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Thessaloniki Port Authority SA notifies Press Release of the HRADF on the signing of the agreement for the sale of THPA SA entered into by HRADF and South Europe Gateway Thessaloniki Limited:

Athens, 12/21/2017

PRESS RELEASE

Sale of THPA agreement signing between HRADF and South Europe Gateway Thessaloniki Limited

The agreement for the sale of Thessaloniki Port Authority’s 67% was signed on December 21rst , between HRADF and South Europe Gateway Thessaloniki (SEGT) Limited, the company set up by the Preferred Investor consortium comprising of the companies «Deutsche Invest Equity Partners GmbH», «Belterra Investments Ltd» and «Terminal Link SAS», for a total bidding offer of €231.926 million.

Mr. Aris Xenofos, Executive Chairman of HRADF signed the Sale and Purchase Agreement (SPA) on behalf of the Fund along with Mr. Sotiris Theofanis Coordinator, DIEP GmbH - Terminal Link SAS - BELTRRRA Investments Ltd Consortium and Member, BoD, South East Gateway Thessaloniki (SEGT) Ltd and Mr. Boris Wenzel, Managing Director of Terminal Link SAS.

The signing took place in the presence of the Ambassador of France to Greece, Mr. Christophe Chantepy, the Minister of Shipping and Island Policy, Mr. Panagiotis Kouroumplis, the Deputy Minister of Finance and Development, Mr. Stergios Pitsiorlas, the Deputy Minister of Shipping and Island Policy, Mr. Nectarios Santorinios. Dr. Martin Schuring, Head of Economic Section, represented the Embassy of Germany to Greece.

The Sale & Purchase Agreement was signed after the approval from the Court of Auditors, while the approval from the Hellenic Competition Commission is still pending. The agreement will be ratified by the Parliament and the transaction is expected to be completed by Q1 2018.

The transaction signifies, rather successfully, the achievement of another key milestone in the Fund’s asset management and development plan, while launching a new era for the Port of Thessaloniki and the prospects of economic growth for Northern Greece and the country in general.

The total value of the agreement amounts to €1.1 billion and – apart from the shares acquisition for €231,926,000 – includes mandatory investments amounting to €180 million within the next seven years, as well as expected revenues from the Concession Agreement for the Hellenic Republic estimated over €170 million. The total value also includes the expected dividends receivable by the HRADF for the remaining 7.22% of shares and the estimated investments (in excess of the mandatory ones), until the end of the concession period in 2051.

The Executive Chairman of HRADF, Mr. Aris Xenofos, commented: ““The exploitation of the Thessaloniki port along with the positive impact the successful conclusion of the exploitation agreement of Piraeus Port already has, form an axis of growth and development that crosses vertically our country, further enhancing the role of Greece as the European gateway to international companies for trade and cruise "”.

For more information and updates please refer to the Hellenic Republic Asset Development Fund's website (www.hradf.com).

TΗPA SA announces that at the meeting of the Board of Directors on 02/11/2017 according to the provisions of article 9 par.4 of the Statute of THPA SA and the article 3 of the Law 3016/2002, like is in energy, the lawyer Mr Konstantinos Christogiannis, was elected unanimously,  as a new independent non-executive member, in replacement of the resigned member Mr George Tozidis for the remaining of his term.

Thessaloniki Port Authority S.A, pursuant to the provisions of paragraph 4.1.3.1 of the Athens Stock Exchange Regulation and article 10 par.1 of L.3340/2005, announces that the Τax Αudit for the tax year 2016 was completed by the Independent Statutory Auditors, in accordance with article 65A par. 1 of L.4174/2013, as amended by L. 4410/2016 and the decision POL1124/2015, and the Tax Compliance Report was issued without a reservation.

