Μελέτη Deloitte για ΟΛΘ

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... .. .

... ..

6 2011

Document Code 2.2.6-1

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2

6

1. & 7

2. ... .. 12

3. ... .. 18

4. 22

5. 28

6. 35

72

Document Code 2.2.6-1

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- 2 - Document Code 2.2.6-

(1/3)

7-8 .

o 405.000 TEUs* 450.000 - 480.000 TEUs.

2017 - 2018

.

o 3 , , . 8

.

235 . 2010. 46% 6 , 39% 15% . 1.240.000 TEUs.

13 ( 2023)

() .o 2022

2027.

* Twenty-Foot Equivalent Unit (TEU): TEU ( ) 20 (6,1 ). ,

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(2/3)

7,5 (20112018), ().

.

(, / , )

130,6* 20112016

( ) 11,5* 2 016 - 2018

*2010

() ( 50 .) . ,

61,3 . , 66,6 . 70,4 . .

(EBITDA / > 2,5, / EBITDA < 7,4 >95 .) , . , .

2016 2017 2018

EBITDA

/

/

EBITDA

EBITDA /

/

EBITDA

EBITDA /

/

EBITDA

49,5 37,8 6,8 3,4 154,7 46,7 66,6 4,6 3,7 160,4 43,3 53,5 4,8 2,8 166,8

49,5 34,3 7,6 3,1 157,2 46,7 61,3 5,3 3,3 164,2 43,3 45,9 5,7 2,3 172,4

49,5 40,1 6,3 3,7 153,2 46,7 70,4 4,2 4,0 157,8 43,3 59,0 4,3 3,1 162,8

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(3/3)

,

117 . .

, transit (12% 20%)

2017.

transit

1.000.000 TEUs 3 - 6

1 2 .

.

, ,

, , 2012

2013 .

RMGRTG.

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6/196- 5 - Document Code 2.2.6-

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8/196- 7 - Document Code 2.2.6-

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7/25/2019 Deloitte

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12/196- 11 - 11

2.

... ..

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/ , .

5.800

, 12 . 600.000 ..( )

, ,

2009 15.000.000

( 7.000.000 8.000.000 ), 270.000

TEUs , 2.000 , 160.000 .

() () () ()

1 325 8 16 320 10,1

2 90 8 17 190 11,1

3 200 8 18 220 9,9

4,5,6,7,8 400 8 19 175 8,9

9 230 8,6 20 350 9,7

10 320 10,1 21 185 12

11 240 9,7 22 370 9,5

12 240 9,2 23 184 8,913 135 10,1 24 635 12

14 230 9,726 550 12

15 175 10,4

: ..

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() , ( , , ..)

6

550 340 ., 254.000

.. 3.695 TEUs .

12 .

4 (1 40 , 1 45 2 50

post panamax).

1 transtainer 50

276 (380V) / .

17 straddle carriers

4 tractors

5 front lifts

20 trailers

6

1.000.000 ..,

4.000 . 12 .

85.000 ..,

12.000 .., 500.000 ..,

20.000 .

,

(, , , ..),

(, , , , ..), (, , ,

..)

44 40

1 100

2 120 150

1 60

(, ,

..)

, ..,

( ), " in transit"

2007 440

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282.755 274.248

358.259

204.379245.649 253.105

56.230 57.101

79.933

34.505

23.858 25.869

352.460337.596

442.638

238.912

269.844 279.276

0

50.000

100.000

150.000

200.000

250.000

300.000

350.000

400.000

450.000

2005 2006 2007 2008 2009 2010

(2005 - 2010)

( TEUs)

& Transit Transhipment

2007, 440 .TEUs, 2008 , , 2009 13% 2010 3,5%.

: transhipment

: ..

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3.841 3.896

4.956

4.446

3.538

4.403

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

2005 2006 2007 2008 2009 2010

(2005 - 2010)

( . )

, 2007, 2008 2009 ( 2008-2009 20%). 2010 2008.

: ..

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- 17 - 17

3.

... ..

2007 ( 66

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25.649

39.568

24.298 25.173 24.519

14.904

20.638

18.812 15.333 19.267

5.394

6.079

6.2335.443

5.83145.947

66.285

49.34245.949

49.617

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

2006 2007 2008 2009 2010

... .. (2006 - 2010)( . )

... .. 2007 ( 66 ., 44%), . , 2006, 49 . 2008 2010 46 . 2009.

:

..

Containers

. .

/

(EBITDA) (EAT)

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6.887

19.916

8.593 7.657 9.148

3.639

13.868

5.303 4.4806.144

15,0%

30,0%

17,4%16,7%

18,4%

7,9%

20,9%

10,7%9,7%

12,4%

0%

5%

10%

15%

20%

25%

30%

35%

0

5.000

10.000

15.000

20.000

25.000

2006 2007 2008 2009 2010

000

... .. (2006 - 2010)

EBITDA EAT EBITDA (% ) EAT (% )

, (EBITDA) (EAT) ..... 2007, % . EBITDA 15%-18,5% 8%-12,5%.

:

..

(

65. 2010), .

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. . . . .2006 2007 2008 2009 2010

(Current ratio) 4,9 4,3 4,9 6,9 5,6

(Quick ratio) 4,8 4,2 4,7 6,6 5,4

(%) 16,2% 33,8% 19,9% 7,8% 23,3%

(%) 7,0% 24,3% 9,7% 8,2% 13,8%

(%) 11,1% 28,2% 16,1% 14,1% 18,7%

(%) 7,9% 20,9% 10,7% 9,7% 12,4%

(ROA) 3,0% 10,2% 4,0% 3,4% 4,4%

(ROE) 3,5% 12,1% 4,6% 3,8% 5,1%

() 10,2 10,5 10,5 10,8 9,5

() 36 35 35 34 38

() 22,2 25,1 21,1 22,2 20,5

K () 16 15 17 16 18

() 24,6 24,5 11,2 24,6 10,1

() 15 15 33 15 36

0,4 0,5 0,4 0,3 0,4

9,8 10,6 16,3 10,4 12,1

0,6 0,1 0,6 0,5 0,5

0,2 0,2 0,2 0,1 0,1

n/a n/a n/a n/a n/a

B 0,1 0,1 0,1 0,1 0,1

(EBITDA / ) n/a n/a n/a n/a n/a

, ... .. . , .

: ..

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- 21 - 21

4.

:

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6 550 . , .

1.200.000 TEUs , 405.000 TEUs .

T 2011 2016 3 (2016 2018) .

235 . 2010, 46% 6 , 39% .

() 50 ., .. ,

.

:

:

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1. 6 107,4 .*

550 , 350 , , .

2. 6 23,2 .*

, , .

3. 11,5 .*

(RTG RMG).

4. 92,8 .*

(000 )* (000 )*

SPP 6 39.000 RTG 24 31.200

PP 1 5.500 Tractors 35 2.800

Straddle Carriers 5 3.650 Trailers 55 40 760

Reach Stackers 4 1.400 Trailers 60 2 44

Reach Stackers 1 450 - 8.000

* 2010.

. 1

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2 , 3 4 RTG (RMG).

1

2

3

4

1 2+ , ,

3

RTG RMG)4+

7,5 (2011 2018)

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2011 2015: 550 ., 350, 70

.

2016: (350 .)

2015 2016: 6 (, , , , )

2016 2018: RTG (RMG).

, ( ) RTG (RMG), .

2017,

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18.661

38.125

24.824

19.580

21.106

48.095

40.408

8.385

15.820

2.467

9.869

2.884

11.535

405 405 405

450

450

480

779

810846 846

981 981

1.116

0

200

400

600

800

1.000

1.200

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

45.000

50.000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

&

2011 & 6

( . TEUs)

2018 .

(2011 2023):262 .*

000

000TEUs

* ( ). 2011 17 . .

,

2017 , 90%

2014 .

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- 27 - 27

5.

, transit transhipment .

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, .

Ocean Shipping Consultants Ltd (OSC)

2009.

, 1/3

.

.

,

:

,

, .

.

2008. ,

.

.

OceanShi i C lt t 11/2009

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254,5 254,0 258,4 265,7 275,5

288,5

308,4333,0

363,1

396,0

436,1

471,3

0

50

100

150

200

250

300

350

400

450

500

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

( )

( 000 TEUs)

OSC

1

2011 3,0% -4,1%

2012 3,0% -0,1%

2013 3,0% 0,9%

2014 3,0% 1,5%

2015 3,0% 2,0%

1 : Economic Intelligence Unit 2011

Shipping Consultants 11/2009 . 2011 ... ..

transit

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.

Ocean Shipping Consultants Ltd

2009.1 : Ocean Shipping Consultants Ltd

Transit Transhipment

,

, , , ,

.

5%-6% container. .

( ),

(), (, , )

.

11% 2007 4%-4,5% 2008 20091.

,

.

.

transhipment . ,

.

gateway port

transit

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TRANSIT /

2009 2020 2009 2020 2009 2020 2009 2020 2009 2020 2009 2020 2009 2020

26 26

RIJEKA (HR) 24 25

DURRES (AL) 13 13

VLORE (AL) / / / / / / / 20

25 25

AMBARLI (TR) 22 22

VARNA (BG) 20 24

BURGAS (BG) 18 22

COSTANTA (RO) 25 26

transit . , transit .

Ocean Shipping Consultants Ltd

2009.

,

.

.

, transit Rijeka, Varna,

Costanta , transshipment . ,

, .

OSC(11/2009) 2011

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33,5 44,8

59,074,9

92,7

120,1

154,3

196,2

247,0

310,9

387,5

464,4

10,7 11,4 12,2 13,2 14,3 15,6 17,4 19,5 22,1 25,0 28,8

32,3

0

50

100

150

200

250

300

350

400

450

500

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Tranzit Transhipment

( 000 TEUs)

Transit - Transhipment -

.

