Attica Holdings S.A.

Quarterly Report • Sep 24, 2015

ATTICA HOLDINGS S.A.

Review of Financial Results for the First Quarter 2007 & Interim Financial Statements for the period 1-1-2007 to 31-3-2007

(Unaudited)

(amounts in € thousand)

The Interim Financial Statements for the period 1-1-2007 to 31-3-2007 were approved by the Board of Directors of Attica Holdings S.A. on May 23, 2007.

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

I. REVIEW OF FINANCIAL RESULTS FOR THE FIRST QUARTER 2007

ATTICA HOLDINGS S.A. Review of the First Quarter 2007 Financial Results

In the first quarter of 2007, Attica Group operated in the markets (geographic segments) of the Adriatic Sea, the North Sea, and the Greek domestic market. Our vessels serve the leisure travelers, with or without their private vehicles and trucks for the transportation of goods.

Total revenue for the Group in the first quarter stood at €59.5 mln against €51.4 mln during the same period in 2006, showing an increase of 15.8%. Earnings before taxes, investing and financial results, depreciation, and amortization (EBITDA) showed a considerable increase and stood at €7.8 mln against €2.8 mln during the same period in 2006. Group's profit after taxes and minority interests stood at €9.3 mln against losses of €0.5 mln during the same period in 2006. It must be pointed out that the above results of the first quarter 2006 refer to the Group's continuing operations and do not include the Baltic Sea operation, as the vessels that served this line were sold in April 2006.

The market breakdown of the Group's total revenue is as follows: Adriatic Sea 55.0%, domestic routes 36.6%, and North Sea 8.4%. Respectively, the revenue breakdown per geographic segment is:

• In the Adriatic Sea revenue increased by 20.5% over a 12.9% increase in the number of sailings.
• In the domestic routes revenue increase by 28.9% over a 22.6% increase in the number of sailings.
• In the North Sea revenue decreased by 9.7% over the same number of sailings.

It should be noted that the financial results of the first quarters of 2006 and 2007 are not directly comparable due to fleet redeployment.

The increase of the Group's operating profitability (EBITDA) is attributed to the Adriatic Sea and Greek domestic market mainly due to the increase in revenue in both markets and the simultaneous reduction of the vessels' operating expenses. A contributor of this reduction was the drop by 16% of the average fuel oil price (380cst) during the first quarter of 2007 compared to the same period in 2006.

Attica Group's results in the first quarter of 2007 include extraordinary capital gains of €12.5 mln from the sale of Superfast X. In the same period, the parent company received Euro 19.1 mln as capital return from its subsidiary Superfast Deka MC. and it also received from its subsidiary group Superfast dividends amounting Euro 29.8 mln.

The Group's cash and cash equivalents stood at the end of the first quarter of 2007 at €119.2 mln against €100.1 mln at the end of the same period in 2006.

It should be noted that the Group operates in a highly seasonal sector particularly in the passenger and private vehicle segments with peaks between July and September and a slowdown between November and February. The freight segment exhibits no seasonality throughout the year.

Developments in the Group

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

• The Group sold in February 2007 the vessel SUPERFAST X at a price of €112 mln. The gains from the sale of the vessel stood at €12.5 mln and are posted in the results of the first quarter of 2007. Superfast X operated on the Scotland – Belgium route in the North Sea since May 2002 until it was replaced by Blue Star 1 as of the end of January 2007.
• In February 2007 the RoRo m/v Marin was redeployed from the route Uusikaupunki – Rostock in the Baltic Sea to the route Patras – Venice in the Adriatic Sea.
• In February 2007 the parent company increased its stake in the stock of Minoan Lines S.A to 22.25%.
• During February 2007 the regular tax audit of the parent company was completed for the fiscal year 2005. No additional taxes were imposed after this audit. Furthermore, the regular tax audit for the fiscal years up to and including 2005 for the subsidiaries of SUPERFAST Group was completed. Additional taxes amounted €175,294 and were posted in the 2006 results.

Operational Review

Adriatic Sea

Total carryings for the Superfast fleet (Superfast V, Superfast VI, Superfast XI, Superfast XII) in the routes Patras – Ancona, Patras – Igoumenitsa – Ancona, and Patras – Igoumenitsa – Bari during the first quarter of 2007 stood at 96,614 passengers, 16,768 private vehicles, and 30,698 freight units. Compared with the same period last year, traffic increased by 35.7% in the passenger traffic segment, by 34% in the private vehicle traffic segment, and 35.1% in the freight unit segment. It must be pointed out that the number of vessels remained the same in the first quarter of 2007 compared with the same period in 2006.

The above increase in traffic volumes is attributable not only to the increase of the load factors, but also to the increase by 20% of the departures.

Since February 10th 2007 the Group has an enhanced presence in the Adriatic Sea through the redeployment of the RoRo vessel m/v Marin from the Uusikaupunki – Rostock route to the Patras – Venice route. The other Group's RoRo vessel m/v Nordia that used to operate in the Baltic Sea was being chartered out from November 2006 until October 2008 to the French Company Fret Cetam.

The Blue Star Group was present in the Adriatic Sea (Patras – Igoumenitsa – Bari route) with one vessel (Blue Horizon) against two vessels (Blue Horizon and Blue Star 1 that was redeployed on the Rosyth – Zeebrugge route in the North Sea) during the first quarter in 2007. Total carryings for Blue Star Group for the first quarter 2007 stood at 20,537 passengers (a 16.3% decrease compared to the first quarter of 2006), 2,792 private vehicles (a 18.0% decrease), and 6,478 freight units (a 20.5% decrease).

Despite the decrease in carryings, the Group achieved a positive EBITDA during the first quarter of 2007 (€0.2 mln) against a negative EBITDA during the same period in 2006 (-€0.7 mln).

Overall, Attica Group achieved an EBITDA of €4.6 mln in the Adriatic Sea operations during the first quarter of 2007 against €0.6 mln during the same period in 2006.

Market shares for the Superfast Group on the Greece – Italy- Greece routes stood for the first quarter of 2007 at 33.5% in passengers (against 27.7% during the same period in 2006), 29.6% in private vehicles (against 25.3% during the same period in 2006), and 26.7% in freight units (against 20.7% during the same period in 2006). The respective shares for the Blue Star Group is 7.0% in passengers (against 10.6%), 4.6% in private vehicles (against 6.6%), and 5.5% in freight units (against 8.3%). Market shares are derived by the Greek port authorities of Patras and Igoumenitsa.

North Sea

The Group operated in the North Sea (Rosyth, Scotland – Zeebruge, Belgium) at the beginning of the year with the vessel Superfast X which was replaced by Blue Star 1 on 29th January 2007. Total carryings for the vessel, with the same number of sailings, stood at 15,528 passengers (a 0.3% increase compared to the first quarter of 2006), 5,223 private vehicles (a 5.7% increase), and 6,229 freight units (a 15.2% decrease).

Earnings before interests, taxes, depreciation, and amortization (EBITDA) in the first quarter of 2007 stood at -€0.8 mln against earnings of €0.3 mln during the same period in 2006.

The Greek Domestic Market

In the Greek domestic market (Piraeus – Cyclades, Rafina – Cyclades, and Piraeus – Dodecanese), the Group's subsidiary Blue Star Group achieved during the first quarter of 2007 a considerable revenue growth and an increase in its operating profitability.

During the first quarter of 2007 the departures increased by 22.6% compared with the same period last year. The reason for this increase was the acquisition of the vessel Diagoras and its deployment in the Piraeus – Dodecanese route. The carryings during the first quarter of 2007 stood at 511,868 passengers (a 13.1% increase compared to the first quarter of 2006), 69,646 private vehicles (a 14.6% increase), and 27,642 freight units (a 28.0% increase).

Earnings before taxes, investing and financial results, depreciation, and amortization (EBITDA) of Blue Star Group in the Greek domestic market during the first quarter of 2007 stood at €4.0 mln against €2.2 mln during the same period in 2006.

