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10-Q - Financial Statement - Full Notes ATTICA HOLDINGS S.A. (2006,Three-Month Statement,Consolidated)

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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.<br>4. |                     | Consolidation<br>Related party disclosures                | 14-15<br>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

#### **GROUP**

|                                                                                                                                                                                                                                                                                                                                                   | S<br>ha<br>re<br>Ca<br>i<br>ta<br>l<br>p | S<br>ha<br>re<br>Pr<br>ium<br>em | O<br>t<br>he<br>r<br>Re<br>se<br>rve<br>s | Im<br>irm<br>ts<br>p<br>a<br>en       | Re<br>d Ea<br>ta<br>ine<br>ing<br>rn<br>s | I<br>F<br>R<br>S<br>A<br>d<br>t Re<br>j<br>tm<br>us<br>en<br>se<br>rve<br>s | To<br>l<br>ta<br>ha<br>ho<br>l<br>de<br>s<br>re<br>rs Eq<br>i<br>ty<br>u | M<br>ino<br>i<br>ty in<br>r<br>te<br>ts<br>in<br>re<br>s<br>bs<br>i<br>d<br>iar<br>ies<br>su | l Eq<br>To<br>ta<br>i<br>ty<br>u           |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|----------------------------------|-------------------------------------------|---------------------------------------|-------------------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|--------------------------------------------|
| Ba<br>lan<br>t<br>1<br>Ja<br>2<br>0<br>0<br>6<br>ce<br>a<br>nn<br>ua<br>ry                                                                                                                                                                                                                                                                        | 9<br>3.<br>7<br>5<br>6                   | 2<br>3<br>9.<br>2<br>4<br>4      | 4<br>6.<br>8<br>3<br>2                    | (<br>6.<br>6<br>0<br>1<br>)           | 5.<br>6<br>8<br>0                         | 1<br>0.<br>1<br>6<br>9                                                      | 3<br>8<br>9.<br>0<br>8<br>0                                              | 1<br>0<br>2.<br>7<br>2<br>6                                                                  | 4<br>9<br>1.<br>8<br>0<br>6                |
| C<br>ha<br>in<br>Eq<br>i<br>ty<br>fo<br>t<br>he<br>Pe<br>io<br>d<br>1<br>/<br>1-<br>3<br>1<br>/<br>0<br>3<br>/<br>2<br>0<br>0<br>6<br>ng<br>es<br>u<br>r<br>r<br>Ne<br>Pr<br>f<br>i<br>fo<br>he<br>Pe<br>io<br>d<br>1<br>/<br>1-<br>3<br>1<br>/<br>0<br>3<br>/<br>2<br>0<br>0<br>6<br>t<br>t<br>t<br>o<br>r<br>r<br>D<br>iv<br>i<br>de<br>ds<br>n |                                          |                                  | (<br>)<br>8                               |                                       | (<br>5.<br>5<br>0<br>2<br>)               |                                                                             | (<br>)<br>8<br>(<br>5.<br>5<br>0<br>2<br>)                               | (<br>1.<br>0<br>4<br>9<br>)                                                                  | (<br>)<br>8<br>(<br>6.<br>5<br>5<br>1<br>) |
| Ba<br>lan<br>t<br>3<br>1<br>Ma<br>h<br>2<br>0<br>0<br>6<br>ce<br>a<br>rc                                                                                                                                                                                                                                                                          | 9<br>3.<br>7<br>5<br>6                   | 2<br>3<br>9.<br>2<br>4<br>4      | 4<br>6.<br>8<br>2<br>4                    | (<br>6.<br>6<br>0<br>1<br>)           | 1<br>7<br>8                               | 1<br>0.<br>1<br>6<br>9                                                      | 3<br>8<br>3.<br>5<br>7<br>0                                              | 1<br>0<br>1.<br>6<br>7<br>7                                                                  | 4<br>8<br>5.<br>2<br>4<br>7                |
| C<br>O<br>M<br>P<br>A<br>N<br>Y                                                                                                                                                                                                                                                                                                                   |                                          |                                  |                                           |                                       |                                           |                                                                             |                                                                          |                                                                                              |                                            |
|                                                                                                                                                                                                                                                                                                                                                   | S<br>ha<br>re<br>Ca<br>i<br>l<br>ta<br>p | S<br>ha<br>re<br>Pr<br>ium<br>em | O<br>t<br>he<br>r<br>Re<br>se<br>rve<br>s | Im<br>irm<br>ts<br>p<br>a<br>en       | Re<br>d Ea<br>ta<br>ine<br>ing<br>rn<br>s | S<br>I<br>F<br>R<br>A<br>d<br>t Re<br>j<br>tm<br>us<br>en<br>se<br>rve<br>s | To<br>ta<br>l<br>ha<br>ho<br>l<br>de<br>s<br>re<br>rs Eq<br>i<br>ty<br>u | ty in<br>M<br>ino<br>i<br>r<br>te<br>ts<br>in<br>re<br>s<br>bs<br>i<br>d<br>iar<br>ies<br>su | l Eq<br>To<br>ta<br>i<br>ty<br>u           |
| Ba<br>lan<br>1<br>Ja<br>2<br>0<br>0<br>6<br>t<br>ce<br>a<br>nn<br>ua<br>ry                                                                                                                                                                                                                                                                        | 9<br>3.<br>7<br>5<br>6                   | 2<br>2<br>5.<br>9<br>3<br>6      | (<br>4.<br>3<br>6<br>2<br>)               | (<br>1<br>5<br>4.<br>2<br>5<br>4<br>) | 1<br>0.<br>9<br>3<br>9                    | 7.<br>9<br>7<br>3                                                           | 1<br>7<br>9.<br>9<br>8<br>8                                              |                                                                                              | 1<br>7<br>9.<br>9<br>8<br>8                |
| C<br>ha<br>in<br>Eq<br>i<br>fo<br>he<br>Pe<br>io<br>d<br>1<br>/<br>1-<br>3<br>1<br>/<br>0<br>3<br>/<br>2<br>0<br>0<br>6<br>ty<br>t<br>ng<br>es<br>u<br>r<br>r<br>Ne<br>t<br>Pr<br>f<br>i<br>t<br>fo<br>t<br>he<br>Pe<br>io<br>d<br>1<br>/<br>1-<br>3<br>1<br>/<br>0<br>3<br>/<br>2<br>0<br>0<br>6<br>o<br>r<br>r<br>D<br>iv<br>i<br>de<br>ds<br>n |                                          |                                  |                                           |                                       | 6.<br>0<br>4<br>9                         |                                                                             | 6.<br>0<br>4<br>9                                                        |                                                                                              | 6.<br>0<br>4<br>9                          |

