
Disposals / Write-offs		 38 38
Accumulated Depreciation at 31.12.2005 103 21 124
Net Book Value at 31.12.2005 8 78 86

As presented above, intangible assets consist of:

  • a) Trademarks, the cost of which include the cost of development and registration of the trademarks of Attica Holdings SA, Superfast Ferries and Blue Star Ferries both in Greece and abroad.
  • b) Computer software programs, the cost of which include the cost of the ticket booking systems and the cost of the purchase and development of the Group's integrated Enterprise Resource Planning System.

5.12. Investments in subsidiaries – associated companies

The following table depicts the development of investments in subsidiaries and associated companies:

COMPANY GROUP
Initial Cost at 01.01.2006
Acquisitions - Additions
Disposals/Write-offs
Adjustments-Impairments added to Net
Equity
Adjustments-Impairments added to the
Income Statement		 168.434
Value at 31.03.2006 168.434 0
Initial Cost at 01.01.2005 184.756 9
Acquisitions - Additions 7.810
Disposals/Write-offs * (26.019)
Adjustments-Impairments added to Net
Equity
Adjustments-Impairments added to the		 2412
Income Statement (525) (9)
Value at 31.12.2005 168.434 0

* refers to the return of capital form the 100% subsidiary company SUPERFAST FERRIES MARITIME S.A.

There is no indication of impairment of the above investments.

5.13. Other Financial Assets

The Company has invested an amount of € 26,6 million for the acquisition of 8.238.000 shares in Minoan Lines Shipping SA.

5.14. Non-current receivables

Non-current receivables consist of guarantees given against office rent and public utilities such as P.P.C. (Public Power Corporation) and H.T.O. (Hellenic Telecommunications Organization).

5.15. Inventories

31/03/2006 31/12/2005
GROUP COMPANY GROUP
COMPANY
Continuing Discontiung
operations operations Total
Food-Beverages-Tobacco 659 659 681
Fuel-Lubricants 2.052 463 2.515 2.388
Hotel Equipment 1.119 1.119 1.125
Total 3.830 463 4.293 4.194

The "Inventories" account includes the following items:

There is no indication of impairment for the above-mentioned inventories.

5.16. Trade receivables and prepayments

31/12/2005
GROUP COMPANY GROUP COMPANY
Continuing Discontinuing
operations operations Total
50.601 291 45.819
16.957 20.336
7.254 7.272
60.304 291 60.595 58.883
1.466
61.770 291 62.061 60.224
31/03/2006 50.892
16.957
7.254
1.466		 1.341

The Group recognized an expense of approximately €109 thousand for the period 1/1-31/03/2006 as provision for bad debts.

The short-term receivables need not be discounted at the end of the period. The Group has a very wide spectrum of clientele in Greece, as well as abroad, thus the credit risk is fairly dispersed.

5.17. Tax receivables

31/03/2006 31/12/2005
GROUP GROUP COMPANY
Continuing Discontinuing
operations operations Total
Income Tax Prepayment 721 2 723 577 142
VAT Receivable 326 326 714
Withholding Tax on Interest Income 139 139 84 640 581
Income Tax Receivable 33 7 40
Total 1.219 9 1.228 661 1.496 581

5.18. Other receivables

Other receivables are short-term receivables and therefore there is no need to be discounted at the end of the period.

31/03/2006 31/12/2005
GROUP GROUP COMPANY
Continuing
Discontinuing
operations operations Total
Prepayments to Employees 197 197 149
Receivables from the Greek State 794 794 861
Receivables from Insurance Companies 892 20 912 522
Masters' General Accounts 409 68 477 365
Other Receivables 4.531 257 4.788 4 4.552 219
Total 6.823 345 7.168 4 6.449 219

5.19. Financial assets held for trading

Refers to the investment in DIOLKOS Closed End Fund S.A. amounting to € 588 thousand (shares held 250.000) at 31/03/2006.

