The Board of Directors of P.P.A S.A. on 29 August 2006 approved the Financial Reports of the Company for the first half 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 8,43% amounting to Euro 74,5 million, against Euro 68,7 million the relevant period of 2005.
This increase reflects the increased volumes of the Container Terminal in the second quarter of 2006 (which offset the revenues shortfall in the first quarter), the increased volumes of the Car Terminal, as well as the increase of the prices in the services provided.
Other operational revenues, compared to those of the relevant period of 2005 were reduced by 21,45% amounting to Euro 3,9 million against Euro 4,9 million. This reduction is attributed mainly to the delayed operation of the Exhibition Center in the first quarter of 2006, which had as a consequence the cancellation of a certain number of exhibitions and resulted to the reduction of rental income by Euro 800 thousand.
Operational expenses increased marginally in the first half of 2006 and amounted to Euro 66,3 million compared to Euro 65,8 million of the relevant period of 2005.
The provision for the doubtful debts within the reporting period were determined after re-evaluation of the doubtful debts to Euro 1,8 million against Euro 350 thousand of the first half of 2005.
Asset depreciation incorporated in the operational cost, increased by 8,86 % and amounted to Euro 4,5 million against Euro 4,1 million in the 1st Half Year 2005.
Profit before taxes amounts to Euro 10 million, against Euro 7,5 million of the relevant period in 2005, showing an increase of 34,28%. Net profits after current and deferred taxes increased by 38,58% due to the higher tax rate in the first half of 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 June 2006 amounted to Euro 26,9 million against Euro 12,4 million on 31 December 2005 and Euro 16,4 million on 30 June 2005.