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Thessaloniki Port Authority Publishes Improved 2020 Financial Results

Thessaloniki Port Authority publishes improved 2020 financial results

Source: PortSEurope
Thessaloniki Port Authority has publishes financial results of fiscal year 2020, reporting increased revenues and operational profits compared to 2019 – May 21, 2021 Amounts in (€ ‘000)20192020Variation (%)Financials   Total Revenue:68.98171.7244,0%Container Terminal44.68149.73011,3%Conventional Cargo Terminal22.28620.221-9,3%Facilities Rentals1.8711.582-15,4%Passenger Traffic14319133,6%  Gross Profit32.20433.9065,3%Gross Profit Margin (%)46,7%47,3%  EBITDA29.74830.9223,9%EBITDA Margin (%)43,1%43,1%  Net Profit after tax16.45320.08422,1%Net Profit Margin (%)23,9%28,0% In 2020, the activity level in volumes increased for the Container Terminal (CT) and decreased for the Conventional Cargo Terminal (CC), compared to
2019: 20192020Variation (%)Volumes   Container Terminal (in 000’s TEUs)4494612,7%Conventional Cargo Terminal (in 000’s Tons)4.4693.741-16,3%    Vessel calls:1.3471.286-4,5%Container vessels4634895,6%Conventional cargo vessels832721-13,3%Passenger vessels                  527646,2% Net profits were significantly influenced positively by two main factors, the positive change in the total depreciation charges to certain machinery by €0.88 million and the reversal of tax provisions by €1.42 million, the latter as a positive result of the favorable recent decision from the Administrative Court of Appeal regarding tax audits for the years 2005-2011. Further on and additional to the recent corporate announcement regarding the 2020 Financial Statements, certain key highlights were presented: ThPA S.A. maintains a cash position able to finance current OpEx and a significant part of the total CapEx needs, in tandem with future Debt Financing, when needed. Remains Debt free.Cash & cash equivalents as of 12/2020 reached ~ €105 million. (including term depos) compared to ~ €99 million in 2019.Proposed dividend, subject to approval by the forthcoming Annual General Meeting of 2020 is €1.42/share compared to €1.17/share of 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 S.A. is focused on a series of new implementations, indicatively: Improving the level of service of the Port as a prime facility for conventional cargo and further strengthen the leading role of Thessaloniki in the Eastern Mediterranean.New investments for the 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 in progress of the Free Zone Area.Further improvement of the customer-oriented culture.Develop the so-called “beyond the Port” activities: integrate the Port of Thessaloniki in the supply chain logistics, by providing intermodal solutions to & from the main Balkan Countries. To this end, new subsidiary (100% owned) was incorporated in Sofia in November 2020, “ThPA Sofia EAD”, while more subsidiaries are expected to be established within the near future. Regarding the negative effects of the pandemic, the Container Terminal volumes in the first quarter of Q1 2021 saw a mild throughput increase of 2.6% compared to Q1 2020, while the Conventional Terminal volumes decreased by 7.6%, compared with the same period of Q1 2020. The Management of ThPA S.A. remains relatively positive about the full year 2021 volumes; especially the second half of 2021 is expected to render improved volumes, once the pandemic starts to subside. Regarding capital expenditure plan, ThPA S.A. has completed significant investments of €38.2 million since its privatization (March 2018) until today (May 2021), while additional investments exceeding €25 million are expected to be executed during 2021 and the beginning of 2022. Source: Thessaloniki Port Authority (ThPA) PortSEurope Note: Thessaloniki Port Authority (ThPA) was privatised in March 2018, and was operated by South Europe Gateway Thessaloniki (SEGT) Ltd, a consortium, in turn, then owned by Germany’s Deutsche Invest Equity Partners (DIEP) 47%; France’s CMA CGM (Terminal Link) 33% and Savvidis Group (Cyprus-registered Belterra Investments) 20%. Terminal Link is 49%-owned by China Merchants Port Holding, which is controlled by the Chinese state. In February 2021, Russian billionaire of Greek origin, born in Georgia, Ivan Savvidis, acquired the 47% stake in the port owned by DIEP. Savidis, “the Russian tsar of Thessaloniki”, according to local media, now controls 67% of Greece’s second largest port.

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