Interim / Quarterly Report • Sep 23, 2015
Interim / Quarterly Report
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Type of certified auditor's review report: Unqualified
(amounts in € thousand)
The Interim Financial Statements for the period 1-1-2009 to 30-6-2009 were approved by the Board of Directors of Attica Holdings S.A. on August 26, 2009.
ATTICA HOLDINGS S.A. 123-125, Syngrou Avenue & Torva Street Athens 117 45 Greece
The present Half Year Financial Report is complied according to article 5 of Law 3556/2007 and the decisions of the Hellenic Capital Market Commission an includes:
It is asserted that the present Half Year Financial Report for the period ended 30 June 2009 is the one that was approved by the board of Directors of Attica Holdings S.A. on August 26, 2009 and is available in the internet on the web address www.atticagroup.com, were it will remain at the disposal of the investing public for at least 5 years from the date of its announcement.
| CONTENTS | Page | |
|---|---|---|
| Statement of the Board of Directors' Members | 4 | |
| Independent Auditor's Report | 5-6 | |
| Report of the Board of Directors in accordance with L.3556/2007 | 7-15 | |
| Interim Financial Statements 1-1 to 30/06/2009 | 16 | |
| Income Statement of the Group and the Company | 17 | |
| Balance Sheet as at 30th of June 2009 and at December 31, 2008 | 18 | |
| Statement of Changes in Equity of the Group (period 1-1 to 30-06-2009) | 19 | |
| Statement of Changes in Equity of the Company (period 1-1 to 30-06-2009) | 20 | |
| Statement of Changes in Equity of the Group (period 1-1 to 30-06-2008) | 21 | |
| Statement of Changes in Equity of the Company (period 1-1 to 30-06-2008) | 22 | |
| Cash Flow Statement (period 1-1 to 30-06 2009 and 2008) | 23 | |
| Notes to the Financial Statements | 24 | |
| 1. | General Information | 24 |
| 2. | Significant Group accounting policies | 24-25 |
| 2.1 | Changes in Accounting Principles | 25 |
| 2.1.1. | Review of changes | 25 |
| 2.1.2 | Changes in Accounting Principles (Amendments to 2009 opening | |
| publicized standards 2009). |
25-26 | |
| 2.1.3. | New standards ,modifications in existing standards and interpretations | |
| issued by the IASB but not effect are as follows. | 26-28 | |
| 2.1.4. | Standards, amendments and interpretations to already effective | |
| standards that are not effective yet and have not been | ||
| adopted. | 28-30 | |
| 2.2. | Major accounting judgements and main sources | |
| of uncertainty for accounting estimations | 31 | |
| 3. | Consolidation | 31-33 |
| 4. | Related party disclosures | 33 |
| 4.1. | Intercompany transactions between Attica Holdings S.A. | |
| and the companies of Attica Group | 33 | |
| 4.1.1. | Intercompany transactions between Attica Holdings S.A. | |
| and the companies of MARFIN INVESTMENT Group | 34 | |
| 4.1.2. | Intercompany transactions between Attica Holdings S.A. | |
| and MARFIN POPULAR BANK | 34 | |
| 4.2. | Guarantees | 34 |
| 4.3. | Board of Directors and Executive Directors' Fees | 34 |
| 5. | General information for the Financial Statements | |
| (period 1-1 to 30-06-2009) | 35 | |
| 5.1. 5.2. |
Revenue Analysis and Geographical Segment Report Cost of sales |
35-38 38 |
| 5.3. | Tangible assets | 38 |
| 5.4. | Other current assets | 38 |
| 5.5. | Cash and cash equivalents | 38 |
| 5.6. | Fair value reserves | 38 |
| 5.7. | Other short – term liabilities | 38 |
| 6. | Other information | 38 |
| 6.1. | Unaudited fiscal years | 38-39 |
| 6.2. | Stock option | 39 |
| 6.3. | Payments of borrowings | 39 |
| 6.4. | Payments of finance and operating leases | 39 |
|---|---|---|
| 6.5. | Provisions | 39 |
| 6.6. | Contingent assets and liabilities | 39-40 |
| 7. | Significant events | 40 |
| 8. | Events after the balance sheet date | 41 |
| Figures and Information for the period from January 1 to June 30, 2009 | 42 |
The members of the Board of Directors of ATTICA HOLDINGS S.A.:
under our capacity as mentioned above, and specifically as appointed by the Board of Directors of ATTICA HOLDINGS S.A., we state and we assert that to the best of our knowledge:
a) the enclosed financial statements of ATTICA HOLDINGS S.A. (hereafter referred to as the company) for the period of 1.1.2009 to 30.6.2009, which were prepared in accordance with the current accounting standards, give a true picture of the assets and liabilities, the shareholder's equity and the profit and loss account of the Company, as well as of the companies included in the consolidation as a whole, in accordance with the provisions laid down in paragraphs 3 to 5, article 5, of Law No. 3556/2007,
b) the enclosed semiannual report prepared by the Board of Directors includes a true presentation of the development, the performance and the financial position of ATTICA HOLDINGS S.A. as well as of the companies included in Group consolidation and considered aggregately as a whole, including a description of the main risks and uncertainties in accordance with paragraph 6 of article 5 of Law No. 3556/2007.
Athens, 26th August, 2009
Confirmed by
| Charalambos S. Paschalis | Petros M. Vettas | Spiros Ch. Paschalis |
|---|---|---|
| Chairman of the B.O.D. | Managing Director | Member of the B.O.D. |
To the Sharehorders of «ATTICA HOLDINGS S.A.»
We have reviewed the accompanying (separate and consolidated) condensed statement of financial position of ATTICA HOLDINGS SA (the Company) as at 30 June 2009, the related (separate and consolidated) condensed statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and selected explanatory notes, that comprise the interim financial information, which is an integral part of the six-month financial report as required by article 5 of L.3556/2007. The Company's Management is responsible for the preparation and fair presentation of this interim financial information in accordance with International Financial Reporting Standards as adopted by European Union and applied to interim financial reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim condensed financial information based on our review.
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.
Based on our review, we verified that the content of the six-month financial report, as required by article 5 of L.3556/2007, is consistent with the accompanying condensed interim financial information.
Athens, 27 August 2009
The Chartered Accountant The Chartered Accountant
Konstantinou A. Sotiris I.C.P.A. Reg. No.: 13671
Michalios Manolis I.C.P.A. Reg. No.: 25131
The present half year report of the Board of Directors is complied according to article 5 of Law 3556/2007 and of relevant decisions of the Hellenic Capital Market Commission and is part of the Half Year Financial Report for the period 01.01.2009 – 30.06.2009 that includes interim financial statements and other figures and information as per law dictates.
Based on the fact that Attica Holdings S.A. (the Company or Attica) also compiles consolidated financial results, the present report is single with main point of reference the consolidated financial figures of the Company and its subsidiaries while reference in the parent company's figures is made only when it is considered necessary in order to better understand its content.
The total revenue for the Group during the first half of 2009 grew to Euro 139.9 mln against Euro 156.5 mln during the same period in 2008, posting a decrease of 10.6%. The breakdown of the Group's total revenue per market is as follows: Greek domestic routes, 55.7%, Adriatic Sea 44.1% and other income 0.2%.
The Group's operation per geographic segment is as follows:
In the Greek domestic market Attica Group is operating in the Cycladic routes with four vessels, Blue Star Paros, Blue Star Naxos, Blue Star Ithaki and Superferry II, in the Dodecanese routes with Blue Star 1, Blue Star 2 and Diagoras and as of 12th March, 2009, in the Piraeus – Heraklion, Crete route with Superfast XII which was redeployed from the Adriatic Sea. In this market, revenue increased by 16.5% (Euro 77.9 mln in 2009 against Euro 66.9 mln in 2008) which is mainly contributed to the re-deployment of vessels Superfast XII and Blue Star 1 in the domestic routes. Revenue 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 to Euro 3.7 mln for the first half of 2009 against Euro 2.6 mln for the first half of 2008.
In the Adriatic Sea, the Group's vessels that operated in the route Patras-Igoumenitsa-Ancona were Superfast V, Superfast VI, Superfast XI and Superfast XII until the first ten days of March and Superfast I and Blue Horizon in the Patras- Igoumenitsa-Bari route. In this market, the revenue decreased by 18.8% (Euro 61.7 mln in 2009 against Euro 76.0 mln in 2008) mainly due to adverse economic conditions that had a direct impact to traffic volumes and pricing policy. Nevertheless, the Group managed to maintain the leading position in all categories of traffic with market shares of 37.0% in passengers, 33.0% in freight units and 32.3% in private vehicles.
Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) stood at 13.6 mln against Euro 22.2 mln (38.7% decrease) compared to the first half of 2008. To be more specific, Euro 17.3 mln comes from the Domestic routes market (Euro 19.2 mln for the first half of 2008) while a negative balance of Euro -2.7 mln comes from the Adriatic Sea market (Euro 4.7 mln for the first half of 2008) and another negative balance of Euro -1.0 mln comes from other income that includes the parent company which as a holding company does not have any sales activity, the 100% subsidiary Attica Premium S.A. and the ex-ship owning companies. In terms of EBITDA, the Group managed to have satisfactory results in the Greek Domestic routes considering the negative economic conditions of the market and the challenge of operating a new service (Piraeus- Heraklion, Crete) as of March 2009. The Adriatic Sea presents a negative development that is mainly due to the revenue's decrease in conjunction with the fixed operating costs.
Administrative expenses stood at Euro 13.9 mln against Euro 13.2 mln in 2008 while distribution expenses were slightly increased by 8.8% (Euro 13.6 mln in 2009 against Euro 12.5 mln in 2008) due to the delivery of new-built Superfast I and the marketing and advertising expenses for launching the new service of Piraeus-Heraklion, Crete route with Superfast XII.
The Group's financial expenses decreased to Euro 9.1 mln from Euro 11.5 mln and financial income stood at Euro 1.2 mln against Euro 3.2 mln at 30.06.2008. The Group has also been hedged against the interest rate risk that posted a loss of Euro -2.7 mln in the financial results for the period ended 30.06.2009.
Attica's consolidated results for the first half of 2009 show Losses after Taxes and minorities of Euro 11.4 mln against profits of Euro 5.5 mln for the first half of 2008. It must be noted that for the same period of 2008 the Group had profits of Euro 9.65 mln as a result of the sale of four RoRo vessels.
For the first half of 2009, there are no Minority interests as the Group fully owns all its subsidiaries after the completion of the merger by absorption of Blue Star Maritime S.A. and Superfast Ferries Maritime S.A.
It must be noted that the Group's financial data during the first half of 2009 and those of 2008 are not directly comparable since:
a) the vessel Superfast I has been deployed in the present period. The above vessel has not been owned by the Group the previous year,
b) the vessel Blue Star 1 operated in North Sea during the whole course of the first half of 2008, while in the present period is deployed in the Greek Market,
c) as of 12th March, 2009, Superfast XII, which is rerouted from the Greece-Italy routes, commenced trading between Piraeus and Heraklion, Crete,
d) in the period February to April 2008, all the Group's RoRo vessels (Marin, Nordia, Challenge and Shield) were sold.
Analyzing the results of the first half of 2009, it must be taken into consideration the fact that the Group operates in markets with high seasonality. The volumes carried in the passenger and private vehicle segments are high between the months of July and September while the lowest traffic is observed between November and February. On the contrary, freight sales are not affected significantly by seasonality.
