ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED

DECEMBER 31, 2015

(IN ACCORDANCE WITH THE L. 3556/2007)

	STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS 3
	ANNUAL REPORT OF THE BOARD OF DIRECTORS4
	STATEMENT OF CORPORATE GOVERNANCE OF LAW 3873/201019
	INDEPENDENT AUDITOR'S REPORT 28 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 201531
	STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 201532
	STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEAR ENDED DECEMBER 31, 201533
	CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2015 34
	NOTES TO THE SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 201535
1.	ESTABLISHMENT AND ACTIVITY OF THE COMPANY: 35
2.	BASIS OF PRESENTATION OF FINANCIAL STATEMENTS: 35
3.	PRINCIPAL ACCOUNTING POLICIES: 38
4.	TANGIBLE FIXED ASSETS51
5.	INVESTMENT PROPERTY 52
7.	LONG TERM ACCOUNTS RECEIVABLE54
8.	SUBSIDIARIES 55
9.	INCOME TAX (CURRENT AND DEFERRED)55
10.	INVENTORIES58
11.	TRADE RECEIVABLES58
12.	PREPAYMENTS AND OTHER RECEIVABLES:59
13.	CASH AND CASH EQUIVALENTS: 60
14.	SHARE CAPITAL60
15.	RESERVES: 61
16.	SUBSIDIES:61
17.	PROVISIONS:62
18.	RESERVE FOR STAFF LEAVING INDEMNITES:64
19.	FINANCE LEASE OBLIGATIONS:65
20.	LONG-TERM & SHORT TERM LOANS:66
21.	DIVIDENDS:68
22.	ACCRUED AND OTHER CURRENT LIABILITIES: 69
23.	ACCRUED INCOME70
24.	SEGMENT INFORMATION71
25.	REVENUES:72
26.	ANALYSIS OF EXPENSES: 72
27.	OTHER OPERATING INCOME / EXPENSES: 73
28.	FINANCIAL INCOME/(EXPENSES):73
29.	DEPRECIATION: 74
29.	PAYROLL COST:74
31.	EARNINGS PER SHARE: 74
32.	COMMITMENTS AND CONTINGENT LIABILITIES 74
33.	RELATED PARTIES 76
34.	FINANCIAL INSTRUMENTS 77
35.	SEASONALITY:80
36.	SUBSEQUENT EVENTS: 80
	WEBSITE PLACE OF UPLOADING THE FINANCIAL STATEMENTS 81
	FINANCIAL INFORMATION FOR THE YEAR ENDED DECEMBER 31, 201582

STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS

Statements of the Members of the Boards of Directors (in accordance with article 4 par. 2 of L. 3556/2007)

The Board of Directors Members of the Company "Piraeus Port Authority Societé Anonyme" and trade title "PPA S.A." (hereinafter referred to as "Company" or as "PPA") and the undersigned:

1. Ioannis Kouvaris, President of the Board of Directors and CEO
1. Stavros Drakontaidis, Member of the Board of Directors
1. Stamatis Koilakos, Member of the Board of Directors

In our above-mentioned capacity and as specifically appointed by the Board of Directors of the Company, we state and we assert that to the best of our knowledge:

(a) the financial statements of the societe anonyme Company under the name "Piraeus Port Authority Societe Anonyme" and trade title "PPA S.A." for the period from January 1, 2015 to December 31, 2015, which were compiled according to the applicable International Financial Reporting Standards, 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 4 of the L.3556/2007 and the relevant executive Decisions of the Board of Directors of the Capital Market Commission.
(b) the annual Report of the Company's Board of Directors 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 it faces and relevant information that is required according to paragraphs 6 to 8 of article 4 of the L. 3556/2007, and the relevant executive Decisions of the Board of Directors of the Capital Market Commission.

Athens, March 29, 2016

Ioannis Kouvaris Stavros Drakontaidis Stamatis Koilakos

President of the Board of Directors and CEO Board of Directors Board of Directors I.D No ΑE 018479 I.D No Π 027392 I.D No AH 017129

Member of the

ANNUAL REPORT OF THE BOARD OF DIRECTORS of the Company "PIRAEUS PORT AUTHORITY S.Α." with the distinctive title "P.P.A SA" (according to the provisions of paragraph 6 of article 5 of Law 3556/2007) On the Financial Statements of the Financial Year from 1st January 2015 until 31st December 2015

The present report of the Board of Directors was compiled and is in accordance with the statute 2190/1920, law 3556/2007 and the subsequent administrative decisions of the Capital Market Commission and particularly the decision 7/448/11-10-2007 of its Board of Directors.

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 made in its assets.
The most important events that took place in the current financial period and their effect on the financial reports.
The strategy and the business plan of the Company .
The Company's investment plan that supports its strategy and business plan.
The risks and uncertainties that might arise for the company within 2015.
The transactions made between the company and any affiliated entities.

Main Activities of the Company

The main activities of the Company are provision of harbour to ships, cargo stevedoring & storage services, car stevedoring services & storage and services provided to cruise and coastal passengers.

In addition the Company provides auxiliary services to ships (water, electricity, waste management, dry docking etc) and consents land space against fee.

Main activities of subsidiary companies

The main activities of the subsidiary DEVELOPMENT OF COMBINED TRANSPORTATIONS, PORT FACILITIES AND SERVICES SA (trade name LOGISTICS PPA S.A.) are:

The development of combined transportation operations with the establishment, construction and operation of a freight hub in the Attica region in conjunction with the rail infrastructure to be created starting from the Piraeus port.
Providing services to third parties, related to combined transportation, leasing and rental of space, machinery and transportation and to conduct any relative activity and
The provision of business advice and studies related to the development and management of port infrastructure, port services – particularly cruise services - tourist boats resorts and marine tourism.

The main activities of the subsidiary SHIP REPAIRING SERVICES SA (trade name "NAFSOLP S.A.") are:

The organization, development, management and marketing of ship repair and related activities, particularly in the area of responsibility of the Piraeus Port
Providing services for towing, salvage, salvage of ships and other vessels.
The lease and exploitation of sites.
The lease to third parties of any means or space owned by the company to run and complete, ship, repair, dismantling, salvage towing, salvage of ships and other vessels and
Providing support services to the established in the area in accordance with No. 3901/12.7.2010 Articles of Association of the Company.

The subsidiaries, until the date of the financial statements, had not started their business. Following a review of the purpose and activities of the two subsidiaries and taking into account their significant accumulated losses, the management decided their dissolution and liquidation, which was completed at March 9, 2016. For this reason, at December 31, 2015, the Company proceeded to their impairment in the amount of its participation, reduced by the liquidation of its company.

Strategy and Action Plan

In late 2009, PPA SA adjusted the development strategy of the Company as a result of new operating data within Piraeus port's container sector. The concession of the operation of Pier II and of the Eastern Part of Pier III, which is currently under construction, to PCT SA, subsidiary of Cosco Pacific Ltd., as well as the launch of Pier I by PPA in 2010, in combination with the worsening economic crisis, had a significant impact on financial and management operations of the Authority. Until 2009 when the above concession was implemented, the Authority's revenues depended almost totally on container handling activities. Moreover, due to the limited capacity of Pier I, the new competitive framework, where two providers operate, and the complete transfer of organizational, operational and human resources to the smaller Pier I, the Authority urgently needed to seek additional revenues and to achieve a more differentiated revenue portfolio in order to maintain short- and long-term profitability.

From this starting point, the Authority drew up a new strategic plan with two main long-term objectives:

Gradual independence of the Authority's economic performance, which relied almost exclusively on the Container industry, and
Active development of other and new commercial activity areas while avoiding dependence of the Company's results on one single user-client.

In the above context, the new strategy of PPA now covers the following objectives:

To enhance vehicle transport by investing on infrastructure and operational restructuring so that Piraeus maintains its leading position as an automotive trading center in the Eastern Mediterranean.
To strengthen the cruise sector by investing on infrastructure and operational restructuring so that Piraeus becomes a major cruise center in the Eastern Mediterranean.
To develop comparative advantage in all business areas, through preventive application of environmental measures and implementation of quality policies, so that PPA becomes a pioneer in this field throughout the Mediterranean.
To adopt an extrovert policy with active membership in international Authoritys and institutions so that PPA actively participates in port policy making centers at a European and international level.
To implement policies that enable long-term sustainable operation of the Authority by adjusting the operating structures and supporting effectiveness.

The implementation of the strategic plan of the Authority has continued in 2015.

In the framework of such an outward-oriented policy, PPA activated full membership in ESPO and MedCruise associations and continued its effort to coordinate the activity of the Greek ports through the Hellenic Ports Association (ELIME). This coordinated and strategically targeted effort was again recognized in May 2015 when the first annual regular ESPO meeting and conference were held in Piraeus. Moreover for the first time the European Maritime Day was commissioned and organized in Greece, where PPA acted as

co-host. Over 1000 participants from all EU countries and ports, Ministers and Commissioners, members of DG Mare and European maritime industry bodies attended the two-day conference, alongside multiple themed and cultural events and exhibitions for the public.

As part of the continuous improvement of the services that PPA provides to its clients, the Cruise Terminal Services were re-certified according to the International Quality Standards for Management ISO 9001: 2008 and Environment ISO 14001: 2004, while for the first time the Car Terminal Services were certified by the same international standards. Certification was carried out by the internationally recognized certification body Lloyd's Register Quality Assurance / Hellenic Lloyd's SA after due inspection and confirmation of meeting the requirements of both Standards.

As part of its strategy to increase its competitiveness PPA initiated a review of the operating structures and procedures in order to achieve long-term economic viability by controlling operating costs and reducing payroll costs in full accordance with the relevant policies of the country.

The decisions and daily operation of the Authority aim at achieving the following objectives:

to continuously strengthen competitiveness by improving the efficiency of factors that contribute to enhancing productivity,
to continuously upgrade and improve services,
to exploit human resources through continuous training and adaptation to new technologies,
to develop programs for the protection of the environment, with respect to port users and residents of neighboring municipalities,
to operate the Company on the basis of private sector financial criteria with respect to and awareness of its public character,
to safeguard the interests of shareholders through appropriate choices that will serve the stable and long-term profitability of the Company and the creation of added value through continuous growth,
to seek continuous interface and improved relations with the City, Society and Culture in Piraeus.

Investment Program

Through the projects included in the investment program 2014-2018, as approved by the Board in the context of a 5-year business plan for the Company, the Management aims to serve the above goals. The investment project package will be funded by all available means: equity, loans, grants of development programs.

PPA SA not only expects to raise its own revenue but also to bring to the region such activities that shall contribute to the development of economic activity in the wider region of Piraeus.

PPA SA, with the appropriate spaces, the necessary mechanisms, but also the desire to be an active player in the area with increased corporate social responsibility, even more due to its public character, decided to undertake a coordinating role and to allocate many of the sites under its management at the Central Port to create a large-scale project for the Cultural Coast of Piraeus. The development of the Cultural Coast is an inspired project for the city and the port of Piraeus, since it connects shipping with tourism, both being the main National wealth-creation industries.

It is noted that after the complete transfer of the PPA SA majority share package (see below), the private investor, apart from all the aforementioned goals, will have the opportunity to develop its strategic and investment plan.

Α. Growth of activities - International situation

In 2015, 341,386 vehicle movements were handled at the car terminal, while 359,665 vehicles movements had been handled in 2014 respectively.

As regards the domestic cargo, the positive reversal of performance observed in 2013 and 2014 was marginally halted in 2015, since that year we had a decrease by 1.69% compared to 2014 (82,593 vehicles in 2015 vs. 84,017 vehicles in 2014) due to the effects of the imposed capital controls and the further deterioration of liquidity in 2015.

Vehicle transshipment at PPA recorded a decrease by 6.11% compared to 2014 (258,793 vehicles in 2015 vs. 275,648 vehicles in 2014), continuing the downward trend of the previous years in the sector. The decrease in the managed transshipment volume is due to the political instability in many Mediterranean countries, the Crimean crisis, as this region is an important vehicle-handling final destination for the PPA in terms of volume, as well as due to low fuel prices that boost competitive terminals with larger route deviation compared to Piraeus, and to the aggressiveness of these competing terminals.

Despite the negative circumstances, the Car Terminal of PPA SA maintains a leading position in the Eastern Mediterranean and now has a positive outlook through the new opportunities of the railway connection. At the same time, new challenges emerge regarding the further promotion of the car terminal activities, which shall require a stable operating system, since the development of the rail link should be applied on a competitive pricing policy compared to other terminals, which are better located in terms of their geographical position and distance from the production centers.

In the cruise industry the Mediterranean is now the second largest area in terms of cruise capacity routing, holding 19.5% in 2015. According to MedCruise, in 2015 the average number of passengers per call at the member ports for the first time exceeded 2,000 passengers (2,066), compared to 1,878 passengers in 2014, 1,855 in 2013 and 1,828 in 2012. These figures prove right the Authority's strategy to expand the port's infrastructure in the southern front, so that it can accommodate the new large-capacity cruise ships.

In 2015, Piraeus recorded 1,678,490 passengers in transit compared to the 1,854,916 cruise passenger journeys in 2014, thus reduced by 9.51%. However, passengers who started or finished their cruise in Piraeus (home porting) amounted to 284,246 and have increased by about 11% compared to 2014, which has a positive impact, not only on the Company's financial results but also on the country's tourism industry. This positive trend will continue in 2016 as a result of the significant agreement that was concluded between PPA and CARNIVAL CRUISE LINES so that the latter in 2016 uses Piraeus as a cruise departure port for its ship under construction "CARNIVAL VISTA".

In the container sector the current challenges have led to increased cooperation through alliances. Already, after cancellation of alliance P3 (Maersk, MSC, CMA CGM), the new alliances 2M (Maersk, MSC) and Ocean Three (China Shipping, UASC, CMA CGM) have launched joint services. This practice, albeit not novel in the market, has led to the reduction of port potential customers by posing new challenges; thus modification of regular port managers is required, as the number of transit ports by region is expected to decrease.

At the same time, due to the above development that limits the number of terminal customer, the increase in high-capacity ships' deliveries (more than 10,000 TEU) creates pressure to port authorities for new investments in equipment and infrastructure amid increased competition and high risk. In this context, the recent railway link of the port, but also the implementation of investments envisaged by the agreement between PPA and PCT, will give Piraeus an overall competitive advantage. At the same time, though, this will pose new challenges to terminal I, which is managed by PPA SA.

In 2015, PPA's Pier 1 handled 293,353 TEUs, recording a decrease for the second year (2014 recorded 598,255 TEUs) after four consecutive years of increase (2010-2013). It is estimated that in the new

market context (companies/clients alliances, increased PCT capacity, intra-port and inter-port competition) it is not expected that traffic will increase significantly.

In 2015 coastal area handling (from Central Piraeus Port) recorded 8,391,632 passengers increased by 3.68% compared to the previous year (2014: 8,093,501 passengers). This increase is very important not only for the improvement rate per se, but because it is observed for the second time, after four consecutive years of decline. In the Perama ferry sector the handling throughput in 2015 amounted to 7,417,892 passengers, reduced by 14.61% compared to 2014 (2014: 8,687,078 passengers).

Note that the above developments are taking place in parallel with the privatization of PPA SA. As is known in March 2014 the HRADF announced the launch of an international tender for the acquisition of majority shareholding of PPA SA. On 20.01.2016 under the tendering process the HRADF Board accepted the offer of Cosco Group Limited (Hong Kong) for 67% of the shares issued by PPA SA. This way, 51% of all PPA SA shares shall be immediately transferred to the private investor and 16% more PPA shares are to be transferred after five years, in accordance with the conditions set in the contract.

Α. Growth of activities - International situation

In 2015, 341,386 vehicle movements were handled at the car terminal, while 359,665 vehicles movements had been handled in 2014 respectively.

In the container sector the current challenges have led to increased cooperation through alliances. Already, after cancellation of alliance P3 (Maersk, MSC, CMA CGM), the new alliances 2M (Maersk,

MSC) and Ocean Three (China Shipping, UASC, CMA CGM) have launched joint services. This practice, albeit not novel in the market, has led to the reduction of port potential customers by posing new challenges; thus modification of regular port managers is required, as the number of transit ports by region is expected to decrease.

In 2015, PPA's Pier 1 handled 293,353 TEUs, recording a decrease for the second year (2014 recorded 598,255 TEUs) after four consecutive years of increase (2010-2013). It is estimated that in the new market context (companies/clients alliances, increased PCT capacity, intra-port and inter-port competition) it is not expected that traffic will increase significantly.

B) Progress-Financial results of 2015

i. Income

The total revenues for the year amounted to € 99.9 million decreased by 4.3% or 4.4 million (December 31, 2014: € 104.3 million). The change was mainly due to the decrease in revenues from the management of the container terminal (SEMPO) by 42.3% or € 9.8 million, along with a reduction of 11.5% or around € 1.4 million occured in revenues from the car terminal segment.

Instead an increase in revenues of 10.1% or € 3.7 million occured from the fee concession arrangement of SEP. Additionally an increase in management tanks and coastal of 26.3% or around 1.9 million and 8.5% or around 0.8 million respectively was noted.

ii. Expenses

The key size of operating costs are the staff costs that reach 51.1% of total expenses in 2015, fell by 4.1% and amounted to € 51.5 million compared to € 53.7 million of the respective year of 2014. The change is mainly due to staff reduction and the reduced overtime hours of the workers in the container terminal, because of the traffic reduction.

As for the other costs (except staff-costs), they increased marginally, with the largest increase of 64.0% or around € 7.1 million to appear in "Provision for the year", mainly due to an increase to the "provision for doubtful debts" of around € 2.1 million and a provision of around € 4.8 million, concerning a claim from the workers of the company "GA Ferry Maritime S.A" under the L. 4331/2015. In addition, the largest decrease which amounted to € 14.6 million (31.12.2014: € 17.2 million), was appeared to "Third party services". The

decrease is mainly due to the reduction of PPA's expenses for repairs and maintenance of buildings, for liquid effluent disposal costs and the reduction of financial leasing due to the termination of the agreement.

Depreciation of property,plant and equipment as well as intangible assets, remained at the previous year's level, amounting to € 14.2 million. Consumption of materials was reduced by 43.6%, since it was amounted to € 1.5 million for 2015 compare to € 2.6 million in 2014.

iii. Total Assets

Total receivables at December 31, 2015 amounted to € 368.0 million, decreased by 4.2% (December 31, 2014: € 384.3 million). The reduction of total receivables is primarily due to changes in the following: reduction of property, plant and equipment by € 12.3 million (due to depreciation), and the reduction of "trade receivables" by € 6.6 million (mainly due to the increase in provisions for doubtful debts by an amount of around € 5.5 milllion). The above reduction was offset by an increase in cash by about € 5.0 million.

iv. Total Liabilities

Total liabilities as at December 31, 2015 amounted to € 193.7 million, decreased by 10.2% (December 31, 2014: € 215.7 million).

The decrease in total liabilities is mainly due to the following changes: the reduction of the provisions (provision for voluntary retirement was reduced by € 18.9 million, provision for tax on investment property was reduced by € 0.6 million, provision for legal claims by third parties was increased by 0.9 million and provision for compensation of beneficiaries L. 4331/2015 was increased by € 4.8 million). Additionally there was a reduction of bank lending by the amount of € 6.0 million due to the repayment of four installments of long-term loan and a reduction of income tax liability by € 1.4 million.

Critical ratios:

	2015	2014
GENERAL LIQUIDITY (Current Assets / Short-term Liabilities)	3.89	4.11
QUICK LIQUIDITY [(Current Assets – Inventories) / Short-term Liabilities]	3.79	4.02
DEBTS (Banking Liabilities / Own Funds)	0.46	0.52

C) Significant Events in 2015

1. The implementation of the second amendment of the concession between PPA and PCT started, regarding a 230 million investment, namely (a) the construction and operation of West Pier III of the Container Terminal of PPA SA by PCT SA; (b) the construction on behalf of PPA SA of the Petroleum Pier; and (c) the upgrading with new machinery of Piers II and III and the East Pier Container Terminal. With these projects the capacity of Piers II and III of PCT SA increases from 3,700,000 to 6,200,000 TEUs, which, combined with the capacity of 1,000,000 TEUs of Pier I, which is under the management of PPA, will place Piraeus among Europe's biggest ports.
1. In March 2015 during SEATRADE cruise exhibition in Miami and after months of negotiations, PPA SA agreed with CARNIVAL CRUISE LINES that the latter shall use Piraeus Port in 2016 as a cruise departure port for its ship under construction, CARNIVAL VISTA. This 336m ship, featuring 136,000 GRT and a capacity of 5,300 passengers, will enter service in spring 2016 and is expected to transfer to and from Piraeus more than 50,000 passengers in total.
1. With the participation of 300 delegates and representatives of all European ports, the 12th ESPO (European Sea Ports Authority) Congress was held for the first time in our country by PPA SA and ESPO. The conference, the main focus of which was "Without ports we have no energy, without energy we have no ports", was attended by distinguished personalities from the European Port Market, MEPs, top officials from the European Commission, UN representatives, Universities and Institutions of the global shipping industry.
1. The European Maritime Day was also held with the active participation of PPA. Specifically, on 28-29 May the European Maritime Day conference hosted more than 1000 representatives from across Europe. The central focus of the Conference was "Ports and Coastal Areas: Gates of marine growth." This important event was entrusted to Piraeus for the first time and Piraeus Port Authority contributed with its executives and supported all preparatory work for the successful implementation of the celebrating events.
1. Another important event of the shipping and transport industry was organized for the first time in our country with the support of PPA and was attended by over 250 participants - representatives from European ports and bodies in December 2015: this was the Final Joint Event of three major European Projects (V2MOS, ANNA and WIDERMOS). The participation of Piraeus Port Authority in European Research Programs creates a dynamic group of port community users that gradually expands so as to reap significant benefits through improved conditions for cooperation.
1. The procedures for re-certification of Cruise Services (Cruise Terminal) proceeded as required according to the International Quality Standards for Management ISO 9001: 2008 and Environment ISO 14001: 2004, while Car Terminal Services were also certified for the first time by the same International Standards. The certification was carried out by the internationally recognized certification body Lloyd's Register Quality Assurance / Hellenic Lloyd's SA after due inspection and confirmation of meeting the requirements of both Standards.
1. 2015 was an important year for the cruise industry in Piraeus, since 622 cruise ships arrived to the port, among which the third largest cruise ship in the world, QUANTUM OF THE SEAS, of the Royal Caribbean International (RCI). It is 347 meters long, with 2090 cabins and a maximum capacity of 4,905 passengers, and 1500 crew members. It is the largest cruise ship sailing in the Mediterranean Sea and the largest newly built ship to visit Piraeus.
1. Procedures to complete construction of the new Aghios Nikolaos quay at Piraeus Central Port were resumed. The project had been left unfinished due to permanent suspension of operations and termination of the previous construction contract. After the relevant decisions on 21/07/2015 the remaining works were auctioned again and a new contractor was awarded. The budget of this

contract will amount to €3,023,144.17 (for work, unpredictable incidents and review, excluding VAT). The project should be completed in the summer of 2017.

