Piraeus Port Authority s.a.

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PIRAEUS PORT AUTHORITY S.A.

ANNUAL FINANCIAL REPORT 2008



ANNUAL FINANCIAL REPORT

P.P.A. S.A

Piraeus Port Authority S.A.

or the period 1/1 31/12/2008

In accordance with L.3556/2007

Piraeus 26/3/2009

10, Akti Miaouli, Piraeus 185.38

S.A. Reg No 42645/06/B/99/24



4

CONTENTS

Board o Directors Statements.................................................................................................................................5

Board o Directors’ Management report .................................................................................................6-15

Independent Certifed Auditor’s Accountant’s Report .............................................................16-17

Financial Statements .............................................................................................................................................18-55

- Proft and Loss statement .......................................................................................................................................18

- Balance Sheet as at 31 December 2008......................................................................................................19

- Cash Flow statement or the year ended 31 December 2008 ....................................................20

- Equity Statement or the year ended 31 December 2008.............................................................21

- Notes to the Financial Statements ...........................................................................................................22-55

Summary Financial Inormation or the year ended 31 December 2008 ........................56

Disclosures under article 10 L.3401/2005...........................................................................................57-58

Internet address or the Financial Statements........................................................................................58



5


DECLARATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS(in accordance with article 4 par. 2 o L. 3556/2007

Members o the Board o Directors, Mr. Dionysios Behrakis, President o the Board, Mr.Nikolaos Anastassopoulos, Managing Director and Mr. Mantzouneas Elias, declare that to

their best knowledge:

• The Financial Statements which were prepared in accordance with the internationalaccounting standards, present in a truthul manner the fgures pertaining to assets,

liabilities, shareholders equity and fnancial results o Piraeus Port Authority S.A or the yearended in 31/12/2008.

• The Board o Directors Report presents in a truthul manner the evolution, theperormance and the Financial position o Piraeus Port Authority S.A .

PRESIDENT OF THE MANAGING DIRECTOR MEMBER OF THE

BOARD OF DIRECTORS BOARD OF DIRECTORS

DIONYSIOS BEHRAKIS NIKOLAOS ANASTASOPOULOS MANTZOYNEAS ELIAS

I.D. X 075485 I.D. Ξ 625099 ID. Ν. 088636




6

ANNUAL REPORT OF THE BOARD OF DIRECTORSOF “PIRAEUS PORT AUTHORITY S.A – P.P.A S.A.”FOR THE PERIOD 1/1 – 31/12/2008

The present report o the Board o Directors was compiled and is in accordance with thestatute 2190/1920, law 3556/2007 Gov. Gazette 91 A /3042007 and the subsequentadministrative decisions o the Capital Market Commission and particularly thedecision 7/448/11102007 o its Board o Directors.

The report aims to inorm investors o:• The fnancial status, results and the general prospects o the company or the

aorementioned period as well changes undertaken.

• The most important events that took place in the current fnancial period and theireect on the fnancial reports• The risks and uncertainties that might arise or the company within 2009• The exchanges made between the company and any a liated persons.

Main Activities o the Company

The main activities o the Company are provision o berthing to ships, container andgeneral cargo stevedoring services & storage, car stevedoring services & storage andservices provided to cruise and coastal passengers. In addition the Company provides

auxiliary services to ships water, electricity, telecommunication services etc andconsents land space against ee.

Objectives and Strategy

The main objectives o the PPA S.A. are:

1. The development o the commercial activities and mainly the container andcar terminals through increase in productive capacity with the necessary portinrastructure and investment and with the aim to evolve into main transhipmenthubs or the emerging markets o the Black Sea and Eastern Mediterranean.

2. The reinorcement o port’s competitiveness through upgrade and improvement o the services provided to customers.

3. The satisaction o passenger’s demand or speed o service, prompt inormation,comortable stay in port and saety.

4. The improvement o the fnancial position o the Company through cost control andproductivity improvement.

5. Human resource development through constant training and adaptation to thechanging technological requirements.

6. Development o a schedule or the protection o the environment.



ANNUAL REPORT OF THE BOARD OF DIRECTORS

OF “PIRAEUS PORT AUTHORITY S.A. – P.P.A S.A.”

FOR THE PERIOD 1/1 – 31/12/2008

7

7. Real Estate development in a manner that promotes the general public beneft andwith respect to the urban surrounding.

8. Operation o the Societe Anonyme based on sound private economic actors andthe public character o the Organisation.

9. Protection o the interests o the Greek State and shareholders.

Main Funding Sources

The achievement o the aorementioned objectives is depicted in the investment planMaster Plan o the Piraeus’ port, based on which it was approved by the company

the capital expenditure budget or the 5year period 20092013. The projects includedin the investment plan are distinguished according to unding source and realisationvehicle to two categories:

a The capital expenditure budget o PPA SA with a total sum o 221.6mil Eurob The sel fnanced projects that will be realized with the participation o private

unds through concession o operation and exploitation, o an estimated sum o 537mil. Euro, with a time span or most o those projects o more than 5 years.

In the frst category it is included the project o Pier I at the container terminal, currentlyinprogress and o a total amount o more than 160 mil Euro, unded 50% rom the

European Investment Bank, 25% through leasing or other means and 25% rom PPA’sown unds. The completion o the project is scheduled or the end o the 1st quartero 2010 and PPA SA will retain operation and exploitation. For the remaining part, theinvestment plan includes dredging works at the coastal – passenger port, upgradingo the IT system and inrastructure as well as renovation o the equipment, the undingo which are made through PPA own unds.

The sel fnanced projects include:• The revamping o Pier II and the construction o Pier III at the container terminal,

an investment o €320mil scheduled or completion until 2015. The relevantconcession contract with CPL was signed in 25112008.

• The project o the construction o a modern Exhibition Centre at Palataki area,an investment o €85mil. The relevant concession contract was signed in October2008 and the completion is scheduled at stages in 20102011.

Furthermore, with the aim to exploit the real estate o PPA SA, there are projectsscheduled in the medium termwith a total amount o €130mil that regard thedevelopment o the old exhibition centre, the utilization o the 23 acres at Kastrakiarea, as well as the multi stories warehouses at the central port.

Regarding additional human resources needs, the company has a plan or recruiting thenecessary technical and administrative sta, as well as dockworkers or the operation

o the 3rd shit without the need or overtime. The materialisation o this plan willdepend upon the development o the international crisis that is directly connectedwith the cargo and passenger tra c at the port.




8

A. Year end Report 2008Evolution – Financial changes o the Company and the Group

Results or the Period: Personnel mobilizations throughout 2008, determined thereduction o cargo served with a similar negative eect in turnover. In particular salesamounted to €116,04mil recording a reduction o 32,3% against 2007.

The biggest reductions were recorded in the commercial activity and mainly at thecontainer terminal were cargo was reduced by 70% in comparison to the previousyear. The negative eects at the car terminal are restricted to a reduction o 10,3%against 2007. It is noted though that compared to the average number o throughputo the previous year and the expected increase in transhipment tra c, the reduction isbigger. The drop in the conventional and general cargo was signifcant reaching about20%.

In the remaining activities o the Organisation and mainly the cruise sector thatcontinues its upward trend, an increase in sales o 10% is recorded against the previousyears, as no serious implications rom the mobilizations were seen.

The hampered operation o the commercial part o the port or a protracted periodo time, created the oundation or the evolution o other ports acting as alternativedestinations, and also led to a prolonged stay o cargo at the storage yards orcing PPAto provide signifcant discounts.

Other operating revenue record a drop o 6,6% as the reduction in extraordinaryrevenues surpasses the increased income rom rentals.

Operational expenses in 2008 record a reduction o 21,4%, originating mainly romreduced payroll o 26,7% against 2007 as a result o personnel abstention rom overtimeand weekend work.

Other expenses, besides provisions or doubtul debts which was signifcantly reduced,remain at the same level as in 2007 and fnancing results record no material changecompared to the previous year.

Progressively rom the end o the 2nd quarter 2008 onwards, ater continuousintervention and measures rom the Management, container and car ow was partiallyimproved and container ow rom and to the storage yard was relatively stabilised,without at the same time an increase in cost, thus achieving the overturn o thenegative result recorded by PPA in the 1st semester o the year.

As a consequence o the above, the result ater tax or 2008 is positive amounting to€5,6mil recording however a decrease o 77% against the year 2007.

Total Liabilities: The liabilities o the Company increased by 32.93% amounting at31/12/2008 to €122.620.731,19 against €92.247.632,60 in 2007. The increase in total

liabilities was the result o the loan rom the European Investment Bank o a sum o €35.000.000 or the construction o Pier I o the container terminal at Ikonion.





FOR THE PERIOD 1/1 – 31/12/2008

9

Other Financial Indices o the Company:

B. Signifcant Facts o the year 2008 and the beginning o 2009

The signifcant acts include:1. The realisation o the international public tender or the Concession o use and

exploitation o Piers II and III o PPA’s Container Terminal that was published inJanuary 2008. The tender was completed successully with the appointment o Cosco Pacifc Ltd, a company o Cosco Group and one o the biggest port operatorsin the world, as the provisional bidder. Cosco Pacifc Ltd oered in current prices€4,3 billions as the total ee or the period o concession o 35 years, o which 79% isguaranteed, while it will realise investments o €620mil. o which 50% aim to triple

the Container’s Terminal capacity until 2015. The relevant contract, that was fnalisedater 3 months o negotiations, ater the approval o the Audit Council, was signedin 25112008 in the presence o the President o China and the Prime Minister o Greece and was utterly ratifed by the Parliament within the 1st week o March 2009. The beginning o the contract is 1102009 and COSCO will undertake managementwhile or a period o at the most o 6 months, operations will be provided by PPApersonnel acting as subcontractor. Within the aorementioned period the works orthe construction o Pier I will be completed and gradually PPA’s personnel will betranserred.

2. The mobilisations o PPA’s personnel, which disagree with the Concession o PiersII and III and support the maintenance o PPA as the sole and only port operator.Personnel mobilisations that hold since 5108 until today even ater the ratifcationo the concession contract by the Parliament, with extremely unavourablerepercussions or PPA, the Market and the Economy in general, mainly have the ormo abstention rom overtimes and Weekend work days o regular operation o theport coupled with a slow down and occasional 24hour strikes. The recent appealo the Collective Labour Bodies to the High Court with the aim to declare the tendervoid, ater a second postponement, will be judged in 852009. It is noted howeverthat the High Court rejected the appeal or temporary restriction order.

3. The signifcant investments or the construction o Pier I and or its equipment withcutting edge handling machinery, which remains under the management o PPA SAand is expected to be operational by the beginning o 2010 with a capacity o more

CURRENT RATIOCURRENT ASSETS/CURRENT LIABILITIES)

QUICK RATIOCURRENT ASSETS-INVENTORY/CURRENT LIABILITIES

RETURN ON EQUITY ROEEBT/EQUITY

EBIDTA

DEBT RATIOS (:1)DEBT/EQUITY CAPITAL

1,56

1,43

0,05

0,16

0,26

1,55

1,42

0,19

0,25

0,10

2008 2007




10

than 1.000.000 TEU. Following the necessary changes and additions that increaseoperability o the Pier I the investment amounts to €160mil. o which hal regardsthe state o the art machinery. The relevant contracts or procurement were signed

in the ourth quarter o 2008 and delivery will be made gradually rom September2009 onwards.

4. The voluntary retirement scheme o PPA’s personnel under Law 3654/08, whichoresees the early retirement o employees with less than 5 years period let ornormal retirement at 31122009. The total cost o the program, which will be ullyundertaken by PPA SA, is calculated in the region o €5060mil. in present value andit is addressed to about 300 individuals.

5. The decision o the pending case in ront o the Competition Commission againstPPA or abuse o dominant position and vertical agreement because o the 10 years

contract with MSC was published in 2712009. The decision was reached with amarginal majority o one vote and imposes a fne o €1.280.197,43 on PPA or theperiod 172002 until 31122004 during which the execution o the contract withMSC supposedly produced anti competitive results, while dismissed PPA SA romall other charges. PPA SA already fled an appeal against this decision in ront o theAdministrative Court o Appeals.

C. Prospects and Expected Development, Main Risks and

Uncertainties or the second Hal-year period

Prospects - Expected Development

Under the prism o the international developments and particularly the fnancial crisis,the prospects or 2009, taking under consideration the principle o conservatism, arerestrained. Already, in the frst 2 months o 2009 cargo throughput is signifcantlylagging, especially in the car sector where a decrease o 30% is recorded. In thecontainer sector a similar trend is recorded at a lower level though that supports therestrained expectations. These acts will limit the ability o PPA or ast recovery as soon

as the mobilisations cease.

Despite the negative economic conjuncture that hurts almost all companies, theconcession contract signed with COSCO is a positive progress as PPA has secured asignifcant annual guaranteed ee, beyond the down payment o €50mil that will bepaid to PPA within 15 days rom the publication o the ratiying law in the GovernmentGazette.

The main aim o the Management is to continue without delays the investment plano the company and particularly the project o Pier I. To this aim, the Company madeuse o the Finance Protocol with the European Investment Bank and besides the loan

o €35mil received in July o 2008, applied or a second one amounting to €45mil andits approval is expected within the ollowing 2 months.





FOR THE PERIOD 1/1 – 31/12/2008

11

In any case the slow inux o revenue, due to the economic recession is urther enhancedby the mobilisations o the personnel, aecting both the course o the fnancial resultso the frst quarter as well as the cash and cash equivalents o the company and also

aects the external companies relevant to port operations.

