P.P.A. S.A.

Interim / Quarterly Report • Sep 27, 2023

SIX-MONTH FINANCIAL REPORT FOR THE PERIOD

JANUARY 1 – JUNE 30, 2023 BASED ON ARTICLE 5 L. 3556/2007

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

Index to the Six-month Financial Report

		PAGE
	Statements of the Members of the Boards of Directors	3
	Board of Directors' report on the interim condensed financial information	4
	Auditor's Report on Review of six-month financial report	19
	Interim Condensed Statement of Comprehensive Income for the period ended June 30, 2023	21
	Interim Condensed Statement of Financial Position as at June 30, 2023	22
	Interim Condensed Statement of Changes in Equity for the period ended June 30, 2023	23
	Interim Condensed Cash Flow Statement for the period ended June 30, 2023	24
	Notes to the Interim Condensed Financial information
1.	Establishment and activity of the Company	25
2.	Basis of Preparation of Financial information	26
3.	Principal Accounting Policies	27
4.	Property, plant and equipment	30
5.	Right of use assets- Lease liabilities	31
6.	Other Non-Current assets	32
7.	Income tax (current and deferred)	33
8.	Inventories	34
9.	Trade and other receivables	35
10.	Prepaid expenses	36
11.	Cash and cash equivalents	36
12.	Share capital	37
13.	Reserves	37
14.	Government grants	37
15.	Reserve for staff retirement indemnity	39
16.	Provisions	39
17.	Long and short term borrowings	40
18.	Dividends	41
19.	Accrued and other current liabilities	42
20.	Deferred income	43
21.	Segment information	44
22.	Revenues	46
23.	Analysis of Expenses	47
24.	Other operating income/ (expenses)	48
25.	Financial income/ (expenses)	48
26.	Depreciation-Amortization	49
27.	Payroll and related costs	49
28.	Earnings per share	51
29.	Commitments and contingencies	51
30.	Related party transactions	53
31.	Financial instruments	54
32.	Subsequent events	55

Statements of the Members of the Boards of Directors

(in accordance with article 5par. 2 of L. 3556/2007)

The following statements, which are affected in accordance with article 5 par. 2 of the L. 3556/2007, as applicable, are given by the following Members of the Board of Directors of the Company:

• 1. YU Zeng Gang, Chairman of the Board of Directors
• 1. ZHANG Anming, Chief Executive Officer
• 1. LI Jin, Member of the Board of Directors

The undersigned, in our above-mentioned capacity, and in particular the third as specifically appointed by the Board of Directors of the societe anonyme company under the name "Piraeus Port Authority Societe Anonyme" and trade title "PPA S.A." (hereinafter referred to as "Company" or as "PPA"), we state and we assert that to the best of our knowledge:

• (a) the interim condensed financial information of the Company for the period from January 1, 2023 to June 30, 2023, which were compiled according to the applicable International Financial Reporting Standards as adopted by the EU, provide a true and fair view of the assets and the liabilities, the equity and the results of the period of the Company, according to that stated in paragraphs 3 to 5 of article 5 of the L.3556/2007 and the relevant executive Decisions of the Board of Directors of the Capital Market Commission.
• (b) the Report of the Board of Directors of the Company provide a true and fair view of the evolution, the achievements and the financial position of the Company, including the description of the main risks and uncertainties they face and relevant information that is required according to paragraphs 6 of article 5 of the L. 3556/2007, and the relevant executive Decisions of the Board of Directors of the Capital Market Commission.

Piraeus, September 27, 2023

YU ZENG GANG	ZHANG ANMING	LI JIN
Chairman of the	Chief Executive Officer	Member of the Board of Directors
Board of Directors Passport No ΡΕ1895434	Passport No PE2110665	Passport No PE2316564

BOARD OF DIRECTORS' REPORT ON ΤΗΕ INTERIM CONDENSED FINANCIAL INFORMATION of

«PIRAEUS PORT AUTHORITY S.A. -OLP S.A.»

(according to the regulations of par. 6 of article 5 of L. 3556/2007)

Regarding the Interim Condensed Financial information

for the six-month period ended June 30, 2023

The Board of Directors report on the interim condensed financial information was compiled and is in accordance with the prevailing legislation (par. 6 art. 5 of L.3556/2007) and the administrative decisions of the Capital Market Commission's Board of Directors (1/434/3-7-2007, 7/448/11-10-2007). The report aims to inform investors about:

• The financial status, results and the general prospects of the Company for the aforementioned period as well as changes that were made.
• The most important events that took place in the first semester of the current financial period and their effect on the half year financial reports.
• The risks and uncertainties that may arise for the Company within the 2nd semester.
• The transactions and balances between the Company and any related parties, as well as the Board of Directors members' remuneration.

Α. REPORT ON 1ST SEMESTER 2023

Period results:

Statement of comprehensive income

- Revenues

The total revenues of the 1st semester of 2023 amounted to € 102.4 million, compared to the corresponding 1st semester of 2022 (€ 93.1 million), have increased by € 9.3 million or 10.0%. The increase is mainly due to the significant increase of revenues from the cruise sector, revenues of ship repair sector, revenues from the car terminal sector as well as revenues of coasting sector by 60.4%, 10.7%, 10.2% and 9.3% or by € 3.3 million, € 0.9 million, € 1.0 million and € 0.4 million, respectively. In addition, there was an increase in revenues from the concession agreement of Pier II and III by € 2.2 million or 5.5%.

- Expenses

The key operating costs mainly relate to the payroll costs which in the 1st semester of 2023 increase and amounted to € 31.0 million compared to € 29.5 million in the corresponding half of 2022 (Note 23).

As far as for the other expenses (except for staff cost), a decrease amounted to € 7.6 million or 25.6% is shown, due to the following:

A significant decrease by € 9.2 appeared in the provisions for legal cases due to the fact that in current period a provision amounted to € 3.2 million is reversed and an additional provision was recorded amounted to € 246.3 thousand while in previous period have been recorded provisions amounted to € 6.6 million and a provision amounted to € 382.8 thousand is used.

A decrease in "Third Party Fees and Expenses" by € 0.4 million or 20.4%, due to the decrease of use of external partners for loading and unloading services.

There was a decrease in the consumption of materials by € 0.1 million or 6.7% which in the current period amounted to € 1.2 million while in the previous period was € 1.3 million.

An increase in "Third party services" by € 1.0 million or 14.5%, due to the to the increase in the Company's electricity and repairs of PPA's fixed assets.

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

An increase in "General expenses" by € 0.6 million or 27.6%, due to the to the increase in the Company's guard fees as well as to advertising and donation expenses.

The "Greek State Concession" presented an increase of € 0.3 million or 20.7% due to the corresponding increase in revenues (Note 23).

Depreciation show a slight decrease during the current period, amounted to € 9.3 million (June 30, 2022: € 9.1 million).

- Net impairment losses on financial assets

The net impairment loss on financial assets showed an increase during the current period amounted to € 0.4 million (30.6.2022: € 0,1 million).

- Other Operating Income/Expenses

Other operating income for the current period showed an increase by € 0.2 million or 6.2% and amounted to € 3.1 million while in the previous corresponding period amounted to € 3.0 million.

Other operating expenses for the period have been decreased by € 0.9 million or 45.8%, amounted to € 1.1 million compared to the corresponding period of 2022 (€ 2.0 million). The decrease is mainly due to prior year's tax fines and penalties amounted to € 1.4 million which was offset by the increase in third parties compensation by € 0.2 million as well as the loss from the damage of machinery by € 0.2 million in corresponding period.

- Financial expenses / income

An increase was observed in the financial expenses of the current period (30.06.2023: € 2.1 million vs. 30.06.2022: € 1.6 million), a change which is due to the increase in the interest on long-term loans of the period by € 0.5 million or 116,3%.

A significant increase was observed in the financial income of the current period (30.06.2023: € 0.5 million compared to 30.06.2022: € 0.04 million), a change which is due to the interest income from time deposits (Note 25).

Statement of financial position

-Total Assets

Total assets as at 30.06.2023 amounted to € 588.5 million, increased by 2.6% or € 15.1 million (31.12.2022: € 573.4 million).

The increase in total assets was mainly due to the following sub-items, namely:

• the increase of the unamortized balance of property, plant and equipment by € 2.1 million or 0.7% (due to the net additions of € 10.4 million for the period reduced by € 8.3 million current period's depreciation),
• the increase in cash and cash equivalents by € 1.5 million or 0.9%
• the increase in trade and other receivables by € 13.6 million or 73.7% due to the increase in the balance of trade receivables by € 14.0 million and the increase of provisions for doubtful debts amounted to € 0.4 million.

This increase was mainly offset by:

• the decrease in right of use assets amounting to 1.0 million or 1.8% mainly due to depreciation amounting to € 1.1 million plus the addition of the period amounting to € 0.1 million,
• the decrease of inventories by € 0.1 million or 2.5%
• the decrease in deferred tax asset by € 0.8 million or 21.7%
• the decrease of prepaid expenses by € 0.5 million or 25.9%

PIRAEUS PORT AUTHORITY S.A

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

- Total Liabilities

Total liabilities as at 30.06.2023 amounted to € 235.3 million, showing a decrease of € 23.6 million or 9.1% (31.12.2022: € 258.9 million).

The change in total liabilities is mainly due to the changes in the following sub-items, namely:

• decrease in bank debt by € 3.0 million or 9.2% due to the repayment of two installments of the longterm loan based on the repayment schedule
• decrease in accrued and other liabilities by the amount of € 14.6 million or 44.9% (Note 19)
• decrease in short-term and long-term lease liabilities by € 2.4 million or 3.7% (Note 5) is mainly due to the payments of € 3.6 million which was offset by the finance cost of € 1.2 million
• decrease in suppliers by the amount of € 0.4 million or 4.1%
• decrease in the deferred income by the amount of € 0.3 million or 1.0%
• decrease in grants by the amount of € 0.4 million or 1.2% (Note 14) relating to the current period's depreciation
• decrease in the provisions for legal cases by the amount of € 3.0 million or 15.6% (Note 16)
• increase in the provision for retirement incentives by the amount of € 0.2 million or 2.3%

Alternative Performance Measures (APMs):

Financial Structure ratios
	30/6/2023		31/12/2022
1. Current assets	209,728,344.87		195, 200, 731.58
Total assets	588,508,362.65	35.64%	573,363,875.66	34.04%
2. Total equity	353,240,577.68	150.14%	314,495,516.16	121.499
Total liabilities	235,267,784.96		258,868,359.50
3. Total equity	353,240,577.68	93.26%	314,495,516.16	83.16%
Non-current assets	378,780,017.78		378,163,144.08
4. Current assets	209,728,344.87	396.92%	195, 200,731.58
Current liabilities	52,838,967.98		67,932,099.18
5. Borrowings	35,499,999,99	10.05%	38,499,999,99	12.24%
Total equity	353,240,577.68		314,495,516.16
Performance and efficiency ratios
	30/6/2023		30/6/2022
6. Profit before income taxes	49,378,002.53		33, 192,280.82
Revenue	102,419,625.67		93,075,563.21	35.66%
7. Profit before income taxes	49,378,002.53		33,192,280.82	10.99%
Total equity	353,240,577.68	13.98%	302,069,866.96
8. Gross profit	59,164,216.08		51,682,649.98
Revenue	102,419,625.67	57.77%	93,075,563.21	55.53%
9. EBITDA	60,325,922.35	58.90%	43,904,337.61	47.17%
Revenue	102,419,625.67		93,075,563.21

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

Borrowing / Equity

It is calculated as the ratio of the sum of Short-term Loans plus Long-term Loans at the end of period to Total Equity at end of period.

Earnings before interest, taxes, depreciation and amortization (EBITDA) ratio as a % of Revenue

It is calculated as the ratio of Earnings before taxes, interest and depreciation (EBITDA) to Revenues of the period.

The Company uses as Alternative Performance Measures ("APMs") the above ratios in the context of making decisions concerning its financial, operational and strategic planning, as well as assessing and publishing its performance. These APMs help to understand better the Company's financial and operating results, financial position and cash flow statement. Alternative performance measures (APMs) must always be considered in combination with the financial results prepared in accordance with International Financial Reporting Standards ("IFRS") and will not replace the latter under any circumstances.

B. Highlights of the 1st semester 2023

Major events

Renewal of the Collective Labor Agreement with the Workers' Union

After a fruitful and constructive dialogue conducted in a good spirit, the Management of PPA S.A. and the Union of Dockworkers have reached a final agreement for the signing of a new three-year Collective Labor Agreement which provides for gradual increases as well as additional benefits and highlights the commitment of the two parties to the common path to achieve the Company's operational goals, with the main axis being the promotion of a modern working environment and the primary goal is to maintain the strong growth rates of the Port of Piraeus.

Main transit hub for car transportations from China to Europe, North Africa and Near East, in new special containers.

Piraeus Port Authority S.A. has jointly launched a new car shipment route and service based on the advantage of port of Piraeus and innovation in carrying mode by multipurpose vessel with COSCO SHIPPING SPECIALIZED CARRIERS CO., LTD,targeted to provide high quality service car logistics.

The new service concerns the transportation of vehicles in special containers, with a capacity of 3 vehicles, called Flat Rack, equipped with built-in ramps for easier transportation and placement of the vehicles. These platforms have been certified and can be stacked to a height of 3 containers.

The strategic geographic location of the port between three continents and consequently multiple markets, alongside the integrated port services offered and the high-quality container terminal services, but also COSCO SHIPPING's Group presence at the Port were the key drivers contributing to this development. The port of Piraeus has been selected as the preferred transit hub for this major business initiative, by COSCO SHIPPING Specialized Carriers Co., Ltd. (which has a specialized shipping fleet with management of more than a hundred vessels including multi-purpose and heavy lift vessels, semi-submersible vessels, pure car carriers).

Piraeus Port honored for significant contribution to Greek tourism due to high cruise performance

Piraeus Port Authority was recognized with an award, conferred during a special Greece: 365 - Day Destinationthemed event held by the Ministry of Tourism, in recognition of the Piraeus Port's major contribution to the country's tourism through its high performance in the cruise industry.

PIRAEUS PORT AUTHORITY S.A Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

After the end of the pandemic, which significantly affected the industry, the Piraeus Port makes a strong comeback across the board as preferred cruise destination. More specifically, in 2022 there were 677 arrivals compared to 379 in 2021 and 622 in 2019, an increase of 79% and 9%, respectively. The number of cruise ships that started and/or ended their journey at the Piraeus Port (homeport) was 441 in 2022, compared to 220 in 2021, and 331 in 2019, a 100% and 33% increase, respectively.

For another year among the Most Sustainable Companies in Greece

PPA S.A. was named again one of the Most Sustainable Companies in the country. This is a top distinction based on the annual performance evaluation of businesses in sustainable development measured by ESG factors.

PPA has a comprehensive plan of actions to share the benefit of port development with local society, while at the same time is an inclusive company, that respects and cares for own employees. Piraeus Port Authority, fully aligned to the new world order, prioritizes and incorporates in the company's strategy every aspect related to the Environment, Society and Corporate Governance (ESG), while satisfying investors' and all stakeholders' expectations.

The inclusion of companies in the list of "The most Sustainable Companies in Greece", provides the highest possible distinction in Sustainable Development in the country.

Active participation at the 7th Posidonia Sea Tourism Forum.

PPA S.A. participated at the 7th Posidonia Sea Tourism Forum taken place at the city of Thessaloniki on 25-26 April 2023 with this year's main theme being "The Return to Growth: Challenges ahead for Cruise Lines & Destinations".

The Chairman of the company, Mr. Yu Zenggang and PPA executives took part at the Forum which is a meeting place for cruise decision makers and serves as a platform for exchange, and the discussion about ways how to deal with the industry challenges. PPA Chairman also actively participated at a panel discussion around "The Crucial Role of the Mediterranean in Post-Pandemic Cruising". Among other things, it was emphasized that the integrated services, the targeted investments and the consistent implementation of the strategy by PPA SA bring the desired results to the Port of Piraeus.

Dynamic presence at this year's Delphi Economic Forum

PPA S.A. participated at the Delphi Economic Forum that gathered as every year top leaders and executives of the political and business world, the economy and the country's civil society.

At this year's annual event PPA Chairman, Mr. Yu Zenggang participated at a fireside chat discussing about the role that the largest port in our country, the port of Piraeus, plays for the country's economy, transport, tourism and shipping industry as well as the significant investments already implemented alongside the impressive financial results recorded and the important multiple benefits for the citizens and the society.

C. Evolution of Business Activities.

Cruise

Cruise ship arrivals in the first half stood at 272 compared to 236 in 2022, registering an increase of 15.3%. The total number of passengers registered an increase of 106.4% (494,164 passengers) compared to 2022 (239,416 passengers). In particular, compared to 2022 there was an increase of 152.8% (272,148 passengers vs 107,650 passengers) in homeport passengers and 68.5% (222,016 passengers vs 131,766 passengers) in transit passengers.