Voula, May 22nd, 2007

II. INTERIM FINANCIAL STATEMENTS

CONTENTS Page

	Income Statement of the Group	4
	Income Statement of the Company	5
Balance Sheet		6
	Statement of Changes in Equity (period 1-1 to 31-03-2007)	7
	Statement of Changes in Equity (period 1-1 to 31-03-2006)	8
	Cash Flow Statement	9
	Notes to the Financial Statements	10
1.	General Information	10
2.	Significant Group accounting policies	10-11
2.1.	Adoption of new IFRS and Interpretations from 1/1/2007	11
2.1.1.	IFRS 7 Financial Instruments	11
2.1.2.	Interpretation 11, application scope of IFRS 2	11
2.2.	Adoption of new or revised IFRS on and after 1/1/2008	12
2.2.1.	IFRS 8 Operating Segments	12
2.2.2.	IAS 23 Borrowing Costs (revised)	12
2.2.3.	Interpretation 12, Service Concession Arrangements	12
3.	Consolidation	12-14
4.	Related party disclosures	14
4.1.	Intercompany transactions	14-21
4.2.	Participation of the members of the Board of Directors
	to the Board of Directors of other companies	21
4.3.	Guarantees	21
4.4.	Board of Directors and Executive Directors' Fees	21
5.	Financial Statements Analysis	21-22
5.1.	Revenue analysis and geographical segment report	22-24
5.2.	Cost of sales	24-25
5.3.	Other Operating Income	25
5.4.	Administrative Expenses	26
5.5.	Distribution Expenses	26
5.6.	Depreciation	27
5.6.1.	Reclassified items – Change in Presentation	27
5.7.	Financial Results	27-28
5.8.	Profit / (Loss) from vessels' disposal	28
5.9.	Profit from associated companies	28-29
5.10.	Income taxes	29
5.11.	Tangible assets	29-31
5.12.	Intangible assets	32-34
5.13.	Investments in subsidiaries	34
5.14.	Investments in associated companies	34-35
5.15.	Non-current receivables	35
5.16.	Deferred Tax Assets	35
5.17.	Inventories	36
5.18.	Trade receivables and prepayments	36
5.19.	Tax receivables	37
5.20.	Other receivables	37

5.21. Financial assets held for trading 37

5.22.	Cash and cash equivalents	38
5.23.	Deferred expenses - Accrued income	38
5.24.	Non - current assets classified as held for sale	39
5.25.	Share capital - Reserves	39
5.26.	Secured loans	39-40
5.27.	Finance – Operating Leases	40
5.28.	Deferred tax liabilities	40
5.29.	Retirement benefit provisions	41
5.30.	Provisions	41
5.31.	Bank loans and overdrafts	41
5.32.	Trade and other payables	42
5.33.	Tax liabilities	42
5.34.	Deferred income - Accrued expenses	43
6.	Events after the balance sheet date	43

INCOME STATEMENT

For the period ending at March 31 2007 & 2006

			GROUP
	Notes	1/01-31/03/07		1/01-31/03/06
			Continuing	Discontinued
		Total	operations	operations	Total
Revenue	(5.1)	59.455	51.357	17.139	68.496
Cost of sales	(5.2)	(47.925)	(47.597)	(17.229)	(64.826)
Gross Profit/(loss)		11.530	3.760	(90)	3.670
Other operating income	(5.3)	416	127	213	340
Administrative expenses	(5.4)	(5.677)	(5.522)	(767)	(6.289)
Distribution expenses	(5.5)	(5.022)	(2.531)	(2.601)	(5.132)
Earnings before taxes,
investing and financial results		1.247	(4.166)	(3.245)	(7.411)
Dividend income/Profit from sale of investments		67	7.066		7.066
Interest & other similar income	(5.7)	1.043	531	4	535
Interest and other financial expenses	(5.7)	(6.336)	(5.710)	(1.744)	(7.454)
Profit/(loss) from revaluation of investments in
subsidiaries - associated companies	(5.7)
Foreign exchange differences	(5.7)	(76)	165	(23)	142
Financial results		(5.302)	2.052	(1.763)	289
Profit/(loss) from vessels' disposal	(5.8)	12.504	1.076		1.076
Profit from associated companies	(5.9)	25
Profit/(loss) before taxes		8.474	(1.038)	(5.008)	(6.046)
Taxes	(5.10)	(82)	(477)	(28)	(505)
Profit/(loss) after taxes		8.392	(1.515)	(5.036)	(6.551)
Attributable as follows:
Company Shareholders		9.341	(466)	(5.036)	(5.502)
Minority Interests in subsidiaries		(949)	(1.049)		(1.049)
Earnings after taxes Per Share - basic (in €)		0,09	(0,00)	(0,05)	(0,05)

INCOME STATEMENT

For the period ending at March 31 2007 & 2006

			COMPANY
		Notes 1/01-31/03/07 1/01-31/03/06
Revenue
Cost of sales
Gross Profit/(loss)
Other operating income
Administrative expenses	(5.4)	(262)	(322)
Distribution expenses
Earnings before taxes,
investing and financial results		(262)	(322)
Dividend income/Profit from sale of investments	(4.1)+(5.7)	29.954	7.066
Interest & other similar income	(5.7)	136	102
Interest and other financial expenses	(5.7)	(688)	(453)
Profit/(loss) from revaluation of investments in
subsidiaries - associated companies	(5.7)
Foreign exchange differences
Financial results		29.402	6.715
Profit/(loss) from vessels' disposal
Profit from associated companies	(5.9)	25
Profit/(loss) before taxes		29.165	6.393
Taxes	(5.10)		(344)
Profit/(loss) after taxes		29.165	6.049
Attributable as follows:
Company Shareholders		29.165	6.049
Minority Interests in subsidiaries
Earnings after taxes Per Share - basic (in €)		0,28	0,06

BALANCE SHEET

As at 31st of March 2007 and at December 31, 2006
---------------------------------------------------	--	--

		GROUP		COMPANY
	Notes	31/03/2007	31/12/2006	31/03/2007	31/12/2006
ASSETS
Non-current assets
Tangible assets	(5.11)	715.900	719.549	5	2
Intangible assets	(5.12)	2.561	2.660	78	80
Investments in subsidiaries	(3)+(5.13)			105.165	114.686
Investments in associated companies	(5.14)	65.333		65.333
Other financial assets			34.732		34.732
Non-current receivables	(5.15)	162	215
Deferred tax assets	(5.16)	127	127
		784.083	757.283	170.581	149.500
Current assets
Inventories	(5.17)	3.414	3.790
Trade receivables and prepayments	(5.18)	60.771	55.983
Tax receivables	(5.19)	1.471	1.495	544	349
Receivables from subsidiaries-associated companies
Other receivables	(5.20)	3.467	2.903	1	31
Financial assets held for trading	(5.21)	734	734	734	734
Cash and cash equivalents	(5.22)	119.252	105.449	31.850	13.888
Deferred expenses	(5.23)	13.249	8.108
Accrued income	(5.23)	47	138		30
		202.405	178.600	33.129	15.032
Non-current assets classified as held for sale	(5.24)	1.698	99.679
Total assets		988.186	1.035.562	203.710	164.532
EQUITY AND LIABILITIES
Equity
Share capital	(5.25)	62.504	62.504	62.504	62.504
Reserves	(5.25)	259.487	259.077	54.394	44.396
Retained earnings	(5.25)	32.049	22.713	50.903	21.738
Total Sharholders equity		354.040	344.294	167.801	128.638
Minority interests in subsidiaries		109.158	110.107
Total equity		463.198	454.401	167.801	128.638
Non-current liabilities
Secured loans	(5.26)	392.853	399.465
Unsecured loans
Finance leases	(5.27)	304	304
Deferred tax liabilities	(5.28)	329	329	267	267
Retirement benefit provisions	(5.29)	1.132	1.131	54	54
Provisions	(5.30)	421	321
		395.039	401.550	321	321
Current liabilities
Bank loans and overdrafts	(5.31)	9.931	9.931	9.931	9.931
Current portion of long term liabilities		63.661	63.661	25.000	25.000
Trade and other payables	(5.32)	31.963	28.217	121	109
Payables to subsidiaries-associated companies
Tax liabilities	(5.33)	3.529	2.688	17	20
Deferred income	(5.34)	8.500	1.933
Accrued expenses	(5.34)	12.365	8.018	519	513
Liabilities directly associated with non current assets		129.949	114.448	35.588	35.573
classified as held for sale			65.163
Total equity and liabilities		988.186	1.035.562	203.710	164.532

