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MarketScreener Homepage  >  Equities  >  Athens Stock Exchange  >  Thessaloniki Port Authority Societe Anonyme    OLTH   GRS427003009

THESSALONIKI PORT AUTHORITY SOCIETE ANON

(OLTH)
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Thessaloniki Port Authority Societe Anonyme : Announcement of the Statements of Financial Results 2019

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05/25/2020 | 12:58pm EDT
Announcement of the Statements of Financial Results 2019
May 25, 2020 Last Updated: Monday, 25 May 2020 19:47

On May 25th, 2020, the Board of Directors of ThPA S.A. approved the Annual Financial Report for the Fiscal Year 2019, presenting the following highlights:

(€ '000)

2019

2018*

Variation (%)

Financials

Total Revenue, hereof:

68.981

58.535

17,8%

Container Terminal

44.681

37.930

17,8%

Conventional Cargo Terminal

22.286

18.896

17,9%

Facilities Rentals

1.871

1.485

26,0%

Passenger Traffic

143

223

-35,9%

Gross Profit

32.204

27.473

17,2%

Gross Profit Ratio (%)

46,7%

46,9%

EBITDA

29.748

28.955

2,7%

EBITDA Ratio (%)

43,1%

49,5%

Net Profit after tax

16.452

16.399

0,3%

Profit Ratio (%)

23,9%

28,0%

*The comparative period of 2018 has been restated applying the full retrospective approach of IFRS 16

The 2019 financial performance of ThPA S.A was based on the following activity levels:

2019

2018

Variation (%)

Volumes

Container Terminal (TEUs)

448.765

424.500

5,7%

Conventional Cargo Terminal (Tons)

4.469.034

3.755.102

19,0%

Vessel calls, hereof:

1.347

1.404

-4,1%

Container vessels

463

492

-5,9%

Conventional cargo vessels

832

752

10,6%

Passenger vessels

52

160

-67,5%

In 2019, the overall activity level of the Port increased - for another year - leading to increased revenues and operational profits over 2018.

The Container Terminal throughput increased by 5,7% over the previous year, from 424.500 TEUs in 2018 to 448.765 TEUs in 2019, a result primarily driven by:

  • import/export volumes, from 363.138 TEUs in 2018 to 379.256 TEUs in 2019, representing an increase of 4,4%,
  • transit volumes from 60.637 TEUs in 2018 to 69.113 TEUs in 2019, representing a notable increase of 14%.

The Conventional Port volumes significantly increased by 19% over the previous year, with an improved cargo mix, lifting the Container Port revenues by 17,9%, from €18,9 million in 2018 to €22,3 million in 2019.

Revenues from rental of facilities posted a significant increase also by 26%, from €1,49 million in 2018 to €1,87 million in 2019, while passenger traffic remained largely at the same levels as in the previous year.

Gross Profit increased from €27,47 million in 2018 (€27,1 million prior the IFRS 16 restatement for 2018) to €32,2 million in 2019, representing a total increase of 17,8%. The increase, as in last year, is not only due to increased activity levels, but also due to an improvement of operational efficiencies in both the Container Terminal and the Conventional Port, keeping the Gross Profit Ratio at almost the same levels (46,9% in 2018 and 46,7% in 2019).

Finally, Net Profits after tax increased by 0,3%, from €16,4 million in 2018 to €16,45 million in 2019, forming the Net Profit Ratio from 28% in 2018 to 24% in 2019. Net profits were primarily influenced by two main factors: the gradual implementation of the new management structure that is expected to contribute to the further development of the Company in the following years, and the full year effect of IFRS 16.

Commenting on the financial results, the Chairman of the BoD and Managing Director of ThPA S.A., Sotirios Theofanis, stated: 'The Company showed an upward trend in 2019, marking an increase at the throughput of containers and conventional cargo of 5,7% and 19% respectively, compared to 2018 and continues fully dedicated and committed to its planning and strategy, with the primary objective of establishing its position both in the domestic market and in the markets of neighboring countries, despite the difficulties caused by the spread of COVID-19 pandemic at international and domestic level'.

Disclaimer

Thessaloniki Port Authority SA published this content on 25 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2020 16:57:08 UTC

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Financials
Sales 2019 69,0 M 78,0 M 78,0 M
Net income 2019 16,5 M 18,6 M 18,6 M
Net cash 2019 52,9 M 59,9 M 59,9 M
P/E ratio 2019 16,9x
Yield 2019 4,24%
Capitalization 216 M 244 M 244 M
EV / Sales 2018 3,60x
EV / Sales 2019 3,27x
Nbr of Employees 368
Free-Float 25,7%
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Managers
NameTitle
Franco Nicola Cupolo Chief Executive Officer
Sotirios Ioanni Theofanis Chairman
Henrik M. Jepsen Chief Financial Officer & Finance Director
Aggelos Fotiou Vlachos Non-Executive Director
Panagiotis Miltiadi Alevras Independent Non-Executive Director