OSC

1

2011 5,4% 2,9%

2012 5,4% 4,2%

2013 5,4% 4,7%

2014 5,4% 4,5%

2015 5,8% 4,4%

1: Economic Intelligence Unit 2011

(11/2009) . 2011 ... .. transit .

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0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

(2011-2041)

(000 TEUs)

.

2.000.000 TEUs: : 2031

: 2035

: 2039

+0,5 -0,5 .

1.000.000 TEUs:

: 2022

: 2023

: 2025

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- 34 -

2.

34

:

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2.1

2.2

2.3

2.4

2.5

2

6

1. &

7

2.

... .. 12

3. ... .. 18

4. 22

5. 28

6. 35

72

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.

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.

3 ,

.

( )

( ).

.

, 2016 - 2017.

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0

100

200

300

400

500

600

2009 2010 2011 2012 2013 2014 2015 2016

- ( 000 TEUs)

, .

.

5,2 .

2016 .

405. TEUs

2015 2016 2017

(000 TEUs) 402,4 451,2 515,7

(000 TEUs) 382,4 424,3 480,1

(000 TEUs) 369,0 404,8 452,9

( .) 5,1 5,2 5,4

450 . 480 . TEUs*

* 450 . TEUs Straddle Carriers 2014,

480 . TEUs .

2022 ,

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, 2025 2027 .

2011 ... ..

,

, 2016 - 2019 .

(TEUs)

( )

(TEUs) ( )

2011 405.000 298.781 298.781 298.781 4.600.000

2012 405.000 310.191 314.920 307.625 4.750.000

2013 405.000 329.617 338.614 323.848 4.950.000

2014 450.000 353.750 367.815 344.426 5.000.000

2015 450.000 382.410 402.418 368.979 5.050.0002016 480.000 424.294 451.223 404.848 5.200.000

2017 778.918 480.093 515.720 452.897 5.400.000

2018 810.000 548.708 595.167 511.681 5.600.000

2019 846.000 632.190 692.187 582.717 5.900.000

2020 846.000 731.978 808.762 666.763 6.500.000

2021 981.000 852.507 949.629 766.896 6.500.000

2022 981.000 968.022 1.087.758 860.622 6.500.000

2023 1.116.000 1.033.031 1.169.415 911.635 6.500.0002024 1.116.000 1.101.767 1.256.409 965.252 6.500.000

2025 1.116.000 1.174.504 1.348.949 1.021.533 6.500.000

2026 1.116.000 1.249.125 1.447.095 1.077.301 6.500.000

2027 1.116.000 1.326.669 1.549.134 1.135.220 6.500.000

.

2022 , . 2016,

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200

300

400

500

600

700

800

900

1.000

1.100

1.200

& (2010 2041)( 000 TEUs)

, .

,

2022

, 2025

, 2027

,

,

2016 2020

2

( 000 TEUs) 2011 2015 2020 2025

405 450 846 1.116

299 382 732 1.116

299 402 809 1.116

299 369 667 1.022

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2.1

2.2

2.3

2.4

2.5

2

6

1. &

7

2.

... .. 12

3. ... .. 18

4. 22

5. 28

6. 35

72

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, , (1/2).

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1.

( , transit transshipment), , .

2015 .

2010, , 93,4 / TEU, 20% transit 2010. 1/1/2012 TEU 11.

2014 . 2010, 4,2 / 8,8 / . 77%-23%.

3% /

2. / 3.

.. 31/12/2010.

2015.

.

50 . .

5 20 .

4%.

7, 5 .

, , . 9%.

12 . (10% 2011, 30% 2012, 40% 2013 20% 2014)

logistics realestate ( ).

, , (2/2).

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4.

2010 2011 , , .

( ) .

70.000 58.300 60.000 49.100. , . 45.000.

( ) 3 1,5% .

30/6 15.000 , .

,

.

5.

2014 2015 2041

, .

,

.

.

, .

. 35% .

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2.1

2.2

2.3

2.4

2.5

2

6

1. &

7

2.

... .. 12

3. ... .. 18

4. 22

5. 28

6. 35

72

, , ,

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...

:

.

. 22 . 16 . 4 .

,

.

:

, 235 . ( 2010), 50 .

.

, 2025 , .

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49.6

17

53.6

57

58.7

89

61.3

07

64.3

17

68.5

90

75.0

11

83.5

7

8

93.7

99

106.4

19

122.6

13

139.7

20

157.0

07

168.8

94

181.7

46

188.1

31

192.8

48

197.6

84

202.6

41

207.7

22

212.9

30

218.2

70

223.7

43

229.3

5

3

235.1

05

241

.000

24

7.0

44

2

53.2

39

259.5

90

266.1

00

272.7

74

279.6

14

0

50.000

100.000

150.000

200.000

250.000

300.000

(2010 - 2041)( 000 )

2014 . 2012

.

( ) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041

27.847.154 32.311.487 34.334.269 36.847.169 40.310.180 45.396.125 52.136.732 60.481.937 70.729.036 83.121.693 143.383.654 162.225.443 183.543.199 212.853.840

23.981.241 24.594.036 25.032.724 25.471.269 26.221.199 27.494.150 29.257.249 31.067.054 33.372.685 37.105.001 41.980.903 47.497.539 53.739.105 62.320.887

1.829.082 1.883.955 1.940.473 1.998.688 2.058.648 2.120.408 2.184.020 2.249.540 2.317.027 2.386.537 2.766.651 3.207.307 3.718.148 4.439.663

53.657.478 58.789.477 61.307.466 64.317.125 68.590.028 75.010.682 83.578.001 93.798.532 106.418.748 122.613.232 188.131.208 212.930.289 241.000.452 279.614.390

.. . , 2025 .

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521503 503

587 587 587 587 589 589 587 584 601

644

695

767

824

878

909

941 947

400

500

600

700

800

900

1.000

1.100

20

10

2011(

a)

2011(

b)

2012(

a)

2012(

b)

2013(

a)

2013(

b)

2014(

a)

2014(

b)

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

(2011-2025)( )

(31/12) 2011 (a) 2011 (b) 2012 (a) 2012 (b) 2013 (a) 2013 (b) 2014 (a) 2014 (b) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

156 156 188 188 189 189 190 190 189 189 197 218 240 270 293 314 326 339 341

347 347 399 399 398 398 399 399 398 395 404 426 455 497 531 564 583 602 606

503 503 587 587 587 587 589 589 587 584 601 644 695 767 824 878 909 941 947

, , :

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.. 31/12/2011 503 , 31/5/2011 509 6

2011. 2011 . 1/1/2012

* 2011. 80-85 . , , 400.000 450.000 TEUs . 55 100.000 TEUs.

.

5,5 . 200 , 55% , 6,5 . 240 .

.

* . 1/1/2012

. .

.

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0

20.000

40.000

60.000

80.000

100.000

120.000

140.000

160.000

180.000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

(2011-2041)( 000 )

, 2014

. 2014 1,5% .

( )

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041

26.434.687 25.807.596 25.826.699 26.309.821 26.956.186 27.662.522 27.536.424 27.813.091 27.438.576 26.916.313 20.896.887 17.531.749 14.981.862 13.171.454

230.850 4.433.502 4.920.681 5.676.327 6.066.271 7.564.945 9.448.801 13.477.367 17.983.100 24.587.806 55.527.635 79.916.855 111.886.228 162.475.087

26.665.537 30.241.098 30.747.380 31.986.148 33.022.457 35.227.468 36.985.225 41.290.457 45.421.676 51.504.118 76.424.522 97.448.604 126.868.090 175.646.541

( 2025), , (EBITDA), % , ( )

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0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

EBITDA 000 % (2011-2041)

EBITDA () EBITDA (% )

.

EBITDA 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041

EBITDA () 15.480.093 17.397.049 19.021.462 20.303.435 22.254.332 25.393.358 30.800.350 35.071.324 41.536.947 49.071.969 78.917.152 78.253.720 71.880.747 54.805.944

EBITDA (% ) 28,85% 29,59% 31,03% 31,57% 32,45% 33,85% 36,85% 37,39% 39,03% 40,02% 41,95% 36,75% 29,83% 19,60%

50 . , 2016 2019, 66,6 . (2017), 2020. 3 2012

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5.0

0

0

10.0

00

35.0

00

50.0

00

50.0

00

50.0

00

50.0

00

50.0

00

50.0

00

87

.322

113.2

89

96.8

14

80.4

8

0

36.6

67

33.3

33

3

0.0

00

26

.667

23.3

33

20.0

00

16.6

67

13.3

33

10.0

00

6.6

67

3.3

33

500

0

0

20.000

40.000

60.000

80.000

100.000

120.000

2011(

a)

2011(

b)

2012(

a)

2012(

b)

2013(

a)

2013(

b)

2014(

a)

2014(

b)

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

( 000 )

2020. 3 2012 2032.

(50 .)

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EBITDA (7,4 ) , (20162019).

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0,65

2,87 2,63 2,46 2,25

3,443,68

2,76

1,94

0,75 0,580,45 0,37 0,30 0,25

0

1

2

3

4

5

6

7

8

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

/ EBITDA

(2011 - 2025)

EBITDA = 7,4

/ EBITDA

2016 2017 2018 2019

3,44 3,68 2,76 1,94

( )

... , , ( 95 .) .

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0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

900.000

1.000.000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

(2011 - 2041)

( 000 )

( . )

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041

125.883 131.065 136.663 142.595 148.655 154.735 160.383 166.800 176.841 192.204 339.049 526.103 720.168 942.610

= 95 .

H (Earnings After Tax - EAT) , 2041.

