Piraeus Port Authority S.a. · ATHEX:PPA
Piraeus Port Authority — FY2022 Earnings Presentation
40 slides from Piraeus Port Authority's earnings presentation, March 2023
Slide 1: Piraeus Port Authority Financial Results 2022
Piraeus Port Authority FINANCIAL RESULTS 2022 1
Slide 2: Contents
1. Location 2. General info Contents 3. Facilities 4. Figures & Financial Results 2
Slide 3: Piraeus Port Authority Location
Piraeus Port Authority Location
Slide 4: 1st major European port after Suez
st 1 major European port after Suez
Slide 5: Main gateway of Athens, Greece
Main gateway of Athens, Greece
Slide 6: Feeder & Rail network of Piraeus
Feeder & Rail network of Piraeus
Slide 7: The strategic location of Piraeus
The strategic location of Piraeus
Slide 8: Piraeus Port Authority milestones
Piraeus Port Authority milestones 1930: 2016: COSCO Establishment of 2003: PPA S.A. Shipping acquires Piraeus Port enters the Athens 51% of Piraeus Port Authority (PPA) Stock Exchange Authority S.A. 1999: 2009: PCT S.A 2021: COSCO Conversion undertakes the Shipping of PPA into concession of increase
Slide 9: General info
✓ Strategically located in the crossroads of 3 continents ✓ The biggest port in Greece – Gateway of Athens ✓ The 1st major European port after Suez Canal ✓ One of the biggest in Europe & Mediterranean ✓ Majority stake (67%) held by COSCO Shipping General info ✓ AEOF Licensed ✓ ISO 9001:2015 - Qualit
Slide 10: PPA Facilities
e PCL SA Perama ‘Municipality Perama Ship Repair Zone Port Rail Station / . Perama - Salamis Drapetsona - Keratsini Ferry Passenger Port Dry Docks PPA Facilities Cruise Passenger Terminal B a 10
Slide 11: P&L Overview
P&L Overview Amounts in €000 2018 2019 2020 2021 2022 Revenues 132.931 149.222 132.902 154.190 194.567 Gross Profit 59.324 73.957 60.199 76.814 111.034 Gross Margin (%) 45% 50% 45% 50% 57% Earnings before Taxes 42.333 47.606 36.930 49.211 74.665 Earnings after Taxes 27.883 35.447 26.414 36.762 52.88
Slide 12: Contents
1. Location 2. General info Contents 3. Facilities 4. Figures & Financial Results 12
Slide 13: Container Terminal - Traffic in TEUs
Container Terminal - Traffic in TEUs 6.000.000 5.000.000 4.000.000 PPA SA 3.000.000 PCT SA TOTAL 2.000.000 1.000.000 0 2018 2019 2020 2021 2022 13
Slide 14: Container Terminal – Piers II & III
Container Terminal – Piers II & III TEU 6.000.000 5.000.000 4.000.000 3.000.000 2.000.000 1.000.000 - 2018 2019 2020 2021 2022 14
Slide 15: Container Terminal - Financial Results
Container Terminal - Financial Results CONSESSION AGREEMENT - PIERS II&III 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 Revenues 56.156.249,05 65.768.391,78 66.493.707,37 70.097.734,50 82.720.264,93 Cost of sales (4.432.549,76) (4.119.560,48) (3.954.346,14) (3.820.393,81) (4.333.593,66) Gr
Slide 16: Container Terminal - Pier I
Container Terminal - Pier I TEU 700.000 600.000 500.000 400.000 300.000 200.000 100.000 0 2018 2019 2020 2021 2022 16
Slide 17: Container Terminal - Financial Results
