Piraeus Port Authority S.a. · ATHEX:PPA
Piraeus Port Authority — Investor Presentation (November 2024)
41 slides from Piraeus Port Authority's investor presentation, November 2024
Slide 1: Piraeus Port Authority Company Presentation
Piraeus Port Authority COMPANY PRESENTATION 1
Slide 2: PPA facilities: A port with dynamic present
PPA facilities: A port with dynamic present 2
Slide 3: Feeder Network of Piraeus
Feeder Network of Piraeus 3
Slide 4: 2023 Highlights
2023 Highlights Strong revenue growth coupled with solid profitability margins Liquidity enhancement Net Profitability enhancement Cash Balances at €202.5m +26.4% y-o-y Revenue increase of +13.0% y-o-y Growth in all of our business segments 4
Slide 5: 2023 Highlights
Revenues (€ m) 2023 Highlights Strong revenue growth coupled with solid profitability margins 250 200 150 100 50 149.2 132.9 154.2 194.6 219.8 ✓ FY23 Revenues at €219.8m, +13.0% y-o-y 0 2019 2020 2021 2022 2023 ✓ FY23 EBITDA at €116.0m, +21.4% y-o-y EBITDA (€ m) and EBITDA mgn. (%) ✓ FY23 Cash balan
Slide 6: P&L Expenses
P&L Expenses (€ m) 2023 2022 (€ m) 2023 2022 Revenue 219.8 194.6 Payroll and employee related 65.5 58.0 costs Cost of Sales -88.2 -83.5 Third party fees 3.9 4.6 Gross profit 131.6 111.0 Third party services 14.9 14.9 Administrative expenses -26.1 -22.1 Depreciation and Amortization 18.7 18.3 Net imp
Slide 7: Balance sheet Highlights
Balance sheet Highlights Cash and Cash Equivalent (€ m) Shareholders’ Equity (€ m) 106.7 111.4 135.0 171.5 202.5 233.5 246.0 276.2 314.5 355.1 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Net debt (€ m) Amounts in € m 2019 2020 2021 2022 2023 Long-term Borrowings 50.5 44.5 38.5 32.5 26.5 17.2 5
Slide 8: Balance Sheet
Balance Sheet (€ m) 2023 2022 (€ m) 2023 2022 Fixed Assets 315.0 304.4 Long-term debt 26.5 32.5 Right-of-use assets 55.3 57.3 Lease liabilities 61.8 62.9 Other non-current liabilities 91.4 95.5 Other non-current assets 16.0 16.5 Trade accounts payable 10.7 10.4 Inventories 4.0 3.5 Trade and other Sh
Slide 9: Cash Flow
Cash Flow • Investment • €26m program in dividends progress • €6m debt repayment • Completion of • €3.7m lease Car Terminal payment Expansion • Other €0.8m (Amounts in € m) 9
Slide 10: Volumes Growth
Volumes Growth 2023 2022 Chg. % Cruise (passengers) 1,484,788 880,416 68.6% Coastal Shipping (passengers) 16,158,776 14,976,394 7.9% Vehicle Traffic (units) 2,878,422 2,772,525 3.8% Car Terminal (units) 317,301 350,970 -9.6% Ship Repair Activity (vessels) 270 280 -3.6% Docks (vessels) 154 133 15.8%
Slide 11: Cargo Handling Activities, Cruise Sector, Ferry Terminal
Cargo Handling Activities Cruise Sector Ferry Terminal 16.2 m passengers Increased by 7.9% y-o-y Concession Container Arrangement Terminal: Pier 1 Car Terminal 11
Slide 12: Container Terminals
Container Terminals ✓ Top 5 largest container ports in Europe (in terms of throughput) ✓ Hub for transhipment in the Mediterranean and Black Sea ✓ One of the fastest growing terminals globally ✓ Ideal gateway to the East Mediterranean ✓ Serves the largest shipping companies and has robust infrastruc
Slide 13: Concession Arrangement: Pier 2&3
Concession Arrangement: Pier 2&3 Revenues (€ m) Traffic in TEUs (‘000) 6,000 5,159 4,897 4,696 5,000 4,587 4,352 4,000 3,000 2,000 1,000 65.8 66.5 70.1 82.7 87.4 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 EBITDA (€ m) ✓ Total annual capacity of approx. 6.2m TEUs ✓ FY23 Revenues reached €87.
