Page 12 - Yiorgos Anomeritis

ports the shape of a (state or private) monopoly should be

excluded, is globally accepted.

The privatization options, which can be promoted due to the

economic crisis and the country's commitments should combine

three conditions:

a. To contribute directly revenue to HRADF

b. To support the growth prospects and

c. To be compatible with national and Community law.

12. MOTION of PERSPECTIVE

Which satisfies the three previous conditions.

1. Immediate reform of the Greek port system under Article

39 N.4150/2013 to create Central Port Networks

2. Increasing share capital of PPA SA, in accordance with

Article 40 of N.4150/2013 and creating Attica Port System

3. Sale of 23% (or 39% of the new shares) of the shares of

PPA SA and Thessaloniki Port Authority SA, either through

ASE or as a package with a minority rights to investors.

The sale (a) will deliver 160.000.000 euros directly to HRADF

and (b) 51% of their shares will remain under public control.

4. Securitization of guaranteed revenue from concessions or

issue convertible bonds.

According to the financial reports present the NPV of conceded
items from the PPA amount to 678-1013 million euros. This

means minimum income potential from 231 to 336 million
euros for the pessimistic scenario, with a guaranteed revenue

sold 60 % and a discount rate of 11%.

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