Announcement regarding business development



Piraeus, 24/08/2011



Announcement regarding business development

The Half year  (01.01.2011-30.06.2011) report to the Piraeus Port Authority S.A.  Board of Directors, presented the President and CEO Yiorgos Anomeritis, in view of the BoD meeting on Monday, August 29, 2011.

The half year P.P.A SA statement of comprehensive income in accordance with the International Financial Reporting Standards, despite the crisis in the transportation sector, presents  EBT  amounting to   € 6,318,558 and EAT amounting to € 3,655,590 against € 2,571,772 and €1,645,206 respectively in the relevant period of 2010.   

Even though some of the operational elements are not comparable with the relevant period of 2010, since during this year  the Container Terminal Pier I was not in operation and the Car Terminal  in a reconstruction phase, the positive results of the Company are an auspicious sign for the year 2011 final results, since , as it is well known,  the Company’s overall operation is mainly developed in the second half, due to the cruise and coastal shipping sector.
The major events of the first half 2011, which will impact positively on the Company’s  overall course are:

1. The expansion  of the Car Terminal with the consolidation of 145.000m² inactive spaces, with  1.167m new quays and  7.000 new parking slots, has been completed, rendering Piraeus Port  Car Terminal a major international Terminal in car transsipment  in Mediterranean.

2. The amicable settlement of certain issues between P.P.A SΑ  and P.C.T S.A  ,  setting in development course the  Container Terminals and their new infrastructure.

3. A cooperation agreement was signed, between P.P.A S.A. and the international shipping company MSC S.A., that gives optimistic perspectives for the company’s revenues and maintains the world's second-largest shipping company an  active major customer for the Piraeus Port.

4. The clearance sale of obsolete vessels with significant revenues for P.P.A SA.

5. Certification of  P.P.A SA by ESPO and Lloyd's as a Model  for Environmental Management Port, which is crucial for the  development of the  cruise sector.

6. The continuous construction of the Piraeus Port Investment Plan 2011-2015 of projects and the elaboration of  studies without retrenchments,  despite the crisis.

7. The continuous growth of the  cruise sector with high rates and the  revenue doubling

8. The cost reduction and  particularly in operating expenses, which decreased by 20.3% and the positive outcome of legal claims, brought further positive effects in  Q2 results.

The P.P.A SA ratios after Q2 results are as follows:

Current ratio 1.73
Quick ratio   1.68
ΕΒΙΤDA        0.30
Debt ratio    0.60

The above results and ratios show the  persistence in politics for the Company’s  profitability which is followed since  2010.

The full report will be discussed to the BoD meeting, on Monday August 29, will be announced at ASE and the summary financial statements will be published on 30/8/2011.