The reaction of the PPA after the decision of the CoE to bomb the master plan

By Anastasia Vamvaka

“Bomb” from the CoE once again seems to be the last one decision of the board that puts in the air in the master plan of the PPA. According to information, the Management of the Agency is waiting for the clear decision to assess what exactly will apply to the future of both mandatory investments and additional ones. It is important to clarify whether the CoE prohibits the construction of investments or sets conditions such as e.g. the harmonization of new investments with the new Strategic Environmental Impact Assessment (SEA) that is expected to be issued.

With what is known so far, the decision seems to turn the port of Piraeus back in 2016 putting all investments in brake. The southern extension of the passenger port of Piraeus, the new land passenger station, the four new hotel complexes, the extension of the car traffic station in the commercial Port of Heraklion the construction of a five-storey car park in the Pier Herakleum and the new warehouses although they were approved by the Port Planning and Development Committee (ESAL) of the Ministry of Shipping and annuls the decision of the then General Secretary.

The Rationale of the SC

1. Decision 547/2022 of the Plenary Session of the Council of State (issued on the application for annulment no. No. 955/2020) annulled acts of the Port Planning and Development Committee, which had been approved, in the context of the approval of the General Program Plan (Master Plan) of the company “Piraeus Port Authority (PPA) SA”, the mandatory investments – based on the Concession Agreement, concluded between the Greek State and PPA SA and ratified by n. 4404/2016 – and the additional investments of PPA SA in the Port of Piraeus. ΕΥΠΕ / οικ. 107017 / 28.8.2006 (ΒΔ 1225), strategic environmental assessment of the new design of the port of Piraeus, which included, among others, the southern extension of the passenger port of Piraeus, a new land passenger station, four new road complexes, the expansion of the Car Traffic Station in the commercial Port of Heraklion and the construction of a five-storey car parking building in the Pier of Heraklion and new warehouses in an area of ​​80 acres. Seven members of the Court voted in favor, in the opinion of which no strategic environmental assessment was required before the approval of the investments included in the General Program Plan of PPA SA.

2. By Decision 548/2022 of the Plenary Session of the Council of State (issued on application for annulment no. 1056/2020), the lawsuit was dismissed, in so far as it challenged acts of the Port Planning and Development Committee annulled by the decision 547/2022 of the Plenary Session (issued on the application for annulment no. 955/2020), and the act of the Secretary General of Ports, Port Policy and Maritime Investments of the Ministry of Shipping and Island Policy was annulled. of the project of the southern extension of the passenger port of Piraeus.

3. By Decision 549/2022 of the Plenary Session of the Council of State (issued on application for annulment no. 1334/2020), the lawsuit was dismissed, on the grounds that acts of the Port Planning and Development Committee were challenged the decision 547/2022 of the Plenary Session.

Results 2021 – Profitability record – Dividend € 0.63

The PPA announced increased financial figures for 2021. In particular, as mentioned in a relevant announcement, the turnover amounted to € 154.2 million compared to € 132.9 million in the year 2020, showing an increase of € 21.3 million or percentage 16%. Profits before taxes amounted to € 49.2 million compared to € 36.9 million in the year 2020, showing an increase of € 12.3 million or 33.3%. Earnings after taxes amounted to € 36.8 million, an increase of 39.4% compared to € 26.4 million in the year 2020. Finally, the proposed dividend per share amounted to € 0.63 increased by 57.5% compared to 2020 (€ 0.40).

As it is emphasized in a relevant announcement, the above amounts constitute the highest profitability in the history of PPA SA.

Compared to the previous year, Pier I at the Container Station showed a 13.9% increase in container traffic, Car Terminal a 40.6% increase in vehicle traffic, the cruise line achieved a significant recovery with a total of 379 cruise ships. number of tankers in the shipbuilding sector increased by 16.5%.

The Chairman of the Board of PPA SA Yu Zenggang welcomed the 2021 financial results and said: “The continuous increase in the Agency’s turnover despite the difficulties we have all faced in the past due to the pandemic SA is a company with resilience and strong bases that responsibly continues to implement and implement its strategy for the Port of Piraeus, which is already in the first places among the best ports in the Mediterranean and Europe. Mandatory investment program of PPA SA continues steadily and with absolute consistency, which in addition to strengthening the financial position of the Company creates multiple benefits for the local and national economy. , remaining true to the vision of Piraeus being the largest port in Europe and one of the most important ports in the world, in terms of environment, digitization, society and governance “.