BASIC FINANCIAL DATA
|
In thousands of € |
2022 |
2023 |
2024 |
Y-O-Y |
|
Turnover |
343.477 |
351.574 |
373.703 |
6,30% |
|
Gross Profits |
121.548 |
133.836 |
152.622 |
14,00% |
|
% of turnover |
35,40% |
38,10% |
40,80% |
|
|
EBITDA |
38.998 |
60.824 |
57.064 |
-6% |
|
% of turnover |
11,40% |
17,30% |
15,30% |
|
|
EBIT |
117 |
21.517 |
15.074 |
-30% |
|
% of turnover |
0,00% |
6,10% |
4,00% |
|
|
Pre-tax Profit (EBT) |
10.638 |
27.988 |
25.056 |
-10% |
|
% of turnover |
3,10% |
8,00% |
6,70% |
|
|
Income Tax |
-5.594 |
-7.716 |
-10.417 |
35% |
|
Net Income |
5.044 |
20.272 |
14.639 |
-28% |
|
% of turnover |
1,50% |
5,80% |
3,90% |
|
The high temperatures that prevailed in 2024 led to a significant increase in consumption by 6.2% and consequently to a 6.3% increase in turnover, to €373.7 million from €351.6 million in 2023. In particular, revenues from water supply and related services increased by +€16.3 million (+7.3%), while revenues from sewerage services moved in parallel and increased by +€5.1 million (+5.0%).
At the same time, operating costs increased by 9% to €316.3 million from €290.5 million in 2023. The main reasons for the increase in operating costs are:
A) the increase in staff salaries and expenses by 9% (€11.6 million) mainly due to oneoff payments, compliance with Law No. 5035/23, as well as the signing of a new Collective Labour Agreement
B) the 16% increase in third party expenses (€9 million), mainly due to the increased maintenance costs of the Megara and Koropi WWTPs that were integrated into the Company's operations and the costs of, among other things, the security of new infrastructure.
As a result of the above, the Company's EBITDA* decreased by €3.8 million (-6%) to €57.1 million from €60.8 million in 2023.
The EBITDA margin was 15.3% from 17.3% in 2023. The decrease in EBITDA, combined with the increase in depreciation and amortization by €2.7 million (7%), affected the Company's earnings before taxes on financial and investment income (EBIT*), which decreased from €21.5 thousand in 2023 to €15.1 million in 2024. The EBIT margin was 4.0% from 6.1% in 2023.
Financial income increased by +2,216 thousand € (+12%) to €20 million from €17.8 million in 2023.
The Company's profit before tax was €25.1 million from €28 million in 2023, a decrease of -10% or -€2.9 million.
Net Operating Cash Flow for the group increased from +€20.6 million in 2023 to +€26.3 million in 2024, an increase of approximately +€6 million. Net Investing Cash Flow for the group was an outflow of -€41 million, compared to an outflow of -€14.1 million in 2023. The purchase of property, plant and equipment amounted to approximately €63.7 2 million in 2024, up from €44.2 million in 2023, while in terms of interest received there was an increase, from €9.9 million in 2023 to €11.2 million in 2024.