1. The hauling and withdrawal process of abandoned and semi-submersed vessels in Ikonio/Perama area has continued, so as to aesthetically upgrade the area and to improve the maritime environment, at the same time releasing service areas and improving maritime safety. PPA aims to remove all abandoned ships and shipwrecks, which impede free navigation and put environmental burden on both the port and the local communities.
1. The minutes of the implementation and evaluation committee of the international public open tender for "Upgrading the artificial outdoor lighting of the PPA Port Zone" were approved by the PPA Board and the tender was tentatively awarded to the lowest bidder for the amount of € 2,607,341.88 plus VAT. The work shall result to 46.2% energy savings with payback in 3.5 years and to 82.6% maintenance savings. The implementation of this project will result to annual savings of pollutants of 1,583 tons of CO2.
1. The international open tender for the repair and maintenance of the PPA Great Floating Dock ("PIRAEUS - I", 15,000 ton), budgeted at €1,866,500 plus VAT, has been awarded. This Floating Tank has docking ship capacity up to 15,000 tons at maximum during docking. All works on ships in the PPA tanks are carried out by high quality specialized NEZ teams on a 24/7 basis.
1. The bank holiday and restrictions on capital movements imposed on 28/06/2015 created unprecedented conditions to which the Authority immediately responded by providing electronic payment options for the services offered, where such an option was not already available.

D) Perspectives - Expected Developments, Major Risks and Uncertainties for 2016

The activity of the Company is not endangered. In any case, the type of PPA activities are among the first to receive the positive or negative effects of any fluctuation in international trade, which, due to the continuing recession in the European Mediterranean and the turmoil in the rest of the Mediterranean and the Middle East, records moderate growth. Also the performance of the Chinese economy is a factor that will materially affect all international trade. In the medium term, the change in the economic climate, combined with the advantageous geographical position of Piraeus Port, will lead to increased demand for port services if the broader political and economic environment of the countries served by Piraeus Port balances out.

As infrastructure and port capacity increase and as prospects of multimodal transport chain service connections are enhanced, the international transit cargo is expected to increase in the medium term due to the geographical location of the port and as a result of the stable political and economic environment compared to neighboring countries.

The international economic environment in the container industry has led to a new wave of partnerships and alliances between shippers along with the development of new container ships, which is expected to affect competitive pressures in all Piraeus terminals and mainly Pier I. Similarly, the low price of fuel reduces the geographical advantage of Piraeus compared to other containers and vehicles' terminals, which have a larger deviation from the least-cost-path through Suez - Gibraltar, creating additional competitive pressures.

In the medium term Piraeus, mainly because of its location, its high quality level of services and the size of its infrastructure, will be able to respond positively to the new conditions of competition. This positive response to a large extent depends on the economic development of the country since the positive economic growth and the growth of domestic trade contributes to strengthening the competitive position of the port.

At the European Union level natural gas is promoted as a fuel for ships. In this context the Trans European Network ports, which include Piraeus, are obliged to have appropriate facilities to supply ships with gas. In this context the Authority is currently examining the implications and the necessary actions that should be taken to meet the new requirements.

Already some clients of the Authority have ordered ships with this feature, as for example motor carriers, and this should be also taken into consideration.

Finally, regarding the cruise industry, the increase of offered services and the cruise ship fleet (seven new ships will be delivered in 2016) is expected to lead to a further increase in international cruisers. According to MedCruise an increase of 3.1% can be expected while according to CLIA an even greater increase of 4.35% can be reached. The same factors in combination with the dynamic development of the Chinese market are expected to boost the cruise industry and to encourage the transit of passengers (22.2 million passengers in 2015 in accordance to MedCruise) at even higher levels.

Legislative Act of 28.06.2015 imposed a bank holiday for all Greek banks and capital controls, under the decision of the Ministry of Finance. The bank holiday ended on 20.07.2015, but the capital controls are still in force. The successful bank recapitalization lifted certain difficulties in the bank sector, which were mainly due to the uncertainty of the bank recapitalization schedule, which ended with the third memorandum of understanding; as a result, the liquidity risks, which could not be identified in terms of time and severity, with regard to the Authority's bank reserves in Greek bank institutes, have been significantly reduced. Furthermore, PPA' activities have not been affected by the capital controls.

Despite the fact that restrictions have been partially lifted, it is difficult to estimate at present what the total impact on the country's foreign trade is and hence on the import and export cargo through the port. The available data suggest a reduction in domestic demand coupled with import and export difficulties that negatively affect the volume of shipments. It should be noted that the import and export cargo in both the container terminal and the car park is a smaller percentage compared to traffic volume. Especially in the Container Terminal the loaded import and export containers account for about 6% of the total. In the garage area import vehicles account for about ¼ of all cargoes handled.

In the short-term, both the import demand and volume have been negatively affected. This negative impact has had a minimal impact on the Authority's revenues at the level of cargo management and no impact at all on the revenues from the concession of Piers II & III to Cosco Pacific. In the mediumterm, it is estimated that following the signing of the new memorandum of understanding, the Greek economy shall acquire positive stability conditions resulting in the increase of imports and port revenues and the possible direct losses shall be erased and compensated.

Apart from the above, the Authority has not recorded significant problems in the collectability of receivables while the sufficiency of provisions is examined on a continuous basis by the Management to modify them, if deemed necessary.

In this uncertain economic environment, the Management continuously assesses the situation and the possible future impacts in order to ensure that all necessary actions and initiatives are undertaken to minimize possible consequences for the Company's activities. The Management cannot accurately forecast the possible developments in the Greek economy; however, based on its assessment, the Management has reached the conclusion that no additional impairment provisions of the financial and non-financial assets of the Group are required on December 31, 2015.

E) Financial instruments

Fair Value: The carrying amounts reflected in the accompanying sheets 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.

The fair value of variable rate loans and borrowings approximate the amounts appearing in the statements 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 technicques 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 year ended December 31, 2015 and 2014, 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 December 31, 2015 and 2014, the Company held the following financial instruments measured at fair value:

2015	Level 1	Level 2	Level 3	Total
Financial liabilities
Interest bearing loans and borrowings (including
short term portion)	-	80,499,999.99	-	80,499,999.99

2014	Level 1	Level 2	Level 3	Total
Financial liabilities
Interest bearing loans and borrowings (including

short term portion)	-	86,499,999.99	-	86,499,999.99

Credit Risk: There is no significant credit risk for the Company towards the contracting parties, since it receives advance payments or letters of guarantee from customers.

Foreign Exchange Risk: The Company is neither involved in international trade nor has any long term loans in foreign currency and therefore is not exposed to foreign exchange risk resulting from foreign currency rate variations.

Interest rate risk: The Company bank loans are expressed in Euro and are subject to floating interest rates. The Company does not use derivatives in financial instruments in order to reduce its exposure to interest rate risk fluctuation as at the balance-sheet date. The Company management believes that there is no significant risk resulting from a possible interest rate fluctuation.

The table below presents and analyses the sensitivity of the result in relation to financial assets (cash on hand and in banks) and financial liabilities (loans) of the Company to the interest rate risk changes assuming a simultaneous change in interest rates by ± 100 basis points.

2015		Interest rate risk
Financial assets	Accounting values	+100bips(Euribor)	-100bips(Euribor)
Cash and cash equivalents	59,432,087.51	594,320.88	(594,320.88)
Effect before income tax		594,320.88	(594,320.88)
Income tax 29%		(172,353.05)	172,353.05
Net effect		421,967.83	(421,967.83)
Financial liabilities
Long term loans	(80,717,715.25)	(807,177.15)	807,177.15
Effect before income tax		(807,177.15)	807,177.15
Income tax 29%		234,081.37	(234,081.37)
Net effect		(573,095.78)	573,095.78
Total net effect		(151,127.95)	151,127.95

2014		Interest rate risk
Financial assets	Accounting values	+100bips(Euribor)	-100bips(Euribor)
Cash and cash equivalents	54,466,299.36	544,662.99	(544,662.99)
Effect before income tax		544,662.99	(544,662.99)
Income tax 26%		(141,612.38)	141,612.38
Net effect		403,050.62	(403,050.62)
Financial liabilities
Long term loans	(87,007,781.94)	(870,077.82)	870,077.82
Effect before income tax		(870,077.82)	870,077.82
Income tax 26%		226,220.23	(226,220.23)
Net effect		(643,857.59)	643,857.59
Total net effect		(240,806.97)	240,806.97

Liquidity risk: The effective management of liquidity risk is secured by ensuring maintenance of adequate cash reserves and a possibility for funding if necessary. Corporate liquidity risk management is based on rationale management of working capital and cash flows.

The following table summarizes the maturities of financial liabilities December 31, 2015 and 2014, respectively, under the relevant contracts to non-discounted prices.

Amounts of fiscal year	Directly	Less than
2015	payable	6 months	6-12 months	1 to 5 years	>5 years	Total
Borrowings	-	3,133,392.08	3,128,482.92	24,851,133.33	51,268,719.99	82,381,728.32
Leases	5,502.00	27,510.00	33,012.00	160,351.53	-	226,375.53
Trade and other payables*	3,990,559.16	4,112,312.39	7,752,669.84	-	-	15,855,541.39
Total	3,996,061.16	7,273,214.47	10,914,164.76	25,011,484.86	51,268,719.99	98,463,645.24
Amounts of fiscal year	Directly	Less than	6-12 months	1 to 5 years	>5 years	Total
2014	payable	6 months
Borrowings	-	3,194,210.42	3,187,501.25	25,258,480.00	57,773,198.32	89,413,389.99
Leases	46,385.94	163,789.78	87,623.91	226,267.70	-	524,067.33
Trade and other payables*	4,281,537.46	3,862,669.95	6,764,724.14	-	-	14,908,931.55
Total	4,327,923.40	7,220,670.15	10,039,849.30	25,484,747.70	57,773,198.32	104,846,388.87

* Trade payables do not have interest and are settled in up to 60 days. Other payables also do not bear any interest and are settled in up to 12 months.

Capital Management

The primary objective of the Company's capital management is to ensure the maintenance of high credit rating, and healthy capital ratios in order to support and expand the Company's operations and maximize shareholder value. The Company's policy is to maintain leverage targets, according to an investment grade profile. The Company monitors capital adequacy using the ratio of net debt to operating profits, which should be lower than 4.25 based on the loan agreements. The net debt includes interest-bearing loans, less cash and cash equivalents, while the operating profit including profit/ (loss) before taxes, financing costs and depreciation.

	December, 31
	2015	2014

Long-term borrowings	74,499,999.99	80,499,999.99
Short-term borrowings	6,000,000.00	6,000,000.00
Leases	217,715.26	507,781.95
Total Debt	80,717,715.25	87,007,781.94

Earning before interest, tax, depreciation
and amortization (EBITDA)	23,520,035.07	21,969,263.53
- Net Debt / EBITDA	3.43	3.96

F) Related parties

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

Related party	Relation with the Company	Year ended	Sales to related parties	Purchases from related parties
LOGISTICS P.P.A. S.A.	Subsidiary	31.12.2015 31.12.2014	- -	64,000.00 -
NAFSOLP S.A.	Subsidiary	31.12.2015 31.12.2014	- -	90,000.00 -
	Total Total	31.12.2015 31.12.2014	- -	154,000.00 -
Related party	Relation with the Company	Year ended	Amounts due from related parties	Amounts due to related parties
LOGISTICS P.P.A. S.A.	Subsidiary	31.12.2015 31.12.2014	8,768.31 8,768.31	- -
NAFSOLP S.A.	Subsidiary	31.12.2015 31.12.2014	- -	- -
	Total Total	31.12.2015 31.12.2014	8,768.31 8,768.31	- -

The Company, as part of its business, has transactions with government owned entities (e.g. PPC, EYDAP etc.), which are performed on commercial terms.

Board of Directors Members Remuneration: During the year ended on December 31, 2015, remuneration and attendance costs, amounting to € 189,445.70 (December 31, 2014: € 165,264.09) were paid to the Board of Directors members. Furthermore during the year ended December 31, 2015 emoluments of € 828,616.13 (December 31, 2014: € 820,111.28) were paid to Managers / Directors for services rendered.

G) Distribution of Dividend of Financial Year 2015

The Company for the year ended December 31, 2015 represents profits and the Board of Directors has proposed the distribution of dividend.

STATEMENT OF CORPORATE GOVERNANCE of Law 3873/2010

I. Principles of Corporate Governing

The company has established and follows a Code of Corporate Governance, according to law 3873/2010, which is available in the website of the Company in the Address www.olp.gr, through the link "investors information /code of corporate governance".

II. Practices of Corporate Governance applied by the Company further to the provisions of Law

The company has established practices of corporate governance that conform with the Law and are being analytically described in the applicable Code of Corporate Governance.

III. Description of the System of Internal Audit [and management of risks in connection with the preparation of financial statements]

In the PIRAEUS PORT AUTHORITY S.A. functions an Internal Audit Department that reports directly to the Board of Directors. The head of the Internal Audit Dpt and the Internal Auditors are employees of PPA SA appointed by the Board of Directors, according to article 7 paragraph 3 L. 3016/2002 and they are supervised by the Auditing Committee.

In the framework of their duties, the Internal Auditors collaborate and inform the President of the Board of Directors and the Managing Director of the company on the course of their work, at regular time intervals and in particular whenever it is asked, or when decision-making by the Board of Directors is needed on any subject related to the competence of Internal Audit.

The Board of Directors of the Company supports the Internal Audit in order to:

1. function as an advisor to the Management according to Auditing principles and international standards.
1. function in an objective manner and independently from the audited activities.
1. provide high quality service to all structural levels of the Company with analyses, evaluations and relative proposals.
1. provide assistance to all levels of the administrative and functional structure of the Company and its personnel.
1. have unhindered access to files, resources and in general data of the Company, that is essential for audit implementation.
1. allocate all necessary resources in order to facilitate the Department's work.

In relation to the process of preparation of financial statements, the Company:

A) Appoints, monitors and evaluates the work of external auditors with the contribution of the Auditing Committee.
B) Applies safety measures that, indicatively and not restrictively, include:
a sufficient segregation of authorities.
a supervision and approval of all important transactions through the structural hierarchy of the Company.
a system of appointment of representatives for the realisation of financial transactions of the Company.
a requirement of existence of at least two signatures for the realisation of any financial transaction.
C) Assigns to Internal Audit Department the evaluation of safety measures relating to the preparation of financial statements.

The Auditing committee of the Company supports the Board of Directors at its exercising of its supervisory responsibilities and mainly in the following sectors:

Annual Financial Report for the year ended December 31, 2015

Evaluation of the financial statements in relation to their completeness and consistency.
Follow-up of activities of the Internal Audit Department.
Ensure the independence of the Certified Auditor Accountants.

The General Assembly of the shareholders of the Company of 22/6/2015 has appointed the members of the Auditors Committee of PIRAEUS PORT AUTHORITY SA, as follows:

FULL NAME	ATTRIBUTE
Koilakos Stamatis	Representative of shareholders, independent non executive member
Roidis Georgios	Representative of shareholders, non executive member
Tsalikidou Olimpia	Representative of shareholders, non executive member

IV. Reference to the information elements (c), (d), (f), (g) and (h) of paragraph 1 of article of 10 of the Directive 2004/25/EC

The above information is included in another part of the Management Report that relates to the additional information of article 4 paragraph 7 of law 3556/2007.

V. Mode of operation of the General Assembly and rights of shareholders

The General Assembly of the Company's shareholders is the Governing Body and decides on any matter whatsoever, unless is provided differently in the Law or in the Articles of Association.

The General Assembly is convened by the Board of Directors as a Regular Assembly at least once in each financial year and not later than six (6) months after the expiration of the year and as an extraordinary Assembly whenever it is dictated by the needs of the Company. The Assembly takes place either at the place of domicile of the Company or in another place within the region of domicile of the "Athens Exchange".

The General Assembly also convenes extraordinarily whenever the Board of Directors deems it necessary or when asked by shareholders representing the one twentieth of the share capital or by the Auditors, as well as in the cases provided for by the Law or the articles of Association.

The General Assembly is the responsible Body to decide on:

a) amendments in the articles of Association, including increase or reduction of the share capital. The amendments in the articles of Association are valid, provided that they are not explicitly prohibited in the articles of Association.
b) election of the Board of Directors members and Auditors.
c) approval of the balance-sheet of the Company and exemption of the Board of Directors and of the Auditors from any responsibility and compensation.
d) distribution of annual profits.
e) merger, split, transform, resurgence, extension of term or dissolution of the Company.
f) nomination of liquidators.

Each share provides one vote.

The required quorum and majority for the convention of the General Assembly and the decisions are analytically described in the Company's Articles of Association (article 18).

The Greek State attends the General Assembly as a shareholder and is being represented, according to the provisions of paragraph 2 Article 22 L.2733/1999, as in effect.

The General Assembly, provided a different decision is not reached, is chaired provisionally by the President of the Board of Directors or his deputy or otherwise the participant member of the Board of Directors with the longest term. Secretarial duties are being executed provisionally by the person

Annual Financial Report for the year ended December 31, 2015

appointed by the President. After having approved the list of shareholders having voting rights in the Assembly, the Assembly elects its conclusive President and Secretary.

At least the President of the Company's Board of Directors or the Managing Director or the Deputy Managing Director or the General Manager, as the case may be, as well as the Internal Auditor and the External Auditor will have to attend the General Assembly of shareholders, in order to provide information and briefing on matters of their competence subject to discussion, and on questions or clarifications that are being asked by the shareholders. The President of the General Assembly allocates sufficient time for the submission of questions from the shareholders.

The summary of the minutes of the General Assembly including the results of voting for each decision of the General Assembly, will be made available on the web site of the Company within fifteen (15) days from the date of the General Assembly, translated in English, if the latter is imposed by the shareholder composition of the Company and it is economically feasible.

Participation of Shareholders in the General Assembly.

In combination with the provisions of Law 3884/2010, the Company publishes on its website within at least twenty (20) days prior to the General Assembly, in the Greek as well as in the English language, information with regard to:

the date, the hour and the place that the General Assembly will convene;
the basic rules and practices of attendance, including the right of introducing subjects in the agenda and the submission of questions, as well as the deadlines within which these rights can be exercised;
the procedures followed in voting, the terms of representation via a proxy and the forms employed for voting via the latter;
the proposed agenda of the General Assembly, including drafts of the decisions put to discussion and voting, as well as the accompanying documents;
the total number of shares and voting rights at the date of convergence.

The remote attendance of shareholders in the general Assembly is possible under the conditions described in the respective legislation.

The General Assembly of the Company should and can be attended by any shareholders enlisted in the records of the institution in which are being kept the mobile assets of the Company (Hellenic Exchange) at the beginning of the fifth day before the day of the Assembly. The exercise of the rights in question does not presuppose the blocking of the shares of the beneficiary, neither any other relevant procedure. The shareholder, if so wishes, can appoint a representative. Each shareholder may appoint up to three representatives. Legal entities participate by appointing as their representatives up to three persons. The nomination and the revocation of a representative of a shareholder is made in writing and is communicated to the Company, at least three days before the date of the Assembly. The company will provide on the website the forms to be used by the Shareholder for the nomination of his representatives.

The information of article 27 paragraph 3 of Regulatory Law 2190/1920 including the invitation for the exercising of the voting right via a representative, the forms of nomination and revocation of a representative, the drafts of decisions on the subjects of the agenda, as well as more complete information relating to the exercising of rights of the minority of paragraphs 2, 2a, 4 and 5 of article 39 of Regulatory Law 2190/1920 will be made available in electronic form on the web page of the Company.