PIRAEUS PORT AUTHORITY S.A Six-month Financial Report for the period ended June 30, 2023

(amounts in Euro, unless stated otherwise)

Coastal Shipping

There was a 9.6% increase in cruise passengers from 6,083,997 in the first half of 2022 to 6,669,053 in the same period of 2023. Vehicle traffic rose to 1,244,954, a slight decrease of 1.2% compared to 2022 (1,260,256). Ship arrivals also registered an increase, reaching 6,268, an 8.7% increase compared to 2022 (5,768 arrivals), surpassing pre-pandemic levels.

Car Terminal

In the first half of 2023, car traffic volumes fell from 2022 levels by 7.3% (174,555 vs. 188,292 in 2022) as transshipment cargo decreased to 92,286 units from 128,928 (-28.4%). An opposite picture is observed in domestic cargo compared to 2022, which increased to 82,269 units from 59,364 (38.6%).

Container Terminal

The traffic at the Container Terminal, Pier I during the first half of 2023 reached 275,214 TEUs, marking a decrease of 20.6% compared to the corresponding period of 2022 (346,766). In particular, a decrease in transshipment cargo was recorded from 260,759 TEUs to 199,621 TEUs (-23.4%) as well as a decrease in domestic cargo (imports and exports lawsuits) by 12.1% (from 86,008 TEUs in 2022 to 75,593 TEUs in 2023).

Ship Repair Zone

The number of repaired ships in PPA docks reached 85 ships, remaining unchanged compared to 2022. Additionally, the length of time the ships stayed in the docks recorded an increase of 12.0% (819 days) compared to 2022 (731 days). The ships under repair in the SRZ recorded a decrease of 15.1% (118 ships) in relation to the corresponding period of 2022 (139 ships), as the increase in the number of days the ships stay in these positions combined with the infrastructure upgrading projects, reduced the availability of repair positions throughout the Zone.

1.1 D. Environmental, Social, Working Issues

D.1. Care for the Environment

PPA SA, as a member of the European EcoPorts Network, implements an environmental management program which is in line with the European System PERS (Port Environmental Review System), established by the European Sea Ports Organization (ESPO). Furthermore, PPA SA is certified with the environmental management system ISO 14001:2015 standard & Energy management system ISO 50001:2018 standard.

Within the framework of the implemented environmental management system, PPA SA has developed a specific environmental policy and maintains updated records of the environmental parameters and indicators related to the company's activities. In accordance with European and International standards, PPA SA aims at the continuous improvement of its environmental performance, by protecting the environment and preserving natural resources for future generations as follows:

I.Environmental quality monitoring programs across the port area related to:

• Noise level environment: noise measurements & 24-h recording noise measurements stations.
• Air quality environment pollution: Permanent air quality measurement station and 24-hour recording.
• Marine environment: sea water and sediments quality measurements

It is noted that the environmental quality monitoring programs have been upgraded in line with the provisions set in the new Environmental Terms Approval Decision of PPA.

II.Integrated waste management system produced in areas of PPA, which includes:

• Separate management of all generated waste streams.
• Recycling of packaging (paper, aluminum, plastic, tetrapak) through the use of a dense network of collection points in passenger terminals, offices and other areas of the port.

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

• Segregation of waste streams per port activity for monitoring relevant environmental indicators by activity.
• III.Ship-generated Waste Management Plan in accordance with the European regulations and the International Convention on Marine Pollution MARPOL 73/78. According to the Plan a system for Port Reception Facilities is established for the proper and efficient collection and management of all the categories of ship-generated waste.
• IV.Contingency plans for the prevention and preparedness of response to marine and land pollution from petroleum products and harmful substances and daily monitoring of the cleaning of the marine and land area of the PPA S.A.

D.2. Social Responsibility

The Company pays particular attention to social contribution, as demonstrated and expressed through the timeless efforts and initiatives of both Management and Employees. The Company aims to contribute to the development of its society and especially the creation of added value for the communities that surround it. PPA SA activities, with regards to aiding the community, are related with:

• Boosting employment and the local economy.
• Economic support of social groups through ongoing (monthly) support of social institutions of neighboring municipalities.
• Facilitating the charitable effort of the Holy Metropolis of Piraeus.
• Aiding orphanages, special schools, sports clubs and cultural associations of Piraeus Region.

D.3. Care for the employees

Health and Safety in the working environment

The Company attributes utmost importance to the provision of safe workplaces for employees, traders, passengers etc. All areas of the Port are regularly inspected to ensure that employees comply with health and safety legislation and the instructions of those responsible. PPA S.A. also monitors and controls the compliance of third parties (contractors) with the Occupational Health and Safety legislation, requiring health and safety plans before and during the implementation of technical projects. For this purpose, two (2) safety engineers are employed, one of them exclusively employed for the needs of NEZ and also Occupational doctors from a certified EXYPP company, reporting any safety issues to the Management of the company, in accordance with Law No. 3850/2010. Potential accidents are recorded and investigated, and corrective actions are taken in order for the accidents not to be repeated. Additionally, at high-risk areas (Container Terminal and Perama Shipyards Zone) two ambulances with trained rescue personnel remain installed and available on a 24-hour basis, enforcing the contract of yearly financial object of € 89,425.

Training

Education is PPA's development objective to improve the service and increase productivity. PPA S.A. is planning employee training programs, in which they are invited to participate at the expense of the Company and is establishing an Annual Training Program which is formed by the Human Resources Dept. This Annual Training Program is either a result of the Department's call to all Departments to submit requests-proposals for training seminars' conduction for their staff or anytime throughout the year if it is considered necessary. The approval for the implementation of the Annual Training Program is taken by Management. In cases where the conduct of a seminar can be integrated into subsidized programs by LAEK 0.06%, the Human Resources Department carries out appropriate actions to obtain that grant.

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

For the 1st semester of 2023

• There were 897 employees' participation in 23 Seminars (11 Web seminars) 218 training hours in total.
• Seminars concern training mainly on Internal Audit, Regulatory Compliance, GDPR Certifications, Taxation issues, Insurance Legislation, ISO Certification and Health & Safety.
• In total, the above educational programs covered 53% of the total budget approved for 2023.
• The 1st semester of 2023 were also implemented 3 "Meet the Big Port Tour!» events concerning the Induction Training of 49 new company's employees.

Also, based on the development and specialization of its personnel for the fifth year PPA SA, in cooperation With the University of Piraeus and the University of Western Attica, offered its employees two (2) scholarships in the Postgraduate Programs "Port Management and Coastal Economy" and "Organization, Operation, Development & Management of Ports".

Respectively the 1st semester of 2022 we had 139 participations of PPA's staff in 22 Seminars (18 Web seminars) 422 training hours in total.

D.4. Certifications & Implementation of Standards and other requirements Quality, Environmental & Energy Management Certification (ISO 9001:2015 - ISO 14001:2015 - ISO 50001:2018)

In the 1st semester of 2023, PPA SA continued to maintain for all PPA activities the triple certification as per ISO 9001:2015, ISO 14001:2015 & ISO 50001:2018 standards for quality, environmental and energy management, following an external audit by the certification body LRQA.

This triple certification demonstrates the company's commitment to best practice for quality, environmental and energy management.

Through the Integrated Quality, Environmental & Energy Management System that is applied in line with these three (3) standards' requirements, PPA SA works in a consistent way to understand customers' needs and expectations, continually improve the level of services provided, address the environmental challenges emerged in daily operation and improve the energy performance.

According to PPA SA's Quality - Environmental - Energy Policy, that is available on PPA SA official website, the company is committed to improving the quality of the provided services, the environmental and energy performance and setting quality, environmental & energy objectives to address risks and opportunities, significant environmental aspects and significant energy uses. These objectives are continuously monitored and reviewed.

Risks and opportunities are defined through systematic analysis of internal and external issues. Significant environmental aspects are defined through assessment of the impact port activities pose or may pose to the environment. Significant energy uses are defined through Annual Energy Reviews.

Also, internal inspections are conducted regularly and top management, through the Management Reviews, assesses the effectiveness of the Integrated Quality, Environmental & Energy Management System, the achievement of the objectives set and supports actions to ensure continual improvement.

PPA S.A. through the certification as per these three (3) standards also contributes to the achievement of UN Sustainable Development Goals.

Global Reporting Initiative (GRI) Standards for Corporate Social Responsibility Reporting The Corporate Social Responsibility Report has been prepared in accordance with GRI standards.

AEOF license

PPA SA is an Authorized Economic Operator (AEOF/ Security and Safety). The relevant license facilitates the implementation of customs procedures, providing a competitive advantage to PPA S.A.

Climate Change

In regards to the Climate Change, PPA SA implements actions, both related to its own operations and for supporting its clients – the vessels – in their journey towards decarbonization.

1. Emissions calculation as per ISO 14064-1:2018 standard.

PPA SA acts responsibly and calculates the Emissions (Scope 1 and Scope 2) of the port activities that PPA controls since 2020. In 2023, PPA initiated the calculation of these Emissions (Scope 1 and Scope 2) as per ISO 14064-1:2018 standard for the year 2022.

Therefore, PPA SA's reported Emissions (Scope 1 and Scope 2) will be calculated as per ISO 14064-1:2018 standard.

This calculation will be verified annually by an external verification body.

This way PPA will also comply with the new legal requirement foreseen by the new Greek Climate Law (Law 4936/2022), aiming at decarbonization and climate neutrality, in line with the EU Green Deal.

2. Study on LNG Bunkering at PPA Cruise area

PPA SA, in order to support its clients and their efforts towards decarbonization, has initiated studying how to provide LNG Bunkering at Cruise vessels at PPA Cruise area. LNG is regarded as a transition fuel towards decarbonization and LNG Bunkering requires special studies to be compiled and specific procedures to be implemented to ensure safe operations.

3. Cold ironing at PPA Cruise & Ferry berths

PPA SA, through its participation to two (2) EU funded Projects: EALING for PPA Ferry berths and CIPORT for PPA Cruise berths has started studying on cold ironing, also called as on-shore power supply. Taking into account the requirements of EU AFIR (Alternative Fuel Infrastructure) Regulation, PPA SA has started early to study the provision of cold ironing at five (5) Ferry berths and four (4) Cruise berths. For the five (5) Ferry berths, technical (FEED), environmental and financial studies have been completed, while for the four (4) Cruise berths they are in progress. The power capacity needed at the five (5) selected Ferry berths is available, while for the Cruise berths extra power is needed to become available from the national energy authorities which operate, invest and expand the national energy grid.

4. Study on Climate Change Resilience & Adaptation

PPA SA is studying Climate change's potential impact at Piraeus port through participating to the EU funded Project called ARSINOE (Climate-resilient regions through systemic solutions and innovations). Risks and Opportunities due to Climate Chang will be identified. Measures for enhancing climate change resilience and adaptation will be suggested.

D.5. Participation in European Financed Programs

The PPA SA continued to be actively involved in the field of research and development in 2023. PPA SA cooperates closely with Greek and foreign stakeholders by implementing initiatives towards developing new technological applications and innovative procedures that create new growth and optimized operation horizons, ensuring the competitiveness and inclusiveness of Port of Piraeus in the relevant decision-making. In the first half of 2023, PPA SA participated as a partner in six (6) European research and development projects, one of which (CIPORT) as the lead partner, and which were in the process of implementation, details of which appear in the table below:

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

No	Program	Project Name	Fullname	Budget	EU funding
1	CEF	EALING	European flagship action for cold ironing in ports	€ 191,220	50%
2	CEF	GREEN C PORTS	Green and Connected Ports (GREEN C PORTS)	€ 455,500	50%
3	H2020	ARSINOE	Climate resilient – regions through solutions and innovations	€ 497,500	70%
4	CEF	CiPORT	Cold Ironing in the Port of Piraeus	€ 180,000	50%
5	H2020	Towards the development of a hydrogen TRIERES Valley demonstrating applications in an integrated Ecosystem in Greece		€ 705,000	70%
6	H2020-LIFE	GREENLIFE4SEAS	Green Engineering Solutions: a new life for Sediments and Shells	€ 350,812	60%

Concerning the promotion of the Company and its participation in the formulation of the European transport strategy and policy, representatives of P.P.A. S.A. participate as speakers in a series of Conferences of the ADRION, MED, ENI MED CBC, EUSAIR, CEF programs where the pioneering technologies and applications in the port services are presented with special emphasis to the adaptation of the Green Deal priorities on environmental sustainability and the transformation of ports to energy hubs.

E. Investments

The implementation of investment plan is to strengthen the financial position and sustainable development of the Company. It will benefit also to the local economy by creation job opportunity and bring tax contribution to the national economy. According to the Concession Agreement, the mandatory investment of the Company is around € 293.8 million for the First Investment Period and € 56 million for the Second Investment Period, while the additional voluntary investments amount to a reference cost of € 167.0 million. Until 30.06.2023, the accumulated contracted amount for the above investment is € 250.5 million with the reference cost of € 278.6 million in total, 89.9% of total reference cost.

The accumulated investment amount by end of June 2023 for the above contracts for mandatory investments have been made around € 140.7 million which can be split into completed project € 75.2 million, projects under construction € 60.0 million and prepayments of € 10.8 million.

Apart from the above, the Company completed some additional investments as maintenance infrastructure of the port with the amount of € 8.7 million.

F. Prospects and expected developments, Main Risks and Uncertainties in the 2nd semester

The nature of PPA's business activities depends on various domestic and international macroeconomic and geopolitical factors with a focus on the countries of the South-East Mediterranean and countries served through the port of Piraeus. They are further influenced by developments in the global port industry in general, as well as by the evolution of individual port activities which are directly linked to the PPA's investment program as well as the level of services provided to port users.

The rise in interest rates in the Eurozone that started in 2022 has implications for the purchasing power of consumers as well as the cost of borrowing for businesses and households. As a result, trans-European and international trade volumes are affected. Although lower energy prices have helped lower inflation, core inflation is proving persistent.

PIRAEUS PORT AUTHORITY S.A

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

According to the OECD, the full effects on output from the rapid and synchronized tightening of monetary policy from early 2022 are likely to emerge during 2023 and early 2024, particularly in private investment¹ . The volume of world trade recovered partially in the first quarter of 2023, with an estimated increase of 1.8% (at an annual rate), but global trade remained very weak. After two consecutive quarters of decline, global trade in goods and services rebounded between January and March 2023.

However, the outlook for the rest of the year is bleak² . Container traffic in Europe falls in May by around 3% from April's peak for the year³ .

The above trade conditions and economic realities were recorded in the reduced transshipment container volume. In particular, a decrease in transshipment cargo was recorded from 260,759 TEU to 199,621 TEU (- 23.4%).

A similar picture shows the country's foreign trade mainly due to the decrease in trade with countries outside the EU which decreased by 15.8% in terms of value in the period January-May 2023 compared to the corresponding period in 2022⁴ .

Based on data from the European Association of Automobile Manufacturers, in the first half of 2023, new car registrations in the EU increased significantly (+17.9%), reaching 5.4 million units⁵ . However, cumulatively the volumes are 21% lower compared to 2019. This increase is also reflected in the increase in car volumes for the domestic market which recorded an increase of 38.6% compared to 2022 reaching 82,269 units from 59,364. The increased throughput of domestic cargo makes it difficult for importers to pick it up due to a lack of storage facilities and the availability of transport trucks that have been reduced during the pandemic period. As a result, many car terminals across Europe experience long dwell times resulting in reduced available capacity⁶ . It is important to note that in 2021, for the first time, Europe's car imports from China exceeded those of Japan⁷ . Piraeus is already an important transit terminal for vehicles from China for the countries of the Eastern Mediterranean which arrive in containers then unstaffed for loading onto vessels transporting vehicles to the final destination⁸ .

This new flow contributes to the income of both involved terminals (Container and Car terminals) but primarily confirms the strategic position of Piraeus for transshipment and the flexibility and upgrade of the services that the port now offers.

Cruise recovery in Greece continued in 2023 and the structural change found in 2022 with many cruise ships now using Piraeus as a Homeport port was intensified in 2023. Specifically, the arrivals of the ships have exceeded 2022 (236) reaching 273 recording an increase of 15.7%. An increase of 152.8% and 68.5% was recorded in homeport and transit passengers respectively. The increase especially in homeport passengers creates increased space and infrastructure needs and confirms the need to expand infrastructure to serve the demand for the benefit of mainly island destinations and economies. In the medium term if Piraeus fails to expand facilities this positive trend will be difficult to continue.