Statement of Changes in Equity

For the Period 1/01-31/03/2007

GROUP

						I F R S	He dg ing &	To l ta	M ino i ty r
	S ha re	S ha re	O t he r		Re ta ine d	A d j tm t us en	Fa ir v lue a	ha ho l de s re rs	in ter ts in es	To ta l
	Ca i ta l p	Pr ium em	Re se rve s	Im irm ts p a en	Ea ing rn s	Re se rve s	Re se rve s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 7 ce a nu ar y	6 2. 5 0 4	2 0 7. 6 4 8	4 7. 7 7 0	( 6. 5 1 0 )	2 2. 7 1 3	1 0. 1 6 9	0	3 4 4. 2 9 4	1 1 0. 1 0 7	4 5 4. 4 0 1
C ha in Eq i for he Pe io d 1 / 0 1- 3 1 / 0 3 / 2 0 0 ty t 7 ng es u r							4 1 0	4 1 0		4 1 0
f Re las i ie d i tem c s s			1 0. 1 6 9			( ) 1 0. 1 6 9		0		0
Ex ha d i f fer tra la t ing for ig c ng e en ce s o n ns e n
t ion op era s					( 5 )			( 5 )		( 5 )
f for / / / Ne t Pr i t t he Pe io d 1 0 1- 3 1 0 3 2 0 0 7 o r					9. 3 4 1			9. 3 4 1	( 9 4 9 )	8. 3 9 2
D iv i de ds n
Ba lan t 3 1 Ma h 2 0 0 7 ce a rc	6 2. 5 0 4	2 0 7. 6 4 8	5 7. 9 3 9	( 6. 5 1 0 )	3 2. 0 4 9	0	4 1 0	3 5 4. 0 4 0	1 0 9. 1 5 8	4 6 3. 1 9 8

COMPANY

						I F R S	He dg ing &	To l ta	M ino i ty r
	S ha re	S ha re	O t he r		Re ta ine d	A d j tm t us en	Fa ir v lue a	ha ho l de s re rs	in ter ts in es	To ta l
	Ca i ta l p	Pr ium em	Re se rve s	Im irm ts p a en	Ea ing rn s	Re se rve s	Re se rve s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 7 ce a nu ar y	6 2. 5 0 4	1 9 4. 3 4 0	( ) 3. 9 1 7	( ) 1 5 4. 0 0 0	2 1. 7 3 8	7. 9 7 3	0	1 2 8. 6 3 8		1 2 8. 6 3 8
C ha in Eq i ty for t he Pe io d 1 / 0 1- 3 1 / 0 3 / 2 0 0 7 ng es u r			9. 5 8 9				4 1 0	9. 9 9 8		9. 9 9 8
Re las i f ie d i tem c s s			1 2. 2 7 7	( 4. 3 0 4 )		( 9 3 ) 7. 7		0		0
Ne t Pr f i t for t he Pe io d 1 / 0 1- 3 1 / 0 3 / 2 0 0 7 o r					2 9. 1 6 5			2 9. 1 6 5		2 9. 1 6 5
D iv i de ds n
Ba lan 3 1 Ma h 2 0 0 t 7 ce a rc	6 2. 0 4 5	1 9 4. 3 4 0	1 9 4 9 7.	( 1 8. 3 0 4 ) 5	0. 9 0 3 5	0	4 1 0	1 6 8 0 1 7.		1 6 8 0 1 7.

Statement of Changes in Equity

For the Period 1/01-31/03/2006

GROUP

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

COMPANY

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

CASH FLOW STATEMENT

For the periods ending at March 31 2007 & 2006

			GROUP		COMPANY
			Notes 1/01-31/03/2007 1/01-31/03/2006		1/01-31/03/2007 1/01-31/03/2006
Cash flow from Operating Activities
Profit/(Loss) Before Taxes		8.474	(6.046)	29.165	6.393
Adjustments for:
Depreciation & amortization	(5.6)	6.607	9.264	3	3
Deferred tax expense
Provisions		1.048	334
Foreign exchange differences	(5.7)	76	(141)
Net (profit)/Loss from investing activities		(14.916)	(8.329)	(30.116)	(7.168)
Interest payable and other financial expenses	(5.7)	6.236	7.454	688	453
Plus or minus for Working Capital changes :
Decrease/(increase) in Inventories		376	(99)
Decrease/(increase) in Receivables		(10.210)	16.577	(134)	138
(Decrease)/increase in Payables (excluding banks)		12.888	(6.922)	7	(429)
Less:
Interest and other financial expenses paid		(4.576)	(5.881)	(682)
Taxes paid		(143)	(147)
Total cash inflow/(outflow) from operating activities (a)		5.860	6.064	(1.069)	(610)
Cash flow from Investing Activities Acquisition of subsidiaries, associated companies, joint ventures and other investments	(5.14)	(30.338)		(30.338)
Purchase of tangible and intangible assets Proceeds from sale of tangible and intangible assets	(5.11)+(5.12)	(2.857) 112.000	(504) 23.518	(3) 19.349	(2) 23.049
Interest received	(5.8)	1.043	535	136	102
Dividends received	(5.7)			29.887
Total cash inflow/(outflow) from investing activities (b)
		79.848	23.549	19.031	23.149
Cash flow from Financing Activities Proceeds from issuance of Share Capital Proceeds from Borrowings
Payments of Borrowings	(5.22)	(71.775)	(21.918)
Payments of finance lease liabilities	(5.22)	(130)	(145)
Dividends paid
Total cash inflow/(outflow) from financing activities (c)		(71.905)	(22.063)
Net increase/(decrease) in cash and cash equivalents
(a)+(b)+(c)		13.803	7.550	17.962	22.539
Cash and cash equivalents at beginning of period		105.449	92.558	13.888	3.251
Cash and cash equivalents at end of period		119.252	100.108	31.850	25.790

Cash and cash equivalents analysis is presented in paragraph 5.22. The method used for the preparation of the above Cash Flow Statement is the Indirect Method.

NOTES TO THE 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, mainly operates in passenger shipping and in travel agency services.

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

The number of employees, at period end, was 9 for the parent company and 1.282 for the Group, while at 31/03/2006 was 9 and 1.536 respectively.

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

The corresponding codes under Bloomberg is ATTEN GA and under Reuters is EPA.AT.

The total number of common bearer shares outstanding as at 31 March 2007 was 104.173.680. Each share carries one voting right. The total market capitalization amounted to € 458.364 thousand approximately.

The interim financial statements of the Company and the Group for the period ending at 31 March 2007 were approved by the Board of Directors on May 23, 2007.

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

2. Significant Group accounting policies

The accounting policies used by the Group for the preparation of the financial statements for the period 1/01-31/03/2007 are the same with those used for the preparation of the financial statements for the fiscal year 2006.

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 has 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, the materiality principle and the accrual basis of accounting.

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 2007.

• 2.1. Adoption of new IFRS and Interpretations from 1/1/2007 The Group will implement on 1/1/2007 for the first time IFRS 7 and Interpretation 11. More analytically:
• 2.1.1. IFRS 7 Financial Instruments: Disclosures and supplementary adjustment of IAS 1, Presentation of Financial Statements, Capital Disclosures.

