With planned investments of 2.1 billion euros over the decade, EYDAP has already tripled them since 2019 and has set a “bow” to quintuple them by the end of 2024.
Indicatively, in 2019 the integrated investments amounted to 14.169 million euros, in 2023 they increased to 44.274 million euros, while the management of the company makes provision for investments totaling 81.608 million euros in 2024 and 204.486 million euros in 2025.
According to EYDAP’s update, following the financial results it announced on Thursday (25/4), the resources will be channeled to:
– Eastern Attica projects (90% of the projects have been financed by the EU) – 958 million euros)
– Water supply projects (upgrades of networks and facilities, smart meters, etc.) – 681 million euros
– Sewerage projects (upgrades of networks and facilities, etc.) – 365 million euros
– Building, digital governance and transformation projects – 104 million euros
At the center of the investments, as can be seen above, Eastern Attica has been placed, with the construction and operation of 3 new KEL (Sewage Treatment Centers), a 1,400 km sewage network to serve 400,000 citizens. EYDAP’s plan also includes Western Attica, which is being upgraded with care for 13,500 utilities, a 270 km water supply network, a 96 km sewage network and 6,600 external branches.
At the same time, EYDAP improved its financial figures, increasing turnover and reducing operating costs. More specifically, the turnover increased by 2.4% and amounted to 351.6 million euros in 2023, compared to 343.5 million euros in 2022, with an increase in revenue of 8 million euros from the main activities (water supply and drains).
It reduced operating costs by approximately €6 million (-1.8% from €335.8 million in 2022 to €329.8 million last year) mainly due to a 26% reduction in electricity costs (-11, 5 million euros) and staff fees and expenses by 3% (-3.4 million euros). Costs were negatively affected by the increase in provisions by 12.1 million euros (+112%).
After the effect of financial income and expenses, pre-tax profit “jumped” by 163% to 28 million euros in 2023, compared to 10.6 million euros a year ago. At the same time, the management proposed the distribution of a dividend of 0.10 euros per share.
The foundations for sustainable development have been laid
17 years of exclusive concession remaining – EYDAP renewed the exclusivity for the provision of services and secured fixed prices for raw water.
New Regulatory Framework – The Regulated Asset Base framework will be activated in Q3 2024 and will provide predictability and stability to revenue and recovery.
Tripling of Investments – EYDAP’s strategic investments of 2.1 billion euros are aimed at the safe provision of good quality services and the strengthening of its future regulated asset base.
ESG Rating Upgrade – Improved ESG ratings across all existing rating agencies, with the S&P company rating higher than 69% among the 79 industry companies rated globally. EYDAP is committed to zero carbon water until 2030.
Support to and from Consumers – Provides one of the cheapest waters worldwide according to Global Water Intelligence – Has the highest satisfaction compared to all other WSOs.
Developmental flexibilities
The draft law promoted by the Ministry of the Interior regarding climate change also contains regulations for EYDAP in matters such as:
– Carrying out operation and maintenance activities of water supply and sewage networks and facilities outside of Attica
– Possibility of acquiring business control in related industries
– Flexibilities for development in RES and reuse of recycled water
– Simplification of procedures for commissioning the maintenance, operation and upgrading of the EYS
– Possibility of entrusting EYDAP with the maintenance of wells and interconnectors of storm drains
Progressive action plan against water scarcity
Short-term planning – Pumping from the Materials sector with operation of the Mavrosouvala wells, and the pumping stations of the Materials sector.
Medium-term planning – Increase in the pumping of the Yiliki branch and activation of drillings of the Middle River Boiotiko Kifisos which, through the Union Aqueduct of Distomo, feed the Morno Aqueduct.
Long-term planning – Alternative solutions such as desalination, enrichment of the underground aquifer with recycled water, and connection to other water reservoirs are already being considered today.
EYDAP is committed to increasing the value for the Greek State and the other Shareholders
– New regulatory framework to ensure stability and predictability of revenues
– 20-year exclusive concession
– Rapidly growing investor base
– Upgrade ESG Ratings
– Commitment to achieving Net Zero
– Effective governance: One Ministry – One Regulator
– Stable management team
– Will of the state for development and expansion of the Company’s area of responsibility
– Strong unlevered balance sheet with cash of approximately €325m
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