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Financial Statements
The cash balances, including restricted cash, are concentrated as follows:
Cash balances analysis 2007 2006
87.711.09
Bayerische Hypo – und Vereinsbank AG 89.448.11
8.48.88
Alpha Bank .76.785 75.41.945
10.475.056
EFG Eurobank Ergasias 81.7.405 181.857.192
National Bank of Greece 40.461.694
Total cash balances 233.560.095
No loss is expected due to such cash balances concentration.
f) Liquidity Risk
Liquidity risk is held at low levels through effective cash flow management and availability of adequate cash.
The table below analyses the financial liabilities into relevant maturity groupings based on the remaining
period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the
contractual undiscounted cash flows. Balances due within 1 months equal their carrying balances as the
impact of discounting is not significant.
At 31 December 2007 Less than 1 year Between Between Over 5 years
1 & 2 years 2 & 5 years
Borrowings 174.4.96 95.15.114 85.415.691 808.66.51
Trade and other payables .871.467 00 0
Total 207.294.403 95.153.114 285.415.691 808.662.513
At 31 December 2006 Less than 1 year Between Between Over 5 years
1 & 2 years 2 & 5 years
Borrowings 18.576.5 17.9.64 5.517.65 90.798.7
Trade and other payables 1.54.6 00 0
Total 170.118.588 137.229.642 325.517.365 903.798.327
007 borrowings payable within the next year, include the early principal repayment and accrued interest to-date of payment,
of the Commercial & Cargo Loans (for further information refer to note 4.)
3.2 Capital Risk Management
The Company’s objectives when managing capital are to safeguard the group’s ability to continue as a going
concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain
an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares, use excess cash to repay its borrowings
(subject to the termination provisions of the respective loan agreements) or sell assets not pledged as
security, to reduce debt.
Consistent with others in the industry, the Company monitors capital on the basis of the gearing ratio. This
ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including
“Current and non-current borrowings” as shown in the balance sheet but excluding the subordinated
loan) less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the balance sheet
plus net debt.
During 007, the Company’s strategy, which was unchanged from 006, was to further decrease the gearing
ratio. The gearing ratios at 1 December 007 and 006 were as follows:
The cash balances, including restricted cash, are concentrated as follows:
Cash balances analysis 2007 2006
87.711.09
Bayerische Hypo – und Vereinsbank AG 89.448.11
8.48.88
Alpha Bank .76.785 75.41.945
10.475.056
EFG Eurobank Ergasias 81.7.405 181.857.192
National Bank of Greece 40.461.694
Total cash balances 233.560.095
No loss is expected due to such cash balances concentration.
f) Liquidity Risk
Liquidity risk is held at low levels through effective cash flow management and availability of adequate cash.
The table below analyses the financial liabilities into relevant maturity groupings based on the remaining
period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the
contractual undiscounted cash flows. Balances due within 1 months equal their carrying balances as the
impact of discounting is not significant.
At 31 December 2007 Less than 1 year Between Between Over 5 years
1 & 2 years 2 & 5 years
Borrowings 174.4.96 95.15.114 85.415.691 808.66.51
Trade and other payables .871.467 00 0
Total 207.294.403 95.153.114 285.415.691 808.662.513
At 31 December 2006 Less than 1 year Between Between Over 5 years
1 & 2 years 2 & 5 years
Borrowings 18.576.5 17.9.64 5.517.65 90.798.7
Trade and other payables 1.54.6 00 0
Total 170.118.588 137.229.642 325.517.365 903.798.327
007 borrowings payable within the next year, include the early principal repayment and accrued interest to-date of payment,
of the Commercial & Cargo Loans (for further information refer to note 4.)
3.2 Capital Risk Management
The Company’s objectives when managing capital are to safeguard the group’s ability to continue as a going
concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain
an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares, use excess cash to repay its borrowings
(subject to the termination provisions of the respective loan agreements) or sell assets not pledged as
security, to reduce debt.
Consistent with others in the industry, the Company monitors capital on the basis of the gearing ratio. This
ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including
“Current and non-current borrowings” as shown in the balance sheet but excluding the subordinated
loan) less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the balance sheet
plus net debt.
During 007, the Company’s strategy, which was unchanged from 006, was to further decrease the gearing
ratio. The gearing ratios at 1 December 007 and 006 were as follows:
