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As regards the recent decision of the Director of the Independent Authority for Public Revenue (IAPR) to abolish the third shift at Thessaloniki A’ Customs, and following an evaluation of all available data, ThPA S.A. stresses the following:

  1. The big investment regarding the takeover of ThPA S.A. majority stake was based on the essential condition that the Greek State would provide the audit mechanisms required for the operation of Thessaloniki Port on a 24-hour basis.
  2. The abolishment of the third shift at Thessaloniki A’ Customs causes essential operational problems to the services provided by ThPA S.A. Consequently, we believe that it must be revoked immediately.
  3. ThPA S.A. is in the process of implementing a program of extraordinary investments including the construction of the necessary works and the supply of equipment and software of over 10 mn euros, to ensure that by 31 March 2019 at the latest, the containers meant for export will be provisionally stored in the Container Terminal.

Moreover, in a recent meeting with the Director of the Independent Authority for Public Revenue (IAPR), the ThPA S.A. Administration asked to increase the available staff of A’ Customs to better serve the peak hours of Gate 16 during the 1st and 2nd shift. IAPR is expected to respond to this request.

The Annual General Meeting of ThPA S.A. convened today, Thursday June 28, 2018 in Thessaloniki and approved the Annual Financial Report for the Fiscal Year 2017 and the distribution of Dividend of € 0.45 per share.

In the General Meeting, the 78.42% of the Shareholding Capital was represented and the activities and the Financial Results for the Fiscal Year 2017 were presented.

According to the financial results, the Company’s turnover for the Year 2017 reached an amount of € 54.2 million as compared to € 48.1 million in the Year 2016, showing an increase of 12.84%. Earnings before Tax reached € 12.5 million as compared to € 21.1 million in the Year 2016, showing a decrease of 40.83%, while Earnings after Tax reached € 7.2 million as compared to 14.1 million in the Year 2016, showing a decrease of 48.57%. These results are attributed to significantly increased depreciation relating to the re-evaluation of the useful life of the mechanical equipment; the assets impairment relating to obsolete and underutilized assets; and the substantial increase in provisions, reflecting realistically third parties’ claims.

The Chairman of the BoD and CEO of ThPA S.A, Mr. Sotirios Theofanis, referred to the high growth potential of the Company, entering a period of reorganization and modernization. “The new Management Team established last March, has mapped the existing situation in all port’s sections and activities and currently has a clear and realistic picture of the situation. The first Tenders for the procurement of modern cargo handling equipment are underway, while the effort to improve the port’s operation has shown its first results. During the first five months of the Year 2018, container traffic showed an increase of 10% (in TEUs) compared to the same period of the Year 2017, providing us with optimism for the future development. Based on this five months container traffic performance, it is estimate that the annual container throughput will reach an annual figure of 430.000 – 435.000 TEUs. We strongly believe that the Obligatory Investment Program implementation of € 180 million, to be shortly initiated, will provide a strong momentum for the development of the port. Provided that the maturity period will be short, we are determined to complete the Pier 6 Extension Project, being the backbone of our Investment Plan, in approximately 4.5 years, namely much earlier than our contractual obligation”, Mr. Theofanis pointed out.

The Management Team of ThPA SA expresses its deep sorrow over the passing away of Jacques R. Saadé, Founding President of the CMA CGM Group.

Jacques R. Saadé has been established as a global figure who played a key role in shaping Container Transport Sector and has been globally distinguished for his vision for this Sector. His work and his ideas will continue to determine the Liner Shipping Industry in the future.

We would like to extend our most sincere condolences to his family and to the large family of CMA-CGM.

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".

 

Terminal Link SAS's strategic decision to transform the Port of Thessaloniki into the main gateway port of Southeastern Europe strongly highlights the visit and meeting of the Company's Board of Directors in Thessaloniki, to be held tomorrow, May 16th 2018.

Terminal Link SAS, a global port operator, a company that combines the participation of French container shipping giant CMA CGM with the Chinese Global Operator CMPorts and a partner of the tripartite Consortium controlling 67% of ThPA SA, demonstrates its great interest for the Port of Thessaloniki, with its two-day visit of a 10-member delegation of its top executives, in Thessaloniki, today May 15th and tomorrow May 16th, 2018.

In the context of the visit, the representatives of Terminal Link SAS met today, May 15th, in ThPA SA premises, with members of the Government, representatives of the business community of Northern Greece as well as with the Local/Regional Authorities (Region and Municipality).

The Terminal Link SAS delegation, led by the President of Terminal Link SAS, Mr. Farid Τ. Salem, consists of the CEO of Terminal Link SAS and Deputy Chairman of the BoD of ThPA SA, Mr. Boris Wenzel; the Vice President of Terminal Link SAS, Mr. Laurent Martens and the Senior Vice President of CMA CGM, Mr. Lars Kastrup. Three senior executives of China Merchants Port Holding Company Ltd (CM Ports) Mr. Jingtao Bai; Mr. Kong Yim; and Mr. Jianhui Li also participate in the delegation.

The meeting, co-ordinated by the Chairman of the BoD and CEO of ThPA SA, Mr. Sotirios Theofanis, was attended by the Minister of Maritime Affairs and Insular Policy of the Hellenic Republic, Mr. Panagiotis Kouroumplis; the Mayor of Thessaloniki, Mr. Yiannis Boutaris; the Secretary General for Ports of the Ministry of Maritime Affairs and Insular Policy, Mr. Christos Lambridis; the Vice-Governor of the Region of Central Macedonia-Metropolitan Area of Thessaloniki, Voula Patoulidou; the Executive Chairman of Hellenic Republic Asset Development Fund (HRADF), Mr. Aris Xenofos, and representatives of Local/Regional and Diplomatic Authorities and entities.

The President of Terminal Link SAS, Mr. Farid T. Salem, pointed out: “Our aim is to develop the Port of Thessaloniki to a major crossroad in the Aegean and Adriatic region and link Thessaloniki to the Balkan hinterland." Mr. Salem thanked the local authorities and the business community representatives for their presence and underlined the commitment of the Consortium for the continuous cooperation with the City and Business Entities to ensure the success of the project”.

Mr. Salem stressed that in order for the project to be successful, the Government should fulfill tasks associated with the completion of road and rail connections of the Port to the National and Trans-European Networks; the operation of the Customs services on a 24-hour basis; and the more effective operation of the pilot service.

The Minister of Maritime Affairs and Insular Policy of the Hellenic Republic, Mr. Panagiotis Kouroumplis, underlined that the Ministry will follow up on these issues.
"The Port of Thessaloniki is “thirsty" for growth and seeks to win back the lost time which caused it to lag behind other ports and to put forward plans leading the ground in relation to ports that compete with it," said Mr. Kouroumplis.

The Mayor of Thessaloniki, Mr. Yannis Boutaris, expressed his deep satisfaction since, as he stressed, "this investment, although it has gone through many difficulties, is a reality and a hope for the future".

It is noted that 51% of Terminal Link SAS’ s share capital is controlled by French CMA CGM and 49% by China Merchants Port Holdings Company Ltd (CMPorts), one of the largest Global Port Operators, whose portfolios include 32 ports in 17 countries on five continents.

The cooperation of CMA CGM and CMPorts, as expressed through Terminal Link SAS, is of particular importance in the new era of international trade development, in the context of the profound project for the New Silk Road, maritime and overland, the well-known project “Belt and Road Initiative“.

Following today’ s meeting, there was a tour at the Port premises for the senior members of the Consortium.

Photo 1Τhe President of Terminal Link SAS, Mr. Farid Τ. Salem

Photo 2: The Minister of Maritime Affairs and Insular Policy of the Hellenic Republic, Mr. Panagiotis Kouroumplis: the President of Terminal Link SAS, Mr. Farid Τ. Salem: the Chairman of the BoD and CEO of ThPA SA, Mr. Sotirios Theofanis

Photo 3Mr. Boris Wenzel: Mr. Jingtao Bai: Mr. Sotirios Theofanis: Mr. Farid T. Salem and Mr. Lars Kastrup

Photo 4:  Following today’ s meeting, there was a tour at the Port premises for the senior members of the Consortium. From the left Mr Sotiirios Theofanis, Mr.  Lars Kastrup,  Mr. Artur Davidian, Mr. Farid T. Salem  και Mr. Ivan Savvidis

 

The Board of Directors of ThPA SA approved today, Monday 30th April 2018, the financial results of the period from 01.01.2017 to 31.12.2017 according to which:

  • The Company's turnover for 2017 amounted to € 54,231,941 compared to € 48,061,529 in 2016, which corresponds to a 12.84% increase in sales.
  • An increase of 16.74% was recorded in container traffic, reaching 401,947 TEUs.
  • Traffic in conventional cargo increased by 8.63% to 3,598,371 tonnes of conventional cargo.
  • The revenue from Rented Facilities increased by 8.01%.
  • Cash and cash equivalents and the other financial products amount to € 90,324,984 compared to € 75,566,103 in 2016, i.e. an increase of 19.53%.

The results for the year 2017 are as follows:

  • The Gross profit is € 21,809,468 compared to € 22,171,088 in 2016, i.e. a decrease of 1.63% and as a percentage of turnover it amounts to 40.22%.
  • The operating profits (EBITDA) were € 18,849,985, compared to € 23,877,735 in 2016, recording a 21.06% decrease and as a percentage of turnover it amounts to 34.76%.
  • The earnings before taxes amount to € 12,474,042, compared to € 21,081,797 in 2016, i.e. a decrease of 40,83% and as a percentage of turnover it amounts to 23%, 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%.

The decrease in the results before taxes is due to: a significant increase in depreciation due to the revaluation of the useful life of mechanical equipment, as provided by the International Financial Reporting Standards; the impairment of obsolete and underutilized assets; and a significant increase in provisions, reflecting realistically the Company’s and third parties’ claims.

Commenting on the financial results, Chairman of the BoD and Chief Executive Officer of ThPA SA, Sotiris 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”.