Energy costs in 2022 results

2022 ended with expected losses due to high energy costs for the EYATH group, according to the consolidated financial statements presented today to analysts in the hall of the Thessaloniki Stock Exchange Center.

Specifically, the turnover amounted to 71 million euros compared to 73.6 million in the corresponding period last year, reduced by 3.7% mainly due to the reduction in consumption by residential customers after the pandemic and the increase in the number of our fellow citizens who joined the social tariff. Cost of sales amounted to 65.3 million euros compared to 50.5 million in 2021, an increase of 29.24%. The group’s pre-tax losses amounted to 4.2 million euros to 2021 group pre-tax profits of 15.7 million, a decrease of 126.93%. 2022 post-tax losses were 3.99 million to 2021 post-tax profits of 11.3 million, a decrease of 135.23%. Gross profit for the year was 5.6 million compared to 23 million last year, a decrease of 75.9%.

Also, the group’s earnings before taxes, interest and depreciation (EBITDA) amounted to 878 thousand against 21 million, a decrease of 95.81%. The cash equivalents of the group, moreover, amounted to 71.5 million euros on 31/12/2022 compared to 91.3 million on 31/12/2021, marking a decrease of 21.71%.

It should be noted that the cost of electricity rose in the 12 months of 2022 to 30.9 million compared to 17.2 million of the previous year, marking an increase of 79.11% and clearly dragging the financial figures of the company along. At the same time, the group’s investments amounted to 14.7 million for the year 2022 compared to 9.2 million of the previous year, marking an increase of 60%!

“In an environment with high uncertainty, geopolitical developments and high energy costs, at EYATH we demonstrated flexibility and adaptability. For more than three years now, we have designed and implemented projects to save and self-produce energy, having already achieved a 9.2% reduction in consumption with a corresponding reduction in CO2 emissions. Despite the high costs and subsequent losses in the 2022 financial year, we managed to maintain cash reserves at high levels and, with the implementation of our energy plans, we hope for a further reduction in energy costs in the near future,” said the president of EYATH, Agis Papadopoulos.

“The losses from the previous use does not affect us, precisely because we are not moving in… troubled waters. Despite high inflation, our repair, maintenance and facility operating expenses were held to last year’s levels. In addition, the company has invested – already planning before the energy crisis – in energy saving projects, with practical initiatives on the tripartite sustainable development, resilience and social cohesion through the containment of our tariffs”, emphasized the managing director of the company EYATH, Anthimos Amanatidis. “In a few days, after all, the offers for the supply of electricity through “green” bilateral contracts (PPAs), from photovoltaic and wind farms, will be submitted. With these moves, we expect a drastic reduction in the cost of energy supply to the pre-crisis levels”, concluded Mr. Amanatidis.

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