Piraeus, 24.05.2016
PRESS RELEASE
Ιn the Athens Exchange was held the Presentation of PPA SA annual results of 2015 for the Hellenic Fund and Asset Management Association. The briefing to the members of the Association was made from the General Manager Mr. St. Hatzakos, Financial Director Ms. Aik. Venardou and Investor Relations Officer Mr. N. Demenopoulos.
It was emphasized the fact that despite the ongoing economic crisis PPA SA showed 2015 profits, even improving their profitability indicators compared to the previous year.
More specifically, earnings before taxes amounted to € 9.772.290,19 against €8.891.464,98 in 2014 showing an increase of 9.91%. Profit after tax amounted to € 8.375.754,17 compared to € 6.763.882,84 showing an increase of 23.83%. The gross profit showed an increase of 13.9% compared to 2014 from € 22.958.410,89 to € 26.150.566,01.
The improved results are mainly due to the reduction of certain categories of expenditure, and more particularly the reduction of third parties services by 15.46%, the reduction in the cost of sales of inventory and consumables by 43,61% and the decrease in payroll by 4.05% compared to 2014. Decisive was also the impact of provisions on the profits.
Finally it is noted that the cash and cash equivalent of the company amounted to € 60.248.805 in 31.12.2015 compared to € 55.283.017 in 31.12.2014, although in 2015 fully repaid obligations to the Social Security of € 14 mil.
As the General Manager of PPA SA Mr. Stavros Hatzakos stated: "The PPA in 2015 not only retained but also improved its profitability by reducing expenses, settling its obligations, while proceeds to the update of the provisions rationalizing its balance sheet”.
