Financial Statements for the first half 2013

Piraeus, 28.08.2013




Increased profit before taxes by 92.54% (€ 3.729.941 compared to € 1.937.186 in 2012) and increased profit after taxes by 208.64% (€ 3.456.897 compared to 1.120.048 in 2012) recorded in the first half of 2013 Piraeus Port Authority SA (PPA). The results of the first semester 2013 are the best after 2007, as the financial performance of the company is constantly improving. The third quarter 2013 is expected to be even more positive in revenues and profitability due to cruise.
As it derives from the recommendation of the Chairman CEO Mr. Yiorgos Anomeritis in the Board of Directors, which approved the Financial Report for the period 01.01.2013-30.06.2013 and despite the ongoing crisis in transport industry, company’s turnover suffered minimal decrease (-2.14%), while total expenses decreased by 5.05%. Cash and cash equivalents at 30.06.2013 amounted to € 21.3 million compared to € 8.6 million in 2012, while the company's equity amounted to 161.9 million compared to 155.9 million in 2012. Staff costs now account for 53% of turnover compared with 71% in 2008, a figure which is very close to the European average of the port industry (51%). All indicators (liquidity, EBITDA and leverage) are improved, while the risks or uncertainties insignificant, since the company has no currency or other risks.
The company after the completion of infrastructure in the Container Terminal (Pier I) focused its policies in the sectors of cruise and car-terminal. Completed the renovation of the Second International Terminal (Themistocles) serving up to 24,000 cruise passengers daily. Already in the first seven months of 2013 the cruise transit is increased by 11.6%. In the car-terminal was completed the work of the sea side freight car railway station. PPA and PCT SA, having signed a memorandum of cooperation considered together to build with a concession agreement West Pier III, costing 224 million euros paid by PCT S.A., while the European Commission has approved the project of extending the cruise port, cost of 120 millions Euro, with EU-funding by 95%.
Finally, the Company is moving rapidly the work of the Piraeus Cultural Coast, for which was signed a Memorandum of Understanding with the Region of Attica, Piraeus in order to make Piraeus a center of Culture and Tourism. In connection with the further privatization of the port, the Government by the end of the year will decide whether it will be through the sale of the share capital or through the European policy of concessions to many users, according to the proposals of the Memorandum III. It is recalled that the Government in April 2013 with the L.4150/13 decided the absorption by the PPA of the 3 ports of Athens (Rafina, Lavrio, Eleusis), a merger, which will lead to increased property PPA and its share capital (Attica Port System).