Comments on financial results 2013

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.