Annual Report - Fiscal Year
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ANNUAL REPORT - FISCAL YEAR 2004 THESSALONIKI PORT AUTHORITY sa JUNE 2005 THESSALONIKI PORT AUTHORITY sa JUNE 2005 ANNUAL REPORT - FISCAL YEAR 2004 THESSALONIKI PORT AUTHORITY sa Table of Contents Summary of Published Financial Data of ThPA SA………………………………….…………… pg. 09 CHAPTER 1 Information about the Annual Report & the Company’s Auditors……………………………… pg. 12 1.1. General.……………………………………………………………………………… pg. 12 1.2. Responsible for the edition.………………………………………………………… pg. 12 1.3. Certified Auditors…………………………………………………………………… pg. 13 1.4. Tax Audits…………………………………………………………………………… pg. 13 CHAPTER 2 Shareholders’ rights………………………………………………………………………………… pg. 15 2.1. General………………………………………………………………………………. pg. 15 2.2. Special Rights of the Shareholders or Third Parties………………………………… pg. 16 2.3. Dividend Collection…………………………………………………………………. pg. 18 2.4. Dividend Taxation…………………………………………………………………… pg. 18 CHAPTER 3 Stock Market Information for the Company’s Share…………………………………………….. pg. 20 CHAPTER 4 Information about the Company……………………….………………………….……….……… pg. 24 4.1. General Information………………………………………………………………… pg. 24 page 4.2. Company History…………………………….………….……….…………….…… pg. 25 4.3. Information about the capital….……….………………….……………………… pg. 26 4.4. Description of the Port………….……………………………….………………… pg. 32 4.5. Scope of activities. ………………….…………….…………………….………… pg. 33 4.6. Construction of Works and Procurements ……………….…………….……….… pg. 44 4.7. Pricing Policy …………………………….………………………………………… pg. 44 4.8. Fixed assets………………………………………………………………………… pg. 45 4.9. IT projects…………………….…………………….…………….………………… pg. 50 4.10. Guarantees-Collateral Securities…………………………….……….…….……… pg. 51 4.11. Change In The Book Value of Assets ……………………………………………… pg. 51 4.12. Company’s contracts…………………………………………………………… . pg. 53 4.13. Important pending court cases……………………………….…………………… pg. 67 4.14. Investments of 2002-2004………………………………………….……………… pg. 74 4.15. Trademarks………………………………………………………………………… pg . 77 CHAPTER 5 Administration - Management/ Human Resources………….…………….………….………… pg. 79 5.1. Administration-Management-Supervision Bodies……….……….….…………… pg. 79 5.2. Status of persons subject to the provisions of Article 8 of Decision No. 5/204/14-11-2000 of the Capital Market Commission….…….……….……… pg. 86 5.3. Regulation of Internal Organisation and Operation ……………………………… pg. 89 5.4. Personnel General Regulation…………….…….………………….……………… pg. 89 5.5. Human Resources…………………..……….….………….……………….…….… pg. 89 5.6. Personnel Pay………………….…………………………………………………… pg. 91 ΚΕΦΑΛΑΙΟ 6 page CHAPTER 6 Report Data - Activities…………………………………………………………………………… pg. 93 6.1. Activities…………………………………………………………………………… pg. 93 6.2. Analysis of Published Financial Statement………………………….…….……… pg. 93 6.3. Other Information………………………………………………………………… pg. 123 CHAPTER 7 Sector Information… . .…………………………………………………………………………… pg. 126 7.1. Competition-Prospects…………………………………………………………… pg. 126 CHAPTER 8 Objectives and Investment Policy…………………………….…………………….…………… pg. 130 8.1. Objectives and Stradegy……………….………….……………………………… pg. 130 8.2. Investment Policy……………………………………….………………………… pg. 130 8.3. Investment Programme for 2005…………………………….…………………… pg. 131 8.4. Table of Investments……………………………………………………………… pg. 132 CHAPTER 9 Dividend Policy………………………………………………………………….………………… pg. 135 CHAPTER 10 Net Profits and Profits Per Share………………………………………………………………… pg. 137 CHAPTER 11 Annex……….………………………………………………………………………………….…… pg. 139 page SUMMARY OF PUBLISHED FINANCIAL DATA OF ThPA sa page Summary of Financial Data Summary of Published Financial Data of ThPA SA for the Fourth and Fifth Fiscal Year > Results data Fiscal year (amounts in thousand €) 2004 2003 Turnover 45,782 40,242 Gross profit (before depreciation) 13,532 9,967 Other Operating Income 743 584 TOTAL 14,275 10,551 Operating results (before depreciation) 9,511 6,741 Extraordinary results -156 185 Profits before Interests, Depreciations & Taxes 9,355 6,926 THESSALONIKI PORT AUTHORITY s.a. Profits before Depreciations and Taxes 10,573 8,055 Depreciations 3,488 3,369 Profits before Taxes 7,085 4,686 Total dividend (tax free) 2,016 1,613 Number of shares at the end of the fiscal year 10,080,000 10,080,000 > Results data per share (1) Fiscal year 2004 2003 Profits before Interests. Depreciations and Taxes 0.93 0.69 Profits before Taxes 0.70 0.46 Profits after Taxes and Compensation of the 0.42 0.30 Board of Directors Dividend per share (2) 0.20 0.16 Note Any deviations in the total sums are due to rounding of the individual amounts. (1) The data per share have been calculated based on the number of shares at the end of the fiscal year. (2) The calculation of the dividend per share is based on the number of shares at the end of the fiscal year. > Distribution of Depreciations