Invitation of the Ordinary Shareholders Meeting 21.04.2022

• Invitation [pdf]

• Related information here

 

The Management of ThPA S.A. (ThPA), presented on the Analyst Day, Μarch 29^th, 2022, via teleconference from the Company’s premises, the financial results of 2021. During the second year of the Covid-19 pandemic, the overall activity level of the Port increased at a satisfactory rate, leading to increased revenues and profits compared to 2020, presenting the following highlights:

	Company			Group
Amounts in (€ '000)	2020	2021	Change (%)	2020*	2021	Change (%)
Financials
Total Revenue:	71.724	76.890	7,2%	71.724	77.863	8,6%
Container Terminal	49.730	51.060	2,7%	49.730	52.033	4,6%
Conventional Cargo Terminal	20.221	23.526	16,3%	20.221	23.526	16,3%
Facilities Rentals	1.582	1.902	20,2%	1.582	1.902	20,2%
Passenger Traffic	191	402	110,5%	191	402	110,5%
Gross Profit	33.916	36.969	9,0%	33.916	36.182	6,7%
Gross Profit Margin (%)	47,3%	48,1%		47,3%	46,5%
EBITDA	30.932	34.722	12,3%	30.932	33.444	8,1%
EBITDA Margin (%)	43,1%	45,2%		43,1%	43,0%
Net Profit after tax	20.092	21.100	5,0%	20.092	19.787	-1,5%
Net Profit Margin (%)	28,0%	27,4%		28,0%	25,4%
Note for Group figures: 2020* relates to parent company data only

In 2021 compared to 2020, the activity level in volumes handled increased for the Container Terminal:

In 000's TEUs	2020	2021	% Change
Imports/Exports	389.222	393.657	1,1%
Transit	71.446	76.988	7,8%
Transshipment	112	418	273,2%
Total Containers (TEUs)	460.780	471.063	2,2%

the activity level in volumes increased also for the Conventional Cargo Terminal:

In 000’s tons	2020	2021	% Change
Dry Bulk	3.061	3.511	14,7%
General Cargo	622	662	6,3%
Liquid Bulk	57	64	11,8%
Total tons	3.741	4.236	13,3%

and the traffic in the Passenger Terminal posted a significant increase also, with 77 thousand passengers, a record year for passenger arrivals, a record year for the container terminal and also for the total revenues for the Port of Thessaloniki.

For 2022, 62 confirmed cruise arrivals are expected, compared to 17 in 2021.

In addition, the following were presented in detail:

• ThPA maintains a sound financial position and creates annually sufficient cash flows, to finance annual OpEx needs, dividend payments and a significant part of the total CapEx needs, in tandem with future Debt Financing, when needed. Remains Debt free.

• Regarding CapEx scheduling in detail, ThPA has completed significant investments of € 52,4mil. from its privatization (March 2018) up to March 2022, while an additional sum of € 30-35mil. is expected to be invested within 2022, under current conditions.

• Proposed dividend, subject to approval by the forthcoming Annual General Meeting for the fiscal year 2021 to be held on 21^st of April 2022, is € 1,50/share compared to € 1,42/share for the previous year. Future dividend policy aims to continue providing satisfactory dividend payouts, considering however the need to finance the largest part of its significant Investment Plan.

The Management of ThPA is focused on a series of new implementations, indicatively:

• Constant improvement of the level of service of the Port as the prime area for conventional cargo throughout and further strengthening the leading role of Thessaloniki in the Eastern Mediterranean.

• Within July 2022, two state of the art STS Cranes are expected to be fully functional in Pier 6, which are expected to significantly improve the functionality and service of new arrivals at the Container Terminal.

• New investments within 2022 for the upgrade and expansion of Pier 6, that will allow servicing Post Panamax vessels of up to 24k TEUs (currently servicing New Panamax vessels up to 8k TEUs) and attract mainliner services, according to the new market conditions.

• New TOS (Terminal Operation System) software installation for the Container Terminal to significantly improve operational efficiency.

• Expansion of the Free Zone Area.

• Further improvement of the customer-oriented culture, the substantial development of new trade routes, cruise and coastal shipping.

• Finally, develop the so-called “beyond the Port” activities: further integration of the Port of Thessaloniki in the supply chain logistics, by providing intermodal solutions to and from the main Balkan Countries. To this end, new subsidiary (100% owned by ThPA) was incorporated in Sofia in November 2020, “ThPA Sofia EAD”, while more subsidiaries are expected to be established within the near future.

Presentation of the Analyst Day [pdf]

2021 results posted an overall increase in revenue in all business sectors of the Port, compared to 2020.