#### **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

#### **GROUP**

|                                                                                                                                                                                                                                                                                                                                                   | S<br>ha<br>re<br>Ca<br>i<br>ta<br>l<br>p | S<br>ha<br>re<br>Pr<br>ium<br>em | O<br>t<br>he<br>r<br>Re<br>se<br>rve<br>s | Im<br>irm<br>ts<br>p<br>a<br>en       | Re<br>d Ea<br>ta<br>ine<br>ing<br>rn<br>s | I<br>F<br>R<br>S<br>A<br>d<br>t Re<br>j<br>tm<br>us<br>en<br>se<br>rve<br>s | To<br>l<br>ta<br>ha<br>ho<br>l<br>de<br>s<br>re<br>rs Eq<br>i<br>ty<br>u | M<br>ino<br>i<br>ty in<br>r<br>te<br>ts<br>in<br>re<br>s<br>bs<br>i<br>d<br>iar<br>ies<br>su | l Eq<br>To<br>ta<br>i<br>ty<br>u |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|----------------------------------|-------------------------------------------|---------------------------------------|-------------------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|----------------------------------|
| Ba<br>lan<br>t<br>1<br>Ja<br>2<br>0<br>0<br>5<br>ce<br>a<br>nn<br>ua<br>ry                                                                                                                                                                                                                                                                        | 9<br>3.<br>7<br>5<br>6                   | 2<br>3<br>9.<br>2<br>4<br>4      | 3<br>2.<br>5<br>6<br>2                    | (<br>6.<br>3<br>5<br>5<br>)           | 3.<br>4<br>2<br>8                         | 1<br>0.<br>1<br>6<br>9                                                      | 3<br>7<br>2.<br>8<br>0<br>4                                              | 9<br>4.<br>0<br>8<br>4                                                                       | 4<br>6<br>6.<br>8<br>8<br>8      |
| C<br>ha<br>in<br>Eq<br>i<br>fo<br>he<br>Pe<br>io<br>d<br>1<br>/<br>1-<br>3<br>1<br>/<br>0<br>3<br>/<br>2<br>0<br>0<br>5<br>ty<br>t<br>ng<br>es<br>u<br>r<br>r<br>f<br>fo<br>/<br>/<br>/<br>Ne<br>t<br>Pr<br>i<br>t<br>t<br>he<br>Pe<br>io<br>d<br>1<br>1-<br>3<br>1<br>0<br>3<br>2<br>0<br>0<br>5<br>o<br>r<br>r<br>D<br>iv<br>i<br>de<br>ds<br>n |                                          |                                  |                                           |                                       | (<br>3.<br>7<br>9<br>2<br>)               |                                                                             | (<br>3.<br>7<br>9<br>2<br>)                                              | (<br>2.<br>2<br>4<br>2<br>)                                                                  | (<br>6.<br>0<br>3<br>4<br>)      |
| Ba<br>lan<br>t<br>3<br>1<br>Ma<br>h<br>2<br>0<br>0<br>5<br>ce<br>a<br>rc                                                                                                                                                                                                                                                                          | 9<br>3.<br>7<br>5<br>6                   | 2<br>3<br>9.<br>2<br>4<br>4      | 3<br>2.<br>5<br>6<br>2                    | (<br>6.<br>3<br>5<br>5<br>)           | (<br>3<br>6<br>4<br>)                     | 1<br>0.<br>1<br>6<br>9                                                      | 3<br>6<br>9.<br>0<br>1<br>2                                              | 9<br>1.<br>8<br>4<br>2                                                                       | 4<br>6<br>0.<br>8<br>5<br>4      |
| C<br>O<br>M<br>P<br>A<br>N<br>Y                                                                                                                                                                                                                                                                                                                   | S<br>ha<br>re<br>Ca<br>i<br>ta<br>l<br>p | S<br>ha<br>re<br>Pr<br>ium<br>em | O<br>he<br>t<br>r<br>Re<br>se<br>rve<br>s | Im<br>irm<br>ts<br>p<br>a<br>en       | Re<br>d Ea<br>ine<br>ta<br>ing<br>rn<br>s | I<br>F<br>R<br>S<br>A<br>d<br>j<br>t Re<br>tm<br>us<br>en                   | To<br>ta<br>l<br>ha<br>ho<br>l<br>de<br>s<br>re<br>rs Eq                 | ty in<br>M<br>ino<br>i<br>r<br>in<br>te<br>ts<br>re<br>s                                     | l Eq<br>To<br>ta<br>i<br>ty<br>u |
| Ba<br>lan<br>1<br>Ja<br>2<br>0<br>0<br>t<br>5<br>ce<br>a<br>nn<br>ua<br>ry                                                                                                                                                                                                                                                                        | 9<br>3.<br>6<br>7<br>5                   | 2<br>2<br>9<br>3<br>6<br>5.      | 3.<br>9<br>2<br>7                         | (<br>1<br>6.<br>9<br>)<br>5<br>5<br>7 |                                           | se<br>rve<br>s<br>9<br>3<br>7.<br>7                                         | i<br>ty<br>u<br>1<br>4.<br>6<br>8<br>0<br>7                              | bs<br>i<br>d<br>iar<br>ies<br>su                                                             | 1<br>4.<br>6<br>8<br>0<br>7      |
| C<br>fo<br>1<br>/<br>1-<br>3<br>1<br>/<br>0<br>3<br>/<br>2<br>0<br>0<br>ha<br>in<br>Eq<br>i<br>ty<br>t<br>he<br>Pe<br>io<br>d<br>5<br>ng<br>es<br>u<br>r<br>r<br>Ne<br>Pr<br>f<br>i<br>fo<br>he<br>Pe<br>io<br>d<br>1<br>/<br>1-<br>3<br>1<br>/<br>0<br>3<br>/<br>2<br>0<br>0<br>t<br>t<br>t<br>5<br>o<br>r<br>r<br>D<br>iv<br>i<br>de<br>ds<br>n |                                          |                                  |                                           |                                       | (<br>5<br>9<br>1<br>)                     |                                                                             | (<br>5<br>9<br>1<br>)                                                    |                                                                                              | (<br>5<br>9<br>1<br>)            |
| Ba<br>lan<br>t<br>3<br>1<br>Ma<br>h<br>2<br>0<br>0<br>5<br>ce<br>a<br>rc                                                                                                                                                                                                                                                                          | 9<br>3.<br>7<br>5<br>6                   | 2<br>2<br>5.<br>9<br>3<br>6      | 3.<br>9<br>7<br>2                         | (<br>1<br>5<br>6.<br>9<br>5<br>7<br>) | (<br>5<br>9<br>1<br>)                     | 7.<br>9<br>7<br>3                                                           | 1<br>7<br>4.<br>0<br>8<br>9                                              |                                                                                              | 1<br>7<br>4.<br>0<br>8<br>9      |

