13% increase in profit before tax in 2016 for the PPA

Piraeus, 16.02.2017
The PPA S.A. Board approved the Annual Financial Report 2016 according to which the key figures are as follows:
Revenues in 2016 amounted to € 103.5 mil. compared to € 99.9 mil. in 2015 with an increase of 3.6%, despite the negative circumstances (long economic downturn, refugee crisis, strikes). The increased revenues are contributed from the activities in the Car Terminal at € 1.4 million. (+13.4%) and cruise at € 1.0 mil. (+8.2%), and there was a significant increase also from the concession of Piers II and III amounted € 3.9 mil. approximately.
Profit before taxes in 2016 amounted to € 11.0 mil. compared to € 9.8 mil. in 2015 showing an increase of 13% and the net result is shown improved in most of the Company's activities.
The total operating expenses for the financial year 2016 decreased by 8.0% and have fallen to € 92.8 mil. comparing with € 100.9 mil. in 2015.
A decrease was noted of € 2.2 mil. or 4.3% in staff costs, which amounted to € 49.9 mil. in 2016 compared to € 51.5 mil. in previous year. The administrative expenses reduced significantly as well by € 5.5 mil. or 20.2%.
It is worth noting that PPA paid € 1.0 million more as a concession fee to the Greek State due to the new concession agreement signed on June 24th 2016 and based on which the percentage of concession fee was revised to 3.5% of consolidated revenue instead of 2%.
Finally, according to the financial calendar of the Company, the Ordinary General Meeting of Shareholders scheduled for June 28, 2017 and the ex-dividend on July 19, 2017.