VI. Bodies of Administration

1. Board of Directors

The Board of Directors is responsible to decide on any aspect concerning the Administration of the Company, the management of its property and in general the seeking of its objective, without any restriction (with the exception of the subjects that fall under the exclusive competence of the General Assembly) and it represents the Company judicially and extra-judicially. The powers of the Board of

Annual Financial Report for the year ended December 31, 2015

Directors are described analytically in the articles of Association of the Company (article 9), that appears on its web page, at the address www.olp.gr at the link "Organization /Association".

1. The Board of Directors is composed of 13 members and is constituted from:
a) Ten (10) members elected by the General Assembly, among whom the Managing Director, who is appointed with the procedure of article 12 of the Articles of Association.
b) One (1) representative of the Municipality in which is located at the domicile of the Company, who is being elected by the General Assembly, the candidature of whom is being indicated by the relevant Municipal Council.
c) Two (2) representatives of the employees, who are being elected by the General Assembly, work therein and come from the two most representative Unions, one representative of the employees and the other of the dockworkers. The candidatures of these persons are indicated by the familiar Union, within a deadline of one (1) month after a relevant notification from the President of the Board of Directors, following their election by their Unions according to the specific provisions of the relevant legislation.
1. A legal entity might also be a Member of the Board of Directors.
1. The Board of Directors term is five years, except from the term of the Managing Director, the term of whom is independent from that of the remaining members, as it is being defined in article 12 of the Articles of Association. The term of the members of the Board of Directors is extended automatically up to the expiry of the deadline within which an immediate convergence of the Regular General Assembly must take place.
1. The Board of Directors is composed by executive and non executive members. Executive members are considered those members who deal with the daily subjects of administration of the Company, as the Managing Director in particular, his deputy if any and the executive director if any, whilst the non executive members are those involved with the promotion of all corporate issues. The number of the non executive members of the Board of Directors should not be less than 1/3 of the total number of its members, including the independent non executive members.

Independent non executive members are those that are elected by the General Assembly, not in direct relation to the Company or with any entity connected with it and fulfil the additional conditions provided by the relative legislation and the applicable Code of Corporate Governance. The Board of Directors ensures the fulfilment of the conditions of independence from the members that have been elected as independent with the signature of a relative statement.

1. The members of the Board of Directors that have been elected as representatives of employees are considered as non executive members. Exceptionally, they might be appointed as such by the Board of Directors if they simultaneously hold the position of the General Manager or Director or if they act as executives of the Company having been granted a managerial authority by the Board of Directors.
1. The members of the Board of Directors are recalled with the same process that they are being elected. A Member of the Board of Directors who is unjustifiably absent in three consecutive meetings, loses his position and is replaced by a person appointed in accordance to article 7 of the articles of Association.
1. Following the election of its members, the Board of Directors is constituted in a Body, determines the Members of the Board of Directors as executive and non executive members and it appoints:
(a) the President of the Board of Directors, among the non executive members, with the exception of the case of coincidence of President and Managing Director in the same person.
(b) the deputy of the President if any following a proposal and the consent of the President, among the non executive members, unless the Managing Director is appointed as deputy in which case the deputy of the President will be an executive member.
(c) the Managing Director, who is hired according to the procedure of article 12 of the articles of Association as an executive member, except in the case where the General Assembly of the Company decides the assignment of the duties of the Managing Director to the President of the Board of Directors.

Annual Financial Report for the year ended December 31, 2015

(d) the deputy of the Managing Director if any, following a proposal and the consent of the Managing Director, under the condition that the same person can under no circumstances act simultaneously as deputy of the President of the Board of Directors and Managing Director who is an executive member.
(e) optionally, one or more executive directors, among the executive members, with the consent of the Managing Director, and
(f) one up to three non executive members as responsible for the supervision of the internal auditors of the Company. The supervision is also practised by the independent non executive members elected by the General Assembly.
1. With a scope of ensuring the orderly function of the Board of Directors, its members, at the date of their resuming of duty, sign a declaration, in which, they declare their non attendance in the Board of Directors of officially listed Companies, the likely conflict of their own interests with those of the Company, as well as the strict observation of secrets of the Company.

After the adjourned ordinary shareholders' General Meeting of P.P.A. SA on 22/6/2015, concerning the election of BoD members, the Board of Directors convened at the same date, and decided the appointment of its members as follows:

	NAME	ATTRIBUTE	BEGINNING OF SERVICE	EXPIRY OF SERVICE
		Representative of shareholders,
1.	Kouvaris Ioannis	President Board of Directors and	22/6/2015	22/6/2020
		Managing Director, executive member.
		Representative of shareholders, Deputy
2.	Kiramargios Stavros	Managing Director	22/6/2015	22/6/2020
		executive member
3.	Liagos Athanasios	Representative of shareholders, executive	22/6/2015	22/6/2020
		member, executive director
4.	Koilakos Stamatis	Representative of shareholders,	22/6/2015	22/6/2020
		independent non executive member
5.	Drakontaidis Stavros	Representative of shareholders,	22/6/2015	22/6/2020
		independent non executive member.
	Roidis Georgios	Representative of shareholders,	22/6/2015	22/6/2020
6.		non executive member
7.	Korkidis Vasilios	Representative of shareholders,	22/6/2015	22/6/2020
		non executive member
8.	Fragou Apostolia	Representative of shareholders,	22/6/2015	22/6/2020
		non executive member
9.	Tsalikidou Olimpia	Representative of shareholders,	22/6/2015	22/6/2020
		non executive member
10.	Kastellanos Georgios	Representative of shareholders,	22/6/2015	22/6/2020
		non executive member
11.	Georgakopoulos	Representative of employees,	22/12/2014	22/12/2019
	Georgios	non executive member
12.	Georgiou Nikolaos	Representative of dockers,	27/5/2015	27/5/2020
		non executive member
		Representative of municipality of Piraeus,
13.	Moralis Ioannis	non executive member	22/6/2015	22/6/2020

Annual Financial Report for the year ended December 31, 2015

The Board of Directors convened twenty four (24) times within year 2015 and the meetings were attended by all of its Members, either in person or through representatives.

CVs of the members of the Board of Directors are being found on the web page of the Organisation www.olp.gr / The Organisation / The Administration.

The Board of Directors convenes at least once a month, at the domicile of the Company or whenever the needs of the Company necessitate, following an invitation of its President or his deputy. The meeting can also be carried out through videoconference.

The President of Board of Directors determines the subjects of the agenda, chairs the meetings and directs its proceedings.

The Board of Directors is considered in quorum, provided that it is being attended by at least half plus one of the members of board, between whom the President and the Managing Director or their deputies. In establishing of the number of quorum a resulting fraction if any is being omitted.

The decisions of the Board of Directors are taken validly with an absolute majority of the present and represented members.

The subjects that will be included in the agenda of the Board of Directors are notified to the members beforehand, thereby providing them the possibility to formulate their opinions.

The compensations of the members of the Board of Directors are presented in the annual economic report .

According to the 8th regular Assembly of shareholders of the Company of the 26th of June 2008, the following decisions were made: (a) as from 1-1-2008 the fixed monthly compensation of the members of the Board of Directors in the amount of 700 Euros net, and (b) the reduction as from 1-1-2008 of the additional per meeting compensation of the members of the Board of Directors of the PPA in the net amount of 300 Euros, with a maximum number of three (3) remunerated meetings per month. The above compensations are reduced by the half, in accordance to the L. 3833 & 3845/2010. The 15th (adjourned) Annual General Meeting of shareholders of PPA SA on 22/6/2015 appointed the compensation of board members for 2015 to Euros 386,90 gross per month consistently and Euros 165.82 gross per meeting.

2. Managing Director

The Managing Director heads all the Company departments, directs its work, takes all necessary decisions in the framework of the articles of Association and the provisions that condition its operation with a scope of coping with daily administrative issues.

The Managing Director has the competences that are analytically described in the Company articles of Association (article 12) and any other assigned to him by the Board of Directors.

3. Administrative Council

In the Administrative Council participate, as President, the Managing Director and as members his deputy if any, the General Managers, as well as the individual responsible Directors in each particular case as deemed necessary by the Managing Director.

The Administrative Council has the competences that are analytically described in the Statute of Company (article 14) and also in the decisions of the BoD / PPA 142/9-7-2009 (GG 1503/23-7-2009), 72/29-3-2013 (GG 1622/28-6-2013) and 155/2-9-2015 (GG 2079/23-9-2015).

Board of Directors Explanatory Report (according to article 4, par7 of Law 3556/2007)

The present explanatory report of the company's Board of Directors to the Ordinary General Meeting of Shareholders consists of additional and detailed information pursuant to the provisions of art. 4, par. 7 and 8 of Law 3556/2007 and is a single and integral part of the Annual Report of the Board of Directors.

Share capital structure

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

Restrictions in the transfer of the Company's shares

Company's statute does not have special restrictions for share holder rights compared to the respective law principles.

Significant direct or indirect participations in the sense of L3556 art.9-11.

♦ The Hellenic Republic Asset Development Fund holds 18.534.440 shares of PPA SA, namely 74,14%, as well as the equal number of voting right. The change in the voting rights was effected following the execution of an over the counter transaction, in compliance with the provisions of Law 3986/2011 (Gov. Gaz. 152 A') and decision no. 206/2012 (Gov. Gaz. 2501/B') by the Inter-ministerial Committee for Restructuring and Privatisations. By controlling 100% of the "Hellenic Republic Asset Development Fund SA", the Greek Government indirectly controls the aforementioned voting rights.
♦ Lansdowne Partners International Limited ("LPIL"), which controls Lansdowne Partners Limited ("LPL") and Lansdowne Partners (UK) LLP ("LPUK LLP") indirectly holds above 5% of PPA S.A. voting rights. This percentage results from the shares holding the following funds: Lansdowne Eureka Fund LP, Lansdowne European Equity Master Fund Limited, Lansdowne European Long Only Master Fund Limited ("Lansdowne funds") none of which holds more than 5% of the voting rights in Piraeus Port Authority S.A.

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

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

Restrictions to voting rights.

There are no restrictions to voting rights deriving from the Company's shares.

Company's Shareholders' agreements.

The Company is not aware of any agreements between its shareholders which might result in restrictions on the transfer of the Company's shares or on the voting rights conferred by its shares.

Rules of appointment and replacement of Board of Directors' members and modification of articles of Association.

In accordance with article 7, par 1 of the company' articles of Association, the Board of Directors consists of thirteen members of which ten (10) members elected by the Company's General Assembly. Between them is also elected the Managing Director, who is appointed, according to article 12 of the Association with a private contract of indefinite duration, after public proclamation of the Company's Board of Directors, except in the case where the General Assembly decides to appoint the duties of Managing Director to the BoD President.

Company's employees appoint 2 representatives as members who are elected by the Company's General Assembly. These representatives come from the two biggest unions, one from the employee's side and one from the dock workers side. They are nominated by the relevant unions within a deadline of one month after a notification from the President of the BoD, following an election process within the unions in accordance to the relative legislation.

One member is appointed from the municipality of Company's headquarters, elected by the Company's General Assembly as nominated by the City Council.

The BoD has a five-year term. However, Managing Director's term is independent from the rest members of the BoD, in accordance to L3274/2004, article 35 par.13.

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

In accordance with article 5 of the Company's Articles of Association, following the General Shareholders Assembly decision, the share capital can be increased after the modification of Articles of Association and certification of the increase. With the same decision it is determined the amount of capital increase, the way of cover, the number and the type of shares that will be issued, the nominal value and their offering price , as well as the deadline of cover.

The above competency can be transferred to the Board of Directors following the General Shareholders Assembly decision in accordance to article 13 of C.L. 2190/1920 as it is effective and is subject to the disclosure procedures of article 7b of C.L. 2190/1920. In this case the Board of Directors can increase the share capital with a majority of two thirds (2/3) of its members. The amount of the increase cannot exceed the total amount of the paid-up share capital as of the date of the transfer of this authority to the BoD.

The above BoD authorities can be renewed for a time span that will not exceed the five-year period for each renewal, while their enforcement begins from the expiry of each five-year period.

This decision of the General Assembly falls under the rules of publicity of art. 7b of C.L. 2190/1920 as in force.

Important agreement contracted by the Company, which will enter into effect, will be amended or will expire in case of change in the Company's control following a public offer and the results of this agreement.

There is no such agreement.

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

There are no such agreements.

Piraeus, March 29, 2016

The President and Managing Director

Ioannis Kouvaris

THIS REPORT HAS BEEN TRANSLATED FROM THE ORIGINAL VERSION IN GREEK

INDEPENDENT AUDITOR'S REPORT

To the shareholders of PIRAEUS PORT AUTHORITY S.A. with the trade title (PPA S.A.)

Report on the Financial Statements

We have audited the accompanying separate and consolidated financial statements of the Piraeus Port Authority S.A., with trade title "PPA S.A." (the Company), which comprise the separate and consolidated statement of financial position as at December 31, 2015, the separate and consolidated statement of comprehensive income, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Separate and Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these separate and consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal controls as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these separate and consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards of Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the separate and consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the separate and consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the separate and consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the separate and consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material respects, the financial position of the company "PPA S.A.", as at 31 December 2015, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.

Report on Other Legal and Regulatory Requirements

(a) The Board of Directors' Report includes a statement of Corporate Governance, which contains the information required by paragraph 3d article 43a of Codified Law 2190/1920.
(b) We confirm that the information given in the Board of Directors' Report is consistent with the accompanying separate and consolidated financial statements in the context of the requirements of articles 43a, 108 and 37 of Codified Law 2190/1920.

Athens, March 29, 2016

The Certified Public Accountants

Panagiotis Papazoglou Vasileios Kaminaris

R.N. ICA (GR) 16631 R.N. ICA (GR) 20411

ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS ACCOUNTANTS S.A. SOEL REG. No: 107 8Β, CHIMARRAS ΜAROUSI 151 25, ΑTHENS

ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS of PPA SA

for the year January 1 st – December 31 st , 2015

In accordance with the International Financial Reporting Standards as adopted by the European Union

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2015

		GROUP-COMPANY
	Notes	01.01-31.12.2015	01.01-31.12.2014
Revenues	25	99,880,455.20	104,320,264.31
Cost of sales	26	(73,729,889.19)	(81,361,853.42)
Gross profit		26,150,566.01	22,958,410.89
Administrative expenses	26	(27,154,710.90)	(19,581,014.55)
Other operating expenses	27	(1,586,133.60)	(2,401,423.66)
Other income	27	11,943,508.54	6,797,644.49
Financial income	28	1,896,870.12	1,989,969.29
Financial expenses	28	(625,761.66)	(872,121.48)
Impairment of investments	8	(852,048.32)	-
Profit before income taxes		9,772,290.19	8,891,464.98
Income taxes	9	(1,396,536.02)	(2,127,582.14)
Net profit after taxes (A)		8,375,754.17	6,763,882.84
Net other comprehensive income not to be reclassified in profit or loss in subsequent period:
Re-measurement losses on defined benefits plans		(240,250.88)	(1,611,722.35)
Income taxes		69,672.76	419,047.81
Other total comprehensive income after tax (B)		(170,578.12)	(1,192,674.54)
Total comprehensive income after tax (A)+(B)		8,205,176.04	5,571,208.30
Profit per share (Basic and diluted)	31	0.3350	0.2706
Weighted Average Number of Shares (Basic & Diluted)	31	25,000,000	25,000,000

STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2015

		GROUP-COMPANY
	Notes	31.12.2015	31.12.2014
ASSETS
Non current assets
Property, Plant and Equipment	4	261,098,568.04	273,356,564.78
Investment property	5	734,338.38	734,338.38
Intangible assets	6	50,522.36	94,335.44
Investments in subsidiaries Other non-current assets	8	127,951.68	980,000.00
Deferred tax assets	7 9	425,254.75 14,488,745.69	348,789.75 15,109,449.15
Total non current assets		276,925,380.90	290,623,477.50
Current assets
Inventories	10	2,196,957.54	2,136,621.95
Trade Receivables	11	20,341,478.57	26,980,280.10
Prepayments and other receivables	12	8,264,461.93	9,264,040.84
Restricted cash	13	816,718.22	816,718.22
Cash and cash equivalents	13	59,432,087.51	54,466,299.36
Total Current Assets		91,051,703.77	93,663,960.47
TOTAL ASSETS		367,977,084.67	384,287,437.97
EQUITY AND LIABILITIES Equity
Share capital	14	50,000,000.00	50,000,000.00
Other reserves	15	76,996,669.02	76,577,881.31
Retained earnings		47,319,141.86	42,007,746.62
Total equity		174,315,810.88	168,585,627.93
Non-current liabilities
Long-term borrowings	20	74,499,999.99	80,499,999.99
Long-term leases	19	156,404.94	217,707.44
Government grants	16	20,195,228.95	20,611,215.55
Reserve for staff retirement indemnities	18	11,005,605.02	10,694,136.63
Provisions	17	24,110,963.41	37,962,246.87
Deferred income	23	40,276,219.76	41,589,467.91
Total Non-Current Liabilities		170,244,422.07	191,574,774.39
Current Liabilities
Trade accounts payable		2,450,767.29	3,198,965.53
Short term of long term borrowings	20	6,000,000.00	6,000,000.00
Short-term leases	19	61,310.32	290,074.51
Income tax		1,500,000.00	2,928,029.58
Accrued and other current liabilities	22	13,404,774.10	11,709,966.02
Total Current Liabilities		23,416,851.71	24,127,035.64
Total liaabilities		193,661,273.79	215,701,810.03
TOTAL LIABILITIES AND EQUITY		367,977,084.67	384,287,437.97

PIRAEUS PORT AUTHORITY S.AAnnual Financial Report for the year ended December 31, 2015

(amounts in Euro, except for share data)

STATEMENT OF CHANGES INSHAREHOLDERS EQUITY FOR THE YEAR ENDED DECEMBER 31, ²⁰¹⁵

GR OU P-C OM PA NY	Sh l ita are ca p	St atu tor y r ese rve	he Ot r re ser ve s	d e Re tai ing ne arn s	tal To
tal uit 1, 20 15 To Eq t Ja y a nu ary	50, 00 0, 00 0.0 0	95 2, 65 7.6 7, 4	69 71 05 9.1 1 5, ,	38 34 6, 70 2.8 8 ,	16 6, 01 41 9.6 3 4,
fit aft inc Pro e t er om axe s	-	-	-	6, 76 3, 88 2.8 4	6, 76 3, 88 2.8 4
Ot he reh siv e lo aft inc e t r co mp en ss er om axe s	-	-	-	( 192 674 ) 1, .54 ,	( 192 674 ) 1, .54 ,
tal reh siv e i af in To ter e t co mp en nco me com axe s	-	-	-	208 .30 5, 57 1,	208 .30 5, 57 1,
Div ide nd aid s p	-	-	-	( 0) 3, 00 0, 00 0.0	( 0) 3, 00 0, 00 0.0
/ Tax L.4 172 20 13 on re ser ves	-	-	( 8) 1, 42 8, 02 9.5	1, 42 8, 02 9.5 8	-
Tra nsf to er res erv es	-	33 8, 194 .14	-	( ) 33 8, 194 .14	-
tal uit mb To Eq t D 31, 20 14 y a ece er	50, 00 0, 00 0.0 0	8, 290 85 1.7 8 ,	68, 28 7, 02 9.5 3	42 00 7, 74 6.6 2 ,	168 58 5, 62 7.9 3 ,
tal To Eq uit t Ja 1, 20 15 y a nu ary	50, 00 0, 00 0.0 0	8, 290 85 1.7 8 ,	68 28 7, 02 9.5 3 ,	42 00 7, 74 6.6 2 ,	16 8, 58 5, 62 7.9 3
fit aft Pro inc e t er om axe s	-	-	-	8, 37 5, 754 .17	8, 37 5, 754 .17
he reh e lo aft Ot siv inc e t r co mp en ss er om axe s	-	-	-	( 2) 170 57 8.1 ,	( 2) 170 57 8.1 ,
af To tal reh siv e i in ter e t co mp en nco me com axe s	-	-	-	8, 20 5, 176 .04	8, 20 5, 176 .04
ide nd aid Div s p	-	-	-	( 9) 2, 47 4, 99 3.0	( 9) 2, 47 4, 99 3.0
nsf Tra to er res erv es	-	41 8, 78 7.7 1	-	( 1) 41 8, 78 7.7	-
tal uit mb To Eq t D 31, 20 15 y a ece er	50, 00 0, 00 0.0 0	8, 70 9, 63 9.4 9	68 28 7, 02 9.5 3 ,	47 31 9, 14 1.8 6 ,	17 4, 31 5, 81 0.8 8

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2015

		GROUP-COMPANY
	Notes	01.01-31.12.2015	01.01-31.12.2014
Cash flows from Operating Activities
Profit before income taxes		9,772,290.19	8,891,464.98
Adjustments for:
Depreciation and amortisation	29	15,010,841.62	15,015,481.33
Amortisation of subsidies	29	(844,036.60)	(819,834.97)
Gain on disposal of property, plant & equipment		(164,518.83)	-
Recognition of investment property		-	(220,970.81)
Financial (income)/expenses	28	(1,271,108.46)	(1,117,847.81)
Provision for staff retirement indemnities	30	729,064.12	691,855.65
Other Provisions		5,763,611.24	4,563,109.98
Impairnment of subsidies	8	852,048.32	-
Operating profit before working capital changes		29,848,191.60	27,003,258.35
(Increase)/Decrease in:
Inventories		(60,335.59)	70,172.92
Trade accounts receivable		1,098,707.19	(2,167,004.22)
Prepayments and other receivables		1,427,628.91	602,657.68
Other long term assets		(76,465.00)	(316.00)
Increase/(Decrease) in:
Trade accounts payable		(748,198.24)	(128,903.48)
Accrued and other current liabilities		1,926,618.94	91,380.03
Deferred income Interest paid		(1,313,248.15) (612,679.60)	(1,313,867.81) (838,039.23)
Payments for staff leaving indemnities	18	(657,846.61)	(392,252.00)
Payments for employees voluntary retirement		(14,074,800.36)	-
Income taxes paid		(2,379,082.50)	(5,670,117.36)
Net cash from Operating Activities		14,378,490.59	17,256,968.88
Cash flow from Investing activities
Increase of subsidiaries share capital	8	-	(160,000.00)
Procceds from the sale of property, plant and equipment		177,312.10	-
Capital expenditure for property, plant and equipment and intangible assets	4,6	(2,721,824.88)	(1,643,892.97)
Decrease of restricted cash		-	2,096,773.00
Interest and related income received		1,896,870.12	1,989,969.29
Net cash from Investing Activities		(647,642.66)	2,282,849.32
Cash flows from Financing Activities

Net change in long-term borrowings		(6,000,000.00)	(2,333,333.34)
Net change in leases		(290,066.69)	(364,235.36)
Dividends paid	21	(2,474,993.09)	(3,000,000.00)
Net cash from Financing Activities		(8,765,059.78)	(5,697,568.70)
Net increase in cash and cash equivalents		4,965,788.15	13,842,249.50
Cash and cash equivalents at the beginning of the year	13	54,466,299.36	40,624,049.86
Cash and cash equivalents of the end of the year	13	59,432,087.51	54,466,299.36

NOTES TO THE SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015

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 the Municipality of Piraeus, at 10 Akti Miaouli street.