The Management already started a meaningul dialogue with the representatives o personnel, aiming to restore stability in order to bring back port user’s confdence inthe largest port o the country.

Proft Distribution or 2008

Net profts ater tax or 2008 amount to €5.593.278,43.

The Board o Directors suggests the ollowing distribution o those profts.

The suggestion is under approval o the annual general shareholders meeting.

Dividends are subject to a 10% tax.

Risks and Uncertainties

Credit risk. The company, does not have an important concentration o credit risk against the contracting parties, since, in accordance with its practice receives downpayments or letters o guarantee against service provision.

Danger o interest-rates. The bank lending o the Company is in Euros and basedon oating interestrates. The company does not use derivatives in order to limit itsexposure to risks rom changes in interestrates. The Management estimates that nosignifcant risks exist rom interestrates changes. The sensitivity analysis o the result,in relation to net liquid unds and company’s liabilities to the banks, or the interest raterisk is illustrated in the relevant table o paragraph 4 o the comments in the fnancialstatements.

Currency risks. The company is not internationally active, neither has longtermlending obligations in oreign currency and consequently it is not exposed to currencyrisks resulting rom uctuations in exchange rates.

Liquidity Risk. The e cient administration o liquidity risk is being achieved with

the maintenance o su cient cash and the existed capability o potential undingin case o emergency. Company’s liquidity risk management is based on the careulmanagement o working capital and cash ows. The cash & cash equivalent at 31

Regular reserve und

First Dividend

Profts carried orward

5.593.278,43 x 5%

Stocks 25.000.000 x 0,07

279.663,92

1.750.000,00

3.563.614,51




12

122008 is 41,604,513,37€, in which is included the remaining amount o the loanex European Investment Bank as it is absorbed gradually in line with the scheduledprogress o Pier I project. Furthermore, or possible demand in working capital, which

may arise due to the reduction in cash inow, resulting rom a potential escalation o the recession, the company has secured a bank credit up to € 10 mil

Seasonality: There is not a material seasonality in the activities o company.

D. Transactions with Connected entities.

As connected entities are comprehended what is oreseen by the IFRS 24. There isno material dierentiation o transactions with the connected entities in comparisonto the transactions that took place in the previous fnancial period. More precisely,the transactions concern only the ees o the members o the Management and themanagerial executives, that in 2008 amount to €1,612,709.11 €1,304,654,.43 in 2007.

Internal Organisation and Operation Regulations (IOOR

The Company has in orce an Internal Organisation and Operation Regulation, whichwas reormed radically and its application began at 1/10/2008. PPA, with a new andsimpler organisational structure, adapts to the modern work and market environment,

improving its eectiveness and competitiveness.

The new Organisational structure that composes a smaller number o Administrationsand Departments is exible and with explicit orientation in customer ocus.

PPA & Environment

Sound environmental management and operation is o prime importance or PPAand orms a major component o its corporate responsibility. Within this rame, PPAdeveloped an Environmental Charter that reers in detail waste management, cargo

handling and monitoring o basic environmental parameters such as water quality, airand sound environment in cooperation with local and oreign Academic Institutions.In addition an emergency response plan is in place or incidents o sea pollution aswell as a plan or management o vessel’s wastes.

PPA SA, already, within the ramework o its environmental policy renewed thecertifcation o its environmental management – Port Environmental Review SystemPERS Version 3 being in place since 2004. The PERS Certifcate is specialised or portactivities and services and is a tool or the application o measures or managementand operation proposed by ESPO European Sea Ports Organisation. The process o certifcation is conducted by the internationally recognised organisation o Lloyd’s

Register the Netherlands and PERS is already applied in 35 ports in Europe.





FOR THE PERIOD 1/1 – 31/12/2008

13

Board o Directors Explanatory Report (according to article4, par7 o Law 3556/2007)

Share capital structure

Company’s share capital amounts to 50.000.000 € and is divided to 25 million registeredshares, o a nominal value o €2 each. Each share is entitled to one vote. The Company’sshares are listed on the Athens Stock Exchange.

Restrictions in the transer o the Company’s shares

Company’s statute does not have special restrictions or share holder rights comparedto the respective law principles. By exemption, articles 4 par. 2 and 5 par. 1 o company’s

statute cite that the minimum participation o Greek State to the equity capital, cannotbe less than 51%.

Moreover according to the provisions o article 11 o Law 3631/2008 GovernmentGazette A6/29.01.2008, on Societes Anonymes o national and strategic importance,that have or have had monopolistic character, and especially or companies thathave in their property or exploit or manage national networks o inrastructures, theacquisition rom other shareholder, except the Greek State, or rom related entitiesas described in article 42C o C.L. 2190/1920 or rom shareholders that act jointly in aharmonised way, o voting rights o more than 20% o the total share capital, is subjectto the approval o the Interministerial Privatization Committee o L. 3049/2002, in

accordance to the procedures o this Law.

Signifcant direct or indirect participations in the sense o L3556 art.9-11.

• Main shareholder o the Company is the Greek State with a 74,14%.• The Company Lansdowne Partners Limited Partnership, is entitled to exercise on

a discretionary basis the voting rights attached to the 2,334,796 shares in PiraeusPort Authority S.A percentage o indirect voting rights: 9,34%, held by theollowing unds: Lansdowne European Equity Fund Limited, Lansdowne EuropeanLong Only Fund Limited, Lansdowne European Long Only Fund LP, LansdowneEuropean Strategic Equity Fund LP. None o these unds holds more than 5% o

the voting rights in Piraeus Port Authority S.A.

Holders o any type o shares that provide special rights o audit.

There are no shares o the Company that provide special rights o audit.

Restrictions to voting rights.

There are no restrictions to voting rights deriving rom the Company’s shares.

Company’s Shareholders’ agreements.

The Company is not aware o any agreements between its shareholders which mightresult in restrictions on the transer o the Company’s shares or on the voting rights




14

conerred by its shares.

Rules o appointment and replacement o Board o Directors’ members and

modifcation o articles o Association. In accordance with article 7, par 1 o the company’ articles o Association, the Boardo Directors consists o thirteen members o which ten 10 members elected by theCompany’s General Assembly. Between them is also elected the Managing Director,who is appointed, according to article 12 o the Association with a private contract o indefnite duration, ater public proclamation o the Company’s Board o Directors.

Company’s employees appoint 2 representatives as members who are elected bythe Company’s General Assembly. These representatives come rom the two biggestunions, one rom the employee’s side and one rom the dock workers side. They are

nominated by the relevant unions within a deadline o one month ater a notifcationrom the President o the BoD, ollowing an election process within the unions inaccordance to the relative legislation.

One member is appointed rom the municipality o Company’s headquarters, electedby the Company’s General Assembly as nominated by the City Council.

The BoD has a fve year term. However Managing Director’s term is independent romthe rest members o the BoD, in accordance to L3274/2004, article 35 par.13 .

Competency o the Board o Directors or some o its members to issue new sharesor purchase own shares.

In accordance with article 5 o the Company’s Articles o Association, ollowing theGeneral Shareholders Assembly decision, the share capital can be increased ater themodifcation o Articles o Association and certifcation o the increase, provided thatthe minimum participation o Greek State to the equity capital, cannot be less than51%. With the same decision it is determined the amount o capital increase, the wayo cover, the number and the type o shares that will be issued, the nominal value andtheir oering price , as well as the deadline o cover.

The above competency can be transerred to the Board o Directors ollowing theGeneral Shareholders Assembly decision in accordance to article 13 o C.L. 2190/1920 asit is eective and is subject to the disclosure procedures o article 7b o C.L. 2190/1920.In this case the Board o Directors can increase the share capital with a majority o two thirds 2/3 o its members. The amount o the increase cannot exceed the totalamount o the paidup share capital as o the date o the transer o this authority tothe BoD.

The above BoD authorities can be renewed or a time span that will not exceed thefveyear period or each renewal, while their enorcement begins rom the expiry o

each fveyear period.

This decision o the General Assembly alls under the rules o publicity o art. 7b o C.L.2190/1920 as in orce.





FOR THE PERIOD 1/1 – 31/12/2008

15

Important agreement contracted by the Company, which will enter into eect, willbe amended or will expire in case o change in the Company’s control ollowing a

public oer and the results o this agreement.

There is no such agreement.

Agreements that the Company has contracted with the members o the Board o Directors or with its personnel, which provide or the payment o compensationin case o resignation or release without substantiated reason or in case o termination o their term or employment due to a public oer.

There are no such agreements.

Piraeus 26 March 2009

THE MANAGING DIRECTOR

NIKOLAOS ANASTASSOPOULOS

&

THE PRESIDENT

DIONYSIOS BEHRAKIS




16

INDEPENDENT AUDITOR’S REPORT To the shareholders o Piraeus Port Authority S.A.

Report on the Financial Statements

We have audited the accompanying fnancial statements o Piraeus Port AuthorityS.A.the “Company”, which comprise the balance sheet as at December 31, 2008,and the income statement, statement o changes in equity and cash ow statementor the year then ended, and a summary o signifcant accounting policies and otherexplanatory notes.

Management’s Responsibility or the Financial Statements

Management is responsible or the preparation and air presentation o these fnancialstatements in accordance with International Financial Reporting Standards as these wereadopted by the European Union. This responsibility includes designing, implementingand maintaining internal control relevant to the preparation and air presentation o fnancial statements that are ree rom material misstatement, whether due to raud orerror. This responsibility also includes selecting and applying appropriate accountingpolicies and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on these fnancial statements based onour audit. We conducted our audit in accordance with the Greek Auditing Standardswhich are harmonised with the International Standards on Auditing. Those standardsrequire that we comply with ethical standards and plan and perorm the audit toobtain reasonable assurance whether the fnancial statements are ree rom materialmisstatement.An audit involves perorming procedures to obtain audit evidence about the amounts

and disclosures in the fnancial statements. The procedures selected depend on theauditor’s judgment, including the assessment o the risks o material misstatement o the fnancial statements, whether due to raud or error. In making this risk assessment,the auditor considers internal control relevant to the entity’s preparation and airpresentation o the fnancial statements in order to design audit procedures that areappropriate in the circumstances, but not or the purpose o expressing an opinion onthe eectiveness o the entity’s internal control. An audit also includes evaluating theappropriateness o accounting policies used and the reasonableness o accountingestimates made by management, as well as evaluating the overall presentation o thefnancial statements. We believe that the audit evidence we have obtained is su cientand appropriate to provide a basis or our audit opinion.



INDEPENDENT AUDITOR’S REPORTTO THE SHAREHOLDERS OF PIRAEUS PORT AUTHORITY S.A.

17

Opinion

In our opinion, the accompanying fnancial statements present airly, in all material

respects the fnancial position o the Company as o December 31, 2008, and o itsfnancial perormance and its cash ows or the year then ended in accordance withInternational Financial Reporting Standards as these were adopted by the EuropeanUnion.

Report on Other Legal Requirements

We have agreed and confrmed the content and consistency o the Directors’ Report tothe accompanying fnancial statements according to the provisions o the article 43aand 37 o the Codifed Law 2190/1920.

PKF EUROAUDITING S.A.

CERTIFIED PUBLIC ACCOUNTANTS

124 Kifsias Avenue,Athens, Post Code 115 26

SOEL REG. NO. : 132

Piraeus, 26th o March 2009

CERTIFIED PUBLIC ACCOUNTANT

CHARALAMPOS D. KOFOPOULOS SOEL

REG. NO. : 13701




18


PROFIT AND LOSS STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2008amounts in Euro

