Piraeus, 16.02.2017
PRESS RELEASE
The PPA S.A. Board approved the Annual Financial Report 2016 according to which the key figures are as follows:
Revenues in 2016 amounted to € 103.5 mil. compared to € 99.9 mil. in 2015 with an increase of 3.6%, despite the negative circumstances (long economic downturn, refugee crisis, strikes). The increased revenues are contributed from the activities in the Car Terminal at € 1.4 million. (+13.4%) and cruise at € 1.0 mil. (+8.2%), and there was a significant increase also from the concession of Piers II and III amounted € 3.9 mil. approximately.
Profit before taxes in 2016 amounted to € 11.0 mil. compared to € 9.8 mil. in 2015 showing an increase of 13% and the net result is shown improved in most of the Company's activities.
The total operating expenses for the financial year 2016 decreased by 8.0% and have fallen to € 92.8 mil. comparing with € 100.9 mil. in 2015.
A decrease was noted of € 2.2 mil. or 4.3% in staff costs, which amounted to € 49.9 mil. in 2016 compared to € 51.5 mil. in previous year. The administrative expenses reduced significantly as well by € 5.5 mil. or 20.2%.
It is worth noting that PPA paid € 1.0 million more as a concession fee to the Greek State due to the new concession agreement signed on June 24th 2016 and based on which the percentage of concession fee was revised to 3.5% of consolidated revenue instead of 2%.
Finally, according to the financial calendar of the Company, the Ordinary General Meeting of Shareholders scheduled for June 28, 2017 and the ex-dividend on July 19, 2017.
