The annual briefing for members of Institutional Investors was held today, by the management of PPA SA, in the offices of the ASE.
The Company, its business and the financial results for 2011 were presented by the Chairman of the Board and CEO of PPA SA, Mr. G. Anomeritis, the Managing Director, Mr. P. Petroulis, the General Director, Mr. St. Hatzakos, and the Financial Director, Ms. E. Venardou.
The management referred to the important events and actions that took place during 2011 including the expansion of the Car Terminal of N.Ikonio, the signing of a cooperation agreement with MSC, the second largest shipping company in the industry worldwide, the full operation of Pier I Container Terminal, the signing of an amicable settlement between PCT SA (COSCO) and PPA SA on issues of the Concession Agreement, the significant increase (35%) of cruise passengers, as well as the adoption decrees for integration of new major projects in the NSRF.
The handling of goods and passengers through the port of Piraeus and the financial results for the year 2011, with emphasis on the fact of maintaining the Company's profitability, were analyzed for the institutional investors. The significant reduction in wage costs following the implementation of relevant laws and measures taken by the administration in that direction was also referred to. The state of implementation of major investment projects that will increase the capacity of the Container Terminal, the Cruise Terminal and Car Terminal and enhance the competitive position of the port were also spoken of. In 2011 the port of Piraeus acquired from ESPO the title ecological port (ECOPORT), a title that is also certified by Lloyds.
At the Container Terminal the decline of the domestic load is offset by the increase of international transit cargo. The Administration continues its efforts to attract old and new clients. During the first quarter of 2012 166.000 TEU's were handled, compared to 113.990 TEU's in the corresponding period last year.
As for Cruise, 850 ships are expected to arrive at the port of Piraeus, meaning that traffic levels are kept high.
At the Car Terminal, the projects to upgrade and increase the capacity of the Terminal have been completed, which combined with the coordinated contact with customers, is expected to further increase transit traffic.
PPA SA, both to support the cruise industry, and for reasons of corporate social responsibility, moves on the creation of the Cultural Coast of Piraeus, for the financing of which a Memorandum of Understanding with the Region of Attica has been signed.
As the President and CEO of PPA SA, Mr. George Anomeritis, told members of the Institutional Investors of ASE: "Through our strategy PPA SA has been profitable for the third consecutive year, we support any reform within the European institutional model of port industries, and we have made Piraeus the center of Culture and Tourism under a concrete business plan development."
As far as the prospects of the year 2012, despite the uncertainty about the course of the international economy and the prolonged recession of the Greek economy, the financial performance of the organization is expected to be profitable.