Income rom sales and other services

Cost o sales

Gross proft

Administration expenses

Other operational income

Other operational expenses

Operational proft

Financial results

Proft or the period beore taxes

Income tax

Basic earnings per share

Proposed dividend per share

Piraeus 26th o March 2009

The attached notes are an integral part o the above Proft and Loss statement

PRESIDENT OF THE BOARDOF DIRECTORS

DIONYSIOS BEHRAKIS

Χ. 075485

MANAGING DIRECTOR

ΝΙKOLAOS ΑΝΑSTASSOPOULOS

Ξ. 625099

FINANCIAL DIRECTOR

ΚONSTANTINOS BALIS

Reg No HEC. 0005249

23

24

24

25

25

26

9

29

21

116.038.393,45

96.363.118,32

19.675.275,13

16.467.780,35

7.103.046,17

2.170.126,53

8.140.414,42

770.579,11

8.910.993,53

3.317.715,10

5.593.278,43

0,22

0,07

171.354.851,74

126.499.944,18

44.854.907,56

16.761.904,43

7.603.672,15

3.009.938,58

32.686.736,70

764.018,54

33.450.755,24

8.869.623,14

24.581.132,10

0,98

0,33

Note 01/0131/12/ 2008 01/0131/12/ 2007



FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2008

19


BALANCE SHEET AS AT 31 DECEMBER 2008amounts in Euro

ASSETS

Fixed assets and long-term accounts receivable

Tangible assets

Intangible assets

Long term accounts receivable

Deerred tax assets

Total fxed assets

Current assets

Inventory

Trade receivable

Other receivable

Cash on hand and in banks

Total current assets

TOTAL ASSETS

EQUITY AND LIABILITIES

EQUITY

Share capital

Reserves

Retained earnings

Total Equity

Provisions and long-term liabilitiesFixed assets subsidies

Provision or sta leaving indemnity

Other Provisions

Longterm fnance lease obligations

Longterm bank loans

Total long-term liabilities

Shortterm liabilities

Trade payable

Shortterm bank loans

Shortterm fnance lease obligations

Dividends payable

Other liabilities and accrued expenses

Total short-term liabilities

TOTAL EQUITY AND LIABILITIES


The attached notes are an integral part o the above Balance sheet


DIONYSIOS BEHRAKIS

Χ. 075485

MANAGING DIRECTOR


Ξ. 625099

FINANCIAL DIRECTOR

ΚONSTANTINOS BALIS

Reg No HEC. 0005249

6

7

8

9

10

11

12

13

14

15

16

18

17

19

20

22

20

19

21

22

225.016.730,61

289.855,39

326.203,90

7.547.577,78

233.180.367,68

5.694.551,27

8.621.672,20

10.784.729,39

41.604.513,37

66.705.466,23

299.885.833,91

50.000.000,00

76.056.092,14

51.209.010,58

177.265.102,72

9.958.538,08

6.708.191,00

22.319.115,85

2.978.177,55

37.924.137,94

79.888.160,42

7.352.473,76

2.924.137,93

2.864.148,61

0,00

29.591.810,47

42.732.570,77

299.885.833,91

199.828.156,81

281.481,79

317.970,00

8.512.235,21

208.939.843,81

5.370.306,35

8.164.618,15

687.546,52

49.007.142,06

63.229.613,08

272.169.456,89

50.000.000,00

74.814.183,92

55.107.640,37

179.921.824,29

10.527.300,88

7.050.466,00

22.145.058,26

5.847.868,05

5.848.275,87

51.418.969,06

7.924.241,16

2.924.137,93

2.663.803,67

0,00

27.316.480,78

40.828.663,54

272.169.456,89

Note 31 December 2008 31 December 2007




20


CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008Amounts in Euro

Cash ows rom operating activities

Proft beore taxes

Provisions

Tangible and intangible assets depreciation

Investing activity results

Interest payable

Increase Decrease Trade debtors

Other receivable

Inventory

Longterm receivable

Increase Decrease

Trade creditors

Other liabilities and accrued expenses

Cash ows rom operating activities

Cash ows rom investing activities

Fixed assets subsidies

Acquisition o tangible assets

Net cash (used in investing activitiesCash ows rom fnancing activities

Issue o shortterm fnance lease obligations

Shortterm fnanse lease obligations payment

Issue o longterm fnance lease obligations

Issue o longterm bank loans

Inerest paid

Net cash rom/(used in fnancing activities

Net increase/(decrease in cash and cash equivalents or

the period

Plus: cash and cash equivalents at beginning o period

Cash and cash equivalents at end o period

8.910.993,53

342.275,00

10.239.613,50

540.782,27

1.625.966,38

20.975.080,68

457.054,05

10.097.182,87

324.244,92

8.233,90

571.767,40

11.077.808,32

(1.561.210,78

36.546.105,97

(36.546.105,97

0,00

2.669.345,56

0,00

35.000.000,00

1.625.966,38

30.704.688,06

(7.402.628,69

49.007.142,06

41.604.513,37

33.450.755,24

1.523.820,00

10.405.081,41

1.048.077,71

46.427.734,36

2.639.877,52

1.338,40

242.656,77

17.089,87

3.767.372,05

7.635.771,55

45.426.117,68

1.110.000,00

18.229.589,52

(17.119.589,52

390.333,38

2.378.215,90

1.118.036,70

0,00

1.048.077,71

(1.917.923,53

26.388.604,63

22.618.537,43

49.007.142,06

01/0131/12/2008 01/0131/12/2007



DIONYSIOS BEHRAKIS

Χ. 075485

MANAGING DIRECTOR


Ξ. 625099

FINANCIAL DIRECTOR

ΚONSTANTINOS BALIS

Reg No HEC. 0005249

The attached notes are an integral part o the above cash ow statement



FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2008

21

EQUITY STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2008Amounts in Euro

1 January 2007

Change o accounting

policy o recognision o

provision or tax dier-

ences

1 January 2007

revisedProft or the year

Statutory reserve

Dividends paid

31 December 2007

1 January 2008 revisedProft or the year

Statutory reserve

Dividends paid

31 December 2008

17b

4.488.276,66

4.488.276,66

610.848,15

5.099.124,81

5.099.124,81

1.241.908,22

6.341.033,03

69.715.059,11

69.715.059,11

-

69.715.059,11

69.715.059,11

-

69.715.059,11

74.203.335,77

74.203.335,77

610.848,15

74.814.183,92

74.814.183,92

1.241.908,22

76.056.092,14

36.289.421,82

(1.152.065,40)

35.137.356,42

24.581.132,10

(610.848,15)

(4.000.000,00)

55.107.640,37

55.107.640,375.593.278,43

(1.241.908,22)

(8.250.000,00)

51.209.010,58

160.492.757,59

(1.152.065,40)

159.340.692,19

24.581.132,10

0,00

(4.000.000,00)

179.921.824,29

179.921.824,295.593.278,43

0,00

(8.250.000,00)

177.265.102,72

50.000.000,00

50.000.000,00

-

50.000.000,00

50.000.000,00

-

50.000.000,00

Reserves

Reserves

Note

Note

Issued sharecapital

Issued sharecapital

Statutoryreserve

Statutoryreserve

Otherreserves

Otherreserves

Totalreserves

Totalreserves

Retainedearnings

Retainedearnings

Total Equity

Total Equity


The attached notes are an integral part o the above equity statement


DIONYSIOS BEHRAKIS

Χ. 075485

MANAGING DIRECTOR


Ξ. 625099

FINANCIAL DIRECTOR

ΚONSTANTINOS BALIS

Reg No HEC. 0005249




22

PIRAEUS PORT AUTHORITY S.A.NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED

ON THE 31ST DECEMBER 2008(ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS- IFRS)

(amounts in Euro)

1. ESTABLISHMENT AND ACTIVITY OF THE COMPANY

“Piraeus Port Authority S.A” rom now on “PPA S.A.” or “Company” was establishedin 1930 as Civil Law Legal Corporation C.L.L.C. by Law 4748/1930, which was reormedby Law 1559/1950 and validated by Law 1630/1951 and converted into a Societé

Anonyme S.A. by Law 2688/1999.

The Company main activities are ships’ anchoring services, handling cargo, loadingand unloading services as well as goods storage and car transportation. The Companyis also responsible or the maintenance o port acilities, the supply o port serviceswater, electric current, telephone connection etc supply, or services provided totravelers and or renting space to third parties.

The Company is listed in the Athens stock exchange.

The Company average personnel number in the year ended on the 31st o December

2008 was 1.671 1.605 on the 31st o December 2007.

2. LEGAL STATUS

The Company is under the supervision o the Ministry o Mercantile Marine and it isruled by the principles o Societé Anonyme S.A. Law 2190/1920 and the establishmentLaw 2688/1999 as it was reormed by Law 2881/2001.

The Company duration period is one hundred 100 years rom the eective date o

Law 2688/1999. This period may be extended by special resolution o the shareholdersgeneral meeting.

3. FINANCIAL STATEMENTS PRESENTATION BASIS

(i Financial Statements Preparation Basis: The accompanying fnancial statementshave been prepared according to IFRS issued by the International AccountingStandards Board IASB and approved by the European Union.

(ii Adoption o new and revised Standards and Interpretations:



NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEDON THE 31ST DECEMBER 2008

amounts in Euro

23

1. Standards and Interpretations eective within the fnancial year 2008 (a IFRIC 14, IAS 19 “Employee Benefts” - The Limit on a Defned Beneft Asset,

Minimum Funding Requirements and their Interaction, eective or fnancialyears beginning on or ater 1 January 2008. IFRIC 14, provides a clearer interpretationo the availability o a surplus, than the original standard, IAS 19 .Under IAS 19 somehave argued that a surplus is not available to a plan sponsor unless it is immediatelyrealisable at the balance sheet date. IFRIC 14 states that the employer only needs tohave an unconditional right to use the surplus at some point during the lie o the planor on its wind up in order or a surplus to be recognised. IFRIC is not relevant to theCompany’s operations.

(b IFRIC 11, IFRS 2 “Group and Treasury Share Transactions”, eective or fnancialyears beginning on or ater 01/03/2007. This Interpretation requires arrangements

whereby an employee is granted rights to an entity’s Equity instruments to beaccounted or as an Equitysettled scheme by an entity even i the entity chooses oris required to buy those Equity instruments rom another party, or the shareholderso the entity provide the Equity instruments needed. The Interpretation also extendsto the way in which subsidiaries, in their separate fnancial statements, account orschemes when their employees receive rights to Equity instruments o the parentcompany. This Interpretation is not relevant to the Company’s operations.

(c IFRIC 12 Service Concession Arrangements, eective or fnancial yearsbeginning on or ater 1 January 2008. IFRIC 12 provides or an approach to account orcontractual arrangements arising rom entities providing public services. According to

this IFRIC the respective entities should not account or a fxed asset but rather or afnancial asset. IFRIC is not applicable to the Company.

(d Reclassifcation o fnancial assets [Amended IAS 39 «Financial Instruments:Recognition and Measurement» and IFRS 7 «Financial Instruments: Disclosures»],eective rom 01.07.2008. Under these amendments, an entity may reclassiy a fnancialasset rom the category o those measured at air value through proft and loss to theother categories provided by the IAS 39, in exceptional cases. These amendments weremade to address the recent fnancial crisis and were not applied by the Company.

2. Standards and Interpretations eective ater the fnancial year 2008

(a IAS 1 (Amended “Presentation o Financial Statements”, eective or annualaccounting periods beginning on or ater 01/01/2009. Amended IAS 1, basicallyreplaces “Proft and Loss Statement” with the broad “Total Income Statement” andintroduces the additional “Financial Result Statement” in the beginning o the frstpresented comparative period, in case o retrospective application o accountingpolicy and retrospective rephrasing or reclassifcation o fnancial statements records. This standard application apart rom its dierent presentation will not have signifcanteect on the Company fnancial statements.

(b IFRS 8 “Operating Segments”, eective or fnancial years beginning on or ater 1




24

January 2009. IFRS 8 replaces IAS 14 “Segment Reporting” and adopts a managementapproach to segment reporting. The inormation reported would be that whichmanagement uses internally or evaluating the perormance o operating segments

o a Company. This standard will be applied rom 01.01.2009 and is not considered tohave a signifcant eect on the Company.

(c Amended IAS 23 “Borrowing Costs”, eective or accounting periods beginningon or ater 1 January 2009. This amended standard requires the capitalization o borrowing costs directly related to the construction or acquisition o assets that meetcertain conditions. The option or the direct charge o the total borrowing cost to theproft and loss statement was removed. In May 2008 the IAS 23 was also amendedto stipulate that the interest is calculated using the eective interest rate methodin accordance with the provisions o IAS 39. This standard is not expected to have a

material impact because the Company does not usually acquire assets that meet thecriteria or capitalization o interest.

(d Revised IFRS 3 “Business Combinations”, eective or business combinationswith acquisition date resulting in annual accounting periods beginning on or ater01/07/2009. The new standard imports signifcant changes compared to the previousIFRS 3, or the measurement o minority interest or which there is an option to bemeasured at air value at acquisition, the charge to the proft and loss statement o costs directly related to the acquisition, and the recognition in the income statement

o the remeasurement result o the contingent consideration classifed as a liability. This standard will be applied by the Company rom 01.01.2010.

(e Revised IAS 27 «Consolidated and separate Financial Statements», eectiveor annual periods beginning on or ater 01.07.2009. Under the revised standard,transactions with shareholders who do not exercise control are recognized in equityi they do not result in loss o control o the subsidiary. In case o loss o control,any remaining part o the investment is measured at air value and proft or loss isrecognized in the results. This standard will be implemented by the company rom01.01.2010. In May 2008 the IAS 27 was also amended eective or annual periods

beginning on or ater 01.01.2009, to clariy that when an investment in a subsidiary isaccounted or according to IFRS 39 and classifed as held or sale under IFRS 5, IAS 39continues to apply. This amendment does not apply to the Company.

( Amended IFRS 1 «First time adoption o IFRS», eective or annual periodsbeginning on or ater 01.01.2009. Under this amendment, it is allowed in the frstapplication o IFRS, in the individual fnancial statements o the parent company,to make use o the deemed cost o investments in subsidiaries, associates and jointventures. This amendment does not apply to the Company.

(g Amended IFRS 2 «Share based payments», eective rom 01.01.2009. Theamendments dealing with maturing conditions and cancellation o rights. It states




amounts in Euro

25

that maturing conditions are conditions o service and e ciency and are thus takeninto account in determining the air value at the date o grant. It also specifes that allcancellations o rights, whether derived rom the entity or by other parties, should have

the same accounting treatment. These amendments do not apply to the Company.

h Amended IAS 32 «Financial Instruments: Presentation», eective or annualperiods beginning on or ater 01.01.2009. The changes require, the recognition inequity, o redeemable fnancial instruments that require the entity to deliver thecommitment to a third party, a proportionate share o net assets in its dissolution,when certain conditions are met. These amendments do not apply to the Company.

(i Amended IFRS 5 «Non-current assets held or sale and discontinued operations»,

eective or annual periods beginning on or ater 01.07.2009. The amendments speciythat all assets and liabilities o a subsidiary in which control is lost, are classifed as heldor sale. The Company will apply the amendment immediately, i necessary.

(j Amended IAS 28 «Investments in associates», eective or annual periodsbeginning on or ater 01.01.2009. Based on the amendments an investment in associateis a single asset or the purpose o testing impairment. Thereore any impairmentlosses are not allocated to goodwill and other investment assets and any reversalo impairment losses concerns the total o the investment. Furthermore, when an

investment in associated company is accounted or under IAS 39, not all disclosures o IAS 28 are required. The Company will implement these amendments rom 01.01.2009,i necessary.

