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Comments On The Financial Statements

The Board of Directors of THPA SA approved today, 23.3.2011, the annual financial statements for fiscal year 2010 (1.1-31.12.2010), from which the following ensue:
Profits after taxes for fiscal year 2010 of THPA SA exhibit an impressive increase by 37.16% (6,144,359 € against 4,479,652 € in 2009). Gross profits also exhibit a significant increase by 222% (11,557,575 € against 3,591,188 € in 2009), as do pretax profits which have increased by 42.97% (9,288,755 € against 6,496,842 € in 2009) and the profits with respect to Company activities in its 3 Operating Sectors: the Container Terminal, the Conventional Port and the Exploitation of facilities. More specification one may observe:

  • Increase of the turnover by 7.98% (49,617,466 € against 45,948,872 € in the corresponding fiscal year of 2009) mainly attributed to the increase in the handling of conventional cargo (25.75% for dry cargo and 22.97% for general cargo) which resulted in the further increase of the sales for the Conventional Port by 26.20%. On the other hand, sales at the Container Terminal exhibit a decrease by 2.60% despite the increase in the handling of TEUs by 1.15%. The increase of Container handling may have led, on the one hand, to an increase of income attributed to loading by Gantry Cranes by 1.57%, but income from other Container Terminal services (services rendered to reefer containers and storage of containers) exhibited a decrease by 35.50% and 14.75% correspondingly. Total decrease amounted to 844,202 €.
  • A total decrease in expenses by 10.10% of which 14.46% is attributed to the decrease in personnel compensation and expenses due to the implementation of Laws 3833 & 3845/2010. Furthermore, there is a significant increase of the income tax, despite the lowering of the tax rate by one point since 2009, due to the increase of profits but also the extraordinary expenditure of 598,090 € regarding the extraordinary contribution calculated on the profits for fiscal year 2010 and imposed by Law 3845/2010.

It must be noted that in 2010 the Company’s management, in the context of bolstering the competitiveness and attractiveness of the port of Thessaloniki, lowered tariffs both for the handling of in transit containers, as well as the boarding or transit tariffs for cruiser passengers.


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