Fiscal year 2004 2003 Depreciations on Sales Cost 3,281,232.28 3,265,068.27 Depreciations on Administrative Expenses 197,371.59 100,234.23 Depreciations on Appropriation Expenses 9,298.99 3,381.22 TOTAL 3,487,902.86 3,368,683.72 page > Balance sheet Data Fiscal year (amounts in thousand €) 2004 2003 ASSETS Undepreciated value of start-up expenses 289 667 Undepreciated intangible assets 496 427 Tangible assets 67,405 65,683 Minus : Accrued depreciations 14,724 11,765 Undepreciated tangible assets 52,681 53,918 Other long-term receivables 28 28 Current Assets 61,131 57,163 Debit Interim Accounts 385 168 TOTAL ASSETS 115,011 112,371 LIABILITIES Equity 97,285 94,964 Provisions 2,395 3,802 Long-term bank payables 0 0 Other long-term payables 15 8 Total Long-term Payables 15 8 Bank accounts of short-term payables 0 0 Other short-term payables 14,565 12,805 Total Short-term Payables 14,565 12,805 Credit Interim Accounts 751 792 TOTAL LIABILITIES 115,011 112,371 Share book value (1) 9.65 9.42 Note Any deviations in the total sums are due to rounding of the individual amounts. (1) The calculation of the book value per share is based on the number of share at the end of the fiscal year. > Financial Ratios Description 2004 2003 EVOLUTION RATIOS (%) Turnover 13.77 3.50 Profits before taxes 51.18 8.30 PROFIT MARGIN RATIOS (%) Gross profit 29.56 24.77 Net profit 15.48 11.64 PROFITABILITY RATIOS (before taxes %) Average equity 7.37 4.81 Average total capital employed 6.24 4.21 2004 TURNOVER RATIOS (days) Reserves - - Debtors 59 61 Suppliers 50 136 GEARING RATIOS (:1) Debt/Equity 0.11 0.11 Bank payables/ Equity - - LIQUIDITY RATIOS (:1) Current ratio 4.01 5.52 Quick ratio 3.89 5.34 Operating cash flow/Financial expenses 7255.82 6,285.23 Operating cash flow/Total taxes 2.91 11.75 FINANCIAL BURDEN RATIOS (%) Financial expenses/Gross profit 0.02 0.03 Financial expenses/Results before taxes of this fiscal year 0.02 0.06 plus Debit interests ANNUAL REPORT - FISCAL YEAR page 10 CHAPTER 1 CHAPTER THESSALONIKI PORT AUTHORITY s.a. Information about the Annual Report & the Company’s Auditors 1.1. General The present Annual Report is published in application of the decision dated 5/204/2000 and the explanatory circular No 9 of the Capital Market Commission. The Annual Report includes all information and financial data required for the proper assessment of the assets, activities, financial status, results and prospects of the Company ThPA SA (hereinafter “the Company”). Shareholders and investors who would like to receive more information may address during working days and hours to: The Department of Public Relations, Investor Relations, Company Releases and Shareholders Service, Administration building, 1st Pier, P.O. Box 10467, 541 10 Thessaloniki (contact person: Chrysanthi Athanasiou), tel. (2310) 593.134 and 593.128, e-mail: [email protected]. 1.2. Responsible for the edition The people who are responsible for the drawing up of the present Annual Report as well as for the accuracy of the data contained are: Christophoros Koutitas, Chairman of the Company’s Board of Directors, 1st Pier of the Port of Thessaloniki, P.O. Box 10467, 541 10 Thessaloniki, tel. (2310) 593.104, Ioannis Tsaras, CEO of the Company, 1st Pier of the Port of Thessaloniki, P.O. Box 10467, 541 10 Thessaloniki, tel. (2310) 593.105 and, Nikolaos Masmanidis, Finance Director, responsible for the published financial data, Free Zone building, P.O. Box 10467, 541 10 Thessaloniki, tel. (2310) 593.210. The Company’s Board of Directors states that all its member are aware and agree with the 2004 content of the present Annual Report and along with its authors certify that: • All information and data contained in the Annual Report are complete and accurate. • There are no other data and no other events have occurred, which if withheld or omitted, may cause the data or information contained in the present Annual Report to become, in whole or in part, misleading. • There are no important pending court disputes or arbitrations against the company, which may have a material impact on the financial status of the company, other than those mentioned in the present Annual Report. ANNUAL REPORT - FISCAL YEAR page 12 1.3. Certified Auditors The Company is audited by Certified Auditors – Chartered Accountants. The second fiscal year (01.01.2001-31.12.2001), the third fiscal year (01.01.2002-31.12.2002) and the fourth fiscal year (01.01.2003-31.12.2003) were audited by the Certified Auditors - Chartered Accountants Dimi -trios Zigeridis (SOEL Reg. No. 15851) and Georgios Skampavirias (SOEL Reg. No.14661), while the fifth fiscal year (01.01.2004 – 31.12.2004) was audited by the Certified Auditors-Chartered Accountants Dimitrios Zigeridis (SOEL Reg. No.15851) and Dimitrios Koulinas (SOEL Reg. No.16101) of SOL A.E.O.E. (address: