Annual briefing to the members of the Hellenic Fund and Asset Management Association



Pireaus, 22/05/2013


Annual briefing to the members of the Hellenic Fund and Asset Management Association


The annual briefing to the members of the Hellenic Fund and Asset Management Association in the offices of the Athens Stock Exchange (ASE) was held today by the management of PPA SA.


The Company, its business and financial results for 2012 were presented by the Chairman of the Board and CEO of PPA SA, Mr. G. Anomeritis, the Deputy CEO, Mr. P. Petroulis, the General Manager, Mr. S. Chatzakos and the CFO Ms. A. Venardou.


The handling of goods and passengers through the port of Piraeus and the financial results of the year 2012 were analyzed for the institutional investors, with emphasis on the fact of maintaining the Company's profitability, which for the third consecutive year is profitable, despite the ongoing crisis in the area of maritime transport and the crisis in the import trade of the country.


Despite this crisis, revenue in container handling (Container Terminal) increased by 21.89%, in car handling by 5.24% and in cruise by 12%. On the expenditure side there was a large reduction in wages and salaries which were decreased by a further 14% in 2012. Staffing was reduced by 550 persons, while there was no new intake. The stock performance of PPA SA in 2012 was also impressive, as its price nearly doubled (increase of 98.59%) and the same positive trend is continued throughout the current year, in which it has already recorded an additional increase of over 25%.


To date estimates for 2013 indicate that this year will be a dynamic, developmental and profitable year.


As pointed out by Mr. G. Anomeritis, answering questions of institutional investors: "The port of Piraeus is a port of high prospect. It is at the same time a port of large sizes, which serves multiple sectors. Through this multiplicity (coastal cruise, car terminal, container terminals, selling services and ship repairing) and operational modernization, the prospects of PPA SA are more attractive to any provider and any investor. Under the new law for the restructuring of the port system of the country, PPA SA is enlarged by absorbing the companies of Rafina, Lavrio and Elefsina, thus becoming the first major holding of port services in the country. Already the proposals of investors and users for port concessions of utilization of the assets and other parallel activities are being scrutinized by PPA SA and its principal shareholder, the Hellenic Republic Assets Development Fund. For every move or decision, however, it is our obligation to inform institutional investors who already hold 25% of shares of our company. A stock whose value in the last two years has nearly tripled, thanks to your support.