Profitable 2014 for PPA S.A.
In the midst of unfavourable circumstances (Syria, Ukraine, N. Africa, Middle East, etc.), which affect the sizes of maritime transport industry, for the fifth (5th) year running the PPA showed profits.
Note that in 2013 abolished by law all the privileges of the company, while the balance sheet of 2014 included accounting wise all remaining sizes (requirements, buildings, etc. precarious.) from various causes decades back.
The auditing firm Ernst & Young, based on the International Accounting Standards, signed the certificate of inspection without any comment.
The Board of Directors of PPA SA approved the Annual Financial Statements and Tax Statements for the period 01.01.2014 to 31.12.2014, the key items of which are as follows:
Profit before tax amounted to € 8,891,464.98 compared to € 11,824,617.21 of 2013.
Profit after tax amounted to € 6,763,882.84 compared to € 8,045,245 euro in 2013.
The gross profit showed an increase of 3.3% compared to 2013 (from € 22,224,256 to € 22,958,410.89).
Turnover decreased by 4%, from € 108,630,469 in 2013 to € 104,320,264.31 in 2014.
Administrative expenses for the financial use remained almost stable over 2013, operating expenses decreased by 4.76%, while the third party services fell by 9.40%.
Cash and cash equivalent on 31.12.2014 amounted to € 54,466,299.360 compared to € 40,624,049 in 2013, an increase of 34.1%.
The income tax paid by the PPA SA amounted to € 2,127,582.14, while paid 2% of the turnover to the Greek State (€ 2.2 mil.).
Note that PPA SA implements a development program worth € 550 mil., has zero foreign exchange risk and the indicators (a) General Liquidity (b) Special Liquidity and (c) Debt are all in full compliance with international models and assumptions.
The greatest events of 2014 were (a) the completion of the Amicable Settlement PPA S.A. and PCT (COSCO) for the Western Pier III and Petroleum Pier, a new investment of 230 mil., which is raises the Net Present Value of the PPA / COSCO Agreement to € 1.1 billion. euros and annual profits, after its completion, for the PPA SA of € 110 m. per year and (b) the full approval of the South Expansion of Cruise pier investment of € 136 mil. with 95% Community funding.
The financial calendar for the year 2015 has as follows:
- Monday 30/3/2015: Announcement and release of full year 2014 financial results.
- Thursday 14/5/2015: Annual briefing of analysts on the company's financial results in the Association of Greek Institutional Investors.
- Saturday 27/6/2015: Annual General Meeting of Shareholders.
- Thursday 16/7/2015: Ex-Dividend Date 2014.
- Friday 17/7/2015: Dividend Beneficiaries 2014 (Record Date).
- Thursday 23/7/2015: Dividend Payout 2014.