Piraeus Port Authority S.A. · ATHEX:PPA

Piraeus Port Authority — 1st Annual Greek Roadshow 2006

45 slides from Piraeus Port Authority's conference presentation, Sep 20, 2006

  1. Slide 1: 1st Annual Greek Roadshow, London, 1st Half 2006

    1st Annual Greek Roadshow London, September 20-21, 2006 1st Half 2006

  2. Slide 2: Financial Results 1st Half 2006

    PIRAEUS PORT AUTHORITY S.A. FINANCIAL RESULTS 1st HALF 2006 '000 Euro 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 0 REVENUE COST DEPRECIATION EBT EAT H1 '05 73.606 62.087 4.103 7.484 5.142 H1 '06 78.341 63.258 4.467 10.050 7.126 CHANGE 6,43% 1,89% 8,86% 34,28% 38,58%

  3. Slide 3: Revenues per Activity

    PIRAEUS PORT AUTHORITY S.A. REVENUES PER ACTIVITY Other operational revenues 5% Containers Commercial Port Ships' Services 83% 78% 13% Cars Passenger Port 12% 4% General Cargo5%

  4. Slide 4: Cargo Flows

    PIRAEUS PORT AUTHORITY S.A. CARGO FLOWS 600.000 500.000 400.000 300.000 200.000 100.000 0 Container Terminal Car Terminal (in TEU's) H1 '05 185.990 486.036 H1 '06 255.790 511.280 CHANGE 37,5% 5,2%

  5. Slide 5: Cost Analysis 1st Half 2006

    PIRAEUS PORT AUTHORITY S.A. COST ANALYSIS 1st HALF 2006 Other operational Expenses 18% 6 M 2006 (in ‘000. €) Materials Consumption Personnel Cost No of Personnel= 48.689 3% 1.591 (30/6) Depreciation Depreciation 4.467 7% Materials 2.126 Consumption Other operational 12.442 Expenses Total 67.724 Pers

  6. Slide 6: Profit / Margins

    PIRAEUS PORT AUTHORITY S.A. PROFIT/ MARGINS (in '000. €) 2005 2006 Turnover 68.684 % Turnover 74.474 % Turnover Total Operating 9.734 14,17% 13.992 18,79% Profit EBITDA 11.519 16,77% 14.741 19,79% EBT 7.484 10,90% 10.050 13,49% EAT 5.142 7,49% 7.126 9,57%

  7. Slide 7: May 2006

    ΜΑΥ 2006 1

  8. Slide 8: Piraeus Port Authority S.A

    PIRAEUS PORT AUTHORITY S.A Headquarters 10 Akti Miaouli 185 38 Piraeus Hellas www.olp.gr Management President of BoD Executive Director Dimitrios Samolis Nikolaos Anastassopoulos Tel +30 210 4520944 Tel +30 210 4520942 +30 210 4550282 +30 210 4512250 Fax +30 210 4550286 Fax +30 210 4550280 E-mail: o

  9. Slide 9: The Port of Piraeus

    Piraeus Port Authority S.A. THE PORT OF PIRAEUS 3

  10. Slide 10: Historical Highlights

    Piraeus Port Authority S.A. HISTORICAL HIGHLIGHTS 1930 Foundation of Piraeus Port Authority Opening of Pier II at the Container Terminal “El. 1997 Venizelos” 1999 Transformation of PPA into an S.A. company Concession Agreement between PPA S.A and the 2002 Greek State (40 years) PPA S.A. becomes a li

  11. Slide 11: Main Features

    Piraeus Port Authority S.A. MAIN FEATURES ¾ Among the 10 largest ports in Europe and the largest port in container throughput in East Mediterranean ¾ Advantageous geographical position for transshipment - proximity to Athens ¾ Europe’s largest port in passenger traffic (20 mil. passengers per year)

  12. Slide 12: Business Activities

    Piraeus Port Authority S.A. BUSINESS ACTIVITIES 1. Container terminal I. COMMERCIAL 2. Car terminal ACTIVITY 3. General cargo Passenger terminals and II. PASSENGER accommodation of coastal and cruise SERVICES ships Provision of repair docks, water & III. SERVICES TO electric power supply, SHIPS tele