(k Modifed IAS 36 «Impairment o Assets», eective or annual periods beginningon or ater 01.01.2009. These amendments provide that i the air value less costs o saleis identifed by the use o discounted cash ows, equivalent disclosures are providedwith those required or the assessment o the value in use. The company will apply theamendments rom 01.01.2009, i necessary.

(l Amendments to IAS 38 «Intangible Assets», eective or annual periodsbeginning on or ater 01.01.2009. On the basis o these amendments, the advancesare recognized as an asset when they are made or the acquisition o right o accessto goods or receipt o services. Moreover there was a change o wording regardingthe depreciation on intangible assets, which essentially allows the ree use o othermethods o depreciation or intangible assets, apart rom the standard method. Theseamendments are not expected to aect the Company.

(m Amendments to IAS 19 «Employee Benefts», eective or annual periods

beginning on or ater 01.01.2009. Under these amendments, an amendment to

a program that has as a consequence, that the change o defned benefts will be

aected by uture salary increases, to be considered as a cut, while an amendment to




26

a program that changes the benefts attributed to past service is considered negative

seniority cost, i it results in a reduction in the present value o the defned beneft

commitment. These amendments are not expected to aect the Company.

(n Amended IAS 39 «Financial Instruments: Recognition and Measurement»,

eective or annual periods beginning on or ater 01.01.2009. These amendments

reer to issues o derivatives reclassifcation rom the category o those measured at air

value through proft and loss, in case o termination or commencement o a hedging

relationship, to amendments in the defnition o assets measured at air value through

results and amendments relevant to the determination o the eective interest rate

i a debt instrument ceases to be a hedged instrument. These amendments are not

expected to aect the Company.

(o Amended IAS 16 «Tangible Assets», eective or annual periods beginning on or

ater 01.01.2009. On the basis o these amendments, the entities that acquire tangible

fxed assets with the intention o renting and subsequently selling them, disclose the

disposal price as income and transer these elements rom tangible fxed assets to stocks

when they become intended or sale. Corresponding amendments were made to the

IAS 7 «cash ows», under which cash ows rom the acquisition, rental and disposal o

such assets are recognized to ows rom operating activities. The amendments are not

expected to aect the Company.

(p Amended IAS 29 «Financial Reporting in hyperinationary economies»,

eective or annual periods beginning on or ater 01.01.2009. The amendments were

made to emphasize the act that a number o assets and liabilities are measured at air

value rather than cost. These amendments do not apply to the Company.

(q Amended IAS 31 «Interests in Joint Ventures», eective or annual periods

beginning on or ater 01.01.2009. The amendments provide that where an interest in a

joint venture is accounted or according to IFRS 39 it does not require all the disclosures

o IAS 31. These amendments do not apply to the Company.

(r Amended IAS 20 «Accounting or Government Grants and Disclosure o

Government Assistance», eective or annual periods beginning on or ater

01.01.2009. Under these amendments, the issue o loan by the state with a lower

interest rate than the market rate is accounted or according to IFRS 20 rather than IAS

39. These amendments do not apply to the Company.

(s Amended IAS 40 «Investment Property», eective or annual periods beginning

on or ater 01.01.2009. Under these amendments, properties which are in themanuacturing stage and are intended or real estate investments when completed, are

within the scope o IAS 40 and can thus be measured at air value. These amendments




amounts in Euro

27

are not expected to aect the Company.

(t Amended IAS 41 «Agriculture», eective or annual periods beginning on or ater01.01.2009. Under these amendments, the ban on making biological transormation

as a parameter or measuring the air value o biological assets is lited and the use

o market rate is required, in determining the air value using discounted uture cash

ows. These amendments do not apply to the Company.

(u IFRIC 13, Customer Loyalty Programmes eective or fnancial years beginning

on or ater 1 July 2008. IFRIC 13 addresses accounting by entities that grant loyalty

award credits to customers who buy goods or services. IFRIC 13 is not relevant to the

Company’s operations.

(v IFRIC 15, Agreements or the construction o real estate eective or annual

periods beginning on or ater 1 January 2009. IFRIC 15 addresses the diversity in

accounting treatment or recognition o real estate sales revenue and clarifes which

Accounting Standard should be applied in every case IAS 18 or IAS 11, as the real

estate is developed. IFRIC is not relevant to the Company’s operations.

(w IFRIC 16, Hedges o a net investment in a oreign operation eective or

annual periods beginning on or ater 1 October 2008. IFRIC 16 applies to an entity that

hedges the oreign currency risk arising rom its net investments in oreign operations

and qualifes or hedge accounting in accordance with IAS 39 . This interpretation or

the time being do not apply to the Company.

(x IFRIC 17, Distribution o non cash assets to owners eective or fnancial years

beginning on or ater 1 July 2009 IFRIC 17 clarifes how an entity should measure

distribution o assets, other than cash, when it pays dividends to its owners. This

interpretation is not relevant to the Company’s operations

(y IFRIC 18, Transers o Assets rom Customers eective or fnancial years

beginning on or ater 1 July 2009. IFRIC 18 clarifes the requirements o IFRSs or

agreements in which an entity receives rom a customer an item o property, plant, and

equipment that the entity must then use either to connect the customer to a network

or to provide the customer with ongoing access to a supply o goods or services .IFRIC

do not apply to the Company.

(iii Approval o Financial Statements: The fnancial statements or the fnancial yearended the 31st o December 2008 were approved by the PPA S.A. Board o Directors

on 26/3/2009.




28

(iv Management Estimations: The preparation o fnancial statements accordingto the IFRS requires estimations and assumptions to be made by the management,inuencing the assets and liabilities amounts, the disclosure o potential receivable and

liabilities as at the fnancial statement’s date, as well as the revenue and expenditureamounts, during the fnancial period. Actual results may dier rom these estimations.Signifcant estimations made or the present fnancial statements are cited in theollowing notes.

4. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

The Company applies the ollowing accounting principles or the preparation o the

accompanying fnancial statements:

(a Tangible Assets: Buildings, technical projects and other building installations are

valued at acquisition cost less accumulated depreciation and possible impairment

provision. The privately owned land, machinery and other equipment, acquired

beore PPA’s conversion into an S.A., 1.6.1999, were valued at deemed cost, arising by

the Evaluation Committee o article 9 C.L. 2190/1920, while these acquired aterwards

are valued at acquisition cost less accumulated depreciation and possible value

impairment provision.

Acquisition cost o a building installation or equipment consists o purchase price

including import duties, plus nonreundable purchase taxes as well as any cost required

or the asset to become operational. Repairs and maintenance are posted to the

fnancial period in which they were realized. Signifcant additions and improvements

made at a later stage are capitalized in the relevant asset cost.

Fixed assets constructed by the Company are posted to the selconstruction cost

which includes subcontractors’ ees, materials and technicians’ payroll costs involved in

the construction including relevant employer contributions as well as part o general

administration expenses.Assets under construction include fxed assets under construction and are stated at

their cost. Assets under construction are not depreciated until the fxed assets are

complete and operational.

(b Depreciation: Fixed assets are depreciated on a straight line basis according to the

ollowing useul lives per fxed asset category:




amounts in Euro

29

(c Impairment o assets: According to IAS36, buildings, acilities, equipment and

intangible fxed assets must be evaluated or possible value impairment, when thereare indications that the asset’s accounting value is over its recoverable amount.

Whenever an asset’s accounting value is over its recoverable amount, its respective

impairment loss is posted to the period fnancial results. An asset’s recoverable value is

the greater amount between the estimated net realizable value and the value in use.

Net realizable value is considered to be the attainable revenue rom the disposal o an

asset within the bounds o a mutual transaction, where the parties o this transaction

are in ull knowledge and willingly accede, reduced by any additional direct distribution

cost o the asset. Value in use is the present value o the estimated uture cash ow,

expected to be accomplished by the constant asset use and its disposal at the end o

its estimated useul lie. When there is no possibility or a company to estimate the

asset’s recoverable amount, or which there are indications o value impairment, then

it assesses the recoverable amount o the unit to which the asset belongs which

creates cash ows.

Assets loss impairment reversal entry, accounted or in previous years, is possible only

i there are valid indications that this impairment does no longer exist or is decreased.

Under these circumstances this reversal entry is recognized as revenue.

The Company management estimates that there is no issue o fxed asset equipment

impairment and thereore the recoverable property amount is not assessed.

(d Fixed Asset Subsidies: Subsidies are considered as accrued income and are

recognized as income at the same depreciation rate as the relevant subsidized fxed

assets, are depreciated. This income is deducted rom the depreciation in the period

fnancial results.

(e Intangible Assets: Intangible assets concern sotware purchase cost and any

expenditure or sotware development, in order to become operational. Sotware

depreciation is calculated on a straight line basis and its useul lie o 34 years.

Buildings, technical & port projects

Machinery & other equipment

Motor Vehicles

Floating transportation means

Furniture, fxture & fttings

2540

1030

512

2035

35

Fixed Asset Categories Useul Lie years




30

( Borrowing Cost: The Company has adopted the basic accounting policy suggestedby IAS23, where the borrowing cost regardless whether it concerns fxed assets andacilities acquisition or construction loans is posted to the related period fnancial

results.

(g Financial Instruments: Financial assets and liabilities, stated in the balancesheet,include current cash on hand and in banks, receivable, bank loans and other shortterm liabilities. The Company does not use fnancial instrument derivatives neither orbalancing the risk nor or proft purposes. Financial instruments appear as receivable,liabilities or Equity based on the contents o the relevant contracts. Interest, dividends,proft and loss resulting rom fnancial instruments, considered as receivable orliabilities are respectively posted as expenditure or income. Dividend distribution toshareholders is posted directly to Equity. Financial instruments are set o against each

other when the Company, according to the Law, has the legal right and intends to setthem o or to recover the asset and at the same time set it o against the liability.

(i Fair Value: The amounts appearing in the accompanying balancesheets as cashon hand and in banks, short term receivable and other shortterm liabilities, approachtheir respective actual values because o their short term nature. Long term bank loan actual value is not dierent rom their accounting value due to oating interestrates.

(ii Credit Risk: There is no signifcant credit risk or the Company towards the

contracting parties, since it receives advance payments or letters o guarantee romcustomers.

(iii Interest Rate Risk: The Company bank loans are expressed in Euro and are subjectto oating interest rates. The Company does not use derivatives in fnancial instrumentsin order to reduce its exposure to interest rate risk uctuation as at the balancesheetdate. The Company management believes that there is no signifcant risk resultingrom a possible interest rate uctuation.

The table below presents and analyzes the sensitivity o the result in relation to fnancialassets cash on hand and in banks and fnancial liabilities loans o the Company tothe interest rate risk changes assuming a simultaneous change in interest rates by ±100 basis points.




amounts in Euro

31

(iv Foreign Exchange Risk: The Company is neither involved in international tradenor has any long term loans in oreign currency and thereore is not exposed to oreignexchange risk resulting rom oreign currency rate variations.

(v Liquidity Risk: The eective management o liquidity risk is assured by keepingadequate cash on hand and in banks and by having the possibility to acquire fnanceloans when is required. The Company management o liquidity risk is relied on the rightmanagement o working capital and cash ows. Cash on hand and in banks amount to

€ 41.604.513,37 and bank credits and overdrats o € 10.000.000 have been ensured.

Financial Assets


Eect beore tax

Income tax 25%

Net eect

Financial Liabilities

Loans

Eect beore tax

Income tax 25%

Net eect

Total net eect

Financial Assets


Eect beore tax

Income tax 25%

Net eect

Financial Liabilities

Loans

Eect beore tax

Income tax 25%

Net eect

Total net eect

Accounting Values

41.604.513,37

46.690.602,03

Accounting Values

49.007.142,06

17.284.085,52

+100bipsEuribor

416.045,13

416.045,13

104.011,28

312.033,85

466.906,02

466.906,02

116.726,51

350.179,52

38.145,66

+100bipsEuribor

490.071,42

490.071,42

122.517,86

367.553,57

172.840,86

172.840,86

43.210,21

129.630,64

237.922,92

100bipsEuribor

416.045,13

416.045,13

104.011,28

312.033,85

466.906,02

466.906,02

116.726,51

350.179,52

38.145,66

100bipsEuribor

490.071,42

490.071,42

122.517,86

367.553,57

172.840,86

172.840,86

43.210,21

129.630,64

237.922,92

2008 Interest Rate Risk

2007 Interest Rate Risk




32

(hCash on hand and in banks: The Company considers as cash apart rom cash

on hand time deposits and liquid investments maturing in three months rom the

acquisition date.

(i Receivable: Short term receivable is stated at its nominal value decreased by the

provision or doubtul debts. Long term receivable, receivable at a specifc date, was

valued at present value applying the discount interest rate method.

(j Expenditure and Risk Provisions: When the Company has a present legal or

presumed commitment as a result o past events, a und outow, which incorporates

fnancial benefts, is possible and the relevant commitment amount can be reliablyassessed, then provisions are recognized. Provisions are reexamined at the end o each

fnancial period and are adjusted in order to represent the best possible assessments,

and when necessary are prepaid at a pre tax discount rate. Potential liabilities are not

posted to the fnancial statements, but are disclosed, unless the possibility or unds

outow, incorporating fnancial benefts, is minimum. Potential receivable is not posted

to the fnancial statements, but are disclosed as long as beneft inow is possible.