#### **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)<br>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<br>ventures and other investments<br>Purchase of tangible and intangible assets<br>Proceeds from sale of tangible and intangible assets<br>Interest received | (504)<br>23.518<br>535 | (45.300)<br>(14.509)<br>700 | (2)<br>23.049<br>102 | (45.300)       |  |
| Dividends received<br>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.

2. 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<br>INC. |       | SUPERFAST ENA<br>(HELLAS) INC. |       | SUPERFAST DIO<br>INC. |       | SUPERFAST DIO<br>(HELLAS) INC. |       | SUPERFAST TRIA<br>INC. |       | SUPERFAST TRIA<br>(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<br>TESSERA INC. |       | SUPERFAST<br>TESSERA<br>(HELLAS) INC. |        | SUPERFAST<br>PENTE INC. |        | SUPERFAST<br>PENTE (HELLAS)<br>INC. |        | SUPERFAST EXI<br>INC. | SUPERFAST EXI<br>(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. &<br>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<br>EPTA INC. |        | SUPERFAST<br>OKTO MC |       | SUPERFAST<br>OKTO INC. |        | SUPERFAST<br>ENNEA MC |       | SUPERFAST ENNEA<br>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<br>DEKA MC |       | SUPERFAST<br>DEKA INC. |        | SUPERFAST<br>ENDEKA INC. |        | SUPERFAST<br>ENDEKA<br>(HELLAS) INC. |        | SUPERFAST<br>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<br>FERRIES MARITIME<br>S.A. |         | SUPERFAST<br>FERRIES S.A. | JOINT VENTURE | SUPERFAST<br>DODEKA (HELLAS)<br>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.<br>& 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**