  13. Slide 13: I. Commercial Activity: 1. Container Terminal

    Piraeus Port Authority S.A. I. COMMERCIAL ACTIVITY 1. CONTAINER TERMINAL 7

  14. Slide 14: Container Terminal

    Piraeus Port Authority S.A. 1. CONTAINER TERMINAL CAPACITY ¾ Piers I and II ¾ Total berth’s length 2.774 m. ¾ 9 berthing spots, depending on vessel size ¾ Total area: 900.000 sq. m. ¾ Storage space: 626.000 sq. m. ¾ Indoor storage area for container stuffing / unstuffing of 19.200 sq. m. ¾ 14 Gantry

  15. Slide 15: Container Throughput 2001-2005

    Piraeus Port Authority S.A. 1. CONTAINER TERMINAL Container Throughput 2001-2005 1.800.000 (TEU's) 1.605.135 1.600.000 1.541.563 1.404.939 1.394.512 1.400.000 1.200.000 1.165.797 1.000.000 909.220 762.433 790.727 800.000 660.461 600.000 560.728 464.019 462.240 393.695 419.348 370.661 400.000 276.567

  16. Slide 16: I. Commercial: 2. Car Terminal

    Piraeus Port Authority S.A. I. COMMERCIAL 2. CAR TERMINAL 10

  17. Slide 17: Car Terminal

    Piraeus Port Authority S.A. 2. CAR TERMINAL Handling & Storage of import – export and transit vehicles Capacity ¾ Dock length: 1.000 m. ¾ 4 berthing spots, depending on vessel size ¾ Total area: 170.000 sq. m ¾ Storage capacity: 15.000 cars ¾ Capacity: 600.000 moves per annum ¾ 9% of PPA’s turnover

  18. Slide 18: Cars' Throughput 2001-2005

    Piraeus Port Authority S.A. 2. CAR TERMINAL Cars' Throughput 2001-2005 450.000 423.575 400.000 379.589 350.000 335.072 322.804 321.445 309.891 300.000 284.637 281.115 276.351 270.694 250.000 200.000 150.000 113.684 98.474 100.000 64.378 38.167 45.094 50.000 0 2001 2002 2003 2004 2005 Transit Import

  19. Slide 19: Commercial Activity: Challenges

    Piraeus Port Authority S.A. I. COMMERCIAL ACTIVITY 3. CHALENGES ¾ Seaborne exports from China, India, Japan & Korea towards the European markets are increasing. ¾ Container seaborne trade is increasing by 8-10% per annum. ¾ Increase in the average vessel size with the new generation vessels having a

  20. Slide 20: Commercial Activity: Strategic Targets

    Piraeus Port Authority S.A. I. COMMERCIAL ACTIVITY 4. STRATEGIC TARGETS ¾ Improve the competitive position ¾ Increase capacity ¾ Improve productivity ¾ Improve the quality of service provided 14

  21. Slide 21: Commercial Activity: Investments

    Piraeus Port Authority S.A. I. COMMERCIAL ACTIVITY 5. INVESTMENTS Completed Benefits Acquisition of 18 straddle carriers & 1 mobile crane Improvement of productivity of Cost: €13,2 mil. the Container Terminal Finance: Leasing Works in Progress : Expansion of Pier I Completion, end of 2007 Cost: € 75

  22. Slide 22: Commercial Activity: Investments (2006-2010 plan)

    Piraeus Port Authority S.A. I. COMMERCIAL ACTIVITY 5. INVESTMENTS Foreseen in 5 year plan 2006-2010 Benefits Construction of Pier ΙΙΙ at the Container Terminal Estimated for end 2010 The project is estimated to begin at 2008 Increase in total capacity to 3,5 depending on demand mil. TEUs Cost budget

  23. Slide 23: II. Passenger Services: Passenger Port

    Piraeus Port Authority. II. PASSENGER SERVICES PASSENGER PORT 17

  24. Slide 24: Passenger Port

    Piraeus Port Authority S.A. II PASSENGER PORT Provision of services to domestic and international passengers COASTAL CRUISE FACILITIES ¾ 31 berthing places for ¾ 11 berthing places for Ships plus additional Cruise Ships berthing places for “hovercraft” type ships ¾ 3 passenger terminals ¾ 5 passenge