Tangible assets decreased from 732.7 mln to Euro 744.7 mln compared to 31/12/2008. This decrease was due to the depreciations of the period 1/1 – 30/6/2009.
Other current assets increased compared to 31/12/2008 (Euro 22.1 mln against Euro 19.6 mln). This increase was due to the receivables from the Greek State.
Total Equity for the Group was Euro 486.1 mln against Euro 502.8 mln at 31.12.2008.
Attica Group's long-term debt stood at Euro 336.9 mln against Euro 356.4 mln at 31.12.2008. The total bank debt (long-term and short-term debt) stood at Euro 376.0 mln against Euro 395.6 mln at 31.12.2008. For the first half of the year the group paid the amount of Euro 19.4 mln against its long term borrowings.
"Other short-term liabilities" increased (Euro 42.1mln against Euro 18.3 mln at 31.12.2008) mainly due to the "Deferred income" which refer to passenger tickets issued but not yet travelled until 30/6/2009, as well as to the dividends payable of 2008.
Cash and cash equivalents stood at 101.4 mln at 30.06.2009 against Euro 119.1 mln at 31.12.2008.
The Group's cash flow from operating activities was Euro 2.6 mln against a negative operational cash flow of Euro -2.4 mln at 30.06.2008.
The Group's major Financial Ratios are as follows:
Equity over Total Liabilities stood at 1.07 on 30.06.2009 against 1.13 on 31.12.2008.
Equity over Total Bank Debt stood at 1.29 on 30.06.2009 against 1.27 on 31.12.2008.
Ratio of Total Tangible Assets over Long-term bank debt stood at 2.17 on 30.06.2009 against 2.09 on 31.12.2008.
Current ratio stood at 1.90 on 30.06.2009 against 2.41 on 31.12.2008.
Gearing ratio (net debt / total capital employed) stood at 36.1% on 30.06.2009 against 35.5% on 31.12.2008.
On the lines Patras-Igoumenitsa-Ancona and Patras-Igoumenitsa-Bari, Attica's vessels Superfast I, Superfast V, Superfast VI, Superfast XI, Blue Horizon and until the first 10 days of March, Superfast XII carried 275,710 passengers (4.3% decrease), 53,189 private vehicles (6.9% increase) and 67,696 freight units (13.0% decrease). As of 12.03.2009, Superfast XII is operating into the new service of Piraeus-Heraklion, Crete.
The Adriatic Sea market posted a significant decrease in traffic figures compared to the first half of 2008. In detail, a decrease of 10.0% in passengers and 7.0% in private vehicles carried was observed, while freight units carried decreased by 20.9%.
The market share of the Group on the Greece-Italy routes for the period ended 30.06.2009 stood at 37.0% in passengers (against 35.0% in the first half of 2008), 32.3% in private vehicles (against 27.9% in the first half of 2008) and 33.0% in freight units (against 30.1% in the first half of 2008).
Above figures illustrating the market share of the Group in the Adriatic Sea are derived from the Greek port authorities of Patras and Igoumenitsa.
Attica Group operated in the routes of Piraeus-Cyclades, Rafina-Cyclades, Piraeus-Dodecanese and as of 12.03.2009 into the new route of Piraeus-Heraklion, Crete. Compared to the first half of 2008, the number of sailings increased by 20.8%.For the first half of 2009, total carryings for the Domestic routes stood at 1,759,735 passengers (10.2% increase compared to the first half of 2008), 234,225 private vehicles (10.7% increase compared to the first half of 2008) and 71,590 freight units (22.7% increase compared to the first half of 2008).
Attica Holdings S.A. is a Holding Company and its revenue is derived from dividends and interest income.
During the first half of 2009, the Company received as dividend of fiscal year 2008, the amount of Euro 11.5 mln from its 100% subsidiary SUPERFAST DODEKA INC. and the amount of Euro 5.3 mln from its 100% subsidiary NORDIA MC. The Company has also an amount of Euro 18.8 mln as receivable dividend arising from its 100% subsidiary company BLUE STAR FERRIES MARITIME S.A.
The Company's interest income for the period ended 30.06.2009 amounts to Euro 0.5 mln.
As a result and considering the administrative expenses and other financial expenses of the Company, profit after taxes stood at Euro 33.7 mln for the first half of 2009 against Euro 15.2 mln for the same period of 2008.
Cash and cash equivalents stood at Euro 50.6 mln at 30.06.2009 against Euro 51.4 mln at 31.12.2008. An amount of Euro 7.9 mln has been pledged due to an agreement for the acquisition of SUPERFAST II. It must be noted that during the first half of 2009, the Company participated in the capital increase of its 100% subsidiary ATTICA FERRIES MARITIME COMPANY with the amount of Euro 48.0 mln.
During the first half of 2009, the Company also received 31.6 mln from its 100% subsidiaries companies that decided to return part of their share capitals due to sale of their assets.
The Company continued its accounting policy regarding the investments in subsidiaries and recognized them at fair value, after incorporating certain adjustments for capital returns.
The parent company has neither short nor long-term debt obligations.
The Company does not hold any treasury stock. None of Attica Holdings' subsidiaries hold shares of the Company.
The main financial information for the Group as well as the accounting policies that were followed, are all described in detail in the Notes to the Financial Statements which are an integral part of the Half Year Financial Report.
Friday, 2nd January 2009 was the first trading day of the 37,440,020 new common registered shares of the Company resulted from the share capital increase due to the merger of BLUE STAR MARITIME S.A. and ATTICA HOLDINGS S.A., with a new par value of Euro 0.83 each.
In January 2009, the Company announced the establishment of a new wholly owned Greek subsidiary under the name Attica Ferries Maritime Company. Attica's participation in the share capital of the new subsidiary company amounts to Euro 48.0 mln. Attica Ferries Maritime Company is the new owner of the vessel Superfast XII which was acquired from Attica's wholly owned subsidiary Superfast Dodeka Inc at book value.
On 12th March, 2009, Attica Group announced the launch of a new service operated by ultramodern high-speed ferry SUPERFAST XII from Heraklion, Crete to Piraeus.
In April 2009, the taxation audit of Attica Holdings S.A. was completed for the fiscal year 2007 and no additional amount was arised.
The Annual General Meeting of Shareholders that took place on 16th June, 2009, decided among other things, on the following:
The distribution of profits for the year 2008 and the payment of net dividend amounting to Euro 9,912,959 or Euro 0.07 per share. The dividend payment commenced on 28th July, 2009. - The establishment of an Audit Committee as per Article 37 of Law 3693/2008 and elected Messrs. Alexandros Edipidis, Markos Foros and Mrs Areti Souvatzoglou as members of the Audit Committee.
Approved the amendment, completion and change of order of articles of Company's Articles of Association for functionality purposes and adjustment to Law 2190/1920, as it stands after its modification by the Law 3604/2007.
On 25th June, 2009, the Company announced the signing of shipbuilding contracts with Daewoo Shipbuilding and Marine Engineering Co. (DSME), Korea for the building of two monohull-type, fast car-passenger ferries at a price of Euro 68.50 mln a piece. The delivery of the first vessel will take place in spring 2011 and of the second vessel in the first quarter of 2012. The ships will have overall length 145.5 meters and speed 25.5 knots and the capacity to carry 2,400 passengers and 450 private vehicles or 50 freight units and 150 private vehicles.
On 13th July, 2009, Attica Group announced the participation in the capital increase of its two wholly owned subsidiary companies, namely BLUE STAR MARITIME COMPANY and BLUE STAR FERRIES MARITIME COMPANY of total amount Euro 26.55 mln.
The two subsidiary companies will be the ship owning companies of the two new fast carpassenger ferries following the agreement with DSME, Korea. The capital increase was principally aiming to the funding of the building of the two new vessels. The share capital of BLUE STAR MARITIME COMPANY and BLUE STAR FERRIES MARITIME COMPANY is Euro 13.305 mln and 13.255 mln respectively.
On 14th July, 2009, the Company disposed the 4,573 shares that resulted as share's fractions from the share capital increase due to the merger by absorption of BLUE STAR MARITIME S.A. The corresponding amount of Euro 1.7021 per share was available to the beneficiaries through the Deposits and Loan Fund.
The severe economic slow-down all around the world has affected the tourism services industry and has generated conditions of more intense competition in the passenger shipping sector.
A further decrease is foreseen for the second half of 2009 in terms of passengers and private vehicles that will travel by sea and this is expected to affect the Group's revenue and financial results.
Based on statistics data provided by the Greek port authorities of Patras and Igoumenitsa, total volumes of freight units carried in the Adriatic Sea was dropped to 20.9% for the period ended 30.06.2009.
In contrast with the first half of 2008 that fuel oil prices remained at a low level resulting in a significant operational cost reduction of Euro 11, 4 mln for the Group, the average price of the heavy fuel oil in July 2009 stood between 20% - 26% higher than the average fuel oil price in the first half of 2009 with indications for a further increase during the second half of 2009.
In this adverse economic environment, Attica Group has taken a series of very important decisions and actions aiming to have a good position into the new economical era that will follow. In view of Attica Group's investing plan that amounts to Euro 293 mln, the first phase is completed with the delivery of Superfast I operating since October 2008 in the Patras-Igoumenitsa-Bari route while the second new-built vessel, Superfast II is expected to be delivered in September 2009. Furthermore, the Group has placed an order at Daewoo Shipbuilding and Marine Engineering Co., Korea, for the building of two fast car-passenger ferries. The delivery of the first vessel will take place in spring 2011 while the second one is expected to be delivered in the first quarter of 2012.
In this section are presented the main risks and uncertainties regarding the Group's business activities:
The Group as all the shipping companies, is affected by the volatility of fuel oil prices. It must be noted that the cost of fuel oil and lubricants is the most significant operating cost, representing the 43% of Attica Group's operating expenses for the first half of 2009. Changes in fuel oil prices equal to Euro 10 per metric tone for a period of six months, could affect the Group's profit and equity by approximately Euro 1.7 mln.
The interest rate of all long-term borrowings of the Group is calculated by adding the floating Euribor plus a spread. Therefore, any 1% change in Euribor will affect the financial results and the Equity of the Group by approximately Euro 3.8 mln.
In order to hedge the interest rate risk, the Group has entered a financial instrument which protects the interest rate risk for approximately 64% of its present borrowings.
The functional currency of the Group is Euro, therefore the Group has transactional currency exposure because the trading currency of the fuel oil is USD and because the Group's cash equivalents include the amount of USD 41.5 mln.
A change in the EUR / USD parity by 10% could affect the Group's results and equity by approximately Euro 4.1 mln.
The Group, due to its large number of customers, is exposed to credit risk and therefore it has established credit control procedures in order to minimize effects from such risk. More specifically, the Group has defined credit limits and specific credit policies for all of its customers, while it has obtained bank guarantees from major customers, in order to secure its trade receivables.
In general, the Group is not exposed to any significant credit risk as it is estimated that there is no considerable concentration of trade receivables except in the case of 100% subsidiary company, Attica Premium S.A.
The Group monitors its risk to a shortage of funds by following closely the maturity of both its assets and liabilities. The Group's objective is to maintain a balance between continuity of funding and flexibility through its high credit rating from banks.
The Group's cash at 30.06.2009 stands at Euro 101.4 mln against Euro 119.1 mln at 31.12.2008. Total short-term liabilities amount to Euro 107.8 mln.
There are no overdue liabilities, or liabilities that are about to become due, that cannot be paid.
