Page 6 - Yiorgos Anomeritis

million euros, a development program of 960 million euros, it saw

recently, despite the various pressures, to be approved by the

European Commission, the construction of the southern port cruise

costing 120 million with 95% through community participation,

which is also the highest participation rate that has ever been

given in the European Union.

The PPA has progressed in several Concessions (sewage, fuel

oil, waste, areas for use, etc.) with the most significant being the

Concession of Pier II and the eastern Pier III (containers) to PCT

SA for investments in infrastructure and equipment of 340 million

euros. This investment is already being completed, while the PPA

in four years (2010-2013) received revenue of 158 million euros.

Already PPA SA , despite any potential legal related issues, went

to Plan B' modification of the original concession agreemnet for

new investments worth 240 million euros for the construction of the

Western Pier III and the Oil Pier. According with international

financial advisers and the letter of the Greek Republic to the

European Commission (DG Comp), the Net Present Value of the

concessions of PPA amount to 678 - 1.013 million euros,

depending on the assumption scenarios, versus 478 million NPV

of the guaranteed consideration of 2009. Note that according to

the new promoted Agreement, the capacity of Piers II and III

increased from 3.400.000 TEU (containers) to 6.200.000 TEU
with the guaranteed 4.750.000 TEU and the guaranteed

minimum 3.083.000 TEU, with the rent rate remaining stable to
24.5% of turnover from 2017. (Today it is 21.50%).

The current value of the PPA under two different valuation
methods amounts to 1.150 million euros without capital gains and

investments of third parties through part concessions.

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