Press Release 30.04.2018 - ThPA SA approved the financial results for the period from 01.01.2017 to 31.12.2017
- May 01, 2018
- Last Updated: Tuesday, 01 May 2018 12:26
The Board of Directors of ThPA SA approved today, Monday 30th April 2018, the financial results of the period from 01.01.2017 to 31.12.2017 according to which:
- The Company's turnover for 2017 amounted to € 54,231,941 compared to € 48,061,529 in 2016, which corresponds to a 12.84% increase in sales.
- An increase of 16.74% was recorded in container traffic, reaching 401,947 TEUs.
- Traffic in conventional cargo increased by 8.63% to 3,598,371 tonnes of conventional cargo.
- The revenue from Rented Facilities increased by 8.01%.
- Cash and cash equivalents and the other financial products amount to € 90,324,984 compared to € 75,566,103 in 2016, i.e. an increase of 19.53%.
The results for the year 2017 are as follows:
- The Gross profit is € 21,809,468 compared to € 22,171,088 in 2016, i.e. a decrease of 1.63% and as a percentage of turnover it amounts to 40.22%.
- The operating profits (EBITDA) were € 18,849,985, compared to € 23,877,735 in 2016, recording a 21.06% decrease and as a percentage of turnover it amounts to 34.76%.
- The earnings before taxes amount to € 12,474,042, compared to € 21,081,797 in 2016, i.e. a decrease of 40,83% and as a percentage of turnover it amounts to 23%, while the earnings after tax amount to 7,242,955 compared to € 14,084,474 in 2016, i.e. a 48.57% decrease and as a percentage of turnover it amounts to 13.36%.
The decrease in the results before taxes is due to: a significant increase in depreciation due to the revaluation of the useful life of mechanical equipment, as provided by the International Financial Reporting Standards; the impairment of obsolete and underutilized assets; and a significant increase in provisions, reflecting realistically the Company’s and third parties’ claims.
Commenting on the financial results, Chairman of the BoD and Chief Executive Officer of ThPA SA, Sotiris Theofanis, stated: “ThPA SA has great financial and growth potential, that should be properly exploited. The new Management Team with a strong sense of responsibility is willing to work with vision; plan; and commitment for the Company's growth and to respond to the trust of the shareholders and the economic community of Northern Greece as well.
In the context of this effort, the financial statements reflect realistically the financial position of the Company. We will continue in the same way, our committed effort on the Company's growth”.