¹ OECD Economic Outlook, Volume 2023 Issue 1; available at: https://www.oecd-ilibrary.org/sites/ce188438-

en/index.html?itemId=/content/publication/ce188438-en [accessed 24, July 2023] ² https://unctad.org/news/global-trade-growth-returns-outlook-2023-poor [accessed 24, July 2023]

³ https://www.containerstatistics.com/ [accessed 24, July 2023]

⁴ https://www.statistics.gr/documents/20181/6c646db6-bb9a-c5cc-417f-6e3d8f6754f4 [accessed 24, July 2023]

⁵ https://www.acea.auto/files/20230719_PRPC_2306-FINAL.pdf [accessed 24, July 2023]

⁶ https://www.walleniuswilhelmsen.com/news/continuing-efforts-to-maintain-cargo-flows-and-overcome-disruptions-ineurope [accessed 24, July 2023]

⁷ https://www.acea.auto/figure/eu-passenger-car-imports-main-countries-of-origin-in-

units/#:~:text=In%202022%2C%20the%20European%20Union,the%20United%20Kingdom%20(440%2C724). [accessed 24, July 2023]

⁸ https://www.projectcargojournal.com/shipping/2023/02/15/mpps-ferry-cars-between-china-and-a-new-hub-in-piraeusport/?gdpr=deny [accessed 24, July 2023]

Six-month Financial Report for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

The coastal shipping sector is on the rise with passengers increasing by 9.6%, namely from 6,083,997 in the first half of 2022 to 6,669,053 in 2023. The movement of vehicles shows a slight decrease compared to 2022 of around 1.2%. Ship arrivals also registered a significant increase, reaching 6,268, a 8.7% increase compared to 2022 (5,768 arrivals), surpassing pre-pandemic levels. Although the trend is currently positive, the mixed signals from the tourist data calls for cautiousness as flight bookings have eased in the second quarter of the year⁹ . Should this trend continue the rate of increase of coastal passenger could be negatively affected.

During the first half of 2023, the attraction of repair work in the docks of the PPA followed a stable course compared to last year as the same number of ships were serviced (85) as in 2022. The time the ships stayed in the tanks recorded an increase of 12% (819 days) compared to 2022 (734 days) and 24.7% compared to 2021. The repaired ships in the NEZ registered a decrease of 15.1% (118 ships) compared to the corresponding period of 2022 (139 ships), as the increase in the days of the ships staying in these positions in combination with the infrastructure upgrading projects, reduced the availability of repair positions throughout the Zone.

⁹ https://insete.gr/bi/airdata-tracker/?lang=en [accessed 24, July 2023]

G. RELATED PARTIES:

The Company provides services to certain related parties in the normal course of business. The Company's transactions, receivables and liabilities balances with related companies are as follows:

Related party	Period ended	Sales to related parties	Purchases from related parties
	30.06.2023	43,358,447.27	16,750.00
PIRAEUS CONTAINER TERMINAL S.A.	30.06.2022	42,535,507.55	33,774.60
	30.06.2023	2,435,640.51	8,296.60
COSCO SHIPPING LINES GREECE S.A	30.06.2022	266,319.16	18,746.12
	30.06.2023	19,521.70
PCDC A.E.	30.06.2022	18,687.64	11,050.00
	30.06.2023	(27,456.91)	-
COSCO SHIPPING DEVELOPMENT CO. LTD	30.06.2022		-
	30.06.2023	28,683.51	-
COSCO SHIPPING SPECIALIZED CARRIERS CO.LTD	30.06.2022		-
	30.06.2023	9,009.66	48,506.12
DIAMOND LINES GMBH	30.06.2022	560.00	-
	30.06.2023		24,380.00
COSCO SHIPPING GLOBAL EXH	30.06.2022		64,288.00
	30.06.2023		1,220.56
QINGDAO OCEAN SHIPPING SERVICES	30.06.2022
COSCO (HONG KONG) INSURANCE BROKERS L.T.D.	30.06.2023		340,247.68
	30.06.2022		333,944.92
COSCO SHIPPING TECHNOLOGY (BEIJING)	30.06.2023		61,294.66
	30.06.2022
COSCO SHIPPING PORTS LIMITED	30.06.2023		33,771.44
	30.06.2022		19,642.03
NING HAI WAN MARITIME CO LTD	30.06.2023	135.00	-
	30.06.2022		-
COSCO SHIPPING ASPHALT (HAINAN) CO LTD	30.06.2023	135.00
	30.06.2022
COSCO (CAYMAN) MRCURY CO.,LTD	30.06.2023	27,275.00	-
	30.06.2022
	30.06.2023	45,851,390.74	534,467.05
	30.06.2022	42.821.074.35	481.445.67

Related Party	Period/ Year ended	Amounts due from related parties	Amounts due to related parties
PIRAEUS CONTAINER TERMINAL S.A.	30.06.2023 31.12.2022	11,729,405.79 4,889,650.89	- 5,416.16
COSCO SHIPPING LINES GREECE S.A.	30.06.2023 31.12.2022	2,106,530.66 482.00	9,920.00 39,353.25
PCDC A.E.	30.06.2023 31.12.2022	18,414.00	- -
DIAMOND LINES GMBH	30.06.2023 31.12.2022	1,397.58	6,480.00 15,578.00
QINGDAO OCEAN SHIPPING SERVICES	30.06.2023 31.12.2022		- 646.50
COSCO (HONG KONG) INSURANCE BROKERS L.T.D.	30.06.2023 31.12.2022	-	- 685,638.70
COSCO SHIPPING TECHNOLOGY (BEIJING)	30.06.2023 31.12.2022		- 15,474.70
COSCO SHIPPING SPECIALIZED CARRIERS CO.LTD	30.06.2023 31.12.2022	-	5,686.25 277.56
COSCO SHIPPING DEVELOPMENT CO. LTD	30.06.2023 31.12.2022	181.91	- -
	30.06.2023 31.12.2022	13,835,936.45 4,910,126.38	22,086.25 762,384.87

The revenues of € 41,490,490.51 (30.06.2022:39,334,906.01) (Note 22) from Piraeus Container Terminal S.A. (PCT S.A.) are related to the fixed and variable revenue from the concession agreement (PIER II & III) and revenues of € 1,867,956.76 (30.06.2022: 3,200,601.54) related to mooring and loading/uploading.

The transactions with COSCO SHIPPING LINES GREECE S.A. relate to services by loading/uploading and berthing.

The transaction with COSCO (HONG KONG) INSURANCE BROKERS L.T.D. of the current and the previous period relates to the insurance coverage of PPA S.A. regarding third party liability, employer' s liability, property and business interruption and directors and officer's liability, according to article 17 of the Concession Agreement (Law 4404/2016).

Board of Directors Members Remuneration: For the period ended on June 30, 2023, remuneration and attendance costs, amounting to 541,889.84 (June 30, 2022: € 537,166.41) were paid to the Board of Directors members. Furthermore, during the period ended June 30, 2023 emoluments of 250,518.73 (June 30, 2022: € 155,074.87) were paid to Managers/Directors for services rendered.

The Extraordinary General Meeting of the Company's shareholders on September 23, 2019 approved the long-term incentive bonus plan, which is cash settled of a certain number of Units. Beneficiaries of the program are members of the Board of Directors, senior executives and other key management and business executives who have a significant influence on the performance and uninterrupted operation of the Company.

The fair value of the long-term incentive bonus plan was determined using the Binomial model. The valuation of the liability amounted to € 1,172,346.75 on 30.06.2023 (31.12.2022: € 1,139,582.86) and is included in other non-current liabilities.

As of 30.06.2023 and on 31.12.2022, no unit of the program has been vested by the beneficiaries.

H. SUBSEQUENT EVENTS

The Annual General Meeting of the Company approved on August 2, 2023 the proposal of the Board of Directors for the distribution of a dividend of the total gross amount for the fiscal year 2022 amounting to € 26,000,000.00 or € 1.040 per share. The dividend for the year 2022 was paid on August 11, 2023.

By decision of the Minister of Environment and Energy on 15/9/2023, the environmental conditions for the operation of the port of Piraeus and the construction of the Master Plan projects of PPA SA were approved. This decision approves essentially all the projects that PPA has undertaken to implement for the improvement and redevelopment of the port and the port area, some of which are already underway and others are about to start immediately.

I. GOING CONCERN DISCLOSURE:

The Company, for the preparation of the Interim Condensed Financial Information of June 30, 2023, has adopted the going concern basis. For the application of this principle, the Company considered the current financial developments as well as the risks arising from the financial environment and made estimates for the shaping, in the near future, of the trends and the economic environment in which it operates. The main factors that can affect the implementation of this principle are mainly related to the economic environment in Greece and internationally, and the ongoing Russia/Ukraine conflict with the resulting issues in the energy sector, the rising inflation and the successive increases in interest rates by the European Central Bank.

The Company's strong balance sheet and liquidity position, its operation in several segments, the strong and dynamic management and the experienced human resources as well as the fact that the war in Ukraine has not affected significantly the Company's operations, will allow the Company to successfully overcome any period of uncertainty.

Accordingly, and having reassessed the principal risks, the Directors continue to adopt the going concern basis of accounting in preparing the Interim Condensed Financial Statements and have not identified any material uncertainties to the Company's ability to continue trading as a going concern over a period of at least 12 months from the date of approval of these condensed consolidated interim financial statements.

Piraeus, September 27, 2023

THE CHAIRMAN OF BoD

YU Zeng Gang

Independent Auditors' Report on Review of Condensed Interim Financial Information

(Translated from the original in Greek)

To the Shareholders of PIRAEUS PORT AUTHORITY S.A

Report on the Review of Condensed Interim Financial Information

Introduction

We have reviewed the accompanying interim condensed Statement of Financial Position of PIRAEUS PORT AUTHORITY S.A (the "Company") as at 30 June 2023 and the related interim condensed Statements of Comprehensive Income, Changes in Equity and Cash Flows for the six-month period then ended and the selected explanatory notes, which comprise the condensed interim financial information and which forms an integral part of the six-month financial report of articles 5 and 5a of Law 3556/2007. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with the International Financial Reporting Standards adopted by the European Union and specifically with International Accounting Standard (IAS) 34 "Interim Financial Reporting". Our responsibility is to express a conclusion on this condensed¹ interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, as incorporated in Greek Law, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as at 30 June 2023 is not prepared, in all material respects, in accordance with IAS 34 "Interim Financial Reporting".

Report on Other Legal and Regulatory Requirements

Our review did not identify any material inconsistency or error in the statements of the members of the Board of Directors and in the information of the six-month Financial Report of the Board of Directors as defined in articles 5 and 5a of L. 3556/2007 in relation to the accompanying interim condensed financial information.

Athens, 27 September 2023 KPMG Certified Auditors Α.Ε.

Ioannis Bravos, Certified Auditor Accountant ΑΜ SOEL 40651

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED JUNE 30, 2023

PIRAEUS PORT AUTHORITY S.A
Six-month Financial Report for the period ended June 30, 2023
(amounts in Euro, unless stated otherwise)
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED
	JUNE 30, 2023
	Notes	01.01-30.06.2023	01.01-30.06.2022
Revenue	22	102,419,625.67	93,075,563.21
Cost of sales	23	(43,255,409.59)	(41,392,913.23)
Gross profit		59,164,216.08	51,682,649.98
Administrative expenses	23	(9,835,385.01)	(17,750,304.51)
Net impairment losses on financial assets	9	(402,357.47)	(131,418.15)
Other operating expenses	24	(1,074,082.45)	(1,982,907.50)
Other operating income	24	3,142,193.17	2,959,905.42
Financial income	25	494,862.63	41,219.43
Financial expenses	25	(2,111,444.42)	(1,626,863.85)
Profit before income taxes		49,378,002.53	33,192,280.82
Income taxes	7	(10,632,941.01)	(7,292,056.51)
Net profit after taxes		38,745,061.52	25,900,224.31
Net other comprehensive income not to be reclassified
in profit or loss in subsequent period:
Actuarial losses		-	-
Income taxes		-	-
Other total comprehensive income after tax		-	-
Total comprehensive income after tax		38,745,061.52	25,900,224.31
Profit per share (Basic and diluted)	28	1.5498	1.0360
Weighted Average Number of Shares (Basic & Diluted)	28	25,000,000	25,000,000

The accompanying notes are an integral part of Interim Condensed Financial Statements

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2023

PIRAEUS PORT AUTHORITY S.A (amounts in Euro, unless stated otherwise)		Interim Condensed Financial Information for the period ended June 30, 2023
	INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2023
	Notes	30.06.2023	31.12.2022
ASSETS Non current assets
Property, Plant and Equipment	4	306,517,585.92	304,412,893.51
Right-of-use assets
Investment property	5	56,283,469.19	57,286,157.86
Intangible assets		734,338.38	734,338.38
		988,464.71	1,213,999.27
Other non-current assets	6	11,197,585.66	10,922,924.33
Deferred finance fees	17	246,666.67	-
Deferred tax assets	7	2,811,907.25	3,592,830.73
Total non current assets		378,780,017.78	378,163,144.08
Current assets
Inventories	8	3,434,137.97	3,522,946.02
Trade Receivables and other receivables	9	31,940,559.42	18,386,945.15
Prepaid Expenses	10	1,300,598.85	1,755,497.19
Cash and cash equivalents	11	173,053,048.63	171,535,343.22
Total Current Assets		209,728,344.87	195,200,731.58
TOTAL ASSETS		588,508,362.65	573,363,875.66
EQUITY AND LIABILITIES
Equity
Share capital	12	50,000,000.00	50,000,000.00
Reserves	13	84,953,696.20	84,953,696.20
Retained earnings		218,286,881.48	179,541,819.96
Total equity		353,240,577.68	314,495,516.16
Non-current liabilities Long-term borrowings	17	29,499,999.99	32,499,999.99
Lease liabilities	5	60,578,645.27	62,937,704.62
Government grants	14	36,976,176.14	37,408,538.60
Reserve for staff retirement indemnities	15	10,208,456.00	9,983,578.40
Provisions	16	16,087,532.51	19,061,195.53
Other non-current liabilities	27	1,172,346.75	1,139,582.86
Deferred income	20	27,905,660.32	27,905,660.32
Total Non-Current Liabilities		182,428,816.98	190,936,260.32
Current Liabilities
Trade accounts payable		9,989,349.15	10,415,658.86
Short term of long term borrowings	17	6,000,000.00	6,000,000.00
Lease liabilities	5	1,366,775.87	1,369,521.49
Income tax		13,016,310.08	12,766,413.33
Accrued and other current liabilities	19	17,979,725.15	32,615,396.76
Deferred income	20	4,486,807.74	4,765,108.74
Total Current Liabilities		52,838,967.99	67,932,099.18
		235,267,784.97
Total liabilities TOTAL LIABILITIES AND EQUITY		588,508,362.65	258,868,359.50 573,363,875.66

The accompanying notes are an integral part of Interim Condensed Financial Statements

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED JUNE 30, 2023

PIRAEUS PORT AUTHORITY S.A
Interim Condensed Financial Information for the period ended June 30, 2023
(amounts in Euro, unless stated otherwise)
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED JUNE 30, 2023
	Share capital (Note 12)	Statutory reserve (Note 13)	Other reserves (Note 13)	Retained earnings	Total
Total Equity at January 1, 2022	50,000,000.00	15,934,306.58	68,287,029.53	141,948,306.54	276,169,642.65
Profit after income taxes	-	-	-	25,900,224.31	25,900,224.31
					-
Other comprehensive loss after income taxes	-	-	-	-
Total comprehensive income after income taxes	-	-	-	25,900,224.31	25,900,224.31
Total Equity at June 30, 2022	50,000,000.00	15,934,306.58	68,287,029.53	167,848,530.85	302,069,866.96
Total Equity at January 1, 2023	50,000,000.00	16,666,666.67	68,287,029.53	179,541,819.96	314,495,516.16
Profit after income taxes	-	-	-	38,745,061.52	38,745,061.52
Other comprehensive loss after income taxes	-	-	-	-	-
Total comprehensive income after income taxes	-	-	-	38,745,061.52	38,745,061.52
Total Equity at June 30, 2023	50,000,000.00	16,666,666.67	68,287,029.53	218,286,881.48	353,240,577.68