Container Terminal - Financial Results CONSESSION AGREEMENT - PIER I 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 Revenues 25.119.317,36 25.020.351,53 24.303.482,47 29.608.551,07 40.026.246,52 Cost of sales (33.583.844,20) (32.739.342,16) (35.112.995,40) (36.500.686,94) (38.686.354,14) Gro
Slide 18: Container Terminal - Pier I
Container Terminal - Pier I Volumes in TEUS ✓2022 revenues are increased by 2022 2021 % 33% compared to 2021 and 62% compared to 2020 mainly driven by Export 52.394 47.645 10,0% the increase of tariffs and contracts and the increase of local cargo Import 97.681 86.954 12,3% ✓Pier I has an annual cap
Slide 19: Car Terminal - Traffic in vehicles
Car Terminal - Traffic in vehicles 500.000,00 450.000,00 400.000,00 350.000,00 300.000,00 250.000,00 Transshipments 200.000,00 Local 150.000,00 100.000,00 50.000,00 0,00 2018 2019 2020 2021 2022 19
Slide 20: Car Terminal - Financial Results
Car Terminal - Financial Results CAR TERMINAL 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 Revenues 13.673.252,02 13.886.758,26 11.069.491,04 14.126.608,03 17.492.727,91 Cost of sales (8.483.092,68) (8.223.759,77) (8.063.875,71) (8.823.798,19) (8.089.231,58) Gross profit 5.190.159,34 5.662
Slide 21: Car Terminal
Car Terminal ✓2022 revenues are up by 24% compared Volumes in cars to 2021 and 58% compared to 2020 mainly driven by the increase of tariffs and the 2022 2021 % increase of local cargo. Local 116.732 100.225 16,5% ✓Commencement of CSSC Project (cars in containers & custom-made racks) - expected to c
Slide 22: Cruise Terminal - Passenger traffic
Cruise Terminal - Passenger traffic 1200 1000 800 600 Transit Home Port 400 200 0 2018 2019 2020 2021 2022 ‘000 passengers 22
Slide 23: Cruise Terminal - Financial Results
Cruise Terminal - Financial Results CRUISE TERMINAL 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 Revenues 10.565.255,12 12.503.616,47 2.002.255,52 9.511.906,83 17.620.667,58 Cost of sales (6.664.595,58) (6.982.143,73) (3.811.049,68) (5.720.804,12) (7.827.386,82) Gross profit 3.900.659,54 5
Slide 24: Cruise Terminal
Cruise Terminal Cruise Calls ✓Significant increase in homeport calls –> 800 7% compared to 2021 and 12% compared to 2019 700 ✓Revenues are increased by 85% compared to 2021 600 236 and by 41% compared to 2019 due to the increase of 500 291 homeporting and the implementation of new 400 increased tari
Slide 25: Ferry Terminal - Passenger traffic
Ferry Terminal - Passenger traffic 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0,000 2018 2019 2020 2021 2022 Coastal Line Saronic Gulf Salamis ‘000 passengers 25
Slide 26: Ferry Terminal - Financial Results
Ferry Terminal - Financial Results FERRY TERMINALS 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 Revenues 10.675.703,18 11.244.296,64 8.274.978,93 9.443.942,88 11.357.484,78 Cost of sales (6.443.981,25) (5.546.570,28) (4.479.085,52) (4.506.803,67) (5.665.612,78) Gross profit 4.231.721,93 5.
