Skip to main content

Financial results of the period 1.1.2017 to 31.12.2017


On the 30.04.2018, the Board of Directors of ThPA S.A. approved the financial statements of the period 01.01.2017 to 31.12.2017 according to which:

  • The Company’s turnover for 2017 amounts to € 54,231,941 compared to € 48,061,529 in 2016, which corresponds to a 12.84% increase in sales. More specifically: the sales of the Container Terminal increased by 15.66% (€ 35,395,034 compared to € 30,602,483 in 2016), the sales of the Conventional Port increased by 8.36% (€ 16,936,831 compared to € 15,629,672 in 2016), the revenue from Rented Facilities increased by 8.01% (€ 1,690,208 compared to € 1,564,914 in 2016) and the Passenger Port traffic sales decreased by 20.64% (€ 209,868 compared to € 264,461 in 2016).
  • In 2017, there was a 16.74% increase of container throughput, the container traffic reached 401,947 TEUs, compared to 344,316 TEUs in 2016.
  • as the number of throughput totaled compared to 344,316 in 2016. The increase in transit throughput was 19.73% and in Greek exports in containers was 14.46%.
  • The total conventional cargo throughput amounted to 3,598,371 tons in 2017, compared to 3.312.527 in 2016 (8.63% increase).
  • In the same period, the number of vessels that called the Port of Thessaloniki increased by 12.28% as 1,417 vessels called in 2017 compared to 1,262 in 2016. Out of them, 523 were container vessels, compared to 440 in 2016 (i.e. 18.86% increase); 726 were conventional cargo vessels, compared to 674 in 2016 (i.e. 7.72% increase); and 168 were passenger vessels compared to 148 in 2016 (i.e. 13.51% increase).
  • Cash and cash equivalents and other financial products amount to € 90,324,984 compared to € 75,566,103 in 2016, i.e. a 19.53% increase.
  • In 2017, the depreciation expenses increased by 94.18%, compared to 2016 due to the revaluation of the useful life of mechanical equipment, as provided by the International Financial Reporting Standards.
  • The gross profit was € 21,809,468 compared to € 22,171.088 in 2016, i.e. a 1.63% decrease and as a percentage of turnover, it amounts to 40.22%.
  • In 2017, the Company incurred impairment of assets amounting to € 2,318,919.38, in accordance with IAS 36, since there were indications that their book value exceeded their recoverable amount. The impairment loss is recognized in the income statement. In addition, in 2017, the Company formed a provision of 3,526,110.96 to cover the potential risk of non-recovery of the tax and customs dues imposed by the Customs Authority B’ of Thessaloniki. Moreover, the Company made additional miscellaneous provisions of € 1,310,411.32, reflecting third parties’ claims.

The results for the year 2017 are as follows:

  • The operating profits (EBITDA) are € 18,849,985, compared to € 23,877,735 in 2016, i.e. a decrease of 21.06% and as a percentage of turnover it amounts to 34.76%.
  • The earnings before tax amounts to € 12.474.042, compared to € 21.081.797 in 2016, i.e. a 40.83% decrease and as a percentage of turnover it amounts to 23.00%, while the earnings after tax amount to € 7,242,955 compared to € 14.084.474 in 2016, i.e. a 48.57% decrease and as a percentage of turnover it amounts to 13.36%.

Statement of Chairman of the BoD and CEO of Thessaloniki Port Authority SA

On the occasion of the announcement of the financial results, the Chairman of the BoD and CEO of ThPA SA, Sotirios Theofanis, stated: «ThPA SA has great financial and growth potential, that should be properly exploited. The new Management Team with a strong sense of responsibility is willing to work with vision; plan; and commitment for the Company’s growth and to respond to the trust of the shareholders and the economic community of Northern Greece as well.

In the context of this effort, the financial statements reflect realistically the financial position of the Company. We will continue in the same way, our committed effort on the Company’s growth.