Attica Holdings S.A.

Annual / Quarterly Financial Statement • Sep 29, 2015

NOTES :

''Travel agency services'' € 4.636 thousand.

6. The vessels owned by the Group have been mortgaged as security of long term borrowings for the amount of Euro 919 mln. The Company has pledged 16 mln. shares of BLUE STAR MARITIME S. A. as security of its short - term bank loan.

			(Amounts in thousand €)
	COMPANY INFORMATION					CASH FLOW STATEMENT FOR THE FISCAL YEAR
Domicile:	157, C. Karamanli Avenue - 16673 Voula , Greece					GROUP	COMPANY
Registration Number:	7702/06/B/86/128					1/1-31/12/2006 1/1-31/12/2005		1/1-31/12/2006 1/1-31/12/2005
Pertinent Supervising Authority:	Ministry of Development				Cash flow from Operating Activities
Board of Directors:	P.Panagopulos - President, A.Panagopulos - Vice-president and CEO, Ch.Zavitsanos - Authorized Director, Y.Criticos - Director,
	C.Stamboulelis - Director, Ch.Paschalis - Director, D.Klados - Director, E.Kalpadakis - Director.				Profit/(Loss) Before Taxes	39.371	38.061	20.947	10.939
Date of Board of Directors approval of annual financial
statements:	15/02/2007				Adjustments for:
Certified Public Accountant:	Athos Stylianou - SOEL No 12311				Depreciation	29.931	37.385	11	41
	DRM STYLIANOU S.A. - member firm of RSM International
Audit Firm:					Deferred tax expense	(22)	27	-	-
Type of auditor's opinion:	Unqualified				Provisions	919	2.802	906	525
Internet Domain:	www.attica-group.com				Foreign exchange differences	(352)	(1.296)	-	-
	BALANCE SHEET				Net (profit)/loss from investing activities	(23.632)	(4.010)	(25.047)	(14.648)
	GROUP		COMPANY		Interest and other financial expenses Plus or minus for Working Capital changes:	26.261	28.438	1.988	2.334
ASSETS	31/12/2006	31/12/2005	31/12/2006		31/12/2005 Decrease/(increase) in Inventories	404	(972)	-	-
Non-current assets	757.283	1.146.933	149.500		195.163 Decrease/(increase) in Receivables	5.246	(533)	217	749
Inventories	3.790	4.194	-		- (Decrease)/increase in Payables (excluding banks)	(14.601)	10.510	(28)	60
Trade receivables and prepayments	55.983	60.224	-		- Less:
Other current assets	218.506	123.345	15.032		20.570 Interest and other financial expenses paid	(26.511)	(38.553)	(1.887)	(2.339)
Total assets	1.035.562	1.334.696	164.532		215.733 Taxes paid	(2.031)	(490)	(1.440)	-
					Total cash inflow/(outflow) from operating activities (a)	34.983	71.369	(4.333)	(2.339)
EQUITY AND LIABILITIES
Non-current liabilities	401.550	706.961	321		25.321 Cash flow from Investing Activities
Short-term bank liabilities	138.755	82.074	34.931		9.931 Acquisition of subsidiaries, associated companies, joint ventures
Other short-term liabilities	40.856	53.855	642		493 and other investments	(8.089)	(41.106)	(8.089)	(22.897)
Total liabilities (a)	581.161	842.890	35.894		35.745 Purchase of tangible and intangible assets	(24.429)	(16.662)	(8)	(6)
Share capital	62.504	93.756	62.504		93.756 Proceeds from sale of tangible and intangible assets	329.146	-	75.925	-
Reserves and retained earnings	281.790	295.324	66.134		86.232 Interest received	3.263	2.691	829	506
Total shareholders equity (b)	344.294	389.080	128.638		179.988 Dividends received	28	791	17.151	14.140
Minority interests in subsidiaries (c)	110.107	102.726	-	-	Total cash inflow/(outflow) from investing activities (b)	299.919	(54.286)	85.808	(8.257)
Total equity (d)=(b)+(c)	454.401	491.806	128.638	179.988
Total equity and liabilities (e)=(a)+(d)	1.035.562	1.334.696	164.532		215.733 Cash flow from Financing Activities
					Proceeds from issuance of Share Capital	-	-	-	-
	INCOME STATEMENT FOR THE FISCAL YEAR				Proceeds from Borrowings	9.895	210.050	-	2.500
	GROUP		COMPANY		Payments of Borrowings	(256.701)	(265.335)	-	(2.500)
	1/1-31/12/2006 1/1-31/12/2005				1/1-31/12/2006 1/1-31/12/2005 Payments of finance lease liabilities	(604)	(688)	-	-
Total Revenue	326.597	385.118	-		- Dividends paid	(12.097)	(11.560)	(8.334)	(8.334)
Gross Profit/(loss)	95.380	119.186	-		- Equity return to shareholders	(62.504)	-	(62.504)	-
Earnings before taxes, investing and financial
results, depreciation and amortization	71.534	99.104	(1.223)	(809)	Total cash inflow/(outflow) from financing activities (c)	(322.011)	(67.533)	(70.838)	(8.334)
Earnings before taxes, investing and financial					Net increase/(decrease) in cash and cash equivalents
results	41.603	61.719	(1.235)	(850)	(a)+(b)+(c)	12.891	(50.450)	10.637	(18.930)
Total profit/(loss) before taxes	39.371	38.061	20.947		10.939 Cash and cash equivalents at beginning of period	92.558	143.008	3.251	22.181
Less taxes	1.942 37.429	1.019 37.042	1.349 19.598	10.939	- Cash and cash equivalents at end of period	105.449	92.558	13.888	3.251
Total Profit/(loss) after taxes Attributable as follows:
Company shareholders		28.081 19.598 10.939 26.285				STATEMENT OF CHANGES IN EQUITY GROUP COMPANY
Minority shareholders		8.961	-			31/12/2006	31/12/2005	31/12/2006	31/12/2005
	11.144
Earnings after taxes Per Share - basic (in €) Proposed dividend payable per share (in €)	0,25 -	0,27 -	0,19 0,08	0,11	Equity Opening Balance (1/1/2006 and 1/1/2005) 0,08 Profit/(loss) for the period, after taxes	491.806 37.429	466.888 37.042	179.988 19.598	174.680 10.939
						529.235	503.930	199.586	185.619
					Increase/(decrease) of share capital	(62.504)	-	(62.504)	-
					Dividends paid	(12.097)	(11.559)	(8.334)	(8.334)
					Net income charged directly to equity	(233)	(565)	(110)	2.703
					Purchase/(Sale) of treasury stock	-	-	-	-
					Equity Closing Balance (31/12/2006 and 31/12/2005)	454.401	491.806	128.638	179.988

