ThPA S.A.: Thessaloniki Port Community Meeting
The Thessaloniki Port Users’ Council meeting took place for the second time this year today, Thursday, October 21, 2021 via teleconference, chaired by the Executive Chairman of the BoD of ThPA S.A., Athanasios Liagkos and with the participation of the Managing Director – Chief Executive Officer of ThPA S.A., Franco Nicola Cupolo and Executives of the Company.
During the meeting, the members of the Port Community discussed the progress of the infrastructure development projects, the equipment modernization program, the services provided, the improvement of connectivity, as well as the excellent tourist development prospects as a result of this year’s dynamic evolution in Cruise and Ferry in the Port of Thessaloniki.
The teleconference was attended by a total of 18 representatives from 17 bodies (users and members of the wider port community) who exchanged views on various issues related to the exceptional operation of the Port of Thessaloniki as the main gateway to the South East, Central and Eastern Europe.
Closing the discussion, the Executive Chairman of the BoD of ThPA S.A., Athanasios Liagkos, stated: “With a common vision and open communication channels, we are moving forward together with the users and members of the wider port community transforming the Port of Thessaloniki into a state-of-the-art port and continuously improving its competitiveness”.
Thessaloniki Port Announces Increase in total revenues and in throughput for the 1st semester of 2021
Regarding the financial results of the 1st semester of 2021, it is highlighted that ThPA S.A. released the first consolidated figures, including the 100% owned, subsidiary ThPA Sofia EAD, incorporated on November 2020 – as this notification had been properly announced then – with initial share capital 50k Bulgarian Leva (BGN, approximately € 26k). During the 1st semester of 2021, an overall increase in the Port’s revenues has been noted, compared to the corresponding period of 2020, stemming from an increase in total volumes handled both, at the container terminal (CΤ) and at the conventional cargo terminal (CCΤ).
Following the BoD approval on 13/9/2021 of the Financial Statements and of the BoD Report, it is announced that the consolidated revenues for the 1st semester of 2021 reached € 37,4 mil. (ThPA Sofia’s revenues approached € 0,4mil.), consolidated operational earnings (EBITDA) reached € 15,3 mil. and consolidated Net Earnings after taxes reached € 8,1 mil. No comparative data are available, since the consolidated figures are released for the first time.
Regarding the performance of the parent company ThPA S.A. below, the increase in total revenues during the first 6 months of 2021 amounted to approximately € 2,4 million (increase 6,8%), from € 34,7 mil. in the 1st semester of 2020, to € 37 mil. in the 1st semester of 2021, with € 1,5 mil. Additional revenues from the container terminal, posting an increase of 6,2% and € 0,9 mil. additional revenuesrom the conventional cargo terminal, posting an increase of 9%, as a result of increased volumes from both sectors.
The container volumes increased by 8,1%, from 217k TEUs in the 1st semester of 2020, to 235k TEUs in the 1st semester of 2021. In the same period, the conventional cargo volumes increased by 13,3%, from 1.888k tons, to 2.140k tons, sourced primarily by the handling of nickel ore and scrap.
Gross Profits increased from € 15,2 mil. in 2020, to € 17,5 mil. in 2021, representing a total increase of 14,6%. The gross margin ratio improved also, from 43,9% in 2020, to 47,1% in 2021, as a result of improved revenues, productivity improvements and increased cost efficiency.
Operational Profits (EBITDA) increased by 15,1%, from € 13,9 mil. in the 1st semester 2020, to € 16 mil. in the 1st semester 2021, mainly due to the increased volumes handled.
Net Profits after tax increased by 13,3%, from € 7,8 mil. in 1st semester 2020, to € 8,9 mil. in the 1st semester 2021.
The capital expenditure plan for the 1st semester of 2021 amounted to € 11,8 mil. and was mainly related to the prepayments for the purchase of two large STS cranes, having their final purchase value reaching € 16 million. Additional significant capital expenditures are expected towards the end of the year. Moreover, the planning and study for the expansion of Pier 6 continues, having passed to the final phase of the selection of the contractor.
On 31/8/2021, with the official Announcement of the results of the Mandatory Tender Offer of the shareholder (Offeror) Belterra Investments Ltd., ThPA S.A. was informed that the new controlling shareholder «Belterra Investments Ltd.», holds directly 1,88% of the share capital (and of the voting rights) as a result of the Tender Offer and indirectly – through the control exercised in «SEGT Ltd.» – 67% of the share capital (and of the voting rights); concluding, it controls in total 68,88%. The overall process of the Mandatory Tender Offer was consequently finished.
Regarding the estimations of the pandemic consequences, the Management of ThPA S.A. remains optimistic for the volumes’ throughput for the total of 2021. Specifically, improved volumes are anticipated for the 2nd semester of 2021, when the results of the pandemic will start to fade with increased pace.