IFRS 7 requires further disclosures about: a) the significance of financial instruments for the entity's financial position and performance

b) qualitative and quantitative information about the exposure to risks arising from financial instruments, including minimum determined disclosures about credit risk, liquidity risk and market risk.

IFRS 7 replaces IAS 30 and the disclosures required by IAS 32.

The presentation requirements of IAS 32 remain unaltered.

The Group will implement IFRS 7 and the amendment of IAS 1 on the annual financial statements of the fiscal year which begins on 1/01/2007.

2.1.2. Interpretation 11, Application scope of IFRS 2 Group and Treasury Share Transactions.

For the scope of accounting treatment, the transactions in which employees are granted rights to equity instruments, are regarded as equity settled – share based payments even in the case in which the company chooses or has the obligation to buy such equity instruments from third parties.

The same is followed in the financial statements of the parent company, when employees of its subsidiaries are granted rights to equity instruments of the parent company.

The above interpretation, which becomes effective on 1 March 2007, is not applicable to the operations of the Group.

2.2. Adoption of new or revised IFRS on and after 1/1/2008

2.2.1. IFRS 8 Operating Segments

The Group will implement on 1/01/2009 IFRS 8 "Operating Segments", which replaces IAS 14 "Segment Reporting" and requires the information disclosed to the users of the financial statements to be the same with those that the management uses internally in order to assess its segment performance.

2.2.2. IAS 23 Borrowing Costs (Revised)

The revised IAS 23 provides that an entity should capitalize the borrowing cost to the extent that is attributable to the acquisition, construction or production of an asset and shall be capitalized as part of the cost of that asset.

Any other cost should be recognized as an expense in the period in which it is incurred.

The Group will not be affected by the revision of IAS 23 because it already applies the alternative treatment for the recognition of the borrowing cost which was provided by the previous version of IAS 23. This treatment is the same treatment that is provided by the revised IAS 23.

2.2.3. Interpretation 12, Service Concession Arrangements (is applicable for annual periods beginning on or after 1 January 2008).

Interpretation 12 deals with the way service concession operators should apply existing IFRS to account for the rights and obligations they undertake in service concession arrangements. In accordance with this Interpretation the operators should not recognise the relevant infrastructure as tangible assets, but should recognise a financial asset or an intangible asset. Interpretation 12 is not applicable to the operations of the Group.

3. Consolidation

a) 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 S.A.	45.779			45.779	GREECE	100%
SUPERFAST EPTA MC.	44			44	GREECE	100%
SUPERFAST OKTO MC.	44			44	GREECE	100%
SUPERFAST ENNEA MC.	4.823			4.823	GREECE	100%
SUPERFAST DEKA MC.	10.625	19.110	(9.589)	1.104	GREECE	100%
NORDIA MC.	4.005			4.005	GREECE	100%
MARIN MC.	3.620			3.620	GREECE	100%
BLUE STAR MARITIME S.A.*	42.525			42.525	GREECE	48,79%
ATTICA PREMIUM S.A.	3.222			3.222	GREECE	100%
Total	114.686	19.110	(9.589)	105.165

* Blue Star Maritime S.A. is consolidated in Attica Holdings S.A. because the company controls the Board of Directors of Blue Star Maritime S.A. although it owns less than 50% of its share capital.

Due to the completion of liquidation procedures of the subsidiary companies SUPERFAST EPTA INC., SUPERFAST OKTO INC., SUPERFAST ENNEA INC., SUPERFAST DEKA INC. these are not anymore consolidated in the Group.

From this change there is no effect to the Group's results.

b) The following companies are also fully consolidated using the full consolidation method indirectly into the ATTICA GROUP:

1. The following 100% subsidiaries of SUPERFAST FERRIES MARITIME S.A.:

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 and SUPERFAST FERRIES S.A., registered in Greece which operate under common management.

1. The following 100% subsidiaries of BLUE STAR MARITIME S.A.:

a) Registered in Greece:

BLUE STAR FERRIES MARITIME S.A.

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 S.A., WATERFRONT NAVIGATION COMPANY*, THELMO MARINE S.A.*

d) Registered in Panama:

BLUE ISLAND SHIPPING INC.*

*inactive companies

c) In addition, for the first quarter of 2007, the associated company MINOAN LINES SHIPPING S.A. is consolidated for the first time using the equity method.

From this change there is no significant effect to the Group's results.

4 Related Party disclosures

4.1. Intercompany transactions

For the period 1/01-31/03/2007, 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 € 2 thousand from its 100% subsidiary ATTICA PREMIUM S.A. This amount is written-off in the consolidated accounts of ATTICA GROUP.

The Company for the period 1/01-31/03/2007 received the amount of € 29.887 thousand as dividend from its 100% subsidiary SUPERFAST GROUP. These amounts are written-off in the consolidated accounts of ATTICA GROUP.

There are no any receivables or payables of the parent Company arising from or to its transactions with directly or indirectly related entities.

The 100% subsidiary SUPERFAST DEKA MC. has decided to return part of its share capital to its parent company ATTICA HOLDINGS S.A. due to sale of its assets. The capital return amounts € 19.110 thousand.

The intercompany balances as at 31/03/2007 are presented in the following tables.

Intercompany balances of SUPERFAST Group

		SUPERFAST ENA		SUPERFAST ENA		SUPERFAST DIO		SUPERFAST DIO		SUPERFAST TRIA		SUPERFAST TRIA
COMPANY		INC.		(HELLAS) INC.		INC.		(HELLAS) INC.		INC.		(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 OKTO MC.
SUPERFAST ENNEA MC.
SUPERFAST DEKA MC.
SUPERFAST ENDEKA INC.
SUPERFAST ENDEKA (ΗΕLLAS) INC.
SUPERFAST DODEKA INC.
SUPERFAST DODEKA (HELLAS) INC.
NORDIA MC.
MARIN MC.
SUPERFAST FERRIES S.A.				7				11
SUPERFAST DODEKA (HELLAS) INC.
& CO JOINT VENTURE
SUPERFAST FERRIES MARITIME S.A.
TOTAL				7				11

COMPANY	SUPERFAST TESSERA INC.		SUPERFAST TESSERA (HELLAS) INC.		SUPERFAST PENTE INC.		SUPERFAST PENTE (HELLAS) INC.		SUPERFAST EXI INC.		SUPERFAST EXI (HELLAS) INC.
	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
SUPERFAST ENA INC.
SUPERFAST ENA (HELLAS) INC.
SUPERFAST DIO INC.
SUPERFAST DIO (HELLAS) INC.
SUPERFAST TRIA INC.
SUPERFAST TRIA (HELLAS) INC.
SUPERFAST TESSERA INC.
SUPERFAST TESSERA (HELLAS) INC.
SUPERFAST PENTE INC.								37.657
SUPERFAST PENTE (HELLAS) INC.					37.657
SUPERFAST EXI INC.												44.993
SUPERFAST EXI (HELLAS) INC.									44.993
SUPERFAST EPTA MC
SUPERFAST OKTO MC
SUPERFAST ENNEA MC
SUPERFAST DEKA MC
SUPERFAST ENDEKA INC.
SUPERFAST ENDEKA (ΗΕLLAS) INC.
SUPERFAST DODEKA INC.
SUPERFAST DODEKA (HELLAS) INC.
NORDIA MC
MARIN MC
SUPERFAST FERRIES S.A.						42.899				48.350
SUPERFAST DODEKA (HELLAS) INC. & CO JOINT VENTURE							39.957				47.614
SUPERFAST FERRIES MARITIME S.A.
TOTAL					37.657	42.899	39.957	37.657	44.993	48.350	47.614	44.993

