Financial reports for the first quarter of 2011



Piraeus, 23/05/2011



"Financial reports for the first quarter of 2011"

The Board of Directors of P.P.A. S.A. on 23/5/2011 approved the Company’s Financial Reports for the first quarter of 2011. From the Report, the following arise:
1. The Company’s turnover amounted to € 22.72mil, against €33.69 mil. in the relevant period of 2010, reduced by 32.57%. Exempting the cruise sector which is recording an increase, almost all other activities are recording a significant decline against the relevant period of 2010.Container Terminal revenues, amount to €6,15 mil., resulting to increased revenues from
stevedoring and storage operations. However the amounts are not comparable with the first quarter of 2010, since the new Container Terminal Pier I, was not yet operational and there were no corresponding revenues. It is noted that the revenues from the concession of Pier II & III, no longer include revenues for services provided from P.P.A S.A staff to Pier II (Payment of P.P.A. SA payroll cost from P.C.T S.A). These revenues in the relevant period of 2010 amounted to €13.25 mil.
2. Other operational revenues increased by 35.34% amounting to €2.32 mil., against €1.72 mil. ιn the relevant period of 2010, mainly due to an increase of rental income.
3. Total operating expenses for the period amounted to €27.25 mil., against €31.48 mil. in the same period of 2010, recording a reduction by 13.42%. The reduction is mainly attributed to the payroll cut in accordance with the L3845/2010 regarding the austerity measures for the State fiscal plan as well as to the reduction of personnel due to the application of V.R.P with the payroll cost reduced by 28.15% against the relevant period of 2010.
4. Consumption of spares and consumables for the Q1 of 2011 amounted to €421.4 thous. €128.4 thous. in the relevant period of 2010, that Pier I was not in operation.
5. Asset depreciation incorporated in the operational cost increased by 50%, amounting to €4.12 mil. against €2.73 mil. in the relevant period of 2010. This increase is attributed to the commencement of operations at Pier I container terminal as from 1/6/2010, that has been incorporated in the operational cost.
6. Net financial result before taxes for the period amounts to losses €3.3 mil. against profits of €3.64mil. in the respective period of 2010, while losses after taxes (current and deferred) amount to €2.92 mil., against profits of €1.73 mil. in the relevant period of 2010.
7. Cash and cash equivalents on 31/03/2011 amounted to €4.92mil. against €8.20 mil. on 31/12/2010.