Also BLUE STAR MARITIME S.A. sold in January 2006 for € 41,1 thousand the shares of "Hermes" Mutual Fund which were valued for € 27,4 thousand. The profit from this disposal amounted approximately € 13,7 thousand and was posted in the Income Statement of the current period.

5.20. Cash and cash equivalents

This account includes all cash and cash equivalents that the Group can liquidate within three months.

31/03/2006 31/12/2005
GROUP COMPANY GROUP COMPANY
Continuing Discontinuing
operations operations Total
Cash in hand 182 1 183 10 129 4
Cash at banks 17.783 50 17.833 695 17.814 497
Short-term Bank Deposits 82.092 82.092 25.085 74.615 2.750
Total 100.057 51 100.108 25.790 92.558 3.251

5.21. Deferred expenses - accrued income

31/03/2006 31/12/2005
GROUP COMPANY GROUP
COMPANY
Continuing Discontinuing
operations operations Total
Insurance Premia 3.140 698 3.838 755
Drydocking Expenses 5.274 5.274 3.838
Other 1.412 1.412 542 486
Total 9.826 698 10.524 542 5.079

The accrued income relates to interest revenue.

5.22. Non-current assets classified as held for sale

Non-current assets classified as held for sale includes the net book values of SUPERFAST VII, SUPERFAST VIII and SUPERFAST IX which were sold in April 2006. The net book value of each vessel is included in the following table:

31/03/2006
Discontinuing Operations
Vessels Net Book Value
SUPERFAST VII 94.825
SUPERFAST VIII 95.136
SUPERFAST IX 98.929
Total 288.890

5.23. Share capital - Reserves

a) Share Capital

The company's Share Capital amounts € 93.756.312 and is divided in 104.173.680 common bearer shares with a nominal value of € 0,90 each.

b) Reserves

As per statement of Changes in Equity.

5.24. Secured loans

Long-term secured loans analysis:

31/12/2005
GROUP COMPANY GROUP
COMPANY
Continuing Discontinuing
operations operations Total
Bank Loans 304.066 177.580 481.646 498.165
Bond Loans 179.800 179.800 179.800
Total 483.866 177.580 661.446 677.965

There are no overdue liabilities, or liabilities that are about to become due, that cannot be paid.

All loans are denominated in Euro. The bond loan is discounted.

The average weighted interest rates at 31/03/06 are:

SUPERFAST BLUE STAR
Bond loan Euribor plus 1,28%
Bank loans Euribor plus 0,65%

The loan payments are as follows:

31/03/2006
Loans GROUP COMPANY
Payments within the next two years 82.174
Payments from 3 to 5 years 131.654
Payments beyond 5 years 319.183

The above table does not include any costs that incurred in connection with the bond loan issue, while it includes the current portion of the long-term debt.

5.25. Unsecured loans

The company holds an unsecured loan of € 25 mil. with interest rate Euribor plus 2,25%. The loan should be repaid in October 2007.

5.26. Finance leases

The average weighted interest rate of the finance leases is Euribor plus 2.35%.

The payments of the Group's finance leases can be found in the following table:

31/03/2006
Finance Lease GROUP COMPANY
Continuing Discontinuing
operations operations Total
Payments within the next two years 376 15 391
Payments from 3 to 5 years

5.27. Deferred tax liabilities

The deferred tax liabilities arise from the tax free reserves and other special taxable reserves that will be taxed only when distributed.

31/03/2006
GROUP COMPANY
Tax-free Reserves 331 267
Special taxable Reserves
Total 331 267

5.28. Retirement benefit provisions

These provisions refer to personnel compensation due to retirement.

The Group has the legal obligation to compensate its employees when they retire on a pension.

The above-mentioned obligation is a defined benefit plan according to IAS 19.

The analysis of this liability is as follows:

31/03/2006 31/12/2005
GROUP COMPANY GROUP COMPANY
Outstanding Balance at the Beginning of the period 1.017 54 1.017 54
Expenses recognized in the Income Statement
Compensation paid
Provisions over and above the actuarial valuation
1.017 54 1.017 54

5.29. Other provisions

There are no legal or arbitration cases pending that could have a significant effect on the financial position of the Group.

