- Jun 04, 2018
The Financial Results of ThPA SA for the year 2017 were presented today, May 31st 2018, by the Management Team of the Company, during the Analysts’ Annual Briefing held at the Administration Building of the Port of Thessaloniki.
The Company’s turnover for 2017 amounted to € 54.2 million compared to € 48.1 million in 2016, recording an increase of 12.84%. Revenue by operating segment is distributed as follows: Container Terminal operations amounted to € 35.4 million, corresponding to 65.27% of the total turnover; Conventional Port operations amounted to € 16.9 million, corresponding to 31.23% of the total turnover; Passenger Port operations amounted to € 210 thousand, corresponding to 0.39% of the total turnover; and Exploitation of Open and Covered Spaces amounted to € 1.7 million, corresponding to 3.12% of the total turnover.
Profits before tax amounted to € 12.5 million compared to € 21.1 million in 2016 recording a decrease of 40.83% and as a percentage of turnover of 23%, while profits net of taxes were € 7.2 million compared to € 14.1 million in 2016, recording a decrease of 48.57% and as a percentage of turnover of 13.36%.
The aforementioned result is attributed to the significant increase in depreciation due to the revaluation of the useful life of the Port equipment; the impairment of the Company's assets; and the significant increase in provisions to mitigate risks. The new Management Τeam believes that by employing this approach, the Financial Statements reflect realistically the financial starting point of the Company under the new shareholdership.
ThPA SA is a robust company with null borrowing. In 2017 there was an increase of 19.80% of the invested cash funds, from € 71.6 million to € 85.8 million. The cash equivalents along with the other financial assets amounted to € 90.3 million. The proposed dividend of earnings for the year 2017 is € 0.16 per share.
Last year, an increase of 16.74% was recorded in container throughput, reaching 401,947 TEUs, compared to 344,316 in 2016. The total conventional cargo throughput amounted to 3,7 million tons in 2017, compared to 3,4 million tons in 2016 (9,38% increase).
Commenting on the Financial Results, the Chairman of the BoD and Chief Executive Officer of ThPA, Sotiris Theofanis, stated: "2017 was a key year for ThPA SA, since the tender was completed and the agreement for the sale of ThPA’s 67% was signed, between Hellenic Republic Asset Development Fund (HRADF) and South Europe Gateway Thessaloniki (SEGT) Limited, the Company set up by the consortium comprising of the Companies “Deutsche Invest Equity Partners GmbH”, “Terminal Link SAS” and “Belterra Investments Ltd”.
The new Management Team, which took up its duties last March, has set as its main priorities the restoration of the level of service of the Port; the procurement of state-of-the-art handling equipment; the reorgsanisation of the Company; and the establishment of a customer-oriented culture; as well as the commencement of obligatory investments of € 180 million as soon as possible in order for the Port of Thessaloniki to strengthen its position in the South East Europe port services market.
I think 2018 will evolve into a year of significant restructuring of the operation of the Company, which enters a new era with considerable growth prospects.
Forecasts for container throughput are particularly positive, with an increase of 8,4% recorded in the first four months of this year.
The strong liquidity and null borrowing of ThPA SA; the implementation of the investment plan; the container throughput; and the encouraging messages that the new Management Team receives from customers and partners, make us very optimistic about the future".