Slide 27: Ship repair/Dry-docks - Vessels
Ship repair/Dry-docks - Vessels 450 400 350 300 vessel/docks 250 vessel/ship repair TOTAL 200 150 100 50 2018 2019 2020 2021 2022 27
Slide 28: Ship repair/Dry-docks - Financial Results
Ship repair/Dry-docks - Financial Results SHIP REPAIR ZONE 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 Revenues 9.463.939,14 11.859.676,17 13.786.557,81 13.374.152,82 14.998.082,72 Cost of sales (6.547.676,65) (9.992.112,97) (9.865.904,87) (10.545.122,02) (11.461.434,52) Gross profit 2.91
Slide 29: Ship repair/Dry-docks
Ship repair/Dry-docks Dry Docks Working Days ✓ A large-scale infrastructure upgrade 1400 works at the Eastern side of Pier II at the Perama Ship Repair Zone and the 1200 maintenance works at the Piraeus I 1000 floating dock were both started and completed during the second half of 800 2022. 600 ✓ Wo
Slide 30: Contents
1. Location 2. General info Contents 3. Facilities 4. Figures & Financial Results 30
Slide 31: FY 2022 - Financial Results
FY 2022 - Financial Results Notes 01.01-31.12.2022 01.01-31.12.2021 Revenue 24 194,567,342.48 154,189,971.98 Cost of sales 25 (83,533,672.93) (77,375,617.18) Gross profit 111,033,669.55 76,814,354.80 Administrative expenses 25 (22,108,761.94) (27,686,314.12) Net impairment losses on financial assets
Slide 32: FY 2022 - Financial Results
FY 2022 - Financial Results 2021 2022 + 26,2 % 42,5% 45,5% 154,2mE 194,6mE BUs % 2022 vs 2021 Cruise +85,2% Pier I +35,2% RO/RO +23,8% Ferry +20,3% Pier II & III +18,0% Ship Repair +12,1%
Slide 33: FY 2022 – Segment Results
FY 2022 – Segment Results CNT PCT SHIP LEVEL OF RO/RO CRUISE FERRY OTHERS TOTAL PIER I PIER II&III REPAIR COMPANY Revenue 40,0 82,7 17,5 17,6 11,4 15,0 10,4 0,0 194,6 Cost of Sales -38,7 -4,3 -8,1 -7,8 -5,7 -11,5 -7,5 0,0 -83,5 Gross Profit 1,3 78,4 9,4 9,8 5,7 3,5 2,9 0,0 111,0 GP Margin 3,3% 94,8%
Slide 34: Balance Sheet Overview
Balance Sheet Overview Amounts in €000 2018 2019 2020 2021 2022 Assets Fixed Assets 281.669 274.323 271.520 293.678 304.413 Right-of-use assets 62.984 61.203 59.230 57.286 Other non-current assets 13.590 13.266 16.446 15.255 16.465 Inventories 2.629 3.195 3.703 3.333 3.523 Trade and other Receivable
Slide 35: Expenses Overview
Expenses Overview Amounts in €000 2018 2019 2020 2021 2022 Payroll and employee related costs 55.372 58.163 58.012 58.476 57.969 Third party fees 761 1.070 952 3.396 4.599 Third party services 10.411 11.207 10.019 11.251 14.896 Depreciation- Amortization 14.182 17.261 17.988 17.891 18.340 Taxes and
Slide 36: Balance Sheet Overview - Net Debt
Balance Sheet Overview - Net Debt Amounts in €000 2018 2019 2020 2021 2022 Long-term Borrowings 56.499 50.499 44.500 38.500 32.500 Long-term Leases* 0 66.264 65.302 64.128 62.938 Short-term Portion of Long-term Borrowings 6.000 6.000 6.000 6.000 6.000 Short-term Leases 0 1.143 1.237 1.307 1.370 Cash
Slide 37: Cash Evolution / Dividend Policy
Cash Evolution / Dividend Policy Increasing Cash Balances 200 120% 180 171,5 100% 160 140 135,0 80% 120 111,4 106,7 100 60% 80,9 80 59,4 61,9 40% 60 43,8 40 20% 20 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 CASH & CASH EQUIV 37
Slide 38: PPA Investment Plan
PPA Investment Plan Accumulated Concession Mandatory Reference amount of Construction Contract Investment Amount a/a Item Name Agreement Enhancement contracted projects Amount until Dec 31 2022 Reference Amount (including prepayments) Amounts in Euros (€) Passenger T erminal Expansion 1 ME01 136,283
Slide 39: Revenue/ EBITDA/ EAT 2016 - 2022
Revenue/ EBITDA/ EAT 2016 - 2022 200 194,6 60 52,9 180 154,2 50 160 149,2 132,9 132,9 36,8 140 35,4 40 120 111,5 103,5 27,9 26,4 95,6 100 30 80 67,5 70,3 11,3 56,7 58,0 20 60 6,7 40 34,7 24,7 10 20 0 0 2016 2017 2018 2019 2020 2021 2022 Revenue EBITDA EAT 39
Slide 40: Thank you!
Thank you! Contact details: Nektarios Demenopoulos Deputy Manager PR, IR & Company Announcements Dpt. Tel.: +30 210 4550226 Mob.: +30 694 7931026 Email: demenopoulosn@olp.gr Url: www.olp.gr 40
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