Slide 14: Container Terminal: Pier 1
Container ✓ Pier 1 has an annual capacity of about 1m TEUs Terminal: Pier 1 and total storage area of 72.400 m² ✓ Total Pier Length: 1.150m, Max depth: 18m ✓ Pier I can serve Mega container vessels ✓ 24x7 operation ✓ 2023 Revenues increased by 13.4% y-o-y at €45.4m driven by increased local cargo of
Slide 15: Container Terminal: Pier 1
Container Terminal: Pier 1 Revenues (€ m) Volumes in TEUs 2023 2022 % Local 172,148 150,074 14.7% T/S 342,234 498,815 -31.4% 25.0 24.3 29.6 40.0 45.4 Total 514,382 648,889 -20.7% 2019 2020 2021 2022 2023 EBITDA (€ m) TEU Traffic (units) 150,074 134,598 3.9 7.5 94,642 107,608 172,148 -4.2 -7.4 -4.0 4
Slide 16: Car Terminal
✓ Leading Car terminal in Eastern Europe Car Terminal ✓ Act as transshipment hub for Eastern Mediterranean, Balkans and Black Sea countries ✓ Currently operates 1 terminal of approx. 145,000 m2 with storage capacity of 6,700 cars ✓ Multiple port facilities ✓ Close to zero damage record ✓ 2023 Revenu
Slide 17: Car Terminal
Car Terminal Revenues (€ m) Volumes 2023 2022 % Local 153,381 116,732 31.4% T/S 163,920 234,238 -30.0% 13.9 11.1 14.1 17.5 21.1 Total 317,301 350,970 -9.6% 2019 2020 2021 2022 2023 EBITDA (€ m) Traffic (units) 429,213 403,757 350,970 317,301 305,190 282,954 163,920 217,880 328,988 234,238 153,381 4.
Slide 18: Passenger Traffic Activities
Passenger Traffic Activities Cruise Sector Ferry Terminal 18
Slide 19: Cruise Terminal
✓ Close proximity to tourist destinations in the Cruise Terminal ✓ Aegean Sea Operates (24x7) 3 passenger stations (15,000 m2) with 20 x-ray machines and offers free shuttle bus service around the cruise port ✓ 9-11 simultaneous berthing places including 2-3 berths for the largest cruise vessels ✓ M
Slide 20: Cruise Terminal
Cruise Sector Cruise Terminal Revenues (€ m) Passenger Traffic (‘000 passengers) 1,484,788 1,098,091 880,416 Covid-19 outbreak 303,665 2.0 12.5 9.5 17.6 26.3 16,640 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Home Port Transit EBITDA (€ m) Cruise calls 14.7 760 622 677 9.6 5.8 379 4.7 76 -0.6
Slide 21: Ferry Terminal
Among the largest passenger port in Europe Ferry Terminal ✓ ✓ Provides access to key tourist destinations in Athens within 30 minutes ✓ Operates multiple daily coastal connections to most of the Aegean islands ✓ Offers free shuttle bus service around the coastal port ✓ Multiple port facilities ✓ 202
Slide 22: Ferry Terminal
Ferry Terminal Ferry Terminal Revenues (€ m) Passenger traffic (in m passengers) 20 16.6 16.2 15.0 15 11.2 8.3 9.4 11.4 11.8 11.9 2019 2020 2021 2022 2023 10.4 EBITDA (€ m) 10 5 5.6 4.1 5.1 5.7 6.0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Coastal Line Saronic Gulf Salamis 22
Slide 23: Ship Repair Zone
✓ PPA S.A. manages five dry-docks, three floating docks and two graving dry-docks, fully Ship Repair Zone equipped with cranes ✓ The floating docks are located in Perama Ship Repair Yard • Floating Dock Piraeus III: lifting capacity of 22,000tons, overall length of 240m, internal breadth of 35m • Fl
Slide 24: Ship Repair Zone
Ship Repair Zone Ship repair & Docks – vessels Revenues (€ m) 500 404 405 413 424 400 375 292 280 300 254 264 270 200 154 121 141 133 112 100 11.9 13.8 13.4 15.0 15.8 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Vessels/Docks Vessels/Ship Repair Total EBITDA (€ m) Docks Working days 3.3 4.8 4
Slide 25: Segment Information 2023
Segment Information CONTAINER CONSESSION CAR SHIP OTHER 2023 TERMINAL COASTING CRUISE COMPANY TOTAL ARRANGEMENT TERMINAL REPAIRING SEGMENTS OPERATION Revenues 45.4 87.4 21.1 11.8 26.3 15.8 12.0 0.0 219.8 Cost of sales -39.9 -4.5 -8.2 -5.6 -10.4 -11.9 -7.6 0.0 -88.2 Gross 5.5 82.8 12.9 6.1 15.9 3.9 4
Slide 26: Segment Information 2022
CONTAINER CONSESSION CAR SHIP OTHER 2022 TERMINAL COASTING CRUISE COMPANY TOTAL ARRANGEMENT TERMINAL REPAIRING SEGMENTS OPERATION Revenues 40.0 82.7 17.5 11.4 17.6 15.0 10.4 0.0 194.6 Cost of sales -38.7 -4.3 -8.1 -5.7 -7.8 -11.5 -7.5 0.0 -83.5 Gross 1.3 78.4 9.4 5.7 9.8 3.5 2.9 0.0 111.0 profit/(lo
Slide 27: 9M24 Highlights
9M24 Highlights Revenues (€ m) EBITDA (€ m) +3.4% +6.2% 164.7 174.9 99.9 103.3 9M23 9M24 9M23 9M24 Gross profit (€ m) Net profit (€ m) +6.6% +5.6% 99.4 105.0 65.9 70.2 9M23 9M24 9M23 9M24
Slide 28: 9M24 Highlights
9M24 Highlights 9M24 9M23 Chg. % P&L 9M24 9M23 Chg. % Figures TEUs (Local) 173,362 128,059 +35.4% Container Revenues 174.9 164.7 6.2% (Pier I) TEUs (Total) 413,865 399,846 +3.5% Gross Profit 105.0 99.4 5.6% EBITDA 103.3 99.9 3.4% Vessels 641 587 +9.2% (Total) PBT 90.9 83.8 8.5% Cruise Net profit 70.
