PIRAEUS PORT AUTHORITY S.A. Piraeus
Port
Authority
F Y 2023 RESUL TS
C O M PANY PRESEN T A TIO N
1
2023 Highlights
Strong revenue growth coupled with solid profitability margins
Net Profitability enhancement
+26.4% y-o-y
Revenue increase | |
of +13.0% y-o-y | Growth in all of |
our business | |
segments |
Liquidity
enhancement
Cash Balances at
€202.5m
2
2023 Highlights
Strong revenue growth coupled with solid profitability margins
✓ FY23 Revenues at €219.8m, +13.0% y-o-y |
Revenues (€ m)
250
200
150
100
50
149.2 132.9
0
154.2
194.6
219.8
✓ FY23 EBITDA at €116.0m, +21.4% y-o-y |
✓ FY23 Cash balances at €202.5m at year end |
2023 from cash balances of €171.5m at year |
end 2022 |
✓ Proposed Dividend Payment to shareholders |
at €33.4m (i.e. €1.34/share, +28.5% y-o-y) |
2019 2020 2021 2022 2023
EBITDA (€ m) and EBITDA mgn. (%)
120 | 100% | |
80 | |||||
50% | |||||
40 | 45.2% | 43.6% | 45.6% | 49.1% | 52.8% |
67.5 | 58.0 | 70.3 | 95.6 | 116.0 | |
0 | 0% |
2019 | 2020 | 2021 | 2022 | 2023 |
EBITDA (left axis) | EBITDA mgn % (right axis) | |||
3
P&LExpenses
(€ m) | 2023 | 2022 |
Revenue | 219.8 | 194.6 |
Cost of Sales | -88.2 | -83.5 |
Gross profit | 131.6 | 111.0 |
Administrative expenses | -26.1 | -22.1 |
Net impairment losses on | -1.3 | -0.4 |
financial assets | ||
Other operating expenses | -12.6 | -16.8 |
Other operating income | 5.6 | 5.5 |
Financial income | 2.0 | 0.1 |
Financial expenses | -3.1 | -2.6 |
Profit before Tax | 96.2 | 74.7 |
Income taxes | -29.4 | -21.8 |
Net profit after taxes | 66.8 | 52.9 |
(€ m) | 2023 | 2022 |
Payroll and employee related | 65.5 | 58.0 |
costs | ||
Third party fees | 3.9 | 4.6 |
Third party services | 14.9 | 14.9 |
Depreciation and Amortization | 18.7 | 18.3 |
Taxes and duties | 1.0 | 0.9 |
General expenses | 7.0 | 4.8 |
Cost of sales of inventory and | 2.2 | 2.4 |
consumables | ||
Provision for pending lawsuits | -3.3 | -1.8 |
Concession agreement fee | 4.4 | 3.5 |
(variable amount)* | ||
Total | 114.3 | 105.6 |
*From the adoption of IFRS 16, this liability refers to the variable amount and excludes the minimum annual fee regarding the current period of € 3,500,000. The company's contractual obligation to pay to the Greek State as at 31 December 2023 amounted to amounted to € 7,888,141.62 (31. 12.2022: € 7,002,213.43) and was calculated as a percentage of 3.5% on the total revenue of the current year excluding financial income.
4
Balance sheet Highlights
Cash and Cash Equivalent (€ m) | Shareholders' Equity (€ m) |
106.7 | 111.4 | 135.0 | 171.5 | 202.5 | ||||||
2019 2020 2021 2022 2023
Net debt (€ m)
17.2 5.7
-25.2 | -68.7 | -106.8 | ||||||||
2019 | 2020 | 2021 | 2022 | 2023 |
233.5 | 246.0 | 276.2 | 314.5 | 355.1 | ||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||
Amounts in € m | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||
Long-term Borrowings | 50.5 | 44.5 | 38.5 | 32.5 | 26.5 | |||||||||||||
Long-term Leases* | 66.3 | 65.3 | 64.1 | 62.9 | 61.8 | |||||||||||||
Short-term Portion of Long- | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | |||||||||||||
term Borrowings | ||||||||||||||||||
Short-term Leases | 1.1 | 1.2 | 1.3 | 1.4 | 1.4 | |||||||||||||
Cash and Cash Equivalents | 106.7 | 111.4 | 135.0 | 171.5 | 202.5 | |||||||||||||
Total net debt | 17.2 | 5.7 | -25.0 | -68.7 | -106.8 | |||||||||||||
(including leases) | ||||||||||||||||||
*PPA leases due to the adoption of IFRS 16 recognized lease liabilities and right-of- use assets. These liabilities were measured at the present value of the remaining lease payments, discounted using the leases' incremental borrowing rate as of 1
January 2019
5
Balance Sheet
(€ m) | 2023 | 2022 |
Fixed Assets | 315.0 | 304.4 |
Right-of-use assets | 55.3 | 57.3 |
Other non-current assets | 16.0 | 16.5 |
Inventories | 4.0 | 3.5 |
Trade and other | 18.5 | 20.1 |
Receivables | ||
Restricted Cash | - | - |
Cash and Cash Equivalents | 202.5 | 171.5 |
Total Assets | 611.3 | 573.4 |
(€ m) | 2023 | 2022 |
Long-term debt | 26.5 | 32.5 |
Lease liabilities | 61.8 | 62.9 |
Other non-current liabilities | 91.4 | 95.5 |
Trade accounts payable | 10.7 | 10.4 |
Short-term of long term debt | 6.0 | 6.0 |
Short-term leases | 1.4 | 1.4 |
Income tax | 22.0 | 12.8 |
Accrued and other current | 36.6 | 37.4 |
liabilities | ||
Total liabilities | 256.3 | 258.9 |
Shareholders equity | 355.1 | 314.5 |
Liabilities and Shareholders Equity | 611.3 | 573.4 |
6
Cash Flow
• | Investment | € 26m | |
program in | • | ||
dividends | |||
progress | |||
€6m debt | |||
• | |||
• | Completion | repayment | |
€3.7m lease | |||
of Car | • | ||
payment | |||
Terminal | |||
Other €0.8m | |||
Expansion | • | ||
(Amounts in € m)
7
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% |
Container Terminal: Pier 1 (TEUS) | 514,382 | 648,889 | -20.7% |
Concession Arrangement: Pier 2&3 (TEUS) | 4,586,535 | 4,352,059 | 5.4% |
Container Terminals ( Pier 1,2&3 , TEUS) | 5,100,917 | 5,000,948 | 2.0% |
8
Cargo Handling Activities
passengers
Concession | Container | Car Terminal | ||
Arrangement | Terminal: Pier 1 |
9
Container Terminals | terms of throughput) | ||
✓ | Top 5 largest container ports in Europe (in | ||
✓ 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 infrastructure capable of serving | |||
the largest container carriers | |||
✓ Provides rail connection to central Europe | |||
and the Balkans | |||
✓ | 24x7 operation | ||
✓ Offers a full array of port facilities | |||
✓ Pier 2 & 3 under concession by P.C.T. | |||
✓ Pier 1 is operated by PPA S.A. |
10
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Piraeus Port Authority SA published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2024 10:10:54 UTC.