INTERIM CONDENSED CASH FLOW STATEMENT FOR THE PERIOD ENDED JUNE 30, 2023

PIRAEUS PORT AUTHORITY S.A Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise) INTERIM CONDENSED CASH FLOW STATEMENT FOR THE PERIOD ENDED JUNE 30, 2023
	Notes	01.01-30.06.2023	01.01-30.06.2022
Profit before income taxes		49,378,002.53	33,192,280.82
Adjustments for:
Depreciation and amortisation Amortisation of subsidies	26 26	8,670,766.77 (432,362.46)	8,483,919.62 (432,362.46)
Depreciation right-of-use assets	26	1,092,933.72	1,074,855.21
Finance cost for lease liabilities	25	1,170,851.59	1,192,026.53
(Gain)/ Loss on disposal of property, plant & equipment and non
current assets held for sale Financial expenses, net	4, 24 25	- 445,730.20	4,937.29 393,617.89
Provisions for cash settled share based payments	27	32,763.89	79,340.35
Provision for staff retirement indemnities	15	666,877.60	627,815.85
Other Provisions	9, 16	(2,539,634.95)	6,315,934.58
		58,485,928.89	50,932,365.68
(Increase)/Decrease in: Inventories		88,808.05	139,510.85
Trade and other receivables		(13,503,045.13)	(10,597,229.19)
Prepaid expenses		454,898.34	-
Other long term assets		(2,052.00)	(9,750.56)
Increase/(Decrease) in:
Trade accounts payable		(78,919.03)	2,204,611.59
Accrued and other current liabilities		(14,925,508.90)	(2,088,387.69)
Deferred income Payments for staff leaving indemnities	20 15	(278,301.00) (442,000.00)	(518,967.99) (75,700.00)
Interest income on debtors late payments Cash generated from operating activities	25	44,776.52 29,844,585.74	39,269.28 40,025,721.97
Interest paid		(611,783.54)	(31,595.27)
Income taxes paid	7	(9,658,357.82)	(616,746.98)
Net cash from Operating Activities		19,574,444.38	39,377,379.72
Cash flow from Investing activities
Grants received	14	-	1,095,291.89
Capital expenditure for property, plant and equipment and intagible assets	4	(10,549,924.62)	(13,094,744.76)
Advances for capital expenditure for property, plant and
equipment	6	(620,000.00)	(320,815.00)
Interest and related income received Net cash used in Investing Activities	11, 25	62,819.45 (11,107,105.17)	1,950.15 (12,318,317.72)
Cash flows from Financing Activities
Net change in long-term borrowings	17	(3,000,000.00)	(3,000,000.00)
Interest paid and guarantee fee Lease payments	5	(326,732.19) (3,622,901.61)	(170,152.82) (3,607,368.34)
Net cash used in Financing Activities		(6,949,633.80)	(6,777,521.16)
Net increase in cash and cash equivalents	11	1,517,705.41	20,281,540.84
Cash and cash equivalents at the beginning of the period	11	171,535,343.22	134,975,285.73
	11	173,053,048.63

NOTES TO THE INTERIM CONDENSED FINANCIAL INFORMATION FOR THE PERIOD ENDED JUNE 30, 2023

1. ESTABLISHMENT AND ACTIVITY OF THE COMPANY

"Piraeus Port Authority S.A" (from now on "PPA S.A." or "Company") was established in 1930 as Civil Law Legal Corporation (C.L.L.C.) by Law 4748/1930, which was revised by L.1559/1950 and was ratified by L.1630/1951 and converted into a Societé Anonyme (S.A.) by Law 2688/1999. The Company is located at Municipality of Piraeus, at 10 Akti Miaouli street.

The Company's main objective based on its articles of incorporation is to perform its obligations, conduct its activities and exercise its faculties under or in respect of the concession agreement between the Company and the Hellenic Republic dated 13 February 2002 regarding the use and exploitation of certain areas and assets within the Port of Piraeus, as amended and in force.

The Company may, by way of an illustrative but no means exhaustive list, conduct and be engaged in the following activities:

• to use all rights assigned to the Company pursuant to the Concession Agreement and maintain, utilize and exploit all concession assets in accordance with the Concession Agreement;
• provide services and facilities to vessels, cargo and passengers, including ship berthing and cargo and passenger handling to and from the port;
• install, organize and exploit all kinds of port infrastructure;
• undertake any activities related to the port and all other commercial activities associated with or reasonably incidental to the operation of the port of Piraeus;
• engage third parties to provide any kind of port services;
• award contracts for works;
• engage in such further activities as are prudent or customary for the proper conduct of its business and operations in accordance with the Concession Agreement; and
• engage in any and all activities, transactions or operations of a type that are generally conducted by commercial corporations.

The main activities of the Company are anchoring services of vessels, handling cargo, loading and unloading services as well as goods storage and car transportation. The Company is also responsible for the maintenance of port facilities, the supply of port services (water, electricity, telephone connection etc. supply), for services provided to travelers (coastal and cruise ships) and for renting space to third parties.

The Company is governed by the principles of L. 4548/2018 as replaced the Company Law 2190/1920 and the founding Law 2688/1999, as amended by Law 2881/2001 and Law 4404/2016.

The duration period of the Company is one hundred (100) years from the effective date of Law 2688/1999. This period may be extended by special resolution of the shareholders general meeting.

The Company is a subsidiary of COSCO SHIPPING (Hong Kong) Limited which controlled 51% of the voting rights, with date of transfer of such rights on 10 August 2016. COSCO SHIPPING (Hong Kong) Limited is 100% held by China Shipping Company Limited, which is 100% held by China COSCO SHIPPING Corporation Limited, a Chinese state-owned company. As a result, China COSCO SHIPPING Corporation Limited, by indirectly holding 100% of COSCO SHIPPING (Hong Kong) Limited, indirectly held 51% of the voting rights in PPA.

PIRAEUS PORT AUTHORITY S.A

On 6 October 2021, an over-the-counter transaction took place where COSCO SHIPPING (Hong Kong) Co., Limited acquired from Hellenic Republic Asset Development Fund S.A. an additional 16% of shares in PPA S.A. As a result, the percentage of voting rights of COSCO SHIPPING (Hong Kong) Co., Limited in PPA S.A. has increased from 51% to 67%. The above transaction has taken place under an Amended Share Purchase Agreement between COSCO SHIPPING (Hong Kong) Co., Limited as Purchaser and Hellenic Republic Asset Development Fund S.A. as Seller, following ratification of an Amendment to the Concession Agreement between the Hellenic Republic and PPA S.A. (Law 4838/2021, Government Gazette 180A/ 01.10.2021).

As a result of the above transaction, China COSCO Shipping Co. Limited indirectly holds 67% of voting rights in PPA S.A.

The Company's number of employees as at June 30, 2023 amounted to 1.011. At December 31, 2022, the respective number of employees was 962.

2. BASIS OF PREPARATION OF FINANCIAL INFORMATION

(a) Basis of Preparation of Financial information:

The accompanying interim condensed financial information that refer to the period ended on June 30, 2023, have been prepared in accordance with the International Accounting Standard (IAS) 34 "Interim Financial Reporting".

The Company, for the preparation of the Interim Condensed Financial Information of June 30, 2023, has adopted the going concern basis.

The accompanying interim condensed financial information do not include all the information required in the annual financial information and therefore should be examined in combination with the published annual financial information for the year ended 2022, which are available on the internet in the address www.olp.gr.

Certain prior period items have been reclassified to make them similar and comparable to current period items.

(b) Approval of Financial information:

The Board of Directors of Piraeus Port Authority S.A. approved the six-month financial report for the period ended at June 30, 2023 on September 27, 2023.

(c) Significant Accounting Judgments and Estimates:

The Company makes estimates and judgments in order to select the most appropriate accounting principles in relation to future developments and transactions. Estimates and judgments adopted in the preparation of the interim condensed financial information are consistent with those followed in the preparation of the annual financial statements for the year ended December 31, 2022.

The Company on December 31 2022, conducted an impairment assessment of the recoverable amount, evaluating the new data in the Container Terminal, which continued in the current year to show losses, although quite reduced compared to previous year.

Regarding the Container Terminal, the recoverable amount of the sector was determined from the value in use which was calculated based on adjusted discounted cash flows and revised business plans of the sector. The pre-tax interest rate used to discount the projected cash flows is 10.30% (31.12.2021: 7.10%). A sensitivity analysis was performed to the positive or negative change in the discount rate and income by 0.25% and 0.50% respectively. Based on the results, no impairment was recorded at the Container Terminal, as at 31 December 2022.

The Company on June 2023 conducted an impairment reassessment of the recoverable amount, in the activity sector of the Container Terminal, which continued as in the previous year to show operational losses. Regarding the Container Terminal, the recoverable amount of the sector was determined from the value in use which was calculated based on adjusted discounted cash flows and revised business plans of the sector. The pre-tax interest rate used to discount the projected cash flows is 10.00% (31.12.2022: 10.30%).

Based on the results, the present value exceeds by far the book value of the tangible fixed assets of the Container Terminal and therefore neither impairment as at 30 June 2023 was recorded. Sensitivity analysis was performed on the positive or negative change in the discount rate and revenues by 0.25% and 0.50% respectively, without appreciably affecting the results of the reassessment.

3. PRINCIPAL ACCOUNTING POLICIES

The accounting policies adopted in the preparation of the interim condensed financial information, are consistent with those used in the preparation of the annual financial statements of the Company for the year ended December 31, 2022, except for the adoption of new standards and interpretations applicable for fiscal periods beginning at January 1, 2023.

New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning on or after 1 January 2023. The Company's evaluation of the effect of these new standards, amendments to standards and interpretations is as follows:

IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (Amendments). The Amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments provide guidance on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose 'significant' accounting policies with a requirement to disclose 'material' accounting policies. Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept when making judgements about accounting policy disclosures.

IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments)

The amendments become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty, if they do not result from a correction of prior period error. Also, the amendments clarify what changes in accounting estimates are and how these differ from changes in accounting policies and corrections of errors.

IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments). The amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments narrow the scope of and provide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred tax related to assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the applicable tax law, whether such deductions are attributable for tax purposes to the liability or to the related asset component. Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal.

Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

IFRS 17 "Insurance contracts" and Amendments to IFRS 17

In May 2017, the IASB issued a new Standard, IFRS 17, which replaces the interim Standard, IFRS 4. The purpose of the IASB's work was to develop a single principle-based standard for accounting handling of all types of insurance contracts, including reinsurance contracts which are held by an entity. A single principles-based Standard will enhance the comparability of financial reporting across financial entities, jurisdictions and capital markets. IFRS 17 sets the requirements that an entity should apply to the financial information relating to insurance contracts it issues and reinsurance contracts it holds.

IFRS 17 (Amendment) "Initial Application of IFRS 17 and IFRS 9 – Comparative Information"

The amendment is a transition option related to comparative information about financial assets presented upon initial application of IFRS 17. The amendment is intended to help entities avoid temporary accounting mismatches between financial assets and insurance policy liabilities, and thereby improving the usefulness of comparative information for users of financial statements.

The amendments had no impact on the Company's Interim Condensed Financial Statements.

Standards and Interpretations effective for subsequent periods

IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments). The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in IAS 1 for the classification of liabilities as either current or non-current. The amendments clarify the meaning of a right to defer settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect current or noncurrent classification, that options by the counterparty that could result in settlement by the transfer of the entity's own equity instruments do not affect current or non-current classification. Also, the amendments specify that only covenants with which an entity must comply on or before the reporting date will affect a liability's classification. Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period. The amendments have not yet been endorsed by the EU.

IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments). The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee determines 'lease payments' or 'revised lease payments' in such a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee from recognising, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application, being the beginning of the annual reporting period in which an entity first applied IFRS 16. The amendments have not yet been endorsed by the EU.

IAS 12 Income taxes: International Tax Reform - Pillar Two Model Rules (Amendments).The amendments are effective immediately upon issuance, but certain disclosure requirements are effective later. The Organisation for Economic Co-operation and Development's (OECD) published the Pillar Two model rules in December 2021 to ensure that large multinational companies would be subject to a minimum 15% tax rate. On 23 May 2023, the IASB issued International Tax Reform—Pillar Two Model Rules – Amendments to IAS 12. The amendments introduce a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and disclosure requirements for affected entities on the potential exposure to Pillar Two income taxes.

The Amendments require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure of known or reasonably estimable information that helps users of financial statements understand the entity's exposure arising from Pillar Two income taxes.

To comply with these requirements, an entity is required to disclose qualitative and quantitative information about its exposure to Pillar Two income taxes at the end of the reporting period. The disclosure of the current tax expense related to Pillar Two income taxes and the disclosures in relation to periods before the legislation is effective are required for annual reporting periods beginning on or after 1 January 2023, but are not required for any interim period ending on or before 31 December 2023. The amendments have not yet been endorsed by the EU.

IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements (Amendments). The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments supplement requirements already in IFRS and require an entity to disclose the terms and conditions of supplier finance arrangements. Additionally, entities are required to disclose at the beginning and end of reporting period the carrying amounts of supplier finance arrangement financial liabilities and the line items in which those liabilities are presented as well as the carrying amounts of financial liabilities and line items, for which the finance providers have already settled the corresponding trade payables.

Entities should also disclose the type and effect of non-cash changes in the carrying amounts of supplier finance arrangement financial liabilities, which prevent the carrying amounts of the financial liabilities from being comparable. Furthermore, the amendments require an entity to disclose at the beginning and end of the reporting period the range of payment due dates for financial liabilities owed to the finance providers and for comparable trade payables that are not part of those arrangements. The amendments have not yet been endorsed by the EU.

The Company's Management is in the process of assessing the impact of the standards or the modification of the standards on its financial condition or performance.

4. PROPERTY, PLANT AND EQUIPMENT

	(amounts in Euro, unless stated otherwise)			Interim Condensed Financial Information for the period ended June 30, 2023
4. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are analysed as follows:
		Machinery &	Motor vehicles and	Furniture, fixtures and	Advances & Assets
	Buildings	equipment	floating docks	fittings	under construction	Total
ACQUISITION COST
Balance January 1, 2022	257,171,004.43	153,512,353.26	44,874,355.52	9,120,872.56	54,455,530.28	519,134,116.05
Additions	319,754.52	214,143.96	110,157.00	370,562.91	26,635,529.59	27,650,147.98
Disposals/ write off	-	(2,436,510.65)	-	(227,972.23)	-	(2,664,482.88)
Other movement Transfers	- 11,007,046.00	- 1,930,621.94	- 2,924,588.00	- 1,248,176.15	(21,000.00) (17,110,432.09)	(21,000.00) -
Transfers to intangibles	-	-	-	-	(539,571.55)	(539,571.55)
Balance December 31, 2022	268,497,804.95	153,220,608.51	47,909,100.52	10,511,639.39	63,420,056.23	543,559,209.60
Additions	19,850.00	50,728.00	-	91,320.75	10,414,034.81	10,575,933.56
Disposals/ write off	-	-	-	-	-	-
Other movement	-	-	-	-	(56,555.81)	(56,555.81)
Transfers	-	7,353,753.00	-	1,242,701.45	(8,596,454.45)	-
Transfers to intangibles	-	-	-	-	(81,521.55)	(81,521.55)
Balance June 30, 2023	268,517,654.95	160,625,089.51	47,909,100.52	11,845,661.59	65,099,559.23	553,997,065.80
DEPRECIATION
Depreciation January 1, 2022	(104,582,345.52)	(101,742,387.66)	(13,165,640.94)	(5,965,977.12)	-	(225,456,351.24)
Depreciation	(8,134,085.54)	(5,797,117.33)	(1,544,583.36)	(782,647.53)	-	(16,258,433.76)
Disposals	-	2,345,435.92	-	223,032.99	-	2,568,468.91
Depreciation December 31, 2022	(112,716,431.06)	(105,194,069.07)	(14,710,224.30)	(6,525,591.66)	-	(239,146,316.09)
Depreciation (Note 26)	(4,143,820.71)	(2,888,949.19)	(865,092.87)	(435,301.02)		(8,333,163.79)
Disposals / write off	-	-	-	-	-	-
Depreciation June 30, 2023	(116,860,251.77)	(108,083,018.26)	(15,575,317.17)	(6,960,892.68)	-	(247,479,479.88)
NET BOOK VALUE
January 1,2022	152,588,658.91	51,769,965.60	31,708,714.58	3,154,895.44	54,455,530.28	293,677,764.81
December 31, 2022	155,781,373.89	48,026,539.44	33,198,876.22	3,986,047.73	63,420,056.23	304,412,893.51
June 30, 2023	151,657,403.18	52,542,071.25	32,333,783.35	4,884,768.91	65,099,559.23	306,517,585.92

During the period ended June 30, 2023, the total investments of the Company's property, plant and equipment amounted to € 10,575,933.56 (30.06.2022 amounted to € 10,191,453.64) and related mainly to the improvement of port infrastructure under construction as well as and purchase of machinery and equipment. During the current period, the Company made payments of € 10,549,924.62 (30.06.2022: € 13,094,744.76) to suppliers related to investments in tangible and intangible fixed assets.

