Piraeus Port Authority S.a. · ATHEX:PPA
Piraeus Port Authority — FY2023 Earnings Presentation
39 slides from Piraeus Port Authority's earnings presentation, April 2024
Slide 1: Piraeus Port Authority FY 2023 Results
Piraeus Port Authority FY 2023 RESULTS COMPANY PRESENTATION 1
Slide 2: 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 2
Slide 3: 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 4: 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 5: 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 6: 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 7: Cash Flow
Cash Flow • Investment program in • € 26m progress dividends • €6m debt • Completion repayment of Car • €3.7m lease Terminal payment Expansion • Other €0.8m (Amounts in € m) 7
Slide 8: 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 9: Cargo Handling Activities
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 9
Slide 10: 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 11: 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) ✓ The total operational capacity of Pier 2 & 3 stands approx. at 6.2m TEU
Slide 12: Container Terminal: Pier 1
Container ✓ Pier 1 has an annual capacity of up to 1.3m TEUs a year Terminal: Pier 1 ✓ Total Pier Length: 1.150m, Max depth: 18m ✓ Total storage area: 72.400 m² ✓ Pier I can serve up to the biggest container vessels ✓ TEU throughput dropped by 20.7% in 2023 vs. ✓ 24x7 operation 2022 ✓ Local cargo ac
Slide 13: 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 14: Car Terminal
Car Terminal ✓ Multiple Hub Car terminal in Eastern Europe ✓ Act as transshipment hub for the Balkans and Black Sea countries ✓ Currently operates 1 terminal of approximately 145,000 m2 ✓ Storage capacity of up to 11,800 cars ✓ Offers a full array of port facilities ✓ Close to zero damage record ✓ 2
Slide 15: 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 16: Passenger Traffic Activities
Passenger Traffic Activities Cruise Sector Ferry Terminal 16
Slide 17: Cruise Terminal
Cruise Terminal ✓ Close proximity to tourist destinations in the 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 new generation vessels ✓ Offer
Slide 18: 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 19: Ferry Terminal
Ferry Terminal ✓ The largest passenger port in Europe ✓ 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 ✓ Offers a full array of port faciliti
Slide 20: 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 20
Slide 21: Ship Repair Zone
✓ PPA S.A. manages five dry-docks, including Ship Repair Zone three floating docks and two graving dry- docks all fully equipped with cranes ✓ The floating docks located in Perama Ship Repair Yard • Floating Dock Piraeus III: lifting capacity of 22,000tons, overall length of 240m, internal breadth o
Slide 22: 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 23: Share price movement
Share price movement 30.0 € 28-Mar, 2024: 15-year high at €28.8/ share 27.0 € 24.0 € 21.0 € 18.0 € 15.0 € Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 23
Slide 24: Cash Distributions to Shareholders
CashDistributions Evolution / Dividend to Policy Shareholders Distributions to 1.40 € 1.20 € ✓ The proposed Dividend Payment to shareholders for 1.00 € FY23 stands at €33.4m, implying a gross DPS payment 0.80 € of €1.34/share, (+28.5% y-o-y) 0.60 € ✓ FY23 Dividend yield** is standing at 5.8% 0.40 €
Slide 25: Revenues/EBITDA/Net Profit
Revenues/EBITDA/Net Profit 220 195 154 149 133 133 112 116 103 96 67 70 67 57 58 53 35 37 35 28 28 26 11 7 2016 2017 2018 2019 2020 2021 2022 2023 Sales EBITDA Net Profit 25
Slide 26: Investment Plan
Investment Plan Accumulated Concession Investment Construction Mandatory Agreement Amount until Item Name Contract Enhancement Reference Dec 31 2023 Amount Amount (including prepayments) Passenger Terminal Expansion (South Zone - Phase ME01 136.3 103.0 40.8 A) Repair of pavements, rails and RMG cran
Slide 27: Cruise Terminal Expansion project
Cruise Terminal Expansion project ✓ Project: 2 berthing positions for the "new generation" cruise ships of over 300m. long ✓ Budget: c. EUR 102m ✓ Co-funded by the European Regional Development Fund up to 95% ✓ Construction period: 32 months 27
Slide 28: Ship Repair Zone
Ship Repair Zone PPA aiming to the revitalization of Perama Ship Repair Area, has scheduled investments (already in progress) that will exceed EUR 55m aiming to upgrade the zone, including works such as: ✓ reconstruction of dock floors ✓ construction of new electromechanical installations including
Slide 29: Car terminal expansion
Car terminal expansion Project: Extension of Heracleus Pier ✓ Increase in storage capacity up to 5.400 cars - Total Storage capacity of up to 11.800 cars ✓ The expansion by approximately 40,000 m2 increases the total area of the New Terminal to 110,000 m2 ✓ The project will further improve the compe
Slide 30: Free Zone Services
Free Zone Services ✓ The project concerns the underground linking of the former ODDY area to the G2 Car Terminal ✓ The connection of this area to the existing G2 Car Terminal is important for the smooth operation of the PPA storage and distribution centers (new Warehouses) as it will extend the cust
Slide 31: Business Development
Business Development ✓ CSSC (COSCO Shipping Specialized Carriers) is a subsidiary of COSCO Shipping Group, involved in specialized shipments (i.e. breakbulk cargo, project cargo) ✓ CSSC undertakes the transportation of significant volumes of Chinese petrol (and potentially EV) cars from Asia to fina
Slide 32: PPA facilities: A port with dynamic present
PPA facilities: A port with dynamic present 32
Slide 33: Feeder Network of Piraeus
Feeder Network of Piraeus 4A" <gas2 Ukrai
Slide 34: Significant Achievements
Significant Achievements ✓ The port of Piraeus celebrated 20 Years of listing on the Athens Stock Exchange on Aug-2023 ✓ The company has adopted the Corporate Governance Code of the Hellenic Corporate Governance Council ✓ The Company's long-term commitment to Sustainable Development has already led
Slide 35: Honorary Distinctions
Honorary Distinctions ✓ Piraeus Port Authority was recognized with an award by the Ministry of Tourism, in recognition of the Piraeus Port’s major contribution to the country’s tourism through its high performance in the cruise industry ✓ Piraeus Port Authority is included on the list of the “Most S
Slide 36: 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 36
Slide 37: 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 38: 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 38
Slide 39: Thank you!
Thank you! 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 Url: www.ol
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