- 14 February 2019
- Posted by: eyath-editor
- Category: Corporate announcements
High profitability of €13 million was recorded by EYATH SA in fiscal year 2013. Actual earnings of the group were at the 2010 levels, despite the observation of a decrease in water consumption (60.8 million cubic meters in 2011, 56.4 million cubic meters in 2012, 53.1 million cubic meters in 2013) and the respective sewerage charges, while reduced remains the construction activity.
In the current fiscal year there was a significant progression with respect to the financial improvement of the company, which started in 2010: financial requirements were received from the Local Authorities of A and B grade of €15 million and liabilities were adjusted towards EYATH Fixed Assets with the transfer of infrastructure projects. In addition, during the current period, the company was charged with the interest and claims deletion of the local authorities – according to the recent law – of €3 million. New provisions for bad debts were formed due to the weak economic position of the consumers of €2.6 million and additional provisions for compensation both for retirement and for pending litigations, which are up to €800,000. The company was also charged with an additional tax expense of €1 million due to higher tax coefficients, while all the above sizes charged the total net profit by €7.4 million.
In particular, the turnover amounted to €72.3 million against €73.8 million in the previous fiscal year (decrease of 2.10 %). Gross profit amounted to €25.8 million, compared to €30.6 million (decrease of 15.53%). Pre-tax income was €17.7 million compared to €21.4 million (decrease of 17.3 %). After tax profit amounted to €13 million versus €17.7 million (decrease of 26.2%). The high liquidity of the company is emphasized, which approximates the €53.5 million increased by €20.6 million.