Property, plant and equipment are tested for impairment when there are indicators that the carrying amounts may not be recoverable. On June 30,2023, an impairment test for Container Terminal Segment was conducted, where the present value exceeds the book value of the tangible fixed assets of the Container Terminal and therefore as no relevant impairment was recorded.

There is no property, plant and equipment that have been pledged as security.

5. RIGHT OF USE ASSETS – LEASE LIABILITIES

5.	PIRAEUS PORT AUTHORITY S.A Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise) RIGHT OF USE ASSETS – LEASE LIABILITIES
as follows:	The recognized right-of-use assets and lease liabilities as at June 30, 2023 and December 31, 2022 are analyzed
		30/06/2023		31/12/2022
Right-of-use assets
Concession Agreement with Greek State			55,900,276.20	56,876,700.24
Motor vehicles		383,192.99	409,457.62
			56,283,469.19	57,286,157.86
		30/06/2023		31/12/2022
Lease-liabilities
Current			1,366,775.87	1,369,521.49 62,937,704.62
Non-current		60,578,645.27
			61,945,421.14	64,307,226.11

Lease-liabilities
The amounts recognized in the statement of comprehensive income, the movement of the right of use of assets
and the lease liability from January 1, 2023 to June 30, 2023 follows:			as well as in the previous year are analyzed as
		Right-of-use assets
	Concession Agreement
	with Greek State	Motor vehicles	Total	Lease liability
Additions	-	90,245.05	90,245.05	90,245.05
Cancellation / modification of contracts	-	-	-	-
Depreciation (Note 26)	(976,424.04)	(116,509.68)	(1,092,933.72)	-
Finance cost (Note 25)	-	-	-	1,170,851.59
Payments	-	-	-	(3,622,901.61)
Balance 30.6.2023	55,900,276.20	383,192.99	56,283,469.19	61,945,421.14
		Right-of-use assets
	Concession Agreement
	with Greek State	Motor vehicles	Total	Lease liability
Balance 1.1.2022	58,829,548.32	400,796.03	59,230,344.35	65,435,982.72
Additions	-	201,002.62	201,002.62	201,002.62
Cancellation / modification of contracts	-	24,237.96	24,237.96	12,061.51
Depreciation (Note 26)	(1,952,848.08)	(216,578.99)	(2,169,427.07)	-
Finance cost (Note 25)	-	-	-	2,393,727.05
	-	-	-	(3,735,547.79)
Payments

	Concession Agreement
	with Greek State	Motor vehicles	Total	Lease liability
Additions	-	90,245.05	90,245.05	90,245.05
Cancellation / modification of contracts	-	-	-	-
Depreciation (Note 26)	(976,424.04)	(116,509.68)	(1,092,933.72)	-
Finance cost (Note 25)	-	-	-	1,170,851.59
Payments	-	-	-	(3,622,901.61)
	Concession Agreement	Right-of-use assets
Additions	-	201,002.62	201,002.62	201,002.62
Cancellation / modification of contracts	-	24,237.96	24,237.96	12,061.51
Depreciation (Note 26)	(1,952,848.08)	(216,578.99)	(2,169,427.07)	-
Finance cost (Note 25)	-	-	-	2,393,727.05
Payments	-	-	-	(3,735,547.79)
	56,876,700.24	409,457.62	57,286,157.86	64,307,226.11

Lease expense for leases with duration less than 12 months for the period ended June 30, 2023 amounted to € 97,049.75 (30.06.2022: € 96,740.65) and is included in Expenses and specifically in the lines "Payroll and employee related costs" and "Third-party services" (Note 23).

6. OTHER NON-CURRENT ASSETS

	PIRAEUS PORT AUTHORITY S.A
	Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)
6.	OTHER NON-CURRENT ASSETS
	This account consists of the following:
		30/06/2023	31/12/2022
Guarantees to third parties		320,071.75	321,871.75
Car leases guarantees		89,654.56	85,802.56
Advances to suppliers		10,787,859.35	10,515,250.02

The item "Advances to suppliers" refers to the unamortized balance of advance payments that have been given to suppliers for the construction of investment projects of significant value, which the most of the advance payments are reduced by the amount of the 5% withholding on the issued invoices related to the execution of their work, in accordance with the signed contracts. The item is analyzed as follows: Total 11,197,585.66 10,922,924.33

Project " Expansion of the cruise Passenger Port"

During 2020, an advance payment of € 5,147,718.36 was given to a supplier for the commencement of work for the project. On 31 December 2020, the amount of withholding amounted to € 394,632.51 and the respective receivable amounted to € 4,753,085.85. As of December 31, 2021, the amount of withheld on the issued invoices, amounted to € 840,996.55 and the balance of the receivable amounted to € 3,912,089.30. In the previous year an amount of € 134,593.03 was withheld on the value of the invoices issued and the balance of the receivable amounted to € 3,777,496.27.

In addition, during the previous fiscal year, an additional advance of € 4,771,785.90 was given for the implementation of additional future works, which is not subject to withholding. Therefore, the total balance of the receivable amounted to € 8,549,282.17.

Project " Improvement of Infrastructure of the Ship Repair Zone"

During 2021, an advance payment of € 941,444.13 was given to a supplier for the commencement of work for the project. On 31 December 2021 the amount of withholding amounted to € 18,212.91 and the respective receivable amounted to € 923,231.22. In the previous year an amount of € 30,149.32 was withheld on the value of the invoices issued and the balance of the receivable amounted to € 893,081.90. During the current period an amount of € 51,072.44 was withheld on the value of the invoices issued and the balance of the receivable amounted to € 842,009.46.

Project "Expansion of the Car Terminal (Hrakleous Port) "

During 2021, an advance payment of € 990,524.42 was given to a supplier for the commencement of work for the project. On 31 December 2021 the amount of withholding amounted to € 29,148.17 and the respective receivable amounted to €961,376.25. In the previous year an amount of € 444,443.87 was withheld on the value of the invoices issued and the balance of the receivable amounted to € 516,932.38. During the current period an amount of € 275,892.66 was withheld on the value of the invoices issued and the balance of the receivable amounted to € 241,039.72.

Project "Underground road connection of Car Terminal with ex-ODDY "

In addition, during the previous year an advance payment of € 320,815.00 was given to a supplier for the commencement of work for the project. On 31 December 2022 the amount of withholding amounted to € 71,277.66 while the respective receivable amounted to € 249,537.34. During the current period an amount of € 20,425.57 was withheld on the value of the invoices issued and the balance of the receivable amounted to € 229,111.77.

Project "Dredging of port"

During the previous year, an advance payment of € 306,416.23 was given to a supplier for the commencement of work for the project, while the current period an additional amount of € 620,000.00 was given to a supplier for the continuation of work of the project. Therefore, the total balance of the receivable amounted to € 926,416.23.

7. INCOME TAX (CURRENT AND DEFERRED)

(amounts in Euro, unless stated otherwise)		Interim Condensed Financial Information for the period ended June 30, 2023
7. INCOME TAX (CURRENT AND DEFERRED) With the of Law 4799/2021, the income tax rate of legal entities was reduced to 22% for the tax revenues of the year 2021 and onwards.
The amounts of income taxes are analyzed as follows:
Statement of comprehensive income	1/1-30/6/2023	1/1-30/06/2022	1/1-31/12/2022
Current income taxes	9,852,017.53	8,261,711.85	12,401,346.00
Tax audit differences financial year 2016	-	-	6,345,212.94
Deferred income taxes	780,923.48	(969,655.34)	3,031,673.29
Total	10,632,941.01	7,292,056.51	21,778,232.23
Other Comprehensive Income
Deferred income taxes	-	-	321,382.21

The payments made for the income tax liability for the current period amounted to € 9,658,357.82 and concerns to the last two installments of the income tax declaration of the previous year amounted to € 3,313,144.88 (30.06.2022: € 616,746.98), as well as the additional tax in the amount of € 6,345,212.94 resulting from the delivery to the Company of the final act of corrective determination/imposition of an income tax fine for the tax year 2016.

For the Company, the audit of the tax compliance for the financial years 2011 to 2021 was performed by the statutory auditors. This audit for 2022 financial year is in progress by the Company's statutory auditors and the tax certificate will be granted after the publication of this Interim Condensed Financial Information. The Company's management estimates that no significant differences will arise from this audit.

With No.444 and 445 of October 6, 2021 order from the General Directorate of Tax Administration (Audit Authority Center for Large Enterprises) was notified to the Company a tax audit for the period 1/1/2020- 31/7/2021 and 1/1/2016 -31/12/2019, respectively.

On December 29, 2022, the final deed of corrective determination/imposition of income tax fine for the tax year 2016 was communicated to the Company, resulting in additional income tax and fines amounting to € 6,345,212.94 and € 3,172,606.47 respectively. Furthermore, additional increments of € 3,057,123.59 were imposed. The Company, disputing the above final deed of corrective determination/imposition of an income tax fine, proceeded to appeal against the entire definitive act of the General Directorate of Tax Administration which was implicitly rejected. the Company following the presumed implicit rejection, filed an appeal against this decision at the Piraeus Administrative Court of Appeal on 26.6.2023. 1/1-30/6/2023 31/12/2022 1/1-30/06/2022 Closing balance 2.811.907,25 3.592.830,73 7.915.541,57

Except for the audit of the tax year 2016, the aforementioned audit of tax authorities is in process.

The unaudited fiscal years of the Company are the years that ended on December 31, 2017 up to and including December 31, 2022. The Company's management estimates that will not arise important fines and surcharges.

The movement of deferred tax asset is analyzed as follows:

Opening balance	3.592.830,73	6.945.886,23	6.945.886,23
Income taxes (debit)	(780.923,48)	(3.031.673,29)	969.655,34
Income taxes credit – Other Comprehensive Income	-	(321.382,21)	-

The deferred tax asset balance on June 30, 2022 includes the relevant deferred tax on the provision on doubtful receivables which has been established mainly in previous years (before 2016) when the Company was operating under specific legislation Law 1559/1950 and Law 2688/1999. The Company believed that they had taken the ultimate possible measure for collecting a long outstanding receivable balance, part of which has been assigned

Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

to tax authority for collection. Until previous year, the Company for the doubtful receivable balances which has been assigned to tax authority for collection had calculated deferred tax asset amounted to € 2.6 million making use of the tax benefit and considering that had taken the ultimate possible measure required by the tax legislation. That intention was declared in a notice letter to the Ministry of Finance.

After resetting the request to Tax Authorities (AADE) on January 20, 2022, the Company received the protocol no. ΔΕΑΦ B 1053370/17.6.2022 response letter from Tax Authorities (AADE).

The management of the Company, interpreting the above response of the AADE, and following the confirmation of its main claims that had been assigned for collection by the competent DOU, proceeded during the prior fiscal year to form a tax provision for bad debts amounting to € 24.6 million and correspondingly de-recognized the amount of the deferred receivable that it had recorded during the previous years. 30/06/2023 31/12/2022 Consumable materials 388,944.07 498,977.12 Spare parts and equipment 3,045,193.90 3,023,968.90 Total 3,434,137.97 3,522,946.02

The balance of the deferred tax asset in the current period decreased compared to the previous year, mainly due to the offsetting of provisions for legal cases and other temporary differences.

8. INVENTORIES

The balance of inventories is analysed as follows:

	30/06/2023	31/12/2022
Consumable materials	388,944.07	498,977.12
Spare parts and equipment	3,045,193.90	3,023,968.90
Total	3,434,137.97	3,522,946.02

The total cost of inventory consumption for the period ended June 30, 2023 amounted to € 1,205,419.12 while that of the respective period ended June 30,2022 amounted to € 1,292,447.24 (Note 23). Inventories are valued at the lower of cost and net realizable value.

9. TRADE AND OTHER RECEIVABLES

31/12/2022
54,210,929.56
(41,222,818.71)
12,988,110.85
438,893.09
640,872.18
2,283,908.71
4,239,203.86
(2,204,043.54)
5,398,834.30
18,386,945.15

Total other receivables	5,314,171.03	5,398,834.30
Total trade and other receivables	31,940,559.42	18,386,945.15
Personnel loans: The Company provides interest-free loans to its personnel. The loan amount per employee
does not exceed approximately € 3,000.00 and loan repayments are made by withholding monthly instalments from the employee salaries.
Other receivable: Other receivable includes the short-term municipality amounted to € 238,838.62 (31.12.2022: € 238,838.62), as well as receivable from third parties and municipality of Drapetsona amounted to € 1.902.150,50 (31.12.2022: 2,045,070.09). For the claim of the Municipality of Drapetsona, a provision amounted to € 1,740,149.52 has been recorded.	amount of the compulsory seizure of Piraeus
Grant receivable: The receivable claim of grant for the current period and previous year concerns the balance to be collected from the Attica Regional Fund of the approved grant of the project "Expansion of the Passenger Port for cruise ship" (Note 14).
The movement in the provision for doubtful accounts receivable is analyzed as follows:
	30/06/2023	31/12/2022
Beginning balance	41,222,818.71	40,830,048.47
Provision for the year	402,357.47	392,770.24
Provision used	-	-
Ending balance	41,625,176.18	41,222,818.71
Trade receivables are normally settled on 10 days' terms. One single customer represents 42.3% of the Company's total revenue (31.12.2022: 45,8%). The outstanding amount of the customer Piraeus Container Terminal S.A. as at June 30, 2023 amounted to € 11.7 million (31.12.2022: 4.9 million) (Note 30).

For trade receivables and other receivables, the Company has calculated estimated credit losses (ECLs) based on lifetime expected credit losses. Taking into consideration that trade receivables are normally settled within 10 days from the issuance of the invoice, the risk of default and the expected loss rate of 0.5% has been determined by management whereas for all balances that are outstanding for less than 10 days (no overdue balances). Regarding the outstanding balances above 10 days, the Company has considered the risk of default, the days past due and the historical credit losses experienced adjusted to reflect current and forward-looking information per debtor to measure the expected credit losses for each individual trade receivable balance.

with IFRS 9.	The Company is actively monitoring the recoverability of trade receivables and ensures that the loss allowance recorded reflects, on a timely basis management's best estimate of potential losses in compliance
	The movement of the allowance for doubtful other receivables and advances to suppliers is analyzed as
follows:
		30/06/2023	31/12/2022
Beginning balance		2,204,043.54	2,204,043.54
Provision for the year		-	-
Reversal of provision		-	-
Ending balance		2,204,043.54	2,204,043.54
	The net impairment losses on financial assets are analyzed as follows:
		30/6/2023	30/6/2022

	Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)
with IFRS 9.			The Company is actively monitoring the recoverability of trade receivables and ensures that the loss allowance recorded reflects, on a timely basis management's best estimate of potential losses in compliance
follows:			The movement of the allowance for doubtful other receivables and advances to suppliers is analyzed as
	The net impairment losses on financial assets are analyzed as follows:
		30/6/2023	30/6/2022
Impairment losses
	Movement in loss allowance for trade receivables	402,357.47	131,418.15
Reversal of provision		-	-
Net impairment losses on financial assets		402,357.47	131,418.15
10. PREPAID EXPENSES
623,565.24).			Prepaid expenses of current year mainly include an advance payment of the commission for the guarantee of the existing loans amounting to € 1,120.590,49 (31.12.2022: € 792,567.00) as well as an advance payment to the insurance company about the property and civil liability amounting to € 0,00 (31.12.2022: €
11. CASH AND CASH EQUIVALENTS
	Cash and cash equivalents are analyzed as follows:
	30/6/2023	31/12/2022
Cash in hand	38,760.72	35,954.43
Cash at banks	77,014,287.91	171,499,388.79
Time deposits Total	96,000,000.00 173,053,048.63	- 171,535,343.22

10. PREPAID EXPENSES

Prepaid expenses of current year mainly include an advance payment of the commission for the guarantee of the existing loans amounting to € 1,120.590,49 (31.12.2022: € 792,567.00) as well as an advance payment to the insurance company about the property and civil liability amounting to € 0,00 (31.12.2022: € 623,565.24). Time deposits 96,000,000.00 - Total 173,053,048.63 171,535,343.22

11. CASH AND CASH EQUIVALENTS

Cash at banks	77,014,287.91	171,499,388.79

The Company taking advantage of its strong liquidity and the favorable interest rate conditions that have been created, proceeded to sign agreement of time deposits with both domestic and foreign credit institutions, with a total value of € 96.0 million with particularly favorable terms for it within the reference period. The maturity of all these term deposits amounts to periods of 3 to 12 months with fixed annual rates interest yield fluctuating from 2.6% to 3.2%. Despite the fact that the Company reserves the right to proceed with their immediate liquidation, according to its needs without affecting the initial capital.

Cash at banks earns interest at floating rates based on monthly bank deposit rates. Interest earned on cash and deposit at banks is accounted for on an accrual basis and for the period ended June 30, 2023, amounted to € 450,086.11 (for the period ended June 30, 2022, amounted to € 1,950.15) and is included in financial income in the statement of comprehensive income (Note 25).

