Friday the 3rd of June 2011, at the Thessaloniki Stock Exchange Center, at16-18 Katouni Street, the yearly presentation of EYATH S.A to financial analysts took place. At the presentation were reported functional subjects of company, indicators of output, financing indicators and basic economic sizes from the directing adviser of company, Nikolaos [Papadaki], and the chairman, Konstantinos [Kamaka].
The economic results presented analytically the economic adviser of [EYATH] S.A. Mr Zissis [Konstantinos], concretely.
In particular, according to financial results for the fiscal year 2010, turnover has decreased by 8%, thus amounting to 71, 1 million Euros, against 77, 3 million Euros in the previous fiscal year. Earnings before taxes amounted to 20, 8 million Euros against 22 million Euros in 2009, decreased by 5, 5%, while earnings after taxes amounted to 12, 4 million Euros, against 14, 3 million Euros in 2009 (a decrease of 13, 81%) due to a burden of taxation on the previous 5 fiscal years 2004-2008, following a tax audit but also due to a special tax payment recently imposed. The tax audit alone has burdened the present results with the amount of 4,050 million Euros (while the respective provision has been 2 million Euros), while the special company payment in order to support national coffers amounted to 2, 2 million Euros. The decrease in turnover by 8% is attributed to the limited consumption, in relation to 2009, to 2 cubic meters/4 months per household invoice, as well as to the limited new connections due to the recession in constructions.
It is important, however, that the cost of production decreased by 2, 35 million Euros or by a percentage of 5%, while operational expenses also presented significant decreases. In particular, managerial expenses decreased by 2,2 million Euros or by approximately 30% and distribution expenses decreased by 2,4 million Euros or by 38,5%. We would also like to stress that, despite the reduced turnover by 6, 2 million Euros, earnings before taxes decreased by just 1, 1 million Euros thanks to proper management and the rationalization of expenses.
The Company's course of development is already recorded in the first trimester of 2011, in which an increase of 17, 91% in after tax earnings has been noted, along a decrease in the cost of sales and the management expenses (by14%).
In particular according to the intermediate financial statements for the first trimester, of the current fiscal year, EYATH S.A's turnover amounted to 19, 5 million Euros, against 19, 1 million Euros in the first trimester of 2010, thus increasing by 2, 09%. Cost of sales was reduced to10, 6 million Euros against 11, 2 million Euros in the first trimester of 2010, thus decreasing by 5, 01%. Gross profit amounted to 8, 9 million Euros against 7, 9 million Euros in the respective time period of the previous fiscal year, thus increasing by 12, 12%. Earnings before taxes amounted to 7,2 million Euros against 6,2 million Euros in the first trimester of 2010, thus increasing by 16,09%, while earnings after taxes reached 5,5 million Euros against 4,7 million Euros, thus increasing by 17,91%.
The upgrading of the Sewerage Processing Unit has also been set forward in co operation with the Ε.Τ.V.Α (an agency for the management of the Industrial Area of Sindos), the electronic monitoring of the water supply and sewerage networks, the gradual replacement of water meters in order to ensure the more precise recording of consumptions and the exploitation of the water supply networks through the installation of optic fibers in order to supply electronic services.
Finally, after a lot of pressure from Company management, two very important infrastructure works have been introduced in the frame of the NSRF (the National Strategic Reference network): the construction of the 2nd branch of the city central sewerage pipe (36, 2 million Euros) and the expansion of the refinery (22, 8 million Euros). Within the year, the expansion of the company's area of responsibility is expected to be completed in the following Municipalities (formed under the "Kallikratis" project): Municipality of Delta, Pylea- Panorama- Chortiatis and Thermaikos. We would like to inform investors that the company presentation shall be posted on the company website at www.eyath.gr.