- 14 February 2019
- Posted by: eyath-editor
- Category: Corporate announcements
Thessaloniki Water Supply & Sewerage Co S.A. (EYATH S.A.) reported improved results for 2016 overall, which combine profitability with lower operating costs and a more wide-ranging social policy, higher provisions and increased R&D funds.
According to the consolidated financial statements which were drawn up in line with the international accounting standards, Group turnover stood at € 73.278 million compared to € 73.048 million in the previous fiscal year, up slightly by 0.31%. That was due to a rise in water consumption and the corresponding sewerage fees, while the introduction of an extended social water supply tariff did not negatively impact on company revenues.
Gross profits stood at € 29.496 million compared to € 26.068 million in 2015, up 13.15%, while EBT reached € 21.769 compared to € 20.701 million in 2015, up 5.16%. Earnings after tax stood at € 12.457 million compared to € 13.485 million in 2015 (down 7.62%). The drop in net profits was due to a rise in taxation as a result of higher profits, to deferred taxation on bad debt, and to reversing the water benefit for company pensioners in line with the actuarial study. EBITDA (earnings before tax, interest, depreciation and amortisation) stood at € 26.501 million compared to € 25.338 million 2015, up some 4.6%.
Administrative expenses also fell by 5.56% while R&D costs rose by 105% due to the cost of mapping networks and water supply facilities to identify hidden leaks. Cash on hand stood at € 56.697 million compared to € 50.956 million, up 11.27%, while Group equity on 31.12.2016 stood at € 154.155 million compared to € 150.668 million at the start of the year. The Board of Directors recommended distributing a dividend of € 0.114 per share.
The Company’s complete annual financial statements for 2016 and the relevant performance indicators for the company are available on the company’s website, www.eyath.gr, and on the Athens Exchange website (www.ase.gr).