  25. Slide 25: Passenger Traffic 2001-2005

    Piraeus Port Authority S.A. II PASSENGER PORT 25.000.000 Passenger Traffic 2001 -2005 20.933.900 20.255.879 20.388.425 19.966.352 20.000.000 19.181.124 15.000.000 11.713.269 11.484.763 11.125.773 11.159.274 10.057.695 10.000.000 8.214.082 8.168.496 8.397.292 8.393.053 7.977.880 5.000.000 909.347 672

  26. Slide 26: Passenger Port: Investments

    Piraeus Port Authority S.A. II PASSENGER PORT COMPLETED INVESTMENTS BENEFITS Major improvements in the coastal area of the Functional and aesthetical upgrading, qualitative Central Port and state of the art installations in the enhancement of the passenger services in coastal cruise area shipping an

  27. Slide 27: Services to Ships

    Piraeus Port Authority S.A. III SERVICES TO SHIPS FACILITIES 1. Provision of berthing places, water supply, electric power supply, telecommunication facilities etc. 2. Two dry and two floating repair docks 3. Perama Shipyard zone 4. Repair zone at the Ampelakia area- Salamina 5. Kynossoura area ANNU

  28. Slide 28: Vessel Arrivals

    Piraeus Port Authority S.A. III SERVICES TO SHIPS Vessel Arrivals 35000 30.721 30000 29.206 27.902 26.333 26.742 25.742 24.323 25000 22.196 22.485 20.925 20000 15000 10000 5.706 5.408 4.979 4.833 5000 4.257 0 2001 2002 2003 2004 2005 Cargo Vessels Passenger Vessels Total 22

  29. Slide 29: Real Estate (other revenues)

    Piraeus Port Authority S.A. REAL ESTATE (other revenues) Activity Development & Exploitation of buildings and land Description: areas leasing of outdoor areas, warehouses, canteens, etc Facilities : ¾ Passenger terminals (8) ¾ Exhibition Center ¾ Two Parking areas (underground and open area) ¾ Pier

  30. Slide 30: Real Estate - Improvement Plan

    Piraeus Port Authority S.A. REAL ESTATE – IMPROVEMENT PLAN ¾ Projects under consideration in the medium-long term are: 1. The construction of an exhibition centre at the land area in Palataki 2. The exploitation of the old warehouse building of the Haetionian Coast 3. The improvement of the sea fron

  31. Slide 31: Financial Data, Share Information

    Piraeus Port Authority S.A. FINANCIAL DATA SHARE INFORMATION 25

  32. Slide 32: Balance Sheet (I.F.R.S.)

    Piraeus Port Authority S.A. BALANCE SHEET (I.F.R.S.) 2005 2004 2004 (in th. €) (in th. €) (in th. €) Fixed Assets 195.032 190.355 158.683 Current Assets 25.420 27.478 29.848 Cash 12.375 13.787 39.641 Total Assets 232.827 231.620 228.172 Total Equity 152.026 145.706 142.089 Long Term Liabilities 57.5

  33. Slide 33: Debt Ratios

    Piraeus Port Authority S.A. DEBT RATIOS (:1) Dept Ratios 0,70 0,61 0,59 0,60 0,53 0,50 0,50 0,45 0,40 0,33 0,30 0,20 0,17 0,14 0,12 0,10 0,00 1 2 3 Debt/equity capital Net Debt (minus cash & cash equivalents)/equity capital Bank loans/Equity capital 27

  34. Slide 34: Turnover 2001-2005

    Piraeus Port Authority S.A. TURNOVER Turnover 2001 - 2005 160.000 € 147.995 142.362 139.978 140.000 € 130.846 120.000 € 117.384 100.000 € 80.000 € 11,5% -5,4% 8,8% 3,8% 60.000 € 40.000 € 20.000 € 0€ 2001 2002 2003 2004 2005 28

