The Board of Directors of P.P.A S.A. on 27 November 2006 approved the Financial Reports of the Company for the third quarter of the financial year 2006. The Financial Reports were compiled according to the International Financial Reporting Standards and are summarized as follows:
- The Company''s turnover increased by 9,45% amounting to Euro 116,9 million, against Euro 106,8 million the relevant period of 2005.
This increase reflects the increased volumes of the Container and Car Terminals, as well as the increase of the prices in the services provided.
- Other operational revenues, decreased marginally, amounting to Euro 5,88 million against Euro 5,93 million the relevant period of 2005.
- Operational expenses increased by 4,51% and amounted to Euro 103,2 million compared to Euro 98,7 million the relevant period of 2005.
The main factors which explain the increase of the operational expenses are the increase in employees salaries due to the implementation of the new collective agreement, the increase in the third party fees and in the cost of consumables as well as the re-evaluation of provisions for the doubtful debts (determined to Euro 2,03 million against Euro 525 thousand in the third quarter of 2005).
- Asset depreciation incorporated in the operational cost, increased by 8,68% and amounted to Euro 6,79 million against Euro 6,25 million in the third quarter of 2005.
- Profit before taxes amounts to Euro 17,27 million, against Euro 13,2 million of the relevant period in 2005, showing an increase of 30,70%. Net profits after current and deferred taxes increased by 34,97% due to the higher tax rate in 2005 (2006 - 29%, 2005 - 32%) and to the differentiation in the deferred taxes.
- Finally, as it appears on cash flow statement, cash and cash equivalents on 30 September 2006 amounted to Euro 26,64 million against Euro 12,37 million on 31 December 2005 and Euro 15,96 million on 30 September 2005.