COMPANY	SUPERFAST EPTA MC		SUPERFAST OKTO MC		SUPERFAST ENNEA MC		SUPERFAST DEKA MC
	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 OKTO MC
SUPERFAST ENNEA MC
SUPERFAST DEKA MC
SUPERFAST ENDEKA INC.
SUPERFAST ENDEKA (ΗΕLLAS) INC.
SUPERFAST DODEKA INC.
SUPERFAST DODEKA (HELLAS) INC.
NORDIA MC
MARIN MC
SUPERFAST FERRIES S.A.		55		21				2.555
SUPERFAST DODEKA (HELLAS) INC.&
CO JOINT VENTURE					3.766
SUPERFAST FERRIES MARITIME S.A.
TOTAL		55		21	3.766			2.555

COMPANY		SUPERFAST ENDEKA INC.		SUPERFAST ENDEKA (HELLAS) INC.	SUPERFAST DODEKA INC.		SUPERFAST DODEKA (HELLAS) INC.
	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 OKTO MC
SUPERFAST ENNEA MC
SUPERFAST DEKA MC
SUPERFAST ENDEKA INC.				43.900
SUPERFAST ENDEKA (ΗΕLLAS) INC.	43.900
SUPERFAST DODEKA INC.								30.575
SUPERFAST DODEKA (HELLAS) INC.					30.575
NORDIA MC
MARIN MC
SUPERFAST FERRIES S.A.		23.450				20.225
SUPERFAST DODEKA (HELLAS) INC.& CO
JOINT VENTURE			46.131				32.722
SUPERFAST FERRIES MARITIME S.A.
TOTAL	43.900	23.450	46.131	43.900	30.575	20.225	32.722	30.575

COMPANY		SUPERFAST DODEKA (HELLAS) SUPERFAST INC. & CO FERRIES S.A. JOINT VENTURE NORDIA MC MARIN MC
	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
SUPERFAST ENA INC.
SUPERFAST ENA (HELLAS) INC.					7
SUPERFAST DIO INC.
SUPERFAST DIO (HELLAS) INC.					11
SUPERFAST TRIA INC.
SUPERFAST TRIA (HELLAS) INC.
SUPERFAST TESSERA INC.
SUPERFAST TESSERA (HELLAS) INC.
SUPERFAST PENTE INC.					42.899
SUPERFAST PENTE (HELLAS) INC.								39.957
SUPERFAST EXI INC.					48.350
SUPERFAST EXI (HELLAS) INC.								47.614
SUPERFAST EPTA MC					55
SUPERFAST OKTO MC					21
SUPERFAST ENNEA MC								3.766
SUPERFAST DEKA MC					2.555
SUPERFAST ENDEKA INC.					23.450
SUPERFAST ENDEKA (ΗΕLLAS) INC.								46.131
SUPERFAST DODEKA INC.					20.225
SUPERFAST DODEKA (HELLAS) INC.								32.722
NORDIA MC								637
MARIN MC								180
SUPERFAST FERRIES S.A.							149.738
SUPERFAST DODEKA (HELLAS) INC. & CO JOINT VENTURE	637		180			149.738
SUPERFAST FERRIES MARITIME S.A.
TOTAL	637		180		137.573	149.738	149.738	171.008

Reconciliation of intercompany balances:

Total debit:	615.444
Total credit:	615.444
Balance	0

Intercompany Balances of Blue Star Group

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

Reconciliation of Intercompany Balances

To l de b i ta t :	7 4 3. 5 7 7
To l c d i ta t : re	4 3. 7 5 7 7
Ba lan ce	0

Attica Premium S.A.

Reconciliation of intercompany balances:

	31/03/2007		31/12/2006
	Debit	Credit	Debit	Credit
Superfast Group		6.497		7.818
Blue Star Group		623		833
Attica Holdings S.A.
		7.120		8.651

Sales to associated companies:

	1/01-31/03/2007	1/01-31/03/2006
Superfast Group	983	1.963
Blue Star Group	134	77
Attica Holdings S.A.	2	1
	1.119	2.041

The transactions between Attica Premium S.A. and the other companies of Attica Holdings S.A. have been priced with market terms.

Furthermore, there are intercompany transactions between Superfast Dodeka (Hellas) Inc. and Co Joint Venture and Blue Star Group amounting to € 5.616 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 2006.

Office rent paid by the Group to Odyssey Maritime Inc. and Pellucid Trade Inc., companies controlled by Pericles Panagopulos family, for the period 1/01-31/03/07 totaled an amount of € 92 thousand.

4.3. Guarantees

The parent company has guaranteed to lending banks the repayment of loans of the Superfast vessels.

4.4. Board of Directors and Executive Directors' Fees

Executive Directors' Fees (Managing Director, Authorized Director, Financial Director, Sales Director, Technical Director, Hotel Director) totaled an amount of € 483 thousand.

5. Financial statements analysis

The figures of the period 1/01 – 31/03/2007 are not fully comparable with the corresponding figures of continuing operations of the previous year because:

a) the car passenger ferry Diagoras was acquired by the Group in July 2006 and therefore didn't exist in the first quarter of 2006,

b) the vessel Blue Star 1 has been redeployed from the Adriatic Sea to the North Sea in January 2007,

c) the freight-only RoRos, Nordia and Marin have been redeployed from the Baltic Sea routes and especially the RoRo Nordia has been chartered from 29/11/2006 to the French company Fret Cetam and the RoRo Marin from 10/02/2007 has been deployed in the Adriatic Sea and particularly on the Patras – Venice route.

5.1. Revenue Analysis and Geographical Segment Report

The Group has decided to provide information based on the geographical segmentation of its operations.

The Group operates in the Greek Domestic Routes, in Adriatic Sea and in North Sea. The Group's vessels provide transportation services to passengers, private vehicles and freight. The Company's sales are highly seasonal. The highest traffic for passengers and vehicles is observed during the months July, August and September while the lowest traffic for passengers and vehicles is observed between November and February. On the other hand, freight sales are not affected significantly by seasonality.

Τhe Group has chartered out from 29/11/2006 the RoRo Nordia to the French company Fret Cetam. The time charter will last until October 2008, with daily hire € 11 thousand.

The Company, as a holding company, does not have any sales activity and for this reason there is no revenue analysis by Geographical segment.

The consolidated results and other information per segment for the period 1/01 – 31/03/2007 are as follows:

	GROUP
			1/01-31/03/2007
Geographical Segment	Domestic Routes	Adriatic Sea	North Sea	Other *	Total
Revenue from Fares	19.745	27.649	4.656	998	53.048
On-board Sales	1.481	4.244	248		5.973
Travel Agency Services				434	434
Total Revenue	21.226	31.893	4.904	1.432	59.455
Gross profit/(loss)	5.524	5.638	(343)	711	11.530
Financial results	(1.475)	(2.782)	(774)	(271)	(5.302)
Earnings before taxes, investing and financial results, depreciation
and amortization	4.004	4.551	(790)	90	7.854
Profit/(Loss) before Taxes	197	(1.606)	10.156	(273)	8.474
Profit/(Loss) after Taxes	197	(1.667)	10.148	(286)	8.392
Vessels' Book Value at 01/01	228.139	476.349	98.002	13.340	815.830
Improvements / Additions Vessel acquisitions in the present period	1.402		1.309		2.711
Vessels' Disposals			(98.002)		(98.002)
Vessels' redeployment		(82.410)	88.620	(6.210)
Depreciation for the Period	(2.217)	(3.262)	(733)	(78)	(6.290)
Net Book Value of vessels at 31/03	227.324	390.677	89.196	7.052	714.249
Secured loans	115.745	228.955	45.376	2.777	392.853

* Other includes the parent company, the shipowning company of RoRo NORDIA and the 100% subsidiary ATTICA PREMIUM S.A.