The Company's main activities are ships' anchoring services, 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, electric current, telephone connection etc. supply), for services provided to travelers (coastal and cruise ships) and for renting space to third parties.

The Company is subject to supervision by the Ministry of Regional Development, Competitiveness and Shipping and governed by the principles of Company Law 2190/1920 and the founding Law 2688/1999, as amended by Law 2881/2001.

The Company's duration period 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's number of employees as at December 31, 2015 amounted to 1,129. At December 31, 2014, the respective number of employees was 1,157.

The Company holds 100% interest in two companies: "DEVELOPING COMBINED TRANSPORT, PORT FACILITIES AND SERVICES S.A." (trade name «LOGISTICS PPA") and "SHIP REPAIR SERVICES S.A." (trade name "NAFSOLP SA»). For more information on these two subsidiaries see note 8. The Company together with its subsidiaries referred to thereafter as the "Group". At September 9, 2015, the extraordinary general meetings of the two subsidiaries decided their dissolution and liquidation.

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS:

(a) Basis of Preparation of Financial Statements:

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (E.U.). These financial statements have been prepared under the historical cost.

As indicated in Note 8, the two subsidiaries are not consolidated in the consolidated financial statements of the Company due to the immateriality of their financials in 2014 and its liquidation in 2015. As the Company has no other subsidiaries, amounts in the financial statements of the Group are identical to those of the Company.

The preparation of financial statements according to the IFRS requires estimations and assumptions to be made by the management, influencing the assets and liabilities amounts, the disclosure of potential receivable and liabilities as at the financial statement's date, as well as the revenue and expenditure amounts, during the financial period. Actual results may differ from these estimations. The accounting policies adopted are consistent with those of the financial year ended December 31, 2014. It also requires management to exercise its judgment in the process of applying the accounting policies which have been adopted. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 2(c).

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

Certain line items of the previous year's financial statements were reclassified in order to conform to the current year's presentation. These reclassifications are as follows:

For the previous year, an amount of € 1,772,091.03 referring to prepayments of customers was reclassified from "trade receivables" to "accrued and other current liabilities.

(b) Approval of Financial Statements:

The Board of Directors of the Company approved the financial statements for the year ended at December 31, 2015, on March 29, 2016. The abovementioned financial statements are subject to the final approval of the General Assembly of the Shareholders.

(c) Significant Accounting Judgements and Estimates:

The Company makes estimates and judgments concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and judgments that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

(i) Allowance for doubtful accounts receivables: The Company's Management periodically reassess the adequacy of the allowance for doubtful accounts receivable in conjunction with its credit policy and taking into consideration reports from its legal department, which are prepared following the processing of historical data and recent developments of the cases it is handling.
(ii) Provision for income taxes: According to IAS 12, income tax provisions are based on estimations as to the taxes that shall be paid to the tax authorities and includes the current income tax for each fiscal year, the provision for additional taxes which may arise from future tax audits and the recognition of future tax benefits. The final clearance of income taxes may be different from the relevant amounts which are included in these financial statements.
(iii) Depreciation rates: The Company's assets are depreciated over their estimated remaining useful lives. These useful lives are periodically reassessed to determine whether the original period continues to be appropriate. The actual lives of these assets can vary depending on a variety of factors such as technological innovation and maintenance programs.
(iv) Impairment of property, plant and equipment: Property, plant and equipment are tested for impairment when there are indicators that the carrying amounts may not be recoverable. When value in use calculations are undertaken, management estimates the expected future cash flows from the asset or cash-generating unit and chooses a suitable discount rate in order to calculate the present value of those cash flows.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

(v) Application of Interpretation 12: Company Management has examined weather the contract for the concession of the exclusive right to use and exploit land, buildings and facilities at the Port of Piraeus Land Zone fall under the scope of the provisions of Interpretation 12. The management concluded that the agreement in question does not fall under the scope of application of Interpretation 12 for the following reasons:
The Greek Government does not determine nor control initial prices for the services rendered by PPA S.A. as well as revaluation during the term of the agreement. The only obligation on behalf of the Company is that prices and changes thereof must be disclosed to the Ministry of Finance, Competitiveness and Maritime Affairs and be published in the Government Gazette.
The conceding authority exercises no control over the services rendered. The Company may concede the use and exploitation of the aforementioned facilities to third parties for purposes related to the provision of port or non-port services and for a term not exceeding the term and extension of the contract.
The Company is under no obligation to realize a specific level of investments, only when such is deemed necessary in order to maintain the unhindered operation of the Port.

(vi) Restriction on capital/ Going concern: The Legislative Act of 28.06.2015 imposed a bank holiday for all Greek banks and capital controls, under the decision of the Ministry of Finance. The bank holiday ended on 20.07.2015, but the capital controls are still in force. The successful bank recapitalization lifted certain difficulties in the bank sector, which were mainly due to the uncertainty of the bank recapitalization schedule, which ended with the third memorandum of understanding; as a result, the liquidity risks, which could not be identified in terms of time and severity, with regard to the Authority's bank reserves in Greek bank institutes, have been significantly reduced. Furthermore, PPA' activities have not been affected by the capital controls.

3. PRINCIPAL ACCOUNTING POLICIES:

The Company applies the following accounting principles for the preparation of the accompanying financial statements:

(a) Tangible Assets: Buildings, technical projects and other building installations are valued at acquisition cost less accumulated depreciation and possible impairment provision. The privately owned land, machinery and other equipment, acquired before PPA's conversion into an S.A., 1.6.1999, were valued at deemed cost, arising by the Evaluation Committee of article 9 C.L. 2190/1920, while these acquired afterwards are valued at acquisition cost less accumulated depreciation and possible value impairment provision.

Acquisition cost of a building installation or equipment consists of purchase price including import duties, plus non-refundable purchase taxes as well as any cost required for the asset to become operational. Repairs and maintenance are posted to the financial period in which they were realized. Significant additions and improvements made at a later stage are capitalized in the relevant asset cost.

Fixed assets constructed by the Company are posted to the self-construction cost which includes subcontractors' fees, materials and technicians' payroll costs involved in the construction (including relevant employer contributions) as well as part of general administration expenses.

Assets under construction include fixed assets under construction and are stated at their cost. Assets under construction are not depreciated until the fixed assets are complete and operational.

(b) Depreciation: Fixed assets are depreciated on a straight line basis according to the following useful lives per fixed asset category:

Fixed Asset Categories	Useful Life (years)
Buildings, technical & port projects	25-40
Machinery & other equipment	10-30
Motor Vehicles	5-12
Floating transportation means	20-35
Furniture, fixture & fittings	5-10

The residual value, the useful life and the depreciation method of the Company's assets are examined annually and they are adjusted if necessary.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

(c) Impairment of assets: According to IAS 36, buildings, facilities, equipment and intangible fixed assets must be evaluated for possible value impairment, when there are indications that the asset's accounting value is over its recoverable amount. Whenever an asset's accounting value is over its recoverable amount, its respective impairment loss is posted to the period financial results. An asset's recoverable value is the greater amount between the estimated net realizable value and the value in use. Net realizable value is considered to be the attainable revenue from the disposal of an asset within the bounds of a mutual transaction, where the parties of this transaction are in full knowledge and willingly accede, reduced by any additional direct distribution cost of the asset. Value in use is the present value of the estimated future cash flow, expected to be accomplished by the constant asset use and its disposal at the end of its estimated useful life. When there is no possibility for a company to estimate the asset's recoverable amount, for which there are indications of value impairment, then it assesses the recoverable amount of the unit (to which the asset belongs) which creates cash flows.

Assets loss impairment reversal entry, accounted for in previous years, is possible only if there are valid indications that this impairment does no longer exist or is decreased. Under these circumstances this reversal entry is recognized as revenue.

(d) Investment property: Investment property principally comprising of land and buildings, is held by the Company and the Group for long-term rental yields and not for own use. Investment property is measured at cost less depreciation and impairment.

When the carrying amounts of the investment property exceed their recoverable amounts, the difference (impairment) is charged directly in the statement of comprehensive income. Land is not depreciated. The depreciation of buildings is calculated using the straight line method over the buildings' useful life.

Transfers are made to investment property when, and only when, there is a change in use, evidenced by the end of owner occupation, commencement of an operating lease to another party or completion of construction or development. Transfers are made from investment property when, and only when, there is a change in use, evidenced by commencement of owner occupation or commencement of development with a view to sale.The fair value of investment property does not differ from the carrying amount as presented in the rate financial statements.

(e) Fixed Asset Subsidies: Subsidies are considered as accrued income and are recognized as income at the same depreciation rate as the relevant subsidized fixed assets, are depreciated. This income is deducted from the depreciation in the period financial results.
(f) Intangible Assets: Intangible assets concern software purchase cost and any expenditure for software development, in order to become operational. Software depreciation is calculated on a straight line basis and its useful life of 3-4 years.
(g) Borrowing Cost: The Company has adopted the basic accounting policy suggested by IAS 23, where the borrowing cost recognized as expense in the statement of comprehensive income.
(h) i) Financial Instruments: Financial assets and liabilities, stated in the statement of financial position, includes cash and cash equivalents, trade receivables prepayments and other receivables, borrowings and accrued and other current liabilities. The Company does not use financial instrument derivatives neither for balancing the risk nor for profit purposes. Financial instruments appear as receivable, liabilities or Equity based on the contents of the relevant contracts. Interest, dividends, profit and loss resulting from financial instruments, considered as receivable or liabilities are respectively posted as expenditure or income. Dividend distribution to shareholders is posted directly to Equity.

Financial instruments are set off against each other when the Company, according to the Law, has the legal right and intends to set them off or to recover the asset and at the same time set it off against the liability.

ii) Fair value of financial instruments: The fair value of financial instruments actively traded in organised financial markets is determined by reference to quoted active market bids, and in particular bid prices for assets and ask prices for liabilities, at the close of business on the balance sheet date, without any deduction in transaction costs.

Where there is no active market for a financial instrument, its fair value is determined by using appropriate valuation techniques. The valuation techniques include the method of discounted cash flows, comparison with similar instruments for which there exist observable values, rights valuation models, credit models and other relevant valuation models. Some financial instruments are shown at fair value using valuation techniques because current market transactions, or observable market data, are not available. Their fair value is determined using a valuation model which has been tested with respect to prices or the data of actual market transactions and using the best possible estimates of the Company for the most appropriate assumptions of the model. Models are adjusted to reflect the margin of the bid and ask prices, to reflect the costs for closing positions, the reliability and liquidity of the counterparty and the constraints of the model.

Furthermore, the profit and loss calculated when such financial instruments are shown for the first time (Profit or Loss of Day 1) are deferred and are only recognised when the data become observable or when the instrument is derecognised.

For discounted cash flow techniques, the estimated future cashflows are based on the management's best possible estimates and the discount rate used is a rate indicated in the market for similar instruments. The use of different valuation models and assumptions could generate substantially different estimates of fair values.

Where the fair value cannot be measured in a reliable manner, such financial instruments are measured at cost, which is the fair value of the price paid to acquire the investment or the amount received when the financial liability is issued. All transaction costs directly attributable to acquisition are included in the cost of the investment.

The fair value of a financial asset or liability is the amount received to sell an asset or paid to settle a liability in a transaction under normal conditions between two contracting parties on the date of its valuation. The fair value of the financial assets or liabilities in the financial statements has been determined, where necessary, by the Management's best possible estimate. In cases where there are no available data or these are limited from active financial markets, valuations of fair values are derived from the Management's estimate according to the available information.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

Fair value valuation methods can be classified into three levels:

Level 1: Quoted (unadjusted) values from active financial markets for identical negotiable assets or liabilities.

Level 2: Other technicques 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.

The following methods and assumptions were used to estimate the fair value of each class of financial asset and liabilities:

Cash and cash equivalents, trade receivables prepayments and other receivables, and accrued and other current liabilities: Their book value is almost identical to the fair because the maturity of these financial instruments are short-term.

(i) Cash on hand and in banks: The Company considers as cash (apart from cash on hand) time deposits and liquid investments maturing in three months from the acquisition date.
(j) Receivable: Short- term receivable is stated at its nominal value decreased by the provision for doubtful debts. Long- term receivable, receivable at a specific date, was valued at present value applying the discount interest rate method.
(k) Expenditure and Risk Provisions: When the Company has a present legal or presumed commitment as a result of past events, a fund outflow, which incorporates financial benefits, is possible and the relevant commitment amount can be reliably assessed, then provisions are recognized. Provisions are re-examined at the end of each financial period and are adjusted in order to represent the best possible assessments, and when necessary are prepaid at a pretax discount rate. Potential liabilities are not posted to the financial statements, but are disclosed, unless the possibility for funds outflow, incorporating financial benefits, is minimum. Potential receivable is not posted to the financial statements, but are disclosed as long as benefit inflow is possible.
(l) Income Tax (Current and Deferred): Current and deferred income tax assessment is based on the relevant amounts of the financial statements, according to tax Laws effective in Greece. Current income tax concerns tax on the Company taxable profits, adjusted according to Greek tax Law and calculated using the current tax rate. Deferred tax is assessed using the liability method in all temporary tax differences on the balance- sheet date between the tax base and the accounting value of assets and liabilities. The expected tax consequences from the temporary tax differences are assessed and stated either as deferred tax liabilities or as deferred tax assets. Deferred tax assets are posted to the financial statements for all allowable temporary differences and tax losses carried forward as far as it is likely to set off these allowable temporary differences against available taxable profits.

The accounting value of deferred tax assets is revised at each balance- sheet date and it is reduced up to the point that it is not likely to have enough taxable profits, where part or all of the deferred tax assets may be set off against. Current income tax receivable and liabilities for current and previous financial years are valued at the amount expected to be paid to Tax Authorities (or be refunded by them), using the tax rates (and tax Laws) in force up to the balance- sheet date.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

(m) Revenue Recognition: All sales income categories are posted to the financial period they concern, while accrued and not invoiced services income is also accounted for at the balancesheet date. Income is accounted for only if it is possible that financial benefits related to the transaction will inflow to the Company. Rental income is accounted for on a regular basis during the rental period, according to the rental agreement. Interest is accounted for on the accrual basis (taking into account the actual investment return).
(n) Inventories: Material and spare parts related to the Company mechanical equipment maintenance are valued at the lower of acquisition cost and net realisable value and their cost is determined on the weighted average cost basis. Material is posted to inventories on purchase and recognized as expenditure on consumption.
(o) Leases: Leases that actually convey to the Company all dangers and benefits relevant to the leased asset are classified as financial leases. Leased fixed assets are capitalized at the beginning of the lease at their fair value or at present value of total minimum finance lease payments, if the latter is lower. Financial lease payments are allocated between financial expenditure and financial liabilities reduction in order to achieve a fixed interest rate for the remaining liability balance. Financial expenditure is debited directly in the period financial results. Capitalized leased fixed assets are depreciated according to their expected useful life.

When the lessor retains all dangers and benefits of fixed asset ownership, then these leases are classified as operational leases. Operational lease payments are recognized as expenditure in the Comprehensive Income Statement on a regular basis during the lease.

(p) Defined benefit plan: The staff termination indemnity provision recorded in the balance sheet for the defined benefit plan is the current value of the liability for the defined benefit in addition to changes occurring from any other actuarial profit or loss and the past service cost. The discount rate is considered as the yield, at the balance sheet date, of high quality European corporate bonds which have a maturity which approaches the time period of the Group's and Company's liability.

The liability for this plan is determined using the projected unit credit method from an independent valuer and is composed of the present value of accrued services during the year, the interest on future liabilities, the prior service cost and the actuarial gains or losses.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding net interest and the return on plan assets, are recognized immediately in the statement of financial position with a corresponding debit or credit to the actuarial differences reserve through other comprehensive income in the period in which they occur. Remeasurements are not classified to profit or loss in subsequent periods.

Past service costs are recognized in profit or loss on the earlier of:

The date of the plan amendment or curtailment, and
The date that the Group recognizes restructuring-related costs

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

According to the collective PPA S.A. employee agreement (article 9 CA/2000 and article 5 CA/2004) the Company must pay retirement allowances to permanent C.L.L.C. employees equal to the total of seven month regular salary. To employees working under employment contract the Company pays either retirement allowance according to previous regulations or indemnity according to Law 2112/20 as these are revised and effective today according to each employee's previous employment period. The Company pays indemnity to workers in accordance with article 49 Law 993/79 provisions and the cases 2 & 3 of subparagraph IA.12 of L.4093/2012. All the above cases either retirement allowances or indemnity had a top limit of € 15.000 which was revised to € 30.000.

With the provisions of L. 3833/2010 and L. 3845/2010 this limit amounts to € 28.531,50.

(q) National Insurance Programs: The obligation for main or supplementary pension provision is covered by the main National Insurance Department (IKA- Social Insurance Institute) which concerns private sector and provides retirement, medical and pharmaceutical services. Each employee is obliged to contribute part of his salary to the National Insurance Department, while part of the total contribution is paid by the Company. On employee retirement the National Insurance Department is responsible for their pension payments. Therefore, the Company has no legal or presumed obligation for future payments according to this program.

The Company employees are also eligible, on retirement, for a lump sum payment by the Welfare Fund according to the Fund's statutory regulations and Law 2084/92. For employee welfare, the maximum amount payable is 44.240,00 Euro in conformity with Presidential Decree 389/1998 (Government Press 268A) which specifies as top limit the 11th salary range for higher education employees in public sector. For longshoremen welfare, the payable amount is specified each time based on last decade's contributions and the employee years of service. Each employee is obliged to contribute part of his salary to the Fund, while part of the total contributions are paid by the Company. Welfare Fund is a C.L.L.C., responsible for the above payments. Therefore, the Company has no legal or presumed obligation for future payments according to this program.

(r) Earnings per Share: Earnings per share are calculated by dividing the financial period net profit, corresponding to ordinary shareholders, by the weighted average number of ordinary shares issued. The accompanying financial statements did not include any profit decreasing bonds or other stock, convertible to shares. Consequently, diluted earnings per share were not calculated.
(s) Segmental Reporting: 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 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 complex activities, putting work in many areas of port activity , such as containers Car-terminal, shipping, cruise, Ro-Ro, 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 (over 55 %), the main port container (90 %), the main car – terminal port (95%) of the country.

The PPA SA provides all the requested port services: water, fuel oil, 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.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

The management of PPA SA monitors at the level of results of 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 be disclose the following segments:

Container Terminal
Handling Car
Coasting
Ship repairing
Cruise
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 take 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.

(t) Interest- Bearing Loans: All loans are initially accounted for at the cost that is the actual loan value less the expenditure related to the loan issue. Afterwards, interest- bearing loans are valued at net book cost on the actual interest rate basis. Net book cost is calculated considering the loan issue expenditure and the difference between the initial and final loan amount. Profits and losses are accounted for a net profit or loss when liabilities are written off or impaired and by depreciation procedure.
(u) Dividends: Dividends are accounted for when receipt rights are finalized by the resolution of the shareholders general meeting.
(v) Concession Agreement: In persuasion of the 35th article of 2932/2001 Law, Greek Government and the Company signed on 13.2.2002 the Concession Agreement, by which the government transfers its exclusive right of use and exploitation of port zone lands, buildings and facilities of Piraeus Port to the Company.

This concession was agreed for fixed period, specifically of 40 years initial duration, beginning on the day the agreement was signed and ending on 13.2.2042. It is possible for the initial duration to be extended once or for several times, within Law top limits by a new written agreement and modification of the 4.1 article of the Concession Agreement. With the Common Ministry Decision (CMD) no. 8322/3-12-2008, published in Government Paper 2372/21-11-2008, the Concession Agreement duration is modified from 40 to 50 years, beginning on the 13/2/2002 (initial signature date) and ending on the respective date of the year 2052.