12. SHARE CAPITAL

13. RESERVES

PIRAEUS PORT AUTHORITY S.A
Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)
The Company's share capital amounts to € 50,000,000.00, fully paid up and consists of 25,000,000 ordinary shares, of nominal value € 2.00 each. In the Company's share capital there are neither shares which do not
Reserves are analyzed as follows:
	30/06/2023	31/12/2022
Statutory reserve	16,666,666.67	16,666,666.67
represent Company's capital nor bond acquisition rights. Special tax free reserve L. 2881/2001	61,282,225.52	61,282,225.52
Specially taxed income reserve	728,128.36	728,128.36
Taxed reserve L. 4172/2013 art. 72	6,087,915.56	6,087,915.56
Taxed reserve based on general provisions	188,760.09	188,760.09

Special tax-free reserve Law 2881/2001: This reserve which is exempt from taxation, was created during the conversion of the Company to a Societé Anonyme. The total Company's net shareholder funds (Equity) was valued, by the article 9 Committee of the Codified Law 2190/1920, at € 111,282,225.52, € 50,000,000.00 out of which was decided by Law 2881/2001 to form the Company share capital and the remaining € 61,282,225.52 to form this special reserve. The above Special Tax-Free Reserve is taxed under the conditions and to the extent provided for in the general provisions, i.e. in the event of its distribution or capitalization.

Untaxed or specially taxed income reserve: This is interest income which was either not taxed 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. Based on Article 72 par.11 of Law 4172/2013 those reserves are subject (from 1 January 2014) to an independent taxation at a rate of 19%. On December 30th, 2014, the Company proceed to the taxation of those reserves which amounted to € 1,428,029.58. After the tax deduction the taxed reserves of Article 72 N.4172/2013 and the taxed reserve with the general provisions amounting to € 6,087,915.56 and € 188,760.09 respectively were created. 30/06/2023 31/12/2022 Opening 51,912,350.22 51,912,350.22 Approved grant in current year - - Closing 51,912,350.22 51,912,350.22 Accumulated amortization (14,936,174.08) (14,503,811.62) Net Book Value 36,976,176.14 37,408,538.60

14. GOVERNMENT GRANTS

The movement of government grants is analyzed as follows:

	30/06/2023	31/12/2022
Opening	51,912,350.22	51,912,350.22
Approved grant in current year
Closing	51,912,350.22	51,912,350.22
Accumulated amortization	(14,936,174.08)	(14,503,811.62)
Net Book Value	36,976,176.14	37,408,538.60

Grants received up to December 31, 2011 relate to the requirements of the Olympic Games of 2004 (€ 11,400,000.00) and on the construction of infrastructure for the OSE S.A. port station (€ 3,700,000.00).

Also, a grant of € 3,653,518.80 has been received in 2012 and is divided in a) € 2,536,168.80, which relates to the widening of the quay Port Alon and b) € 1,117,350.00 for the construction of new dock at the area of Agios Nikolaos in the central port of Piraeus, under the operational program "Improvement of accessibility-energy" of the Attica region.

Finally, a grant amounted to € 9,901,740.45 has been received in December 2013 and relates to the operational program "Support Accessibility" of the Ministry of Infrastructure, Transport and Network and in particular in two projects which have been completed. According to a decision of Attica Region issued during 2017, it was decided to return the amount of € 13,735.39 for the correction of the subsidy for the project "Widening of the quay Port Alon ".

Moreover, according to a decision of Attica Region issued during 2018, it was decided to return the amount of € 546,750.77 for the correction of the subsidy for the project "Construction of new dock of Ag. Nikolaos».

In previous period, the Attica Regional Fund approved a grant of € 10,147,804.96 for the project "Expansion of the Passenger Port for the service of the cruise" and the amount of € 6,766,044.97 was collected. The above amount concerns two payment orders for the project of the expansion of the Themistocleous pier and the construction of a new Pier on the south side of the central port, with a total approved amount of € 97,720,853.49 from the ATPIC WPP (NSRF 2013 - 2020) according to the decision 403 / 11-2-2020.

During the previous year, a grant of € 13,669,772.17 was approved by the Attica Regional Fund for the project "Expansion of the Passenger Port for the service of the cruise", which is under execution. As at June 30, 2023 the amount of approved grant of € 4,239,203.86 (Note 9) is pending (31.12.2022: € 4,239,203.86), while in the current period no amount was received (31.12.2022: € € 1,095,291.89).

Grants are considered as deferred revenue and are recognized as income at the same depreciation rate as the relevant subsidized fixed assets are depreciated (Note 26). Grants received for assets under construction are not depreciated until the fixed assets are complete and operational.

There are no other obligations regarding the received grants.

15. RESERVE FOR STAFF RETIREMENT INDEMNITIES

PIRAEUS PORT AUTHORITY S.A Interim Condensed Financial Information for the period ended June 30, 2023
(amounts in Euro, unless stated otherwise)
RESERVE FOR STAFF RETIREMENT INDEMNITIES
The relevant provision movement for the period ended on June 30, 2023 and the financial year ended December 31, 2022 is as follows:
Liability in Statement of Financial Position 31.12.2021		10,207,275.80
Current cost of Employment		1,383,460.45
Interest cost on liability		61,243.65
Actuarial (gain)/loss liability due to financial assumptions		(1,443,514.96)
Actuarial (gain)/loss on liability due to experience		(17,313.25)
Cost of arrangements, cuts and special cases		132,126.71
Benefits paid		(339,700.00)
Liability in Statement of Financial Position 31.12.2022		9,983,578.40
Current cost of Employment		638,607.44
Interest cost on liability		28,270.16
Benefits paid		(442,000.00)
Liability in Statement of Financial Position 30.6.2023		10,208,456.00
At June 30, 2023 the total cost of employment amounted to € 666,877.60 (June 30, 2022 € 627,815.81) and is included in payroll and related costs (Note 27).
The principal actuarial assumptions used are as follows:
	30/6/2023	31/12/2022
Discount Rate	3.53%	3.53%
Salaries increase	0.00%	0.00%
Average annual growth rate of long-term inflation	2.20%	2.20%
The Company has made provisions for various pending court cases as at June 30, 2023 amounting to

Discount Rate	3.53%	3.53%
Average annual growth rate of long-term inflation	2.20%	2.20%

16. PROVISIONS

Liability in Statement of Financial Position 30.6.2023		10,208,456.00
At June 30, 2023 the total cost of employment amounted to € 666,877.60 (June 30, 2022 € 627,815.81) and is included in payroll and related costs (Note 27).
The principal actuarial assumptions used are as follows:
Discount Rate		3.53%	3.53%
Average annual growth rate of long-term inflation		2.20%	2.20%
The Company has made provisions for various pending court cases as at June 30, 2023 amounting to € 16,087,532.51 (31.12.2022: € 19,061,195.53) for lawsuits from personnel and other third party. The movement of the provision is as follows:
	30/6/2023	31/12/2022
Opening balance	19,061,195.53	21,005,319.88
Charge of the year (Note 23)	246,307.11	188,089.97
Provision used	(31,670.60)	(173,544.94)
Reversal of provision (Note 23)	(3,188,299.53)	(1,958,669.38)
Closing balance	16,087,532.51	19,061,195.53
The current's period provision relates to legal cases of employees, Hellenic Republic and other third parties amounting to € 170,099.18, € 0 and € 76,207.93 respectively (31.12.2022: € 164,780.97, € 6,000.00 and € 17,309.00). The current and prior year reversal of the provision relates to legal cases which have been reassessed by the Company's legal department based on current developments or finalized in favor of the

The current's period provision relates to legal cases of employees, Hellenic Republic and other third parties amounting to € 170,099.18, € 0 and € 76,207.93 respectively (31.12.2022: € 164,780.97, € 6,000.00 and € 17,309.00). The current and prior year reversal of the provision relates to legal cases which have been reassessed by the Company's legal department based on current developments or finalized in favor of the Company. The provision used relates to legal cases which have been finalized against the Company and a provision has been made in prior years. Ιn particular, the reversal of provision within the current period mainly concerns a case with the Greek State, which was finalized in favor of the Company following a decision of the Council of State.

17. LONG AND SHORT-TERM BORROWINGS

a) Long-term borrowings

	PIRAEUS PORT AUTHORITY S.A
	Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)
	LONG AND SHORT-TERM BORROWINGS
	Long-term borrowings
	The Long-term borrowings as at June 30, 2023 and December 31, 2022 respectively, are as follows:
		30/06/2023	31/12/2022
	Total of Long term borrowings	35,499,999.99	38,499,999.99
Minus:
	Short term portion of Long term borrowings	6,000,000.00	6,000,000.00
		29,499,999.99	32,499,999.99
Long term portion
	Balance included in the following loans between the Company and the European Investment Bank:
1.	Loan of € 35,000,000.00 for the construction of Container Terminal Pier I, issued on 30/7/2008. The repayment of the loan will be in thirty (30) semi-annual installments, payable from December 15,

The repayment of the loan will be in thirty (30) semi-annual installments, payable from December 15, 2013 up to and including June 15, 2028. As amended in October 2, 2017 the loan bears an annual interest rate, that is the sum of a stable interest rate and a margin of 0.25% which is payable quarterly.

From this contract there are obligations and restrictions for the Company, the most important of which are summarized as follows: (i) to submit the annual financial statements within 1 month of publication along with a Certificate of Compliance audited by a recognized firm of certified auditors, and (ii) to hold throughout the duration of the loan and until fully repaid, the following financial ratios, calculated on annual financial statements, audited by certified auditors, for each financial year:

• 1. EBITDA [Profit / (loss) before interest, taxes, depreciation and amortization] / Interest ≥ 3.00
• 1. Total net bank debt / EBITDA [Profit / (loss) before interest, tax, depreciation, amortization] ≤ 9.80
• 1. Total shareholders' equity ≥ 140 million
• 1. Loan of € 55,000,000.00 for the construction of Container Terminal Pier I issued on the 10/02/2010.

The repayment of the loan will be in thirty (30) semi-annual installments, payable from 15 June 2015 up to and including 15 December 2029. As amended in October 2, 2017 the loan bears an annual interest rate, that is the sum of a fluctuating interest rate and a margin of 0.25% which is payable quarterly.

From this contract there are obligations and restrictions for the company, the most important of which are summarized as follows: (i) to submit the annual financial statements within 1 month of publication along with a Certificate of Compliance audited by a recognized firm of certified auditors, and (ii) to hold throughout the duration of the loan and until fully repaid, the following financial ratios, calculated on annual financial statements, audited by certified auditors, for each financial year:

• 1. EBITDA [Earnings before interest, taxes, depreciation and amortization] / Interest ≥ 3.00
• 1. Total net bank debt / EBITDA [Earnings before interest, taxes, depreciation, amortization] ≤ 9.80
• 1. Current assets / current liabilities ≥ 1.2
• 1. Total shareholders' equity ≥ 140 million.

On September 26, 2017 a Guarantee Issuance Facility Agreement was signed between the Company and the ''Export Import Bank of China'', in respect of the issuance of guarantees of an initial amount of € 75,074,999.99 to support the loans from the European Investment Bank outstanding debt.

PIRAEUS PORT AUTHORITY S.A Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

The amount of guarantee is variable and is based on an amortization table linked to the total outstanding balance of both loans' agreements. The guarantee bears an issuance fee of zero point six per cent (0.6%) of the relevant maximum guarantee amount. This fee paid for the period ended June 30, 2023 amounted to € 129,595.57 (30.06.2022: € 228,809.82) and is included in financial expenses (Note 25).

For the period ended June 30, 2023 and 2022, total interest expense on long-term borrowings, amounted to € 631.717,49 and € 35.874,68 respectively and is also included in financial expenses (Note 25).

On November 8, 2019 a loan agreement of € 100,000,000.00 was signed between PPA S.A. and the European Investment Bank. The purpose of the loan is to invest in the expansion and upgrading of many areas of Piraeus Port, including the extension of the car terminal, improving the infrastructure of the ship repair zone, the development of a new logistics Port Center, the construction of a new cruise service facility, the acquisition of new container terminal equipment and the renovation-upgrading of other port and electromechanical installations.

During the current period, the amount of € 246,666.67 was paid to the European Investment Bank by the Company as a commitment fee for this loan, which is included in non-current assets and specifically in deferred finance fees.

Guarantor of P.P.A. regarding the loan is the Export-Import Bank of China (based on contract 14/11/2019) and a letter of guarantee amounting to € 105,000,000.00 will be issued at the time the loan is drawn down.

From the agreement's sign off until June 30, 2023 and December 31,2022 the Company had not withdrawn any amount, under this facility, however management's intention is to withdraw the loan in the near future.

b) Short-term borrowings:

The Company has a credit line available for € 50,000,000.00 with National Bank of Greece valid until December 31, 2023. The credit line bears annual variable interest rates of Euribor, plus margin 2.90 %. The Company has not utilised any amount under the overdraft agreement.

18. DIVIDENDS

On March 17, 2023 the Board of Directors proposed for the fiscal year 2022 a dividend distribution amounting to € 26,000,000.00 or € 1.040 per share which was approved by the General Meeting of the Company on August 2, 2023 (Note 32).

19. ACCRUED AND OTHER CURRENT LIABILITIES

PIRAEUS PORT AUTHORITY S.A
Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)
ACCRUED AND OTHER CURRENT LIABILITIES
This account is analyzed as follows:
	30/6/2023	31/12/2022
Taxes payable (except Income taxes)	1,907,881.90	5,113,883.51
National insurance and other contribution	1,885,331.15	2,419,185.39
Salaries Payable	656,579.88	1,126,128.31
Concession Agreement Liability	1,944,663.68	3,502,213.43
Other creditors	527,357.81	2,375,986.28
Other Short Term Obligations	1,703,766.62	1,278,206.76
Regulatory Authority for Ports	318,170.05	600,432.86
Greek State committed dividends	804,000.00	804,000.00
Customers' payment in advance	4,687,608.29	6,024,742.77
	3,544,365.77	9,370,617.45
Accrued expenses

Concession Agreement Liability: The liability relates to the variable amount of annual fee with an equal debit in the expense account "Concession agreement fee" (Note 23) and excludes the fixed minimum annual fee for the current period of € 1,750,000.00. Regardless of the application of IFRS 16, the Company's contractual obligation to pay to the Greek State as at 30 June 2023 amounted to € 3,694,663.68 (31 December 2022: € 7,002,213.43) and was calculated as a percentage of 3.5% on the total revenue of the current year excluding financial revenues.

Payment in advance: The Company receives payments in advance for services rendered on an ordinary basis, which are then settled on a regular basis. Customer payments in advance amounted to € 4,687,608.29 (31.12.2022: € 6,024,742.77).

Accrued expenses: The accrued expenses of the previous year mainly include the fines and surcharges of the tax audit of the year 2016 amounting to € 6,229,730.06.

20. DEFERRED INCOME

		PIRAEUS PORT AUTHORITY S.A Interim Condensed Financial Information for the period ended June 30, 2023
		(amounts in Euro, unless stated otherwise)
20. DEFERRED INCOME
	The deferred revenue is analyzed as follows:
		30/06/2023	31/12/2022
		27.905.660,32	27.905.660,32
Non-current portion		4.486.807,74	4.765.108,74
Current portion
Total deferred income		32.392.468,06	32.670.769,06
	The deferred revenue derives from the following:

a) On April 27, 2009 "PCT S.A." paid € 50,000,000.00 as a one-off consideration for the use of port facilities of Piers II and III of SEMPO of PPA (N.3755/2009). From the aforementioned amount, € 2,930,211.41 was offset with the cost of supplies and parts provided by PCT S.A., while the remaining amount of € 47,069,788.59 is amortized over the concession period.
The initial concession period was thirty (30) years, which was increased to thirty five (35) years, after the completion the construction of the port infrastructure on the east side of Pier III.
Following the transfer of the cumulative amount € 18,491,702.81 on revenue of the years 2009 until June 30, 2023 the new balance at June 30, 2023 amounted to € 28,578,085.78 (December 31, 2022: € 29,250,511.43).
b) The Company receives Fixed Annual Consideration from PCT S.A based on the length and surface of conceded land. Fixed Annual Considerations is invoiced twice in advance, in April and October of each fiscal year. As a result, the Company has recognized deferred revenue of € 3,426,315.91 and € 3,290,861.90 as at June 30, 2023 and December 31, 2022 respectively.
	33,756,134.58
Balance December 31, 2021 Less: Amortization of the year – Initial concession	(1,344,851.16)
Less: Deferred Fixed Annual Consideration for the period 1.1.202-31.3.2022 realized	(3,160,771.94)
Plus: Deferred Fixed Annual Consideration for the period 1.1.2023-31.3.2023	3,290,861.90 32,541,373.38
Balance December 31, 2022 Less: Amortization of the year – Initial concession	(672,425.58)
Less: Deferred Fixed Annual Consideration for the period 1.1.2023-31.3.2023 realized Plus: Deferred Fixed Annual Consideration for the period 1.7.2023 - 30.9.2023	(3,290,861.90) 3,426,315.91

c) Additionally, as at June 30, 2023, deferred income includes an amount of € 388,066.25 which relates to the deferred income from rentals (31.12.2022: € 129,395.68).

