Announcement of the financial results of fiscal year 2017 to the analysts
- May 31, 2018
- Last Updated: Thursday, 31 May 2018 22:21
The Management Team of THPA SA, briefed on 31.05.2018 the Financial Analysts on the Company’s financial results for the year of 2017.
The turnover of the Company for 2017 amounted to € 54.2 million compared to € 48.1 million in 2016, recording an increase of 12.84%.
Revenue by operating segment is distributed as follows: Container Terminal operations amounted to € 35.4 million, corresponding to 65.27% of the total turnover; Conventional Port operations amounted to € 16.9 million, corresponding to 31.23% of the total turnover; Passenger Port operations amounted to € 210 thousand, corresponding to 0.39% of the total turnover; and Exploitation of Open and Covered Spaces amounted to € 1.7 million, corresponding to 3.12% of the total turnover.
Profits before tax amounted to at € 12.5 million compared to € 21.1 million in 2016 recording a decrease of 40.83% and as a percentage of turnover of 23%, while profits net of taxes were € 7.2 million compared to € 14.1 million in 2016 recording a decrease of 48.57% and as a percentage of turnover of 13.36%.
The aforementioned result is attributed to the significant increase in depreciation due to the revaluation of the useful life of the port equipment; the impairment of the company's assets; and the significant increase in provisions to mitigate risks.
The new Management Team believes that by employing this approach, the Financial Statements reflect realistically the financial starting point of the Company under the new Shareholdership.
THPA SA is a robust Company with null borrowing. In 2017 there was an increase of 19.80% of the invested cash funds, from € 71.6 million to € 85.8 million. The cash equivalents along with the other financial assets amounted to € 90,3 million.
The Company's dividend policy aims to satisfy the shareholders along with the creation of reserves for the financing of its investments. The proposed dividend of earnings for the year 2017 is € 0.16 per share.
It is noted that from the throughput data of the four (4) first months of 2018, Container Terminal traffic is increased by 8.4%.