Specifically, following the BoD approval on 28/3/2022 of the annual Financial Report, it is announced that the consolidated revenue for 2021 amounted to € 77,9mil. (revenue for ThPA Sofia reached        € 1mil.), Consolidated Operating Profit (EBITDA) was € 33,4mil. and Consolidated Net Profit after taxes amounted to € 19,8mil.

The annual Consolidated Financial Statements for 2021, released for the first time for ThPA S.A. (“ThPA” or “Company”), include the 100% subsidiary "ThPA Sofia EAD" (“ThPA Sofia”), which was established in November 2020.

	Company			Group
Amounts in (€ '000)	2020	2021	Change (%)	2020*	2021	Change (%)
Financials
Total Revenue:	71.724	76.890	7,2%	71.724	77.863	8,6%
Container Terminal	49.730	51.060	2,7%	49.730	52.033	4,6%
Conventional Cargo Terminal	20.221	23.526	16,3%	20.221	23.526	16,3%
Facilities Rentals	1.582	1.902	20,2%	1.582	1.902	20,2%
Passenger Traffic	191	402	110,5%	191	402	110,5%
Gross Profit	33.916	36.969	9,0%	33.916	36.182	6,7%
Gross Profit Margin (%)	47,3%	48,1%		47,3%	46,5%
EBITDA	30.932	34.722	12,3%	30.932	33.444	8,1%
EBITDA Margin (%)	43,1%	45,2%		43,1%	43,0%
Net Profit after tax	20.092	21.100	5,0%	20.092	19.787	-1,5%
Net Profit Margin (%)	28,0%	27,4%		28,0%	25,4%
Note for Group figures: 2020* relates to parent company data only

Regarding Company (ThPA) financials, revenue growth in 2021 reached € 5,2mil. (7,2% increase), from € 71,7mil. in 2020 to € 76,9mil. in 2021, with € 1,3mil. additional revenues from the container terminal, an increase of 2,7% and € 3,3mil. additional revenues from the conventional cargo terminal, an increase of 16,3%, mainly due to increased cargo volumes in those two sectors. Also, an increase was posted from the development of real estate spaces with € 0,3mil. additional revenue, reaching an increase of 20,2% and € 0,2mil. additional revenue from the passenger terminal, posting an increase of 110,5%. Specifically for cruise ships, it is noted that seventeen (17) arrivals were posted in 2021, compared to one (1) arrival in 2020.

Regarding profitability, the Gross Profit of ThPA S.A. increased from € 33,9mil. in 2020 to € 37,0mil. in 2021, representing an increase of 9%.

Operating Profits (EBITDA) also increased from € 30,9mil. in 2020, to € 34,7mil. in 2021, representing an increase of 12,3%, primarily due to the increased volumes handled.

Finally, Net Profit after taxes increased from € 20,1mil. in 2020, to € 21,1mil. in 2021, an increase of 5%.

	Company
	2020	2021	Change (%)
Volumes
Container Terminal (in 000's TEUs)	461	471	2,2%
Conventional Cargo Terminal (in 000's Tons)	3.741	4.236	13,3%
Vessel calls, hereof:	1.286	1.377	7,1%

Container throughput increased by a total of 2,2%, from 461k TEUs in 2020, to 471k TEUs in 2021 (of which 8k TEUs were transported by rail between Thessaloniki and Sofia). During the same period, the volume of conventional cargo handled increased significantly by 13,3%, from 3.714k tons to 4.236k tons respectively, mainly due to the volume increases of nickel and coal.  Vessel calls increased by a total of 7,1% from 1.286 in 2020 to 1.377 in 2021, including container, conventional cargo and passenger vessels.

The capital expenditure program for 2021 amounted to € 17,4mil., compared to € 8,1mil. in 2020 mainly attributed to the investments in the upgrade of the Port's facilities and infrastructure, the purchase of new loading and unloading equipment and the advance payments for the purchase of two new cranes (STS), to be fully operational in July 2022.

The proposed dividend per share amounts to € 1,50/share (vs € 1,42/share of previous year), subject to approval from the Annual General Meeting of 21^st April 2022.

 

The Executive Chairman of the BoD of ThPA S.A., Thanos Liagkos, stated: "We remain optimistic and focused on our strategic objective, which is to implement our investment plan while developing all business sectors of the Port of Thessaloniki, actively contributing to the development of our business partners and offering value to all stakeholders and society, while promoting sustainability. In early 2022, we signed the cooperation agreement with the Suez Canal Economic Zone, laying the foundation for joint initiatives that will enhance cargo and passenger flows between Egypt and Greece, such as the establishment of a maritime line for perishable goods and bulk cargo and the development of cruise business.  Moreover, our continuous promotion of Thessaloniki as an ideal cruise destination is expected to create an impressive growth in the cruise sector with 62 confirmed cruise ship arrivals scheduled to take place in 2022, compared to 17 arrivals in 2021.   We also expect the enhancement of ferry connectivity, over and above the existing ferry routes that the Port of Thessaloniki has with the North Aegean, Cyclades and Sporades islands”.

