The Board of Directors of P.P.A S.A on 27 March 2006 approved the Financial Reports of the Company for the financial year 2005. The Financial Reports were compiled according to the International Financial Reporting Standards and are summarized as follows:

1. The Company's turnover decreased by 5,42% amounting to Euro 140 million, against Euro 148 million the financial year 2004. The main part of this reduction was recorded in the second quarter of 2005, as a result of the strike of the port workers.

2. Other operational revenues were increased by 5,85% amounting to Euro 9,2 million, against Euro 8,7 million the financial year 2004. The increase is attributed to extraordinary revenues.

3. Total expenses decreased within the reporting period by 3,02% and amounted to Euro 131,8 million, against Euro 135,9 million of the period of 2004. The reduction is attributed to lower payroll costs to personnel under strike and to the drastic cut down of miscellaneous, non productive expenses.(promotional expenses, subsidies etc).

4. Asset depreciation incorporated in the operational cost, increased by 11,9 % amounting to Euro 8,5 million, against Euro7,6 million of the previous financial period.

5. Profits before taxes amount to Euro 17 million, against Euro 20,9 million of the relevant period in 2004, showing a decrease by 18,28%. Net profits after current and deferred taxes increased by 13,02% due to the differentiation of fiscal profits and tax rates, amounting to Euro 11,3 million, against Euro 10 million of the previous financial period.