  35. Slide 35: Revenues Breakdown 2005

    Piraeus Port Authority S.A. Revenues Breakdown 2005 Revenues breakdown per activity - 2005 Other operational revenues 6% Containers 85% CARGO PORT 75% CARS Services to ships 11% 14% General Cargo 4% Passenger port 5% 29

  36. Slide 36: Cost Analysis 2005

    Piraeus Port Authority S.A. COST ANALYSIS 2005 12 M 2005 (in ‘000. €) Personnel cost 96.588 Materials consumption 3% Personnel = 1.686 (31/12) (Includes provisions for personnel leaving Other operational expenses indemnity) 17% Personnel costs Depreciation 8.533 73% Depreciation 7% Material consumpt

  37. Slide 37: Cost Change 2005/2004

    Piraeus Port Authority S.A. COST CHANGE 2005/2004 2004 2005 Change (inε ‘000. €) (inε ‘000. €) % Personnel cost 100.083 96.181 -3,9% Depreciation 7.625 8.533 11,9% Materials consumption 4.291 4.028 -6,1% Concession Fee 1.567 2.943 87,8% Operational expenses 21.868 17.320 -20,8% Provisions 149 1.738

  38. Slide 38: Profit / Margins %

    Piraeus Port Authority S.A. Profit / Margins % (in ‘000. €) 2004 2005 Turnover 147.995 % turnover 139.978 % turnover Total operating 27.544 18,61% 24.609 17,58% profit EBITDA 28.697 19,39% 26.934 19,24% EBT 20.905 14,13% 17.083 12,20% EAT and BoD 10.016 6,77% 11.320 8,09% compensation 32

  39. Slide 39: Dividends

    Piraeus Port Authority S.A. DIVIDENDS DIVIDENDS 2001- 2005 IN EURO 0,45 0,45 0,4 0,4 0,35 0,3 0,25 0,2 0,2 0,15 0,15 0,1 0,05 0 1 2 Earnings after taxes per share Dividends per share 33

  40. Slide 40: Year end Report 2005

    Piraeus Port Authority S.A. Year end Report 2005 - Tariff revision and increase, effective as from 15/1/2006 - Manning reduction of gang from 9 to 6 workers, effective as from 15/12/2005 - Start of construction of Pier I, contract signed with the JP-ABAX construction company - Signed a €35 mil loan

  41. Slide 41: Operational Targets

    Piraeus Port Authority S.A. OPERATIONAL TARGETS ¾ Constant efficiency improvement ¾ Organizational development - New Organization chart ¾ Human resources evaluation & development ¾ Improve information system – adoption of A.B.C. costing ¾ Improve profitability through the increase of revenues and th

  42. Slide 42: Share Information

    Piraeus Port Authority S.A. SHARE INFORMATION 13-4-2006 15-4-2005 Share price ¾ € 19,10 ¾ € 11,32 Market Capitalization ¾ € 477 mil ¾ € 283 mil P/E (After Taxes) ¾ 42,1 ¾ 28,2 P/BV ¾ 3,14 ¾ 1,9 P/Sales ¾ 3,41 ¾ 1,9 Outstanding Shares ¾ 25.000.000 ¾ 25.000.000 (Greek State 74,14%) Price high (52 week

  43. Slide 43: Share Performance

    Piraeus Port Authority S.A. SHARE PERFORMANCE PPA vs FTSE ASE General Index PPA SHARE vs FTSE ASE Mid 40 (base=100) 200,00 300.000 20,00 € 190,00 19,00 € 180,00 250.000 18,00 € 170,00 17,00 € 160,00 150,00 200.000 16,00 € 140,00 15,00 € 130,00 150.000 14,00 € 120,00 13,00 € 110,00 100.000 12,00 € 10

  44. Slide 44: Share Capital Composition

    Piraeus Port Authority S.A. SHARE CAPITAL COMPOSITION 6,2% 13,4% 6,3% 74,1% GREEK STATE GREEK INSTITUTIONAL INVESTORS FOREIGN INSTITUTIONAL INVESTORS INVESTORS 38

  45. Slide 45: May 2006

    ΜΑΥ 2006 39

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