(k Income Tax (Current and Deerred: Current and deerred income tax assessmentis based on the relevant amounts o the fnancial statements, according to tax Laws

eective in Greece. Current income tax concerns tax on the Company taxable profts,

adjusted according to Greek tax Law and calculated using the current tax rate.

Deerred tax is assessed using the liability method in all temporary tax dierences on

the balance sheet date between the tax base and the accounting value o assets and

liabilities.

The expected tax consequences rom the temporary tax dierences are assessed and

stated either as deerred tax liabilities or as deerred tax assets. Deerred tax assets

are posted to the fnancial statements or all allowable temporary dierences and tax

losses carried orward as ar as it is likely to set o these allowable temporary dierences

against available taxable profts.

The accounting value o deerred tax assets is revised at each balance sheet date and

it is reduced up to the point that it is not likely to have enough taxable profts, where

part or all o the deerred tax assets may be set o against.

Current income tax receivable and liabilities or current and previous fnancial yearsare valued at the amount expected to be paid to Tax Authorities or be reunded by

them, using the tax rates and tax Laws in orce up to the balance sheet date.




amounts in Euro

33

(l Revenue Recognition: All sales income categories are posted to the fnancial

period they concern, while accrued and not invoiced services income is also accounted

or at the balance sheet date. Income is accounted or only i it is possible that

fnancial benefts related to the transaction will inow to the Company. Rental income

is accounted or on a regular basis during the rental period, according to the rental

agreement. Interest is accounted or on the accrual basis taking into account the

actual investment return.

(m Inventories: Material and spare parts related to the Company mechanical

equipment maintenance are valued at the lower o acquisition cost and net realizable

value and their cost is determined on the weighted average cost basis. Material is

posted to inventories on purchase and recognized as expenditure on consumption.

(n Leases: Leases that actually convey to the Company all dangers and benefts

relevant to the leased asset are classifed as fnancial leases. Leased fxed assets are

capitalized at the beginning o the lease at their air value or at present value o total

minimum fnance lease payments, i the latter is lower. Financial lease payments are

allocated between fnancial expenditure and fnancial liabilities reduction in order to

achieve a fxed interest rate or the remaining liability balance. Financial expenditure

is debited directly in the period fnancial results. Capitalized leased fxed assets aredepreciated according to their expected useul lie.

When the lessor retains all dangers and benefts o fxed asset ownership, then these

leases are classifed as operational leases. Operational lease payments are recognized

as expenditure in the Proft and Loss Statement on a regular basis during the lease.

(o Employee Benefts: According to the collective PPA S.A. employee agreement

article 9 CA/2000 and article 5 CA/2004 the Company must pay retirement allowances

to permanent C.L.L.C. employees equal to the total o seven month regular salary. To

employees working under employment contract the Company pays either retirement

allowance according to previous regulations or indemnity according to Law 2112/20

as these are revised and eective today according to each employee’s previous

employment period. The Company pays indemnity to workers in accordance with article

49 Law 993/79 provisions. The top limit or all the above cases is 15.000 Euro.The above

retirement allowance obligations are estimated at their uture benefts discount value,

which are accumulated at the end o the year, in accordance with the recognition o

employee beneft rights during their expected employment lie. The above obligations

are estimated in conormity with the fnancial actuarial acknowledgements analysedin Note 18 and are assessed by the actuarial Projected Unit Method. Financial period

net indemnity costs are included in the accompanying Proft and Loss statement




34

payroll costs and consist o beneft present value accrued during the year, interest on

beneft obligations, previous employment cost, actuarial profts o losses and any other

additional retirement costs. Previous employment costs are regularly recognised on

the average employment period until program benefts are realised. Not recognised

actuarial profts and losses are recognised on the active employee remaining average

employment period and are included as part o the annual net retirement cost, i

they exceed 10% o uture expected beneft obligations in the beginning o the year.

Retirement obligations are not unded.

(p National Insurance Programs: The obligation or main or supplementary

pension provision is covered by the main National Insurance Department IKA Social

Insurance Institute which concerns private sector and provides retirement, medicaland pharmaceutical services. Each employee is obliged to contribute part o his

salary to the National Insurance Department, while part o the total contribution is

paid by the Company. On employee retirement the National Insurance Department

is responsible or their pension payments. Thereore, the Company has no legal or

presumed obligation or uture payments according to this program.

The Company employees are also eligible, on retirement, or a lump sum payment by

the Welare Fund according to the Fund’s statutory regulations and Law 2084/92. For

employee welare, the maximum amount payable is 44,240.00 Euro in conormity withPresidential Decree 389/1998 Government Press 268A which specifes as top limit the

11th salary range or higher education employees in public sector. For longshoremen

welare, the payable amount is specifed each time based on last decade’s contributions

and the employee years o service. Each employee is obliged to contribute part o

his salary to the Fund, while part o the total contributions are paid by the Company.

Welare Fund is a C.L.L.C., responsible or the above payments. Thereore, the Company

has no legal or presumed obligation or uture payments according to this program.

(q Earnings per Share: Earnings per share are calculated by dividing the fnancialperiod net proft, corresponding to ordinary shareholders, by the weighted average

number o ordinary shares issued. The accompanying fnancial statements did not

include any proft decreasing bonds or other stock, convertible to shares. Consequently,

diluted earnings per share were not calculated.

(r Segment Reporting: The Company operates as a unifed provider o port services

at the Port o Piraeus. In this context there was no obligation to prepare and publish

fnancial results by segment, according to the requirements o IAS14 “SegmentReporting”. As ar as geographical districts are concerned, the Company operates in

the area o Piraeus and thereore is regarded as one geographical district.




amounts in Euro

35

(s Interest- Bearing Loans: All loans are initially accounted or at the cost that is the

actual loan value less the expenditure related to the loan issue. Aterwards, interest

bearing loans are valued at net book cost on the actual interest rate basis. Net book

cost is calculated considering the expenditure related to the loan issue and the

dierence between the initial and fnal loan amount. Profts and losses are accounted

or at net proft or loss when liabilities are written o or impaired and by depreciation

procedure.

(t Dividends: Dividends are accounted or when receipt rights are fnalized by the

resolution o the shareholders general meeting.

(u Concession Agreement: In persuasion o the 35th article o 2932/2001 Law, Greek

Government and the Company signed on 13.2.2002 the Concession Agreement, by

which the government transers its exclusive right o use and exploitation o port

zone lands, buildings and acilities o Piraeus Port to the Company. This concession

was agreed or fxed period, specifcally o 40 years initial duration, beginning on the

day the agreement was signed and ending on 13.2.2042. It is possible or the initial

duration to be extended once or or several times, within Law top limits by a new

written agreement and modifcation o the 4.1 article o the Concession Agreement.

With the CMD No 8322/3122008 Government Press 2372/21112008, the initial

duration o the concession was modifed, rom 40 to 50 years beginning on the day

the agreement was signed 1322002 and ending on 13.2.2052

In exchange or the above Concession Greek Government receives 1% o the Company’s

consolidated annual income or each o the frst 3 years o the agreement. The above

percentage will increase to 2% o the Company’s consolidated annual income ater the

3rd year, on the same calculation basis.

The Company most signifcant obligations arising rom this agreement are:

• Constant port rendering services

• Responsibility or the installation, improvement and maintenance o the security

level in the Piraeus Port area.

• Ensure air deal to all port users

• Payment o maintenance expenditure or all the property included in the

Concession Agreement

(v Foreign Currency Conversion: The Company operations are all perormed inEuro. Transactions made in oreign currencies are converted into Euro using currency

rates eective at the transaction date. Receivable and liabilities in oreign currency are




36

adjusted at the fnancial statements preparation date in order to state the currency

rates eective at that date. Gains or losses arising rom these adjustments are included

in the accompanying Proft and Loss Statement as oreign exchange gains or losses.

4A. CAPITAL MANAGEMENT

Company Policy is the maintenance o a powerul capital base, so that there is

confdence on behal o the investors and creditors and its uture growth is supported.

Management keeps a close watch on Equity unds which it considers on the whole,

with the exception o minority interest, in relation to other unds, so that it achieves

the desirable capital structure. On the 31/12/2008 the ratio o debt to Equity is roughly

0,26.

1 According to the provisions o legislation o Limited Companies, Codifed Law C.L.2190/1920, restrictions are imposed with regard to the Company own unds Equityas ollows:

i. The acquisition o own shares, with the exception o acquisition intending theirdistribution to the employees, cannot exceed the 10% o paid up share capitaland it cannot result to the reduction o share capital to an amount lower than theamount o share capital plus the reserves or which their distribution is prohibitedby Law.ii. In case total Company own unds Equity, become lower than ½ o the sharecapital the Board o Directors is compelled to convene the Shareholders GeneralMeeting, within six months rom the accounting period end, which will decide thedissolution o the Company or the adoption o other actions.iii. When total Company own unds Equity, become lower than 1/10 o the sharecapital and the Shareholders General Meeting does not take the appropriateactions, the Company can be dissolved with juridical decision ater application o anyone having legal interest.iv. Annually, at least 1/20 o the net profts is deducted, in order to orm theStatutory reserve, which is used exclusively or equation, beore any distribution o dividend, o any possible debit balance o the Retained Earnings account. Forming

this reserve becomes optional, when it amounts to 1/3 o the share capital.v. The payment o annual dividend to the shareholders in cash, and in a percentageo at least 35% o net profts, ater the deduction o Statutory reserve and netresult rom the measurement o fnancial assets and liabilities in their air value,is obligatory. The above does not apply, i it is decided so by the ShareholdersGeneral Meeting with majority o at least 65% o paid up share capital. In thiscase, the dividend which is not distributed up to a percentage o at least 35% o the above net profts, is disclosed in a special Reserve account or capitalization,inside ouryear period with the issue o new shares that are given ree o chargeto the benefciary shareholders. Finally, with majority o at least 70% o paid upshare capital, the Shareholders General Meeting, can decide non distribution o

dividend.

2 The Company ully complies with the relative provisions imposed by legislation with




amounts in Euro

37

regard to Company own unds Equity.

5. SENSITIVITY There is no substantial seasonality in the activity o the Company. It is worth notingthat the personnel strikes during the year, resulted in the drastic reduction o servicesrendered thus leading to the signifcant decrease in revenue.

6. TANGIBLE FIXED ASSETS

Insurance cover o the Piraeus Port Authority (PPA S.A. tangible fxed assets:

The PPA S.A. tangible fxed assets are insured with the COMMERCIAL VALUE . Insurance

cover concerns civil liability o plant and machinery and employer, insurance cover

or fre and plant and machinery technical damage. Insurance costs or the year 2008

amounted to € 384.791,47 while or the year 2007 was € 583.750,65.

The fnance leased equipment net book value as at 31 December 2008 amounts to €

10.831.545,60 which includes: a € 7.120.652,88 or Straddle Carriers b € 2.415.400,00or a port mobile crane, and c € 1.295.492,72 or 4 orklit trucks DCE9045E7 and 10

terminal tractors PT122L HD acquired this period.

Net Book Value as at

1 January 2008

Additions

Disposals

Depreciation or the Year

(Note 27)

Depreciation Set O

Net Book Value as at

31 December 2008

1 January 2008Cost

Accumulated Depreciation

Net Book Value

31 December 2008

Cost

Accumulated Depreciation

Net Book Value

65.989.770,81

1.372.758,79

686.720,46

5.518.001,14

433.372,44

61.591.180,44

96.849.412,83

30.859.642,02

65.989.770,81

97.535.451,16

35.944.270,72

61.591.180,44

10.498.610,74

2.166.954,70

836.683,79

596.795,93

549.249,54

11.781.335,26

14.204.491,29

3.705.880,55

10.498.610,74

15.534.762,20

3.753.426,94

11.781.335,26

1.613.253,58

816.697,74

0,00

746.847,05

0,00

1.683.104,27

7.040.071,32

5.426.817,74

1.613.253,58

7.856.769,06

6.173.664,79

1.683.104,27

20.689.902,78

33.235.843,96

5.644.465,00

0,00

0,00

48.281.281,74

20.689.902,78

0,00

20.689.902,78

48.281.281,74

0,00

48.281.281,74

199.828.156,81

41.999.320,97

7.167.869,25

10.625.499,90

982.621,98

225.016.730,61

251.203.029,58

51.374.872,77

199.828.156,81

286.034.481,30

61.017.750,69

225.016.730,61

101.036.618,90

4.407.065,78

0,00

3.763.855,78

0,00

101.679.828,90

112.419.151,36

11.382.532,46

101.036.618,90

116.826.217,14

15.146.388,24

101.679.828,90

Land andBuildings

Μachineryand

Equipment

MotorVehicles

Furniture,Fixtures and

Fittings

Advances andAssets Under

Construction

Total




38

7. INTANGIBLE FIXED ASSETS

8. LONG TERM ACCOUNTS RECEIVABLE

This account consists o the ollowing:

9. INCOME TAX (CURRENT AND DEFERRED

Income tax provision

Guarantees to third parties

Car leases guarantees

TOTAL

Net book value as at 1st o January 2008

Additions

Depreciation or the year Note 27

Net Book Value as at 31st December 2008

1January 2008

Cost

Accumulated depreciation

Net book value

31 December 2008

Cost


Net book value

Current income tax

Deerred income tax

Provisions or tax audit dierences

Total

290.367,00

35.836,90

326.203,90

2.179.000,08

964.657,43

174.057,59

3.317.715,10

290.367,00

27.603,00

317.970,00

281.481,79

191.250,00

182.876,40

289.855,39

4.080.166,92

3.798.685,13

281.481,79

4.271.416,92

3.981.561,53

289.855,39

8.822.907,27

210.316,41

257.032,28

8.869.623,14

31/12/2008 31/12/2007

Sotware

31/12/2008 31/12/2007




amounts in Euro

39

The nominal rate 25% or the fnancial year ending the 31st o December 2008 does notdier substantially rom the actual tax rate because there is not any signifcant non taxallowable expenditure.