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0%

5%

10%

15%

20%

25%

30%

35%

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

- EAT (2011-2041)( 000 % )

(000 ) EAT (% )

(EAT)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2025 2030 2035 2041

EAT () 7.872.735 7.797.050 8.394.722 8.896.092 9.092.270 9.094.364 8.470.976 9.612.496 15.049.430 23.016.307 53.387.612 59.585.275 59.605.678 53.885.036

EAT (% ) 14,7% 13,3% 13,7% 13,8% 13,3% 12,1% 10,1% 10,2% 14,1% 18,8% 28,4% 28,0% 24,7% 19,3%

& (2011 2020)

... , , 2016-2019, .

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0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

& (2011-2020)

( 000 )

(000)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

58.650 55.097 32.389 19.233 7.238 289 179 702 702 3.520

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2.1

2.2

2.3

2.4

2.5

2

6

1. &

7

2.

... .. 12

3. ... .. 18

4. 22

5. 28

6. 35

72

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2024 (10 . EBITDA 8. ) . 2027 .

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0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

A EBITDA / EAT

( 000 )

EBITDA

EAT

EBITDA (000) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

22.254 25.393 30.800 35.071 41.537 49.072 57.174 66.480 71.589 77.483 78.91

23.454 27.161 33.155 38.165 45.578 54.329 63.952 67.195 77.501 78.286 78.59

21.384 24.187 28.993 32.620 38.189 44.612 51.199 58.867 62.836 67.509 72.05

EAT (000) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

9.092 9.094 8.471 9.612 15.049 23.016 32.173 41.796 46.408 51.250 53.38

10.016 10.555 10.524 12.356 18.681 27.431 37.413 42.732 51.083 52.297 53.50

8.420 8.109 6.916 7.472 12.089 19.065 27.221 35.799 39.456 43.285 47.61

EBITDA EAT .

% . - 20212024 EBITDA (1,4% - 1,6%) 2018-2024 (1,9% - 2,2%)

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0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

A EBITDA / EAT( % )

EBITDA

EAT

EBITDA (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

32,4% 33,9% 36,9% 37,4% 39,0% 40,0% 40,9% 42,3% 42,4% 42,6% 41,9%

33,2% 34,9% 37,9% 38,6% 40,3% 41,4% 42,3% 42,4% 43,3% 42,7% 41,8%

31,8% 33,2% 36,0% 36,4% 37,9% 38,7% 39,5% 40,8% 40,8% 41,0% 40,9%

EAT (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

13,3% 12,1% 10,1% 10,2% 14,1% 18,8% 23,0% 26,6% 27,5% 28,2% 28,4%

14,2% 13,6% 12,0% 12,5% 16,5% 20,9% 24,8% 27,0% 28,5% 28,5% 28,4%

12,5% 11,1% 8,6% 8,3% 12,0% 16,5% 21,0% 24,8% 25,6% 26,3% 27,1%

EBITDA EAT .

.

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2012 2013 2014 2015 2016 2017 2018 2019

50.000 50.000 50.000 50.000 49.500 46.667 43.333 40.000

0 0 0 0 37.822 66.623 53.480 40.480 50.000 50.000 50.000 50.000 87.322 113.289 96.814 80.480

EBITDA / 10,13 9,41 10,05 11,01 6,83 4,61 4,83 6,99

/ EBITDA 2,87 2,63 2,46 2,25 3,44 3,68 2,76 1,94

( 000 ) 131.065 136.663 142.595 148.655 154.735 160.383 166.800 176.841

50.000 50.000 50.000 50.000 49.500 46.667 43.333 40.000

0 0 0 0 34.316 61.279 45.890 29.836

50.000 50.000 50.000 50.000 83.816 107.946 89.224 69.836

EBITDA / 10,31 9,66 10,46 11,61 7,63 5,28 5,72 8,89

/ EBITDA 2,82 2,56 2,37 2,13 3,09 3,26 2,34 1,53

( 000 ) 131.219 137.062 143.420 150.096 157.151 164.169 172.416 184.880

50.000 50.000 50.000 50.000 49.500 46.667 43.333 40.000

0 0 0 0 40.135 70.393 59.045 48.594

50.000 50.000 50.000 50.000 89.635 117.060 102.378 88.594

EBITDA / 10,08 9,26 9,79 10,58 6,33 4,17 4,25 5,82

/ EBITDA 2,89 2,67 2,53 2,34 3,71 4,04 3,14 2,32

( 000 ) 131.031 136.474 142.145 147.757 153.180 157.791 162.780 170.846

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2.1

2.2

2.3

2.4

2.5

2

6

1. &

7

2.

... .. 12

3. ... .. 18

4. 22

5. 28

6. 35

72

, . :

1

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1. .

50 ., . 117., 50% (

235 .). .

2.

50 .

22 . 148 . 60% , .

.

3. transit

tranzit 12% 2015 ( 2007) 20%

. transhipment .

Ocean Shipping Consultants 2009 .

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2. EBITDA 2020, , ( 148 .), 2016 2029. 2029 EBITDA

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0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

EBITDA & EAT (2011-2041)( 000 )

.

EBITDA

EAT

EBITDA (000 ) 2019 2020 2021 2022 2023

41.537 49.072 57.174 66.480 71.589

41.537 49.072 58.654 69.496 76.233

EA(000 ) 2019 2020 2021 2022 2023

15.049 23.016 32.173 41.796 46.408

3.589 7.952 16.640 29.105 37.346

2. EBITDA, % , , , % , .

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0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

EBITDA & EAT (2011-2041) ( % )

EBITDA

EAT

EBITDA (%) 2019 2020 2021 2022 2023

39,0% 40,0% 40,9% 42,3% 42,4%

39,0% 40,0% 41,1% 42,6% 42,8%

(%) 2019 2020 2021 2022 2023

14,1% 18,8% 23,0% 26,6% 27,5%

3,4% 6,5% 11,7% 17,9% 21,0%

EBITDA EAT

2. , , EBITDA/ 2 , 2018 2019.

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,

EBITDA/

/ EBITDA

228 .

(2019)

2,17 (2018)

2,33 (2019)

6,31

(2017)

125,53 .

( 2011)

Transit

3. , transit 2013 - 2014 .

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0

500

1.000

1.500

2.000

2.500

3.000

(000 TEUs)

Transit Transit

(000 TEUs) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 204

Transit 299 310 330 354 382 424 480 549 632 732 853 968 1033 1102 1175 1249 1327 1409 1499 1589 1684 1776 1869 1968 2068 2190 2319 2463 2610 2765 292

Transit 299 310 321 342 366 399 442 494 556 626 709 782 830 881 935 990 1047 1109 1175 1241 1312 1381 1451 1526 1601 1692 1786 1891 1998 2111 222

0 0 8 12 16 25 38 54 76 106 144 186 203 221 240 259 279 300 324 348 373 396 418 442 467 499 533 572 612 654 69

1.000.000 TEUs 2027 2023

2.000.000 TEUs

2039 2034

3. transit, . 2023 ,

2026.

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(TEUs)

( )

(TEUs) ( )

2011 405.000 298.785 298.785 298.785 4.600.000

2012 405.000 310.195 314.923 307.628 4.750.000

2013 405.000 321.242 329.647 315.603 4.950.000

2014 450.000 341.731 354.724 332.699 5.000.000

2015 450.000 366.239 384.591 353.421 5.050.000

2016 480.000 399.029 420.075 383.595 5.200.000

2017 778.918 442.346 470.319 423.331 5.400.000

2018 810.000 494.231 526.912 470.624 5.600.000

2019 846.000 555.787 590.345 526.412 5.900.000

2020 846.000 626.308 663.286 589.697 6.500.0002021 981.000 708.827 806.571 650.812 6.500.000

2022 981.000 782.219 877.920 696.354 6.500.000

2023 1.116.000 830.356 938.866 733.726 6.500.000

2024 1.116.000 881.131 1.003.589 772.886 6.500.000

2025 1.116.000 934.627 1.072.237 813.874 6.500.000

2026 1.116.000 989.835 1.145.283 854.806 6.500.000

2027 1.116.000 1.047.427 1.221.524 897.476 6.500.000

2028 1.116.000 1.108.586 1.302.555 942.753 6.500.000

2029 1.116.000 1.175.130 1.390.702 992.037 6.500.0002030 1.116.000 1.241.338 1.478.047 1.041.272 6.500.000

2031 1.116.000 1.311.510 1.576.289 1.090.134 6.500.000

2032 1.116.000 1.380.635 1.673.125 1.138.226 6.500.000

.

3. transit, ..., , , .

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transit

Transit 2012 2013 2014 2015 2016 2017 2018 2019

- (000) 7.797 7.996 8.357 8.266 7.765 6.329 6.431 10.511

(000 ) 50.000 50.000 50.000 50.000 90.389 118.405 104.698 92.363

EBITDA / 10,13 9,15 9,70 10,49 6,16 4,02 4,00 5,32

/ EBITDA 2,87 2,71 2,55 2,36 3,80 4,18 3,34 2,54

(000 ) 131.066 136.398 141.971 147.479 152.673 156.892 161.187 168.200

.

,

, (2016 2019).

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- 73 - 73

Ocean Shipping Consultants 2009.

