40 slides from Athens Water Supply And Sewerage's earnings presentation, Apr 27, 2023
Slide 1: Financial Results 2022
Financial Results 2022 Thursday, April 27, 2023 Harry Sahinis, CEO EYDAP
Slide 2: EYDAP absorbed the shocks of the energy crisis...
EYDAP absorbed the shocks of the energy crisis... Operating Cost Profits before Taxes Turnover -4.8% +5.7% -82% € 360.8 mn. € 343.5 mn. € 317.6 mn. € 335.8 mn. € 59.4 mn. € 10.6 mn. 2021 2022 2021 2022 2021 2022 4.5% reduction in consumption due to Increase in energy costs by € 22 million Following
Slide 3: Water remains a public good
Water remains a public good § Council of State decisions have been issued for the return of EYDAP shares from the Growth Fund to the Greek State. § The Waste, Energy and Water Regulatory Authority was established to supervise and control all the country's water supply and sewage companies. § With th
Slide 4: The new regulatory framework improves the Company's visibility
The new regulatory framework improves the Company's visibility The new regulatory framework will be fully operational within 2023. The new regulatory framework is RAB-based, similar to the energy regulatory framework. It is expected that the company will recover € 157 million that has allocated for
Slide 5: We consistently implement our strategy
We consistently implement our strategy Our strategy deploys around the pivots of Safety , Efficiency and Development , guided by the principles of Sustainable Development and aiming at the prosperity of the society and the protection of the natural resource as well as the environment in which we ope
Slide 6: We focus on the environment
We focus on the environment ZERO CARBON FOOTPRINT 6
Slide 7: Beyond the planned activities...
Beyond the planned activities... Total Energy Consumption 360 GWh Total Energy 189 Consumption GWh 310 GWh 30 GWh Total Energy Supply Total Energy Supply 109 Production from GWh new P/ V and H/E projects 171 171 GWh GWh 280 - Production from - Production from GWh existing Renewables existing Renewab
Slide 8: Investments have doubled since 2019… …and will triple in 2023
Investments have doubled since 2019… Planned Investments Eastern Attica Projects - 90% of the projects have been funded by the EU ~ 800 million euros Transformation projects ~ 400 million euros Water supply networks replacement projects to reduce leaks ~ 200 million euros New activities increase the
Slide 9: We are changing Eastern Attica
We are changing Eastern Attica EYDAP is implementing in the region of Eastern Attica one of the largest environmental projects in the country, with a total budget of 800 million euros, which concerns the integrated waste water collection and treatment and the reuse of the produced recycled water. Th
Slide 10: ESG runs through our business DNA
E 2 S 2 G 4 runs through our business DNA EYDAP continued to improve its ESG ratings enhancing transparency and mainstreaming further climate change initiatives. Scale 2021 2022 (from worst to best) 71.98/100 72.56/100 1 à 100 42.8 37.5 100à >=10 n/a Β+ νέο D-à A+ 19/100 36/100* 0 à 100 * The Compan
Slide 11: 78% of the employees are satisfied with their work at the Company
78% of the employees are satisfied with their work at the Company The company’s top-of-mind overall satisfaction (78%) and NPS recommendation (+48) are above the average of companies in Greece. At satisfactory levels are: Room for improvement : § Faith in the company and its role in § In the continu
Slide 12: Financial Results 2022
Financial Results 2022 ΣΧΕΔΙΑΣΜΟΣ ΓΙΑ ΤΟ ΜΕΛΛΟΝ 12
Slide 13: Financial Results 2022 (Company)
Financial Results 2022 (Company) In thousands of € 2020 2021 2022 Y-O-Y Turnover 330.318 360.753 343.477 -4,8% Gross Profits 149.632 156.918 121.548 -22,5% % of turnover 45,3% 43,5% 35,4% EBITDA -57.099 85.484 38.998 -54% % of turnover -17,3% 23,7% 11,4% EBIT -92.164 46.310 117 -100% % of turnover -
Slide 14: EBITDA 2022
EBITDA 2022 (in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 14
Slide 15: Earnings Before Taxes (EBT) 2022
Earnings Before Taxes (EBT) 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's 15 profits it is displayed in green while if it is negative in orange
Slide 16: EBITDA Without Various Provisions
EBITDA Without Various Provisions 2022 (amounts in thousands of €) In thousands of € 2021 2022 Y-O-Y Y-O-Y % EBITDA 85.484 38.998 -46.486 -54% Various Provisions 4.250 -10.847 -15.097 -355% EBITDA-Various Provisions 89.734 28.152 -61.582 -69% VARIOUS PROVISIONS 2021 2022 Y-o-Y Bad Debt Expenses * 3.
