PIRAEUS PORT AUTHORITY SA
FY 2006 Financial Results
The Board of Directors of P.P.A S.A. on 15 March 2007 approved the Financial Reports of the Company for the financial year 2006. The Financial Reports are summarized as follows:
The Company''s turnover increased by 2,9% amounting to Euro 144,13 million, against Euro 140 million the relevant period of 2005. Τhe personnel mobilizations during the last two months of 2006 had a serious effect to the increasing pace of the revenues, narrowing the percentage from 9,4% of the nine month period to 2,9% to the end of the year.
Other operating revenues, compared to those of the year 2005 are reduced by 14.9% amounting to Euro 7,8 million against Euro 9,17 million. The reduction is attributed to the interrupted operation of the Exhibition Center during the first quarter, which resulted to the cancellation of certain exhibitions and the reduction of rental income by Euro 800.000 apr. Extraordinary revenues were also reduced compared to those of 2005, when there was an increase due to the collection of insurance compensations and of penalty clauses.
Total expenses increased by 1,8% and amounted to Euro 134,22 million compared to Euro 131,84 million the relevant period of 2005. The main factors which explain the increase are the increase in the non- operating expenses (compensations etc), the re-evaluation of provisions for the doubtful debts and the depreciations. The remaining expenses reduced marginally by 0,47% compared to the financial year 2005.
Asset depreciation incorporated in the operational cost, increased by 7,1% and amounted to Euro 9.14 million against Euro 8.53 million in 2005.
Profit before taxes amounts to Euro 17,45 million, against Euro 17,08 million of the relevant period in 2005, showing an increase of 2,2%. Net profits after current and deferred taxes increased by 7,9% due to the lower tax rate in 2006 (2006 = 29%, 2005 = 32%) and to the differentiation in the deferred taxes.
Finally, cash and cash equivalents of the Company on 31 December 2006 amounted to Euro 22,62 million against Euro 12,37 million on 31 December 2005.
The Company''s turnover increased by 2,9% amounting to Euro 144,13 million, against Euro 140 million the relevant period of 2005. Τhe personnel mobilizations during the last two months of 2006 had a serious effect to the increasing pace of the revenues, narrowing the percentage from 9,4% of the nine month period to 2,9% to the end of the year.
Other operating revenues, compared to those of the year 2005 are reduced by 14.9% amounting to Euro 7,8 million against Euro 9,17 million. The reduction is attributed to the interrupted operation of the Exhibition Center during the first quarter, which resulted to the cancellation of certain exhibitions and the reduction of rental income by Euro 800.000 apr. Extraordinary revenues were also reduced compared to those of 2005, when there was an increase due to the collection of insurance compensations and of penalty clauses.
Total expenses increased by 1,8% and amounted to Euro 134,22 million compared to Euro 131,84 million the relevant period of 2005. The main factors which explain the increase are the increase in the non- operating expenses (compensations etc), the re-evaluation of provisions for the doubtful debts and the depreciations. The remaining expenses reduced marginally by 0,47% compared to the financial year 2005.
Asset depreciation incorporated in the operational cost, increased by 7,1% and amounted to Euro 9.14 million against Euro 8.53 million in 2005.
Profit before taxes amounts to Euro 17,45 million, against Euro 17,08 million of the relevant period in 2005, showing an increase of 2,2%. Net profits after current and deferred taxes increased by 7,9% due to the lower tax rate in 2006 (2006 = 29%, 2005 = 32%) and to the differentiation in the deferred taxes.
Finally, cash and cash equivalents of the Company on 31 December 2006 amounted to Euro 22,62 million against Euro 12,37 million on 31 December 2005.