Thessaloniki Port Authority S A : Press Release 28.06.2018 - Ordinary Annual General Meeting

The Annual General Meeting of ThPA S.A. convened today, Thursday June 28, 2018 in Thessaloniki and approved the Annual Financial Report for the Fiscal Year 2017 and the distribution of Dividend of € 0.45 per share.

In the General Meeting, the 78.42% of the Shareholding Capital was represented and the activities and the Financial Results for the Fiscal Year 2017 were presented.

According to the financial results, the Company's turnover for the Year 2017 reached an amount of € 54.2 million as compared to € 48.1 million in the Year 2016, showing an increase of 12.84%. Earnings before Tax reached € 12.5 million as compared to € 21.1 million in the Year 2016, showing a decrease of 40.83%, while Earnings after Tax reached € 7.2 million as compared to €14.1 million in the Year 2016, showing a decrease of 48.57%. These results are attributed to significantly increased depreciation relating to the re-evaluation of the useful life of the mechanical equipment; the assets impairment relating to obsolete and underutilized assets; and the substantial increase in provisions, reflecting realistically third parties' claims.

The Chairman of the BoD and CEO of ThPA S.A, Mr. Sotirios Theofanis, referred to the high growth potential of the Company, entering a period of reorganization and modernization. 'The new Management Team established last March, has mapped the existing situation in all port's sections and activities and currently has a clear and realistic picture of the situation. The first Tenders for the procurement of modern cargo handling equipment are underway, while the effort to improve the port's operation has shown its first results. During the first five months of the Year 2018, container traffic showed an increase of 10% (in TEUs) compared to the same period of the Year 2017, providing us with optimism for the future development. Based on this five months container traffic performance, it is estimate that the annual container throughput will reach an annual figure of 430.000 - 435.000 TEUs. We strongly believe that the Obligatory Investment Program implementation of € 180 million, to be shortly initiated, will provide a strong momentum for the development of the port. Provided that the maturity period will be short, we are determined to complete the Pier 6 Extension Project, being the backbone of our Investment Plan, in approximately 4.5 years, namely much earlier than our contractual obligation', Mr. Theofanis pointed out.