|                                                                                                                                     | T<br>H                 | E<br>L<br>M<br>O           | W<br>A<br>T<br>E<br>R           | F<br>R<br>O<br>N<br>T                                                     | B<br>L<br>U<br>E<br>S<br>T<br>A<br>R |                                      | S<br>T<br>R<br>I<br>N<br>T<br>Z<br>I<br>S<br>L<br>I<br>N<br>E<br>S |                             |
|-------------------------------------------------------------------------------------------------------------------------------------|------------------------|----------------------------|---------------------------------|---------------------------------------------------------------------------|--------------------------------------|--------------------------------------|--------------------------------------------------------------------|-----------------------------|
| C<br>O<br>M<br>P<br>A<br>N<br>Y                                                                                                     | M<br>A<br>R            | S.<br>I<br>N<br>E<br>A.    | G<br>N<br>A<br>V<br>I<br>A      | O<br>C<br>O.<br>T<br>I<br>N                                               | F<br>E<br>R<br>R<br>I                | S<br>S.<br>E<br>A.                   | S<br>H<br>I<br>P<br>P<br>I                                         | G<br>N<br>L<br>T<br>D.      |
|                                                                                                                                     | D<br>E<br>B<br>I<br>T  | C<br>R<br>E<br>D<br>I<br>T | D<br>E<br>B<br>I<br>T           | C<br>R<br>E<br>D<br>I<br>T                                                | D<br>E<br>B<br>I<br>T                | C<br>R<br>E<br>D<br>I<br>T           | D<br>E<br>B<br>I<br>T                                              | C<br>R<br>E<br>D<br>I<br>T  |
| B<br>L<br>U<br>E<br>S<br>T<br>A<br>R<br>M<br>A<br>R<br>I<br>T<br>I<br>M<br>E<br>S.<br>A.                                            |                        | 6<br>8                     |                                 | 1                                                                         | 1<br>6.<br>6<br>0<br>3               | 4<br>5.<br>2<br>8<br>5               | 1<br>0.<br>9<br>3<br>5                                             |                             |
| O<br>S.<br>T<br>H<br>E<br>L<br>M<br>M<br>A<br>R<br>I<br>N<br>E<br>A.                                                                |                        |                            |                                 |                                                                           | 8                                    |                                      |                                                                    |                             |
| W<br>A<br>T<br>E<br>R<br>F<br>R<br>O<br>N<br>T<br>N<br>A<br>V<br>I<br>G<br>A<br>T<br>I<br>O<br>N<br>C<br>O.                         |                        |                            |                                 |                                                                           |                                      |                                      |                                                                    |                             |
| S<br>T<br>R<br>I<br>N<br>T<br>Z<br>I<br>S<br>L<br>I<br>N<br>E<br>S<br>S<br>H<br>I<br>P<br>P<br>I<br>N<br>G<br>L<br>T<br>D.          |                        |                            |                                 |                                                                           | 9.<br>6<br>5<br>0                    |                                      |                                                                    |                             |
| B<br>L<br>U<br>E<br>S<br>T<br>A<br>R<br>F<br>E<br>R<br>R<br>I<br>E<br>S<br>M<br>A<br>R<br>I<br>T<br>I<br>M<br>E<br>S.<br>A.         |                        |                            |                                 |                                                                           | 6<br>3.<br>2<br>5<br>5               | 4<br>4<br>6                          |                                                                    | 1<br>0                      |
| B<br>L<br>U<br>E<br>S<br>T<br>A<br>R<br>F<br>E<br>R<br>R<br>I<br>E<br>S<br>S.<br>A.                                                 |                        | 8                          |                                 |                                                                           |                                      |                                      |                                                                    | 9.<br>6<br>5<br>0           |
| S<br>S<br>O<br>B<br>L<br>U<br>E<br>T<br>A<br>R<br>F<br>E<br>R<br>R<br>I<br>E<br>J<br>I<br>N<br>T<br>V<br>E<br>N<br>T<br>U<br>R<br>E |                        |                            |                                 |                                                                           | 1.<br>4<br>9<br>9                    |                                      |                                                                    | 7<br>9<br>8                 |
| S<br>S<br>G<br>C.<br>B<br>L<br>U<br>E<br>I<br>L<br>A<br>N<br>D<br>H<br>I<br>P<br>P<br>I<br>N<br>I<br>N                              |                        |                            |                                 |                                                                           | 1.<br>0<br>5<br>4                    | 9<br>8                               |                                                                    | 4<br>8<br>8                 |
| T<br>O<br>T<br>A<br>L                                                                                                               |                        | 7<br>6                     |                                 | 1                                                                         | 9<br>2.<br>0<br>6<br>9               | 4<br>5.<br>8<br>2<br>9               | 1<br>0.<br>9<br>3<br>5                                             | 1<br>0.<br>9<br>4<br>6      |
|                                                                                                                                     |                        |                            |                                 |                                                                           |                                      |                                      |                                                                    |                             |
|                                                                                                                                     | B<br>L<br>U            | E<br>S<br>T<br>A<br>R      | B<br>L<br>U<br>E<br>S<br>T<br>A | R<br>F<br>E<br>R<br>R<br>I<br>E<br>S                                      | B<br>L<br>U<br>E<br>S<br>T<br>A      | R<br>F<br>E<br>R<br>R<br>I<br>E<br>S | B<br>L<br>U<br>E                                                   | I<br>S<br>L<br>A<br>N<br>D  |
| C<br>O<br>M<br>P<br>A<br>N<br>Y                                                                                                     | M<br>A<br>R<br>I<br>T  | I<br>M<br>E<br>S.<br>A.    | J<br>O<br>I<br>N<br>T<br>V      | N<br>T<br>U<br>R<br>E<br>M<br>A<br>R<br>I<br>T<br>I<br>M<br>E<br>S.<br>A. |                                      |                                      |                                                                    |                             |
|                                                                                                                                     |                        |                            |                                 | E                                                                         |                                      |                                      | S<br>H<br>I<br>P<br>P                                              | I<br>N<br>G<br>I<br>N<br>C. |
|                                                                                                                                     | D<br>E<br>B<br>I<br>T  | C<br>R<br>E<br>D<br>I<br>T | D<br>E<br>B<br>I<br>T           | C<br>R<br>E<br>D<br>I<br>T                                                | D<br>E<br>B<br>I<br>T                | C<br>R<br>E<br>D<br>I<br>T           | D<br>E<br>B<br>I<br>T                                              | C<br>R<br>E<br>D<br>I<br>T  |
| S<br>S.<br>B<br>L<br>U<br>E<br>T<br>A<br>R<br>M<br>A<br>R<br>I<br>T<br>I<br>M<br>E<br>A.                                            |                        |                            | 8.<br>3<br>1<br>5               | 6<br>3.<br>8<br>1<br>1                                                    |                                      |                                      | 4<br>4<br>0                                                        |                             |
| T<br>H<br>E<br>L<br>M<br>O<br>M<br>A<br>R<br>I<br>N<br>E<br>S.<br>A.                                                                | 6<br>8                 |                            |                                 |                                                                           |                                      |                                      |                                                                    |                             |
| W<br>A<br>T<br>E<br>R<br>F<br>R<br>O<br>N<br>T<br>N<br>A<br>V<br>I<br>G<br>A<br>T<br>I<br>O<br>N<br>C<br>O.                         | 1                      |                            |                                 |                                                                           |                                      |                                      |                                                                    |                             |
| S<br>T<br>R<br>I<br>N<br>T<br>Z<br>I<br>S<br>L<br>I<br>N<br>E<br>S<br>S<br>H<br>I<br>P<br>P<br>I<br>N<br>G<br>L<br>T<br>D.          |                        | 1<br>0.<br>9<br>3<br>5     | 7<br>9<br>8                     |                                                                           | 1<br>0                               |                                      | 4<br>8<br>8                                                        |                             |
| B<br>L<br>U<br>E<br>S<br>T<br>A<br>R<br>F<br>E<br>R<br>R<br>I<br>E<br>S<br>M<br>A<br>R<br>I<br>T<br>I<br>M<br>E<br>S.<br>A.         |                        |                            | 8<br>6.<br>9<br>7<br>1          | 1<br>6.<br>4<br>6<br>4                                                    |                                      |                                      |                                                                    |                             |
| S<br>S<br>S.<br>B<br>L<br>U<br>E<br>T<br>A<br>R<br>F<br>E<br>R<br>R<br>I<br>E<br>A.                                                 | 4<br>5.<br>2<br>8<br>5 | 1<br>6.<br>6<br>0<br>3     |                                 | 1.<br>4<br>9<br>9                                                         | 4<br>4<br>6                          | 6<br>3.<br>2<br>5<br>5               | 9<br>8                                                             | 1.<br>0<br>5<br>4           |
| B<br>L<br>U<br>E<br>S<br>T<br>A<br>R<br>F<br>E<br>R<br>R<br>I<br>E<br>S<br>J<br>O<br>I<br>N<br>T<br>V<br>E<br>N<br>T<br>U<br>R<br>E | 6<br>3.<br>8<br>1<br>1 | 8.<br>3<br>1<br>5          |                                 |                                                                           | 1<br>6.<br>4<br>6<br>4               | 8<br>6.<br>9<br>1<br>7               |                                                                    |                             |
| B<br>L<br>U<br>E<br>I<br>S<br>L<br>A<br>N<br>D<br>S<br>H<br>I<br>P<br>P<br>I<br>N<br>G<br>I<br>N<br>C.                              |                        | 4<br>4<br>0                |                                 |                                                                           |                                      |                                      |                                                                    |                             |