Revenue from Fares in Domestic routes includes the grants received for public services performed under contracts with the Ministry of Mercantile Marine and the Ministry of Aegean and Island Policy amounting € 653 thousand for the period 1/01 – 31/03/2007 and € 359 thousand for the period 1/01 – 31/03/2006.

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

The vessels' values represent the tangible assets 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.

The Revenues that appear in the Group's Consolidated Financial Statements for the period 1/1 - 31/03/2007 belong to the following Business Activity Categories:

Sea & Coastal Transportation	53.048
Restaurants on board	1.578
Bars on board	2.804
Casino on board	1.082
Shops on board	509
Travel agency services	434
Total	59.455

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

	GROUP
					1/01-31/03/2006
Geographical Segment	Domestic Routes	Adriatic Sea		Baltic Sea	North Sea	Other		Total	Grand Total
			Continuing	Discontinued			Continuing	Discontinued
			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	5.432	969	51.358	17.138	68.496
Gross profit/(loss)	2.891	553	243	(90)	517	(444)	3.760	(90)	3.670
Financial results	(1.035)	(2.957)	(64)	(1.763)	(660)	6.767	2.051	(1.763)	288
Earnings before taxes,investing and financial results,depreciation
and amortization	2.182	592	253	(984)	326	(516)	2.837	(984)	1.853
Profit/(Loss) before Taxes	70	(6.231)	39	(5.009)	(1.099)	6.184	(1.037)	(5.009)	(6.046)
Profit/(Loss) after Taxes	68	(6.285)	25	(5.037)	(1.108)	5.786	(1.514)	(5.037)	(6.551)
Vessels' Book Value at 01/01 Improvements / Additions Vessels' Disposals	217.972 403 (1.815)	492.019	13.920	291.107	99.785		823.696 403 (1.815)	291.107	1.114.803 403 (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	0	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

5.2. Cost of sales

Below can be obtained the Cost of Sales analysis as stated in the Income Statement for the period ending 31/03 2007 and 2006.

	GROUP
	1/01-31/03/2007		1/01-31/03/2006
		Continuing	Discontinued
		operations	operations	Total
Crew Expenses	11.028	9.576	3.565	13.141
Fuel-Lubricants	18.097	19.466	8.257	27.724
Insurance Premia	916	836	233	1.069
Repairs-Maintenance-Spare
Parts	6.492	5.099	741	5.841
Port Expenses	3.469	3.403	2.184	5.587
On-board Cost of Goods Sold	1.324	1.111	32	1.143
Vessels Depreciation	6.290	6.695	2.217	8.912
Cost of Travel Agency Services	309	1.410		1.410
Total	47.925	47.597	17.229	64.826

		COMPANY
	1/01-31/03/2007	1/01-31/03/2006
Crew Expenses
Fuel-Lubricants
Insurance Premia
Repairs-Maintenance-Spare
Parts
Port Expenses
On-board Cost of Goods Sold
Other
Vessels Depreciation
Cost of Travel Agency Services
Total

5.3. Other Operating Income

The item "Other Operating Income", amounting € 416 thousand, refer mainly to amounts received from insurance claims and various grants.

5.4. Administrative Expenses

		GROUP
	1/01-31/03/2007		1/01-31/03/2006
		Continuing	Discontinued
		operations	operations	Total
Personnel Expenses	3.423	3.060	404	3.464
Rent and related Expenses	369	336	35	371
Telecommunication Expenses	157	156	61	217
Stationery	51	59	20	79
Office Repair-Maintenance Expenses	269	283	113	396
Third Party Services & Expenses	188	355	5	360
Other	903	964	86	1.050
Office Depreciation	317	308	44	352
Total	5.677	5.522	767	6.289

		COMPANY
		1/01-31/03/2007 1/01-31/03/2006
Personnel Expenses	96	79
Rent and related Expenses	5	4
Telecommunication Expenses	3	2
Stationery
Office Repair-Maintenance Expenses	2	4
Third Party Services & Expenses	83	180
Other	70	50
Office Depreciation	3	3
Total	262	322

5.5. Distribution Expenses

	GROUP
	1/01-31/03/2007		1/01-31/03/2006
		Continuing	Discontinued
		operations	operations	Total
Advertising Expenses	918	907	1.176	2.083
Sales Promotional Expenses	129	82	184	266
Sales Commissions	3.461	1.230	1.212	2.442
Other	514	312	29	341
Total	5.022	2.531	2.601	5.132

	COMPANY
	1/01-31/03/2007	1/01-31/03/2006
Advertising Expenses
Sales Promotional Expenses
Sales Commissions
Other
Total

5.6. Depreciation

		GROUP
	1/01-31/03/2007	1/01-31/03/2006
		Continuing	Discontinued
		operations	operations	Total
Vessels	6.290	6.695	2.217	8.912
Office	317	308	44	352
Total	6.607	7.003	2.261	9.264

COMPANY

		1/01-31/03/2007 1/01-31/03/2006
Vessels
Office	3	3
Total	3	3

5.6.1. Reclassified items – Change in Presentation

The Group was presenting the depreciation expenses as a separate item in each period's income statement in order for the reader to have a direct access to the EBITDA information. 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 was and there is no effect neither to any period's result nor to the balance sheet or to the earnings after taxes per share or to the shareholders equity. The above reclassifications had as a result the increase (or the decrease) for the period 1/01-31/03/2006 of the following items.

		GROUP		COMPANY
		1/01-31/03/2006		1/01-31/03/2006
	Continuing	Discontinued
	operations	operations	Total
Cost of sales Administrative	6.695	2.217	8.912
expenses	308	44	352	3
Depreciation	(7.003)	(2.261)	(9.264)	(3)

5.7. Financial Results

• a) Dividend Income and profit from sale of investments Refers to the amount that the parent company received as dividend from the companies of the SUPERFAST GROUP.
• b) Interest and similar Income The Group has invested its cash in time deposits with an average interest rate of 3,6% net of taxes.
• c) Interest and Other Financial Expenses They refer to the interest paid on loans.

d) Foreign Exchange Differences

They were created from the revaluation at 31/3/2007 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
	1/01-31/03/2007		1/01-31/03/2006
		Continuing	Discontinued
		operations	operations	Total
Interest on Long-Term Borrowings	(3.653)	(3.586)	(1.735)	(5.321)
Interest on Bonds	(2.432)	(1.899)		(1.899)
Interest on Short-Term Borrowings		(131)		(131)
Other Financial Expenses	(251)	(95)	(9)	(103)
Interest Income	1.043	531	4	535
Dividend income/Profit from sale of investments	67	7.066		7.066
Profit/(loss) from revaluation of investments in
subsidiaries - associated companies
Foreign Exchange Differences	(76)	165	(23)	142
Total	(5.302)	2.051	(1.763)	289

	COMPANY
	1/01-31/03/2007	1/01-31/03/2006
Interest on Long-Term Borrowings	(625)	(270)
Interest on Bonds
Interest on Short-Term Borrowings		(131)
Other Financial Expenses	(63)	(52)
Interest Income	136	102
Dividend income/Profit from sale of investments	29.954	7.066
Profit/(loss) from revaluation of investments in
subsidiaries - associated companies
Foreign Exchange Differences
Total	29.402	6.715

Other Financial Expenses include loss of € 57 thousand that arised from the interest rate hedging contracts of the Group.

5.8. Profit / (Loss) from vessels' disposal

It refers to the profit from the sale of the vessel SUPERFAST X, which took place in February 2007. The selling price was € 112.000 thousand.

5.9. Profit from associated companies

The profit of the Group from the participation in the associated company MINOAN LINES SHIPPING S.A. is the profit for the period 1/03 – 31/03/2007 because the above company acquired the status of an associated company to our Group on 23/02/2007.