The Group's objective when managing its capital structure is to safeguard the Group's ability to continue its activities having as a going concern to provide returns for its shareholders and benefits for all other parties related to the Group as well as to maintain an optimal capital structure in order to reduce the cost of capital. The gearing ratio at 30.06.2009 and 31.12.2008 respectively, is as follows:
| 30/06/2009 | 31/12/2008 | |
|---|---|---|
| Total Borrowings | 375,984 | 395,569 |
| Less: Cash and Cash Equivalents | 101,397 | 119,124 |
| Net debt | 274,587 | 276,445 |
| Equity | 486,063 | 502,832 |
| Total capital employed | 760,650 | 779,277 |
| Gearing ratio | 36.1% | 35.5% |
The Group's vessels are operating in markets that are characterized by intense competition with the presence of two to four competitors in almost every route.
In this section are included the most important transactions between the Company and its related parties for the period 01.01.09 – 30.06.09 as they are defined by IAS 24.
There are no obligations between the Company and the other companies of the Group, except the before mentioned one, due to the merger by absorption of Blue Star Maritime S.A. by Attica Holdings S.A.
The intercompany balances for the period 01.01.2009 - 30.06.2009 between the companies of Superfast Group and Blue Star Group derive from the Group's business activity in the shipping industry with operational rather than substantial meaning, indicating a common revenue and expenses management through joint ventures and companies that operate under the Law 378/68, which create intercompany transactions with the other companies of the Group.
The intercompany transactions between Attica Group with the other companies of Marfin Investment Group Holdings S.A. (MIG) are of no significance neither have any effect on the financial condition of the Company or the Group. They are mostly related to food and beverage supplying services on board the Group's vessels. Furthermore, Attica Group has signed finance lease contracts and keeps bank accounts at Marfin Egnatia Bank.
Finally, Executive Directors' salaries and remuneration of the members of the Group's Board of Directors stood at Euro 1.5 mln for the period ended 30.06.2009 against Euro 2.0 mln for the same period of 2008. The Group has neither receivables nor liabilities towards its Directors and members of the Board of Directors.
Athens, 26th August, 2009
On behalf of the Board of Directors The Managing Director
Petros M. Vettas
Interim Financial Statements for the period 1-1-2009 to 30-6-2009
(amounts in € thousand)
The Interim Financial Statements for the period 1-1-2009 to 30-6-2009 were approved by the Board of Directors of Attica Holdings S.A. on August 26, 2009 and is available in the internet on the web address www.attica-group.com.
For the period ended June 30 2009 & 2008 and for the quarterly period 1/4 - 30/6 2009 & 2008
| GRO | UP | CO MPA NY |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1.01 -30. 06.2 009 |
1.01 -30. 06.2 008 |
1.04 -30. 06.2 009 |
1.04 -30. 06.2 008 |
1.01 -30. 06.2 009 |
1.01 -30. 06.2 008 |
1.04 -30. 06.2 009 |
1.04 -30. 06.2 008 |
|||
| Sale s |
5.1 | 139 .925 |
156 .479 |
86.6 84 |
93.0 69 |
|||||
| Cos t of sale s |
5.2 | -113 .169 |
-12 1.68 5 |
-59 .240 |
-66 .084 |
|||||
| Gro rofi t ss p |
26.7 56 |
34.7 94 |
27.4 44 |
26.9 85 |
||||||
| Adm inist rativ e ex pen ses |
-13. 870 |
-13 .240 |
-6.9 53 |
-6.8 87 |
-872 | -944 | -40 0 |
-61 7 |
||
| Dist ribu tion exp ens es |
-13. 611 |
-12 .487 |
-8.6 40 |
-7.4 58 |
||||||
| Oth ting inc er o pera ome |
456 | 217 | 290 | 139 | 127 | |||||
| Oth ting er o pera exp ens es |
||||||||||
| fit / (los s) b efo s, fi Pro re t cing and inv estm ent axe nan |
-269 | 9.28 4 |
12.1 41 |
12.7 79 |
-74 5 |
-944 | -40 0 |
-617 | ||
| acti vitie s |
||||||||||
| Oth er fi cial lts nan resu |
-2.7 44 |
-864 | -4.1 66 |
925 | -1.4 83 |
-65 1 |
-2.2 11 |
28 | ||
| Fina ncia l ex pen ses |
-9.1 01 |
-11 .543 |
-4.4 76 |
-5.8 27 |
-6 | -5 | -3 | -1 | ||
| Fina ncia l inc ome |
1.15 9 |
3.2 15 |
325 | 1.50 7 |
553 | 1.53 1 |
159 | 729 | ||
| Inco from div iden ds me |
35.6 56 |
15.2 39 |
24. 121 |
15.2 39 |
||||||
| Sha fit (l ) of re in net ies solid ated wit pro oss com pan con ity m etho d equ |
h th e |
|||||||||
| Prof it/ (l ) fro ale of a ts oss m s sse |
5.3 | 9.64 9 |
3.32 8 |
|||||||
| Pro fit b efo re i tax nco me |
-10 .955 |
9.74 1 |
3.82 4 |
12.7 12 |
33.9 75 |
15.1 70 |
21.6 66 |
15.3 78 |
||
| Inco taxe me s |
-400 | -12 0 |
-366 | -74 | -25 0 |
-25 0 |
||||
| Pro fit f or t he p erio d |
-11 .355 |
9.62 1 |
3.45 8 |
12.6 38 |
33.7 25 |
15.1 70 |
21.4 16 |
15.3 78 |
||
| Attr ibut able to: |
||||||||||
| Ow of t he p t ners aren |
-11 .355 |
5.50 9 |
3.45 8 |
6.54 7 |
33.7 25 |
15. 170 |
21.4 16 |
15.3 78 |
||
| Non troll ing inte rest -con s |
4.11 2 |
6.09 1 |
||||||||
| Ear ning s Af ter T r Sh - Ba sic (in € ) axe s pe are |
-0,0 802 |
0,05 29 |
0,02 44 |
0,06 29 |
0,23 81 |
0,14 56 |
0,15 12 |
0,14 76 |
Statement of Comprehensive Income
| For the peri od e nde d J 30 200 9 & 200 une |
|---|
| ---------------------------------------------------------------------------- |
| GRO | UP | CO MPA |
NY | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 1.01 -30. 06.2 009 |
1.01 -30. 06.2 008 |
1.04 -30. 06.2 009 |
1.04 -30. 06.2 008 |
1.01 -30. 06.2 009 |
1.01 -30. 06.2 008 |
1.04 -30. 06.2 009 |
1.04 -30. 06.2 008 |
||
| -11. 355 |
9.62 1 |
3.45 8 |
12.6 38 |
33.7 25 |
15.1 70 |
21.4 16 |
15.3 78 |
||
| Net fit f or t he p erio d pro |
|||||||||
| Oth hen sive inc er c om pre ome : |
|||||||||
| Cas h flo w h edg ing : |
|||||||||
| nt p erio d ga ins / (los ) - c urre ses |
5.6. | -2.5 70 |
-1.6 55 |
-4.8 75 |
-1.0 55 |
-1.4 64 |
574 | ||
| ecla ssif icat ion to p rofit or l - r oss |
5.6. | 7.06 4 |
7.7 14 |
1.16 3 |
1.16 3 |
||||
| iffer fore Exc han ge d n tra nsla ting ign ratio enc es o ope ns |
5 | -33 | 5 | ||||||
| Rela ted part ies' t us ing the fair valu etho d mea sure men e m |
-15. 144 |
-55 .334 |
-15 .144 |
-55 .334 |
|||||
| Oth hen sive inc for the iod befo re t er c om pre ome per ax |
4.49 9 |
-1.6 88 |
2.84 4 |
-1.0 55 |
-15 .445 |
-55 .334 |
-13 .407 |
-55 .334 |
|
| Inco tax rela ting to c nts of o ther preh ive me omp one com ens inco me |
|||||||||
| Oth hen sive inc for the iod, of net tax er c om pre ome per |
4.49 9 |
-1.6 88 |
2.84 4 |
-1.0 55 |
-15 .445 |
.334 -55 |
-13 .407 |
.334 -55 |
|
| Tot al c hen sive inc for the iod afte r tax om pre ome per |
-6.8 56 |
7.93 3 |
6.30 2 |
11.5 83 |
18.2 80 |
-40. 164 |
8.00 9 |
-39. 956 |
|
| Attr ibut able to: |
|||||||||
| Ow of t he p t ners aren |
-6.8 56 |
4.26 8 |
6.30 2 |
5.86 6 |
18.2 80 |
-40. 164 |
8.00 9 |
-39 .956 |
|
| Non troll ing inte rest -con s |
3.66 5 |
5.7 17 |
The Notes on pages .. to .. are an integral part of these Interim Financial Statements.
| As at 30 of June 2009 and at December 31, 2008 | |||||
|---|---|---|---|---|---|
| GROUP | COMPANY | ||||
| 30/06/2009 | 31/12/2008 | 30/06/2009 | 31/12/2008 | ||
| ASSETS | |||||
| Non-Current Assets | |||||
| Tangible assets | 5.3 | 732.694 | 744.720 | 203 | 227 |
| Goodwill | |||||
| Intangible assets | 1.637 | 1.798 | 134 | 147 | |
| Investments in subsidiaries | 517.111 | 515.846 | |||
| Other non current assets | 1.373 | 1.348 | 1.284 | 1.284 | |
| Deferred tax asset | 296 | 296 | |||
| Total | 736.000 | 748.162 | 518.732 | 517.504 | |
| Current Assets | |||||
| Inventories | 4.211 | 3.712 | |||
| Trade and other receivables | 76.664 | 55.973 | 17 | ||
| Other current assets | 5.4 | 22.153 | 19.584 | 19.575 | 1.328 |
| Cash and cash equivalents | 5.5 | 101.397 | 119.124 | 50.620 | 51.429 |
| Total | 204.425 | 198.393 | 70.195 | 52.774 | |
| Assets held for sale | |||||
| Total Assets | 940.425 | 946.555 | 588.927 | 570.278 | |
| EQUITY AND LIABILITIES | |||||
| Equity | |||||
| Share capital | 117.539 | 117.539 | 117.539 | 117.539 | |
| Share premium | 266.560 | 266.560 | 266.560 | 266.560 | |
| Fair value reserves | 5.6 | -4.430 | -8.924 | 113.367 | 128.812 |
| Other reserves | 87.206 | 62.250 | 3.221 | -21.045 | |
| Retained earnings | 19.188 | 65.407 | 43.675 | 44.129 | |
| Equity attributable to parent's shareholders | 486.063 | 502.832 | 544.362 | 535.995 | |
| Minority interests | |||||
| Total Equity | 486.063 | 502.832 | 544.362 | 535.995 | |
| Non-current liabilities | |||||
| Deferred tax liability | 295 | 295 | 271 | 271 | |
| Accrued pension and retirement obligations | 1.596 | 1.404 | 93 | 83 | |
| Long-term borrowings | 336.866 | 356.439 | |||
| Derivatives | 7.259 | 2.810 | 3.353 | 1.889 | |
| Non-Current Provisions | 589 | 589 | 128 | 128 | |
| Total | 346.605 | 361.537 | 3.845 | 2.371 | |
| Current Liabilities | |||||
| Trade and other payables | 26.365 | 19.130 | 29.415 | 30.242 | |
| Tax payable | 198 | 198 | 30 | 30 | |
| Short-term debt | 39.118 | 39.130 | |||
| Derivatives | 5.402 | ||||
| Other current liabilities | 5.7 | 42.076 | 18.326 | 11.275 | 1.640 |
| Total | 107.757 | 82.186 | 40.720 | 31.912 | |
| Liabilities related to Assets held for sale | 454.362 | 443.723 | 44.565 | 34.283 | |
| Total liabilities Total Equity and Liabilities |
940.425 | 946.555 | 588.927 | 570.278 | |
BALANCE SHEET
The Notes on pages …. to ….. are an integral part of these Interim Financial Statements.
