EYDAP reports for the financial year 2010 after-tax earnings that are almost double in relation to last year and amount to €11.34 mn from €5.74 mn in 2009 (up 97.56%). Earnings before taxes summed up to € 29.83 mn from € 18.02 mn last year (increase 65.54%). It is noteworthy that during 2010 a special levy of € 2.3 mn, following law 3845/10, was imposed to the Company, and was deducted from earnings.
Revenues amounted to €378.97 mn from €386.17 mn in 2009, down 1.86%. This decrease was mainly due to a significant fall in new water allowances, as a result of a decline in constructions market.
Additionally, cost of sales in 2010 reached €230.10 mn from €240.38 mn in 2009 (down 4.28%). Gross profit reached the amount of € 148.87 mn from € 145.79 mn in 2009.
The Board of Directors intends to declare in the 29th General Meeting of Shareholders, scheduled for the 10th of June 2011, a dividend of € 0.04 per share in relation to € 0.02 in 2009.
The Chairman of the Board of EYDAP, Themistocles Lekkas noted in his statement that "the systematic financial management has begun to generate positive results for the Company. Expenses and borrowing have been reduced, profits have been improved and we look forward to a better course, which will correspond to the size, dynamics and potential of EYDAP".
The CEO of the Company, Nikos Bardis stressed out that "the development and profitable course of EYDAP will be further strengthened in the future, by the expansion of its activities in Greece and abroad and reuse of treated wastewater for the benefit of citizens and the environment".