Reconciliation of Intercompany Balances

| To<br>ta<br>l<br>de<br>b<br>i<br>t :   | 3<br>2<br>6.<br>1<br>9<br>9 |
|----------------------------------------|-----------------------------|
| To<br>ta<br>l c<br>d<br>i<br>t :<br>re | 3<br>2<br>6.<br>1<br>9<br>9 |
| Ba<br>lan<br>ce                        | 0                           |

#### **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<br>Routes | Adriatic<br>Sea |            | Baltic Sea    | North Sea      | Other |                | Total         | Grand<br>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<br>investing and financial results,<br>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<br>Improvements / Additions                           | 217.972<br>403     | 492.019         | 13.920     | 291.107       | 99.785         |       | 823.696<br>403 | 291.107       | 1.114.803<br>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<br>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<br>Improvements / Additions | 224.632<br>74      | 507.301      | 197.301        | 205.484   |       | 1.134.719<br>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<br>1/1-31/03/2005 |         |        | 1/1-31/03/2006<br>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**

|                                                                                                                                                              |                                       |              |                               | Fu<br>i<br>tur<br>&<br>rn<br>e | Im<br>ts<br>p<br>rov<br>em<br>en         |                       | F<br>ixe<br>d<br>As<br>ts<br>se  |                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|--------------|-------------------------------|--------------------------------|------------------------------------------|-----------------------|----------------------------------|---------------------------------------|
| Co<br>l<br>i<br>da<br>d<br>F<br>ig<br>te<br>ns<br>o<br>ure<br>s                                                                                              | Ve<br>ls<br>ss<br>e                   | La<br>d<br>n | Bu<br>i<br>l<br>d<br>ing<br>s | O<br>he<br>t<br>r              | In<br>T<br>h<br>ir<br>d<br>Pa<br>ty<br>r | Ve<br>h<br>ic<br>les  | Un<br>de<br>r                    | To<br>l<br>ta                         |
|                                                                                                                                                              |                                       |              |                               | F<br>ix<br>tur<br>es           | Pr<br>ty<br>op<br>er                     |                       | Co<br>tru<br>t<br>ion<br>ns<br>c |                                       |
| Co<br>In<br>i<br>t<br>ia<br>l<br>t a<br>t<br>0<br>1.<br>0<br>1.<br>2<br>0<br>0<br>6<br>s                                                                     | 1.<br>2<br>6<br>0.<br>1<br>9<br>3     | 2<br>7<br>4  | 7<br>6<br>5                   | 7.<br>2<br>5<br>9              | 9<br>7<br>2                              | 1<br>2<br>9           | 9<br>7                           | 1.<br>2<br>6<br>9.<br>6<br>8<br>8     |
| Ac<br>is<br>i<br>t<br>ion<br>A<br>d<br>d<br>i<br>t<br>ion<br>q<br>u<br>s -<br>s                                                                              | 4<br>0<br>3                           |              |                               | 2<br>2                         |                                          | 7<br>0                |                                  | 4<br>9<br>5                           |
| /<br>f<br>fs<br>D<br>isp<br>ls<br>W<br>i<br>te-<br>os<br>a<br>r<br>o                                                                                         | (<br>)<br>3<br>3<br>3.<br>9<br>0<br>5 |              |                               |                                |                                          |                       | (<br>)<br>3<br>5                 | (<br>)<br>3<br>3<br>3.<br>9<br>4<br>0 |
| A<br>d<br>j<br>tm<br>ts-<br>Im<br>irm<br>ts<br>d<br>de<br>d<br>to<br>t<br>he<br>Ne<br>t<br>Eq<br>i<br>ty<br>us<br>en<br>p<br>a<br>en<br>a<br>u               |                                       |              |                               |                                |                                          |                       |                                  |                                       |
| A<br>d<br>j<br>tm<br>ts-<br>Im<br>irm<br>ts<br>d<br>de<br>d<br>to<br>t<br>he<br>Inc<br>S<br>ta<br>tem<br>t<br>us<br>en<br>p<br>a<br>en<br>a<br>om<br>e<br>en |                                       |              |                               |                                |                                          |                       |                                  |                                       |
| Co<br>3<br>1.<br>0<br>3.<br>2<br>0<br>0<br>6<br>t a<br>t<br>s                                                                                                | 9<br>2<br>6.<br>6<br>9<br>1           | 2<br>4<br>7  | 6<br>7<br>5                   | 2<br>8<br>1<br>7.              | 9<br>2<br>7                              | 1<br>9<br>9           | 6<br>2                           | 9<br>3<br>6.<br>2<br>4<br>2           |
| Ac<br>la<br>d<br>De<br>ia<br>ion<br>te<br>t<br>t<br>0<br>1.<br>0<br>1.<br>2<br>0<br>0<br>6<br>cu<br>mu<br>p<br>re<br>c<br>a                                  | 1<br>4<br>5.<br>3<br>8<br>9           |              | 1<br>7<br>9                   | 6.<br>5<br>1<br>7              | 6<br>4<br>4                              | 4<br>3                |                                  | 1<br>5<br>2.<br>7<br>7<br>3           |
| De<br>ia<br>ion<br>for<br>he<br>Pe<br>io<br>d<br>t<br>t<br>p<br>rec<br>r                                                                                     | 8.<br>9<br>1<br>2                     |              | 6                             | 1<br>1<br>4                    | 3<br>5                                   | 1<br>0                |                                  | 9.<br>0<br>7<br>7                     |
| /<br>f<br>fs<br>D<br>isp<br>ls<br>W<br>i<br>te-<br>os<br>a<br>r<br>o                                                                                         | (<br>)<br>4<br>3.<br>2<br>0<br>0      |              |                               |                                |                                          |                       |                                  | (<br>)<br>4<br>3.<br>2<br>0<br>0      |