31/12/2005 31/12/2005
GROUP COMPANY GROUP COMPANY
Continuing Discontinuing
operatios operations Total
Provisions for EU fine 2.126 2.126 2.126
Other provisions 355 355 356
Total 2.481 2.481 2.482

The provisions mainly refer to the fine, including accrued interest, imposed to BLUE STAR MARITIME S.A. by the Competition Authorities of the European Union in 1998. The Group after the rejection, in May 2006, of its appeal against the decision of the European Court of First Instance dated December 11, 2003 will pay the full amount of the fine by May 31, 2006. It should be noted that this provision covers the full amount owed to European Commission and there will be on effect to the financial results of year 2006.

5.30. Bank loans and overdrafts

During January 2006 Blue Star Group has fully repaid the total amount (€ 2,20 mil) of its short-term bank loan from its own cash and cash equivalents.

The fair value of the Short-Term Borrowings is approximately equal to the book value.

5.31. Trade and other payables

31/03/2006 31/12/2005
GROUP COMPANY GROUP COMPANY
Continuing Discontinuing
operations operations Total
Suppliers - Creditors 27.462 6.444 33.906 10 26.537 32
Social Security Contributions 244 244 1 410 7
Greek Seamens' Pension Fund (NAT) 670 289 959 1.185
Passengers' & Vehicles' Insurance
Contribution (NAT) 927 927 1.345
Insurance Brokers 1.549 49 1.598 621
Wages payable 1.715 675 2.390 2.244
Other 881 247 1.128 6 3.380 42
Total 33.448 7.704 41.152 17 35.722 81

5.32. Tax liabilities

31/03/2006 31/12/2005
GROUP COMPANY GROUP COMPANY
Continuing Discontinuing
operations operations Total
Value Added Tax 3.141 3.141 2.045
Wages Tax 275 2 277 6 902
Income Tax 1.313 3 1.316 1.000 381
Taxes on crew wages 150 150 381
Other 13 13 10 199
Total 4.892 5 4.897 1.016 3.908

39

5.33. Deferred Income - Accrued expenses

Deferred income refer to passenger tickets issued but not yet travelled until 31/03/06. Accrued expenses are as follows:

31/03/2006 31/12/2005
GROUP COMPANY GROUP COMPANY
Continuing Discontinuing
operations operations Total
Accrued Interest 5.440 1.700 7.140 418 6.013 412
Travel Agents' Commissions 1.790 1.790 2.503
Tax Provision for Unaudited Fiscal Years 186 186 289
Provisions for Operating Expenses 5.232 618 5.850 12 2.556
Total 12.648 2.318 14.966 430 11.361 412

The Group has adequate cash and cash equivalents to cover the abovementioned liabilities.

5.34 Liabilities directly associated with non current assets classified as held for sale

These liabilities include the bank loans of SUPERFAST VII, SUPERFAST VIII and SUPERFAST IX which were sold in April 2006.

31/03/2006
Bank Loans
SUPERFAST VII 64.020
SUPERFAST VIII 64.020
SUPERFAST IX 68.593
Total 196.633

6. Events after the balance sheet date

  • In April 2006 the Group sold the vessels SUPERFAST VII, SUPERFAST VIII and SUPERFAST IX for € 310 mil. The profit from this transaction amounting approximately € 11 mil. will be posted in the Financial Statements of the second quarter of 2006.
  • In May 2006, the Annual General Meeting of Shareholders voted for:
  • a) The increase of share capital with the increase of per value of each share by € 0,30 through capitalization of part of share premium reserves and
  • b) The decrease of share capital by a reduction in the par value of each share by € 0,60 for a capital return to shareholders in cash.

Voula, 23 May 2006

PRESIDENT VICE PRESIDENT AUTHORISED FINANCIAL & CEO DIRECTOR DIRECTOR

PERICLES PANAGOPULOS ALEXANDER PANAGOPULOS CHARALAMBOS ZAVITSANOS NIKOLAOS TAPIRIS

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