GROUP
For the Period 1/01-30/06/2009
| f Nu be m r o ha s re s |
S ha re i ta l ca p |
S ha re iu p re m m |
Re lu t io va a n f f in ia l o an c ins tru ts m en |
O t he r re se rv es |
Re ta in d e in ea rn g s |
To l Eq i ta ty u |
|
|---|---|---|---|---|---|---|---|
| Ba lan t 1 / 1 / 2 0 0 9 ce a |
1 4 1. 6 1 3 |
1 1 7. 5 3 9 |
2 6 6. 5 6 0 |
8. 9 2 4 - |
6 2. 2 5 0 |
6 5. 4 0 7 |
5 0 2. 8 3 2 |
| C ha in t ing l ic ies ng es ac co un p o |
|||||||
| Re d ba lan ta te s ce |
1 1 3 9 7. 5 |
2 6 6. 6 0 5 |
8. 9 2 4 - |
6 2. 2 0 5 |
6 4 0 5. 7 |
0 2. 8 3 2 5 |
|
| f fo Pr i t t he io d o r p er |
-1 1. 3 5 5 |
1 1. 3 5 5 - |
|||||
| O he he ive in t r c om p re ns co m e |
|||||||
| Ca h f low he dg s es : |
|||||||
| t p io d g ins / ( los ) cu rre n er a se s |
-2 5 7 0 |
2. 5 7 0 - |
|||||
| las i f ica ion f i los t to t o re c s p ro r s |
0 6 4 7. |
0 6 4 7. |
|||||
| Av i la b le- fo le f in ia l a ts a r-s a an c ss e |
|||||||
| Ex ha d i f fe tra la t ing fo ig c ng e re nc es o n ns re n t ion op er a s |
5 | 5 | |||||
| O t he he ive in f te ta r c om p re ns co m e a r x |
4. 4 9 4 |
5 | 1 1. 3 5 5 - |
6. 8 5 6 - |
|||
| D iv i de ds n |
-9 9 1 3 |
9. 9 1 3 - |
|||||
| Tr fe be tw d ta ine d e ing an s r ee n r es er ve s a n re ar n s |
2 4. 9 5 1 |
2 4. 9 5 1 - |
|||||
| Ba lan t 3 0 / 6 / 2 0 0 9 ce a |
1 4 1. 6 1 3 |
1 1 7. 5 3 9 |
2 6 6. 5 6 0 |
4. 4 3 0 - |
8 7. 2 0 6 |
1 9. 1 8 8 |
4 8 6. 0 6 3 |
For the Period 1/01-30/06/2009
| Nu mb of er sh are s |
Sh are ita l ca p |
Sh are mi pre um |
Re lua tio f va n o t no n-c urr en ts as se |
Re lua tio f va n o fin cia l an ins tru nts me |
Ot he r res erv es |
Re tai d ne rni ea ng s |
To tal Eq uit y |
|
|---|---|---|---|---|---|---|---|---|
| 1/ 1/2 Ba lan at 00 9 ce |
14 1.6 13 |
11 7.5 39 |
26 6.5 60 |
13 0.7 01 |
-1. 88 9 |
-21 .04 5 |
44 .12 9 |
53 5.9 95 |
| Ch s i tin olic ies an ge n a cco un g p |
||||||||
| Re sta ted ba lan ce |
11 7.5 39 |
26 6.5 60 |
13 0.7 01 |
-1. 88 9 |
-21 .04 5 |
44 .12 9 |
53 5.9 95 |
|
| fit for Pro th eri od e p |
33 .72 5 |
33 .72 5 |
||||||
| Ot he he ive in r c om pre ns co me |
||||||||
| Ca flo sh he dg w es : |
||||||||
| rio d g ain s/( los s) nt cu rre pe se |
-1. 46 4 |
-1. 46 4 |
||||||
| las sif ica tio n t rof it o r lo rec o p ss |
1.1 63 |
1.1 63 |
||||||
| for fin Av ail ab le- le cia l a ets -sa an ss |
||||||||
| nt rio d g ain s/( los s) cu rre pe se |
||||||||
| Fa ir v alu e's t m ea su rem en |
||||||||
| rel ate d p art ies ' m t u sin the fa ir v alu eth od ea su rem en g e m |
-15 .14 4 |
-15 .14 4 |
||||||
| Ot he he ive in af ter ta r c om pre ns co me x |
-15 .14 4 |
-30 1 |
33 .72 5 |
18 .28 0 |
||||
| Div ide nd s |
-9. 91 3 |
-9. 91 3 |
||||||
| Tra nsf be twe nd ret ain ed rni er en re se rve s a ea ng s |
24 .26 6 |
-24 .26 6 |
||||||
| Ba lan at 30 /6/ 20 09 ce |
14 1.6 13 |
11 7.5 39 |
26 6.5 60 |
11 5.5 57 |
-2. 19 0 |
3.2 21 |
43 .67 5 |
54 4.3 62 |
For the Period 1/01-30/06/2008
| of Nu mb er sh are s |
Sh are ita l ca p |
Sh are mi pre um |
Re lua tio f va n o fin cia l an ins tru nts me |
Ot he r res erv es |
Re tai d ne rni ea ng s |
To tal uit eq y att rib uta ble to uit ho lde of eq y rs the t pa ren |
Mi rity no int sts ere |
To tal Eq uit y |
|
|---|---|---|---|---|---|---|---|---|---|
| Ba lan 1/ 1/2 00 8 at ce |
10 4.1 73 |
62 .50 4 |
20 7.6 48 |
2.5 69 |
15 .60 3 |
10 0.7 94 |
38 9.1 18 |
11 7.0 27 |
50 6.1 45 |
| Ch s i tin olic ies an ge n a cco un g p |
|||||||||
| Re sta ted ba lan ce |
62 .50 4 |
20 7.6 48 |
2.5 69 |
15 .60 3 |
10 0.7 94 |
38 9.1 18 |
11 7.0 27 |
50 6.1 45 |
|
| Pro fit for th eri od e p |
5.5 09 |
5.5 09 |
4.1 12 |
9.6 21 |
|||||
| Ot he he ive in r c om pre ns co me |
|||||||||
| Ca sh flo he dg w es : |
|||||||||
| Ga /( s) ins los tak to uity se en eq |
-1. 20 8 |
-1. 20 8 |
-44 7 |
-1. 65 5 |
|||||
| las sif ica tio n t rof it o r lo rec o p ss |
|||||||||
| for fin Av ail ab le- le cia l a ets -sa an ss : |
|||||||||
| nt rio d g ain s/( los s) cu rre pe se |
|||||||||
| las sif ica tio rof it o r lo n t rec o p ss |
|||||||||
| Ex ch di ffe sla tin for eig ion n t rat an ge ren ce s o ran g n o pe s |
-33 | -33 | -33 | ||||||
| Ta n it s t ak di tly to tra nsf ed fro uity x o em en rec or err m eq |
|||||||||
| To tal ise d i nd e f the rio d re co gn nc om e a ex pe ns or pe |
0 | 0 | -1. 20 8 |
-33 | 5.5 09 |
4.2 68 |
3.6 65 |
7.9 33 |
|
| Div ide nd s |
-8. 33 4 |
-8. 33 4 |
-4. 83 9 |
-13 .17 3 |
|||||
| Tra nsf be twe nd ret ain ed rni er en re se rve s a ea ng s |
69 .59 5 |
-69 .59 5 |
|||||||
| Ba lan at 30 /6/ 20 08 ce |
10 4.1 73 |
62 .50 4 |
20 7.6 48 |
1.3 61 |
85 .16 5 |
28 .37 4 |
38 5.0 52 |
11 5.8 53 |
50 0.9 05 |
For the Period 1/01-30/06/2008
| of Nu mb er sh are s |
Sh are ita l ca p |
Sh are mi pre um |
Re lua tio f va n o t no n-c urr en ts as se |
Ot he r res erv es |
Re tai d ne rni ea ng s |
To tal uit eq y att rib uta ble to uit ho lde of eq y rs the t pa ren |
Mi rity no int sts ere |
To tal Eq uit y |
|
|---|---|---|---|---|---|---|---|---|---|
| Ba lan at 1/ 1/2 00 8 ce |
10 4.1 73 |
62 .50 4 |
19 4.3 40 |
12 3.9 82 |
30 .91 5 |
61 .34 5 |
47 3.0 86 |
47 3.0 86 |
|
| Ch s i tin olic ies an ge n a cco un g p |
|||||||||
| Re sta ted ba lan ce |
62 .50 4 |
19 4.3 40 |
12 3.9 82 |
30 .91 5 |
61 .34 5 |
47 3.0 86 |
47 3.0 86 |
||
| Pro fit for th eri od e p |
15 .17 0 |
15 .17 0 |
15 .17 0 |
||||||
| Ot he he ive in r c om pre ns co me |
|||||||||
| Re s f lua tio f in in s ub sid iar ies fa ir v alu stm ts at se rve rom re va n o ve en e |
.33 4 -55 |
.33 4 -55 |
.33 4 -55 |
||||||
| Ca sh flo he dg w es : |
|||||||||
| Ga ins /( los s) tak to uity se en eq |
|||||||||
| las sif ica tio n t rof it o r lo rec o p ss |
|||||||||
| Ex ch di ffe sla tin for eig ion n t rat an ge ren ce s o ran g n o pe s |
|||||||||
| Ta n it s t ak di tly to tra nsf ed fro uity x o em en rec or err m eq |
|||||||||
| To tal ise d i nd e f the rio d re co gn nc om e a ex pe ns or pe |
0 | 0 | .33 4 -55 |
0 | 15 .17 0 |
-40 .16 4 |
0 | -40 .16 4 |
|
| Div ide nd s |
-8. 33 4 |
-8. 33 4 |
-8. 33 4 |
||||||
| Tra nsf be nd ain ed rni twe ret er en re se rve s a ea ng s |
50 .41 8 |
-50 .41 8 |
|||||||
| Ba lan at 30 /6/ 20 08 ce |
10 4.1 73 |
62 .50 4 |
19 4.3 40 |
68 .64 8 |
81 .33 3 |
17 .76 3 |
42 4.5 88 |
0 | 42 4.5 88 |
For the period 1/1-30/6 2009 & 2008
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 1/1-30/6/2009 1/1-30/6/2008 | 1/1-30/6/2009 1/1-30/6/2008 | |||
| Cash flow from Operating Activities | ||||
| Profit/(Loss) Before Taxes | -10.955 | 9.741 | 33.975 | 15.170 |
| Adjustments for: | ||||
| Depreciation & amortization | 13.914 | 12.926 | 37 | 7 |
| Deferred tax expense | ||||
| Provisions | 178 | 123 | -108 | 7 |
| Foreign exchange differences | 61 | 2.111 | 320 | 651 |
| Net (profit)/Loss from investing activities | 1.524 | -14.336 | -35.047 | -8.159 |
| Interest and other financial expenses | 9.042 | 11.543 | 6 | 5 |
| Plus or minus for Working Capital changes: | ||||
| Decrease/(increase) in Inventories | -500 | -394 | ||
| Decrease/(increase) in Receivables | -22.241 | -28.788 | 554 | -1.266 |
| (Decrease)/increase in Payables (excluding banks) Less: |
21.947 | 16.433 | -1.235 | -8.689 |
| Interest and other financial expenses paid | -10.336 | -11.685 | -2 | -2 |
| Taxes paid | -56 | -66 | -5 | |
| Operating cash flows of discontinued operations | ||||
| Total cash inflow/(outflow) from operating activities (a) | 2.578 | -2.392 | -1.505 | -2.276 |
| Cash flow from Investing Activities Acquisition of subsidiaries, associated companies, joint ventures and other investments |
-48.015 | |||
| Purchase of tangible and intangible assets Proceeds from sale of tangible and intangible assets Derivtives' result |
-1.727 | -3.906 52.475 |
||
| Interest received | 1.159 | 3.215 | 553 | 1.531 |
| Dividends received | 16.872 | 8.611 | ||
| Investing cash flows of discontinued operations | ||||
| Total cash inflow/(outflow) from investing activities (b) | -568 | 51.784 | -30.590 | 10.142 |
| Cash flow from Financing Activities Proceeds from issue of Share Capital |
||||
| Proceeds from Borrowings | ||||
| Proceeds from subsidiaries capital return | 31.606 | |||
| Payments of Borrowings | -19.387 | -55.273 | ||
| Payments of finance lease liabilities | -270 | -135 | ||
| Dividends paid | -4.865 | -26 | ||
| Equity return to shareholders | ||||
| Financing cash flows of discontinued operations | ||||
| Total cash inflow/(outflow) from financing activities (c) | -19.657 | -60.273 | 31.606 | -26 |
| Net increase/(decrease) in cash and cash equivalents | ||||
| (a)+(b)+(c) | -17.647 | -10.881 | -489 | 7.840 |
| Cash and cash equivalents at beginning of period | 119.124 | 171.873 | 51.429 | 76.877 |
| Exchange differences in cash and cash equivalents | -80 | -2.105 | -320 | -651 |
| Cash and cash equivalents at end of period | 101.397 | 158.887 | 50.620 | 84.066 |
The method used for the preparation of the above Cash Flow Statement is the Indirect Method. The Notes on pages .. to .. are an integral part of these Interim Financial Statements.