21. SEGMENT INFORMATION

The Company operates in Greece, regardless of the fact that its clientele includes international companies. Additionally, the Company has no other commercial or industrial activities other than the provision of services solely in the Port area and does not have income or assets from foreign customers (based on the geographical area in which they operate).

The port of Piraeus is a port engaging in complex activities, putting work in many areas of port activity, such as containers Car-terminal, coasting, cruise, ship repairing, environmental and logistics services.

It is the main port of coastal connecting mainland Greece and the islands, the main cruise port service in the country, the main container port and the unique car – terminal port of the country.

PPA S.A. provides all the requested port services: water, solid and liquid slot tankers, jack residual oil, electricity, fiber optics and internet, victuals, repairs, environmental services and is fully connected to all activities with modern computer systems.

The management of PPA SA monitors, at the level of results, the above activities and takes business decisions based on the implemented internal management information system.

Based on the above and in accordance with the provisions of IFRS 8, the Company has determined to disclose the following segments:

• Container Terminal
• Handling Car
• Coasting
• Cruise
• Ship repairing
• •Other segments (water supply, space management, merchandise management)

The other segments include activities representing less than 10 % of total revenue and profit in all segments and therefore are not disclosed as separate operating segments.

The Company level, includes revenues and expenses that are not allocated by operating segment because management monitors them at entity level.

Management does not make business decisions and does not monitor periodically the assets and liabilities of the business sectors and for this reason does not make the relevant disclosures as required by the provisions of IFRS 8.

Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

The segment information for the period ended June 30, 2023 and Jun 30, 2022, is analyzed as follows:

		CONTAINER TERMINAL				SHIP
30.06.2023	CONTAINER	CONSESSION	CAR TERMINAL	COASTING	CRUISE	REPAIRING	OTHER SEGMENTS	COMPANY	TOTAL
	TERMINAL	ARRANGEMENT				(TANKS AND
	OPERATION	PIER III&III				DOCK)
Revenues	22,115,810.17	41,490,490.55	10,326,918.52	5,088,721.19	8,878,706.67	8,889,823.13	5,629,155.44		102,419,625.67
Cost of sales	(20,309,739.97)	(2,189,882.45)	(4,191,862.19)	(2,643,423.84)	(4,127,879.41)	(6,117,188.30)	(3,675,433.43)		(43,255,409.59)
Gross profit/(loss)	1,806,070.20	39,300,608.10	6,135,056.33	2,445,297.35	4,750,827.26	2,772,634.83	1,953,722.01		59,164,216.08
Other expenses	(2,560,130.91)	(4,867,240.54)	(1,204,528.63)	(560,777.66)	(940,068.56)	(1,149,177.70)	(803,767.21)	773,866.28	(11,311,824.93)
Other income						823,437.51	1,432,545.82	886,209.84	3,142,193.17
Financial income								494,862.63	494,862.63
Financial expenses	(1,011,861.84)	(468,392.03)	(119,194.38)	(57,362.38)	(88,821.66)	(111,387.20)	(81,057.63)	(173,367.30)	(2,111,444.42)
Profit/ (loss) before income taxes	(1,765,922.55)	33,964,975.53	4,811,333.32	1,827,157.31	3,721,937.04	2,335,507.44	2,501,442.99	1,981,571.45	49,378,002.53
Income taxes								(10,632,941.01)	(10,632,941.01)
Net profit / (loss) after taxes	(1,765,922.55)	33,964,975.53	4,811,333.32	1,827,157.31	3,721,937.04	2,335,507.44	2,501,442.99	(8,651,369.56)	38,745,061.52
Depreciation and amortisation
(inclunding right-of-use assets
depreciation)	3,625,709.55	1,625,790.20	603,236.57	590,843.28	771,680.41	1,282,583.81	831,449.40	44.81	9,331,338.03
(Losses) / Earnings before Interest,
Taxes, Depreciation and Amortisation	2,871,648.84	36,059,157.76	5,533,764.27	2,475,362.97	4,582,439.11	3,729,478.45	3,413,950.02	1,660,120.93	60,325,922.35

		CONTAINER TERMINAL				SHIP
30.06.2022	CONTAINER TERMINAL OPERATION	CONSESSION ARRANGEMENT PIER II& III	CAR TERMINAL	COASTING	CRUISE	REPAIRING (TANKS AND DOCK)	OTHER SEGMENTS	COMPANY	TOTAL
Revenues	21,484,359.20	39,334,906.01	9,372,389.07	4,657,712.81	5,534,872.85	8,033,222.29	4,658,100.98		93,075,563.21
Cost of sales	(19,888,337.32)	(2,094,443.08)	(4,342,407.21)	(2,828,658.50)	(3,108,002.20)	(5,601,369.17)	(3,529,695.75)		(41,392,913.23)
Gross profit/(loss)	1,596,021.88	37,240,462.93	5,029,981.86	1,829,054.31	2,426,870.65	2,431,853.12	1,128,405.23		51,682,649.98
Other expenses	(2,454,362.96)	(4,490,070.55)	(1,069,824.01)	(530,144.55)	(591,785.90)	(1,002,387.80)	(668,619.64)	(9,057,434.75)	(19,864,630.16)
Other income						769,173.79	1,409,778.32	780,953.31	2,959,905.42
Financial income								41,219.43	41,219.43
Financial expenses	(539,586.00)	(492,263.78)	(121,842.00)	(58,367.68)	(62,762.79)	(110,448.91)	(76,702.96)	(164,889.73)	(1,626,863.85)
Profit/ (loss) before income taxes	(1,397,927.08)	32,258,128.60	3,838,315.85	1,240,542.08	1,772,321.96	2,088,190.20	1,792,860.95	(8,400,151.74)	33,192,280.82
Income taxes								(7,292,056.51)	(7,292,056.51)
Net profit / (loss) after taxes	(1,397,927.08)	32,258,128.60	3,838,315.85	1,240,542.08	1,772,321.96	2,088,190.20	1,792,860.95	(15,692,208.25)	25,900,224.31
Depreciation and amortisation (inclunding right-of-use assets depreciation)	3,467,329.19	1,645,598.53	704,010.43	592,997.37	728,436.22	1,165,221.06	822,697.51	122.06	9,126,412.37
(Losses) / Earnings before Interest, Taxes, Depreciation and Amortisation	2,608,988.11	34,395,990.91	4,664,168.28	1,891,907.13	2,563,520.97	3,363,860.17	2,692,261.42	(8,276,359.38)	43,904,337.61

22. REVENUES

22. REVENUES
Revenues are analyzed as follows:
	1/1-30/06/2023	1/1-30/06/2022
Revenue from: Loading and Unloading	20,454,111.50	20,660,982.85
Storage	5,923,664.46	6,285,638.41
Supply of water	977,924.60	794,993.07
Dry docking services	5,320,793.33	4,338,984.48
Cruise services -main activity	5,805,645.29	2,945,856.30
Ferry services - main activity	3,726,070.44	3,485,638.35
Environmental services	2,091,360.23	1,452,291.80
Mooring	5,808,896.02	5,104,552.74
Shipbuilding Repair Zone services	3,569,029.80	3,694,237.81
Other supporting services	7,105,056.40	4,746,367.27
Revenue from concession of liquid wastes' collection and transportation	146,583.05	231,114.12
Total	60,929,135.12	53,740,657.20
Revenue from Fixed and Variable Consideration:
Revenue from concession agreement Pier ΙΙ+ΙΙΙ	40,784,282.57	38,630,368.44
Other income from concession agreement Pier ΙΙ+ΙΙΙ	706,207.98	704,537.57
Total	41,490,490.55	39,334,906.01
Grand total	102,419,625.67	93,075,563.21

Cruise ship arrivals in the first half stood at 272 compared to 236 in 2022, registering an increase of 15.3%. The total number of passengers registered an increase of 106.4% (494,164 passengers) compared to 2022 (239,416 passengers). In particular, compared to 2022 there was an increase of 152.8% (272,148 passengers versus 107,650) in homeport passengers and 68.5% (222,016 passengers versus 131,766) in transit passengers.

In the current period, Piraeus Port Authority S.A. has jointly launched a new car shipment route and service for car transportations from China to Europe, North Africa and Near East in new special containers based on the advantage of port of Piraeus and innovation in carrying mode by multipurpose vessel with COSCO SHIPPING SPECIALIZED CARRIERS CO., LTD,targeted to provide high quality service car logistics. The new service generated a total revenue of 2,470,651.69, affecting mainly the revenue in the various port services in the amount of € 1,645,793.63.

The significant increase in revenue from the concession Piers II + III is mainly due to the increase in the variable consideration, which amounted to € 33,931,650.65 (30.06.2022: € 32,048,644.53).

In addition, it is noted that there is no seasonality in the Company's activities.

23. ANALYSIS OF EXPENSES

PIRAEUS PORT AUTHORITY S.A Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)
23. ANALYSIS OF EXPENSES
Expenses (cost of sales and administrative expenses) are analyzed as follows:
	1/1-30/06/2023	1/1-30/06/2022
Payroll and employee related costs (Note 27)	31.048.777,67	29.528.307,53
Third party fees	1.697.407,94	2.132.432,46
Third party services	7.523.601,58	6.571.595,22
Depreciation- Amortization (Note 26) Taxes and duties	9.331.338,03 472.241,16	9.126.412,37 430.026,73
General expenses	2.809.337,84	2.201.849,27
Cost of sales of inventory and consumables (Note 8)	1.205.419,12	1.292.447,24
Provision for pending lawsuits (Note 16) Consession agreement fee (Note 19)	(2.941.992,42) 1.944.663,68	6.248.905,53 1.611.241,39

A significant decrease of € 9.2 million appeared in the provisions for legal cases due to the fact that in current period a provision amounted to € 3.2 million is reversed and an additional provision was recorded amounted to € 246.3 thousand while in previous period have been recorded provisions amounted to € 6.6 million and provision amounted to € 382.8 thousand is used. 1/1-30/06/2023 1/1-30/06/2022 Cost of sales 43.255.409,59 41.392.913,23 Administrative expenses 9.835.385,01 17.750.304,51 Total 53.090.794,60 59.143.217,74

A decrease in "Third Party Fees and Expenses" by € 0.4 million or 20,4% due to the decrease of use of external partners for loading and unloading services.

An increase in "Third party services" by € 1.0 million or 14,5%, due to the increase in the Company's electricity and repair of PPA's fix assets.

The above expenses are analyzed as follows:

	1/1-30/06/2023	1/1-30/06/2022
Cost of sales	43.255.409,59	41.392.913,23
Administrative expenses	9.835.385,01	17.750.304,51
Total	53.090.794,60	59.143.217,74

24. OTHER OPERATING INCOME / EXPENSES

OTHER OPERATING INCOME

PIRAEUS PORT AUTHORITY S.A
Interim Condensed Financial Information for the period ended June 30, 2023
(amounts in Euro, unless stated otherwise)
24. OTHER OPERATING INCOME / EXPENSES
OTHER OPERATING INCOME
	1/1-30/06/2023	1/1-30/06/2022
Rental income	2,182,755.96	2,089,381.96
Income from European Union programs	75,111.85	282,616.93
Income from the sale of consumables and other materials	-	151,540.20
Grants from OAED	-	26,479.78
Insurance compensation	180,540.08	40,955.12
Income from reversal of provision for holiday simple pay	486,589.31	-
Various other operating income	217,195.97	368,931.43
Total	3,142,193.17	2,959,905.42
Rental income relates to rents from the lease of land and building facilities of the Company. These include the amount related to the investment properties.
OTHER OPERATING EXPENSES
	1/1-30/06/2023	1/1-30/06/2022
Third parties compensation	346,988.83	107,389.13
Prior years' income tax fines and penalties	-	1,376,120.29
Loss from damage of machinery	189,919.81	-
Loss on disposal of fixed assets	-	4,937.29
Other expenses	537,173.81	494,460.79

OTHER OPERATING EXPENSES

Income from the sale of consumables and other materials		-	151,540.20
Rental income relates to rents from the lease of land and building facilities of the Company. These include the amount related to the investment properties. OTHER OPERATING EXPENSES
		1/1-30/06/2023	1/1-30/06/2022
Third parties compensation		346,988.83	107,389.13
Prior years' income tax fines and penalties		-	1,376,120.29
Loss from damage of machinery		189,919.81	-
Loss on disposal of fixed assets		-	4,937.29
Other expenses		537,173.81	494,460.79
Total		1,074,082.45	1,982,907.50
The prior years' income tax fines and penalties related to differences in the calculation of employees withheld income tax. The third parties' compensations relate mainly to interest compensations
according to court decisions finalized against Company.
25. FINANCIAL INCOME/ (EXPENSES)
The financial income is analyzed as follows:
	1/1-30/06/2023	1/1-30/06/2022
Interest income and related financial income	450.086,11		1.950,15
Interest income on debtors late payments Total	44.776,52 494.862,63		39.269,28 41.219,43

25. FINANCIAL INCOME/ (EXPENSES)

Total	494.862,63	41.219,43

The prior years' income tax fines and penalties related to differences in the calculation of employees withheld income tax. The third parties' compensations relate mainly to interest compensations according to court decisions finalized against Company. 25. FINANCIAL INCOME/ (EXPENSES) The financial income is analyzed as follows: Total 494.862,63 41.219,43 Interest income on bank deposits mainly concern interest provisions from time deposits (Note 11) that have been concluded in the current period. The financial expenses are analyzed as follows: 1/1-30/06/2023 1/1-30/06/2022 Finance cost for lease liabilities (Note 5) (1.170.851,59) (1.192.026,53) Interest expense and related financial expenses (940.592,83) (434.837,32) Total (2.111.444,42) (1.626.863,85)
		Page 48 of 55

26. DEPRECIATION- AMORTISATION

PIRAEUS PORT AUTHORITY S.A Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)
26. DEPRECIATION- AMORTISATION
The amounts are analyzed as follows:
	1/1-30/06/2023	1/1-30/06/2022
Depreciation of property, plant and equipment (Note 4)	8,333,163.79	8,087,922.85
Software depreciation	337,602.98	395,996.77
Depreciation of right of use assets (Note 5)	1,092,933.72	1,074,855.21
Fixed assets subsidies depreciation (Note 14)	(432,362.46)	(432,362.46)
Total	9,331,338.03	9,126,412.37
27. PAYROLL AND RELATED COSTS
The amounts are analyzed as follows:
	1/1-30/06/2023	1/1-30/06/2022
Wages and salaries	23.754.984,08	22.602.507,63
Social security costs	5.372.623,05	5.191.094,07
Other staff costs	1.198.965,57	1.027.549,67
Provision for staff leaving indemnities (Note 15)	666.877,60	627.815,81

27. PAYROLL AND RELATED COSTS

1/1-30/06/2023 1/1-30/06/2022 Wages and salaries 23.754.984,08 22.602.507,63 Social security costs 5.372.623,05 5.191.094,07 Other staff costs 1.198.965,57 1.027.549,67 Provision for staff leaving indemnities (Note 15) 666.877,60 627.815,81 Dismissal compensation 22.563,48 - 79.340,35 32.763,89 Provision for cash-settled share based payments Total 31.048.777,67 29.528.307,53
27. PAYROLL AND RELATED COSTS The amounts are analyzed as follows:
	Cash settled share-based payments

Cash settled share-based payments

The Extraordinary General Meeting of the Company's shareholders on September 23, 2019 approved the longterm incentive bonus plan, which is cash settled of a certain number of Incentive Units. Beneficiaries of the program are qualified members of the Board of Directors, senior executives and other key management and business executives who have a significant influence on the performance and uninterrupted operation of the Company.

The total number of Incentive Units in the Program is six hundred sixty-six thousand (666,000) and 80% of the Incentive Units, equal to five hundred thirty-two thousand eight hundred (532,800) Incentive Units, were allocated to the first Award date, and the remaining 20% of the total number of Incentive Units, namely one hundred thirty three thousand two hundred (133,200) Incentive Units, was reserved for beneficiaries that will join the Company or be promoted to beneficiary positions after the First Award Date and until 31 October 2020 Award date. Any key management personnel joining the Company after 31 October 2020 will not benefit from the Program.

