Athens Water Supply And Sewerage Company S.a. · ATHEX:EYDAP
Athens Water Supply And Sewerage — H1 2023 Earnings Presentation
34 slides from Athens Water Supply And Sewerage's earnings presentation, Sep 28, 2023
Slide 1: Financial Results H1 2023
Financial Results H1 2023 Thursday, September 28, 2023
Slide 2: Key points
Key points The Turnover decreased by 1.1. million euros and was affected by the decrease in consumption by approximately 1.9% during the six month period. It is noted that the consumption up to today has increased by 0.2% compared to last year. After deducting various provisions (disputed cases
Slide 3: Regulatory Framework expected to be implemented in second semester of 2024
We estimate that the Regulatory Framework will be implemented at the beginning of the second semester of 2024 The Organization of the Regulatory Authority has been approved, regarding the responsibilities of its Departments and Services. It is estimated that the Plenary of the Authority will be in
Slide 4: Allowable income will be calculated based on RAB methodology
Allowable income will be calculated based on RAB methodology Indicative Revenue Allowance (RAB) Calculation Performance on RAB: the allowable return on its capital employed Weighted average cost of Regulated Asset Base • Regulated Asset Base (RAB): the total of capital employed in the Regulated ( RA
Slide 5: Cost Recovery will be a Key Direction
Cost Recovery will be a Key Direction "...cost recovery is established as the main direction of the applied pricing policy in the sense that through this policy the recovery rate must be improved..." Decision CoS 2519/2022 / Paragraph 10 EYDAP can recover "...as an operating cost that is part of its
Slide 6: We build the foundations for increase in value
We build the foundations for increase in value 20-year exclusive concession New regulatory framework to ensure stability and predictability of revenues Rapidly growing investment base Commitment to achieve Net Zero 7 , 81% Upgrade by ESG Rating 30 , 89 Agencies 50% % +1 share Strong unle
Slide 7: Financial Results 1H 2023
Financial Results 1H 2023 ΣΧΕΔΙΑΣΜΟΣ ΓΙΑ ΤΟ ΜΕΛΛΟΝ September 2023
Slide 8: Financial Results 1H 2023 (Company)
Financial Results 1H 2023 (Company) In thousands of € 1H 2021 1H 2022 1H 2023 Y-O-Y Turnover 156.034 163.854 162.764 -0,7% Gross Profits 71.843 67.135 55.317 -17,6% % of turnover 46% 41,0% 34,0% EBITDA 35.328 34.525 19.203 -44,4% % of turnover 23% 21,1% 11,8% EBIT 17.779 14.988 -329 -102,2% % of tur
Slide 9: EBITDA 1H 2023
EBITDA 1H 2023 (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 September 2023
Slide 10: EBITDA without Various Provisions
EBITDA without Various Provisions 1Η 2023 (amounts in thousands of €) 1H 2022 1H 2023 Y-O-Y Y-O-Y % EBITDA 34.525 19.203 -15.322 -44% Various Provisions -13.938 2.312 16.250 117% EBITDA-Various Provisions 20.588 21.515 928 5% VARIOUS PROVISIONS 1H 2022 1H 2023 Y-o-Y Y-o-Y % Provisions for Impairment
Slide 11: EBITDA without Various Provisions
EBITDA without Various Provisions 1Η 2023 (amounts in thousands of €) September 2023
Slide 12: EBITDA without Various Provisions 1H 2023 vs 1H 2019
EBITDA without Various Provisions 1Η 2023 vs 1H 2019 (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 September 2023 in green while if it is negative in or
Slide 13: Earnings Before Taxes (EBT)
Earnings Before Taxes (EBT) 1Η 2023 (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 September 2023 in green while if it is negative in orange
Slide 14: Turnover Breakdown
Turnover Breakdown 1Η 2023 (amounts in thousands of €) TURNOVER 1H 2021 1H 2022 1H 2023 Y-O-Y Revenues from Water Supply and Related Services 105.925 103.035 101.299 -1,7% % of turnover 67,9% 62,9% 62,2% Revenues from Sewerage Services 49.392 47.307 47.837 1,1% % of turnover 31,7% 28,9% 29,4% Revenu
Slide 15: Turnover
Turnover 1Η 2023 (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 September 2023
Slide 16: Revenues from Water Supply and Related Services
Revenues from Water Supply and Related Services 1Η 2023 (amounts in thousands of €) WATER SUPPLY AND RELATED SERVICES 1H 2021 1H 2022 1H 2023 Υ-Ο-Υ Revenues from Water Consumption 103.817 98.665 97.511 -1,2% % of the total of water supply and related services 98,0% 95,8% 96,3% New Water Supply Conne
Slide 17: Revenues from Water Supply and Related Services
