The APB ends 2012 with a turnover of €59.5 million and a net profit of €14.8 million
08/02/2013Yesterday afternoon in Palma de Majorca, the Board of Directors of the Port Authority of the Balearic Islands (APB) gave the go ahead to the provisional closure of the 2012 financial year. Turnover for the year reached €59.5 million whilst profit stood at €14.8 million. The turnover figure meant a drop of 0.69% over the previous year, and was 0.5% below the forecast. Provisional profit was 5.3% lower than 2011 yet was far superior to the forecast of €8.2 million. The APB complied with the limits imposed by Spanish Government’s Austerity Plan both in terms of staff costs and current expenditure. The APB’s receivables went down compared to 2011 as a result of two factors: a €5 million drop during 2012 in the amount of trade receivables for sales and services which reduced liabilities to €26.9 million and a €10 million increase in the provisions for insolvencies over the last two years. The APB currently has 64 trade debtors who owe amounts in excess of €10,000 and 1,500 debtors who owe smaller amounts. STP debt deferral The APB’s Board of Directors also approved a debt repayment plan requested by the firm Servicios Técnicos Portuarios, SL (STP) for €7.6 million. This amount is to be paid back over a period of three and a half years based on an amortisation table and a series of conditions that include the corresponding late payment interest and payment guarantees.