In exchange for the above Concession Greek Government receives 1% of the Company's consolidated annual income for each of the first 3 years of the agreement. The above percentage will increase to 2% of the Company's consolidated annual income after the 3rd year, on the same calculation basis.

The Company most significant obligations arising from this agreement are:

Constant port rendering services
Responsibility for the installation, improvement and maintenance of the security level in the Piraeus Port area.
Ensure fair deal to all port users
Payment of maintenance expenditure for all the property included in the Concession Agreement
(w) Concession Agreement of Piers II and III: The N.3755/2009 ratified by the Parliament the concession of use and operation of piers II and III between PPA and Cosco Pacific Ltd. The contract term provided for 35 years at current exchange rates € 4,3 billion, of which 79% guaranteed and will be held investments totaling € 620 million. The Concession Agreement entered into force on 1/10/2009 and till 31/5/2010 the operation of Pier II was provided by the PPA SA staff as a subcontractor. Within this period the project in Pier I, which was constructed by PPA SA, was completed and started its operation by providing services directly to P.P.A SA clients.

Published in the Government Gazette 269 / 24.12.2014 the Agreement B. Modification of the original Concession Agreement (OG 52 / 30.03.2009) between PPA SA and SEP SA, following the 'Practical Process Amicable Settlement'. According to the above, the payment of the Guaranteed consideration was suspended, no later than 31.12.2021 and replaced by paying only Variable consideration that arises as a percentage on consolidated revenues of PCT SA from the previous contract year.

The calculation of fixed consideration I & II is adjusted regarding the length of exploitation and the corresponding sq.m. as planned, after the commissioning of the western part of Pier III, increasing the length of new posts berthing ships 567 m. and 135,330 sq.m. Furthermore, the business agreement will bring investments of approximatelly € 230 million related to: (a) the construction and operation of West Pier III of the Container Terminal of PPA from SEP SA, (b) the construction on behalf of PPA SA Pier Petroleum and (c) upgrade with new machinery of Piers II and East Pier Container Terminal III.

(x) Foreign Currency Conversion: The Company operations are all performed in Euro. Transactions made in foreign currencies are converted into Euro using currency rates effective at the transaction date. Receivable and liabilities in foreign currency are adjusted at the financial statements preparation date in order to state the currency rates effective at that date. Gains or losses arising from these adjustments are included in the accompanying Comprehensive Income Statement as foreign exchange gains or losses.

Changes in accounting policies and disclosures

The accounting policies adopted in the preparation of the annual financial statements, are consistent with those followed for the year ended December 31, 2014, except for the adoption of new standards and interpretations applicable for fiscal periods beginning at January 1, 2015. However, those standards have either no significant effect on the Financial Statement of the Group and the Company, or no application for the Group and the Company.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

The IASB has issued the Annual Improvements to IFRSs 2011 – 2013 Cycle, which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after January 1 st, 2015. The Group and the Company are in the process of assessing the impact of these amendments on their financial position or performance.

IFRS 3 Business Combinations: This improvement clarifies that IFRS 3 excludes from its scope the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself.
IFRS 13 Fair Value Measurement: This improvement clarifies that the scope of the portfolio exception defined in paragraph 52 of IFRS 13 includes all contracts accounted for within the scope of IAS 39 Financial Instruments: Recognition and Measurement or IFRS 9 Financial Instruments, regardless of whether they meet the definition of financial assets or financial liabilities as defined in IAS 32 Financial Instruments: Presentation.
IAS 40 Investment Properties: This improvement clarifies that determining whether a specific transaction meets the definition of both a business combination as defined in IFRS 3 Business Combinations and investment property as defined in IAS 40 Investment Property requires the separate application of both standards independently of each other.

Standards issued but not yet effective and not early adopted

• IAS 16 Property, Plant & Equipment and IAS 38 Intangible assets (Amendment): Clarification of Acceptable Methods of Depreciation and Amortization

The amendment is effective for annual periods beginning on or after 1 January 2016. This amendment clarifies the principle in IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets that revenue reflects a pattern of economic benefits that are generated from operating a business (of which the asset is part) rather than the economic benefits that are consumed through use of the asset. As a result, the ratio of revenue generated to total revenue expected to be generated cannot be used to depreciate property, plant and equipment and may only be used in very limited circumstances to amortise intangible assets. The Group and the Company are in the process of assessing the impact of the new standard on their financial position or performance.

• IAS 19 Employee benefits (Amended): Employee Contributions

The amendment is effective for annual periods beginning on or after 1 February 2015. The amendment applies to contributions from employees or third parties to defined benefit plans. The objective of the amendment is to simplify the accounting for contributions that are independent of the number of years of employee service, for example, employee contributions that are calculated according to a fixed percentage of salary. This standard is not applicable to the Group and the Company.

• IFRS 9 Financial Instruments – Classification and measurement

The standard is applied for annual periods beginning on or after 1 January 2018 with early adoption permitted. The final phase of IFRS 9 reflects all phases of the financial instruments project and replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. The standard has not yet been endorsed by the EU. The Group and the Company are in the process of assessing the impact of the new standard their financial position or performance.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

• IFRS 11 Joint arrangements (Amendment): Accounting for Acquisitions of Interests in Joint Operations

The amendment is effective for annual periods beginning on or after 1 January 2016. IFRS 11 addresses the accounting for interests in joint ventures and joint operations. The amendment adds new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business in accordance with IFRS and specifies the appropriate accounting treatment for such acquisitions. This standard is not applicable to the Group and the Company.

• IFRS 14 Regulatory Deferral Accounts

The standard is effective for annual periods beginning on or after 1 January 2016. The aim of this interim standard is to enhance the comparability of financial reporting by entities that are engaged in rate-regulated activities, whereby governments regulate the supply and pricing of particular types of activity. This can include utilities such as gas, electricity and water. Rate regulation can have a significant impact on the timing and amount of an entity's revenue. IFRS 14 permits firsttime adopters to continue to recognise amounts related to rate regulation in accordance with their previous GAAP requirements when they adopt IFRS. However, to enhance comparability with entities that already apply IFRS and do not recognise such amounts, the standard requires that the effect of rate regulation must be presented separately from other items. An entity that already presents IFRS financial statements is not eligible to apply the standard. The European Union has not yet adopted this standard as the European Commission decided to begin the process of adopting the temporary template and wait for the final model. This standard is not applicable to the Group and the Company.

• IFRS 15 Revenue from Contracts with Customers

The standard is effective for annual periods beginning on or after 1 January 2017. IFRS 15 establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard's requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity's ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. The European Union has not yet adopted this standard. The Group and the Company are in the process of assessing the impact of the new standard on their financial position or performance.

• IAS 27 Separate Financial Statements (amended)

The amendment is effective from 1 January 2016. This amendment will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements and will help some jurisdictions move to IFRS for separate financial statements, reducing compliance costs without reducing the information available to investors. The Group and the Company are in the process of assessing the impact of the new standard their financial position or performance.

• Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB has postponed indefinitely the implementation date of this amendment, pending the outcome of its work to the equity method. The amendments have not yet been endorsed by the EU. This standard is not applicable to the Group and the Company.

• IFRS 10, IFRS 12 and IAS 28: Investment Entities: Applying the Consolidation Exception (Amendments)

The amendments address three issues arising in practice in the application of the investment entities consolidation exception. The amendments are effective for annual periods beginning on or after 1 January 2016. The amendments clarify that the exemption from presenting consolidated financial statements applies to a parent entity that is a subsidiary of an investment entity, when the investment entity measures all of its subsidiaries at fair value. Also, the amendments clarify that only a subsidiary that is not an investment entity itself and provides support services to the investment entity is consolidated. All other subsidiaries of an investment entity are measured at fair value. Finally, the amendments to IAS 28 Investments in Associates and Joint Ventures allow the investor, when applying the equity method, to retain the fair value measurement applied by the investment entity associate or joint venture to its interests in subsidiaries. These amendments have not yet been endorsed by the EU. The Group and the Company are in the process of assessing the impact of the new standard on their financial position or performance.

• IAS 1: Initiative on disclosures (Amendment)

Amendments to IAS 1 Presentation of Financial Statements further encourage companies to apply their professional judgment in determining the information to be disclosed and how to present them in their financial statements. The amendments are effective for annual periods beginning on or after 1 January 2016. These limited amendments to IAS 1 clarify, rather than change significantly the existing requirements of IAS 1. The amendments relate to the significance, the number of notes, the subsets and separation, the accounting policies and presentation of items of other comprehensive income (OCI) resulting from investments accounted for under the equity methodThe Group and the Company are in the process of assessing the impact of the new standard on their financial position or performance.

The IASB has issued the Annual Improvements to IFRSs 2010 – 2012 Cycle, which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after 1 February 2015. The Group and the Company are in the process of assessing the impact of the amendments on their financial position or performance.

IFRS 2 Share-based Payment: This improvement amends the definitions of 'vesting condition' and 'market condition' and adds definitions for 'performance condition' and 'service condition' (which were previously part of the definition of 'vesting condition').
IFRS 3 Business combinations: This improvement clarifies that contingent consideration in a business acquisition that is not classified as equity is subsequently measured at fair value through profit or loss whether or not it falls within the scope of IFRS 9 Financial Instruments.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

IFRS 8 Operating Segments: This improvement requires an entity to disclose the judgments made by management in applying the aggregation criteria to operating segments and clarifies that an entity shall only provide reconciliations of the total of the reportable segments' assets to the entity's assets if the segment assets are reported regularly.
IFRS 13 Fair Value Measurement: This improvement in the Basis of Conclusion of IFRS 13 clarifies that issuing IFRS 13 and amending IFRS 9 and IAS 39 did not remove the ability to measure short-term receivables and payables with no stated interest rate at their invoice amounts without discounting if the effect of not discounting is immaterial.
IAS 16 Property Plant & Equipment: The amendment clarifies that when an item of property, plant and equipment is revalued, the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount.
IAS 24 Related Party Disclosures: The amendment clarifies that an entity providing key management personnel services to the reporting entity or to the parent of the reporting entity is a related party of the reporting entity.
IAS 38 Intangible Assets: The amendment clarifies that when an intangible asset is revalued the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount.

The IASB has issued the Annual Improvements to IFRSs 2012 – 2014 Cycle, which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after 1 January 2016. The Group and the Company are in the process of assessing the impact of the amendments on their financial position or performance.

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations: The amendment clarifies that changing from one of the disposal methods to the other (through sale or through distribution to the owners) should not be considered to be a new plan of disposal, rather it is a continuation of the original plan. There is therefore no interruption of the application of the requirements in IFRS 5. The amendment also clarifies that changing the disposal method does not change the date of classification.
IFRS 7 Financial Instruments: Disclosures: The amendment clarifies that a servicing contract that includes a fee can constitute continuing involvement in a financial asset. Also, the amendment clarifies that the IFRS 7 disclosures relating to the offsetting of financial assets and financial liabilities are not required in the condensed interim financial report.
IAS 19 Employee Benefits: The amendment clarifies that market depth of high quality corporate bonds is assessed based on the currency in which the obligation is denominated, rather than the country where the obligation is located. When there is no deep market for high quality corporate bonds in that currency, government bond rates must be used.
IAS 34 Interim Financial Reporting: The amendment clarifies that the required interim disclosures must either be in the interim financial statements or incorporated by crossreference between the interim financial statements and wherever they are included within the greater interim financial report (e.g., in the management commentary or risk report). The Board specified that the other information within the interim financial report must be available to users on the same terms as the interim financial statements and at the same time. If users do not have access to the other information in this manner, then the interim financial report is incomplete.

• IFRS 16: Leases

The standard is effective for annual periods beginning on or after 1 January 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer ('lessee') and the supplier ('lessor'). The new standard requires lessees to recognize most leases on their financial statements. Lessees will have a single accounting model for all leases, with certain exemptions. Lessor accounting is substantially unchanged. The standard has not been yet endorsed by the EU. The Group and the Company are in the process of assessing the impact of the new standard on their financial position or performance.

• IAS 12 Income taxes (Amendments): Recognition of Deferred Tax Assets for Unrealised Losses

The amendments are effective for annual periods beginning on or after 1 January 2017, with early application permitted. The objective of these amendments is to clarify the accounting for deferred tax assets for unrealised losses on debt instruments measured at fair value. For example, the amendments clarify the accounting for deferred tax assets when an entity is not allowed to deduct unrealised losses for tax purposes or when it has the ability and intention to hold the debt instruments until the unrealised loss reverses. The Group and the Company are in the process of assessing the impact of the new standard on their financial position or performance.

• IAS 7 Statement of Cash Flows (Amendments): Disclosure Initiative

The amendments are effective for annual periods beginning on or after 1 January 2017, with earlier application permitted. The objective of these amendments is to enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments will require entities to provide disclosures that enable investors to evaluate changes in liabilities arising from financing activities, including changes arising from cash flows and non-cash changes. These amendments have not yet been endorsed by the EU. The Group and the Company are in the process of assessing the impact of the new standard on their financial position or performance.

4. TANGIBLE FIXED ASSETS

Property, plant and equipment in the accompanying financial statements for the Group and the Company are analysed as follows:

	Buildings	Machinery & equipment	Motor vehicles	Furniture, fixtures and fittings	Advances & Assets under construction	Total
COST
Balance January 1, 2014	220,681,139.50	169,503,678.16	14,578,767.74	10,648,357.43	2,293,222.42	417,705,165.25
Additions	168,076.66	517,614.36	11,700.00	453,004.60	436,047.80	1,586,443.42
Disposals/ write off	-	-	-	(4,664.74)	(259,263.41)	(263,928.15)
Transfers	-	-	-	62,633.98	(62,633.98)	-
Balance December 31, 2014	220,849,216.16	170,021,292.52	14,590,467.74	11,159,331.27	2,407,372.82	419,027,680.52
Additions	231,193.01	311,291.98	1,520,807.50	283,587.38	371,497.91	2,718,377.78
Disposals/ write off	-	(4,286,409.70)	-	(6,706.50)	-	(4,293,116.20)
Transfers	48,301.58	-	262,462.50	-	(310,764.08)	-
Balance December 31,
2015	221,128,710.75	166,046,174.80	16,373,737.74	11,436,212.15	2,468,106.66	417,452,942.09
DEPRECIATION
Depreciation January 1,
2014	(46,050,185.61)	(69,343,562.39)	(6,024,879.99)	(9,307,575.54)	-	(130,726,203.53)
Depreciation	(6,679,475.56)	(7,415,619.57)	(535,743.22)	(318,738.59)	-	(14,949,576.94)
Disposals/ write off	-	-	-	4,664.74	-	4,664.74
Depreciation December 31, 2014	(52,729,661.17)	(76,759,181.96)	(6,560,623.21)	(9,621,649.40)	-	(145,671,115.73)
Depreciation (Note 29)	(6,685,117.65)	(7,400,040.17)	(578,411.40)	(300,011.81)	-	(14,963,581.03)
Disposals/ write off	-	4,273,616.21	-	6,706.50	-	4,280,322.71
Depreciation December
31, 2015	(59,414,778.82)	(79,885,605.92)	(7,139,034.61)	(9,914,954.71)	-	(156,354,374.05)
NET BOOK VALUE
January 1, 2014	174,630,953.89	100,160,115.77	8,553,887.75	1,340,781.89	2,293,222.42	286,978,961.71
December 31, 2014	168,119,554.99	93,262,110.56	8,029,844.53	1,537,681.88	2,407,372.82	273,356,564.78
December 31, 2015	161,713,931.93	86,160,568.88	9,234,703,13	1,521.257,45	2,468,106.66	261,098,568.04

Insurance cover of the Piraeus Port Authority (PPA S.A.) tangible fixed assets: The PPA S.A. tangible fixed assets are insured to various insurance companies. Insurance cover concerns civil liability of plant and machinery up to June 30, 2016, civil and employer cover for fire and machinery technical damages, up to September 30, 2016. Insurance costs for the year 2015 amounted to € 580,001.95 while for the previous year amounted to € 676,315.92.

There is no property, plant and equipment that has been pledged as security. The title of the capitalized leased assets has been retained by the lessor. The net book value of the Company's capitalized leased assets at December 31, 2015 and at December 31, 2014, amounted to € 271,066.68 and € 2,053,148.68 respectively.

The net book value of the Company's capitalized leased assets at December 31, 2015 and at December 31, 2014, is analyzed as follows:

	December 31,
	2015	2014
Machinery and Equipment	-	1,746,520.00
Motor Vehicles	271,066.68	306,628.68
Total	271,066.68	2,053,148.68

5. INVESTMENT PROPERTY

For the year ended at Devember 31, 2015:

	Land	Buildings	Total
Net Book Value at January 1st, 2015	734,338.35	0.03	734,338.38
Additions	-	-	-
Depreciation	-	-	-
Net Book Value at December 31st, 2015	734,338.35	0.03	734,338.38

January 1st, 2015
Cost	734,338.35	0.03	734,338.38
Accumulated Depreciation	-	-	-
Net Book Value	734,338.35	0.03	734,338.38
December 31st, 2015
Cost	734,338.35	0.03	734,338.38
Accumulated Depreciation	-	-	-
Net Book Value	734,338.35	0.03	734,338.38

PIRAEUS PORT AUTHORITY S.A Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

For the year ended at Devember 31, 2014:

	Land	Buildings	Total
Net Book Value at January 1st, 2014	513,367.57	-	513,367.57
Additions	220,970.78	0.03	220,970.81
Depreciation	-	-	-
Net Book Value at December 31st, 2014	734,338.35	0.03	734,338.38

January 1st, 2014
Cost	513,367.57	-	513,367.57
Accumulated Depreciation	-	-	-
Net Book Value	513,367.57	-	513,367.57

December 31st, 2014
Cost	734,338.35	0.03	734,338.38
Accumulated Depreciation	-	-	-
Net Book Value	734,338.35	0.03	734,338.38

By the end of 2008, due to activation of integration of the Municipality of Piraeus area on National Land and in order the related declarations property to be submitted by the Company, after management's of PPA order, an inspection by Legal and Works Department was made, where a recording and reporting of the property owned by the PPA, following a thorough inspection to the property file of PPA compared to the Land Registry of Piraeus.

By the end of 2013 and the beginning of 2014, the first post of cadastral data in the Municipality of Piraeus Cadastral office took place, where six (6) properties were posted as PPA's owned property. These properties at December 31, 2014 were recognized and recorded as investment properties at their historical acquisition cost of € 220,970.81 by crediting other operating income.

There is no investment property that has been pledged as security.

The fair value of the investment property as at December 31, 2015 was amounted to € 8.5 million (December 31 2014: € 9.2 million) according to the report of the independent appraiser 'Mavrakis Certified Appraisers' and based on comparative assessment method.

Income from rent as at December 31, 2015 and December 31, 2014 amounted to € 1,000.00 and € 1,000.00 respectively and is included in other operating income in the accompanying financial statements. For the years ended December 31, 2015 and 2014 there were no repair and maintenance costs for investment property.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

6. INTANGIBLE FIXED ASSETS

For the year ended December 31, 2015:

	Software
Net Book Value January 1, 2015	94,335.44
Additions	3,447.50
Amortisation of the year (Note 28)	(47,260.58)
Net Book Value December 31, 2015	50,522.36

January 1, 2015
Cost	8,398,081.52
Accumulated amortisation	(8,303,746.08)
Net Book Value	94,335.44

December 31, 2015
Cost	8,401,529.02
Accumulated amortisation	(8,351,006.66)
Net Book Value	50,522.36

For the year ended December 31, 2014:

	Software
Net Book Value January 1, 2014	102,789.83
Additions	57,450.00
Amortisation of the year (Note 28)	(65,904.39)
Net Book Value December 31, 2014	94,335.44
January 1, 2014
Cost	8,571,268.34
Accumulated amortisation	(8,468,478.51)
Net Book Value	102,789.83
December 31, 2014
Cost	8,398,081.52
Accumulated amortisation	(8,303,746.08)
Net Book Value	94,335.44

7. LONG TERM ACCOUNTS RECEIVABLE

This account consists of the following:

	31/12/2015	31/12/2014
Guarantees to third parties	377,557.75	302,557.75
Car leases guarantees	47,697.00	46,232.00
Total	425,254.75	348,789.75

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

8. SUBSIDIARIES

Subsidies in which PPA SA is involved are as follows:

Subsidiary	Consolidation Method	Participation Relationship	Participation			Balance
			31.12.2015	31.12.2014	31.12.2015	31.12.2014
NAFSOLP SA.	(1)	Direct	100%	100%	530,000.00	530,000.00
LOGISTIC OLP Α.Ε.	(1)	Direct	100%	100%	450,000.00	450,000.00
					980,000.00	980,000.00
Provision for impairment					(852,048.32)	-
					127,951.68	980,000.00

Both subsidiaries were incorporated in Greece.

(1) The Company does not consolidate its two subsidiaries in the consolidated financial statements due to the immateriality of financial figures of subsidiaries at December 31, 2015. More specifically, the net assets for "NAFSOLP SA" and "LOGISTICS OLP SA" at December 31, 2014, amounted to € 114,854.86 and € 83,352.25 respectively).

The subsidiaries, until the date of the financial statements, had not started their business. Following a review of the purpose and activities of the two subsidiaries at September 2015 and taking into account their significant accumulated losses, the management decided their dissolution and liquidation, which was completed at March 9, 2016. For this reason, at December 31, 2015, the Company proceeded to their impairment in the amount of its participation, reduced by the liquidation of its company.