The Board of Directors of the Company at the meeting of October 25, 2019 named the beneficiaries of 498,200 units at the first award date (October 8, 2019). The minutes of the Board of Directors of December 22, 2020 named the beneficiaries of the program including the new-coming qualified managers and/or promoted managers and canceling the Incentive Units of the beneficiaries who left the Company during the period between the grant date and 31 October 2020 along with the remaining unallocated units. Following this decision of the Board of Directors, there is no change in the Units of the program regarding the issuance of new units.

Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

During this period, and following the decision of the Chairman of the Board of Directors (No. 109/ 03.05.2023), the resignation and deletion of every employment relationship of the Company with its executive who held 10,200 units of the program was accepted. The formal acceptance of the above decision is subject to the final decision to cancel the shares by the Company's Board of Directors, which is expected to take place within the second semester of the year. Forfeited units (92,000) Granted units - December 31, 2021 399,200

The Board of Directors of the Company at the meeting of December 6, 2021 decided the cancellation of 92,000 units. The Board of Directors of the Company at the meeting of December 22, 2022 decided the additional cancellation of 21,300 units.
During this period, and following the decision of the Chairman of the Board of Directors (No. 109/ 03.05.2023), the resignation and deletion of every employment relationship of the Company with its executive who held 10,200 units of the program was accepted. The formal acceptance of the above decision is subject to the final decision to cancel the shares by the Company's Board of Directors, which is expected to take place within the second semester of the year.
In more detail, the movement of the Program Units during the year and the final Units are listed in the table below:
	Number of Units
January 1, 2021	491,200
Forfeited units	(92,000)
Granted units	-
December 31, 2021	399,200
Forfeited units	(21,300)
Granted units	-
December 31, 2022	377,900
Forfeited units	(10,200)
	-
Granted units

The amount payable to the beneficiaries is determined by the increase in the share price from the grant date (8/10/2019: € 22.53) and the redemption date. The amount payable is determined by the same parameters for the units granted in 2020. In addition, the redemption of the Incentive Units depends on the achievement of predetermined performance criteria of the Company and the Beneficiaries.

After fulfilling the Program's performance criteria over two years, the Incentive Units will be redeemed on specific dates on the 2nd, 3rd and 4th anniversary from the date of the first award with the possibility of being redeemed by the 7th anniversary by the above dates. The date of the first expiration, provided that no redemption, will take place after the seventh (7th) anniversary. During the 2nd anniversary of the 1st award date (8/10/2021) due to non-fulfillment of the performance criteria of the Program, no unit was redeemed. Share price at measurement date Εuro 21.85 Expected share voladility 25% Dividend yield 2% Risk-free interest rate 0% Share price at measurement date Εuro 17.86 Expected share voladility 30% Dividend yield 2% Risk-free interest rate 0%

The fair value of the long-term incentive bonus plan as of December 2019 was determined using the Binomial model with the following data:

Share price at measurement date	Euro 21.85
Expected share voladility	25%
Dividend yield	2%
Risk-free interest rate	0%

The fair value of the units of the long-term reward plan granted during the fiscal year 2020 was determined using the Binomial model with the following data:

Share price at measurement date	Euro 17.86
Expected share voladility	30%
Dividend yield	2%
Risk-free interest rate	0%

The valuation of the liability as at June 30, 2023 amounted to € 1,172,346.75 (31 December 2022 € 1,139,582.86) and is recorded in line item "Other long-term liabilities".

PIRAEUS PORT AUTHORITY S.A

28. EARNINGS PER SHARE

PIRAEUS PORT AUTHORITY S.A
	(amounts in Euro, unless stated otherwise)	Interim Condensed Financial Information for the period ended June 30, 2023
The earnings per share for June 30, 2023 and 2022 are as follows:
	1/1-30/06/2023	1/1-30/06/2022
Net profit for the year	38.745.061,52	25.900.224,31
Weighted average number of shares	25.000.000	25.000.000
Basic Earnings per share	1,5498	1,0360

29. COMMITMENTS AND CONTIGENCIES

(a) Litigation and Claims: The Company is currently involved in a number of legal proceedings and has various claims of a total amount of approximately € 119.4 million (31.12.2022: € 123.7 million) concerning mainly labour disputes and legal proceedings with municipalities around the port, arising in the ordinary course of business. Based on currently available information, management and its legal department believe that the outcome of these proceedings will not have a significant effect on the Company's operating results or financial position, except for the recorded provisions in Note 16.

These claims concern mainly labour disputes of a total claimed amount of 92.9 € million (December 31, 2022: € 93.1 million), disputes with the Greek State of a total claimed amount of € 5.2 million (31.12.2022: € 9.1 million) and disputes with suppliers and others of a total claimed amount of € 21.3 million (31.12.2022: € 21.5 million). The employee labour cases are pending litigations against PPA SA before the civil and administrative courts of all degrees and relate mainly with: a) claims against PPA for additional compensation for the years 2010 and 2011 for the enforcement of the Agreement between PPA and the labour unions to ensure equal working conditions and renumeration of PPA 's employees following the concession of Pier II to PCT SA, b) claims against PPA for salary reduction based to the laws 3833/2010, 3845/2010 and 4024/2011 cases before the privatization of PPA, c) claims against PPA for salary reduction based to the laws 3833/2010, 3845/2010 and 4024/2011 cases according after the privatization of PPA SA , d) Few labor accidents and e) various other (pay grade cases, dockworkers' overtime cases before the privatization period).

Disputes with general administration concern litigations before the administrative courts of all degrees, having to do with decisions, taxes, charges, fines from Municipalities, Prefecture, Public Service Decisions, Ministerial Decisions, Public Authorities' Decision etc. The supplier / client dispute cases concern compensation/ financial differences between PPA and its suppliers or customers arising in the normal course of business. All other kind of cases that cannot be included to the above three categories are characterized as "other", for example non labour accident cases, compensation of third parties, real estate cases, lease differences etc. The claimed amount of the Company's other cases amounted of Euro 6.6 million (31.12.2022: Euro 14.9 million). Based on currently available information, management and its legal department believe that the outcome of these proceedings will not have a significant effect on the Company's operating results or financial position, except for the recorded provisions in Note 16.

(b) Liabilities arising from letters of Guarantee: The Company has issued letters of guarantee amounting to € 19,520,412.45 (December 31, 2022: € 19,493,412.45), of which € 4,428,900.45 (December 31, 2022: € 4,428,900.45) in favor of the General Directorate of Customs (E 'and F' Customs Office) of the Ministry of Economy for the operation of all warehouses for temporary storage of goods PPA S.A. Under the current concession agreement of 24.06.2016 between PPA and the Greek Government, PPA has issued a letter of guarantee in favor of the Ministry of Finance General Secretariat of Public Property amounted to € 15,000,000.00.

PIRAEUS PORT AUTHORITY S.A

(c) Minimum Future Rents: The minimum future concession and rental income receivable, arising from the existing rental agreements are as follows:

	PIRAEUS PORT AUTHORITY S.A		Interim Condensed Financial Information for the period ended June 30, 2023
	(amounts in Euro, unless stated otherwise)
existing rental agreements are as follows:
	30/06/2023	30/06/2022
Within 1 year Beetween 1 and 2 years	16.863.704,67 15.576.269,46	16.211.767,86 15.254.085,21
Beetween 2 and 3 years	14.843.831,52	14.697.492,08
Beetween 3 and 4 years	14.723.074,02	14.272.234,27
Beetween 4 and 5 years	14.685.408,83	15.039.376,70
Over 5 years	227.984.940,94	246.406.207,91

(d) Commitments for investments based on concession arrangement:

Pursuant to the provisions of the Concession Agreement signed between the Company and the Hellenic Republic dated on 24.06.2016, as ratified by Law 4404/2016 (Gov. Gazette A '126 / 08.07.2016), the Company has the contractual obligation for the implementation of investments in projects within the Port of Piraeus for the five years, August 2016 - August 2021 amounting to € 293.8 million. (First Investment Period) and for the five-year period August 2021–August 2026 amounting to € 56 million (Second Investment Period). The Concession Agreement included specific terms regarding the conditions for the imposition of penal clauses by the Greek State, in case of non-execution of mandatory investments as of August 2021. The possibility of imposing penalties under the Concession Agreement was assessed by Company Management during the previous period and was deemed remote, as the Company was able to prove that delays in the execution of mandatory investment projects were outside the Company's reasonable control and therefore fell within the exemption from the imposition of penalties in Article 16.5 (a) (i) of the Contract Concession. This assessment was verified with the agreement of 22/09/2021 Amendment the Concession Agreement between the Company and the Greek State as verified by Law 4838 / 1.10.2021 Government Gazette 180 A '. The specific amendment, among others, extends the duration of the First Investment Period, as well as extends the obligation to start and complete the Second Investment Period by five years respectively.

As at June 30, 2023, the mandatory investments comprise of:

• completed mandatory investments of € 75.2 million (31.12.2022: € 68 million),
• projects under construction € 60.0 million (31.12.2022: € 60 million) as well as prepayment for a mandatory investment of € 10.8 million (31.12.2022: € 10.5).
• (e) Contractual commitments with creditors: with regard to (d) above and other contracts signed, the outstanding balance of the contractual commitments with suppliers on significant infrastructure projects (construction, maintenance, improvements, etc.) at June 30, 2023 amounted to approximately € 129.2 million (December 31, 2022: approximately € 123.0 million) of which approximately € 75.5 million relates to the project "Passenger Port Expansion - South Zone - Phase A ' (December 31, 2022: approximately € 75.6 million).
• (f) Special Contribution to Social Insurance Institute (IKA TEAM): On November 7, 2011 the Company notified the management of IKA of its intention to stop paying the special contribution in favor of the supplementary fund of Company's employees, since after the merger of IKA with IKA – TEAM the management of the Company considered that there was no further obligation. From October 2013, The Company decided to cease the payments to those institutions. The management of the Company believes that this contingent liability could be settled without significant adverse effects on its financial position.

PIRAEUS PORT AUTHORITY S.A Interim Condensed Financial Information for the period ended June 30, 2023 (amounts in Euro, unless stated otherwise)

30. RELATED PARTY TRANSACTIONS

The Company provides services to certain related parties in the normal course of business. The Company's transactions, receivables and liabilities balances with related companies are as follows:

Related party	Period ended	Sales to related parties	Purchases from related parties
	30.06.2023	43,358,447.27	16,750.00
PIRAEUS CONTAINER TERMINAL S.A.	30.06.2022	42,535,507.55	33,774.60
	30.06.2023	2,435,640.51	8,296.60
COSCO SHIPPING LINES GREECE S.A	30.06.2022	266,319.16	18,746.12
PCDC A.E.	30.06.2023	19,521.70
	30.06.2022	18,687.64	11,050.00
COSCO SHIPPING DEVELOPMENT CO. LTD	30.06.2023	(27,456.91)	-
	30.06.2022		-
	30.06.2023	28,683.51
COSCO SHIPPING SPECIALIZED CARRIERS CO.LTD	30.06.2022
	30.06.2023	9,009.66	48,506.12
DIAMOND LINES GMBH	30.06.2022	560.00
COSCO SHIPPING GLOBAL EXH	30.06.2023		24,380.00
	30.06.2022		64,288.00
QINGDAO OCEAN SHIPPING SERVICES	30.06.2023		1,220.56
	30.06.2022
COSCO (HONG KONG) INSURANCE BROKERS L.T.D.	30.06.2023		340,247.68
	30.06.2022		333,944.92
COSCO SHIPPING TECHNOLOGY (BEIJING)	30.06.2023		61,294.66
	30.06.2022
COSCO SHIPPING PORTS LIMITED	30.06.2023		33,771.44
	30.06.2022		19,642.03
NING HAI WAN MARITIME CO LTD	30.06.2023	135.00	-
	30.06.2022		-
COSCO SHIPPING ASPHALT (HAINAN) CO LTD	30.06.2023	135.00
	30.06.2022		-
COSCO (CAYMAN) MRCURY CO.,LTD	30.06.2023	27,275.00	-
	30.06.2022
	30.06.2023	45,851,390.74	534,467.05
	30.06.2022	42.821.074.35	481.445.67

Related Party	Period/ Year ended	Amounts due from related parties	Amounts due to related parties
PIRAEUS CONTAINER TERMINAL S.A.	30.06.2023 31.12.2022	11,729,405.79 4,889,650.89	5,416.16
COSCO SHIPPING LINES GREECE S.A.	30.06.2023 31.12.2022	2,106,530.66 482.00	9,920.00 39,353.25
PCDC A.E.	30.06.2023 31.12.2022	18,414.00
DIAMOND LINES GMBH	30.06.2023 31.12.2022	1,397.58	6,480.00 15,578.00
QINGDAO OCEAN SHIPPING SERVICES	30.06.2023 31.12.2022		646.50
COSCO (HONG KONG) INSURANCE BROKERS L.T.D.	30.06.2023 31.12.2022		685,638.70
COSCO SHIPPING TECHNOLOGY (BEIJING)	30.06.2023 31.12.2022		15,474.70
COSCO SHIPPING SPECIALIZED CARRIERS CO.LTD	30.06.2023 31.12.2022		5,686.25 277.56
COSCO SHIPPING DEVELOPMENT CO. LTD	30.06.2023 31.12.2022	181.91
	30.06.2023 31.12.2022	13,835,936.45 4,910,126.38	22,086.25 762,384.87

The revenues of € 41,490,490.51 (30.06.2022:39,334,906.01) (Note 22) from Piraeus Container Terminal S.A. (PCT S.A.) are related to the fixed and variable revenue from the concession agreement (PIER II & III) and revenues of € 1,867,956.76 (30.06.2022: 3,200,601.54) related to mooring and loading/uploading.

The transactions with COSCO SHIPPING LINES GREECE S.A. relate to services by loading/uploading and berthing.

The transaction with COSCO (HONG KONG) INSURANCE BROKERS L.T.D. of the current and the previous period relates to the insurance coverage of PPA S.A. regarding third party liability, employer' s liability, property and business interruption and directors and officer's liability, according to article 17 of the Concession Agreement (Law 4404/2016).

Board of Directors Members Remuneration: For the period ended on June 30, 2023, remuneration and attendance costs, amounting to 541,889.84 (June 30, 2022: € 537,166.41) were paid to the Board of Directors members. Furthermore, during the period ended June 30, 2023 emoluments of 250,518.73 (June 30, 2022: € 155,074.87) were paid to Managers/Directors for services rendered.

31. FINANCIAL INSTRUMENTS

Fair Value: The carrying amounts reflected in the accompanying statement of financial position for cash and cash equivalents, trade and other accounts receivable, prepayments, trade and other accounts payable and accrued and other current liabilities approximate their respective fair values due to the relatively short-term maturity of these financial instruments.

maturity of these financial instruments.
The fair value of variable rate loans and borrowings approximate the amounts appearing in the statement of financial position.
The Company categorized its financial instruments carried at fair value in three categories, defined as follows:
Level 1: Quoted (unadjusted) values from active financial markets for identical negotiable assets or liabilities.
Level 2: Other techniques for which all inflows that have a significant impact on the recorded fair value are identified or determined directly or indirectly from active financial markets.
Level 3: Techniques that use inflows that have a significant impact on the recorded fair value and are not based on quoted prices from active financial markets.
During the period, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into and out of Level 3 fair value measurements. As at June 30, 2023 and December 31, 2022, the Company held the following financial instruments:
June 30, 2023	Level 1	Level 2	Level 3	Total
Investment property	-	-	5,578,000.00	5,578,000.00
December 31, 2022	Level 1	Level 2	Level 3	Total
Investment property	-	-	5,578,000.00	5,578,000.00

32. SUBSEQUENT EVENTS

The Annual General Meeting of the Company approved on August 2, 2023 the proposal of the Board of Directors for the distribution of a dividend of the total gross amount for the fiscal year 2022 amounting to € 26,000,000.00 or € 1.040 per share. The dividend for the year 2022 was paid on August 11, 2023.

By decision of the Minister of Environment and Energy on 15/9/2023, the environmental conditions for the operation of the port of Piraeus and construction of the Master Plan projects of PPA S.A. were approved. With this decision, essentially all the projects that the PPA has undertaken to implement for the improvement and regeneration of the port and the port area are approved, some of which are already underway and others are about to start immediately.

Except for the above, there are no other subsequent events after June 30, 2023 that may significantly affect the Company's financial position.

Piraeus, September 27, 2023

CHAIRMAN OF THE BOARD OF DIRECTORS	CHIEF EXECUTIVE OFFICER	FINANCIAL MANAGER
YU ZENG GANG	ZHANG ANMING	SERAFEIM MARMARIDIS
Passport No ΡΕ1895434	Passport No PE2110665	License No. Ο.Ε.Ε. 0110075