14. In August 2006, BLUE STAR MARITIME S.A. Group of Companies issued a new € 10 mln. secured bond loan in order to finance part of the acquisition cost of M/V DIAGORAS.

Voula, 12 February , 2007
PRESIDENT	VICE PRESIDENT & CEO	AUTHORIZED DIRECTOR	FINANCIAL DIRECTOR
PERICLES S.PANAGOPULOS	ALEXANDER P.PANAGOPULOS	CHARALAMBOS ZAVITSANOS	NIKOLAOS TAPIRIS

15. The depreciation expenses were presented as a separate item in each period's income statement. By the interim period 1/1-30/06/2006 the depreciation expenses are distributed on the cost of sales and the administrative expenses according to their origin. From this change in presentation there is no effect neither to the balance sheet's items nor to any period's result or to the shareholders equity (note 5.6.1. of the annual financial statements).

16. In December 2006 the Board of Directors of the indirect subsidiary company BLUE STAR FERRIES MARITIME S.A. has decided to redeploy Blue Star 1 from Patras – Igoumenitsa – Bari route to Rosyth – Zeebrugge route in the North Sea. The vessel started its new itineraries on 29/01/2007.

13. In July 2006, BLUE STAR MARITIME S.A. Group of Companies acquired at an auction the total assets of DANE SEA LINE. The total amount paid was € 19.9 mln. 12. In May 2006, the Annual General Meeting of Shareholders voted for: a) The increase of share capital with the increase of par value of each share by € 0,30. 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. The capital return was effected on July 2006.

7. There are no legal or arbitration cases pending which could have a significant effect on the financial position or operation of the Company or the Group. 8. Amounts concerning sales and purchases, cumulatively, from the beginning of the current period and the outstanding balances of receivables and payables of the parent Company and the Group at the end of the current period, arising from transactions with related parties in accordance with IAS 24, are as follows:

11. In April 2006, the Group sold the vessels SUPERFAST VII, SUPERFAST VIII and SUPERFAST IX for € 310 mln. The profit from this transaction amounting € 12 mln. was posted in the income statement. The sale of the above vessels resulted to the

		(Amounts in thousand €)
	Group	Company
a) Sales of goods and services	0	0
b) Purchases of goods and services	0	4
c) Receivables	0	0
d) Payables	0	0
e) Transactions and Board of Directors and Executive Directors' Fees	2.163	362
f) Receivables from Board of Directors and Executive Directors	0	0
g) Payables to Board of Directors and Executive Directors	0	0
h) Dividend received	0	17.124
i) Dividend paid	0	0
9. Earnings per share were calculated using the weighted average method.