9. INCOME TAX (CURRENT AND DEFERRED)

According to the new Greek tax law L.4334/GG Α' 80/16.07.2015, the tax rate for the Societies Anonymes in Greece, was raised from 26% to 29%, for the fiscal years beginning January 1, 2015.

The amount of income taxes which are reflected in the accompanying statements of comprehensive income are analysed as follows:

	1/1-31/12/2015	1/1-31/12/2014
Current income taxes	706,159.80	2,124,186.81
Current income taxes – L. 4172/2013	-	(174,208.80)
Deferred income taxes	690,376.22	177,604.13
Total	1,396,536.02	2,127,582.14
Other Comprehensive Income
Deferred income taxes	(69,672.76)	(419,047.81)
Total	(69,672.76)	(419,047.81)

The reconciliation of income taxes reflected in statements of income and the amount of income taxes determined by the application of the Greek statutory tax rate to pretax income is summarized as follows:

	December 31
	2015	2014
Profit pre-tax income	9,772,290.19	8,891,464.98
Local income tax calculated at the nominal applicable tax rate in effect (2015: 29% and 2014: 26%)	2,833,964.15	2,311,780.89
Reversing/ originating temporary differences	(431,780.75)	(689,234.04)
Tax effect of non-taxable income and expenses not deductible for tax purposes	493,188.38	679,244.09
Tax effect of non-taxable reserves in accordance with L. 4172/2013	-	(174,208.80)
Effect of the change in tax rates	(1,498,835.76)	-
Income tax reported in the statements of comprehensive income	1,396,536.02	2,127,582.14

Greek tax laws and regulations are subject to interpretations by the tax authorities. Tax returns are filed annually but the profits or losses declared for tax purposes remain provisional until such time, as the tax authorities examine the returns and the records of the taxpayer and a final assessment is issued. Tax losses, to the extent accepted by the tax authorities, can be used to offset profits of the five fiscal years following the fiscal year to which they relate.

Tax Compliance certificate:

From the financial year 2011 and onwards, all Greek Societe Anonyme and Limited Liability Companies that are required to prepare audited statutory financial statements must in addition obtain an "Annual Tax Certificate" as provided for by paragraph 5 of Article of L.4174/2013. This "Annual Tax Certificate" must be issued by the same statutory auditor or audit firm that issues the audit opinion on the statutory financial statements. Upon completion of the tax audit, the statutory auditor or audit firm must issue to the entity a "Tax Compliance Report" which will subsequently be submitted electronically to the Ministry of Finance, by the statutory auditor or audit firm. This "Tax Compliance Report" must be submitted to the Ministry of Finance, within ten days from the date of approval of the financial statements by the General Meeting of Shareholders. The Ministry of Finance will subsequently select a sample of at least 9% of all companies for which a "Tax Compliance Report" has been submitted for the performance of a tax audit by the relevant auditors from the Ministry of Finance. The audit by the Ministry of Finance must be completed within a period of eighteen months from the date when the "Tax Compliance Report" was submitted to the Ministry of Finance.

In a future tax audit of the unaudited tax years it is possible that additional taxes and penalties may be assessed to the Company. The Company believes that has provided adequate provision (€ 1.5 million) for probable future tax assessments based upon previous years' tax examinations and past interpretations of the tax laws.

The Company has not been audited by the tax authorities for the fiscal years 2009 and 2010.

For the Company, the tax audit for the financial years 2011, 2012, 2013 and 2014 was performed by their statutory auditors. After completion of the tax audit, no significant additional tax liabilities arose, in excess of those provided for and disclosed in the financial statements.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

The tax audit for the current financial year is in progress by the company's statutory auditors. The tax certificate will be granted after the publication of the Financial Statements.

Deferred taxes are defined as timing differences that exist in assets and liabilities between the accounting records and tax records (mainly provisions and differences in depreciation rates of fixed assets) and are calculated by applying the official tax rates.

The movement of the deferred tax asset is as follows:

	31/12/2015	31/12/2014
Opening balance	15,109,449.15	14,868,005.47
Income taxes [credit/(debit)]	(690,376.22)	(177,604.13)
Income taxes [credit/(debit)] –
Other Comprehensive Income	69,672.76	419,047.81
Closing balance	14,488,745.69	15,109,449.15

The movement in deferred tax assets/liabilities as at December 31, 2015 and 2014 is as follows:

	Statement of financial position		Statement of comprehensive income
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Deferred tax assets:
Depreciation based on useful life	17.520.33	759,851.01	(742,330.68)	(537,710.86)
Investment property	190.886.04	171,139.21	19,746.83	171,139.21
Write off of receivables that do not meet the recognition criteria	1.177.270.69	1,055,484.07	121,786.62	-
Staff retirement indemnities	3.191.625.46	2,780,475.52	411,149.93	496,944.76
Provision for Voluntary Retirement	-	4,923,716.86	(4,923,716.86)	-
Provision for bad debts	7.534.006.32	5,354,836.55	2,179,169.77	(936,321.31)
Provision/Write off for disputed claims by third parties	586.383.95	146,016.64	440,367.31	146,016.64
Provision for workers' compensation L. 4331/2015	1.391.032.39	-	1,391,032.39	-
Impairment of subsidiaries due to their liquidation	247.094.01	-	247,094.01	-
Other	1.008.987.39	899,417.05	109,570.35	178,090.52
Deferred tax asset	15.344.806.58	16,090,936.91	(746,130.33)	(481,841.04)
Deferred tax liabilities:
Finance lease	(856,060.90)	(981,487.76)	125,426.87	194,701.04
Provision for disputed claims by third parties	-	-	-	528,583.68
Deferred tax liability	(856,060.90)	(981,487.76)	125,426.87	723,284.72
Deferred tax asset	14,488,745.68	15,109,449.15
Deferred tax recognized in the statement of comprehensive income			(620,703.46)	241,443.68

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

10. INVENTORIES

Inventories in the accompanying financial statements are analysed as follows:

31/12/2015	31/12/2014
980,746.33	1,023,774.70
1,216,211.21	1,112,847.25
2,196,957.54	2,136,621.95

The total consumption cost for the period from January 1 st, 2015 to December 31, 2015 amounted to € 1,477,806.82 while that of the respective period from January 1st, 2014 to December 31, 2014 amounted to € 2,620,810.50. There was no inventory devaluation to their net realisable value.

11. TRADE RECEIVABLES

This account is analysed in the accompanying financial statements as follows:

	31/12/2015	31/12/2014
Trade Debtors	52,784,622.36	54,205,432.65
Cheques overdue	50,734.20	50,734.20
Minus: Provision for doubtful debts	(32,493,877.99)	(27,275,886.75)
	20,341,478.57	26,980,280.10

The Company monitors these trade debtors' balances and makes provisions for doubtful debts on an individual basis if its recovery is considered unlikely. As a measure of recovery failure the Company is using the age of balance, the insolvency of the trade debtor, ability to exercise coercive measures and its objective difficulty. As doubtful debts are also considered most of the amounts claimed by the legal department, regardless of the likelihood of recovery of the amount.

The maximum exposure to credit risk without taking account of guarantees and credit guarantees coincide with the trade receivable book value.

The Company receives payments in advance for services rendered on an ordinary basis, which are then settled on a regular basis. Each sales ledger account is credited by those payments in advance and debited by invoices of the specific services rendered. These invoices correspond to a credit balance of the payments in advance as at December 31, 2015. Customer payments in advance of € 3,650,737.18 are stated at liabilities in the account "Accrued and other current liabilities" (December 31, 2014: € 2,600,102.12).

The movement in the allowance for doubtful accounts receivable is analysed as follows:

	31/12/2015	31/12/2014
Beginning balance	27,275,886.75	24,568,761.00
Provision for the year (Note 26)	5,217,991.24	2,757,022.65
Doubtful debts written off	-	(49,896.90)
Ending balance	32,493,877.99	27,275,886.75

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

The ageing analysis of trade receivables is as follows:

	December 31
	2015	2014
Neither past due nor impaired	7,454,874.24	10,068,363.09
Part due not impaired
10-90 days	1,631,967.25	877,094.95
91-180 days	767,616.45	683,908.54
181-365 days	1,554,252.16	2,025,345.17
>365 days	8,932,768.47	13,325,568.35
Total	20,341,478.57	26,980,280.10

Trade receivables are-interest bearing and are normally settled on 10 days' terms. One single customer represents 40% of the Company's total revenue (December 31, 2014: 35%). The outstanding amount of this customer as at December 31, 2015 amounted to € 2.8 million (December 31, 2014: 7.8 million).

The ageing analysis of trade receivables for a period more than one year refers to receivables for which the Company has pursued legal remedies and the Management and the Directorate of Legal Affairs consider they will end in favor of the Company.

12. PREPAYMENTS AND OTHER RECEIVABLES:

Prepayments and other receivables in the accompanying financial statements are analysed as follows:

	31/12/2015	31/12/2014
Personnel loans	683,427.25	745,571.79
Receivable from project contractor of Pier I	4,972,215.16	6,535,088.42
Prepaid Expenses	338,047.10	299,216.12
Income Tax advances	1,305,444.07	816,371.63
Other receivable	1,465,141.04	1,523,892.88
Receivables from Grants	(499,812.69)	(656,100.00)
Total	8,264,461.93	9,264,040.84

The movement in the allowance for doubtful accounts receivable is analysed as follows:

	31/12/2015	31/12/2014
Beginning balance	656,100.00	-
Provision for the year (Note 26)	-	656,100.00
Provision reversal	(156,287.31)	-
Ending balance	499,812.69	656,100.00

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 receivable from the reductions in the payroll cost according to the L. 4024/2011 of € 158,319.28, along with various third party receivables and Greek government of € 1,306,821.76 (December 31, 2014: € 804,312.17, and € 719,580.71 respectively).

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

Receivables from project contractor of Pier I: This claim represents the difference found in incorrect data application on some review rates of the Ministry (IPEXODE) and was recognized by the project contractor of Pier I. At March 9, 2012 the Company and the project contractor of Pier I consigned an "extrajudicial agreement of debt acknowledgment", under which the requirement from the later will be paid in seven (7) instalments up to December 31, 2012. Then, by an unanimous decision of the Board of Directors on the 24th of September, 2012, the request of the contractor of the project "Pier I' was partially approved and the debt settled in fourteen (14) monthly instalments starting from September 30, 2012 onwards until October 31, 2013.

Due to non-compliance of settlement, the PPA held in October 2013 in forfeiture contractor's guarantee letters for accrued interest of € 1.5 million and is expected to debate the re-settlement agreement instalments.

Furthermore, due to this non-compliance of settlement, the Company, through its Board of Directors, decided on the 24th of February 2014 to immediately exercise any remedy and recourse to any procedure for the forced recovery of its claim. During the previous year, a provision of 10% was made against the total claim from project contractor of Pier I, due to the transfer of this claim to the Tax Authorities (DOY FAE of PIRAEUS).

13. CASH AND CASH EQUIVALENTS:

Cash and cash equivalents in the accompanying financial statements are analyzed as follows:

	31/12/2015	31/12/2014
Cash in hand	446,925.30	545,232.48
Cash at banks and time deposits	58,985,162.21	53,921,066.88
Total	59,432,087.51	54,466,299.36
Restricted cash	816,718.22	816,718.22
Total	60,248,805.73	55,283,017.58

Cash at banks earns interest at floating rates based on monthly bank deposit rates. Interest earned on cash at banks and time deposits is accounted for on an accrual basis and for the year ended December 31, 2015, amounted to € 1,120,321.62 (for the year ended December 31, 2014, € 1,322,608.59) and are included in the financial income in the accompanying financial statements of comprehensive income (Note 28).

Restricted cash refers to forced configation of Company's deposits, in favor of various municipalities against which there are pending trials.

14. SHARE CAPITAL

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 represent Company's capital nor bond acquisition rights.

15. RESERVES:

Reserves are analysed as follows:

	31/12/2015	31/12/2014
Statutory reserve	8.709.639,49	8,290,851.78
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
Total	76,996,669.02	76,577,881.31

Statutory reserve: Under the provisions of Greek corporate Law companies are obliged to transfer at least 5% of their annual net profit, as defined, to a statutory reserve, until the reserve equals the 1/3 of the issued share capital. The reserve is not available for distribution throughout the Company activity.

Special tax free reserve Law 2881/2001: This reserve was created during the PPA S.A. conversion to a Societé Anonyme. The total Company 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.

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 created 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.

16. SUBSIDIES:

The movement of the account in the accompanying annual financial statements is analyzed as follows:

	31/12/2015	31/12/2014
Initial value	28,227,209.25	28,227,209.25
Reversal due to unreceived grant	428,050.00	-
Closing value	28,655,259.25	28,227,209.25
Accumulated depreciation	(8,460,030.30)	(7,615,993.70)
Net Book Value	20,195,228.95	20,611,215.55

Grants which have been received up to December 31, 2011 refers to, on the one hand works to meet requirements of the Olympic Games of 2004 (€ 11,400,00.00) and on the other hand in the first two installments and part of the third installment of a grant for the construction of infrastructure for the OSE S.A. port station of € 2,590,000.00 and € 681,950.00 respectively. During the current year, the remaining amount of the third installment € 428,050.00 was billed and is expected to be recovered. Up to the approval date of the financial statements, an amount of € 126,501.50 had been received.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

The grant of € 3,653,518.80 received in 2012 is divided to a) € 2,536,168.80, which refers to the widening of the quay Port Alon and b) € 1,117,350.00, which refers to 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.

In the initial value of the grants, a prior year's grant of € 11,492,804.35 is also included, which refers to the operational program "Support Accessibility" of the Ministry of Infrastructure, Transport and Network and in particular, in two projects which have been completed and for which the grant was received at December 2013, reduced by € 1,591,063.90 (€ 9,901,740.43).

17. PROVISIONS:

Provisions in the accompanying annual financial statements are analyzed as follows:

	31/12/2015	31/12/2014
Provisions for legal claims by third parties	19,314,300.00	18,447,490.00
Provision for voluntary retirement	-	18,937,372.54
Provision for tax on investment property	-	577,384.33
Provision for compensation of beneficiaries L.4331/2015	4,796,663.41	-
Total	24,110,963.41	37,962,246.87

The Company has made provisions for various pending court cases as at December 31, 2015 amounting to € 19,314,300.00 for lawsuits from personnel and other third party.

The Company Management and legal department estimated the probability of negative outcome, as well as the probable settlement payments in order to account for this provision. Apart from the above, the Company is involved in (as plaintiff and defendant) various court cases that fall within the scope of its normal activity.

The movement of the provision for legal claims by third parties is as follows:

	31/12/2015	31/12/2014
Opening balance	18,447,490.00	17,874,887.00
Provision for the period (Note 26)	866,810.00	572,603.00
Closing balance	19,314,300.00	18,447,490.00

Based on Laws 3654/2008, 3755/2009 and 3816/2010 the voluntary retirement from service program was implemented. The number of employees who made use of the above program on 2009 was 107 persons. On December 31, 2009 the total provision amounted to € 17,910,844.12. During 2010, 17 additional employees and 6 workers made use of the above program and thus the additional provision amounted to € 3,940,495.90. Therefore, the total provision amounted to € 21,851,340.02.

During 2012, part of the provision which dealt with the additional provision that had been made for certain employees compared with the final requirement calculated by the main and supplementary insurance funds and amounted to € 2,913,967.48, was reversed.

Within the current period, following a decision of the Minister of Finance and the Deputy Ministers of a) Labour Social Security and Welfare, b) Economy, c) Infrastructure, d) Marine and e) Tourism, a burden established to PPA S.A. for the voluntary retirement from service program of the L. 3654/2008, in favor of the Greek Social Security Organisation ("IKA") and the Unfixed Auxiliary Insurance Fund("ETEA"), amounting to € 12,074,800.36 and € 2,000,000.00 respectively, thus a total amount of 14,074,800.36, which was paid at September 1, 2015.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

The additional amount of € 4,862,572.18 from the total charge, which had been used as a provision in a prior year, was reversed and shown as income from unused provision at "Other Operating Income" in the interim Financial Statements of December 31, 2015.

The movement of the provision for voluntary retirement is as follows:

	31/12/2015	31/12/2014
Opening balance	18,937,372.54	18,937,372.54
Provision for the year	(14,074,800.36)	-
Reversal of provision (Note 27)	(4,862,572.18)	-
Closing balance	-	18,937,372.54

After the recognition of investment property (note 5 of the previous year's financial statements), the Company calculated the potential property tax and the corresponding capital gains taxes in accordance with L.2065 / 1994 and carried out a corresponding provision of the liability arising. The final amount which was paid from the company at July 2, 2015, amounting to € 189,526.78.

The movement of the provision for tax on investment property is as follows:

	31/12/2015	31/12/2014
Opening balance	577,384.33	-
Provision for the year	(189,526.78)	577,384.33
Reversal of provision (Note 27)	(387,857.55)	-
Closing balance	-	577,384.33

L.4331/2015, specifically article 67, stipulates that in the case of the disposal proceeds of one or more shipwrecks and dangerous or harmful ships via a highest bidder tender, the Port Piraeus Authority, acting on behalf of the shipwreck owner or managing company, is obliged to give part of the proceeds to pay the claims –capital, interest and awarded litigation costs and expenses, raised against the shipwreck owner or managing company by the employees of the above companies, having IKA as their main social security fund and ETEA (Single Compensatory Insurance Fund - former TEAYNPT-TANPY) as the compensatory fund. Said claims derive from preexisting dependent employment relations due to non payment of salaries, allowances, holiday bonuses, overtime fees, payment for work on Saturday, Sunday and holidays, firing compensations, as said claims arise from the application of labour contracts and general labour provisions. Payment to the beneficiary is made by producing a final decision ("res judicata") and any other necessary document establishing that the beneficiary is qualified to fall under said provision.

Based on the aforementioned law, the Company made a forecast for the amount of € 4,796,663.41 related to the claims of the employees of "GA Lines SA" Group from the disposal proceeds of its ships. The amount of € 1,871,919.47was paid by the Company for said claim up to the approval date of the attached financial statements.

PIRAEUS PORT AUTHORITY S.A Annual Financial Report for the year ended December 31, 2015

(amounts in Euro, except for share data)

The movement of the provisions for compensation of beneficiaries L.4331/2015, is as follows:

	31/12/2015	31/12/2014
Opening balance	-	-
Provision for the year	4,796,663.41	-
Closing balance	4,796,663.41	-

18. RESERVE FOR STAFF LEAVING INDEMNITES:

The provision for staff leaving indemnity was determined through an actuarial study.

The following tables show the composition of net expenditure for the provision recorded in the results of the periods ended December 31, 2015 and 2014 and the movement of the provisional accounts prepared for indemnities shown in the accompanying balance sheets for the year ended December 31, 2015 and December 31, 2014, respectively.

The provision for staff leaving indemnities recognized to the period's Statement of Comprehensive Income is as follows:

	31/12/2015	31/12/2014
Current employment and financial cost	71,217.12	299,603.65
Actuarial loss (gain) through other comprehensive income	240,250.88	1,611,722.35

The relevant provision movement for the financial year ended on December 31, 2015 and the financial year ended on December 31, 2014 is as follows:

Liability in Statement of Financial Position 1.1.2014	8,782,810.63
Current cost of Employment	489,851.00
Interest cost on liability	202,004.65
Actuarial (gains)/loss	1,611,722.35
Benefits paid	(392,252.00)
Liability in Statement of Financial Position 31.12.2014	10,694,136.63
Current cost of Employment	470,266.00
Interest cost on liability	258,798.12
Actuarial (gains)/loss	240,250.88
Benefits paid	(657,846.61)
Liability in Statement of Financial Position 31.12.2015	11,005,605.02

The principal actuarial assumptions used are as follows:

	2015	2014
Discount Rate	2.42%	2.30%
Salaries increase	0.00%	0.00%
Average annual growth rate of long-term inflation	2.00%	2.00%

A quantitative sensitivity analysis for significant assumption as at December 31, 2015 anf December 31, 2014 is as shown below:

2015	Discount rate	Future salary increases
Sensitivity Level	0,5% increase	0,5% decrease	0,5% increase
Impact on defined benefit obligation	(391,282.00)	396,053.00	208,076.00
2014	Discount rate		Future salary increases
Sensitivity Level	0,5% increase	0,5% decrease	0,5% increase
Impact on defined benefit

The following payments are expected contributions to the defined benefit plan obligation in future years:

	2015	2014
Within the next 12 months (next annual reporting period)	28,532.00	-
Between 2 and 5 years	1,070,666.00	414,442.00
Between 5 and 10 years	5,645,351.00	5,567,415.00
Beyond 10 years	20,315,512.00	21,382,259.00
Total expected payments	27,060,061,00	27,364,116.00

The average duration of the defined benefit plan obligation at the end of the reporting period is 15.2 years (2014: 16.0 years).

