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2020 was characterized by two important events that affected the financial statements of this year:

First, the effort to finalize the price of the untreated raw water for the period 2013 to 2020, in the context of advanced discussions with the Greek State for the extension of the right of exclusive disposal of water in its area of ​​responsibility.

Second, the significant change in the company's customer requirements, which are due in large part to the COVID-19 pandemic and led to the need to form an additional provision for impairment of financial assets of € 11.4 million (€ 2.6 million in 2019).In the context of adjusting the price of the treated raw water for the period 2013 to 2020 and taking into account the development of the relevant negotiations, as well as the studies and opinions of its technical and legal advisors, the Company proceeded to form a forecast for the additional costs. of untreated water for the period 2013-2020, amounting to € 157.5 million, which burdens the results of the current year.

For the year 2020, the formed forecast amounts to approximately Euro 22.2 million which is included in the cost of sales. For the years 2013 to 2019, a forecast of a total amount of approximately Euro 135.3 million was formed, which is included in the Other Expenses item.

The result of the above changes contributed to the reduction of pre-tax profits of financial investment results and total depreciation (EBITDA) of the Company by -164.8 million € (-153%), which amounted to -57.1 million € from € 107.7 million in 2019. The EBITDA margin stood at -17.3% from 33.3% in 2019.

The turnover of the Company amounted to € 330.3 million from € 323.7 million in 2019, showing an increase of 2% (+ € 6.6 million). In total, from the main activities (water supply and sewerage) the Company presented an increase of revenues by € 6.1 million (+ 1.9%).

The number of employees of the Group and the Company on December 31, 2020 amounted to 2,345 people and on December 31, 2019 to 2,217 people.

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