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: Ocean Shipping Consultants . 2009

( 000 TEUs)

OSC OSC OSC

/ Transit Transshipment



2010 255,1 33,2 10,5 298,8 257,1 33,6 10,7 301,4 253,0 32,8 10,3 296,1

2011 270,4 51,3 12,0 333,7 275,1 52,5 12,4 340,1 265,7 50,1 11,6 327,4

2012 286,3 73,6 13,7 373,5 294,0 76,1 14,4 384,4 278,7 71,1 13,0 362,8

2013 302,8 100,6 15,5 418,9 313,8 105,1 16,6 435,4 292,1 96,2 14,6 402,8

2014 319,8 133,1 17,6 470,4 334,4 140,5 19,0 493,9 305,8 126,0 16,2 448,0

2015 337,5 171,9 19,8 529,2 355,9 183,3 21,7 560,9 319,8 161,1 18,0 499,0

2016 355,7 206,4 21,5 583,6 378,4 222,2 23,9 624,5 334,2 191,6 19,3 545,2

2017 374,3 245,3 23,3 642,9 401,4 266,5 26,2 694,1 348,8 225,6 20,7 595,1

2018 393,2 288,6 25,2 707,0 425,0 316,2 28,7 769,9 363,4 263,1 22,1 648,6

2019 412,3 336,3 27,1 775,7 449,1 371,5 31,2 851,8 378,2 304,1 23,5 705,7

2020 431,6 388,2 29,0 848,8 473,6 432,1 33,9 939,6 392,9 348,4 24,8 766,2

2021 451,0 425,0 30,7 906,7 498,5 476,6 36,2 1.011,2 407,6 378,6 26,0 812,2

2022 471,3 464,4 32,3 968,0 524,7 524,6 38,5 1.087,8 422,9 410,7 27,0 860,6

2023 492,5 506,6 33,9 1.033,0 552,2 576,4 40,8 1.169,4 438,8 444,8 28,1 911,6

2024 514,6 551,7 35,5 1.101,8 581,2 632,1 43,1 1.256,4 455,2 480,9 29,1 965,3

2025 537,8 599,7 37,0 1.174,5 611,7 691,8 45,4 1.348,9 472,3 519,1 30,1 1.021,5

2030 670,2 869,3 49,5 1.589,1 790,1 1.040,4 63,7 1.894,2 567,8 725,2 38,4 1.331,4

2035 835,2 1.166,6 66,3 2.068,1 1.020,4 1.454,4 89,4 2.564,2 682,5 933,9 49,0 1.665,4

Ocean Shipping Consultants (1/2).

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%

pp g ( )

OSC

OSC

OSC

OSC

OSC

OSC

OSC

OSC

OSC

2010 -0,60% -0,10% -1,10% 2,00% 2,50% 1,50% -1,00% -0,50% -1,50%

2011 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%

2012 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%

2013 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%

2014 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%

2015 3,00% 3,50% 2,50% 5,60% 6,10% 5,10% 5,60% 6,10% 5,10%

2016 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2017 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2018 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2019 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2020 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2021 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2022 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2023 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2024 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%2025 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2030 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2035 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%


Ocean Shipping Consultants (2/2).

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OSC

OSC

OSC

OSC

OSC

OSC

OSC

OSC

OSC

2010 1,00% 1,50% 0,50% 0,00% 0,50% -0,50% -2,00% -1,50% -2,50%

2011 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%

2012 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%

2013 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%

2014 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%

2015 5,20% 5,70% 4,70% 5,20% 5,70% 4,70% 5,60% 6,10% 5,10%

2016 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2017 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2018 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2019 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2020 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2021 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2022 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2023 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2024 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%2025 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2030 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

2035 5,50% 6,00% 5,00% 5,50% 6,00% 5,00% 6,00% 6,50% 5,50%

%


(1/2).

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: European Intelligence Unit 2011* 2011 .

%

OSC

OSC

OSC

OSC

OSC

OSC

OSC

OSC

OSC

2010 -4,50% -4,00% -5,00% 3,70% 4,20% 3,20% 0,20% 0,70% -0,30%

2011* 1,50% 2,00% 1,00% 4,00% 4,50% 3,50% 2,70% 3,20% 2,20%

2012 -0,10% 0,40% -0,60% 4,50% 5,00% 4,00% 3,50% 4,00% 3,00%

2013 0,90% 1,40% 0,40% 5,60% 6,10% 5,10% 3,90% 4,40% 3,40%

2014 1,50% 2,00% 1,00% 5,60% 6,10% 5,10% 3,70% 4,20% 3,20%

2015 2,00% 2,50% 1,50% 5,60% 6,10% 5,10% 3,60% 4,10% 3,10%

2016 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%2017 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2018 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2019 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2020 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2021 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2022 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2023 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2024

3,00% 3,50% 2,50% 6,00% 6,50%

5,50%

6,00% 6,50% 5,50%2025 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2030 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

2035 3,00% 3,50% 2,50% 6,00% 6,50% 5,50% 6,00% 6,50% 5,50%

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2011-2015 (2016 ) OSC GDP OSC. 2016 2021 OSC 2022

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/

Transit Transhipment /

Transit Transhipment /

Transit Transhipment

2011 254,5 33,5 10,7 298,8 254,5 33,5 10,7 298,8 254,5 33,5 10,7 298

2012 254,0 44,8 11,4 310,2 256,5 45,5 12,9 314,9 251,5 44,1 12,0 307

2013 258,4 59,0 12,2 329,6 263,4 60,6 14,6 338,6 253,5 57,3 13,1 323

2014 265,7 74,9 13,2 353,7 273,3 78,0 16,5 367,8 258,2 71,8 14,4 344

2015 275,5 92,7 14,3 382,4 285,9 97,7 18,9 402,4 265,3 87,7 16,0 369

2016 288,5 120,1 15,6 424,3 302,4 127,9 20,9 451,2 275,1 112,6 17,2 404

2017 308,4 154,3 17,4 480,1 326,5 165,9 23,3 515,7 291,1 143,2 18,6 452

2018 333,0 196,2 19,5 548,7 356,1 213,0 26,0 595,2 311,2 180,3 20,2 511

2019 363,1 247,0 22,1 632,2 392,3 270,8 29,1 692,2 335,9 224,8 22,0 582

2020 396,0 310,9 25,0 732,0 432,1 344,3 32,3 808,8 362,6 280,3 23,8 666

2021 436,1 387,5 28,8 852,5 480,7 433,4 35,5 949,6 395,4 346,0 25,5 766

2022 471,3 464,4 32,3 968,0 524,7 524,6 38,5 1.087,8 422,9 410,7 27,0 860

2023 492,5 506,6 33,9 1.033,0 552,2 576,4 40,8 1.169,4 438,8 444,8 28,1 911

2024 514,6 551,7 35,5 1.101,8 581,2 632,1 43,1 1.256,4 455,2 480,9 29,1 965

2025 537,8 599,7 37,0 1.174,5 611,7 691,8 45,4 1.348,9 472,3 519,1 30,1 1.021

2026 561,6 648,2 39,3 1.249,1 643,8 754,5 48,7 1.447,1 489,5 556,2 31,6 1.077

2027 586,8 698,1 41,8 1.326,7 677,7 819,0 52,4 1.549,1 507,6 594,4 33,2 1.135

2028 613,3 750,7 44,9 1.408,9 713,4 887,0 57,0 1.657,4 526,7 634,5 35,3 1.196

2029 641,1 809,2 48,5 1.498,8 750,8 962,7 62,3 1.775,8 546,8 679,3 37,7 1.263

2030 670,2 869,3 49,5 1.589,1 790,1 1.040,4 63,7 1.894,2 567,8 725,2 38,4 1.331

2031 699,9 931,7 52,6 1.684,2 831,5 1.127,3 68,4 2.027,2 588,4 769,0 40,3 1.397

2032 731,3 989,1 55,9 1.776,3 875,3 1.207,2 73,5 2.156,0 610,2 809,3 42,4 1.462

2033 764,3 1.044,7 60,1 1.869,1 921,4 1.284,6 79,9 2.285,9 633,2 848,3 45,1 1.526

2034 798,9 1.104,2 65,0 1.968,0 969,7 1.367,4 87,3 2.424,5 657,3 890,1 48,2 1.595

2035 835,2 1.166,6 66,3 2.068,1 1.020,4 1.454,4 89,4 2.564,2 682,5 933,9 49,0 1.6652036 873,1 1.246,7 70,5 2.190,3 1.075,4 1.568,8 96,1 2.740,3 707,8 989,1 51,5 1.748

2037 912,2 1.332,6 74,6 2.319,4 1.132,3 1.691,3 102,8 2.926,4 734,0 1.048,3 54,0 1.836

2038 954,1 1.429,9 78,8 2.462,8 1.193,1 1.830,2 109,5 3.132,9 762,0 1.115,4 56,5 1.933

2039 996,8 1.530,1 83,0 2.609,8 1.255,1 1.973,2 116,3 3.344,6 790,5 1.184,4 59,0 2.033

2040 1.041,0 1.636,0 88,5 2.765,5 1.319,3 2.124,4 125,2 3.568,9 820,0 1.257,4 62,3 2.139

2041 1.087,7 1.739,1 94,1 2.920,8 1.387,1 2.271,5 134,2 3.792,7 851,2 1.328,4 65,7 2.245

2016-2021 OSC 2022 OSC.

()

,

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(14 14,5 ), (.. panamax). , (.. / Durres, )

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()

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:

: .

transit : , , .

transshipment: , .