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, 123-125, Syngrou Avenue & 3, Torva Street, 11745.
The number of employees, at period end, was 6 for the parent company and 1.409 for the Group, while at 30/6/2008 was 6 and 1.274 respectively.
Attica Holdings S.A. shares are listed in the Athens Stock Exchange under the ticker symbol ATTICA.
The corresponding ticker symbol for Bloomberg is ATTICA GA and for Reuters is EPA.AT.
The total number of common nominal shares outstanding as at 30 June 2009 was 141.613.700. Each share carries one voting right. The total market capitalization was € 313 mln approximately.
The financial statements of Attica Holdings S.A. are included, using the full consolidation method, in the consolidated financial statements of MARFIN INVESTMENT GROUP HOLDINGS S.A. which is registered in Greece and whose total participation in the company (directly & indirectly), was 87,4%.
The interim financial statements of the Company and the Group for the period ending at 30 June 2009 were approved by the Board of Directors on August 26, 2009.
Due to rounding there may be minor differences in some amounts.
The financial statements for the period 1/1-30/6/2009 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".
Furthermore, the consolidated financial statement have been prepared based on historic cost principal as amended for readjustment of land plots and buildings, financial assets available for sale and financial assets and liabilities (including financial derivatives) at fair value through profit and loss, going concern principle, and are in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (I.A.S.B.) as well as their interpretations, as issued by International Financial Reporting Interpretations Committee (IFRIC) of I.A.S.B.
Condensed interim financial statements comprise limited scope of information as compared to that presented in the annual financial statements. Therefore, the attached interim financial statements shall be used in line with the annual financial statements as of 31st December 2008.
The preparation of financial statements in accordance with the International Financial Reporting Standards (IFRS) requires the use of accounting assumptions. Moreover, it requires the management estimates under the application of the Group accounting principle. The cases comprising higher degree of estimates, judgments and complexity or cases where assumptions and estimates are material to the consolidated financial statements are included in Note 2.2.
The accounting principles used by the Group for the preparation of the financial statements are the same as those used for the preparation of the financial statements for the fiscal year 2008 and have been consistently applied to all the periods presented as apart from the changes listed below.
The Group first adopted IFRS 8 «Operating Segments» (an entity shall apply IFRS 8 for annual periods beginning on or after
1 January 2009. Earlier application is encouraged). The Standard has been applied retrospectively, through the adjustments of the accounts and presentation of the items of 2008. Therefore, the comparative items of 2008, included in the financial statements, are different from those publicized in the financial statements for the year ended as at 31.12.2008. Moreover, within the period, the entity adopted IAS 1 «Presentation of financial statements».
Paragraph 2.1.2 analyses the significant changes to the above Standards. No other standards have been adopted within the current year. The effect arising from the first application of the standards on the current, prior and subsequent financial statements pertain to recognition, measurement and presentation and are further presented in Note 2.1.2.- 2.1.3. Note 2.1.4. briefly presents the Standards and Interpretation that the Group will adopt in subsequent periods.
The changes in the adapted accounting principles are analyzed as follows:
The Group adopted IFRS 8 Operating Segments 8 that replaces IAS 14 "Segment Reporting"». Despite the fact that the adoption of the new standard has not affected the way in which the Group recognizes operating segments for the purpose of providing information, the results of each segment are presented based on the data set and used by the management for internal information purposes.
Te main changes are as follows:
Each segment results are based on operating results of every individual information segment. The operating segments results do not comprise the financial costs and financial income, including results of investments in the companies' share capital and the results from taxes and discontinued operations.
Moreover, for the purposes of decision making pertaining to distribution of resources within geographical segments as well as for the purposes of measuring the segments efficiency, The Group Management does not take into account the costs concerning the end of service provisions to personnel, nor does it take into account the costs arising from the settlement of share based transactions. The geographical segments are further presented in Note 5.1.
Of the main revisions of this IAS is the requirement of separate presentation of changes in equity, in the statement of changes in equity, from transactions with the shareholders (i.e. dividends, share capital increase) and other kind of changes affecting equity (i.e. reserves movements). Additionally the revised IAS changes the terminology used as well as the presentation of the financial statements.
The new definitions of IAS 1 however do not change the recognition, valuation or notification rules for certain transactions or events required by the other IASs. Implementation of the revised IAS 1 is mandatory for annual periods beginning on or after 1 January 2009 while these requirements are applicable also in IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors". The changes caused from the amendment of IAS 1 are applies retrospectively (IAS 8.19 (b)) .
The IASB issued in 2008 its first omnibus of amendments to its standards, "Improvements to IFRSs 2008" .The majority of these amendments are effective for periods beginning on or after 1 January 2009. The Company expect that the amendments to IAS 23 Borrowing Costs will affect the Group Financial Statements. Several other IASs had minor amendments but again the management does not expect that there will be any material impact on the Company's financial statements.
The below mentioned accounting standards, amendments and revisions are effective from 2009 onwards but do not apply to the Company.
Revised IAS 23 eliminates the existing option of immediate expensing of all borrowing costs relating to the acquisition, construction of qualifying assets to the income statement. A qualifying asset is an asset that necessarily takes a substantial period of time to be in the condition for its intended use or sale. Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset must be capitalized to the cost of the asset by the Company.
Revised IAS 23 does not require the capitalization of borrowing costs relating to assets accounted at their fair values and inventories that are constructed or produced regularly or in large quantities even if it takes a substantial period of time to get ready for their intended use or sale.
Revised IAS 23 applies for qualifying assets only and is effective for annual periods beginning on or after 1 January 2009. Earlier application is permitted. It is not expected to have a material impact on the Company.
Customer loyalty programmes give incentives to the entity's clients to buy products or services from that entity. If a customer buys products or services, then the Company offers to the client award credits which the client can redeem in the future for products or services free of charge or at a reduced price.
These customer loyalty programmes may be run by the Company in house or assigned to a third party. IFRIC 13 applies to every award credits loyalty programmes a Company may offer to its customers as part of a transaction. IFRIC 13 is effective for financial years beginning on or after 1 July 2008 and it is mandatory. Retrospective application is mandatory as well while earlier application in encouraged when it is disclosed to the notes to the financial
Statements.
IASB amended IFRS 2 regarding the vesting conditions of the accumulated retirement capital and its cancellation. None of the current share based benefit schemes is affected from these amendments. The management of the Company does not expect that the amended IFRS 2 will have any effect on the accounting
Policies of the Company's.
Amendments to puttable financial instruments
The amendment to IAS 32 requires certain puttable financial instruments and obligations arising on liquidation of an investment entity to be classified as part of equity if certain criteria are met.
The amendment to IAS 1 requires disclosure of certain information relating to puttable instruments classified as part of equity.
The Company does not expect these amendments to impact the financial statements for annual periods beginning on or after 1 January 2009. Earlier application of the Interpretation is encouraged as long as it is disclosed in the notes to the financial statements.
The purpose of IFRIC 15 is to provide guidance for the issues below:
This Interpretation applies to the accounting for revenue and associated expenses by entities that undertake the construction of real estate directly or through subcontractors.
The agreements that fall within the scope of IFRIC 15 are the agreements for the construction of real estate. In addition to the construction of real estate,
these agreements may also require the delivery of additional products or services.
IFRIC 15 is effective for annual periods beginning on or after 1 January 2009. Earlier implementation is encouraged provided that it will be disclosed in the notes to the financial statements. Changes in accounting policies should be recognized according to IAS 8.
2.1.4. Standards, amendments and interpretations to already effective standards that are not effective yet and have not been adopted
The following new Standards and Revised Standards as well as the following interpretations to the effective standards have been publicized though are not mandatory for the current financial statements and have not been earlier adopted by the Group:
The effect of IFRS 3 «Business Combinations» pertains to:
The choice made by the Company concerning non-controlling interests.
The change to recognition concerning contingent liabilities. In compliance with the prior requirements of the standard, contingent liabilities were recognized on the acquisition date only in case there was compliance with the criteria such as reliable measurement and the possibility of realizing such a contingent liability.
In compliance with the revised Standard, under the acquisition of companies attention shall be paid to recognition of contingent liability at fair value. As the fair value of contingent liabilities at the acquisition date is determined, subsequent adjustments are made to goodwill only to the extent they relate to fair value at the acquisition date and occur within the measurement period (not exceeding one year from the acquisition date).
Under the previous requirements of the Standard, adjustments to contingent liabilities were made to the goodwill. Where the business combination is effected by a pre-existing relationship between the Group and the acquired company, it is required to recognize gain or loss, at fair value of these non-contractual relationships. - The costs related to the acquisition shall be accounted for regardless of the business combination and thus burden the results in the period incurred. The previous accounting treatment for these costs was to recognise them as part of acquisition cost.
The revised IFRS 3 also requires additional disclosure pertaining to business combinations.
The results of subsequent periods are likely to be affected by the impairment of goodwill and potential changes due to recognition of contingent liabilities.
The revised standard will affect the accounting for business combinations in future periods but the effect will be assessed when these combinations are realised.
The revised Standard brings about a change in accounting principles pertaining to increase or decrease in investments in subsidiaries. In the prior periods, taken the absence of specific requirements of the Standards, increases in investments in subsidiaries followed the same accounting treatment as at the acquisition of subsidiaries with goodwill recognition where appropriate. The effect of the reduction of an investment in a subsidiary not leading to a loss of control was recognized in the results of the period when incurred.