19. FINANCE LEASE OBLIGATIONS:

In 2005, the Company acquired through finance leases (sales and lease back) one (1) new port automotive crane type HMK 300K 100T worth € 2,787,000.00. The finance lease duration is ten years and at the end PPA S.A. has the right to buy this asset at the price of € 100.00.
During 2013 the PPA acquired through finance lease 15 commercial trucks VAN type value € 355,620.00. The lease duration is five years and at the end PPA has the right to purchase the assets at the price of € 25,500.00.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

More specific the finance lease obligations are analyzed to the following table:

	31/12/2015	31/12/2014
Finance lease obligations	217,715.26	507,781.95
Minus: Short term	(61,310.32)	(290,074.51)
Long term	156,404.94	217,707.44

Future minimum payments for leases, compared to the present value of net minimum payments at December 31, 2015 and 2014 are as follows:

		December 31, 2015		December 31, 2014
	Minimum	Present Value	Minimum	Present Value
	Payments	of Payments	Payments	of Payments

Up to the a year	66,024.00	61,310.32	297,799.63	290,174.52
From one year up to five years	160,351.53	156,404.94	226,267.70	217,607.43
More than five years	-	-	-	-
Total minimum lease payments	226,375.53	217,715.26	524,067.33	507,781.95
Minus:	(8,660.27)		(16,285.38)	-
Amounts been financial costs
Present Value of minimum lease	217,715.26	217,715.26	507,781.95	507,781.95
payments

20. LONG-TERM & SHORT TERM LOANS:

a) Long-term Loans:

The Long term as at December 31, 2015 and December 31, 2014 respectively are as follows:

	December 31,
	2015	2014
Total of Long term loans	80,499,999.99	86,499,999.99
Minus:
Short term portion of Long term loans	6,000,000.00	6,000,000.00
Long term portion	74,499,999.99	80,499,999.99

The account balance of "Long term loans" concerns the following loans between the Company and the European Investment Bank:

Loan of € 35,000,000.00 for the construction of Container Terminal Pier I, issued on the 30/7/2008.

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. The loan bears a floating interest rate, interest 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 and half-year financial report within 1 month of publication, audited by a recognized firm of certified auditors, accompanied each time by Certificate of Compliance for the years 2011 and 2012 and the annual financial report within 1 month of publication, for the rest of the fiscal years until the end of the contract, and (ii) to hold throughout the duration of the loan and until fully repaid the loan, the following economic ratios, calculated on annual financial statements, audited by certified auditors, for each financial year, for the duration of the loan.

The agreement for the financial ratios is as follows:

1. EBITDA [Profit / (loss) before interest, taxes, depreciation and amortization] / Interest, more than or equal to 3.
1. Total net bank debt / EBITDA [Profit / (loss) before interest, taxes, depreciation and amortization] less than or equal to 4.25 (Note 32).
1. Total shareholders' equity greater than or equal to 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 December 2015 up to and including 15 June 2029. The loan bears a floating interest rate, interest 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 annual and half-yearly financial report within 1 month of publication, audited by a recognized firm of certified accountants, accompanied each time by Certificate of Compliance for the years 2011 and 2012 and the annual financial report within 1 month of publication, for the rest of the fiscal years until the end of the contract, and (ii) to hold throughout the duration of the loan and until full repayment of the loan, the following economic indicators, which are calculated on annual financial statements audited by certified auditors, for each financial year for the duration of the loan.

The agreement concerning the financial ratios is as follows:

1. EBITDA [Profit / (loss) before interest, taxes, depreciation and amortization] / Interest greater than or equal to 3.
1. Total net bank debt / EBITDA [Profit / (loss) before interest, taxes, depreciation and amortization] less than or equal to 4,25.
1. Current assets / current liabilities greater than or equal to 1.2.
1. Total shareholders' equity greater than or equal to 140 million

As at 31 December 2015 and according to the results of fiscal year 2015 the Company was in compliance with the above economic indicators.

Total interest expenses on long-term loans for the year ended December 31, 2015 and 2014, amounted to € 326,778.95 and € 525,968.06 respectively and are included in financial expenses (note 28), in the accompanying financial statements of comprehensive income.

b) Short-term loans:

The Company has short-term borrowings with annual variable interest rates of one month Euribor, plus margin 4,5%.The table below presents the credit lines available to the Company as well as the utilised portion.

		December 31
	2015	2014
Credit lines available	8,000,000.00	8,000,000.00
Unused portion	8,000,000.00	8,000,000.00
Used portion	-	-

Total interest expenses on short-term loans for the year ended December 31, 2015 and 2014, amounted to € 0 and € 0 respectively.

21. DIVIDENDS:

According to Greek Trade Law(C.L 2190/1920), the Companies are required to distribute every year dividends calculated at least as 35% of their net annual profit after taxes. The above provision does not apply, if approved by the General Shareholders Meeting by a majority of at least 70% of the paid up share capital.

Moreover, no dividend can be distributed to shareholders, if Company Equity reported in financial statements is or will be after the distribution, less than the paid-up capital plus non distributable (retained) reserves.

Subject to Articles 43 and 44a of Codified Law 2190/1920 on public limited companies, in accordance with Article 30: "address issues of public revenue", of Law 2579/1998, provided that businesses and organizations whose sole or majority shareholder equity of over sixty percent (60%) is the State, directly or through another company or organization, whose sole shareholder is the State and operate in the form of S.A. are required to have the entire prescribed by statues or provisions of laws dividend to shareholders.

Dividends paid in 2015 related to fiscal year 2014: The General Assembly of the Company decided the distribution of a dividend related to fiscal year 2014 amounted to € 2,474,993.09 or € 0.0989 per share (2013: € 3,000,000.00 or € 0.1200 per share). The dividend is subject to withholding tax in accordance with the relevant tax rate. The dividend paid on July 7, 2015.

Dividends proposed for the fiscal year 2015: On March 29, 2015 the Board of Directors proposed the distribution of a dividend amounted to € 2,785,000.00 or € 0,1114. The final authorization is subject of the General Assembly.

22. ACCRUED AND OTHER CURRENT LIABILITIES:

This account is analyzed in the accompanying financial statements as follows:

	31/12/2015	31/12/2014
Taxes payable (except Income taxes)	1,790,266.57	1,493,038.04
National insurance and other contribution	1,577,054.96	1,582,597.29
Other short term liabilities	4,969,684.46	5,145,818.93
Liability to "Loan and Consignment Fund"	117,371.48	181,735.87
Customer advance payments	3,650,737.18	2,600,102.12
Indemnity for absence leave	486,589.31	-
Accrued expenses	813,070.14	706,673.77
Total	13,404,774.10	11,709,966.02

Taxes Payable: Current period's amount consists of: a) Value Added Tax € 1,031,460.96 (December 31, 2014: € 862,351.55, b) Employee withheld income tax € 580,812.52 (December 31, 2014: € 610,652.53 and c) other third party taxes € 177,993.09 (December 31, 2014: € 20,033.96).

Insurance and Other Contributions: This amount mainly consists of employer contribution to insurance funds and is analyzed as follows:

	31/12/2015	31/12/2014
National Insurance Contributions (IKA)	1,228,154.66	1,252,036.76
Insurance Contributions to Supplementary Funds	167,739.68	167,770.30
Other Insurance Contributions	181,160.62	162,790.23
Total	1,577,054.96	1,582,597.29

Other short- term liabilities: The amounts are analyzed as follows:

31/12/2015	31/12/2014
346,070.28	324,050.98
2,015,909.80	2,112,564.31
-	94,816.52
1,474,741.24	1,810,387.12
328,963.14	-
804,000.00	804,000.00
4,969,684.46	5,145,818.93

Indemnity for absense leave: During the current year the company proceeded to the calculation of provision for indemnity relating to the remaining days of leave of its employees, for the year 2015.

23. ACCRUED INCOME

a) On April 27, 2009 "SEP S.A." paid, as a one-off consideration, amount of € 50,000,000.00, initial, as part of the concession of the 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 SEP SA, while the remaining amount of € 47,069,788.59 is amortized over the concession period. The initial concession period is thirty (30) years, which may be increased to thirty five (35) years, provided that SEP SA completes the construction of the port infrastructure on the east side of Pier III. Following the transfer of the cumulative amount € 8,405,319.30 on revenue of the years 2009- 2015, the new balance at December 31, 2015 amounted to € 38,664,469.21 (December 31, 2014: € 40,009,320.31).
b) Amount of € 1,118,624.57 and € 461,523.03 (totaling to € 1,580,147.60) refers to income from the fixed annual concession I and II for the year 2015.

	2015	2014
Opening balance	41,589,467.91	42,903,335.72
Revenue transferred to current year	(1.344.851,10)	(1.344.851,10)
Fixed Annual Consideration I + II *	31,602.95	30,983.29
Closing Balance	40,276,219.76	41,589,467.91

* Fixed Annual Consideration I + II amount of € 31,602.95 as at December 31, 2015, resulting from the reversal of the previous year amount of € 1,580,147.60 which relates to the period 1/1-31/3/2015 and the entry of amount € 1,611,750.55 which relates to the period 1/1-31/3/2016. Fixed Annual Consideration I + II amount of € 30,983.29 as at December 31, 2014, resulting from the reversal of the previous year amount of € 1,549,164.31 which relates to the period 1/1-31/3/2014 and the entry of amount € 1,580,147.60 which relates to the period 1/1-31/3/2015.

Annual Financial Report for the year ended December 31, 2015 (amounts in Euro, except for share data)

24. SEGMENT INFORMATION

The Company provides crowds port services and operates in Greece. The Company presents the required segment information using as a criteria the services provided. The operating segments are organised and managed separately according to the nature of the services provided with each segment representing a strategic business unit that offers different services.

Transactions between business segments are at arm's length basis in a manner similar to transactions with third parties.

	CONTAINER				SHIP REPAIRING (TANKS AND	CONSESSION ARRANGEMENT
31.12.2015	TERMINAL	CAR TERMINAL	COASTING	CRUISE	DOCK)	PIER II&III	OTHER SEGMENTS	COMPANY	TOTAL
Revenues	13,426,661.47		10,513,352.98 10,470,070.00	11,958,892.21	9,129,363.78	40,070,317.38	4,311,797.38		99,880,455.20
Cost of sales	(30,091,271.38)		$(7,730,427.59)$ $(7,865,332.48)$	(9,430,659.39)	(4,990,995.01)	(6,621,077.68)	(7,000,125.67)		(73,729,889.19)
Gross profit	(16,664,609.90)	2,782,925.39	2,604,737.52	2,528,232.82	4,138,368.77	33,449,239.70	(2,688,328.29)		26,150,566.01
Other expenses		$(2,065,026.71)$ $(1,601,345.16)$ $(1,521,404.06)$		(1,717,702.57)	(1,312,092.92)	(5,682,213.51)		$(1,157,807.90)$ $(13,683,251.68)$	(28,740,844.50)
Other income							3,766,091.60	8,177,416.94	11,943,508.54
Financial income								1,896,870.12	1,896,870.12
Financial expenses	(327,949.05)							(297, 812.61)	(625, 761.66)
Impairnment of subsidiaries								(852,048.32)	(852,048.32)
Profit before income taxes	(19,057,585.66)	1,181,580.24	1,083,333.46	810,530.25	2,826,275.85	27,767,026.19	(80,044.59)	(4,758,825.55)	9,772,290.19
Income taxes								(1,396,536.02)	(1,396,536.02)
Net profit after taxes	(19,057,585.66)	1,181,580.24	1,083,333.46	810,530.25	2,826,275.85	27,767,026.19	(80,044.59)	(6, 155, 361.57)	8,375,754.18
Depreciation and amortisation	6,872,015.97	477,038.23	1,017,388.62	1,209,579.04	700.252.40	3,252,791.58	637,739.19		14,166,805.02
Earnings before income taxes, financial results,
depreciation and amortisation	(11,857,620.64)	1,658,618.47	2,100,722.08	2,020,109.29	3,526,528.25	31,019,817.76	557,694.56	(5,505,834.70)	23,520,035.07

The segment information for the years ended December 31, 2015 and 2014, is analysed as follows:

	CONTAINER				SHIP REPAIRING (TANKS AND	CONSESSION
31.12.2014	TERMINAL	CAR TERMINAL	COASTING	CRUISE	DOCK)	ARRANGEMENT PIER II&III	OTHER SEGMENTS	COMPANY	TOTAL
Revenues	23,283,531.16	11,882,547.45	9,649,225.14	11,900,037.95	7,227,338.44	36,387,368.80	3,990,215.37		104,320,264.31
Cost of sales	(37, 286, 375.31)		$(7,870,567.31)$ $(7,727,412.34)$	(9,094,671.45)	(6,229,308.89)	(6,691,430.86)	(6,462,087.25)		(81, 361, 853.42)
Gross profit	(14,002,844.15)	4,011,980.14	1,921,812.80	2,805,366.50	998,029.55	29,695,937.94	(2,471,871.88)		22,958,410.89
Other expenses	(3,345,553.71)		$(1,694,879.84)$ $(1,316,314.75)$	(1,613,408.60)	(986, 654.70)	(4,928,959.02)	(1,096,378.31)	(7,000,289.29)	(21,982,438.21)
Other income							4,110,338.73	2,687,305.76	6,797,644.49
Financial income	172,741.02							1,817,228.27	1,989,969.29
Financial expenses	(533, 275.85)							(338, 845.63)	(872, 121.48)
Profit before income taxes	(17,708,932.69)	2,317,100.30	605,498.05	1,191,957.90	11,374.85	24,766,978.92	542,088.52	(2,834,600.87)	8,891,464.98
Income taxes								(2, 127, 582.14)	(2, 127, 582.14)
Net profit after taxes	(17,708,932.69)	2,317,100.30	605,498.05	1,191,957.90	11,374.85	24,766,978.92	542,088.52	(4,962,183.01)	6,763,882.84
Depreciation and amortisation	6,999,632.72	482,860.52	993,656.34	1,164,471.25	647,975.20	3,272,735.06	634,315.27		14,195,646.36
Earnings before income taxes, financial results,
Ideoreciation and amortisation	(10.348.765.15)	2.799.960.81	.599.154.39	2.356.429.15	659.350.05	28.039.713.98	1.176.403.81	(4.312.983.53)	21.969.263.53

25. REVENUES:

Revenues are analyzed as follows:

	1/1-31/12/2015	1/1-31/12/2014
Revenue from:
Loading and Unloading	18,250,504.23	27,421,473.15
Storage	1,782,512.18	2,640,905.87
Various port services	39,535,953.06	37,794,943.81
Revenue from concession of liquid wastes' collection and transportation	241,168.35	75,572.68
Total	59.810.137,82	67.932.895,51
Revenue from Fixed and Variable Consideration:
Revenue from concession agreement Pier ΙΙ+ΙΙΙ	35,874,409.54	32,100,130.14
Other income from concession agreement Pier ΙΙ+ΙΙΙ	4,195,907.84	4,287,238.66
Total	99,880,455.20	104,320,264.31

26. ANALYSIS OF EXPENSES:

Expenses (cost of sales and administrative expenses) in the accompanying financial statements are analyzed as follows:

	1/1-31/12/2015	1/1-31/12/2014
Payroll and related costs (Note 30)	51,511,675.53	53,688,590.70
Third party fees	1,465,353.14	1,347,279.48
Third party services	14,553,672.61	17,216,003.48
Depreciation- Amortization (Note 29)	14,166,805.02	14,195,646.36
Taxes and duties	900,987.37	1,188,695.62
General expenses	5,440,245.64	6,122,731.85
Cost of sales of inventory and consumables	1,477,806.82	2,620,810.50
Provision for doubtful receivables	5,217,991.24	2,757,022.65
Provision for bad debts	-	656,100.00
Provision for compensation of beneficiaries L.4331/2015
(Note 17)	4,796,663.41	-
Provision for indemnity for absence leave	486,589.31	-
Provision for tax on investment property	-	577,384.33
Provision for pending lawsuits (Note 17)	866,810.00	572,603.00
Total	100,884,600.09	100,942,867.97

The above expenses are analyzed as follows:

	1/1-31/12/2015	1/1-31/12/2014
Cost of sales	73,729,889.19	81,361,853.42
Administrative expenses	27,154,710.90	19,581,014.55
Total	100,884,600.09	100,942,867.97

27. OTHER OPERATING INCOME / EXPENSES:

OTHER OPERATING INCOME:

The amounts are analyzed as follows:

	1/1-31/12/2015	1/1-31/12/2014
Rental income	3,489,996.10	3,805,144.60
Income from European Union programs	1,260,125.32	1,132,314.40
Income from unused provisions	5,250,429.73	-
Income from recognition of investment property	-	220,970.81
Income from litigations	242,710.45	-
Various operating income	1,700,246.94	1,639,214.68
Total	11,943,508.54	6,797,644.49

Rental income concerns land and building rents.

Income from unused provisions referred to reversal of the provision for voluntary retirement of employees (L. 3654/2008), amounting to € 4,862,572.18, as revealed from the letter of the relevant Ministry (Note 17), along with reversal of amount € 387,857.55, which refers to excess tax provision for investment property that was carried out at December 31, 2014 (final tax payment of € 189,526.70 at July 2, 2015).

OTHER OPERATING EXPENSES:

	1/1-31/12/2015	1/1-31/12/2014
Third parties compensation	217,045.89	990,271.00
Research and development cost	215,806.61	71,983.40
Expenses from European Union programs	991,325.00	1,015,834.04
Losses on sale of fixed assets	16,804.70	8,632.72
Other expenses	145,151.40	314,702.50
Total	1,586,133.60	2,401,423.66

28. FINANCIAL INCOME/ (EXPENSES):

The amounts are analyzed as follows:

	1/1-31/12/2015	1/1-31/12/2014
Interest income and related financial income	1,120,321.62	1,322,608.59
Interest expense and related financial expenses	(625,761.66)	(872,121.48)
	494,559.96	450,487.11
Credit Interest	776,548.50	667,360.70
Total	1,271,108.46	1,117,847.81

Credit interest of the previous period includes accrued interest receivable from the project contractor of "Pier I" amounting to € 172,741.02 .

29. DEPRECIATION:

The amounts are analyzed as follows:

	1/1-31/12/2015	1/1-31/12/2014
Depreciation of property, plant and equipment	14,963,581.04	14,949,576.94
Software depreciation	47,260.58	65,904.39
Depreciation of fixed assets received under	(844,036.60)	(819,834.97)
Fixed assets subsidies depreciation
Total	14,166,805.02	14,195,646.36

29. PAYROLL COST:

The amounts are analyzed as follows:

	1/1-31/12/2015	1/1-31/12/2014
Wages and salaries	39,757,280.79	41,146,899.39
Social security costs	9,946,503.94	10,655,565.61
Other staff costs	1,078,826.68	1,194,270.05
Staff leaving indemnities	-	-
Provision for staff leaving indemnities	729,064.12	691,855.65
Total	51,511,675.53	53,688,590.70

31. EARNINGS PER SHARE:

	1/1-31/12/2015	1/1-31/12/2014
Profit for the year	8,375,754.17	6,763,882.84
Weighted number of shares	25,000,000	25,000,000
Basic Earnings per share	0.3350	0.2706

32. COMMITMENTS AND CONTINGENT LIABILITIES

(a) Litigation and Claims: The Company is currently involved in a number of legal proceedings and has various claims pending arising in the ordinary course of business. Based on currently available information, management and its legal counsel believe that the outcome of these proceedings will not have a significant effect on the Company's and the Group's operating results or financial position.

The most important of pending litigation (168) against the Company amounting to € 114.4 million approximately concern to paralimenious Municipalities.

For these cases, the Company's management believes that it will have an impact on the financial statements in addition to the already recorded provision of € 3.0 million approximately.

(b) Financial Years not audited by the Tax Authorities: Financial years 2009 and 2010 have not been audited by the Tax Authorities. In a possible future tax audit, the Tax Authorities may disallow certain expenditure, thus increasing the Company taxable income and imposing additional taxes, penalties and surcharges. The provision for the tax audit differences for the financial years not audited by the Tax Authorities is assessed at € 1,500,000.00 at December 31, 2015.

The tax audit for the financial years 2011, 2012, 2013 and 2014 was held by the statutory auditors of the company, in accordance with the provisions of § 5 of Article 82 of L.2238/1994. The tax audit did not reveal significant tax liabilities beyond those recognized and reported in the financial statements.

For the current financial year, the tax audit is in progress by the company's statutory auditors, in accordance with the provisions of § 5 of Article 82 of L.2238/1994. Company does not expect any significant additional tax liabilities, after completion of the tax audit, in excess of those provided for and disclosed in the financial statements.

(c) Liabilities arising from letters of Guarantee: The Company has issued letters of guarantee amounting to € 10,855,934.68 (December 31, 2014: € 10,855,934.68), of which € 10,791,422.68 (December 31, 2014: € 10,791,422.68) 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.
(d) Operating leases: The Company has entered into commercial operating lease agreements for the lease of transportation means. These lease agreements have an average life of 3 to 5 years with renewal terms included in certain contracts. Future minimum rentals payable under noncancellable operating leases as at December 31, 2015 and at December 31, 2014, are as follows:

		December 31
	2015	2014
Within one year	130,914.00	366,333.00
2-5 years	153,654.00	70,710.00
Total	284,568.00	437,043.00

Minimum Future Rents: The minimum future rental income receivable, arising from the existing rental agreements are as follows:

		December
	2015	2014

Within 1 year	3,009,575.87	4,605,585.18
Between 1-5 years	3,820,391.97	3,456,476.22
Over 5 years	3,511,744.34	3,280,891.73
Total	10,341,712.18	11,342,953.13

(e) Contractual commitments: The outstanding balance of the contractual commitments with suppliers on significant infrastructure projects (construction, maintenance, improvements, etc.) at December 31, 2015 amounted to approximately € 8.7 million (December 31, 2014: approximately € 8.7 million).
(f) Special Contribution to Social Insurance Institute (IKA ETAM): On November 7, 2011 the Company notified the management of IKA its intention to stop paying the special contribution in favor of the assistant fund of PPA's S.A. employees, since after the merger of IKA with IKA – TEAM the management of the Company considers that there is no further obligation. After not getting any official answer, the Company decided to cease the payments of those contributions, starting at October 2013. If the payment of the contribution has not been ceased, then as at December 31, 2015, this contribution will be amounted to around € 2,005 thousands (December 31, 2014: around € 1,148 thousands). Since the approval date of the condensed financial statements, there were no official reply from the management of the Social Insurance Institute. The management of the Company believes that this contingent liability could be settled without significant adverse effects on its financial position.