( . TEUs)

()

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1. TEUs

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2. TEUs (gantry crane)

3. TEUs

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( )

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TEU ( 2009)

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( )

SPP PP StraddleCarriers ReachStacker ReachStacker RTG TRACTOR TREILERS(55 ) TREILERS(65 ) -OPS

2011 (a)

2011 (b) 1 2

2012 (a) 2

2012 (b) 2

2013 (a) 1

2013 (b) 3

2014 (a)2014 (b) 2 0,3

2015 0,7

2016

2017 3 9 9 9 2

2018 5 5

2019 1 8 10 14

2020

2021 1 3 5 62022

2023 1 4 4 6

6 1 5 4 1 24 35 40 2 1

(2010)

SPP 6.500.00

PP 5.500.00

S/C 730.00

Reach - Stacker 350.00

Reach - Stacker 450.00

RTG 1.300.00

TRACTOR 80.00

TREILERS 55 19.00

TREILERS 65 22.00

-OPS 8.000.00

2015

&

. ( ) &

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&

6

6

(TEUs)

(TEUs)

(TEUs)

2011 (a)2,6%

0 0 0 414.000 414.000 202.500 220.000 225.250

2011 (b) 718.306 0 0 488.000 1.206.306 202.500 220.000 225.250

2012 (a)-0,3%

19.708.107 0 0 2.408.000 22.116.107 202.500 220.000 225.250

2012 (b) 15.010.617 0 0 998.000 16.008.617 202.500 220.000 225.250

2013 (a)-0,7%

9.921.230 0 0 4.400.000 14.321.230 202.500 280.000 225.250

2013 (b) 8.750.427 0 0 1.752.000 10.502.427 202.500 280.000 238.500

2014 (a)0,7%

9.033.787 0 0 140.000 9.173.787 225.000 280.000 238.500

2014 (b) 7.446.537 0 0 2.960.000 10.406.537 225.000 280.000 238.500

2015 (a)1,2%

3.422.028 0 5.959.907 0 9.381.935 225.000 280.000 238.500

2015 (b) 128.080 0 5.995.774 5.600.000 11.723.855 225.000 280.000 238.500

2016 (a)1,5%

12.538.582 1.998.252 6.040.913 6.609.330 27.187.077 240.000 280.000 616.000

2016 (b) 12.610.392 2.013.296 6.086.391 198.068 20.908.146 240.000 280.000 616.0002017 (a)1,5%

4.500.000 2.028.453 0 27.229.591 33.758.043 432.732 450.000 616.000

2017 (b) 4.500.000 2.043.724 0 106.444 6.650.168 432.732 450.000 616.000

2018 (a)1,5%

0 2.059.109 0 3.263.535 5.322.644 517.553 450.000 616.000

2018 (b) 0 2.074.611 0 987.400 3.062.011 517.553 450.000 616.000

2019 (a)1,5%

0 0 0 11.973.492 11.973.492 710.340 470.000 672.000

2019 (b) 0 0 0 3.846.177 3.846.177 710.340 470.000 672.000

2020 (a)1,5%

0 0 0 2.351.072 2.351.072 710.340 470.000 672.000

2020 (b) 0 0 0 116.197 116.197 710.340 470.000 672.000

2021 (a)2,5%

0 0 0 9.869.079 9.869.079 710.340 545.000 672.000

2021 (b) 0 0 0 0 0 710.340 545.000 672.000

2022 (a) 2,5% 0 0 0 2.780.574 2.780.574 710.340 545.000 672.0002022 (b) 0 0 0 103.143 103.143 710.340 545.000 672.000

2023 (a)2,5%

0 0 0 11.534.865 11.534.865 710.340 620.000 700.000

2023 (b) 0 0 0 0 0 710.340 620.000 700.000

108.288.094 12.217.445 24.082.985 100.128.967 244.717.490

* 6 15 . , ,

2016 2017

,

.

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.

24 (620 ), , (25.000 ..)

147.750.000

22.050.000

169.800.000

2011 (a) 0 0 0 0 0 0 0 0 0

2011 (b) 4.000.000 0 0 0 0 0 0 0 0

2012 (a) 0 0 0 0 0 0 0 0 0

2012 (b) 4.000.000 0 0 0 0 0 0 0 0

2013 (a) 0 0 0 0 0 0 0 0 0

2013 (b) 0 0 0 0 0 0 0 0 0

2014 (a) 0 0 0 0 0 0 0 0 02014 (b) 0 0 0 0 0 0 0 0 0

2015 0 2.500.000 0 12.500.000 0 0 0 0 0

2016 8.000.000 2.500.000 700.000 20.500.000 0 0 0 0 0

2017 0 0 350.000 27.500.000 0 0 0 0 0

2018 0 0 0 21.900.000 0 0 0 0 2.400.000

2019 0 0 0 3.600.000 13.000.000 2.500.000 1.050.000 400.000 2.400.000

2020 0 0 0 10.000.000 13.000.000 2.500.000 700.000 400.000 3.200.000

2021 0 0 0 10.000.000 0 0 0 200.000 0

2022 0 0 0 0 0 0 0 0 0

2023 0 0 0 0 0 0 0 0 0

16.000.000 5.000.000 1.050.000 106.000.000 26.000.000 5.000.000 1.750.000 1.000.000 8.000.000

. , , (61,3 .), (70,4 .).

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2011 (a) 5.000.000 0 5.000.000 5.000.000 0 5.000.000 5.000.000 0 5.000.000

2011 (b) 10.000.000 0 10.000.000 10.000.000 0 10.000.000 10.000.000 0 10.000.0002012 (a) 35.000.000 0 35.000.000 35.000.000 0 35.000.000 35.000.000 0 35.000.000

2012 (b) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000

2013 (a) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000

2013 (b) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000

2014 (a) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000

2014 (b) 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000

2015 50.000.000 0 50.000.000 50.000.000 0 50.000.000 50.000.000 0 50.000.000

2016 49.500.000 37.822.008 87.322.008 49.500.000 34.315.588 83.815.588 49.500.000 40.135.488 89.635.488

2017 46.666.667 66.622.745 113.289.412 46.666.667 61.279.124 107.945.791 46.666.667 70.393.132 117.059.799

2018 43.333.333 53.480.267 96.813.600 43.333.333 45.890.423 89.223.756 43.333.333 59.045.162 102.378.495

2019 40.000.000 40.479.757 80.479.757 40.000.000 29.835.982 69.835.982 40.000.000 48.594.325 88.594.325

2020 36.666.667 0 36.666.667 36.666.667 0 36.666.667 36.666.667 9.968.323 46.634.990

2021 33.333.333 0 33.333.333 33.333.333 0 33.333.333 33.333.333 0 33.333.333

2022 30.000.000 0 30.000.000 30.000.000 0 30.000.000 30.000.000 0 30.000.000

2023 26.666.667 0 26.666.667 26.666.667 0 26.666.667 26.666.667 0 26.666.667

2024 23.333.333 0 23.333.333 23.333.333 0 23.333.333 23.333.333 0 23.333.333

2025 20.000.000 0 20.000.000 20.000.000 0 20.000.000 20.000.000 0 20.000.000

2026 16.666.667 0 16.666.667 16.666.667 0 16.666.667 16.666.667 0 16.666.667

2027 13.333.333 0 13.333.333 13.333.333 0 13.333.333 13.333.333 0 13.333.333

2028 10.000.000 0 10.000.000 10.000.000 0 10.000.000 10.000.000 0 10.000.000

2029 6.666.667 0 6.666.667 6.666.667 0 6.666.667 6.666.667 0 6.666.667

2030 3.333.333 0 3.333.333 3.333.333 0 3.333.333 3.333.333 0 3.333.333

2031 500.000 0 500.000 500.000 0 500.000 500.000 0 500.000

2032 0 0 0 0 0 0 0 0 0

2033 0 0 0 0 0 0 0 0 0

2034 0 0 0 0 0 0 0 0 0

2011 (a) 2011 (b) 2012 (a) 2012 (b) 2013 (a) 2013 (b) 2014 (a) 2014 (b) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

2011 - 2024 (1/2).

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26.157.684 27.499.794 28.680.407 30.109.070 29.917.221 31.390.245 31.396.602 32.920.524 68.590.028 75.010.682 83.578.001 93.798.532 106.418.748 122.613.232 139.719.574 157.006.519 168.894.304 181.745.54

-17.429.091 -17.429.091 -19.051.092 -19.252.390 -19.443.331 -19.647.808 -20.201.939 -20.424.749 -42.190.250 -45.103.512 -47.928.173 -53.242.012 -58.744.883 -66.483.578 -74.522.373 -81.653.944 -87.700.770 -93.907.75

(% ) - 66, 63% - 63 ,3 8% - 66, 43% - 63 ,9 4% - 64, 99% - 62 ,5 9% - 64, 34 % - 62 ,0 4% - 61, 51 % - 60 ,1 3% - 57, 35 % -56 ,7 6% -5 5, 20% - 54, 22% - 53 ,34 % - 52 ,0 1% -5 1, 93% - 51, 67

8.728.593 10.070.704 9.629.315 10.856.681 10.473.890 11.742.437 11.194.663 12.495.775 26.399.778 29.907.170 35.649.827 40.556.519 47.673.865 56.129.654 65.197.201 75.352.575 81.193.534 87.837.78

(% ) 33, 37% 36,62% 33, 57% 36,06% 35, 01% 37,41% 35, 66% 37,96% 38, 49% 39,87% 42, 65% 43,24% 44, 80% 45, 78% 46,66% 47,99% 48, 07% 48, 33

1.311.013 1.321.839 1.401.568 1.400.313 1.397.394 1.394.484 1.399.468 1.402.388 2.255.980 2.278.237 2.320.591 2.388.138 2.463.069 2.559.661 2.660.195 2.758.603 2.835.772 2.916.1

() 827 .296 838 .122 836 .865 835 .611 832 .691 829 .782 832 .691 835 .611 1 .691 .277 1 .716 .646 1 .742 .395 1 .768 .531 1 .795 .059 1 .821 .985 1 .867 .535 1 .914 .223 1 .962 .079 2 .011 .13

&

483 .7 17 4 83. 717 56 4. 702 5 64. 702 56 4. 702 5 64. 702 56 6. 777 5 66. 77 7 56 4. 703 5 61. 59 1 57 8. 195 6 19. 60 7 668 .0 10 73 7. 676 7 92. 660 8 44. 38 0 873 .69 4 904 .9

(% ) 5,01% 4,81% 4,89% 4,65% 4,67% 4,44% 4,46% 4,26% 3,29% 3,04% 2,78% 2,55% 2,31% 2,09% 1,90% 1,76% 1,68% 1,60

-2.632.805 -2.632.805 -2.573.508 -2.593.050 -2.616.036 -2.635.184 -2.704.426 -2.727.903 -5.618.109 -5.964.754 -6.293.830 -6.923.969 -7.569.663 -8.478.873 -9.428.914 -10.267.210 -10.990.130 -11.730.04