In accordance with the revised IAS 27, all increases and decreases in investments in subsidiaries are recognized directly in equity with no effect on the goodwill and the results of the period.
In case of loss of control of a subsidiary as a result of a transaction, the revised standard requires the Group to proceed to derecognition of all assets, liabilities and non-controlling interest at their current value.
Any interest remaining in the former subsidiary of the Group is recognized at fair value at the date when control is lost. Κέρδος ή Profit or Loss from a loss of control is recognized in results for the period as the difference between the proceeds, if any, and adjustments.
The revised standard will affect the accounting treatment for business combinations in future periods, and this effect will be assessed when these combinations are realised.
Due to revision of IAS 27 (see above) there have been made amendments to IAS 28, pertaining to loss of control in subsidiary and measurement at fair value of a subsidiary held by the Group that was a former subsidiary.
Amendment to IAS 39 clarifies issues in hedge accounting and more particularly the inflation and the one-sided risk of a hedged financial instrument.
Amendments to IAS 39 are applied by entities for annual accounting periods commencing on or after 1 July 2009.
Investments in activities abroad may be held directly by the parent Company or indirectly through a subsidiary. IFRIC 16 aims at providing guidance regarding the nature of the risks hedged, the amount of the hedged item (net investment) for which there is a hedging relationship, and which balances should be reclassified from equity to the income statement as reclassification amendments, with the disposal of the foreign investment activity.
IFRIC 16 applies to an entity that hedges the foreign currency risk arising from its net investments in foreign operations and wishes to qualify for hedge accounting in accordance with IAS 39. The Interpretation applies only to hedging of net investments in foreign operations and does not apply to other types of hedge accounting such as hedging of fair values or cash flows.
IFRIC 16 is effective for annual periods beginning on or after 1 October 2009. Earlier application is encouraged provided that it will be disclosed in the notes to the financial statements.
When an entity announces the distribution of dividends and has the obligation to distribute a part of its assets to its owners, it should recognize a liability for those dividends payable.
The purpose of IFRIC 17 is to provide guidance when a Company should recognize dividends payable, how to calculate them and how should recognize the difference between the dividend paid and the carrying amount of
the net assets distributed when the dividends payable are paid by the entity.
IFRIC 17 is effective prospectively for annual periods starting on or after 1 July 2009. Earlier application is allowed provided that it will be disclosed in the notes to the financial statements and at the same time applies IFRS 3 (revised 2008), IFRS 27(revised May 2008) and IFRS 5 (revised). Retrospective application is not allowed.
IFRIC 18 mainly applies to entities that provide services of general interest. The purpose of IFRIC 18 clarifies the requirements of the IFRSs regarding the agreements where a tangible asset (land, buildings, equipment) is given by a customer to the entity. The entity must either connect the customer to the network or the customer will acquire continuous access to the supply of products or services (i.e. supply of water or electricity).
In some cases, the entity receives cash from a customer which must be used only to acquire or construct the item of property, plant and equipment in order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services (or to provide both).
IFRIC clarifies the circumstances in which the definition of an asset is met, the recognition of the asset and the measurement of its cost on initial recognition, the identification of the separately identifiable services (one or more services in exchange for the transferred asset) and the accounting for transfers of cash from customers.
IFRIC 18 is effective for annual periods starting on or after 1 July 2009.
The Group does not intend to proceed to earlier application of the Standards or Interpretations.
Based on the current Group structure and accounting principles followed, the Management does not expect significant effects on the financial statements arising from the application of the above standards and interpretations when they become effective.
Financial Statements have been prepared ,in all material respects , in accordance with International Financial Reporting Standards(IFRS),including International Accounting Standards and disclosures approved by the Disclosures Committee of the IASC as those are adopted by the eu , as well as International Financial Accounting Standards published by the International Accounting Standards Board (IASB) and especially IAS 34 ΄΄Interim Financial Statements''.
Accounting estimations are required to be used for the preparation of the financial statements in accordance with the International Financial Reporting Standards (IFRS).
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 Management of the Group considers that the financial statements present fairly the company's financial position, financial performance and cash flows.
In preparing its financial statements, the Group has chosen to apply accounting policies which secure that the financial statements comply with all the requirements of each applicable Standard or Interpretation. 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 ended June 31, 2009.
2.2. Major accounting judgements and main sources of uncertainty for accounting estimations The Management must make judgements and estimates regarding the value of assets and liabilities which are uncertain. Estimates and associated assumptions are based mainly on past experience. Actual results may differ from these estimates. Estimates and associated assumptions are continually reviewed.
The accounting judgements that the Management has made in implementing the Company's accounting policies and which have the greatest impact on Company financial statements are:
Management examines whether there is an indication of impairment on the value of investments in subsidiaries, and if so, assesses the extent pursuant to the Company's accounting policy on this subject. The recoverable amount of the examined cash generating unit is determined on the basis of value in use and is based on estimates and underlying assumptions.
In addition, on an annual basis the Management examines, on the basis of assumptions and estimates the following items:
useful lives and recoverable vessels' values
the amount of provisions for staff retirement compensation, for disputes in litigation and for labour law disputes.
On the financial statements preparation date, the sources of uncertainty for the Company, which may have impact on the stated assets and liabilities values, concern:
Unaudited years of the Company, insofar as it is possible that the future audits will result in additional taxes and charges being imposed that cannot be estimated at the time with reasonable accurancy.
Estimates on the recoverability of contingent losses from pending court cases and doubtful debts.
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 ended June 30, 2009.
The following directly subsidiaries are being consolidated using the full consolidation method.
| 30/06/2009 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Subsidiary | Carrying amount |
% of participation |
Country | Nature of Relationship |
Consolidation Method |
Unaudited Fiscal Years** |
||||
| SUPERFAST ONE INC. | 18.634 | 100% | Liberia | Direct | Full | 2008-2009 | ||||
| SUPERFAST TWO INC. | 60 | 100% | Liberia | Direct | Full | 2008-2009 | ||||
| SUPERFAST FERRIES S.A. | 1 | 100% | Liberia | Direct | Full | 2007 -2009 | ||||
| SUPERFAST PENTE INC. | 32.352 | 100% | Liberia | Direct | Full | 2007 -2009 | ||||
| SUPERFAST EXI INC. | 31.694 | 100% | Liberia | Direct | Full | 2007 -2009 | ||||
| SUPERFAST ENDEKA INC. | 34.878 | 100% | Liberia | Direct | Full | 2007 -2009 | ||||
| SUPERFAST DODEKA INC. | 5.820 | 100% | Liberia | Direct | Full | 2007 -2009 | ||||
| ATTICA FERRIES M.C. | 48.005 | 100% | Greece | Direct | Full | 2009 | ||||
| BLUE STAR M.C. | 5 | 100% | Greece | Direct | Full | 2009 | ||||
| BLUE STAR FERRIES M.C. | 5 | 100% | Greece | Direct | Full | 2009 | ||||
| BLUE STAR FERRIES MARITIME S.A. | 316.028 | 100% | Greece | Direct | Full | 2006-2009 | ||||
| ATTICA PREMIUM S.A. | 1.930 | 100% | Greece | Direct | Full | 2006-2009 | ||||
| SUPERFAST DODEKA (HELLAS) INC. & CO JOINT VENTURE |
100% | Greece | Under common management |
Full | 2007 -2009 | |||||
| ATTICA FERRIES M.C. & CO JOINT VENTURE |
100% | Greece | Under common management |
Full | 2009 | |||||
| BLUE STAR FERRIES JOINT VENTURE | 100% | Greece | Under common management |
Full | 2006-2009 | |||||
| BLUE STAR FERRIES S.A. | 3.614 | 100% | Liberia | Direct | Full | 2006-2009 | ||||
| WATERFRONT NAVIGATION COMPANY * | 1 | 100% | Liberia | Direct | Full | - | ||||
| THELMO MARINE S.A. * | 77 | 100% | Liberia | Direct | Full | - | ||||
| BLUE ISLAND SHIPPING INC. * | 29 | 100% | Panama | Direct | Full | - | ||||
| STRINTZIS LINES SHIPPING LTD. * | 22 | 100% | Cyprus | Direct | Full | 2006-2009 | ||||
| SUPERFAST EPTA MC.* | 50 | 100% | Greece | Direct | Full | 2007 -2009 | ||||
| SUPERFAST OKTO MC.* | 33 | 100% | Greece | Direct | Full | 2007 -2009 | ||||
| SUPERFAST ENNEA MC.* | 4.767 | 100% | Greece | Direct | Full | 2007 -2009 | ||||
| SUPERFAST DEKA MC.* | 4.268 | 100% | Greece | Direct | Full | 2007 -2009 | ||||
| NORDIA MC.* | 14 | 100% | Greece | Direct | Full | 2007 -2009 | ||||
| MARIN MC.* | 2.324 | 100% | Greece | Direct | Full | 2007 -2009 | ||||
| ATTICA CHALLENGE LTD* | 6.286 | 100% | Malta | Direct | Full | - | ||||
| ATTICA SHIELD LTD* | 6.214 | 100% | Malta | Direct | Full | - |
investments in subsidiaries. * Inactive companies, for which the Management of the Company considers that there is no indication of impairment for its
** For the subsidiaries registered outside the European Union, which do not have an establishment in Greece, there is no obligation for taxation audit.
For all the companies of the Group, there are no changes of the method of consolidation.
The 100% subsidiaries ATTICA FERRIES M.C. and ATTICA FERRIES M.C. & CO JOINT VENTURE are consolidating for the first time the first quarter of 2009 while the 100% subsidiaries BLUE STAR M.C. and BLUE STAR FERRIES M.C. are consolidating for the first time the second quarter of 2009. The 100% subsidiaries SUPERFAST ONE INC and SUPERFAST TWO INC are consolidated for the first time the third quarter of 2008.
There are not companies which have not been consolidated in the present period while they have been consolidated either in the previous period or in the same period of the fiscal year 2008. The exception to the above are the companies Superfast Ferries Maritime S.A. and Blue Star Maritime S.A., which were merged through the absorption by the parent company.
There are no companies of the Group which have not been consolidated in the consolidated financial statements.
4.1. Intercompany transactions between ATTICA HOLDINGS S.A. and other companies of Attica Group
For the period 1/1-30/6/2009, the capital transactions of the parent company with the subsidiary companies of the Group refer to the intercompany transactions, of total value € 1 thousand, between the parent company and its subsidiaries relate to services (i.e. issuance of airline tickets) provided by the 100% subsidiary Attica Premium S.A.
The company received as dividend of fiscal year 2008:
Furthermore, the company has an amount of € 18.784 thousand as receivable dividend arising from its 100% subsidiary company Blue Star Ferries Maritime S.A.
The 100% subsidiaries Nordia MC, Marin MC and Superfast Dodeca INC, have decided to return part of its share capital to its parent company ATTICA HOLDINGS S.A. due to sale of their assets. The capital return amounts € 31.606 thousand.
The Company has an obligation of € 29.405 thousand to all the entities of BLUE STAR GROUP.