ThPA SA announces that, at the meeting of the company’s BoD on 20/09/2017 and in accordance with the provisions of article 44 of Law 4449/2017, a new member of the Audit Committee, was appointed Mr. Constantinos Karoulis, independent non-executive member of the BoD, representative of the Economic and Social Council of Greece (E.S.C.),  in replacement of Mr. George Tozidi

The Board of THPA SA approved at 21/09/2017 the Financial Report for the period of 1/1/2017-30/06/2017 from which the following arise:

  • Τhe company's turnover for the first six months of 2017 amounted to 27,955,756€ compared to 21,167,064€ in the corresponding period of 2016, recording an increase of 32.07%. All the operating segments recorded increase and specifically: Container Terminal an increase of 29.33%, (16,737,100€ compared to 12,941,411€ in the same period of 2016), the Conventional Port an increase of 37.98% (10,288,769€ compared to 7,456,468€ in the same period of 2016) the Passenger Port an increase of 0.58% (80,139€ compared to 79,678€ in the same period of 2016) and an increase of 23.24% in the Exploitation of Spaces (849,748€ compared to 689,506€ in the same period of 2016).
  • In the period ending 30.06.2017 container terminal recorded an increase in throughput of 32.70% (188,306 teu’s compared to 141,900 in the corresponding period of 2016), general cargo handling recorded an increase of 33.96% (370,479 tons compared to 276,567 in the corresponding period of 2016) and bulk cargo traffic recorded an increase of 55.98% (1,888,766 tons compared to 1,210,903 in the corresponding period of 2016).
  • Cash holdings and equivalents and other financial items amounted to 89,780,558€ compared to 76,585,315€ in the corresponding period of 2016, recording an increase of 17.23%.
  • Gross profit amounted to 14,587,916€ compared to 9,198,348€ in the corresponding period of 2016, recording an increase of 58.59% and as a percentage of turnover amounting to 52.18%.
  • Operating profit (EBITDA) stood at 15,121,764€ compared to 10,325,503€ in the corresponding period of 2016, recording an increase of 46.69% and as a percentage of turnover amounting to 54.09%.
  • Earnings before taxes amounted to 13,789,247€ compared to 8,961,938€ in the same period of 2016, recording an increase of 53.86% and as a percentage of turnover amounting to 49.33%, while after-tax results amounted to 9,800,945€ compared to 5,540,950€ in the same period of 2016, recording an increase of 76.88% and as a percentage of turnover amounting to 35.06%.

 

DECLARATION BY THE MANAGING DIRECTOR

Commenting on the financial results of the first half, ThPA CEO, Dimitris Makris, stressed: "2017 is evolving to a milestone year for the company, which has achieved a significant increase in freight throughput, and retained its strong position in the port market. These figures, combined with high profitability ratios, zero borrowing and high liquidity, create the conditions for a steady upward trend for ThPA SA. Financial figures and current indicators reinforce the estimates for a significant increase in container traffic, the highest in the last ten years, while for general and bulk cargo an increase of the highest in the last five years is expected.

This year's upward trend in freight traffic is mainly related to the increase in exports and commercial activity in the port’s hinterland, as well as the close cooperation of the company with its customers, the ongoing consultation with the port community, the city and the region. At the same time, the company implements an ambitious investment program to improve services and protect the environment.

The experienced and specialized personnel of ThPA SA constitute the driving force of the company.

ThPA SA faces new challenges following the successful completion of the international tender process by HRADF, and nomination of the consortium comprising of Deutsche Invest Equity Partners GmbH, Belterra Investments Ltd. and Terminal Link SAS as the Preferred investor for acquisition of 67% of the company's shares. The concession agreement requires mandatory investments of € 180 million over the next seven years, as well as minimum freight traffic indicators.

The above developments provide a favorable environment for the upgrading of the Port of Thessaloniki the benefit of the company, the national economy and employment in general".

THPA SA announces that, at the meeting of the Board of Directors No.576 dated 31.08.2017, Mr.George Tozidis submitted his resignation, by an independent non-executive member of the Board of Directors/THPA. SA and by a member of the Audit Committee, following his appointment as Head of the newly established Regional Office of the Public Authority of Port of Thessaloniki, published by Government Sheet 2855/17.08.2017 Second Issue.