THESSALONIKI WATER AND SEWAGE COMPANY SA
Announcement regarding comments on the financial/accounting statements
According to the intermediate financial statements for the first trimester of the current fiscal period:
- EYATH S.A's turnover amounted to 19.175 million Euros, as opposed to 20.325 million Euros in the first trimester of 2009, thus decreasing by 5,66%.
- Cost of sales amounted to 11.233 million Euros, as opposed to 10.381 million Euros in the first trimester of 2009, thus increasing by 8,21%.
- Gross earnings amounted to 7.943 million Euros, as opposed to 9.944 million Euros in the respective previous fiscal period, thus decreasing by 20,12%.
- Pre tax earnings amounted to 6.275 million Euros, as opposed to 7.851 million Euros in the first trimester of 2009, thus decreasing by 20,07%, while after tax earnings amounted to 4.711 million Euros as opposed to 5.822 million Euros, thus decreasing by 19,08%.
Cash availables amounted to 18.138 million Euros, as opposed to 15.348 million Euros in the respective trimester of 2009, thus increasing by 18,18%. We would like to point out that the decrease in turnover is due to the "freezing" of invoices to 2008 price levels, as well as the reduced building construction activity (fewer new connections). The increased cost of production on the other hand, regards undertaken conventional obligations of the previous year that were completed, and regards the operation and maintenance of networks and facilities.
The new management has managed to first, reduce managerial operation cost by 350.000 Euros in relation to the respective amounts of the previous fiscal year. The overall effort for 2010 will be presented along with the results of the 1st semester, presenting a realistic budget, with the aim to rationalize the operation of the company towards the establishment of inspection procedures regarding investment as well as operational expenses.
- EYATH S.A's turnover amounted to 19.175 million Euros, as opposed to 20.325 million Euros in the first trimester of 2009, thus decreasing by 5,66%.
- Cost of sales amounted to 11.233 million Euros, as opposed to 10.381 million Euros in the first trimester of 2009, thus increasing by 8,21%.
- Gross earnings amounted to 7.943 million Euros, as opposed to 9.944 million Euros in the respective previous fiscal period, thus decreasing by 20,12%.
- Pre tax earnings amounted to 6.275 million Euros, as opposed to 7.851 million Euros in the first trimester of 2009, thus decreasing by 20,07%, while after tax earnings amounted to 4.711 million Euros as opposed to 5.822 million Euros, thus decreasing by 19,08%.
Cash availables amounted to 18.138 million Euros, as opposed to 15.348 million Euros in the respective trimester of 2009, thus increasing by 18,18%. We would like to point out that the decrease in turnover is due to the "freezing" of invoices to 2008 price levels, as well as the reduced building construction activity (fewer new connections). The increased cost of production on the other hand, regards undertaken conventional obligations of the previous year that were completed, and regards the operation and maintenance of networks and facilities.
The new management has managed to first, reduce managerial operation cost by 350.000 Euros in relation to the respective amounts of the previous fiscal year. The overall effort for 2010 will be presented along with the results of the 1st semester, presenting a realistic budget, with the aim to rationalize the operation of the company towards the establishment of inspection procedures regarding investment as well as operational expenses.