Quadruple investments VS energy costs

With a quadrupling of its investments in three years, rationalization of expenses and stable reserves, EYATH S.A. “responds” to the high energy costs reflected in its financial results for the first six-month period of 2022.

In particular, according to the consolidated financial statements, the group’s turnover amounted to 33.8 million euros compared to 34.9 million in the corresponding period last year, marking a decrease of 3.09% due to the reduced consumption of household tariff services. Cost of sales amounted to 28.9 million compared to 23 million in the corresponding period of 2021, an increase of 25.42%, which is mainly due to the increase in electricity costs by 85%. The gross profit reached 4.9 million against 11.84 million in the corresponding period last year, a decrease of 58.61%. The group’s pre-tax profits reached 564 thousand euros compared to 8.5 million euros in the 6th month of 2021, while the after-tax profits on June 30, 2022 amounted to 9 thousand euros from 5.9 million. The profits before taxes, interest and depreciation (EBITDA) amounted to 3.24 million compared to 11.1 million in the corresponding period last year, a decrease of 70.79%. Finally, the group’s cash and cash equivalents amounted to 91 million against 91.3 million on 31/12/2021, marking an imperceptible decrease of 0.25%.

However, the company has already reduced its energy consumption by 17.2% in 2021, a percentage that is expected to improve in 2022 with investments in renewable energy sources. “These foresee, among other things, the upgrading of wastewater treatment, the installation and operation of a biogas plant at the end of 2022 and the installation of solar panels by 2024, the utilization of the High-Efficiency Combined Heat and Power (CHP) unit and, in general, the adoption of energy-saving technologies and the improvement of energy efficiency of our facilities. At the same time, in order to reduce energy costs, investments are being made to modernize and rationalize the water distribution network, with SCADA automation systems”, noted the managing director of EYATH SA, Anthimos Amanatidis. “We try with our daily activity and our capital flows to go towards ‘green’ investments and digital transformation investments, in order to have a sustainable, competitive and technologically developed corporate ecosystem, without burdening the end consumer. The reduction of our energy consumption is at the heart of our planning, as it is in all companies worldwide under an energy crisis,” he added.

“In a period of instability and overlapping challenges at all levels, with a steep rise in energy costs for our company as well, we are implementing a multi-level investment plan with circular economy actions and limiting our energy footprint. We implement energy counterweights, we have quadrupled our investments in the last three years and, of course, our goal remains to reduce our water footprint by 20% and our carbon footprint by 50% by 2030”, pointed out the president of EYATH, Agis Papadopoulos.

Photo of the energy upgrading projects implemented at the Thessaloniki Sewage Treatment Plant, in Sindos