The intercompany balances as at 30/6/2009 between the Group's companies arising from its corporate structure ( see § 4.1. of the financial statements at 31/12/2008) are the following:
The transactions between Attica Premium S.A. and the other companies of Attica Group have been priced with market terms.
| COMPANIES | Sales | Purchases | Receivables from |
Payables to |
|---|---|---|---|---|
| GEFSIPLOIA S.A. | 3.095 | 19 | 859 | |
| VIVARTIA S.A. | 47 | |||
| S. NENDOS S.A. | 8 | 9 | ||
| HELLENIC CATERING S.A. | 46 | 49 | 42 | |
| HELLENIC FOOD SERVICE PATRON S.A. | 294 | 182 | ||
| SINGULAR LOGIC S.A. | 20 | 21 | ||
| SINGULAR LOGIC INTERGRATOR S.A. | 25 | 15 | ||
| 3.188 | 415 | 859 | 269 |
| Group | Company | |
|---|---|---|
| 30/06/2009 | 30/06/2009 | |
| Cash and cash equivalents | 69.798 | 40.432 |
| Borrowings Financial income |
748 928 |
342 |
| Financial expenses | 55 | 2 |
The parent company has guaranteed to lending banks the repayment of loans of the Superfast and Blue Star vessels amounting € 205.953 thousand and € 200.000 thousand respectively.
| Amounts in € | ||
|---|---|---|
| 30/06/2009 | 30/06/2008 | |
| Salaries & other employees benefits | 1.479 | 1.583 |
| Social security costs | 69 | 66 |
| B.O.D. Remuneration | 401 | |
| Termination benefits | ||
| Other long-term benefits | ||
| Share-based payments | ||
| Total | 1.548 | 2.050 |
| 30/06/2009 | 30/06/2008 | |
| Number of key management personnel | 13 | 14 |
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.
The figures of the period 1/1 – 30/6/2009 are not fully comparable with the corresponding figures of continuing operations of the previous year because:
The Group has decided to provide information based on the geographical segmentation of its operations.
The Group operates in the Greek Domestic Routes and in Adriatic 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.
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 – 30/06 2009 are as follows:
| GROUP | ||||
|---|---|---|---|---|
| 1/1-30/06/2009 | ||||
| Geographical Segment | Domestic Routes |
Adriatic Sea | Other | Total |
| Fares | 73.358 | 53.780 | 127.138 | |
| On-board Sales | 4.529 | 7.954 | 12.483 | |
| Travel Agency Services (Intersector Sales) | 2.493 | 2.493 | ||
| Intersector Sales Write-offs | -2.189 | -2.189 | ||
| Total Revenue | 77.887 | 61.734 | 304 | 139.925 |
| Operating Expenses | -53.377 | -59.654 | -1.178 | -114.209 |
| Management & Distribution Expenses | -14.791 | -11.284 | -2.554 | -28.629 |
| Intersector Expenses Write-offs | 2.189 | 2.189 | ||
| Other revenue / expenses | 245 | 51 | 160 | 456 |
| Earnings before taxes, investing and financial results | 9.964 | -9.153 | -1.079 | -268 |
| Financial results | -3.710 | -6.024 | -952 | -10.686 |
| Earnings before taxes, investing and financial results, | ||||
| depreciation and amortization | 17.321 | -2.653 | -1.022 | 13.646 |
| Profit/Loss before Taxes | 6.253 | -15.177 | -2.031 | -10.955 |
| Income taxes | -10 | -119 | -271 | -400 |
| Profit/Loss after Taxes | 6.243 | -15.296 | -2.302 | -11.355 |
| Property, plant & equipment | ||||
| Vessels' Book Value at 01/01 | 212.728 | 526.322 | 739.050 | |
| Improvements / Additions | 664 | 70 | 734 | |
| Vessels' redeployment | 169.764 | -169.764 | ||
| Vessel acquisitions in the present period | ||||
| Vessels' Disposals | ||||
| Depreciation for the Period | -7.364 | -6.097 | -13.461 | |
| Net Book Value of vessels at 30/06 Other tangible Assets |
375.792 1.670 |
350.531 2.533 |
2.168 | 726.323 6.371 |
| Total Net Fixed Assets | 377.462 | 353.064 | 2.168 | 732.694 |
| Secured loans | 181.354 | 193.901 | 729 | 375.984 |
| Customer geographic distribution | ||||
| Greece | 125.685 | |||
| Europe | 14.045 | |||
| Third countries | 195 | |||
| Total Fares & Travel Agency Services | 139.925 |
The revenue of the Group is derived from the agents based abroad.
Segments related with IFRS 8 are the same with the segments required of IAS 14 and due to the fact that there was no change in the accounting policies, there is no effect in geographical segment report.
Agreements sheet of Assets and Liabilities at 30/06/2009
| Net Book Value of vessels | €732.694 |
|---|---|
| Unallocated Assets | €207.731 |
| Total Assets | €940.425 |
| Long-term and Short-term liabilities | €375.984 |
| Unallocated Liabilities | € 78.378 |
| Total Liabilities | €454.362 |
The vessels owned by the Group have been mortgaged as security of long term borrowings for an amount of Euro 723.060 thousand.
Revenue from Fares in Domestic routes includes the grants received for public services performed under contracts with the Ministry of Mercantile Marine, Aegean and Island Policy amounting € 3.700 thousand for the period 1/01 – 30/06/2009 and € 2.621 thousand for the period 1/01 – 30/06/2008.
The consolidated results and other information per segment for the period 1/01 – 30/06 2008 are as follows:
| GROUP | |||||
|---|---|---|---|---|---|
| 1/1-30/06/2008 | |||||
| Geographical Segment | Domestic Routes |
Adriatic Sea | North Sea | Other | Total |
| Fares | 62.852 | 65.976 | 10.276 | 2.185 | 141.289 |
| On-board Sales | 4.019 | 10.006 | 645 | 4 | 14.674 |
| Travel Agency Services (Intersector Sales) | 3.089 | 3.089 | |||
| Intersector Sales Write-offs | -2.573 | -2.573 | |||
| Total Revenue | 66.871 | 75.982 | 10.921 | 2.705 | 156.479 |
| Operating Expenses | -41.314 | -67.411 | -11.371 | -2.631 | -122.727 |
| Management & Distribution Expenses | -11.301 | -10.341 | -1.907 | -3.709 | -27.258 |
| Intersector Expenses Write-offs | 2.573 | 2.573 | |||
| Other revenue / expenses | 141 14.397 |
53 -1.717 |
10 -2.347 |
13 -1.049 |
217 9.284 |
| Earnings before taxes, investing and financial results | |||||
| Financial results | -2.730 | -5.912 | -1.169 | 619 | -9.192 |
| Extraordinary Items | 9.650 | 9.650 | |||
| Earnings before taxes, investing and financial results, | |||||
| depreciation and amortization Profit/Loss before Taxes |
19.157 11.666 |
4.705 -7.630 |
-702 -3.516 |
-950 9.221 |
22.210 9.741 |
| Income taxes | -14 | -40 | -12 | -54 | -120 |
| Profit/Loss after Taxes | 11.653 | -7.670 | -3.528 | 9.166 | 9.621 |
| Property,plant & equipment | |||||
| Vessels' Book Value at 01/01 | 221.144 | 380.979 | 86.833 | 36.937 | 725.893 |
| Improvements / Additions | 1.114 | 2.705 | 3.819 | ||
| Vessels' redeployment | 0 | ||||
| Vessel acquisitions in the present period | 0 | ||||
| Vessels' Disposals | -6.768 | -36.057 | -42.825 | ||
| Depreciation for the Period | -4.521 | -6.266 | -1.587 | -51 | -12.425 |
| Net Book Value of vessels at 30/06 | 217.737 | 370.650 | 85.246 | 829 | 674.462 |
| Other tangible Assets | 481 | 481 | |||
| Total Net Fixed Assets | 217.737 | 370.650 | 85.246 | 1.310 | 674.943 |
| Secured loans | 103.813 | 219.993 | 43.807 | 60 | 367.673 |
| Customer geographic distribution | |||||
| Greece | 130.963 | ||||
| Europe | 25.218 | ||||
| Third countries | 298 | ||||
| Total Fares & Travel Agency Services | 156.479 |
| Net Book Value of vessels | € 674.943 |
|---|---|
| Unallocated Assets | € 267.487 |
| Total Assets | € 942.430 |
| Long-term and Short-term liabilities | €367.673 |
| Unallocated Liabilities | € 73.852 |
| Total Liabilities | €441.525 |
Cost of sales has been negatively affected by € 8.516 thousand. Approximately compared to the previous period due to the higher fuel oil prices. This negative development has also affected the items "Earnings before taxes, investing and financial results, depreciation and amortization", "Profit/(loss) before taxes" and "Profit/(loss) after taxes".
Tangible assets decreased compared to 31/12/2008. This decrease was due to the depreciations of the period 1/1 – 30/6/2009.
Other current assets increased compared to 31/12/2007. This increase was due to the receivables from the Greek State. Furthermore, for the parent company this increase was due to the amount of € 18.784 thousand, which is a receivable dividend arising from its 100% subsidiary company Blue Star Ferries Maritime S.A.
Cash and cash equivalents that are presenting in the balance sheet include the amount of € 7.923 thousand, which has been pledged. The above pledge refers to an agreement for the acquisition by the Group of a new vessels. For the first half of the year the Group paid the amount of € 19.387 thousand against its long-term borrowings.
The change that is presenting refers to the interest rate cash flow hedging of the Group's loans.
"Other short-term liabilities" increased mainly due to the "Deferred income" which refer to passenger tickets issued but not yet travelled until 30/6/2009, € 9.795 thousand, as well as to the dividends payable € 9.913 thousand of the parent company.
The first quarter of 2009 the parent company has been audited by tax authorities until the fiscal year 2007. From the above taxation audit there no additional amount.
All the companies included in the consolidation of Superfast Group have been audited by tax authorities until the fiscal year 2006.
All the companies included in the consolidation of Blue Star Group and Attica Premium S.A. have been audited by tax authorities until the fiscal year 2005. The tax audit of the companies included in the consolidation of Blue Star Group for the fiscal years 2006 and 2007 is currently under way.
The subsidiaries of ATTICA HOLDINGS S.A. have already made a tax provision of € 198 thousand for the unaudited fiscal years. A tax provision for the parent company has not been made. For the subsidiaries registered outside the European Union, which do not have an establishment in Greece, there is no obligation for taxation audit.
The Extraordinary General Meeting of Shareholders, on 12th February 2008 approved the establishment of a five-year stock option plan for the members of the Board of Directors, the Company's staff and the staff of affiliated companies. The options pertain to shares whose nominal value will amount to 1/10th of the share capital. The strike price of the stock options was fixed at € 6,20 per share.
During the period 1/1-30/6/2009, the Group has paid the amount of € 19.387 thousand against its long-term borrowings.
Furthermore, the Group paid the amount of € 270 thousand against finance leases.
The finance leases that have been recognized in the income statement of the period 1/1 - 30/06/2009, amount € 211 thousand.
The operating leases that have been recognized in the income statement of the period 1/1 - 30/06/2009, amount € 836 thousand.
The operating leases refer to office rent and have been contracted with market terms. The only exception is the rental agreement of Attica Premium's offices in Athens and Salonika for which an advance rent has been paid until September 2009 and May 2010 respectively.
The parent company does not have any long-term or short-term bank liabilities.
Superfast Group has made a provision amounting € 462 thousand which concerns claim for compensation from the crew that was employed on board the sold vessels previously deployed in the Baltic Sea. The case is under litigation.