(% ) -10,07% -9,57% -8,97% -8,61% -8,74% -8,39% -8,61% -8,29% -8,19% -7,95% -7,53% -7,38% -7,11% -6,92% -6,75% -6,54% -6,51% -6,45

-300.548 -300.548 -316.224 -320.541 -321.301 -325.522 -330.315 -335.528 -689.443 -728.782 -771.786 -837.970 -910.540 -1.008.142 -1.112.344 -1.209.838 -1.287.980 -1.369.48

(% ) -1,15% -1,09% -1,10% -1,06% -1,07% -1,04% -1,05% -1,02% -1,01% -0,97% -0,92% -0,89% -0,86% -0,82% -0,80% -0,77% -0,76% -0,75

-42 .6 75 - 42. 675 -4 3. 344 - 44. 161 -4 3. 955 - 44. 747 -4 4. 841 - 45. 84 6 -9 3. 874 - 98. 51 4 - 104 .4 52 -1 11. 39 3 - 119 .78 5 - 13 0. 331 -1 42. 005 -1 53. 82 2 - 162 .44 0 - 171 .6

,

,

(EBITDA) 7.063.578 8.416.514 8.097.807 9.299.242 8.889.993 10.131.469 9.514.549 10.788.886 22.254.332 25.393.358 30.800.350 35.071.324 41.536.947 49.071.969 57.174.133 66.480.309 71.588.756 77.482.6

(% ) 27, 00% 30,61% 28, 23% 30,89% 29, 72% 32,28% 30, 30% 32,77% 32, 45% 33,85% 36, 85% 37,39% 39, 03% 40, 02% 40,92% 42,34% 42, 39% 42, 63

-2.320.128 -2.727.467 -2.985.277 -3.077.584 -3.246.542 -3.340.334 -3.376.834 -3.508.500 -8.264.226 -9.821.957 -12.724.639 -15.014.549 -15.463.577 -15.034.321 -13.627.880 -10.793.328 -10.834.503 -11.175.67

(EBIT) 4.743.450 5.689.047 5.112.530 6.221.659 5.643.451 6.791.136 6.137.716 7.280.385 13.990.106 15.571.401 18.075.711 20.056.775 26.073.370 34.037.647 43.546.253 55.686.981 60.754.253 66.307.0

(% ) 18, 13% 20,69% 17, 83% 20,66% 18, 86% 21,63% 19, 55% 22,12% 20, 40% 20,76% 21, 63% 21,38% 24, 50% 27, 76% 31,17% 35,47% 35, 97% 36, 48

/ () 668.820 526.932 -8.993 -334.122 -442.253 -583.295 -684.680 -766.397 -1.693.613 -3.626.113 -6.670.871 -7.245.798 -5.928.208 -3.352.110 -919.684 163.233 1.186.000 2.267.4

-627.847 0 -305.313 0 -86.929 0 -83.926 0 -138.447 141.033 -88.401 2.907 -65.047 -1.519 208.413 41.301 102.449 -21.38

(EBT) 4.784.423 6.215.979 4.798.223 5.887.536 5.114.269 6.207.840 5.369.110 6.513.988 12.158.046 12.086.321 11.316.440 12.813.883 20.080.115 30.684.019 42.834.982 55.891.515 62.042.702 68.553.0

(% ) 18, 29% 22,60% 16, 73% 19,55% 17, 09% 19,78% 17, 10% 19,79% 17, 73% 16,11% 13, 54% 13,66% 18, 87% 25, 03% 30,66% 35,60% 36, 73% 37, 72

0 -3.127.666 0 -2.888.710 0 -2.927.388 0 -2.987.006 -3.065.776 -2.991.957 -2.845.464 -3.201.388 -5.030.685 -7.667.712 -10.662.042 -14.095.206 -15.635.145 -17.302.7

() 4.784.423 3.088.313 4.798.223 2.998.827 5.114.269 3.280.453 5.369.110 3.526.982 9.092.270 9.094.364 8.470.976 9.612.496 15.049.430 23.016.307 32.172.939 41.796.309 46.407.557 51.250.3

(% )18, 29% 11,23% 16, 73% 9,96% 17, 09% 10,45% 17, 10% 10,71% 13, 26% 12,12% 10, 14% 10,25% 14, 14% 18, 77% 23,03% 26,62% 27, 48% 28, 20

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041

2025 - 2041 (2/2).

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188.131.208 192.848.322 197.683.778 202.640.548 207.721.678 212.930.289 218.269.583 223.742.840 229.353.424 235.104.783 241.000.452 247.044.054 253.239.304 259.590.010 266.100.074 272.773.500 279.614

-98.315.366 -102.572.082 -106.662.754 -111.172.365 -115.351.906 -120.955.294 -127.048.535 -132.358.300 -138.456.866 -145.183.749 -151.552.734 -158.943.295 -166.465.277 -174.652.130 -182.936.723 -191.692.552 -200.989

(% ) -52, 26% -53, 19% -53, 96% -54, 86% -55, 53% -56, 81% -58, 21% -59, 16% -60, 37% -61, 75% -62, 88% -64, 34% -65, 73% -67, 28% -68, 75% -70, 28% -71,

89.815.842 90.276.239 91.021.024 91.468.183 92.369.772 91.974.995 91.221.048 91.384.540 90.896.559 89.921.035 89.447.718 88.100.759 86.774.027 84.937.880 83.163.352 81.080.948 78.624

(% ) 47,74% 46,81% 46,04% 45,14% 44,47% 43,19% 41,79% 40,84% 39,63% 38,25% 37,12% 35,66% 34,27% 32,72% 31,25% 29,72% 28,1

2.972.430 3.023.965 3.076.789 3.130.933 3.186.431 3.243.316 3.301.623 3.361.388 3.422.647 3.485.438 3.549.799 3.615.768 3.683.387 3.752.696 3.823.738 3.896.556 3.971.

() 2.061.409 2.112.944 2.165.768 2.219.912 2.275.410 2.332.295 2.390.602 2.450.367 2.511.627 2.574.417 2.638.778 2.704.747 2.772.366 2.841.675 2.912.717 2.985.535 3.060.

&

911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911. 021 911.

(% ) 1,58% 1,57% 1,56% 1,55% 1,53% 1,52% 1,51% 1,50% 1,49% 1,48% 1,47% 1,46% 1,45% 1,45% 1,44% 1,43% 1,4

-12.270.227 -12.797.776 -13.305.014 -13.863.866 -14.382.246 -15.075.793 -15.829.680 -16.487.359 -17.242.138 -18.074.289 -18.862.564 -19.776.567 -20.706.859 -21.719.030 -22.743.357 -23.825.763 -24.974

(% ) -6,52% -6,64% -6,73% -6,84% -6,92% -7,08% -7,25% -7,37% -7,52% -7,69% -7,83% -8,01% -8,18% -8,37% -8,55% -8,73% -8,9

-1.423.823 -1.473.758 -1.522.774 -1.575.535 -1.626.094 -1.688.414 -1.755.075 -1.815.959 -1.883.586 -1.956.689 -2.027.436 -2.106.813 -2.187.752 -2.274.508 -2.362.584 -2.454.964 -2.552.

(% ) -0,76% -0,76% -0,77% -0,78% -0,78% -0,79% -0,80% -0,81% -0,82% -0,83% -0,84% -0,85% -0,86% -0,88% -0,89% -0,90% -0,9

- 177 .069 -181 .504 -18 6. 05 0 -1 90. 710 - 195. 487 - 200. 384 - 205 .403 -21 0. 54 8 -21 5. 82 2 -2 21. 228 - 226. 769 - 232. 450 - 238 .272 -24 4. 24 1 -25 0. 35 9 -2 56. 631 - 263.

,

,

(EBITDA) 78.917.152 78.847.166 79.083.974 78.969.004 79.352.375 78.253.720 76.732.513 76.232.061 74.977.660 73.154.267 71.880.747 69.600.697 67.324.530 64.452.796 61.630.789 58.440.147 54.805

(% ) 41,95% 40,89% 40,01% 38,97% 38,20% 36,75% 35,15% 34,07% 32,69% 31,12% 29,83% 28,17% 26,59% 24,83% 23,16% 21,42% 19,6

-11.050.678 -10.358.178 -9.521.827 -9.273.313 -8.753.912 -8.291.238 -8.262.188 -8.233.139 -8.207.353 -8.181.568 -7.865.801 -7.258.101 -6.473.231 -6.106.127 -5.821.550 -5.536.974 -4.996.

(EBIT) 67.866.475 68.488.988 69.562.147 69.695.690 70.598.464 69.962.482 68.470.325 67.998.922 66.770.307 64.972.699 64.014.947 62.342.596 60.851.299 58.346.669 55.809.239 52.903.173 49.809

(% ) 36,07% 35,51% 35,19% 34,39% 33,99% 32,86% 31,37% 30,39% 29,11% 27,64% 26,56% 25,24% 24,03% 22,48% 20,97% 19,39% 17,8

/ () 3.544.765 4.810.723 6.084.168 7.355.653 8.605.171 9.857.554 11.098.551 12.339.030 13.535.218 14.717.962 15.896.023 17.063.259 18.207.462 19.323.085 20.408.121 21.464.420 22.485

-4. 188 61. 013 39. 149 53. 216 -141. 270 -98. 407 32. 520 -76. 762 -104. 826 -48. 018 -148. 619 -130. 697 -161. 188 -131. 527 -149. 751 -168. 794 -176.