The adjusted profit of the associated company is as follows:

Profit / (Loss) for the period 1/01-31/03/2007	(3.941)
Less: Profit / (Loss) for the period 1/01-28/02/2007	4.332
Profit / (Loss) for the period 1/01-31/03/2007	391
Less: Adjustments due to different depreciation method	(277)
Adjusted profit of the associated company
for the period 1/03-31/03/2007	114
% participation of ATTICA HOLDINGS S.A.	22,2505%
Profit from the associated company	25

5.10. Income taxes

Special taxation policies apply on the Group's profits. Consequently, it is believed that the following analysis provides a better understanding of the income taxes.

Dividend distribution Tax Tax according to Law 27/75 Provision for unaudited fiscal years Taxes charged from the taxation audit Total	GROUP 1/01-31/03/2007 1/01-31/03/2007 10 72 82	COMPANY
	GROUP COMPANY
	Continuing operations	1/01-31/03/2006 Discontinued operations	Total	1/01-31/03/2006
Dividend distribution Tax Tax according to Law 27/75 Provision for unaudited fiscal years	54 79 344	28	54 107 344	344
Taxes charged from the taxation audit Total	477	28	505	344

All the companies of the Group have been audited by tax authorities until fiscal year 2005.

5.11. Tangible assets

The vessels of the Group have been mortgaged as security of the long-term borrowings for the amount of € 682 mil.

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

The depreciation analysis can be found in paragraph 5.6.

5.11 Tangible Assets

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

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

5.12. Intangible assets

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

Consolidated Figures	Trademarks	Software	Total
Initial Cost at 01.01.2007	150	9.985	10.135
Acquisitions - Additions		90	90
Disposals / Write-offs
Adjustments-Impairments added to the Net Equity
Adjustments-Impairments added to the Income
Statement
Cost at 31.03.2007	150	10.075	10.225
Accumulated Depreciation at 01.01.2007	72	7.401	7.473
Depreciation for the Period	2	188	190
Disposals / Write-offs
Accumulated Depreciation at 31.03.2007	74	7.589	7.663
Net Book Value at 31.03.2007	76	2.486	2.562
Initial Cost at 01.01.2006	150	9.750	9.900
Acquisitions - Additions		327	327
Disposals / Write-offs		(39)	(39)
Adjustments-Impairments added to the Net Equity
Adjustments-Impairments added to the Income
Statement		(53)	(53)
Cost at 31.12.2006	150	9.985	10.135
Accumulated Depreciation at 01.01.2006	61	6.595	6.656
Depreciation for the Period	11	806	817
Disposals / Write-offs
Accumulated Depreciation at 31.12.2006	72	7.401	7.473
Net Book Value at 31.12.2006	78	2.584	2.662

Company figures Initial Cost at 01.01.2007 Acquisitions - Additions Disposals / Write-offs Adjustments-Impairments added to the Net Equity Adjustments-Impairments added to the Income Statement	Trademarks Software 9	105	Total 114
Cost at 31.03.2007	10	105	114
Accumulated Depreciation at 01.01.2007	2	31	33
Depreciation for the Period Disposals / Write-offs		3	3
Accumulated Depreciation at 31.03.2007	2	34	36
Net Book Value at 31.03.2007	8	71	78
Initial Cost at 01.01.2006 Acquisitions - Additions Disposals / Write-offs Adjustments-Impairments added to the Net Equity Adjustments-Impairments added to the Income Statement	9	99 6	108 6
Cost at 31.12.2006	9	105	114
Accumulated Depreciation at 01.01.2006	1	21	22
Depreciation for the Period Disposals / Write-offs	1	10	11
Accumulated Depreciation at 31.12.2006	2	31	33
Net Book Value at 31.12.2006	7	73	81

As presented above, intangible assets consist of the following assets:

• a) Trademarks, the cost of which include the cost of development and registration of the trademarks of Attica Holdings S.A., 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.

The table below analyzes the tangible and intangible assets held by the Group under finance leases. These assets are included in table 5.11 "Tangible Assets" and table 5.12 "Intangible Assets".

Leased Assets	GROUP	COMPANY
Net Book Value 2006	1.113
Additions 01/01-31/03/07
Disposals / Write-offs 01/01-31/03/07
Depreciation 01/01-31/03/07	(106)
Net Book Value 31/03/07	1.007

The most important assets under finance lease are: the vessels' satellite antennas purchased for € 1.444 thousand, software programs purchased for € 571 thousand and various office electronic equipment purchased for € 243 thousand.

5.13. Investments in subsidiaries

The following table depicts the development of the investments in subsidiaries.

	COMPANY	GROUP
Initial Cost at 01.01.2007 Acquisitions - Additions	114.686
Disposals/Write-offs * Adjustments-Impairments added to	(19.110)
Net Equity ** Adjustments-Impairments added to	9.589
the Income Statement
Value at 31.03.2007	105.165
Initial Cost at 01.01.2006 Acquisitions - Additions	168.434
Disposals/Write-offs Adjustments-Impairments added to	(52.928)
Net Equity Adjustments-Impairments added to	87
the Income Statement	(906)
Value at 31.12.2006	114.686

* Refers to the return of capital from the 100% subsidiary company SUPERFAST DEKA MC.(§ 4.1).

** Refers to the reversal of impairment loss from the company SUPERFAST DEKA MC. which was added to Net Equity.

There is no indication of impairment for the above-mentioned investments in subsidiaries.

5.14. Investments in associated companies

The Group within the current period invested € 30 mln approximately for the acquisition of 5.681.000 shares of MINOAN LINES SHIPPING S.A. After this acquisition the Group holds the 22,2505% of the above company's outstanding shares and as a result, the investment in "MINOAN LINES SHIPPING S.A." is re-classified from the account "Other financial assets" to the account "Investments in associated companies".

Concise financial information for the above mentioned associated company
is as follows (in € thousand):
Tangible and intangible assets	€ 559.577
Other non-current assets	€ 74.885
Current assets	€ 66.644
Non-current liabilities	€ 344.377
Current liabilities	€ 80.584
Revenue	€ 37.460
Profit / (Loss) after taxes and minority interest in subsidiaries	€ (3.941)
Reconciliation table of the investments in associated companies
Investment's acquisition cost 64.898

Plus: Profit for the current period	25
Plus: Profit/(Loss) charged directly to equity
from the associated company	410
Investments in associated companies	65.333

In relation with the determination of the fair value on 23/2/2007, date in which the company MINOAN LINES SHIPPING S.A. was classified as an associated company, the Group, due to the short interval between the above date and the end of the current period, will make use of the option given by IFRS 3 "Business combinations" and will post any goodwill that may arise the latest by the end of the fiscal year 2007.

5.15. Non-current receivables

Non-current receivables are guarantees given against office rent and public utility companies such as P.P.C. (Public Power Corporation) and H.T.O. (Hellenic Telecommunications Organization). This account also includes an advance for office rent paid by the 100% subsidiary company Attica Premium S.A.

5.16. Deferred Tax Assets

From subsidiary's losses in previous fiscal years 103 From provisions for personnel reimbursement From tax-free Reserves 24 Total 127

31/03/2007
GROUP	COMPANY

5.17. Inventories

The "Inventories" account includes the following items:

	31/03/2007			31/12/2006
	GROUP	COMPANY	GROUP	COMPANY
Food-Beverages-Tobacco	702		727
Fuel-Lubricants	1.687		1.906
Hotel Equipment	1.025		1.157
Total	3.414		3.790

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

5.18. Trade receivables and prepayments

	31/03/2007
	GROUP	COMPANY
Trade Receivables	46.082
Post Dated Cheques	19.547
Less: Provisions for Bad Debts	7.853
Trade Receivables (net)	57.776
Prepayments to Suppliers - Creditors	2.995
Total	60.771

	31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Trade Receivables	41.832		41.832
Post Dated Cheques	20.203		20.203
Less: Provisions for Bad Debts	7.790		7.790
Trade Receivables (net)	54.245		54.245
Prepayments to Suppliers - Creditors	1.736	2	1.738
Total	55.981	2	55.983

The Group recognized a loss for bad debts of approximately € 74 thousand for the period 1/01-31/03/2007. The amount of this provision has been charged to the income statement of the present period.