33. RELATED PARTIES

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

Related party	Relation with the Company	Year ended	Sales to related parties	Purchases from related parties
LOGISTICS P.P.A. S.A.	Subsidiary	31.12.2015 31.12.2014	- -	64,000.00 -
NAFSOLP S.A.	Subsidiary	31.12.2015 31.12.2014	- -	90,000.00 -
	Total Total	31.12.2015 31.12.2014	- -	154,000.00 -
Related party	Relation with the Company	Year ended	Amounts due from related parties	Amounts due to related parties

			parties
LOGISTICS P.P.A. S.A.	Subsidiary	31.12.2015 31.12.2014	8,768.31 8,768.31	- -
LOGISTICS P.P.A. S.A.	Subsidiary	31.12.2015 31.12.2014	- -	- -
	Total Total	31.12.2015 31.12.2014	8,768.31 8,768.31	- -

The Company, as part of its business, has transactions with government owned entities (e.g. PPC, EYDAP etc.), which are performed on commercial terms.

Board of Directors Members Remuneration: During the year ended on the December 31, 2015, remuneration and attendance costs, amounting to € 189,445.70 (December 31, 2014: € 165,264.09) were paid to the Board of Directors members. Furthermore during the year ended December 31, 2015 emoluments of € 828,616.13 (December 31, 2014: € 820,111.28) were paid to Managers / Directors for services rendered.

34. FINANCIAL INSTRUMENTS

The fair value of variable rate loans and borrowings approximate the amounts appearing in the statements 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 technicques 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 years ended December 31, 2015 and 2014, 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 December 31, 2015 and 2014, the Company held the following financial instruments measured at fair value:

2015	Level 1	Level 2	Level 3	Total
Financial liabilities
Interest bearing loans and borrowings (including
short term portion)	-	80,499,999.99	-	80,499,999.99

2014	Level 1	Level 2	Level 3	Total
Financial liabilities
Interest bearing loans and borrowings (including
short term portion)	-	86,499,999.99	-	86,499,999.99

Credit Risk: There is no significant credit risk for the Company towards the contracting parties, since it receives advance payments or letters of guarantee from customers.

2015		Interest rate risk
Financial assets	Accounting values	+100bips(Euribor)	-100bips(Euribor)
Cash and cash equivalents	59,432,087.51	594,320.88	(594,320.88)
Effect before income tax		594,320.88	(594,320.88)
Income tax 29%		(172,353.05)	172,353.05
Net effect		421,967.83	(421,967.83)
Financial liabilities
Long term loans	(80,717,715.25)	(807,177.15)	807,177.15
Effect before income tax		(807,177.15)	807,177.15
Income tax 29%		234,081.37	(234,081.37)
Net effect		(573,095.78)	573,095.78
Total net effect		(151,127.95)	151,127.95

2014		Interest rate risk
Financial assets	Accounting values	+100bips(Euribor)	-100bips(Euribor)
Cash and cash equivalents	54,466,299.36	544,662.99	(544,662.99)
Effect before income tax		544,662.99	(544,662.99)
Income tax 26%		(141,612.38)	141,612.38
Net effect		403,050.62	(403,050.62)
Financial liabilities
Long term loans	(87,007,781.94)	(870,077.82)	870,077.82
Effect before income tax		(870,077.82)	870,077.82
Income tax 26%		226,220.23	(226,220.23)
Net effect		(643,857.59)	643,857.59
Total net effect		(240,806.97)	240,806.97

The following table summarizes the maturities of financial liabilities December 31, 2015 and 2014, respectively, under the relevant contracts to non-discounted prices.

Amounts of fiscal year	Directly	Less than				Total
2015	payable	6 months	6-12 months	1 to 5 years	>5 years
Borrowings	-	3,133,392.08	3,128,482.92	24,851,133.33	51,268,719.99	82,381,728.32
Leases	5,502.00	27,510.00	33,012.00	160,351.53	-	226,375.53
Trade and other payables*	3,990,559.16	4,112,312.39	7,752,669.84	-	-	15,855,541.39
Total	3,996,061.16	7,273,214.47	10,914,164.76	25,011,484.86	51,268,719.99	98,463,645.24

Amounts of fiscal year	Directly	Less than
2014	payable	6 months	6-12 months	1 to 5 years	>5 years	Total
Borrowings	-	3,194,210.42	3,187,501.25	25,258,480.00	57,773,198.32	89,413,389.99
Leases	46,385.94	163,789.78	87,623.91	226,267.70	-	524,067.33
Trade and other payables*	4,281,537.46	3,862,669.95	6,764,724.14	-	-	14,908,931.55
Total	4,327,923.40	7,220,670.15	10,039,849.30	25,484,747.70	57,773,198.32	104,846,388.87

* Trade payables do not have interest and are settled in up to 60 days. Other payables also do not bear any interest and are settled in up to 12 months

Capital Management

The primary objective of the Company's capital management is to ensure the maintenance of high credit rating, and healthy capital ratios in order to support and expand the Company's operations and maximize shareholder value. The Company's policy is to maintain leverage targets, according to an investment grade profile. The Company monitors capital adequacy using the ratio of net debt to operating profits, which should be lower than 4.25 based on the loan agreements (note 20). The net debt includes interest-bearing loans, less cash and cash equivalents, while the operating profit including profit/ (loss) before taxes, financing costs and depreciation.

	December, 31
	2015	2014

Long-term borrowings	74,499,999.99	80,499,999.99
Short-term borrowings	6,000,000.00	6,000,000.00
Leases	217,715.26	507,781.95
Total Debt	80,717,715.25	87,007,781.94
Earning before interest, tax, depreciation and amortization (EBITDA)	23,520,035.07	21,969,263.53
- Net Debt / EBITDA	3.43	3.96

35. SEASONALITY:

There is no significant seasonality to the Company's activities

36. SUBSEQUENT EVENTS:

Cosco Group (Hong Kong) Ltd bid € 368.5 million, reaching up to 714 million including investments pledged, for the controlling stake in Piraeus Port Authority (OLP), and the state privatization fund (TAIPED) awarded it the status of preferred bidder late on Wednesday. Initially the Cosco Group will pay € 280.5 million to TAIPED and will become a shareholder of 51% of PPA. Within five years, if it has fulfilled those described in the share purchase agreement, including the successful completion of required investment, Cosco Group (Hong Kong) Lts should pay to TAIPED additional € 88 million and increase its share of the PPA from 51% to 67%. The amount of € 88 million will be filed by then in a special account, the interest of which will be received by the Greek State. The TAIPED will continue to hold 7% to PPA. The tender documentation was submitted to the Court for pre-contractual control and at March 8, 2015 was adopted unanimously.

After a decision of the Board of Directors of the Company and following a recommendation of TAIPED decided to convene an Extraordinary General Meeting on April 1, 2016 focusing on the election of a new 13-member Board of Directors.

In January 2016, the Municipality of Keratsini - Drapetsona restricted the bank accounts of the Company by € 6,8 mil. Euros for municipal taxes and surcharges.

Piraeus, March 29, 2016

PRESIDENT OF THE BOARD OF DIRECTORS AND MANAGING DIRECTOR

DEPUTY MANAGING DIRECTOR FINANCIAL DIRECTOR

IOANNIS KOUVARIS STAVROS KIRAMARGIOS EKATERINI VENARDOU I.D AE 018479 I.D. AZ 128242 License No. Ο.Ε.Ε. 0003748 A' Class

WEBSITE PLACE OF UPLOADING THE FINANCIAL STATEMENTS

The annual financial statements of the Company, the Auditor's report and the Management Reports are available to the website www.olp.gr.

FINANCIAL INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2015

PIRAEUS PORT AUTHORITY SOCIETE ANONYME PPA S.A.
Company Registration Number 44259307000, Akti Miaouli 10 - Piraeus P.C. 185 38 PIRAEUS PORT FINANCIAL DATA AND INFORMATION FROM JANUARY 1, 2015 TO DECEMBER 31, 2015
			(Published based on Corporate Law 2190, article 135 for corporations that report annual financial statements, consolidated or not, according to IFRS)
			The purpose of the following information and financial data is to provide users with general financial information about the financial position and the results of operations of PIRAEUS PORT AUTHORITY S.A. ("Company"). Therefore, we recommend the users of the financial data and information, before making any investment decision or proceeding to any transaction with the Company, to obtain the necessary information from the website,
			where the separate financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the E.U., are available, together with the auditors' report, when required. (Amounts in Euro) DATA FROM STATEMENT OF CHANGES IN EQUITY
Company's Web Site:		www.olp.gr
Date of approval of annual financial statements from the Board of Directors Panagiotis Papazoglou, Vasileios Kaminaris Certified Auditor Accountant		March 29, 2016		31.12.2015	31.12.2014
Auditing firm: ERNST & YOUNG Type of auditor's report: Unqualified			Total equity at the beginning of the period (01.01.2015 and 01.01.2014 respectively)	168,585,627.93	166,014,419.63
Board of Directors:			Profit after income taxes	8,375,754.17	6,763,882.84
Kouvaris Ioannis, President and Managing Director Kyramargios Stavros, Deputy Managing Director			Other comprehensive loss after income taxes Dividends paid	(170, 578.12) (2,474,993.09)	(1, 192, 674.54) (3,000,000.00)
Liagos Athanasios, Member (executive) Koilakos Stamatis, Memberc (non executive) Stavrow Dracondaidis, Member (non executive)			Total equity at the end of the period (31.12.2015 and 31.12.2014 respectively)	174,315,810.88	168,585,627.93
Roidis Georgios, Member (non executive) Korkidis Vasileios, Member (non executive)
Fragou Apostolia, Member (non executive) Tsalikidou Olympia, Member (non executive) Kastellanos Georgios, Member (non executive)			DATA FROM STATEMENT OF CASH FLOWS
Georgakopoulos Georgios, Member (non executive) Georgiou Nikolaos, Member (non executive) Moralis Ioannis, Member (non executive)
					$01.01 - 31.12.2015$ $01.01 - 31.12.2014$
			Operating activities
DATA FROM STATEMENT OF FINANCIAL POSITION			Profit before tax (continuing activities)	9.772.290.19	8.891.464.98
	31.12.2015	31.12.2014	Adjustments for:
ASSETS Property, plant and equipment	261,098,568.04	273.356.564.78	Depreciation and amortisation Gain on disposal of property, plant & equipment and intangible assets	14,166,805.02 (164, 518, 83)	14,195,646.36
Investment property Intangible assets	734,338.38 50,522.36	734,338.38 94,335.44	Provisions Recognition of investment property	7,344,723.68	5,254,965.63 (220, 970.81)
Other non current assets Inventories	15,041,952.12 2,196,957.54	16,438,238.90 2,136,621.95	Results (revenue, expenses, profit and losses) from investing activity (Increase)/ Decrease in inventories	(1,271,108.46) (60, 335.59)	(1, 117, 847.81) 70,172.92
Trade receivables Other current assets	20, 341, 478.57 68,513,267.66	26,980,280.10 64,547,058.42	(Increase)/ Decrease in accounts receivable Decrease in liabilities (except borrowings)	2,449,871.10 (134, 827.45)	(1,564,662.54) (1,351,391.26)
TOTAL ASSETS	367.977.084.67	384, 287, 437. 97	Minus: Interest and related expenses paid	(612, 679.60)	(838,039.23)
EQUITY AND LIABILITIES Share Capital (25,000,000 shares of € 2,00 each)	50,000,000,00	50,000,000.00	Payments for staff leaving indemnities Payments for employees voluntary retirement	(657.846.61) (14.074.800.36)	(392, 252.00)
Other equity items Equity attributable to shareholders of the parent (a)	124,315,810.88 174,315,810.88	118,585,627.93 168,585,627.93	Tax paid Net cash flows from operating activities (a)	(2,379,082.50) 14,378,490.59	(5,670,117.36) 17,256,968.88
Long term borrowings Provisions/ Other long term liabilities	74,499,999.99 95,744,422.08	80,499,999.99 111,074,774.40
Short term borrowings Other short term liabilities	6,000,000.00	6,000,000.00 18,127,035.64
Total liabilities (b)	17,416,851.71 193,661,273.79	215,701,810.03	Investing activities Increase of subsidiaries share capital		(160,000.00)
TOTAL EQUITY AND LIABILITIES (a)+(b)	367,977,084.67	384, 287, 437.97	Procceds from the sale of property, plant and equipment Capital expenditure for property, plant and equipment and intangible assets	177,312.10 (2,721,824.88)	(1,643,892.97)
DATA FROM STATEMENT OF COMPREHENSIVE INCOME			Increase of restricted cash Interest and related income received	1,896,870.12	2,096,773.00 1,989,969.29
	$01.01 - 31.12.2015$	$01.01 - 31.12.2014$	Net cash flows from/ (used in) investing activities (b)	(647, 642.66)	2,282,849.32
Turnover Gross profit Profit before taxes, investment and financial	99.880.455.20 26,150,566.01	104.320.264.31 22,958,410.89	Financing activities
activities Profit before tax	9,353,230.05 9,772,290.19	7,773,617.17 8,891,464.98	Net change in long-term borrowings Net change in leases	(6,000,000.00) (290,066.69)	(2, 333, 333.34) (364, 235.36)
Profit after tax (A) Other comprehensive income after taxes (B)	8,375,754.17 (170, 578.12)	6,763,882.84 (1, 192, 674.54)	Dividends paid Net cash flows used in financing activities (c)	(2.474.993.09) (8,765,059.78)	(3.000.000.00) (5,697,568.70)
Total comprehensive income after taxes $(A) + (B)$	8,205,176.04	5,571,208.30	Net increase in cash and cash equivalents (a) + (b) + (c)	4,965,788.15	13,842,249.50
Earnings per share - basic and diluted (in €) Proposed dividend per share	0.3350 0.1114	0.2706 0.0989	Cash and cash equivalents at the beginning of the year	54,466,299.36	40,624,049.86
Profit before taxes, investment, financial activities depredation and amortisation	23,520,035.07	21,969,263.53	Cash and cash equivalents at end of the year	59,432,087.51	54,466,299.36
			ADDITIONAL DATA AND INFORMATION
1. The Company has not been audited by the Tax Authorities for the years 2009 and 2010 (Note 9 and 32b ). 2. The Company's permanent and seasonal personnel as at 31.12.2015 amounted to 1.121 & 8 employees respectively (1.149 & 8 employees at 31.12.2014)
3. At the end of the current period there are no treasury shares held by the Company. 4. For pending lawsuits or cases submitted in arbitration, the Company has made relevant provisions of € 19,314,300.00. The provision for unaudited years by the Tax Authorities amounted to € 1,500,000.00
n, during the current vear a provision amounted to € 4,796,663,41 related to the compensation of beneficiaries of L.4331/2015 (GA Ferries S.A.) has been recorded			The provision for personnel voluntary retirement amounted to € 14,074,800.36 and the provision for contingent property tax amounted to € 577,384.33 have been reversed due to their payment on 1/9/2015 and 2/7/2015 respectiv
5. There is no property, plant and equipment that has been pledged as security. 6. During the year 2010 the Company establisted two subsiadiaries named "SHIP REPAIR SERVICES P.P.A S.A." (NAYS P.P.A S.A.) and "INTERMODAL TRANSPORT AND LOGISTICS COMPANY S.A.", (LOGISTICS P.P.A. S.A.)
During the current period decided the liquidation of the subsidiaries and the Company recorded an equal provision for their impairment (Note 8).			The subsiadiaries untill the preperation of these financial statements has not vet commenced its operations. The Company does not prepare consolidated financial statements due to imaterial net assets of its subsidiaries as
7. There are no other comprehensive income / (loss) of the Company that recorded directly to the Shareholders' Equity as at December 31, 2015. 8. The Company's capital expenditure for the year ended December 31, 2015 is disclosed to the note 4 and 6 of the financial statements.
9. The subsequent events after the December 31, 2015 are disclosed to the note 36 of the financial statements. 10. Certain line items of the previous year financial statements were reclassified in order to conform to the current year's presentation (note 2a)
according to TAS 24, are as follows:			11. The accumulated income and expenses since the beginning of the current fiscal year as well as the Company's trade accounts receivable and payable balances at the end of the current fiscal year that have resulted from t
a) Income	(Amounts in Euro) 0.00
b) Expense :) Receivables	154,000.00 8,768.31
d) Liabilities e) Fees of Managers and members of the Board of Directors	0.00 1,018,061.83
f) Amounts owed by Managers and members of the Board of Directors g) Amounts due to Managers and members of the Board of Directors	0.00 0.00

Piraeus, March 29, 2016
THE CHAIRMAN OF THE BoD AND MANAGING DIRECTOR			DEPUTY MANAGING DIRECTOR		THE FINANCE DIRECTOR


IOANNIS KOUVARIS			STAVROS KYRAMARGIOS		FKATFRINI VENARDOU
I.D AE 018479			ID Number: AZ 128242		E.C.G. Licence No. 00003748 A' Class

AI Terminal

P.P.A. S.A.

2775_10-k_2016-03-29_df3ac950-2e10-482a-af40-fe3af8f9a316.pdf

STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS

ANNUAL REPORT OF THE BOARD OF DIRECTORS of the Company "PIRAEUS PORT AUTHORITY S.Α." with the distinctive title "P.P.A SA" (according to the provisions of paragraph 6 of article 5 of Law 3556/2007) On the Financial Statements of the Financial Year from 1st January 2015 until 31st December 2015

Main Activities of the Company

Main activities of subsidiary companies

Strategy and Action Plan

Investment Program

Α. Growth of activities - International situation

Α. Growth of activities - International situation

B) Progress-Financial results of 2015

i. Income

ii. Expenses

iii. Total Assets

iv. Total Liabilities

C) Significant Events in 2015

D) Perspectives - Expected Developments, Major Risks and Uncertainties for 2016

E) Financial instruments

Capital Management

F) Related parties

G) Distribution of Dividend of Financial Year 2015

STATEMENT OF CORPORATE GOVERNANCE of Law 3873/2010

I. Principles of Corporate Governing

II. Practices of Corporate Governance applied by the Company further to the provisions of Law

III. Description of the System of Internal Audit [and management of risks in connection with the preparation of financial statements]

IV. Reference to the information elements (c), (d), (f), (g) and (h) of paragraph 1 of article of 10 of the Directive 2004/25/EC

V. Mode of operation of the General Assembly and rights of shareholders

VI. Bodies of Administration

1. Board of Directors

2. Managing Director

3. Administrative Council

Board of Directors Explanatory Report (according to article 4, par7 of Law 3556/2007)

Share capital structure

Restrictions in the transfer of the Company's shares

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

Restrictions to voting rights.

Company's Shareholders' agreements.

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

THIS REPORT HAS BEEN TRANSLATED FROM THE ORIGINAL VERSION IN GREEK

INDEPENDENT AUDITOR'S REPORT

To the shareholders of PIRAEUS PORT AUTHORITY S.A. with the trade title (PPA S.A.)

Report on the Financial Statements

Management's Responsibility for the Separate and Consolidated Financial Statements

Auditor's Responsibility

Opinion

Report on Other Legal and Regulatory Requirements

ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS of PPA SA

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2015

STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2015

PIRAEUS PORT AUTHORITY S.AAnnual Financial Report for the year ended December 31, 2015

STATEMENT OF CHANGES INSHAREHOLDERS EQUITY FOR THE YEAR ENDED DECEMBER 31, 2015

CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2015

NOTES TO THE SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015

1. ESTABLISHMENT AND ACTIVITY OF THE COMPANY:

2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS:

(a) Basis of Preparation of Financial Statements:

(b) Approval of Financial Statements:

(c) Significant Accounting Judgements and Estimates:

3. PRINCIPAL ACCOUNTING POLICIES:

Changes in accounting policies and disclosures

Standards issued but not yet effective and not early adopted

• IAS 19 Employee benefits (Amended): Employee Contributions

• IFRS 9 Financial Instruments – Classification and measurement

• IFRS 14 Regulatory Deferral Accounts

• IFRS 15 Revenue from Contracts with Customers

• IAS 27 Separate Financial Statements (amended)

• IFRS 10, IFRS 12 and IAS 28: Investment Entities: Applying the Consolidation Exception (Amendments)

• IAS 1: Initiative on disclosures (Amendment)

• IFRS 16: Leases

• IAS 12 Income taxes (Amendments): Recognition of Deferred Tax Assets for Unrealised Losses

• IAS 7 Statement of Cash Flows (Amendments): Disclosure Initiative

4. TANGIBLE FIXED ASSETS

5. INVESTMENT PROPERTY

6. INTANGIBLE FIXED ASSETS

For the year ended December 31, 2014:

7. LONG TERM ACCOUNTS RECEIVABLE

8. SUBSIDIARIES

9. INCOME TAX (CURRENT AND DEFERRED)

Tax Compliance certificate:

STATEMENT OF CHANGES INSHAREHOLDERS EQUITY FOR THE YEAR ENDED DECEMBER 31, ²⁰¹⁵