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30% increase in profit before tax for PPA SA in 2013.

Piraeus, 27.03.2014

Press Release

30% increase in profit before tax for PPA SA in 2013.

A significant increase in profit, before tax, for PPA SA was shown for the period January - December 2013, in comparison to 2012.
Profit before tax amounted to 11.824.617 Euro against 9.098.886 in 2012, an increase of 30%.
Profit after tax amounted to 8.045.245 Euro, against 7.177.370 in 2012, an increase of 12.1%.
The gross profit showed an increase of 11.5%, compared to 2012 (from 19.934.259 Euro to 22.224.256 Euro).
Turnover increased by 2%, from 106.592.452 Euro in 2012, to 108.630.469 Euro in 2013.
Administrative expenses for the period decreased by 3%, compared to 2012.
The average labour cost of turnover decreased to 46.4%, compared to 71% in 2009 and 52% in 2012. The average labour cost, despite the 24-hour continuous operation for 365 days a year, is now fully competitive and commensurate with the average in European ports. The payroll reduction was 9%.
Cash balance of the Agency on 31.12.2013 amounted to 40.624.049 Euro, against 14.662.472 in 2012, an increase of 177%.
Income tax paid by PPA SA, increased by 96.7% from 1.921.515 Euro to 3.779.372 Euro.
Earnings per share are increased by 12.1%, from 0.2871 Euro per share to 0.3218 Euro.
As the Chairman and CEO of PPA SA, Mr. George Anomeritis, commented: “Despite the ongoing crisis, PPA SA presented for the fourth consecutive year, a profitable use. PPA SA, which performs important developmental projects for the cruise and commercial port of Piraeus, in 2013 paid to the public 21.256.705 Euro, in the form of taxes, levies and dividends, while the cash available amounted to 40.624.049 Euro. Finally, contrary to what is said, PPA SA executes projects with own and community funding, without any guarantee by the Greek public, in all projects carried out since it converted to an SA in 1999. It is noted that based on L.4172/2013 all historical privileges PPA were abolished, with which it was equipped from 1950 and therefore the financial information of 2013 concern a fully competitive PPA”.
The financial statements were audited, without recording observations, according to the International Accounting Standards by the company Ernst & Young.