Slide 29: 9M24 Highlights
9M24 Highlights 9M24 CONTAINER CONCESSION SHIP OTHERS RORO CRUISE FERRY COMPANY TOTAL PIER I PIER II & III REPAIR SEGMENTS Revenue 36.7 59.8 22.0 24.4 10.0 12.2 9.8 0.0 174.9 Gross Profit 5.2 56.5 15.4 15.2 5.5 3.4 3.7 0.0 105.0 EBITDA 6.4 51.8 14.2 13.9 5.2 4.9 6.1 0.8 103.3 EBT 0.6 49.0 12.6 12.4
Slide 30: Revenues/EBITDA/Net Profit
Revenues/EBITDA/Net Profit 220 195 175 154 149 133 133 112 116 103 103 96 70 67 70 67 57 58 53 35 37 35 28 28 26 11 7 2016 2017 2018 2019 2020 2021 2022 2023 9M24 Sales EBITDA Net Profit 30
Slide 31: Share price movement
Share price movement 30.0 € 25.0 € 20.0 € 15.0 € Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 31
Slide 32: Distributions to Shareholders
Distributions Cash to Shareholders Evolution / Dividend Policy 1.40 € • Dividend payment for the fiscal year of 1.20 € 2023 at €33.4m (gross), implying a dividend 1.00 € per share of €1.34/share, (+28.5% y-o-y) 0.80 € ✓ FY23 Dividend yield of 5.8% 0.60 € ✓ FY23 Dividend payout ratio at 50% of net pr
Slide 33: Investment Plan
Investment Plan Accumulated Investment Concession Construction Amount until Mandatory Agreement Contract Item Name Jun 30 2024 Enhancement Reference Amount (including Amount prepayments) Passenger Terminal Expansion (South Zone - ME01 136.3 103.0 40.8 Phase A) Repair of pavements, rails and RMG cran
Slide 34: Investment Plan
Investment Plan (ME01) Passenger Terminal Expansion: (ME11) Improvement of Infrastructure of Ship Repair Zone The project concerns the development of (Including floating docks) 2 berthing positions for the largest cruise Investments of EUR55m aiming to upgrade the Ship Repair vessels of over 300m. l
Slide 35: Investment Plan
Investment Plan (ME10) Expansion of Ro-Ro (Car) Terminal (ME04) Underground Tunnel for the connection Hrakleous Pier of cargoes and logistics areas • Increase in storage capacity up to 5.400 cars - • The project will extend the customs zone to Total Storage capacity of up to 11.800 cars the new stor
Slide 36: Future Investment Plans
Future Investment Plans Construction of a Cruise Passenger Terminal Development of a logistic center of 80,000m² (Budgeted cost: EUR80m) (Budgeted cost: EUR60m) The Cruise Passenger Terminal will serve The investment targets to develop a new modern logistic passengers traveling to and from the port
Slide 37: Significant Achievements
Significant Achievements ✓ The port of Piraeus celebrated 20 Years of listing on the Athens Stock Exchange on Aug-2023 ✓ The company’s commitment to Sustainable Development has already led to its participation in the ATHEX ESG Index of the Athens Stock Exchange ✓ Τhe Port of Piraeus ranked 7th inter
Slide 38: Contribution and Return for the Society
Contribution Cash and Policy Evolution / Dividend High Return for the Society Construction of a new modern park/ Grant of the SILO warehouse to the Ministry of Culture playground for the creation of the Museum of Sea Antiquities 38
Slide 39: Sustainable Development Strategy
Sustainable Development Strategy ✓ Piraeus Port Authority implements an Environmental Policy, considering the European and International standards ✓ A specific mechanism has been designed for the evaluation of the environmental performance of all port activities ✓ The port is committed to the princi
Slide 40: Infrastructure Digitalization
Infrastructure Digitalization ✓ Smart Port Project: • Promotes Digital Port • Improves the digitalization level of port • Drives the sustained and high-quality development Datacenter Equipment Expansion Project Air Quality Monitoring Programme 40
Slide 41: Contact details
Contact details: Nektarios Demenopoulos Melina Spyropoulou Deputy Manager IR Officer PR, IR & Company Announcements Dpt. PR, IR & Company Announcements Dpt. Tel.: +30 210 4550226 Tel.: +30 210 4550340 Mob.: +30 694 7931026 Email: spyropouloum@olp.gr Email: demenopoulosn@olp.gr 41
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