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The Board of OLTH SA approved at 23/09/2016 the Financial Report for the period of 1/1/2016-30/06/2016.

The company’s turnover at the period of 01/01/2016 to 30/06/2016 amounted to 21.167.064 euro against 26.609.944 euro at the same period in 2015, recording a decrease of 20.45%, due to the continuous multi-day strike (May-June 2016), because of the imminent privatization of THPA SA.

  • Container Terminal handled 141.900 containers (TEU’s), recording a reduction of 15,83% compared to the same period of 2015. From the current statistics (July, August, September) shows a significant increase and it is estimated that at the end of 2016, the containers throughput, which is the main source of the company’s profitability, will be closed at the same level as last year.
  • The trafficking in conventional cargo, fell by 34.34% due to multi-day strike (May-June 2016) and to decrease the activity of the factories of a major customer of dry bulk carriers, but also in a long term interruption of rail connection to Skopia. There is a recovery in cargo throughput in September and it is estimated that the throughput of conventional cargo at the end of 2016, will end with a rate of -15%
  • The income from the exploitation of spaces increased by 5.03% due to more cultural and other events, that carried out in the port area, as a result of the continuous efforts of the company to the port connection with the city
  • The revenues from the passenger port increased by 1.31% due to the increase in cruise passengers and reopening the ferry connecting of the port with the North Sporades.
  • The Company successfully continued its policy of restricting costs which fell by 5,83%
  • Gross profit amounted to 9.198.348 euro, and as a percentage of turnover amounting to 43.46%
  • Operating profit (EBITDA) amounted to 10.325.503 euro, and as a percentage of turnover amounting to 48.78%
  • Earnings before taxes amounted to 8.961.938 euro and as a percentage of turnover amounting to 42,34%, while after-tax results amounted to 5.540.950 euro and as a percentage of turnover amounting to 26,18%

The Company despite the negative developments maintain high profitability indicators. Specifically, for the first half of 2016:

  • Gross profit amounted to 9.198.348 euro, and as a percentage of turnover amounting to 43.46%
  • Operating profit (EBITDA) amounted to 10.325.503 euro, and as a percentage of turnover amounting to 48.78%
  • Earnings before taxes amounted to 8.961.938 euro and as a percentage of turnover amounting to 42,34%, while after-tax results amounted to 5.540.950 euro and as a percentage of turnover amounting to 26,18%

THPA SA CHIEF EXECUTIVE OFFICER DIMITRIOS MAKRIS STATEMENT

ThPA SA, faced at the first half particularly adverse developments which had an impact on the revenues of the company. Note that during the 180 days of the first half of the year there were 32 consecutive days of strike (May-June) and an additional 4 week (April) abstention from working at the weekends and overtime. The demands of the trade unions for the strikes were associated with the impending privatization of the company.
Furthermore, the railway connection to Skopia remained closed over 67 days creating serious problems for bulk and general cargo and for about 20 days the road connection to Bulgaria remained closed making container transport impossible.
For these reasons mentioned above, the upward trend (+ 8%) in the throughput of containers in the first quarter (January to April) was decreased and the expected decline in the throughput of conventional cargo deteriorated.
In July, August, and September of 2016 most of the drop in containers throughput that took place in the first half of 2016 was recovered and at the end of 2016 it is estimated to reach 2015 levels. Similarly, the data selected in September indicate also a recovery to conventional cargo that would significantly compensate the drop of the first half.
THPA SA stood by the customers and collaborating with them has tried to reduce the impact of these developments.
The company has shown remarkable resilience in adverse conditions and maintained its high profitability in all indicators, while reduced the costs.
It is estimated from the available data of the second half of 2016, a significant recovery of cargo throughput and passenger movement and therefore recovery of both annual turnover and profitability.