| Ac<br>la<br>te<br>d<br>De<br>ia<br>t<br>ion<br>t<br>3<br>1.<br>0<br>3.<br>2<br>0<br>0<br>6<br>cu<br>mu<br>p<br>rec<br>a                                      | 1<br>1<br>1.<br>1<br>0<br>0           |              | 1<br>8<br>5                   | 6.<br>6<br>3<br>1              | 6<br>7<br>9                              | 5<br>3                |                                  | 1<br>1<br>8.<br>6<br>5<br>0           |
| Ne<br>t<br>Bo<br>k<br>Va<br>lue<br>t<br>3<br>1.<br>0<br>3.<br>2<br>0<br>0<br>6<br>o<br>a                                                                     | 8<br>1<br>5.<br>5<br>9<br>0           | 2<br>7<br>4  | 5<br>8<br>0                   | 6<br>4<br>9                    | 2<br>9<br>3                              | 1<br>4<br>6           | 6<br>2                           | 8<br>1<br>7.<br>5<br>9<br>2           |
|                                                                                                                                                              |                                       |              |                               |                                |                                          |                       |                                  |                                       |
|                                                                                                                                                              |                                       |              |                               |                                |                                          |                       |                                  |                                       |
| In<br>i<br>ia<br>l<br>Co<br>0<br>1.<br>0<br>1.<br>2<br>0<br>0<br>t<br>t a<br>t<br>5<br>s                                                                     | 1.<br>2<br>4<br>4.<br>9<br>6<br>5     | 2<br>4<br>7  | 6<br>7<br>5                   | 6.<br>6<br>9<br>7              | 9<br>6<br>5                              | 2<br>0<br>6           | 2.<br>1<br>6<br>4                | 1.<br>2<br>2<br>9<br>5<br>5.<br>7     |
| Ac<br>is<br>i<br>t<br>ion<br>A<br>d<br>d<br>i<br>t<br>ion<br>q<br>u<br>s -<br>s                                                                              | 1<br>5.<br>5<br>9<br>7                |              |                               | 4<br>9<br>4                    | 1<br>6                                   | 6<br>5                | 9<br>7                           | 1<br>6.<br>2<br>6<br>9                |
| D<br>isp<br>ls<br>/<br>W<br>i<br>f<br>fs<br>te-<br>os<br>a<br>r<br>o                                                                                         |                                       |              |                               | (<br>4<br>)                    |                                          | (<br>1<br>4<br>2<br>) | (<br>2.<br>1<br>6<br>4<br>)      | (<br>2.<br>3<br>1<br>0<br>)           |
| A<br>d<br>j<br>Im<br>irm<br>d<br>de<br>d<br>he<br>Ne<br>Eq<br>i<br>tm<br>ts-<br>ts<br>to<br>t<br>t<br>ty<br>us<br>en<br>p<br>a<br>en<br>a<br>u               |                                       |              |                               |                                |                                          |                       |                                  |                                       |
| A<br>d<br>j<br>tm<br>ts-<br>Im<br>irm<br>ts<br>d<br>de<br>d<br>to<br>t<br>he<br>Inc<br>S<br>ta<br>tem<br>t<br>us<br>en<br>p<br>a<br>en<br>a<br>om<br>e<br>en |                                       |              |                               |                                |                                          |                       |                                  |                                       |
| Co<br>t a<br>t<br>3<br>1.<br>1<br>2.<br>2<br>0<br>0<br>5<br>s                                                                                                | 1.<br>2<br>6<br>0.<br>1<br>9<br>3     | 2<br>7<br>4  | 7<br>6<br>5                   | 7.<br>2<br>5<br>9              | 9<br>7<br>2                              | 1<br>2<br>9           | 9<br>7                           | 1.<br>2<br>6<br>9.<br>6<br>8<br>8     |
| Ac<br>la<br>te<br>d<br>Dp<br>ia<br>t<br>ion<br>t<br>0<br>1.<br>0<br>1.<br>2<br>0<br>0<br>5<br>cu<br>mu<br>re<br>c<br>a                                       | 1<br>0<br>9.<br>8<br>7<br>7           |              | 1<br>3<br>5                   | 6<br>6<br>8<br>5.              | 0<br>6<br>5                              | 9<br>1                |                                  | 1<br>1<br>6.<br>2<br>9<br>5           |
| De<br>ia<br>t<br>ion<br>for<br>t<br>he<br>Pe<br>io<br>d<br>p<br>rec<br>r                                                                                     | 3<br>5.<br>5<br>1<br>2                |              | 2<br>6                        | 8<br>4<br>9                    | 1<br>3<br>8                              | 2<br>1                |                                  | 3<br>6.<br>5<br>4<br>6                |
| D<br>isp<br>ls<br>/<br>W<br>i<br>f<br>fs<br>te-<br>os<br>a<br>r<br>o                                                                                         |                                       |              |                               |                                |                                          | (<br>6<br>8<br>)      |                                  | (<br>6<br>8<br>)                      |
| Ac<br>la<br>te<br>d<br>De<br>ia<br>t<br>ion<br>t<br>3<br>1.<br>1<br>2.<br>2<br>0<br>0<br>5<br>cu<br>mu<br>p<br>rec<br>a                                      | 1<br>4<br>5.<br>3<br>8<br>9           |              | 1<br>7<br>9                   | 6.<br>5<br>1<br>7              | 6<br>4<br>4                              | 4<br>3                |                                  | 1<br>5<br>2.<br>7<br>7<br>3           |
| Ne<br>t<br>Bo<br>k<br>Va<br>lue<br>3<br>1.<br>1<br>2.<br>2<br>0<br>0<br>t<br>5<br>o<br>a                                                                     | 1.<br>1<br>1<br>4.<br>8<br>0<br>3     | 2<br>4<br>7  | 8<br>6<br>5                   | 4<br>2<br>7                    | 3<br>2<br>8                              | 8<br>6                | 9<br>7                           | 1.<br>1<br>1<br>6.<br>9<br>1<br>5     |

