Increase of 47% in Earnings Before Taxes for 9M 2015

Piraeus, 25.11.2015


Increase of 47% in Earnings Before Taxes for 9M 2015

The financial statements for the 9 month period of 2015 approved by the Board of PPA SA at today's meeting according to which:

a) Total revenues showed a slight decrease by 5.7% and amounted to Euro 75.4 mil. compared to 79.9 mil. in 2014.
b) Total operating expenses for the same period fell by 4.9% and amounted to 69.8 mil. Euro compared to 73.4 mil. in the corresponding period of 2014. The change is mainly due to a reduction of payroll (-4,4%) and costs for maintenance - repair, power consumption etc.
c) Earnings before taxes increased by 47.3% and amounted to Euro 15.3 mil. compared to 10.4 mil. in 2014 and after taxes rose by 40.6% and amounted to Euro 12.1 mil.
d) Note that in the third quarter (01/09/2015) the Agency fully settled its obligations through the retirement scheme of Law. 3651/2008 to IKA ETAM and the ETEA of Euro 14 mil. Despite that payment the cash remaining at the same high levels of Euro 48, 8 mil.
e) In the above results is also included a provision amounting to Euros 980 thous. for impairment of the participation of the company in its subsidiaries following the decision for their dissolution and liquidation due to their accumulated losses.

During the presentation of the financial statements the President and CEO of PPA SA Mr J. Kouvaris stated:
"Despite the ongoing economic crisis, which affects the areas of trade and transport and hence the company’s activities, the PPA reduces costs, increases profitability and improved the overall results ".