(EBT) 71.407.052 73.360.725 75.685.464 77.104.559 79.062.365 79.721.629 79.601.395 80.261.190 80.200.699 79.642.643 79.762.350 79.275.158 78.897.572 77.538.227 76.067.609 74.198.799 72.118

(% ) 37,96% 38,04% 38,29% 38,05% 38,06% 37,44% 36,47% 35,87% 34,97% 33,88% 33,10% 32,09% 31,16% 29,87% 28,59% 27,20% 25,7

-18.019.439 -18.499.382 -19.090.371 -19.445.647 -19.978.570 -20.136.354 -20.079.829 -20.268.176 -20.258.525 -20.106.345 -20.156.672 -20.030.151 -19.940.971 -19.592.026 -19.224.580 -18.756.820 -18.233

() 53.387.612 54.861.343 56.595.093 57.658.912 59.083.794 59.585.275 59.521.566 59.993.014 59.942.174 59.536.298 59.605.678 59.245.007 58.956.601 57.946.201 56.843.028 55.441.979 53.885

(% )28,38% 28,45% 28,63% 28,45% 28,44% 27,98% 27,27% 26,81% 26,14% 25,32% 24,73% 23,98% 23,28% 22,32% 21,36% 20,33% 19,2

2011 (a) 2011 (b) 2012 (a) 2012 (b) 2013 (a) 2013 (b) 2014 (a) 2014 (b) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

2011 - 2024 (1/2).

7/25/2019 Deloitte

92/196


65.229.951 58.714.391 58.650.193 53.752.027 55.097.314 36.342.990 32.389.483 20.020.004 19.233.030 7.237.534 289.045 178.975 702.291 702.364 3.520.487 39.269.892 80.326.560 111.203.79

EBITDA 7.063.578 8.416.514 8.097.807 9.299.242 8.889.993 10.131.469 9.514.549 10.788.886 22.254.332 25.393.358 30.800.350 35.071.324 41.536.947 49.071.969 57.174.133 66.480.309 71.588.756 77.482.69

/ ()

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

/ ()

-3.363.477 3.837.738 -3.659.207 4.114.766 -4.150.557 4.216.304 -4.209.144 4.390.578 151.987 325.168 250.867 633.516 599.969 886.131 913.299 752.328 714.454 715.51

-1.512.000 0 -2.665.699 0 -2.614.853 0 -2.797.315 0 -2.963.811 -3.032.386 -3.014.497 -2.822.478 -3.195.962 -5.008.261 -7.653.023 -10.683.643 -14.625.817 -16.235.47

() / -2.099.561 -3.112.551 -5.362.705 -4.325.982 -3.293.883 -2.415.558 -2.109.971 -2.393.503 -769.220 -3.397.215 -3.664.947 2.575.004 2.342.808 12.518.429 7.104.500 1.265.216 985.505 567.47

( ) -414.000 -1.206.306 -22.116.107 -16.008.617 -14.321.230 -10.502.427 -9.173.787 -10.406.537 -21.105.790 -48.095.223 -40.408.211 -8.384.655 -15.819.669 -2.467.270 -9.869.079 -2. 883.716 -11.534.865 0

( ) -8.714.525 -12.326.525 -1.200.000 -2.800.000 0 0 0 0 -4.900.000 -8.800.000 -350.000 0 0 0 0 0 0 0

0 -1.200.000 0 -3.600.000 0 -4.800.000 0 -2.400.000 0 0 0 0 0 0 0 0 0 0

5.000.000 5.000.000 25.000.000 15.000.000 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 -500.000 -2.833.333 -3.333.333 -3.333.333 -3.333.333 -3.333.333 -3.333.333 -3.333.333 -3.333.333

-101.021 -202.041 -707.144 -1.010.205 -1.010.205 -1.010.205 -1.010.205 -1.010.205 -2.020.410 -2.017.043 -1.976.635 -1.852.043 -1.717.349 -1.582.655 -1.447.961 -1.313.267 -1.178.573 -1.043.879

-3.144.395 0 -2.983.261 0 -2.821.541 0 -2.909.133 0 -2.969.382 -3.038.086 -3.020.164 -2.827.784 -3.201.969 -5.017.675 -7.667.408 -10.703.725 -14.103.466 -15.655.635

57.944.551 57.921.220 53.053.876 54.421.231 35.775.038 31.962.574 19.694.479 18.989.222 6.910.737 -35.923.894 -23.927.526 19.238.526 17.913.733 45.769.699 38.741.616 78.850.061 108.839.220 153.701.14

(+) 0 0 0 0 0 0 0 0 0 37.822.008 28.800.737 0 0 0 0 0 0 0

(-)

0 0 0 0 0 0 0 0 0 0 0 13.142.479 13.000.510 40.479.757 0 0 0 0

(-)

0 0 0 0 0 0 0 0 0 1.701.990 4.700.014 5.404.636 4.228.201 1.821.589 0 0 0 0

(+)

769. 841 728.973 698.150 676. 083 567. 952 426. 910 325.525 243. 808 326. 797 92. 921 5.778 10.880 17. 341 52. 134 528.276 1 .476.499 2 .364. 572 3 .311. 312

58.714.391 58.650.193 53.752.027 55.097.314 36.342.990 32.389.483 20.020.004 19.233.030 7.237.534 289.045 178.975 702.291 702.364 3.520.487 39.269.892 80.326.560 111.203.792 157.012.46

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041

2025 - 2041 (2/2).

7/25/2019 Deloitte

93/196


2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041

157.012.460 203.757.473 248.644.855 295.996.260 340.724.964 386.296.973 431.257.789 476.180.224 524.099.438 572.253.231 619.901.713 667.676.117 714.447.862 760.356.557 804.813.360 848.244.406 890.373.6

EBITDA 78.917.152 78.847.166 79.083.974 78.969.004 79.352.375 78.253.720 76.732.513 76.232.061 74.977.660 73.154.267 71.880.747 69.600.697 67.324.530 64.452.796 61.630.789 58.440.147 54.805.9

/ () 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

/ ()

584.097 604.131 572.362 641.124 580.981 822.408 903.112 764.728 896.667 1 .000.911 935.441 1 .107.128 1 .125.616 1 .235.748 1 .248.235 1 .324.850 1 .413.3

-17.939.120 -18.685.957 -19.197.199 -19.805.542 -20.176.894 -20.689.217 -20.861.735 -20.830.272 -21.002.928 -20.987.099 -20.841.065 -20.872.391 -20.744.901 -20.646.094 -20.290.377 -19.905.542 -19.416.5

() / 2.269.888 663.255 2.653.019 0 0 0 0 0 0 0 0 0 0 0 0 0

( ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

( ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

-3.333.333 -3.333.333 -3.333.333 -3.333.333 -3.333.333 -3.333.333 -2.833.333 -500.000 0 0 0 0 0 0 0 0

-909.185 -774.491 -639.797 -505.103 -370.409 -235.715 -104.388 -10.102 -0 -0 -0 -0 -0 -0 -0 -0

-17.298.437 -18.018.602 -18.511.585 -19.098.201 -19.456.291 -19.950.316 -20.116.673 -20.086.333 -20.252.824 -20.237.560 -20.096.742 -20.126.948 -20.004.012 -19.908.733 -19.565.721 -19.194.630 -18.723.06

199.303.523 243.059.641 289.272.296 332.864.208 377.321.394 421.164.520 464.977.285 511.750.306 558.718.013 605.183.751 651.780.095 697.384.603 742.149.095 785.490.274 827.836.286 868.909.230 908.453.4

(+) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(-)

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(-)

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(+)

4.453.950 5.585.214 6.723.964 7.860.756 8.975.579 10.093.269 11.202.938 12.349.132 13.535.218 14.717.962 15.896.023 17.063.259 18.207.462 19.323.085 20.408.121 21.464.420 22.485.33

203.757.473 248.644.855 295.996.260 340.724.964 386.296.973 431.257.789 476.180.224 524.099.438 572.253.231 619.901.713 667.676.117 714.447.862 760.356.557 804.813.360 848.244.406 890.373.651 930.938.7

2011 (a) 2011 (b) 2012 (a) 2012 (b) 2013 (a) 2013 (b) 2014 (a) 2014 (b) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

() 2011 - 2024 (1/4).

7/25/2019 Deloitte

94/196


6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933

54.796.104 65.897.130 64.508.871 66.224.612 68.571.395 67.514.387 64.230.878 63.915.703 75.893.808 93.504.028 227.526.647 217.178.040 221.359.290 206.324.968 205.033.437 194.240.109 197.824.188 186.648

( & )

1.614.000 1.010.306 22.866.414 36.975.031 45.796.261 54.108.688 63.282.475 70.589.012 76.539.120 106.095.491 106.444 3.825.157 0 2.467.270 0 2.883.716 0

575.586 883.619 746.600 653.275 559.950 466.625 373.300 279.975 93.325 0 0 0 0 0 0 0 0

5.661.896 6.861.896 6.861.896 10.461.896 10.461.896 15.261.896 15.261.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.

18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.