|                                                                                                                                                |                     |              |                               | Fu<br>i<br>&<br>tu<br>rn<br>re | Im<br>ts<br>p<br>rov<br>em<br>en         |                      | F<br>ixe<br>d<br>As<br>ts<br>se  |               |
|------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|--------------|-------------------------------|--------------------------------|------------------------------------------|----------------------|----------------------------------|---------------|
| Co<br>F<br>ig<br>m<br>p<br>an<br>y<br>ur<br>es                                                                                                 | Ve<br>ls<br>ss<br>e | La<br>d<br>n | Bu<br>i<br>l<br>d<br>ing<br>s | O<br>t<br>he<br>r              | In<br>T<br>h<br>ir<br>d<br>Pa<br>ty<br>r | Ve<br>h<br>ic<br>les | Un<br>de<br>r                    | To<br>ta<br>l |
|                                                                                                                                                |                     |              |                               | F<br>ix<br>tu<br>re<br>s       | Pr<br>ty<br>op<br>er                     |                      | Co<br>tru<br>t<br>ion<br>ns<br>c |               |
| In<br>i<br>t<br>ia<br>l<br>Co<br>t a<br>t<br>0<br>1.<br>0<br>1.<br>2<br>0<br>0<br>6<br>s                                                       |                     |              |                               | 7<br>7                         |                                          | 6                    |                                  | 8<br>3        |
| Ac<br>is<br>i<br>ion<br>A<br>d<br>d<br>i<br>ion<br>t<br>t<br>q<br>u<br>s -<br>s                                                                |                     |              |                               | 1                              |                                          |                      |                                  | 1             |
| /<br>f<br>fs<br>D<br>isp<br>ls<br>W<br>i<br>te-<br>os<br>a<br>r<br>o                                                                           |                     |              |                               |                                |                                          |                      |                                  |               |
| A<br>d<br>j<br>tm<br>ts-<br>Im<br>irm<br>ts<br>d<br>de<br>d<br>to<br>t<br>he<br>Ne<br>t<br>Eq<br>i<br>ty<br>us<br>en<br>p<br>a<br>en<br>a<br>u |                     |              |                               |                                |                                          |                      |                                  |               |
| A<br>d<br>j<br>tm<br>ts-<br>Im<br>irm<br>ts<br>d<br>de<br>d<br>to<br>t<br>he<br>Inc<br>us<br>en<br>p<br>a<br>en<br>a<br>om<br>e                |                     |              |                               |                                |                                          |                      |                                  |               |
| S<br>ta<br>te<br>t<br>me<br>n                                                                                                                  |                     |              |                               |                                |                                          |                      |                                  |               |
| Co<br>t a<br>t<br>3<br>1.<br>0<br>3.<br>2<br>0<br>0<br>6<br>s                                                                                  |                     |              |                               | 7<br>8                         |                                          | 6                    |                                  | 8<br>4        |
| Ac<br>la<br>te<br>d<br>De<br>ia<br>t<br>io<br>t<br>0<br>1.<br>0<br>1.<br>2<br>0<br>0<br>6<br>cu<br>m<br>u<br>p<br>re<br>c<br>n<br>a            |                     |              |                               | 7<br>7                         |                                          | 6                    |                                  | 8<br>3        |
| De<br>ia<br>ion<br>fo<br>he<br>Pe<br>io<br>d<br>t<br>t<br>p<br>re<br>c<br>r<br>r                                                               |                     |              |                               |                                |                                          |                      |                                  |               |
| D<br>isp<br>ls<br>/<br>W<br>i<br>te-<br>f<br>fs<br>os<br>a<br>r<br>o                                                                           |                     |              |                               |                                |                                          |                      |                                  |               |
| Ac<br>la<br>te<br>d<br>De<br>ia<br>t<br>ion<br>t<br>3<br>1.<br>0<br>3.<br>2<br>0<br>0<br>6<br>cu<br>m<br>u<br>p<br>re<br>c<br>a                |                     |              |                               | 7<br>7                         |                                          | 6                    |                                  | 8<br>3        |
| Ne<br>t<br>Bo<br>k<br>Va<br>lu<br>t<br>3<br>1.<br>0<br>3.<br>2<br>0<br>0<br>6<br>o<br>e a                                                      |                     |              |                               |                                |                                          |                      |                                  |               |
|                                                                                                                                                |                     |              |                               | 1                              |                                          | 0                    |                                  | 1             |
|                                                                                                                                                |                     |              |                               |                                |                                          |                      |                                  |               |
| Co<br>In<br>i<br>t<br>ia<br>l<br>t a<br>t<br>0<br>1.<br>0<br>1.<br>2<br>0<br>0<br>5<br>s                                                       |                     |              |                               | 7<br>7                         |                                          | 6                    |                                  | 8<br>3        |
| Ac<br>is<br>i<br>t<br>ion<br>A<br>d<br>d<br>i<br>t<br>ion<br>q<br>u<br>s -<br>s                                                                |                     |              |                               |                                |                                          |                      |                                  |               |
| D<br>isp<br>ls<br>/<br>W<br>i<br>f<br>fs<br>te-<br>os<br>a<br>r<br>o                                                                           |                     |              |                               |                                |                                          |                      |                                  |               |
| A<br>d<br>j<br>Im<br>irm<br>d<br>de<br>d<br>he<br>Ne<br>Eq<br>i<br>tm<br>ts-<br>ts<br>to<br>t<br>t<br>ty<br>us<br>en<br>p<br>a<br>en<br>a<br>u |                     |              |                               |                                |                                          |                      |                                  |               |
| A<br>d<br>j<br>tm<br>ts-<br>Im<br>irm<br>ts<br>d<br>de<br>d<br>to<br>t<br>he<br>Inc<br>us<br>en<br>p<br>a<br>en<br>a<br>om<br>e                |                     |              |                               |                                |                                          |                      |                                  |               |
| S<br>ta<br>te<br>t<br>me<br>n                                                                                                                  |                     |              |                               |                                |                                          |                      |                                  |               |
| Co<br>3<br>1.<br>1<br>2.<br>2<br>0<br>0<br>t a<br>t<br>5<br>s                                                                                  |                     |              |                               | 7<br>7                         |                                          | 6                    |                                  | 8<br>3        |
| Ac<br>la<br>d<br>De<br>ia<br>io<br>0<br>1.<br>0<br>1.<br>2<br>0<br>0<br>te<br>t<br>t<br>5<br>cu<br>m<br>p<br>re<br>c<br>n<br>a<br>u            |                     |              |                               | 7<br>4                         |                                          | 6                    |                                  | 8<br>0        |
| De<br>ia<br>ion<br>fo<br>he<br>Pe<br>io<br>d<br>t<br>t<br>p<br>re<br>c<br>r<br>r                                                               |                     |              |                               | 3                              |                                          |                      |                                  | 3             |
| /<br>f<br>fs<br>D<br>isp<br>ls<br>W<br>i<br>te-<br>os<br>a<br>r<br>o                                                                           |                     |              |                               |                                |                                          |                      |                                  |               |
| Ac<br>la<br>d<br>De<br>ia<br>ion<br>3<br>1.<br>1<br>2.<br>2<br>0<br>0<br>te<br>t<br>t<br>5<br>cu<br>m<br>p<br>re<br>c<br>a<br>u                |                     |              |                               | 7<br>7                         |                                          | 6                    |                                  | 8<br>3        |
| Ne<br>Bo<br>k<br>Va<br>lu<br>3<br>1.<br>1<br>2.<br>2<br>0<br>0<br>t<br>t<br>5<br>o<br>e a                                                      |                     |              |                               | 0                              |                                          | 0                    |                                  | 0             |
|                                                                                                                                                |                     |              |                               |                                |                                          |                      |                                  |               |

