BASIC FINANCIAL DATA
During the first half of 2022, the Company operated under the terms set by the new contract with the Greek State, while facing the adverse situations created by the geopolitical and energy crisis. The Company accelerated its investment program, simultaneously advancing its transformation projects aimed at the digital and green transition.
The turnover during the first half of 2022 showed an increase of 5% or +€7.8 million and amounted to €163.9 million from €156 million in the corresponding half of 2021. The 12.5 million (for the semester of 2022 and 25 million in total per year) from this increase, are due to the income from the Operation and Maintenance Contract of the External Water Supply System (which belongs to EYDAP Pagion) in accordance with the relevant contract that has been concluded.
Operating costs (cost of goods sold, administrative expenses, disposal expenses and impairment of financial assets) amounted to €148.5 million, an increase of approximately 6.8% (or +€9.5 million), mainly due to an increase in energy costs by €8.5 million and an increase in the cost of raw water by €9.6 million, a result of the obligations arising from the signing of the contract with EYDAP Pagion.
The reversal of provisions for bad debts by €8.6 million and for disputed cases by €7.9 million had a significant positive impact. Earnings before taxes, investment results and depreciation (EBITDA) absorbed the above events and showed a slight drop of 2.3% or -€0.8 million and amounted to €34.5 million from €35.3 million in the first half of 2021, while the EBITDA margin decreased to 21.1% from 22.6% in the first half of 2021.
Similarly, there was a decline in earnings before taxes, financial and investment results (EBIT)1, which stood at €15 million from €17.8 million in the first half of 2021. The EBIT margin stood at 9.1% from 11, 4% in the first half of 2021. In the first half of 2022, pre-tax profits stood at €20.3 million from €23.9 million in the first half of 2021.
Profit after tax increased to €16.7 million from €9.7 million in the first half of 2021, showing an increase of 72%. The net profit margin stood at 10.2% from 6.2% in the first half of 2021.
The investment program, despite the unfavorable macroeconomic conditions that have developed, showed an acceleration with the absorption of €13.9 million, compared to €9.5 million in the first half of 2021, marking an increase of 46.3%.