Piraeus, 26.03.2012
PRESS RELEASE
For the second consecutive year, despite the ongoing crisis, the Piraeus Port Authority (PPA SA) showed positive results (profits) during the fiscal year of 2011.
According to the financial results of 2011, which were presented to the Board by Chairman and CEO, George Anomeritis:
• Revenues of the main activities of the Organization amounted to 105.1 million Euros, against 98.7 million in 2010, an increase of 6.5%.
• Earnings before tax amounted to 10.716.210 (against 11.332.551 in 2010) and
• Net profit after tax 6.466.154 (against 7.126.348 in 2010).
Despite the fact that the total turnover decreased from 116.7 million Euros in 2010 to 105.1 million Euros in 2011 (decrease 9.93%) due to the significant reduction in administrative expenses and operating expenses, profits before taxes decreased slightly, 10.7 million Euros from 11.3 million in 2010.
Cash and cash equivalent on 31.12.2011 was 12.7 million Euros compared with 8.2 million in 2010.
Of the major business sectors of PPA SA:
• The cruise sector showed significant increase in passengers (35%) and profits of 7.5 million Euros (compared to 3.1 million in 2010).
• The car sector, despite an increase of 33.3% of cars in transit, showed a decrease in its revenues by 12.6%, due to the drop in domestic car market, but the overall sector showed profits of 2.3 million Euros.
• The coastal sector, despite the decrease in passenger traffic, showed a 7.4% profit of 4.5 million Euros.
• The container industry, despite an increase in TEU traffic, showed losses (data between 2011 and 2010 are not comparable due to the movement in 2010 through SEP) and finally
• The dry dock sector, showed both a decrease in revenue and losses of 3.9 million Euros.
During the years 2009, 2010 and 2011 the staff of PPA SA decreased by 410 persons, without making any new appointments, and the total staff cost decreased by 35% in 31.12.2011 compared to 31.12.2009.
The critical ratios in the evolution of financial figures 2011 are considered highly satisfactory and are:
1. General Liquidity 2.56 (2.43 in 2010)
2. Quick Liquidity 2.50 (2.67 in 2010)
3. Debts 0.60 (0.60 in 2010)
Note that PPA SA did not hold bonds, does not use financial derivative products, has no borrowings in foreign currencies and thus faces no credit or currency risks.
Despite the decline of internal trade, the medium-term forecasts for the international cargo transit in the region, is expected to move upwards, with positive effects on the turnover of the company. Positive effects can be expected from the investment program of the Organization since:
a) significant projects will take place through concessions and
b) major projects are also included in funded programs (NSRF).
The 2011 was an extremely important year for the future of the port, since all the planned projects, matured fully technically and economically, and were adopted by all institutions of the state.
As Mr. G. Anomeritis commented: "After the crisis of the past years, since 2010 the Organization is following a new strategy for balanced development of all sectors, not only of the Container Terminal. The investment program is proceeding normally, the company has greater openness and the daily operation is continually updated to international competitive levels. The environmentally sound management policies have been vindicated with international recognition, whereas in the context of corporate social responsibility, act ivities undertaken in collaboration with the District of Attica, such as the creation of the Cultural Coast, will have significant positive economic and social impacts in the wider region of Piraeus. Already 2012 is moving even more dynamically and profitably in comparison to the previous year. "