The following letters of guarantee have been provided to secure liabilities of the Group and the Company and were in force on 30/06/2009:
| GROUP 30/06/2009 |
COMPANY 30/06/2009 |
|
|---|---|---|
| Granted guarantees | 1.501 | ----- |
b) Commitments for purchases and capital expenditure
Purchase contracts, in force on 30/06/2009, are as follow:
| GROUP 30/06/2009 |
COMPANY 30/06/2009 |
|
|---|---|---|
| Purchase contracts | 84.799 | --- |
The above contracts refer mainly to the Group's contingent liability for the purchase of the vessel Superfast II which is under construction.
On 30/06/2009 the Group and the Company have the following liabilities which derive from the operating lease agreements and are payable as follows:
| GROUP | COMPANY | |
|---|---|---|
| 30/06/2009 | 30/06/2009 | |
| Within 1 year | 1.393 | 245 |
| Between 2 to 5 years | 5.585 | 982 |
| Over 5 years | 9.108 | 1.718 |
| 16.086 | 2.945 |
On 30/06/2009 the Group and the Company have the following liabilities which derive from the operating lease commitments and are payable as follows:
| GROUP 30/06/2009 |
COMPANY 30/06/2009 |
|
|---|---|---|
| Within 1 year | 343 | |
| Between 2 to 5 years Over 5 years |
445 | |
| 788 | 0 |
a) The Group through its subsidiaries Blue Star MC and Blue Star Ferries MC, agreed with Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME), Korea for the building of two new fast car-passenger ferries at a price of Euro 68.50mln a piece.
b) The Board of Directors decided to redeployed the car-passenger ferry Superfast XII from the Patras - Ancona route to the Piraeus - Heraklion route. Superfast XII commenced its service on the route on 12th March, 2009.
c) The parent company established the new wholly owned Greek subsidiary under the name Attica Ferries Maritime Company with a share capital of Euro 48.005.000. Attica Ferries Maritime Company is the new owner of the vessel Superfast XII which was acquired from Attica's wholly owned subsidiary Superfast Dodeka Inc at book value.
d) For a better marketing sales management, the Group established a new Joint Venture company in order to replace the two old existing companies under the name Attica Ferries M.C & CO Joint Venture.
The parent company participated in the share capital increase of its 100% subsidiaries Blue Star MC and Blue Star Ferries MC with the amount of Euro 13,30 mln and Euro 13,25 mln respectively.
Furthermore, on Tuesday, 28th July, 2009, the parent company paid to its shareholders the amount of € 9.913 thousand as a dividend for the fiscal year 2008.
Athens, August 26, 2009
THE PRESIDENT THE MANAGING THE DIRECTOR THE FINANCIAL OF THE B.O.D. DIRECTOR DIRECTOR CHARALAMPOS PASCHALIS PETROS VETTAS SPIROS PASCHALIS NIKOLAOS TAPIRIS
| ATTICA HOLDINGS S.A. Registration Number: 7702/06/8 MARS 125-126, Syngrou Avenue & S, Torva Street - 11745 Athens, Greece Information for the period from January 1 to June 36, 2008 (According to the decision 4/607/20.04.2008 of the Board of Directors of the Greek Capital Market Committe . The following internation provide a general common of the financial position and financial media of ATTCA HCLCS10003.A. In complete set of the interne financial statements as well as the relevant certified auditor's repo We advise readers, who wish to find a surrige est Educação), la navigale al De domais of De company Departure Inconvents COMPANY IMPORMATION CASH FLOW STATEMENT Internet Domain COMPANY GROUP 1.01-00.06.2009 1.01-00.06.200 dom approval of interim 1.01-30.06.2009 1.01-30.06.2009 August 26,2009 Cash Sper from Operating Activities francial statements: Constantinou Solida - SOEL, No 13671, Michailes Manolla - SOEL No 25831 Grant Thomton S.A. 330.06 9.741 53,075 Adjustments for: Type of pertified auditor's review report Unqualified Depreciati 13,954 12,936 $\overline{37}$ BALANCE SHEET mpairment of tangible and intengible assets 123 maart. COMPANY 170 $-100$ Provinto ASSETS 21.12.3000 31.12.2008 Foreign exchange differences a t 2.111 530 30.06.2009 30.06.2000 733,804 Net (profit) loss from investing activities 1.534 -54,300 36.047 744,720 557 Investment properties Interest payable and other financial expert 9.042 11.543 $\blacksquare$ intergible saxets 1,837 1.798 147 Yua or minus for Working Capital changes: $-500$ 1.009 1.644 518,395 517.130 Decrease/Uncrease/ in Inventor $-394$ 3,712 Decrease/Increase) in Receivables -32.341 -38,780 554 Inventories 21.947 10.433 $-1.236$ 76,064 Decrease Vincrease in Payables (excluding banks) 55,973 123,550 53,774 Other current assets 130,700 70.195 Least Interest and other financial expenses paid 40.998 $-11.005$ $\mathfrak{D}$ 503,435 12,372 COLOR 570.275 ā Taxes paid Operating cash flows of discordinand operation 1.679 -2.592 A 808 Total cash inflowlingthowt from operating activities (a) 117,539 117.539 117,530 117.539 385,293 410,450 Other equity Cash flow from Investing Activities M4.534 盘盤 454,545 Total shareholders equity (a) 502,812 555,996 Acquisition of subsidiaries, associated companies, joint entures and other investments 48.015 Tatel equity (c)=(a)+(b) 144,583 516,996 Purchase of tengible and intensible assets $+227$ $-3.900$ 8128 era ana Bat ana Proceeds from sale of tangible and intengible as 52.475 Provisions / Other long-term liabilit 8739 5.000 3.845 2.371 Derivatives' res 10110 Interest received 1.159 3.245 683 40.730 0.000 31,912 Divisionds race 18,872 Lisbilities associated with non-curren assets classified as held for sale investing cash flows of discontinued operations Total cash inflow(outflow) from investing activities (b) 81,704 -30.690 ABS 454,362 443,723 44.565 54,700 Cash flow from Financing Activities Total equity and liabilities (c)+(d) 663,425 \$70.279 Proceeds from Issuance of Share Cap 946,555 508.937 Proceeds from Borrowings ÷ Proceeds from autoidiaries 31,006 -85.273 INCOME STATEMENT FOR THE PERIOD Payments of Borrowings $-19.367$ COMPANY yments of finance lease labilities $-135$ maner. $-270$ 1.01-06.06.2009 1.01-36.06.2009 06.2009 1.64-00.06.2008 1.01-30.08.2009 1.01-30.06.2000 1.04-00.06.2020 1.04-00.06.20 Dividenda geld 4,005 130.000 155.470 M A 03.099 Financing cash flows of decontinued operations Total cash inflow(outflow) from financing activities (c) -19.857 41.573 36,750 34,794 27,444 25,005 \$1,600 Net increase/(decrease) in cash and cash equival Earnings before taxes, investing and financial -269 9.384 43.646 12,779 78. $-244$ $-400$ 40 (a) H b(m(c) -17.867 10,001 10.905 9.741 3824 12.712 33.975 15.170 21,000 15.378 Profit/Joan) before taxes Cash and cash equivalents at beginning of period 19.124 mm 81. AD Exchange differences in cash and cash equi Cash and cash equivalents at end of period 40 $-2.10$ $-300$ 44,500 9-801 3,450 12,600 99.705 15.130 21,410 45,520 104,997 180,007 80, 830 Owners of the parent 41.955 5.500 3.450 6547 33.725 15.170 21.416 45,370 4112 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD Minority shareholders 6.091 COMPANY rehensive income after tax (8) OBOUR 4,499 2.844 $-1.055$ $-05.445$ 48.304 $-03,407$ 45.33 $-1.600$ 108,3903 100000000000000000000000000000000000000 1.04.9999 0.06.2009 Total comprehensive income for the period -0.000 7,933 4.500 11,583 68,280 $-454$ 6,000 -39.95 Equity Opening Balance (01.01.2009 and 01.01.2008) 502,832 506.145 535,005 -0.055 4.260 6.302 5,500 15,350 $-0.104$ 0.000 -39.958 Total comprehensive income for the pariod after tax 4.000 7.933 15,200 $-40.164$ Owners of the parent 1005 5717 novesseltdecrease) of share capital 0.0529 0.0344 0.2301 Eamings after taxes Per Share - basic (in 4) $-0.0000$ 0.0629 0.1456 0.1512 0,1470 Dividenda paid 4.953 $-13, 173$ 4813 Earnings before taxes, investing and Punthanel(Sale) of treasury stock Equity Closing Balance (30.06.2009 and 30.06.2008) 564,562 ABS AND ARY SYST 22210 13,645 10.106 12,200 -708 -897 -301 413 sonts: . The species while computer and the minimum in the technical discussions the first that is not the individual control in the second interest in the second interest in the second interest in the second interest in the seco . Als be as no complete the considers at hear complete the considering in the constant of the bear of the main the unider fact in the last index in the U.S. of the other facts in any fact the protection of a state of the U 3. The accounting principles are the same as those used on 31/12/2008. 4. The number of employees, at period and, was 6 for the parent company and 1.409 for the Group, while at 30/00/2008 was 6 and 1.274 respectively. 8. The vessels owned by the Group have been mortgaged as security of long term borrowings for the amount of Euro 721/080 thousand. There are no liens and encumbrances for the Company. 8. There are no legal or arbitration cases pending which could have a significant sthed on the francial position or operation of the parent company. Must be noted that the absorbed subsidiary Blue Dan Mark Marketine S.A. h Row of he wase like Ages. For the store case its compty pad the most of 441,5 board, beto the Reservoirs. The Minister of 441,520 boards and the most of 441,520 boards and the most of a most of a most of a most of a most o Group 3.100 Comp 区面 415 459 18.764 38 20,400 e) Transactions and Board of Directors and Executive Directors' Fees. 144 6 Receivables from Board of Directors and Executive Directors g) Payables to Board of Directors and Executive Directors 8. There are no any overdue liabilities, or liabilities that are about to become due, that cannot be paid. t. Das av Strandskritten auch auch auch auch auch auch auch auch Athena, August 26, 2008 THE PRESCENT OF THE R.O.D. THE MANAGING DIRECTOR THE DIRECTOR THE FINANCIAL DIRECTOR |
Attica | Group | ||||||
|---|---|---|---|---|---|---|---|---|
| Date of Board of Direc | ||||||||
| Cariffed Public Annumbers | 15.170 | |||||||
| Audit Firm: | ||||||||
| 601 | ||||||||
| Tangible assets | $-4.159$ | |||||||
| × | ||||||||
| Other non current assists | ||||||||
| Trade receivables and prepayments | $+100$ | |||||||
| Non current assets classified as held for sale | $\frac{1}{2}$ | |||||||
| BOLETY AND LIABE ITES | $-2.276$ | |||||||
| Uhane capita | ||||||||
| Minority Interests (b) | ||||||||
| Long-term borrowings | ||||||||
| Short-Jame Auto | 4,534 | |||||||
| Other short-term labilities | 6.811 | |||||||
| 10.542 | ||||||||
| Total Sabilities (d) | ||||||||
| -20 | ||||||||
| Gross Profit/Loan) | æ | |||||||
| meults | 7.54 | |||||||
| mт $-881$ |
||||||||
| Profitibise) after taxes (A) | M.561 | |||||||
| Office | ||||||||
| after tax (A)+(B) | 473.00 | |||||||
| Minority shareh | ||||||||
| 4.35 | ||||||||
| financial results, democratisfies and ameningties | 434,500 | |||||||
| a) Revenue tij Expenses ci Receivables di Pavables |
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