The Greek Tax Legislation and relevant provisions are subject to interpretations rom the Tax Authorities. The income tax returns are submitted on an annual basis, but proftsor losses declared or tax purposes are considered temporary until the Tax Authoritiesexamine/review the tax returns and the tax payer books and records, time when therelevant tax liabilities are settled. Tax losses, up to the point that they are recognized bythe Tax Authorities, can be used or setting o against profts o the next fve fnancialyears ollowing the fnancial year incurred.

Financial years 2003 up to and including 2008 have not been audited by the Tax Authorities.In a possible uture tax audit, the Tax Authorities may disallow certain expenditure, thus

increasing the Company taxable income and imposing additional taxes, penalties andsurcharges. The Company up to 31/12/2007 had not made any provisions or tax auditdierences or fnancial years not audited by the Tax Authorities. This year the Companyhas conducted a review o the accounting policy o calculating provision or additionaltaxes and surcharges or all fnancial years not audited by the Tax Authorities basedon deductible and nondeductible expenses provided by the current tax system. TheCompany has made a provision o € 174.057,59 or the year 2008 and o € 1.409.097,68or previous fnancial years not audited by the Tax Authorities.

(b Deerred income tax:

Deerred income taxes arise rom temporary dierences between accounting values andtax bases o assets and liabilities and are calculated on the basis o the current incometax rate.Under Article 19 o Law 3697 published in Government Paper on 25/9/2008, the S.A.income tax rate is as ollows:

Year 2008: 25%, Year 2009:25%, Year 2010: 24% Year 2011: 23% Year 2012: 22%, Year2013: 21%, Year 2014: 20% and or Year 2015 onwards 20 %. Under this regulationthere was recalculation o deerred income tax on the rates expected to apply at thetime o recovery o assets and settlement o obligations rom which it emerged in the31/12/2008, an increase o deerred tax liability loss amounting to € 666.966,69. Thisloss was recognized and thus increased the deerred tax in the results.

The deerred income tax account movement is analysed as ollows:

Opening balance

Amount in Year Proft and Loss statement

Closing balance (Net amount

8.512.235,21

964.657,43

7.547.577,78

8.301.918,80

210.316,41

8.512.235,21

31/12/2008 31/12/2007




40

Deerred tax assetsCapitalised expenditure accounted or

Fixed assets depreciation on a

useul lie basis

Writingo receivables not ulflling the

allowance criteria

Sta Leaving Indemnity

Provision or pending lawsuits

Other

Deerred tax asset

Deerred tax in Year Proft and Loss

Statement

20.304,83

969.010,07

3.874.792,75

1.408.720,11

353.750,00

921.000,02

7.547.577,78

(369.427,70)

(289.688,13)

(336.938,40)

(353.896,39)

0,00

385.293,19

(964.657,43)

389.732,53

1.258.698,20

4.211.731,15

1.762.616,50

353.750,00

535.706,83

8.512.235,21

(525.346,22)

224.197,85

(242.413,85)

52.205,00

328.750,00

372.923,63

210.316,41

Balance Sheet Year Results

31/12/2008 31/12/2007 31/12/2008 31/12/2007

Consumables

Fixed assets spare parts

TOTAL

Customers

Με Less: Provision or doubtul debts

TOTAL

2.582.519,76

3.112.031,51

5.694.551,27

42.341.919,91

33.720.247,71

8.621.672,20

2.332.997,83

3.037.308,52

5.370.306,35

41.305.353,77

33.140.735,62

8.164.618,15

31/12/2008 31/12/2007

31/12/2008 31/12/2007

10. INVENTORY

This account is analysed in the accompanying fnancial statements as ollows:

The total consumption cost o the year 1/131/12/2008 amounted to € 2.768.147,36while that o the respective year 1/131/12/2007 amounted to € 4.515.698,40.

11. TRADE RECEIVABLE





amounts in Euro

41

The Company monitors these customer balances and makes provisions or doubtuldebts on an individual basis i its recovery is considered unlikely. As a measure o recovery ailure the company is using the age o balance, o the insolvency o the debtorand its objective di culty. As doubtul debts are also considered most o the amounts

claimed by the legal department, regardless o the likelihood o recovery o the amount. The maximum exposure to credit risk without taking account o guarantees and creditguarantees coincide with the trade receivable book value.

The Company receives payments in advance or services rendered on an ordinary basis,which are then settled on a regular basis. Each sales ledger account is credited by thosepayments in advance and debited by invoices o the specifc services rendered. Theseinvoices correspond to a credit balance o the payments in advance as at 31/12/2008.Customer payments in advance o € 14.763.975,20 are stated at liabilities in the account“Other liabilities and accrued expenses”.

The Provision or doubtul debts account is stated as ollows:

12. OTHER RECEIVABLE


Less than 1 year

15 years

More than 5 years

TOTAL

5.262.897,24

717.024,06

2.641.750,90

8.621.672,20

THE ACCOUNT “DOUBTFUL DEBTS- COURT PENDING CASES” INCLUDES CREDIT CUSTOMERS OUT-

STANDING FOR AN OVER TEN DAY PERIOD.

Opening balance

Provision or the year Note 24

Doubtul debts written o

Closing balance

Personnel loans

Current Value Added Tax V.A.T.

Other receivable

TOTAL

33.140.735,62

579.512,09

33.720.247,71

112.892,88

4.262.797,15

6.409.039,36

10.784.729,39

31.745.292,63

2.583.682,38

1.188.239,39

33.140.735,62

282.057,24

387.606,10

17.883,18

687.546,52

31/12/2008 31/12/2007

31/12/2008 31/12/2007




42

Personnel loans: The Company provides interestree loans to its personnel. The loanamount per employee does not exceed approximately € 3.000 and loan repayments aremade by withholding monthly instalments rom the employee salaries. These loans are

stated at their net present value.V.A.T.: This amount is a V.A.T. reund claim which will be claimed next year. It is estimatedto be recovered within 2009.Other receivable: Other receivable includes various payments in advance to supplierso € 2.628.334,97, income tax 2008 settlement o € 1.891.058,92, income tax payment inadvance o € 1.554.475,71 and various third party receivable o € 335.169,76.

13. CASH ON HAND AND IN BANKS


Bank current accounts are in Euro and are subject to oating interest rate dependingon the deposit amount. Net present value o the current and deposit bank accountsapproximates their accounting value because o the oating interest rates and their

short term maturity. Interest income rom bank deposit accounts, is recognised on the accrual basis, andamounts to € 2.082.585,79 and € 1.284.235,09 or the fnancial years ended 31st o December 2008 and 2007, respectively, and is included in the fnancial results o theaccompanying Proft and Loss Statement Note 26.

14. SHARE CAPITAL

The Company share capital amounts to € 50.000.000, ully paid up and consists o 25.000.000 ordinary shares, o nominal value € 2 each. In the Company share capitalthere are neither shares which do not represent Company capital nor bond acquisitionrights. All shares have voting and proft distribution rights.

15. RESERVES


Cash on hand

Cash in banks

TOTAL

759.843,68

40.844.669,69

41.604.513,37

930.815,56

48.076.326,50

49.007.142,06

31/12/2008 31/12/2007




amounts in Euro

43

Statutory reserve: Under the provisions o Greek corporate Law companies are obligedto transer at least 5% o their annual net proft, as defned, to a statutory reserve, untilthe reserve equals the 1/3 o the issued share capital. The reserve is not available or

distribution throughout the Company activity.

Special tax ree reserve Law 2881/2001: This reserve was created during the PPA S.A.conversion to a Societé Anonyme. The total Company net shareholder unds Equity wasvalued, by the article 9 Committee o the Codifed Law 2190.1920, at € 111.282.225,52,€ 50.000.000 out o which was decided by Law 2881/2001 to orm the Company sharecapital and the remaining € 61.282.225,52 to orm this special reserve.

Untaxed or specially taxed income reserve: This is interest income which was either nottaxed or taxed by withholding 15% tax at source. In case these reserves are distributed,they are subject to tax on the general income tax provision basis. At present time the

Company does not intend to distribute the above mentioned reserves and consequentlyand in accordance with IAS 12 deerred tax has not been assessed.

16. INVESTMENT SUBSIDIES


The investment subsidies above relate to work done or the 2004 Olympic Games €

11.400.000,00 and advance subsidies payment or construction work by Greek RailwaysOSE o a port railway station € 1.110.000,00.

Statutory reserve

Special tax ree reserve N 2881/2001Untaxed income reserve

Specially taxed income reserve

6.341.033,03

61.282.225,527.704.705,23

728.128,36

76.056.092,14

5.099.124,81

61.282.225,527.704.705,23

728.128,36

74.814.183,92

31/12/2008 31/12/2007

Initial value

Investment Subsidies or the year


Net Book Value

12.510.000,00

2.551.461,92

9.958.538,08

11.400.000,00

1.110.000,00

1.982.699,12

10.527.300,88

31/12/2008 31/12/2007




44

17. PROVISIONS

Provisions are analysed in the accompanying fnancial statements as ollows:

a The Company has made provisions or various pending court cases on 31/12/2007amounting to € 20.735.960,58 or lawsuits rom personnel and other third party. TheCompany Management and legal department estimated the probability o negativeoutcome, as well as the probable settlement payments in order to account or thisprovision. Apart rom the above, the Company is involved in as plainti and deendantvarious court cases that all within the scope o its normal activity. The CompanyManagement and legal department estimate that these pending court cases are expectedto be settled without signifcant negative eect to the Company fnancial position or toits operation results.

The provision movement or pending lawsuits is as ollows:

b The Company up to 31/12/2007 had not made provisions or tax audit dierences or

fnancial years not audited by the Tax authorities. This year the Company has conducteda review o the accounting policy o calculating provision or additional taxes andsurcharges or all fnancial years not audited by the Tax Authorities based on deductibleand nondeductible expenses provided by the current tax system. The impact o thischange is as ollows: 1/1/2007 retained earnings decreased by € 1.152.065,40. Theresults o fscal year 2007 decreased by € 257.032,28 equal increase in the amount o income tax. Earnings per share in 2007 amounted to € 0,98 rom € 0,99.

The provision movement or fnancial years not audited by the Tax Authorities is asollows:

18. PROVISION FOR STAFF LEAVING INDEMNITY

Provision or sta leaving indemnity was determined by actuary study.

The ollowing tables present the net expenditure components or the relevant provision

Opening balance

Provision or the year Note 25/2

Closing balance

Opening balance

Provision or the year Note 25/2

Closing balance

20.735.960,58

20.735.960,58

1.409.097,68

174.057,59

1.583.155,27

19.420.960,58

1.315.000,00

20.735.960,58

1.152.065,40

257.032,28

1.409.097,68

31/12/2008 31/12/2007

31/12/2008 31/12/2007




amounts in Euro

45

which was posted to the period fnancial results ended the 31st o December 2008 and2007 and the movement o the relevant provision accounts or sta leaving indemnitystated in the accompanying fnancial statements or the fnancial year ended the 31st o

December 2008 and the fnancial year ended the 31st December 2007.

Provision or sta leaving indemnity recognised in the year fnancial results:

The relevant provision movement or the fnancial year ended the 31st o December

2008 and the fnancial year ended the 31st o December 2007 is as ollows:

Opening balance 1.1.2007 6.841.646,00

Current service cost or the year 2007 296.131,00

Interest cost or the year 2007 342.082,00

Net actuarial losses gains recognized 886.528,00

Cost o retirements recognized in the P/L account 1.315.921,00

Closing balance 31.12.2007 7.050.466,00

Current service cost or the year 2008 336.731,00Interest cost or the year 2008 352.523,00

Net actuarial losses gains recognized 286.692,00

Cost o retirements recognized in the P/L account 1.318.221,00

Closing balance 31.12.2008 6.708.191,00

The main actuary assumptions used are summarised as ollows:

1. Average annual ination rate increase 2%

2. Future salary increases 4%

3. Discount rate applied to pension obligations 5%

4. Assets or sta leaving indemnity payments o L.2112/20 nil 0

5. Sta leaving indemnity amount: Application o statutory provisions o L.2112/20

6. Valuation date 31/12/2008

7. Personnel movement None

8. Terms and age limit: According to the statutory regulations o each employee main

National Insurance Fund

Current employment and fnancial cost 342.275,00 208.820,00

31/12/2008 31/12/2007




46

2008 2007Present value o unded obligations 6.708.191,00 7.050,466,00

Unrecognised actuarial losses gains 0,00 0,00

Funded obligations 6.708.191,00 7.050.466,00

The actuary study was perormed by independent actuaries.

19. FINANCE LEASE OBLIGATIONS

A. In 2005, the Company acquired by fnance lease the ollowing assets:

1 eighteen 18 Straddle Carriers worth € 10.463.000. The fnance lease duration is fveyears and at the end the Company has the right to buy these assets at the price o €11,93. The average fnance lease interest rate or the period was 6,70%.

2 One 1 new port automotive crane type HMK 300K 100T worth € 2.787.000. Thefnance lease duration is ten years and at the end PPA S.A. has the right to buy this assetat the price o € 100. The average fnance lease interest rate or the period was 6,13%.

