Financial reports for the second quarter of 2011



Piraeus, 30/08/2011



“Financial reports for the second quarter of 2011”

The Board of Directors of P.P.A. S.A. on 29/8/2011 approved the Company’s Financial Reports for the second quarter of 2011. From the Report, the following arise:

•    The Company’s turnover amounted to € 51.34mil, against €64.31 mil. in the relevant period of 2010, reduced by €12.97 mil, or 20.17%. This incline is due to the fact that Q2 revenues 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 €20.19mil.
Moreover in Q2 revenue is included the revenue from Container Terminal Pier I, amounting to €9.55mil. However the amounts are not comparable with the second quarter of 2010 (€2.23mil), since the new Container Terminal Pier I started its operation as from 1/6/2010, and as it is expected hasn’t yet covered its full operational capacity.
Another crucial sector- that of the car terminals- represents a decrease in revenues by 28,1%, from € 6,4 million in the 1st semester of 2010 to € 4,6 million in the respective period of 2011.This decrease is mainly due to the general economic crisis which had an impact on the car market.
From the other side, a significant improvement was noted to the cruise sector. More specifically the revenues from cruises were doubled ,amounting  to  € 2,4 million in comparison with € 1,2 million to the respective period of 2010.

•    Other operational revenues present a significant increase compared with the relevant period of 2010, amounting to €13.10mil.(€3.5 mil. on 30/6/2010) due to the reversal of provision for pending lawsuits.

•    Total operating expenses for the period amounted to €56.24mil., against €65.62 mil. in the same period of 2010, recording a significant  reduction  by 14.29%. The reduction is mainly attributed to the payroll cut in accordance with the L3833/2010 & 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 20.26%, amounting to €32.39mil against €40.62mil the relevant period of 2010

•    Consumption of spares and consumables for the Q2 of 2011 amounted to €788.5 thous. against  €371.13 thous. in the relevant period of 2010, that is due to the Pier I commencement of operations.

•    Asset depreciation incorporated in the operational cost increased by 41.61%, amounting to €8.22 mil. against €5.8 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.

•    Net financial result before taxes for the period amounts to profits of €6.32 mil. against profits of €2.57 mil. in the respective period of 2010, while earnings after taxes  amount to €3.66 mil., against €1.65  mil. in the relevant period of 2010.

Cash and cash equivalents on 30/06/2011 amounted to €12.61 mil. against €8.20  mil. on 31/12/2010 and €39 mil. on 30/6/2010.