The prolonged period of high
temperatures drove consumption to high levels, registering an increase of 7.5%, which is
expected to level off in the coming months as temperatures drop and citizens are made
aware of the need to save the resource.
Exceptional growth in water consumption led to a significant increase in revenues but also to a decrease in reservoir levels. More specifically, revenue in the first half of 2024 increased by +7.2% or +€11.7 million to €174.5 million from €162.8 million in the corresponding half of 2023.
Overall from its main activities, (water and wastewater) the Company reported an increase in revenues of +€11 million (+7.4%). The Company's total operating costs amounted to €166.1 million, an increase of approximately €2.4 million (or +1.5%).
The main factors that shaped the operating costs are the increase in personnel costs due mainly to one-off payments of compensation and the new Collective Agreement (+€6.1 million) and the decrease in various provisions of €9.3 million. There was also a significant reduction of €4.6 million in electricity costs.
The Company's total operating costs amounted to €166.1 million, an increase of approximately €2.4 million (or +1.5%).
The main factors that shaped the operating costs are:
the increase in costs in the personnel fees and expenses fund mainly due to one-off
payment of amounts as well as the signing of a new Collective Labor Agreement (+€6.1
million) and
• the reduction of the various provisions by €9.3 million (part of the increase in the costs
of the personnel fees and expenses is neutralized by the reversal of the relevant provision)
and the cost of electricity, which showed a significant reduction of €4.6 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA)*
increased by
+57% or +€11 million to €30.2 million from €19.2 million in the first half of 2023, while
the EBITDA margin2
increased to 17.3% from 11.8% in the first half of 2023.
The increase in EBITDA impacted the Company's earnings before interest and taxes
(EBIT), which amounted to € 8.5 million from € -0.3 million in the first half of 2023. The
EBIT margin was +4.9% from -0.2% in the first half of 2023.
In the first half of 2024, profit before taxes amounted to €14.5 million, compared to €1.9 million in the first half of 2023. Operating Cash Flow was € -5 million compared to € -19 million in the corresponding half of 2023. Investing Cash Flow was negative at € -11.2 million (due to purchases of property, plant and equipment of € -23.3 million and grants received of € +8.5 million) from € -5.3 million in the first half of 2023.
Increase in Investment
In the first 6 months of 2024, the absorption of the project investment programme amounted to EUR 22.4 million, up 6% compared to the absorption of the first 6 months of 2023.
The 2024-2033 investment programme concerns :
- major projects in East Attica (€958.7 million)
- water supply network projects (€681.6 million)
- sewerage projects (€364.5 million)
- building, digital governance and transformation projects (€103.8 million) 50% of the project budget is funded by the EU.