1. The companies which have been consolidated in the Financial Statements of 31.12.2006, can be found in the following table with the respective participation percentages:
		Participation	Method of	Nature of	Unaudited			Participation	Method of	Nature of	Unaudited
Company Name	Registered in	Percentage	Consolidation	Relationship	Fiscal Years	Company Name	Registered in	Percentage	Consolidation	Relationship	Fiscal Years
ATTICA HOLDINGS S.A.	Greece	Parent			2006	SUPERFAST ENDEKA INC	Liberia	100%	Full	Indirect	2006
SUPERFAST FERRIES MARITIME S.A.	Greece	100%	Full	Direct	2004-2006	SUPERFAST DODEKA INC	Liberia	100%	Full	Indirect	2006
SUPERFAST EPTA MC	Greece	100%	Full	Direct	2006	BLUE STAR MARITIME S.A.	Greece	48,795%	Full	Direct	2006
SUPERFAST OKTO MC	Greece	100%	Full	Direct	2006	BLUE STAR FERRIES MARITIME S.A.	Greece	48,795%	Full	Indirect	2006
SUPERFAST ENNEA MC	Greece	100%	Full	Direct	2006	BLUE STAR FERRIES JOINT VENTURE	Greece	-	Full	Under common management	2006
SUPERFAST DEKA MC	Greece	100%	Full	Direct	2006	BLUE STAR FERRIES S.A.	Liberia	48,795%	Full	Indirect	2006
NORDIA MC	Greece	100%	Full	Direct	2006	WATERFRONT NAVIGATION COMPANY	Liberia	48,795%	Full	Indirect	-
MARIN MC	Greece	100%	Full	Direct	2006	THELMO MARINE S.A.	Liberia	48,795%	Full	Indirect	-
SUPERFAST DODEKA (HELLAS) INC. & CO JOINT VENTURE	Greece	-	Full	Under common management	2006	BLUE ISLAND SHIPPING INC.	Panama	48,795%	Full	Indirect	-
SUPERFAST FERRIES S.A.	Liberia	-	Full	Under common management	2004-2006	STRINTZIS LINES SHIPPING LTD	Cyprus	48,795%	Full	Indirect	2006
SUPERFAST ENA INC	Liberia	100%	Full	Indirect	-	ATTICA PREMIUM S.A.	Greece	100%	Full	Direct	2006
SUPERFAST DIO INC	Liberia	100%	Full	Indirect	-
SUPERFAST TRIA INC	Liberia	100%	Full	Indirect	-
SUPERFAST TESSERA INC	Liberia	100%	Full	Indirect	-
SUPERFAST PENTE INC	Liberia	100%	Full	Indirect	2006
SUPERFAST EXI INC	Liberia	100%	Full	Indirect	2006

2. The Income Statement of the Group includes amounts which refer to "Discontinued Operations" which are as follows:
	(Amounts in thousand €)
		1/1-31/12/2006 1/1-31/12/2005
Revenue	18.060	69.468
Earnings before taxes, investing and financial results,
depreciation and amortization	(2.987)	16.490
Profit/(loss) before taxes	5.344	5.794
Profit/(loss) after taxes	5.115	5.761

discontinuance of the operation of the shipowning companies. Also, in February 2007 the Group sold the vessel SUPERFAST X for € 112 mil. The profit from this transaction amounting € 12,5 mil. will be posted in the Financial Statements of the first quarter of 2007.

BLUE STAR MARITIME S.A. sold passenger - catamaran SEAJET 2 and car - passenger ferries PATMOS and RODOS, within 2006. The profit from these sales, amounting € 1.3 million approximately is included in the income statement.

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

5. The total revenue of the financial statements of the Group belongs to the following business activity categories: ''Sea and coastal transportation'' € 287.637 thousand, ''Restaurants on board'' € 10.516 thousand, ''Bars on board'' € 15.954 thousand, ''Casino on board'' € 4.967 thousand, ''Shops on board'' € 2.887, 4. The number of employees, at period end, was 9 for the parent company and 1.288 for the Group, while at 31/12/2005 was 9 and 1.517 respectively.

Within November the taxation audit for the parent company ATTICA HOLDINGS S.A., for the fiscal years 2002, 2003, 2004, was completed. Total taxes charged amount € 469 thousand approximately.

The Company had already made a tax provision of € 344 thousand. The additional amount of € 125 thousand approximately was posted in the expenses of the fourth quarter of 2006. Also the Company has been audited by tax authorities for the fiscal year 2005. From the taxation audit there was no further payment.

3. The accounting principles are the same as those used on 31/12/2005.

Discontinued operations did not have any major effect (over 25%) in the revenue, profit after taxes and total equity of the Group.

The subsidiary companies of SUPERFAST GROUP have been audited by tax authorities until fiscal year 2005. The taxes charged amounting € 175 thousand were posted in the expenses of the fiscal year 2006.

The taxation audit for the company SUPERFAST FERRIES MARITIME S.A. and the Management company SUPERFAST FERRIES S.A., is in progress.

For the Group's subsidiaries registered outside the European Union, which do not have an establishment in Greece, there is no liability for taxation audit. Due to liquidation, in the fiscal year 2006, the 100% subsidiary companies SUPERFAST EPTA INC, SUPERFAST OKTO INC, SUPERFAST ENNEA INC, SUPERFAST DEKA INC.have not been consolidated. This change had no effect in the financial figures of the Group.

We advise readers, who wish to find a complete set of the annual financial statements issued according to the International Financial Reporting Standards (IFRS) as well as the relevant certified auditor's report, to navigate at the domain of the company. The following information provide a general overview of the financial position and financial results of ATTICA HOLDINGS S.A.

(published according to Article 135 of Law 2190, for companies which prepare annual financial statements, consolidated or not, according to I.F.R.S.) Concise Consolidated and Company Information for the period from January 1 to December 31, 2006