2008 has been a particularly positive year for EYATH S.A, which three years ago set financial performance and corporate social responsibility as the basic axis of its company policy. The increasing course of the company's financial data last year is recorded in the published financial lists.
In particular, the company turnover reached 75,919 million euros in 2008 than 70, 1 million euros in 2007 thus increasing by 8, 3%. Gross profits reached 31,226 million euros in 2008 than 24,343 million euros in 2007 thus increasing by 28, 28%. Pre-tax earnings reached 21,199 million euros last year than 17,487 million euros in 2007, increased by 25,81%, while after tax earnings reached 15,115 million euros, than 12,741 million euros in 2007, an increase of 18,62%. (It is noted that in 2008 tax advancement increased to 80% in comparison to the 50% of 2007). Earnings per stock reached 0, 4168 euros per stock in 2008 than 0, 3427 euros per stock in 2007, thus increasing by 21, 62% while cash assets reached 12,735 million euros in 2008.
It is noted that EYATH S.A is now into the fourth consecutive year where it shows an increase in sales and profitability and the first year where it shows a reduction in cost of sales, while at the same time expanding its clientele. The enhanced profitability can be attributed to the rationalization and the effective reduction and not mere containment of expenses. Therefore the cost of sold services has reached 44,693 million euros in 2008 than 45,757 million euros in 2007 thus decreasing by 2, 33%. In particular the maintenance cost for the water supply and sewerage systems network and facilities in 2008 decreased by 18, 32% in comparison to 2007.
Cost reduction was achieved thanks to the continuous effort for the rationalization of expenses and reduction of the cost of production. In this way there has been a drastic reduction of all operational, maintenance and repair of networks and facilities invoices. The result of the management efforts was that the expenses to third parties (code 62: maintenance, repairs etc) decreased by 2, 7%, despite the significant increase in the electricity cost by 12, 8%. The company maintains the policy to compress the cost of production.
Respectively, the comparison at a four year term level 2004-2008 is paramount. In particular, the turnover during this term showed an increase of 37, 45%, gross profit increased by 39, 66%, while pre tax earnings increased by 156, 59%. Respectively, after tax earnings more than tripled (237, 54%).
It is finally noted that, since 2005 EYATH S.A receives absolutely no government grant in contrast with the significant government grants of the past (9 million euros in 2002, 6 million euros in 2003 and 3 million euros in 2004). It is stressed that the invoicing policy of EYATH S.A, that is the readjustment of the water supply and sewerage services invoices, is approved since 2006.
The policy to restructure EYATH S.A which resulted in the above mentioned financial performance has allowed for the water supply and sewerage services invoices for domestic consumers (households) to remain the same in 2009 and for a decrease in said invoices by 20% for families over five members.
At the same time, the company management can guarantee that the intense profitability of the company will continue and that the EYATH S.A investment plan will be funded by own funds without delay or limitations. It is stressed that in the following time period EYATH S.A will announce the reviewed business-investment plan of the company where an increase in the scheduled investments using own funds is included.
The company is expecting additional revenues from the expansion of its area of activity and from the new activities it has been slowly and steadily developing. The policy to restrain expenses and reduce cost continues steadily.