1 .040 .994 896 .589 896 .589 829 .420 829.420 811.165 811.165 793.541 765.851 794.058 776.378 776.959 763 .950 763 .646 805 .329 813 .589 834 .079 829

70.640.419 82.501.378 102.832.208 122.096.073 133.170.761 145.114.600 150.911.553 160.191.965 177.905.839 225.007.312 253.023.204 246.393.891 246.736.974 234.169.619 230.452.500 222.551.149 223.272.001 212.092

2.738.180 2.738.180 2.855.734 2.926.861 2.978.885 3.052.220 3.126.188 3.202.058 3.414.786 3.734.441 4.160.969 4.669.803 5.298.106 6.104.356 6.956.003 7.816.641 8.408.480 9.048

5.509.404 5.650.743 6.040.747 6.191.201 6.301.248 6.456.374 6.612.839 6.773.325 7.223.311 7.899.479 8.801.715 9.878.053 11.207.106 12.912.569 14.714.062 16.534.574 17.786.493 19.139

2.099.561 5.212.112 10.574.817 14.900.799 18.194.682 20.610.240 22.720.211 25.113.714 25.882.934 29.280.148 32.945.096 30.370.092 28.027.285 15.508.855 8.404.355 7.139.139 6.153.634 5.586

1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865

400 .000 400 .000 400.000 400.000 400.000 400.000 400.000 400.000 400.000 400 .000 400 .000 400 .000 400 .000 400 .000 400.000 400.000 400.000 400

58.714.391 58.650.193 53.752.027 55.097.314 36.342.990 32.389.483 20.020.004 19.233.030 7.237.534 289.045 178.975 702.291 702.364 3.520.487 39.269.892 80.326.560 111.203.792 157.012

71.326.888 74.516.581 75.488.678 81.381.528 66.083.158 64.773.671 54.744.595 56.587.480 46.023.917 43.468.466 48.352.108 47.885.593 47.500.214 40.311.621 71.609.664 114.082.267 145.817.752 193.052

141.967.307 157.017.959 178.320.886 203.477.601 199.253.919 209.888.270 205.656.147 216.779.445 223.929.756 268.475.778 301.375.311 294.279.483 294.237.188 274.481.239 302.062.165 336.633.416 369.089.753 405.144

2011 (a) 2011 (b) 2012 (a) 2012 (b) 2013 (a) 2013 (b) 2014 (a) 2014 (b) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

() 2011 - 2024 (2/4).

7/25/2019 Deloitte

95/196


30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.0

60.863.071 61.263.928 61.263.928 61.657.139 61.657.139 62.077.788 62.077.788 62.523.474 62.979.472 63.432.779 63.857.212 64.337.808 65.090.930 66.241.760 67.848.323 67.848.323 67.848.323 67.848.3

34.357.309 34.379.065 39.177.289 39.168.052 44.282.320 44.344.810 49.713.919 49.831.405 55.435.290 61.061.849 66.285.914 72.221.852 81.509.900 95.722.353 115.605.087 142.775.578 172.947.662 206.258.8

125.460.380 125.882.993 130.681.217 131.065.190 136.179.459 136.662.597 142.031.707 142.594.878 148.654.762 154.734.628 160.383.126 166.799.660 176.840.830 192.204.113 213.693.410 240.863.902 271.035.985 304.347.2

4.087.441 4.087.441 4.392.755 4.392.755 4.479.684 4.479.684 4.563.609 4.563.609 4.702.056 4.561.024 4.649.424 4.646.517 4.711.564 4.713.083 4.504.670 4.463.368 4.360.919 4.382.2

6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.0

800.989 800 .989 800.989 800.989 800 .989 800.989 800.989 800 .989 800.989 800 .989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800 .9

93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.8

5.000.000 10.000.000 35.000.000 50.000.000 50.000.000 50.000.000 50.000.000 50.000.000 50.000.000 49.500.000 46.666.667 43.333.333 40.000.000 36.666.667 33.333.333 30.000.000 26.666.667 23.333.3

9.988.386 14.988.386 40.293.700 55.293.700 55.380.629 55.380.629 55.464.554 55.464.554 55.603.001 54.961.969 52.217.036 48.880.795 45.612.509 42.280.694 38.738.948 35.364.313 31.928.531 28.616.5

5.193.965 5.327.212 5.694.886 5.836.726 5.940.472 6.086.716 6.234.223 6.385.521 6.809.742 7.447.197 8.297.775 9.312.488 10.565.446 12.173.264 13.871.613 15.587.892 16.768.133 18.044.0

1.029.075 2.110.951 1.128.322 2.312.850 1.176.980 2.411.911 1.235.181 2.530.315 2.698.416 2.951.012 3.288.061 3.690.149 4.186.644 4.823.755 5.496.739 6.176.829 6.644.509 7.150.0

-956.454 2.026.807 -956.454 1.865.087 -956.454 1.952.679 -956.454 2.012.928 2.081.632 2.063.710 1.871.330 2.245.515 4.061.221 6.710.954 9.747.271 13.147.012 14.699.181 16.341.9

-1.512.000 1.153.699 -1.512.000 1.102.853 -1.512.000 1.285.315 -1.512.000 1.451.811 1.520.386 1.502.497 1.310.478 1.683.962 3.496.261 6.141.023 9.171.643 13.113.817 14.723.473 16.427.1

2.763.955 5.527.910 2.991.216 6.001.195 3.044.833 6.108.423 3.158.936 6.339.439 6.561.816 6.992.757 7.384.760 8.186.647 8.994.519 10.147.435 11.342.541 12.379.651 13.289.942 14.217.1

0 0 0 0 0 0 0 0 0 37.822.008 66.622.745 53.480.267 40.479.757 0 0 0 0

6.518.541 16.146.579 7.345.970 17.118.711 7.693.831 17.845.044 8.159.886 18.720.012 19.671.993 58.779.181 88.775.149 78.599.027 71.783.849 39.996.431 49.629.807 60.405.201 66.125.238 72.180.3

141.967.307 157.017.959 178.320.886 203.477.601 199.253.919 209.888.270 205.656.147 216.779.445 223.929.756 268.475.778 301.375.311 294.279.483 294.237.188 274.481.239 302.062.165 336.633.416 369.089.753 405.144.1

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041

() 2025 - 2041 (3/4).

7/25/2019 Deloitte

96/196


6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.568 6.933.5

175.597.833 165.239.655 155.717.828 146.444.515 137.690.603 129.399.365 121.137.177 112.904.038 104.696.684 96.515.116 88.649.316 81.391.215 74.917.983 68.811.856 62.990.306 57.453.332 52.456.8

( & )

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.896 17.661.89

18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.270 18.27

828.965 841.168 848.998 859 .641 831.387 811.705 818.209 802.857 781.892 772.28 8 742.564 716.425 68 4.187 657.882 627.932 594.17 3 558.89

201.040.532 190.694.557 181.180.560 171.917.890 163.135.724 154.824.805 146.569.121 138.320.629 130.092.310 121.901.139 114.005.614 106.721.374 100.215.905 94.083.472 88.231.972 82.661.239 77.629.4

9.366.198 9.601.042 9.841.777 10.088.552 10.341.519 10.600.832 10.866.651 11.139.140 11.418.465 11.704.799 11.998.318 12.299.201 12.607.635 12.923.807 13.247.914 13.580.154 13.920.7

19.812.358 20.309.124 20.818.352 21.340.357 21.875.457 22.423.983 22.986.272 23.562.668 24.153.526 24.759.210 25.380.091 26.016.551 26.668.982 27.337.783 28.023.367 28.726.155 29.446.5

3.316.274 2.653.019 0 0 0 0 0 0 0 0 0 0 0 0 0 0

1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.353 1.865.3

400.000 400.000 400.000 400 .000 400.000 400.000 400.00 0 400.000 400.000 400.000 400.000 400.000 4 00.000 400.000 400.000 400.00 0 400.0

203.757.473 248.644.855 295.996.260 340.724.964 386.296.973 431.257.789 476.180.224 524.099.438 572.253.231 619.901.713 667.676.117 714.447.862 760.356.557 804.813.360 848.244.406 890.373.651 930.938.7

238.517.656 283.473.392 328.921.743 374.419.226 420.779.302 466.547.957 512.298.499 561.066.598 610.090.576 658.631.075 707.319.879 755.028.967 801.898.526 847.340.303 891.781.040 934.945.312 976.571.4

439.558.188 474.167.950 510.102.303 546.337.116 583.915.027 621.372.762 658.867.620 699.387.227 740.182.886 780.532.214 821.325.493 861.750.341 902.114.431 941.423.775 980.013.012 1.017.606.551 1.054.200.8

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041

() 2025 - 2041 (4/4).

7/25/2019 Deloitte

97/196


30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.000 30.240.0

67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.323 67.848.3

240.960.549 276.624.693 313.414.243 350.896.261 389.290.839 428.014.379 466.705.673 505.695.759 544.650.834 583.346.066 622.079.354 660.579.459 698.889.967 736.545.791 773.483.277 809.508.748 844.521.6

339.048.872 374.713.016 411.502.567 448.984.584 487.379.162 526.102.702 564.793.996 603.784.082 642.739.158 681.434.390 720.167.677 758.667.783 796.978.290 834.634.114 871.571.600 907.597.071 942.609.9

4.386.487 4.325.474 4.286.325 4.233.109 4.374.379 4.472.786 4.440.266 4.517.028 4.621.854 4.669.872 4.818.491 4.949.188 5.110.377 5.241.903 5.391.654 5.560.448 5.736.8

6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.090 6.0

800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.989 800.9

93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.866 93.8

20.000.000 16.666.667 13.333.333 10.000.000 6.666.667 3.333.333 500.000 0 0 0 0 0 0 0 0 0

25.287.432 21.893.086 18.520.603 15.134.054 11.941.991 8.707.064 5.841.211 5.417.973 5.522.799 5.570.817 5.719.436 5.850.133 6.011.322 6.142.848 6.292.599 6.461.393 6.637.7

18.678.008 19.146.331 19.626.404 20.118.521 20.622.985 21.140.105 21.670.200 22.213.595 22.770.624 23.341.629 23.926.962 24.526.982 25.142.057 25.772.567 26.418.898 27.081.448 27.760.6

7.401.313 7.586.890 7.777.122 7.972.128 8.172.026 8.376.939 8.586.993 8.802.318 9.023.045 9.249.311 9.481.254 9.719.016 9.962.745 10.212.590 10.468.703 10.731.244 11.000.3

17.062.148 17.555.131 18.141.747 18.499.837 18.993.862 19.160.219 19.129.879 19.296.370 19.281.106 19.140.288 19.170.4

Μελέτη Deloitte για ΟΛΘ

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Transcript of Μελέτη Deloitte για ΟΛΘ