Thessaloniki, Greece (PortSEurope) April 28, 2017 – The board of Thessaloniki Port Authority (ThPA S.A.) has approved the annual financial report for the period 2016 from which the following arise:
- The company’s turnover for 2016 amounted to €48.06 million ($52.44 million) compared to €50.88 million ($55.51 million) for 2015. Turnover fell 5.54%, but recovered significantly in the first half of the year. During this period, there were 32 consecutive days of strike and an additional four weeks abstention from working on weekends and overtime by port employees due to the privatization of the company. Furthermore, the railway connection to Skopje closed for 67 days causing problems for bulk and general cargo transportation. In addition, for approximately 20 days the road connection to Bulgaria was blocked making container transport impossible.
- Container throughput reached 344,316 TEUs, a decrease of 2.11% compared to 2015.
- Conventional cargo throughput dropped by 17.93% due to the aforementioned negative developments of the 1st semester as well as the decline in operational activities of a major dry bulk customer.
- Income from the exploitation of premises increased by 16.80% due to systematic effort to further utilise these sites.
- Operating costs were down 2.48% compared to 2015.
- An increase of 29.69% was recorded in invested capital from €55.19 million ($60.22 million) on 31.12.2015 to €71.58 million ($78.1 million) on 31.12.2016.
The company continued in 2016 to maintain a high profitability performance:
- Gross profit amounted to €22.17 million ($24.19 million), with turnover percentage at 46.13%
- Operating profit (EBITDA) amounted to €23.87 million ($26.04 million), with turnover percentage at 49.68%
- Earnings before tax totalled €21.08 million ($23 million), with turnover percentage at 43.86%, while after-tax results reached €14.08 million ($15.36 million), with a turnover percentage of 29.31%
- The company maintains strong liquidity and zero borrowing.
THPA SA CEO DIMITRIOS MAKRIS STATEMENT
The company, in spite of the particular difficulties encountered in 2016, has shown resilience, retaining its position in the port market while at the same time achieving high profitability. ThPA SA, standing by its customers and collaborating with them, has tried to mitigate, with flexibility, the impact of these developments.
ThPA SA continues to be a financially sound company with zero borrowing, liquidity and high profitability for the benefit of its shareholders. It continuously strives to improve the quality of its services provided as well as equipment efficiency. Particular focus in 2016 was put on staff training, which is the driving force of the company.
An important milestone was the approval of the Master Plan of the Port of Thessaloniki by its Board of Directors and its submission to the Hellenic Ministry of Shipping, Maritime Affairs and Island Policy, following consultation with the city’s stakeholders. This reflects the long-term development plan of ThPA SA to increase capacity in order to serve larger vessels, support entrepreneurship and further integrate with the city. At the same time, the 5-year Business Plan was also approved.
An important focus of ThPA SA management was its contribution to the international tender of HRADF for the sale of 67% of the company’s shares. The port management prioritised the promotion of the role of Thessaloniki Port as a Gateway-Port in SE Europe and identified necessary investments. The broad support expressed by the city’s stakeholders for the privatization of ThPA SA, with a focus on investments, strengthened the tender process.
This international tender was successfully completed with the submission of binding offers from three global port operators. HRADF announced (24.04.2017) that the consortium comprising Deutsche Invest Equity Partners GmbH, Belterra Investments Ltd and Terminal Link SAS is the highest price bidder.
The announcement of the bidder marks a new phase of ThPA SA development. The privatization creates favourable conditions in order the Port of Thessaloniki to be upgraded for the benefit of the national economy and employment.
Source: Thessaloniki Port Authority
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