The minimum uture fnance lease payments as well as the present value o minimumnet fnance lease payments on the 31st o December 2008 are analysed as ollows:

1) STRADDLE CARRIERS LEASING

Within next year

Within 25 years

Total

Less: fnancial charges

Current value o minimum

fnance lease payments

2.409.583,54

401.597,25

2.811.180,79

105.866,93

2.705.313,86

2.306.804,44

398.509,42

2.705.313,86

2.705.313,86

Minimum

Payments

Payments

Present Value




amounts in Euro

47

2) PORT AUTOMOTIVE CRANE LEASING

Β. In July 2007 PPA S.A. entered into a fnance lease contract sale and lease back o fxedassets total worth € 1.508.370,08 that is: 1 Four 4 Forklit trucks type DCE9045E7 net book value o € 739.670,08.2 Ten 10 Terminal tractors type PT122L HD worth € 768.700,00

The fnance lease duration is fve years and at the end the Company has the right to buythese assets at the price o € 1,00. The average fnance lease interest rate or the period was 5,36%.

The minimum uture fnance lease payments as well as the present value o minimumnet fnance lease payments on the 31st o December 2008 are analysed as ollows:

4 FORKLIFT TRUCKS AND 10 TERMINAL TRACTORS LEASING

Within next year

Within 25 years

Total


Current value o minimumfnance lease payments

Within next year

Within 25 years

Ater 5 years

Total


Current value o minimum

fnance lease payments

336.709,78

869.833,60

1.206.543,38

90.525,20

1.116.018,18

354.195,32

1.416.781,29

590.325,54

2.361.302,15

340.308,03

2.020.994,12

294.319,27

821.698,91

1.116.018,18

1.116.018,18

263.024,90

1.189.778,58

568.190,64

2.020.994,12

2.020.994,12

Minimum

Payments

Minimum

Payments

Payments

Present Value

Payments

Present Value




48

20. BANK LOANS

The account balance o “Long term bank loans” concerns the ollowing loans between

the Company and the European Investment Bank:

1. A loan issued in 1996 o € 29.200.000 or the West part o Peer II o the ContainerStation construction in N. Ikonio.

The loan repayment is to be made in ten 10 annual consecutive instalments, beginningthe 15th o September 2001 and ending the 15th o September 2010. Up to date eightinstalments have been paid up, while the ninth has been transerred to the Companyshort term liabilities. The loan balance outstanding as at 31st o December 2008 is €5.848.275,87, divided in a € 2.924.137,93 “Long term bank loans” and b € 2.924.137,93“Short term bank loans”.

This loan bears a oating interest rate, payable every three months. The loan interest orthe year ended the 31st o December 2008, amounted to € 386.152,67 with an averagerate o interest o 4,85% € 451.512,10 on the 31st o December 2007 and is included inthe fnancial results in the accompanying Proft and Loss statement.

2. Loan o € 35,000,000 or the construction o Pier I o the Container Terminal Ikonioissued on the 30/7/2008. The repayment o the loan will be in thirty 30 semiannualinstalments, payable rom 15 December 2013 up to and including15 June 2028.

The loan bears a oating interest rate, interest payable quarterly. The interest o theloan period ended December 31, 2008, amounted to € 706.020,44 average interest rateo 4.85% and is included in the fnancial results in the accompanying proft and lossstatement.

The maturities o the above loans, including estimated interest payments are as ollows:

21. DIVIDENDS

According to Greek Trade Law, the Companies are required to distribute every year

dividends calculated at least as the 35% o their net annual proft ater taxes.In addition, Greek Law requires certain conditions to be ulflled in order to distributedividend:

Short term loans 0 to 1 year

Long term loans 1 to 5 years

Long term loans over 5 years

Total

3.120.137,93

12.653.471,26

47.066.666,67

62.840.275,86

3.364.137,93

6.748.275,87

10.112.413,80

31/12/2008 31/12/2007




amounts in Euro

49

a No dividends can be distributed to the shareholders, i the Company Equity,represented in its fnancial statements, is or will be ater the distribution, lower thanissued share capital and nondistributable reserves.

b No dividends can be distributed to the shareholders, i the net book value o “Establishment Expenses”, represented in its fnancial statements, is greater than thetotal o optionally distributed reserves and retained earnings.

Dividend distribution or the fnancial year 2008: The Board o Directors suggestedor the fnancial year 2008 the distribution o dividends to the shareholders o €1.750.000,00 or € 0,07 per share. The distribution o dividends will be authorized by theannual Ordinary Shareholders General Meeting. The dividend is subject to 10% incometax at source being withheld.

22. OTHER LIABILITIES AND ACCRUED EXPENSES

This account is analyzed in the accompanying fnancial statements as ollows:

Taxes Payable: Current period amount consists o: a Employee withheld income tax €1.092.677,08 c other third party taxes € 116.155,34.

Insurance and Other Contributions: This amount mainly consists o employercontribution to insurance unds and is analyzed as ollows:

Taxes payable

National insurance and other contribution

Other short term liabilities

Customer advance payments

Accrued expenses

National Insurance Contributions IKA

Insurance Contributions to Supplementary Funds

Other Insurance Contributions

1.208.832,42

2.572.758,46

9.343.519,53

14.763.975,20

1.702.724,86

29.591.810,47

2.126.470,12

289.328,29

156.960,05

2.572.758,46

9.295.911,95

2.963.026,49

10.396.198,69

3.340.983,19

1.320.360,46

27.316.480,78

2.156.686,26

504.275,62

302.064,61

2.963.026,49

31/12/2008 31/12/2007

31/12/2008 31/12/2007




50

Other shortterm liabilities: The amounts below are analyzed as ollows:

Accrued Expenses: The amounts below are analyzed as ollows:

Payments with regard to short term liabilities o the Company including Suppliers areanalyzed as ollows:

PAYMENT TABLE OF SHORT TERM LIABILITIES

Salaries PayableConcession Agreement Payment

Other contribution payable to TAPAEL, ΝΑΤ etc.

Various Advance Payments leases etc.

Other Third Party Shortterm obligations

water company, electricity company etc.

Greek State committed dividends

1st3rd month

5th12th month

Taxes payable

Insurance and other contributions

Other

short term

liabilities

Accruals

Suppliers

Advances rom clients

Taxes payable Income tax payable

Other liabilities to the Greek State

Salaries payable

Other contribution payable

to TAPAEL, NAT etc.

Various Advance Payments

leases etc.

Other Third Party Short

term obligations

European Investment Bank Loan Interest

Personnel wages

1.144.589,472.442.393,30

335.192,09

1.329,96

3.830.014,71

1.590.000,00

9.343.519,53

62.124,86

1.640.600,00

1.702.724,86

1.092.677,08 €

116.155,34 €

2.126.470,12 €

289.328,29 €

156.960,05 €

1.144.589,47 €

335.192,09 €

1.329,96 €

3.830.014,71 €

62.124,86 €

1.640.600,00 €

7.352.473,76 €

14.763.975,20 €

0,00 €

4.032.393,30 €

36.944.284,23 €

2.142.147,553.543.392,25

457.548,31

7.100,58

2.656.010,00

1.590.000,00

10.396.198,69

20.360,46

1.300.000,00

1.320.360,46

3.491.931,31 €

73.548,08 €

2.156.686,26 €

504.275,62 €

302.064,61 €

2.142.147,55 €

457.548,31 €

7.100,58 €

2.656.010,00 €

20.360,46 €

1.300.000,00 €

7.924.241,16 €

3.340.983,19 €

5.730.432,56 €

5.133.392,25 €

35.240.721,94 €

31/12/2008 31/12/2007

31/12/2008 31/12/2007

31/12/2008 31/12/2007




amounts in Euro

51

In order to meet the above liabilities the Company apart rom its cash on hand and inbanks amounting to € 41.604.513,37 has made arrangements or bank credits o €10.000.000,00.

23. SALES

Sales are analyzed as ollows:

24. EXPENSES ALLOCATION AT OPERATIONS

Expense accounts are allocated in cost o sales, administration and distribution operationsin the accompanying fnancial statements as ollows:

Loading and unloading

Storage

Various other port services

Income rom:

Payroll Costs (Note 28)

Third Party Services

Third Party Fees

Depreciation (Note 27)

Taxes and Duties

General Expenses

Provisions or Doubtul Debts

Consumables

Payroll Costs (Note 28)

Third Party Services

Third Party Fees

Depreciation (Note 27)

Taxes and Duties

General Expenses

Provisions or Doubtul Debts

Consumables

47.366.875,97

25.922.989,94

42.748.527,54

116.038.393,45

98.449.986,48

32.476.128,41

40.428.736,85

171.354.851,74

72.796.525,78

15.641.213,02

2.617.145,92

10.239.613,50

325.768,41

7.862.972,59

579.512,09

2.768.147,36

112.830.898,67

100.012.697,16

15.298.882,45

2.211.117,75

10.405.081,25

175.943,19

8.058.746,03

2.583.682,38

4.515.698,40

143.261.848,61

10.926.426,54

2.905.639,01

474.732,44

770.480,97

59.092,17

1.226.289,67

105.119,55

0,00

16.467.780,35

11.980.929,27

2.528.677,46

307.095,99

682.718,89

24.436,26

1.119.256,78

118.789,78

0,00

16.761.904,43

61.870.099,24

12.735.574,01

2.142.413,48

9.469.132,53

266.676,24

6.636.682,92

474.392,54

2.768.147,36

96.363.118,32

88.031.767,89

12.770.204,99

1.904.021,76

9.722.362,36

151.506,93

6.939.489,25

2.464.892,60

4.515.698,40

126.499.944,18

31/12/2008 31/12/2007

Year ended on 31/12/2008

Year ended on 31/12/2007

Cost o Sales

Cost o Sales

Administration

Expenses

AdministrationExpenses

Total

Total




52

25. OTHER OPERATIONAL INCOME AND EXPENDITURE:

1) OTHER OPERATIONAL INCOME:

Amounts are analysed as ollowed:

Rental income concerns land and building rents.

Minimum Future Rents: The minimum uture rental income receivable, arising rom theexisting rental agreements are as ollows:

Future income rom guaranteed concession agreement return: The concession o the use and exploitation o existing Pier II and Pier III to be built at PPA S.A Container Terminal, signed by the contractor company COSCO PACIFIC Ltd on 25112008 aterthe successul conclusion o the relevant open public international call or tenders. Theconcession period is 30 years, rising to 35 i the required construction schedule o Pier IIIis met, which entered into orce 1/10/2009. The guaranteed return or the concession at current prices amounts to a total o 35years and 3.4 billion euro and represents a Net Present Value o 665 million euro, at a 9%discount rateS.A. revenue rom the concession agreement in uture periods is as ollows:

Rental income

Other Income

Within 1 year

Between 15 years

Over 5 years

Within 1 year (corresponds to the 4th quarter only)

Between 1-5 years

Over 5 years

5.273.949,64

1.829.096,53

7.103.046,17

2.273.788,09

5.691.030,08

7.180.147,76

15.144.965,93

6.101.000,00

113.609.000,00

3.270.166.000,00

3.389.876.000,00

4.943.079,70

2.660.592,45

7.603.672,15

31/12/2008 31/12/2007

Payable 31/12/2008

Payable 31/12/2008

Year ended on




amounts in Euro

53

2 Other Operational Expenses: The amounts are analyzed as ollows:

26. FINANCIAL INCOME/ EXPENDITURE

Amounts are analyzed as ollows:

27. DEPRECIATION

Amounts are analyzed as ollows:

Year ended on

Year ended on

Research and Development expenses

Provisions or pending lawsuits

Third party indemnity payments

Other expenses

Total

Bank Interest Income

Bank Interest Expenses

Credit Interest

Total

Intangible Asset Depreciation Note 6

Sotware Depreciation Note 7

Fixed Asset Subsidies Depreciation Note 16

273.100,00

1.790.530,93

106.495,60

2.170.126,53

2.082.585,79

1.625.966,38

456.619,41

313.959,70

770.579,11

10.625.499,90

182.876,40

568.762,80

10.239.613,50

771.750,00

1.315.000,00

802.640,05

120.548,53

3.009.938,58

1.284.235,09

1.048.077,71

236.157,38

527.861,16

764.018,54

10.768.669,80

205.174,41

568.762,80

10.405.081,41

31/12/2008 31/12/2007

31/12/2008 31/12/2007

31/12/2008 31/12/2007




54

28. PAYROLL COSTAmounts are analyzed as ollows:

29. EARNINGS AND DILUTED EARNINGS PER SHAREBasic Earnings per Share on the 31st o December 2008 is calculated as ollows:

30. COMMITMENTS AND CONTINGENT LIABILITIES

(a Pending Lawsuits: The Company has made provisions or various pending courtcases amounting to € 20.735.960,58 or lawsuits rom personnel and other third party. The Company Management and legal department estimated the probability o negativeoutcome, as well as the probable settlement payments in order to account or thisprovision. Apart rom the above, the Company is involved in as plainti and deendantvarious court cases that all within the scope o its normal activity. We note that theCompetition Commission with its no. 428/V/2009 decision issued on the 23/1/2009regarding the denouncement o Sarlis Angelopoulos LTD against PPA S.A. and thedenouncement o MSC against PPA S.A. regarding their contract, imposed a fne o €1.280.197,43. PPA S.A. will appeal to the Administrative Courts o justice against thedecision. The Company Management and legal department estimate that these pendingcourt cases are expected to be settled without signifcant negative eect to the Companyfnancial position or to its operation results.

