Financial reports for the full year of 2010


Pireaus Port Authirity S.A.

Piraeus  16/3/2011

“Financial reports for the full year of 2010”

The Board of Directors of P.P.A. S.A. on 14/3/2011 approved the Company’s Annual Financial Reports for the full year of 2010. From the Report, the following arise:

1.    The Company’s turnover amounted to €116.7mil, recording a reduction of 9.15% against €128.4mil. in 2009.
•    Revenues from cargo handling operations and storage from the Container Terminal amounted to €13.33mil. against €55.12mil. in 2009. This reduction is attributed to the fact that the new Container Terminal of Pier I started operations at 1/6/2010 on a trial basis, within a depressed economic environment and competition from Pier II under concession to Cosco Pacfic ltd. Therefore the amounts are not comparable.
Total throughput at the Container Terminals of the Port of Piraeus was 863,808 TEU, of which 193,944 at Pier I container Terminal and the remaining at the Terminal under concession.
•    Turnover at the Car Terminals remain at 2009 levels.
The continuous economic recession in the country had negative effect on the sales of finished vehicles and as consequence imports –and consequently finished vehicle handling at the terminals – presented a record decrease. Thus 2010 throughput of import vehicles amounted to 133,545 reduced by 22.9% against 2009.
On the contrary, transhipment cargo handling recorded a significant increase due to the partial global economic recovery and the efforts of the Management towards shipping companies to attract such cargo. In 2010 throughput of transhipment vehicles recorded an increase of 139.2% (246,801 finished vehicles in 2010 against 103,178 in 2009).
Bulk and conventional cargo continues its decreasing trend recording a reduction of 31% as it is gradually replaced from containerised cargo.

•    Other operational activities of the Company recorded a total increase in revenues by 9.67% that is attributed to an increased number of vessel calls at the Ship Repair Zone of the port enhancing revenues from dry docks and other services to ships.
Revenues for the recorded period from passenger services remain approximately at the same levels of 2009 (€10.46mil. in 2010 against €10.30mil. in 2009).
In 2010 cruise passenger throughput at the Cruise port was 1,864,657, of which 426,147 were home port passengers. Total cruise passenger throughput was reduced by 8.1% due to a 10.8% in transit passenger throughput. However the increase by 2.6% in home port passenger throughput had a positive effect on revenues as the relevant tariff is higher due to the increased cost of service provision.
In the sector of coastal shipping, passenger throughput from the Central Port was 10,100,697 passengers recording a decrease by 5.6% against 2009. Ferry passenger throughput was 8,371,064 recording also a decrease by 4.1%. The recorded decrease is probably attributed to the general economic environment in the country that among other things has a negative effect on passenger transport to and from the islands.
•    Revenues for 2010 from the concession agreement between PPA SA and Cosco Pacific Ltd were €26,31mil. from the concession fee and €18.03mil. from service provision at Pier II against €5,86mil. and €10.87mil. respectively for the period 1/10/2009-31/12/2009.

2.    Other operational revenues in 2010 amounted to €17.36mil against €11.58mil. in 2009 recording an increase by approximately 50%. This increase is attributed to the reversal of provision for pending lawsuits totaling €10.32mil. of which: €1,0 million from a waiver of appeal by the adverse party at the CoE, €1,3mil. from a vindication of the Company by an Administrative Court of Appeal decision on a previous Competition Commission decision, and €5,5mil. from a reduction in the amount of provisions from pending lawsuits at the claimed amount of capital, less interest and penalties, because Management and Directorate of Legal Services consider that will end in favour of the Company.

However rental income recorded a decrease by 17,30% amounting to €4.74mil., against €5.74mil. in 2009, mainly attributed to reduced rents from areas included in the concession to Cosco Pacific ltd.
3.    Total expenses for 2010 amounted to €116.34mil. against €133.52mil. in 2009 recording a decrease by 12.6%. This reduction is mainly attributed to the payroll cut, in accordance with the L3845/2010 regarding the austerity measures for the State fiscal plan as well as to the reduction of personnel due to the application of VRP.
4.    Consumption of spares and consumables for 2010 amounted to €1.38mil against €3.012mil. in 2009. The reduction is attributed to reduced fuel consumption due to the limited activity at the container terminal as well as to reduced consumption of spares and materials for the maintenance and upgrades of machinery and equipment.
5.    Asset depreciation incorporated in the operational cost increased by 50%, amounting to €15.64mil. against €10.42mil. in 2009. This increase is attributed to the commencement of operations at Pier I container terminal as from 1/6/2010 that increased Company’s assets.
6.    Other expenses (extraordinary and non-operating) amounted €6.73 mil. against €45.64 mil. in 2009.In this account are included the V.R.P cost , compensations etc.
7.    Net financial profits before taxes for the period amounts to €11.23mil. against losses of €38.32mil. in 2009, while profits after taxes current and deferred amount to €7.047mil., against losses of €33.56mil. in 2009.
8.    Cash and cash equivalents on 31/12/2010 amounted to €8.204mil. against €33.27 mil. on 31/12/2009.

Download Financial Report