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<br>Initial Cost at 01.01.2006<br>Acquisitions - Additions<br>Disposals / Write-offs<br>Adjustments-Impairments added to the Net Equity<br>Adjustments-Impairments added to the Income<br>Statement | Trademarks Software<br>111 | 99<br>6 | Total<br>210<br>6 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|---------|-------------------|
| Cost at 31.03.2006                                                                                                                                                                                                 | 111                        | 105     | 216               |
| Accumulated Depreciation at 01.01.2006                                                                                                                                                                             | 103                        | 21      | 124               |
| Depreciation for the Period<br>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<br>Acquisitions - Additions<br>Disposals / Write-offs<br>Adjustments-Impairments added to the Net Equity<br>Adjustments-Impairments added to the Income<br>Statement                    | 105<br>6                   | 99      | 204<br>6          |
| Cost at 31.12.2005                                                                                                                                                                                                 | 111                        | 99      | 210               |
| Accumulated Depreciation at 01.01.2005                                                                                                                                                                             | 65                         | 21      | 86                |
| Depreciation for the Period<br>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<br>Acquisitions - Additions<br>Disposals/Write-offs<br>Adjustments-Impairments added to Net<br>Equity<br>Adjustments-Impairments added to the<br>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<br>Equity<br>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<br>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<br>16.957<br>7.254<br>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<br>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<br>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<br>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