The Board of Directors of P.P.A. S.A. on 30/8/2010 approved the Company's Financial Report for the first half of 2010. From the Report, the following arise:
1. The Company's turnover amounted to €64.31mil, against €61.07mil. in the relevant period of 2009. However, the amounts are not comparable, since the new Container Terminal is operating only for one month, as from 1/6/2010 and on a trial basis. From the remaining activities, the Car Terminals sector records a satisfactory increase with revenues amounting to €6.37 mil against €4.50 mil in the relevant period of 2009 (41.60% increase), mainly due to the increase of transhipment cargoes.
2. Other operational revenues for the period recorded a slight increase of 1.98% against the first half of 2009, amounting to €3.50mil (€3.43mil. on 30/6/2009) attributed to the increased rental income.
3. Total expenses for the period, recorded an increase of 6.75%, amounting to €65.62 mil. against €61.47mil. in the same period of 2009. It is noted that personnel payroll cost in the relevant period of 2009 was reduced because of the personnel mobilizations against the Concession Agreement, the abstention of personnel from overtime and weekend work mainly in the first quarter of 2009 and the reduced cargo flows.
4. A significant increase was recorded in provisions, compared with the first semester of 2009 that amounted to €300 thous.
Provisions from staff V.R.P 3.940
Provisions for pending lawsuits 1.648
Provisions for doubtful debts 1.105
Remuneration of Memorandum of Agreement 800
Other provisions 100 7.593
5. Consumption of spares and consumables for the first half of 2010 amounted to €371,130.29 against €1.64 mil. in the relevant period of 2009. The reduction derives mainly from the concession of equipments of the Container Terminal which were absorbing the most part of consumption of spare parts and materials.
6. Asset depreciation incorporated in the operational cost increased by 12.52%, amounting to €5.80 mil. against €5.16 mil. in the relevant period of 2009. This increase is attributed to the beginning of operations in Pier I container terminal as from 1/6/2010 that resulted to the increase of the Company's assets.
7. Net financial profits before taxes for the period amounts to €2.57 mil. against profits of €3.24 mil. in the respective period of 2009, while profits after taxes amount to €1.65 mil., against profits of €233,094.63. in the relevant period of 2009.
Cash and cash equivalents on 30/06/2010 amounted to €39.04mil. against €33.27 mil. on 31/12/2009 and €65.45 mil. on 30/06/2009.