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EYDAP S.A. reported an increase of 56.3% in the after-tax profits for the first nine months of 2013, amounting to 74.8 mn euro compared to 47.9 mn euro in the same period of 2012. The change in the tax rate from 20% to 26%, affected significantly the deferred tax asset by 19.9 mn euro, improving profits after taxes.

The turnover of EYDAP in 9M of 2013 amounted to  264.1 mn euro from 268.6 mn euro in 9M 2012 (-1.7%), due to the decline in revenue from water supply, reduction of demand in new water supply meters and the subsequent decline in revenues from the sewerage services, as a result of the general economic recession.

Despite the decline in the turnover, the gross profits of the company increased by 3.8%, amounting to 132.1 mn euro, compared to 127.3 mn euro in 9M 2012, mainly due to the reduction of the cost of sales by 9.4 mn euro. This is mainly due to the reduction in provisions for bad debt customers, a consequence of the payment of overdue debts of the municipalities and the Greek state, combined with provisions created for employee benefit obligations of the company.

The company, confirming its very good level of liquidity, has proceeded to full payment of loan obligations.

The earnings before taxes (EBT) of the company increased by 1.3%, amounting to 64.1 mn euro, compared to 63.2 mn euro in 9M 2012, while the earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 82.9 mn euro compared to 95.8 mn euro in 9M of 2012, decreased by 13.5%. 

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