(b Financial Years not audited by the Tax Authorities: Financial years 2003 up to andincluding 2008 have not been audited by the Tax Authorities. In a possible uture taxaudit, the Tax Authorities may disallow certain expenditure, thus increasing the Company

taxable income and imposing additional taxes, penalties and surcharges. The provisionor the tax audit dierences or fnancial years not audited by the Tax Authorities isassessed at € 1.583.155,27.

Year ended on

Wages and Salaries

Employer Contribution to National

Insurance Departments

Supplementary payments

Sta leaving indemnity

Provision or sta leaving indemnity (Note 18)

Net Proft attributed to Company Shareholders

Weighted Average Number o Shares

Basic Earnings per Share

58.768.261,46

11.695.302,78

1.357.015,36

1.318.221,18

73.138.800,78

342.275,00

72.796.525,78

5.593.278,43

25.000.000

0,22

84.403.758,19

12.729.090,66

1.340.106,70

1.330.921,61

99.803.877,16

208.820,00

100.012.697,16

24.581.132,10

25.000.000

0,98

31/12/2008 31/12/2007

31/12/2008 31/12/2007




amounts in Euro

55

(c Liabilities arising rom letters o Guarantee: The Company has issued letters o guarantee amounting to € 11.202.986,88 o which € 8.902.986,88 in avour o the GeneralDirectorate o Customs E ‘and F’ Customs O ce o the Ministry o Economy and Finance

or the operation o all warehouses or temporary storage o goods PPA S.A. No damageis expected to arise rom these letters o guarantee.

d Finance lease other contract obligations: The Company uture obligations orfnance lease payments, as they arise rom existing fnance lease contracts, are analyzedas ollows:

31. RELATED PARTY TRANSACTIONS

Board o Directors Members Remuneration: During the year ended on the 31sto December 2008, remuneration and attendance costs, amounting € 533.566,26 €336.180,99 on the 31.12.2007, were paid to the Board o Directors members. Furthermoreduring the year ended 31/12/2008 emoluments o € 1.079.142,85 were paid to Managers/Directors or services rendered € 968.473,44 on the 31.12.2007.

Within 1 year 5.582.621,73

Payable 31st o December 2008



DIONYSIOS BEHRAKIS

Χ. 075485

MANAGING DIRECTOR


Ξ. 625099

FINANCIAL DIRECTOR

ΚONSTANTINOS BALIS

Reg No HEC. 0005249



56

Relevant Preecture: Piraeus Preecture

Company internet address: www.olp.grDate o approval o fnancial statements by B o D: 26 March 2009Auditor / Certifed Accountant: Charalampos D. KoopoulosAudit frm: PKF Euroauditng S.A.Form o audit report: Unqualifed

Ι. BALANCE SHEET

as at 31/12/2008 (Amounts in Euro)

ASSETS Own use tangible fxed assetsIntangible fxed AssetsOther non-current assetsInventoryTrade ReceivableOther current assetsTOTAL ASSETS

EQUITY AND LIABILITIES Share capitalOther equityTotal Equity (a)Long term liabilitiesProvisions/Other long term liabilitiesShort term liabilitiesOther short term liabilitiesTotal Liabilities (b)TOTAL EQUITY AND LIABILITIES (a) + (b)

ΙΙ. PROFIT AND LOSS STATEMENT

or the year ended 31 December 2008 (Amounts in Euro) SalesGross proft / (loss)Proft / (loss) beore taxes,fnancial and investmentresults

Proft / (loss) beore taxes,Proft / (loss) ater taxes

Earnings ater taxesper share - (in €)Proposed dividend per share -(in €)Proft / (loss) beore taxes,fnancial and investmentresults and depreciation

ΙΙΙ. EQUITY STATEMENT

or the year ended 31 December 2008 (Amounts in Euro)

Equity in the beginning o year(01.01.2008 and 01.01.2007 respectively)Proft / (loss) or the year ater taxesDividends paidEquity at the end o year(31.12.2008 and 31.12.2007 respectively)

31/12/2008225.016.730,61

289.855,397.873.781,685.694.551,278.621.672,20

52.389.242,76299.885.833,91

50.000.000,00127.265.102,72177.265.102,72

40.902.315,4938.985.844,93

5.788.286,5436.944.284,23

122.620.731,19299.885.833,91

1/1-31/12/2008116.038.393,45

19.675.275,13

8.140.414,42

8.910.993,535.593.278,43

0,22370,07

18.380.027,92

31/12/2008

179.921.824,295.593.278,43

(8.250.000,00)

177.265.102,72

31/12/2007199.828.156,81

281.481,798.830.205,215.370.306,358.164.618,15

49.694.688,58272.169.456,89

50.000.000,00129.921.824,29179.921.824,29

11.696.143,9239.722.825,14

5.587.941,6035.240.721,9492.247.632,60

272.169.456,89

1/1-31/12/2007171.354.851,74

44.854.907,56

32.686.736,70

33.450.755,2424.581.132,10

0,98320,33

43.091.818,11

31/12/2007

159.340.692,1924.581.132,10(4.000.000,00)

179.921.824,29

The fnancial inormation bel ow intend to give a general view o the fnancial position and results o “PIRAEUS PORT AUTHORITY SOCIE TE ANONYME” S.A. Wethereore advise the reader, beore attempting an investment o any kind or other transaction with the Company, to visit its website, where the periodic fnancialstatements are submitted, as well as the auditors review report.

Company Registration No (ΑΡ. Μ.Α.Ε.) 42645/06/Β/99/24, Αkti Μiaouli 10 - Piraeus P.C. 185 38SUMMARY FINANCIAL INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2008

(published on the basis o Company Law 2190/20, article 135 or Companies preparing annual fnancial statemetns, consolidated or not, according to IAS/IFRS)

VI.ADDITIONAL INFORMATION a The company has been audited by the tax authorities up to 31/12/2002, Note 30b. b The company personnel,permanent and temporary as at31/12/2008 amounted to 1655 & 16 people 1584 & 21 at 31/12/2007. c There was a change in accounting policy during the year with respect to theunaudited years by the Tax Authorities. As a result the Company Equity was reduced by € 1.409.097,68 and its results or the year by € 174.057,59. Thetotal Equity reduction was € 1.583.155,27 Note 17. d For pending lawsuits or cases submitted in arbitration, the Company has made relevant provisions o € 20.735.960,38. The provision amount or unaudited years by the Tax Authorities is estimated at € 1.583.155,27. e Personnel mobilizationsduring the year resulted to the drastic reduction o services rendered, thus leading to the decrease in income received Note 5. The Company didnot have any investments in subsidiaries, associated or joint venture companies neither this nor last year and thereore does not prepare consolidatedfnancial statements. g Sales and purchases amounts accumulated rom the beginning o the fnancial year and Company receivable balances at thecurrent year end, arising rom related party transactions, as defned by IAS 24, are as ollows:

(in €)a) Sales o goods and servicesb) Purchases o goods and servicesc) Receivabled) Payablee) Transactions and Management and Board o Directors emoluments) Receivable rom Management and Board o Directors

g) Payable to Management and Board o Directors

00001.612.709,110

0

Changes in items due to change in theaccounting policy o provision or unaudited years by theTax Authorities

Proft ater taxesEquity

Published 24.838.164,38

181.330.921,97

Revised 24.581.132,10

179.921.824,29

Board of Directors MembersDionysios Behrakis President (Non executive member)Nikolaos Anastassopoulos Managing Director (Exec. member)Dimitrios Mihelakos Member (Non executive member)Thodoros Koutsioubas Member (Non executive member)Hlias Gioldaseas Member (Non executive member)Nikolaos Filippas Member (Non executive member)Hlias Mantzouneas Member (Non executive member)Konstantinos Mannes Member (Non executive member)Panagiotis Fasoulas Member (Non executive member)Vasilios Korkidis Member (Non executive member)Eustratios Balabanidis Member (Non executive member)Georgios Nouhoutidis Member (Non executive member)Alexandros Aleantinos Member (Non executive member) IV. CASH FLOW STATEMENT (2nd alternative method)or the year ended 31 December 2008 (Amounts in Euro) Cash ows rom operating activitiesProft beore taxesPlus / Less adjustments or:

DepreciationProvisionsInterest payable and similar chargesInterest receivablePlus / Less adjustments or changes inworking capital or related tooperating activities:(Increase) / Decrease in invetory(Increase) / Decrease in receivable(Decrease)/Increase in liabilities (excl. banks)Less:Interest and similar charges paidTaxes paidNet cash rom / (used in)operating activities (a)Cash ows rom investing activitiesFixes assets subsidiesAcquisition o tangible and intangiblefxed assetsReceipts rom disposal o tangible fxed assets

Interest receivedNet cash (used in) / rom investingactivities (b)Cash ows rom fnancing activitiesProcceds rom the issue o bank loans / fnance lease contractsBank loans paymentsPayments o fnance lease liabilities(sinking und)Dividends paidNet cash rom / (used in) fnancingactivities ( c )Net increase/(decrease) in cash andcash equivalents or the period (a) + (b) + ( c )

Cash and cash equivalents in the beginning o year

Cash and cash equivalents at end o year

PIRAEUS PORT AUTHORITY SOCIETE ANONYMEPPA S.A.

1/1-31/12/2008

8.910.993,53

10.239.613,50(342.275,00)1.625.966,38

(2.396.545,49)

(324.244,92)(10.562.470,82)

10.877.459,35

(1.625.966,38)(11.352.897,14)

5.049.633,01

(36.546.105,97)540.782,27

2.396.545,49

(33.608.778,21)

35.000.000,00(2.924.137,93)

(2.669.345,56)(8.250.000,00)

21.156.516,51

(7.402.628,69)

49.007.142,06

41.604.513,37

1/1-31/12/2007

33.450.755,24

10.405.081,411.523.820,001.048.077,71

(1.812.096,25)

242.656,772.624.126,056.688.476,91

(1.048.077,71)(5.222.738,48)

47.900.081,65

1.110.000,00

(18.229.589,52)0,00

1.812.096,25

(15.307.493,27)

1.508.370,08(2.924.137,93)

(2.378.215,90)(2.410.000,00)

(6.203.983,75)

26.388.604,63

22.618.537,43

49.007.142,06

31/12/2007



DIONYSIOS BEHRAKISΧ. 075485

MANAGING DIRECTOR

ΝΙKOLAOS ΑΝΑSTASSOPOULOSΞ. 625099

FINANCIAL DIRECTOR

ΚONSTANTINOS BALISReg No HEC. 0005249



INFORMATION REGARDING THE ARTICLE 10OF LAW 3401/2005

57

Comments on Financial Reports or the third quarter 2008

Financial Reports or the third quarter 2008

Signing o the contract between P.P.A.SA and COSCO PACIFIC ltd

Comments on press articles

Approval o the drat agreement or the concession o Peer II & III o

PPA S.A. container terminal”

Sign o the contract or the concession o the use o a land area inthe port – zone or the development, operation and exploitation o

a new Exhibition Center

Answer to the question submitted by the Capital Market

Commission

Comments on Financial Reports or the frst hal 2008

Financial Reports or the frst hal 2007


Resolutions o the Extraordinary General Meeting

Resolutions o the Annual General Meeting

Announcement concerning the exdividend date

Invitation to Extraordinary General Meeting o Shareholders

Adjudication o the tender or the concession o the Container’s

Terminal Piers II & III

Announcement or the modifcation o P.P.A. SA Association

Proclamation o Cosco Pacifc Ltd as the provisional highest bidder,

or the concession o the Container’s Terminal Piers II and III

Answer to the question submitted by the Capital Market

Commission

Important acts announcement


Invitation to the General Meeting o Shareholders

correct revision

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28/11/2008

28/11/2008

26/11/2008

24/11/2008

16/10/2008

02/10/2008

29/09/2008

29/08/2008

29/08/2008

18/08/2008

17/07/2008

26/06/2008

26/06/2008

25/06/2008

25/06/2008

25/06/2008

12/06/2008

06/06/2008

06/06/2008

06/06/2008

05/06/2008

Announcement Web Address Date



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Important acts announcement Opening o the technical and

fnancial oers or the concession o the Container’s Terminal Piers

II and III.

Financial calendar or the year 2008

Invitation to the General Meeting o Shareholders

Appointment o Head in the Internal Audit Department

Comments on Financial Reports or the frst quarter 2008

Financial Reports or the frst quarter 2008


Additional notifcations in the notes to the fnancial statements or

the year 2008

Submission o bids or the international public call or tender or the con-

cession o piers II & III o the Piraeus’ port Authority SA container terminal

Annual Report 2007

Comments on Financial Statements or the year 2007

Financial statements or the year 2007

Extension o the date or submission o bids or the international

public call or tender or the concession o piers II & III o the Piraeus’

Port Authority SA container terminal

Piraeus Preecture report to the Public Prosecutor and HCMC or

Container Terminal privatization

International public call or tender or the concession o piers II & III

o the Piraeus’ port Authority SA container terminal

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03/06/2008

03/06/2008

03/06/2008

30/05/2008

23/05/2008

23/05/2008

21/05/2008

13/05/2008

12/05/2008

22/04/2008

28/03/2008

28/03/2008

14/03/2008

19/02/2008

14/01/2008

Announcement Web Address Date

INFORMATION REGARDING THE ARTICLE 10OF LAW 3401/2005

WEBSITE PUBLICATION OF ANNUAL FINANCIAL STATEMENTS

The Financial Statements o P.P.A S.A or the year ended on December 31,2008, accompanied by the Auditor’s Report and the Management Report o

the Board o Directors are available at the website: http:/ www.olp.gr

Piraeus Port Authority s.a.

Documents

Transcript of Piraeus Port Authority s.a.