2021 results posted an overall increase in revenue in all business sectors of the Port, compared to 2020. Specifically, following the BoD approval on March 28^th, 2022 of the Annual Financial Report, it is announced that the consolidated revenue for 2021 amounted to € 77,9 mil. (revenue for ThPA Sofia reached € 1 mil.), Consolidated Operating Profit (EBITDA) was € 33,4 mil. and Consolidated Net Profit after taxes amounted to € 19,8 mil.

The annual Consolidated Financial Statements are released for ThPA S.A. (“ThPA” or “Company”), with the addition of the 100% subsidiary "ThPA Sofia EAD" (“ThPA Sofia”), which was established in November 2020.

Regarding ThPA financials, the total revenue increased from € 71,7 mil. in 2020 to € 76,9 mil. in 2021 showing an increase of € 5,2 mil. (7,2%), with € 1,3 mil. additional revenues from the container terminal, an increase of 2,7% and € 3,3 mil. additional revenues from the conventional cargo terminal, an increase of 16,3%, mainly due to increased cargo volumes in those two sectors. Also, an increase was posted from the development of real estate spaces with € 0,3 mil. additional revenue, reaching an increase of 20,2% and € 0,2 mil. additional revenue from the passenger terminal, posting an increase of 110,5%. Specifically for cruise ships, it is noted that seventeen (17) arrivals were posted in 2021, compared to one (1) arrival in 2020.

Gross Profit increased from € 33,9 mil. in 2020 to € 37,0 mil. in 2021 representing an increase of 9%.

Operating Profits (EBITDA) also increased from € 30,9 mil. in 2020, to € 34,7 mil. in 2021, representing an increase of 12,3%, primarily due to the increased volumes handled.

Net Profit after taxes recorded an increase by 5%, from € 20,1 mil. in 2020, to € 21,1 mil. in 2021.

Container Terminal throughput increased by a total of 2,2%, from 461k TEU in 2020, to 471k TEU in 2021.  During the same period, the volume of conventional cargo handled increased significantly, specifically by 13,3%, from 3.741k tons to 4.236k tons respectively, mainly due to the volume increases of nickel and coal. Vessel calls increased by a total of 7,1% from 1.286 in 2020 to 1.377 in 2021, including container, conventional cargo and passenger vessels.

The capital expenditure program for 2021 amounted to € 17,4 mil., compared to € 8,1 mil. in 2020 mainly attributed to the investments in the upgrade of the Port's facilities and infrastructure, the purchase of new loading and unloading equipment including the advance payments for the purchase of two new cranes (STS) to be fully operational in July of 2022.

The proposed dividend per share amounts to € 1,50.

The Executive Chairman of the BoD of ThPA S.A., Thanos Liagkos, stated: "We remain optimistic and focused on our strategic objective, which is to implement our investment plan while developing all business sectors of the Port of Thessaloniki, actively contributing to the development of our business partners and offering value to all stakeholders and society, while promoting sustainability. In early 2022, we signed the cooperation agreement with the Suez Canal Economic Zone, laying the foundation for joint initiatives that will enhance cargo and passenger flows between Egypt and Greece, such as the establishment of a maritime line for perishable goods and bulk cargo and the development of cruise business. Moreover, our continuous promotion of Thessaloniki as an ideal cruise destination is expected to create an impressive growth in the cruise sector with 62 confirmed cruise ship arrivals scheduled to take place in 2022, compared to 17 arrivals in 2021. We also expect the enhancement of ferry connectivity, over and above the existing ferry routes that the Port of Thessaloniki has with the North Aegean, Cyclades and Sporades islands”.

 

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Extension of deadline for the study of replacement od the existing substation 1B and installation of a new outdoor kiosk-type 2x630 KVA substation in the area of Pier 2 - TED 080/2022 [pdf]

«Thessaloniki Port Authority S.A.» announces that the Analyst Day for the Financial Results of 2021, will take place on Tuesday March 29^th 2022, at 13:30pm, exclusively via teleconference from the premises of the Company in Thessaloniki, within the Port.

For the participation of the Analysts in real-time with audiovisual facilities, a registration is needed by sending an e-mail with title “ANALYST DAY” to This email address is being protected from spambots. You need JavaScript enabled to view it., by Monday March 28^th 2022, at 10:00am.