Revenues from Water Supply and Related Services 1Η 2023 (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 Septemb
Slide 18: Revenues from Sewerage Services
Revenues from Sewerage Services 1Η 2023 (amounts in thousands of €) Sewerage Revenues 1H 2021 1H 2022 1Η 2023 Υ-Ο-Υ Revenues from Sewer Usage 48.126 46.116 46.596 1,0% % of the total Revenues from Sewerage Services 97,4% 97,5% 97,4% Connection Fees 368 303 420 38,3% % of the total Revenues from Sewe
Slide 19: Revenues from Sewerage Services
Revenues from Sewerage Services 1Η 2023 (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 September 2023
Slide 20: Operating Expenses Breakdown
Operating Expenses Breakdown* 1Η 2023 (amounts in thousands of €) OPERATING EXPENSES* 1H 2021 1H 2022 1H 2023 Υ-O-Y Personnel Costs 61.352 62.708 63.740 1,6% % of Operating Expenses 51% 49% 44% Utility Expenses 19.658 29.498 28.324 -4,0% % of Operating Expenses 16% 23% 20% Third-party Expenses and F
Slide 21: Operating Expenses Breakdown 1H 2023
Operating Expenses Breakdown* 1Η 2023 *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 Sept
Slide 22: Personnel Costs Breakdown
Personnel Costs Breakdown 1Η 2023 (amounts in thousands of €) PERSONNEL COSTS 1H 2021 1H 2022 1H 2023 Υ-O-Y Wages and Salaries 46.233 47.245 47.636 1% % of the total of Personnel Costs 75% 75% 75% Social Security Costs 9.537 9.516 11.110 17% % of the total of Personnel Costs 16% 15% 17% Provisions f
Slide 23: Personnel Costs
Personnel Costs 1Η 2023 (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 September 2023
Slide 24: Breakdown of Various Provisions
Breakdown of Various Provisions 1Η 2023 (amounts in thousands of €) VARIOUS PROVISIONS 1H 2021 1H 2022 1H 2023 Y-o-Y Provisions for Impairment of Receivables * 3.447 -5.198 1.924 137% Provisions for Litigations Cases -1.017 -8.952 429 105% Provisions for Obsοlete Inventories 281 213 -40 -119% Total
Slide 25: Breakdown of Third-Party Expenses & Fees
Breakdown of Third-Party Expenses & Fees 1Η 2023 (amounts in thousands of €) THIRD-PARTY EXPENSES & FEES 1H 2021 1H 2022 1H 2023 Y-o-Y O&M Contractors 16.629 16.496 15.852 -4% Personnel Contractors 3.794 4.395 4.562 4% Various Third Party Expenses without tax 1.388 2.640 2.147 -19% Security and Fire
Slide 26: Third-Party Expenses & Fees
Third-Party Expenses & Fees 1Η 2023 (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 September 2023
Slide 27: Breakdown of Utility Expenses
Breakdown of Utility Expenses 1Η 2023 (amounts in thousands of €) UTILITY EXPENSES 1H 2021 1H 2022 1H 2023 Y-o-Y Electricity 9.328 17.423 17.249 -1% % of the total of Utility Expenses 47% 59% 61% Natural Gas 171 410 68 -84% % of the total of Utility Expenses 1% 1% 0% Rents 4.463 4.700 4.484 -5% % of
Slide 28: Utility Expenses
Utility Expenses 1Η 2023 (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 September 2023
Slide 29: Breakdown of Other Expenses
Breakdown of Other Expenses 1Η 2023 (amounts in thousands of €) OTHER EXPENSES 1H 2021 1H 2022 1Η 2023 Y-o-Y Taxes and duties 3.498 2.806 2.666 -5% % of the total of Other Expenses 54% 43% 41% Consumables 947 1.245 1.348 8% % of the total of Other Expenses 15% 19% 21% Promotion and Advertising Expen
Slide 30: Other Expenses
Other Expenses 1Η 2023 (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 September 2023
Slide 31: Balance Sheet Items
Balance Sheet Items 1Η 2022 (amounts in thousands of €) ASSETS 2022 1H 2023 1H23-22% Tangible Assets 778.980 778.791 0,0% Intagible Assets 79.964 77.764 -2,8% Right-of-Use Assets 1.006 2.156 114,4% Other Non Current Assets 82.884 85.109 2,7% Inventories 16.948 19.294 13,8% Trade Receivables-Contract
Slide 32: Breakdown Receivables from Customers and Contract Assets
Breakdown Receivables from Customers and Contract Assets 1Η 2023 (amounts in thousands of €) Receivables from Customers and Contract Assets 2022 1H 2023 Receivables from Customers and Contract Assets before provisions 269.380 272.176 Provisions for doubtful receivables and Contract Assets -99.603 -1
Slide 33: Cash Flow Statement
Cash Flow Statement 1Η 2022 (amounts in thousands of €) 1H 2021 1H 2022 1H 2023 Cash Flow from operating activities Profit before tax 23.897 20.317 1.873 Adjustments for non-cash items 15.138 655 19.177 Adjustments in operating assets and liabilities -20.238 -169.323 -43.544 Late payment charges col
Slide 34: Thank you!
Thank you! @EYDAP
EYDAP S.A. (Athens Water Supply and Sewerage Company) — H1 2023 Earnings Presentation on 6ix