Financial Report for the full year 2011


Piraeus, 26/03/2012


Financial Report for the full year 2011

For the second consecutive year, despite the ongoing crisis, the Piraeus Port Authority (PPA SA) showed positive results (profits) during the fiscal year of 2011.
According to the financial results of 2011, which were presented to the Board by Chairman and CEO, George Anomeritis:

Revenues of the main activities of the Organization amounted to 105.1 million Euros, against 98.7 million in 2010, an increase of 6.5%.

Earnings before tax amounted to 10.716.210 (against 11.332.551 in 2010) and

Net profit after tax 6.466.154 (against 7.126.348 in 2010).

Despite the fact that the total turnover decreased from 116.7 million Euros in 2010 to 105.1 million Euros in 2011 (decrease 9.93%) due to the significant reduction in administrative expenses and operating expenses, profits before taxes decreased slightly, 10.7 million Euros from 11.3 million in 2010.
Cash and cash equivalent on 31.12.2011 was 12.7 million Euros compared with 8.2 million in 2010.
Of the major business sectors of PPA SA:

The cruise sector showed significant increase in passengers (35%) and profits of 7.5 million Euros (compared to 3.1 million in 2010).

The car sector, despite an increase of 33.3% of cars in transit, showed a decrease in its revenues by 12,6%, due to the drop in domestic car market, but the overall sector showed profits of 2.3 million Euros.

The coastal sector, despite the decrease in passenger traffic, showed a 7.4% profit of 4.5 million Euros.

The container industry, despite an increase in TEU traffic, showed losses (data between 2011 and 2010 are not comparable due to the movement in 2010 through SEP) and finally

The dry dock sector, showed both a decrease in revenue and losses of 3.9 million Euros.

During the years 2009, 2010 and 2011 the staff of PPA SA decreased by 410 persons, without making any new appointments. This resulted in a significant reduction in the total staff cost.