Piraeus, 18.05.2017
PRESS RELEASE
The financial results for the year 2016 of PPA S.A. were presented to the Hellenic Fund and Asset Management Association.
In the presence of the CEO of PPA S.A. Capt. Fu Chengqiu held the annual briefing to the members of the Hellenic Fund and Asset Management Association in the offices of the Athens Exchange, on the PPA S.A. financial results for the year 2016, by Mr. Athanasios Liagkos, member of the Board of Directors and Management Consultant.
In the presentation given by Mr. Athanasios Liagkos also attended: Mr. Ji Fengming, Deputy CEO & CFO, Mr. Angelos Karakostas, Deputy CEO and Mr. Tian Chao, General Manager-Financial Dept.
Revenues amounted to € 103.5 mil. compared to € 99.9 mil. in 2015 with an increase of 3.6%, despite the negative circumstances (long economic downturn, refugee crisis, strikes). Profit before taxes amounted to € 11.0 mil. compared to € 9.8 mil. in 2015 showing an increase of 13% and the net result is shown improved in most of the Company's activities.
It is worth noting that PPA S.A. paid € 1.0 million more for increased concession fees to the Greek State for 2016, due to the new concession agreement signed on 24/6/2016 according to which, the percentage of the concession fees was adjusted to 3.5% of the consolidated income, instead of 2%.
As the PPA Chief Executive Officer Capt. Fu stated:
"In 2016, the new PPA Management ensured the smooth transition and reorganization of the Company and prepared the implementation of the Investment Plan. The 2017 is the first year of building and developing the new PPA".