Slide 17: EBITDA Without Various Provisions
EBITDA Without Various Provisions 2022 (amounts in thousands of €) 93% of the total change is attributing to the first 5 factors 17 17
Slide 18: Turnover Breakdown
Turnover Breakdown 2022 (amounts in thousands of €) TURNOVER 2020 2021 2022 Y-O-Y Revenues from Water Supply and Related Services 223.393 227.862 219.099 -3,8% % of turnover 67,6% 63,2% 63,8% Revenues from Sewerage Services 104.642 106.304 97.412 -8,4% % of turnover 31,7% 29,5% 28,4% Revenues from E
Slide 19: Turnover
Turnover 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 19
Slide 20: Revenues from Water Supply and Related Services
Revenues from Water Supply and Related Services 2022 (amounts in thousands of €) WATER SUPPLY AND RELATED SERVICES 2020 2021 2022 Υ-Ο-Υ Revenues from Water Consumption 218.701 222.324 210.479 -5,3% % of the total of water supply and related services 97,9% 97,6% 96,1% New Water Supply Connections 2.6
Slide 21: Revenues from Water Supply and Related Services
Revenues from Water Supply and Related Services 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 21
Slide 22: Revenues from Sewerage Services
Revenues from Sewerage Services 2022 (amounts in thousands of €) Sewerage Revenues 2020 2021 2022 Υ-Ο-Υ Revenues from Sewer Usage 102.326 103.882 94.999 -8,6% % of the total Revenues from Sewerage Services 97,8% 97,7% 97,5% Connection Fees 450 629 710 13,0% % of the total Revenues from Sewerage Serv
Slide 23: Revenues from Sewerage Services
Revenues from Sewerage Services 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 23
Slide 24: Operating Expenses Breakdown
Operating Expenses Breakdown* 2022 (amounts in thousands of €) OPERATING EXPENSES* 2020 2021 2022 Υ-O-Y Personnel Costs 119.338 127.130 132.054 4% % of Operating Expenses 47% 46% 44% Utility Expenses 37.621 44.919 68.064 52% % of Operating Expenses 15% 16% 23% Third-party Expenses and Fees 51.644 54
Slide 25: Operating Expenses Breakdown 2022
Operating Expenses Breakdown* 2022 *before D&A expenses (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 25
Slide 26: Personnel Costs Breakdown
Personnel Costs Breakdown 2022 (amounts in thousands of €) PERSONNEL COSTS 2020 2021 2022 Υ-O-Y Wages and Salaries 88.418 93.854 95.381 2% % of the total of Personnel Costs 74% 74% 72% Social Security Costs 19.867 19.206 23.545 23% % of the total of Personnel Costs 17% 15% 18% Provisions for post-em
Slide 27: Personnel Costs
Personnel Costs 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 27
Slide 28: Breakdown of Various Provisions
Breakdown of Various Provisions 2022 (amounts in thousands of €) VARIOUS PROVISIONS 2020 2021 2022 Y-o-Y Bad Debt Expenses * 11.367 3.733 -3.703 -199% Provisions for Litigation Expenses -4.268 498 -7.512 -1608% Inventory Write-offs (reversals) 101,81 19 369 1853% Total of Various Provisions 7.201 4.
Slide 29: Breakdown of Third-Party Expenses & Fees
Breakdown of Third-Party Expenses & Fees 2022 (amounts in thousands of €) THIRD-PARTY EXPENSES & FEES 2020 2021 2022 Y-o-Y Psytallia WWTP 27.636 27.972 28.744 3% % of the total Third-Party Expenses and Fees 54% 52% 48% Metamorphosi WWTP 3.173 1.956 2.251 15% % of the total Third-Party Expenses and F
Slide 30: Third-Party Expenses & Fees
Third-Party Expenses & Fees 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 30
Slide 31: Breakdown of Third-Party Expenses & Fees
Breakdown of Third-Party Expenses & Fees 2022 (amounts in thousands of €) THIRD-PARTY EXPENSES & FEES 2020 2021 2022 Y-o-Y O&M Contractors 34.630 33.484 33.957 1% Personnel Contractors 6.675 8.069 9.129 13% Various Third Party Expenses without tax 2.427 3.536 5.711 62% Security and Fire protection C
Slide 32: Third-Party Expenses & Fees
Third-Party Expenses & Fees 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 32
Slide 33: Breakdown of Utility Expenses
Breakdown of Utility Expenses 2022 (amounts in thousands of €) UTILITY EXPENSES 2020 2021 2022 Y-o-Y Electricity 17.666 22.376 44.409 98% % of the total of Utility Expenses 47% 50% 65% Natural Gas 280 675 644 -5% % of the total of Utility Expenses 1% 2% 1% Rents 8.619 9.187 9.131 -1% % of the total
Slide 34: Utility Expenses
Utility Expenses 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 34
Slide 35: Breakdown of Other Expenses
Breakdown of Other Expenses 2022 (amounts in thousands of €) OTHER EXPENSES 2020 2021 2022 Y-o-Y Taxes and duties 4.364 5.803 4.895 -16% % of the total of Other Expenses 31% 38% 36% Consumables 1.892 2.465 3.213 30% % of the total of Other Expenses 13% 16% 24% Promotion and Advertising Expenses 1.24
Slide 36: Other Expenses
Other Expenses 2022 (amounts in thousands of €) In all presentation diagrams the size increases are shown in blue and the decreases in red. If the total change is positive for the company's profits it is displayed in green while if it is negative in orange 36
Slide 37: Balance Sheet Items
Balance Sheet Items 2022 (amounts in thousands of €) ASSETS 2021 2022 22-21% Tangible Assets 778.198 778.980 0,1% Intagible Assets 83.968 79.964 -4,8% Right-of-Use Assets 1.302 1.006 -22,7% Other Non Current Assets 91.302 82.884 -9,2% Inventories 14.803 16.948 14,5% Trade Receivables-Contract Assets
Slide 38: Breakdown Receivables from Customers and Contract Assets
Breakdown Receivables from Customers and Contract Assets 2022 (amounts in thousands of €) Receivables from Customers and Contract Assets 2021 2022 Receivables from Customers and Contract Assets before provisions 328.877 269.380 Provisions for doubtful receivables and Contract Assets -103.306 -99.603
Slide 39: Cash Flow Statement
Cash Flow Statement 2022 (amounts in thousands of €) 2020 2021 2022 Cash Flow from operating activities Profit before tax -80.427 59.411 10.638 Adjustments for non-cash items 185.385 24.421 13.874 Adjustments in operating assets and liabilities -6.702 -23.095 -88.930 Late payment charges collected 7
Slide 40: Thank you!
Thank you! @EYDAP