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 very low.

5.19. Tax receivables

	31/03/2007
	GROUP	COMPANY
Income Tax Advances	330
VAT Receivable	487
Withholding Tax on Interest Income	211	146
Income Tax Receivable	443	398
Total	1.471	544

	31/12/2006
		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Income Tax Advances	192	130	322
VAT Receivable	512	224	736
Withholding Tax on Interest Income	183		183	139
Income Tax Receivable	233	21	254	210
Total	1.120	375	1.495	349

5.20. Other receivables

There is no need for the other receivables to be discounted at the end of the period since they are short-term receivables.

	31/03/2007
	GROUP	COMPANY
Prepayments to Employees	170
Receivables from the Greek State	951
Receivables from Insurance Companies	263
Masters' General Accounts	358
Other Receivables	1.725	1
Total	3.467	1

	31/12/2006
	GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Prepayments to Employees	159		159
Receivables from the Greek State	590		590
Receivables from Insurance Companies	379	28	407
Masters' General Accounts	426		426
Other Receivables	1.321		1.321	31
Total	2.875	28	2.903	31

5.21. Financial assets held for trading Refer to the investment in SCIENS INTERNATIONAL INVESTMENTS AND HOLDING amounting to € 734 thousand (shares held 388.381) approximately.

5.22. Cash and cash equivalents

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

	31/03/2007
	GROUP	COMPANY
Cash in hand	169	6
Cash at banks	10.311	130
Short-term Time Deposits	108.772	31.714
Total	119.252	31.850
		31/12/2006

		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Cash in hand	138	3	141	8
Cash at banks	12.056	34	12.090	98
Short-term Time Deposits	67.078	26.140	93.218	13.782
Total	79.272	26.177	105.449	13.888

In the course of the first quarter 2007, the Group has paid the amount of € 71.775 thousand against scheduled installments of its long-term borrowings and the repayment of the loan of Superfast X which was sold in February 2007.

Furthermore, the Group paid the amount of € 130 thousand against finance leases.

5.23. Deferred expenses - accrued income

The "Deferred expenses" account includes the following items:

	31/03/2007
	GROUP	COMPANY
Insurance Premia	2.723
Drydocking Expenses	8.629
Other	1.897
Total	13.249
		31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Insurance Premia	581		581
Drydocking Expenses	6.371		6.371
Other	1.156		1.156
Total	8.108		8.108

The accrued income relates to interest revenue.

5.24. Non – Current Assets classified as held for sale It concerns a building in the town of Rhodes which the Group acquired in August 2006 through an auction, as part of the assets of DANE SEA LINE.

5.25. Share capital – Reserves

a) Share Capital

The company's Share Capital amounts € 62.504.208 and is divided in 104.173.680 common bearer shares with a nominal value of € 0,60 each.

b) Reserves

The Reserves are stated in the statement of Changes in Equity. Some amounts have been reclassified in order to obtain a more solid presentation of the reserves. From the above reclassification there was no effect neither to the company's nor to the Group's total equity.

Hedging and fair value reserves refer to the proportion that the parent company has on the relevant amounts posted directly by the associated company MINOAN LINES SHIPPING S.A. to its net equity.

The proposed dividend by the Board of Directors to the Annual General Meeting of Shareholders amounting € 8.334 thousand, is included in retained earnings and not in liabilities.

5.26. Secured loans

Long-term secured loans analysis:

	31/03/2007		31/12/2006
	GROUP	COMPANY	GROUP	COMPANY
Bank Loans	217.171		223.783
Bond Loans	175.682		175.682
Total		392.853

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 Loans are discounted.

The average weighted interest rates at 31/03/2007 are:

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

The loan payments are as follows:

	31/03/2007
Loans	GROUP	COMPANY
Payments within the next two years	102.321
Payments from 3 to 5 years	115.982
Payments beyond 5 years	239.779

After the sale of the vessel SUPERFAST X its loan was fully repaid.

The above table includes the current portion of the long-term debt.

5.27. Finance – Operating leases

The average weighted interest rate of the finance leases is Euribor plus 2,35%.

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

	31/03/2007
Finance Leases	GROUP	COMPANY
Payments within 1 year	381
Payments from 2 to 5 years	304
Payments beyond 5 years

The finance leases that were recognized in the income statement, for the period 1/01 - 31/03/2007, amount to € 107 thousand. The operating leases that were recognized in the income statement, for the period 1/01 - 31/03/2007, amount to € 284 thousand.

The operating leases refer to office rent and have been contracted with market terms. The only exception is the rent agreement of Attica Premium's branch in Athens for which an advance equal to rent of 3 years has been paid in November 2006.

5.28. Deferred tax liabilities

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

31/03/2007
GROUP	COMPANY
327	265
2	2
329	267

5.29. Retirement benefit provisions

These provisions refer to personnel compensation due to retirement. The Group has the legal obligation of paying to its employees a compensation at their first date of retirement on a pension.

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

The assumptions used for the retirement benefit provisions for the period 1/01 – 31/03/2007 are the same with those used for the retirement benefit provisions for the fiscal year 2006.

The analysis of this liability is as follows:

31/03/2007			31/12/2006
			GROUP COMPANY
1.130	54	1.018	54
2		102
		42
		(31)
1.132	54	1.131	54
	GROUP	COMPANY

5.30. Provisions

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

5.31. Bank loans and overdrafts

The parent company has pledged 16.000.000 shares of BLUE STAR MARITIME S.A. as security of its short-term bank loan.

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

5.32. Trade and other payables

	31/03/2007
	GROUP	COMPANY
Suppliers - Creditors	24.856	50
Social Security Contributions	284	1
Greek Seamens' Pension Fund (NAT)	924
Passengers' & Vehicles' Insurance
Contribution (NAT)	1.416
Insurance Brokers	1.710
Wages payable	1.829
Other	944	70
Total	31.963	121

	31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Suppliers - Creditors	22.824	15	22.839	50
Social Security Contributions	367		367	4
Greek Seamens' Pension Fund (NAT)	1.150	2	1.152
Passengers' & Vehicles' Insurance
Contribution (NAT)	863		863
Insurance Brokers	432		432
Wages payable	1.598		1.598
Other	965	1	966	55
Total	28.199	18	28.217	109

5.33. Tax liabilities

		31/03/2007
	GROUP	COMPANY
Value Added Tax	2.416
Wages Tax	186	6
Income Tax	516
Taxes on crew wages	144
Other	267	11
Total	3.529	17
		31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Value Added Tax	921		921
Wages Tax	327		327	11
Income Tax	288	290	578
Taxes on crew wages	760	12	772
Other	90		90	9
Total	2.386	302	2.688	20

5.34. Deferred Income - Accrued expenses

Deferred income refer to passenger tickets issued but not yet travelled until 31/03/07. Accrued expenses are as follows:

		31/12/2006
	GROUP	COMPANY
Interest Expense Provision	6.902	508
Travel Agents' Commissions	1.881
Tax Provision for Unaudited Fiscal Years	130
Provisions for Operating Expenses	3.452	11
Total	12.365	519
			31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Interest Expense Provision	5.246		5.246	501
Travel Agents' Commissions	1.456		1.456
Tax Provision for Unaudited Fiscal Years	130		130
Provisions for Operating Expenses	845	341	1.186	12
Total	7.677	341	8.018	513

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

6. Events after the Balance Sheet date

There are no events after the Balance Sheet Date.

Voula, 22nd May 2007

PRESIDENT VICE PRESIDENT AUTHORISED FINANCIAL & CEO DIRECTOR DIRECTOR

PERICLES PANAGOPULOS ALEXANDER PANAGOPULOS CHARALAMBOS ZAVITSANOS NIKOLAOS TAPIRIS