Annual Financial Report 2012



Piraeus, 29/03/2013



Annual Financial Report 2012

Profits before taxes of 6.323.537 Euros and after taxes of 4.957.091 Euros were showed by PPA SA in 2012, the turnover of which amounts to 106.592.452 Euros and gross profits of 19.934.259 Euros. Despite the increase in turnover (+1.39%) and gross profit (+16%) and despite a reduction of cost of sales, net gain was reduced compared to 2011 due to a significant reversal for litigation matters heard in favor of PPA SA concerning the use of 2011.

According to the approval of the Annual Financial Report and Tax Statements 2012 by the Board of PPA SA, PPA shows for the third consecutive year profits, despite the ongoing crisis in the field of maritime transport and the crisis in import trade of the country. However, revenue in container handling (Container Terminal) increased by 21.89% and in car handling increased by 5.24%. Total operating expenses were reduced by -0.37% and salaries and social security costs by -8.84%. The ship repair sector (Dry docks) showed damages, while a significant economic burden was brought about by the increased cost of electricity consumption and fuel. A decrease in revenue was also present in the mooring ships sector (-16.05%) primarily due to reduced handling in shipping and related concessions of mooring to Pier II.

Finally, PPA SA suffered no repercussions from last year's "haircut" of bonds (PSI), the recent banking crisis in Cyprus, and shows no currency risk. All its indicators remain at positive and healthy levels for the banking market.

To date, estimates for 2013 indicate that this year too will be a dynamic, developmental and profitable year.