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EYDAP S.A.
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Announcement
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November 28, 2008 In Q3 2008, EYDAP's turnover reached euro 300.054 mil., compared with euro 292.613 mil., up 2.5% from last year's figure. This growth was the result of increased revenues from third party projects and sewerage services, due to geographical network expansion. However, the said growth was offset by a similar increase in production costs, due to taking up the 2nd Phase of operations in the Psytallia Wastewater Treatment Plant, and augmented use of electric power for pumping water from Lake Yliki. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached euro 64.9 mil. compared with euro 66 mil. last year, down 1.7%. Moreover, earnings before interest and taxes (EBIT) dropped 5.6%, reaching euro 47.8 mil. compared with euro 50.7 mil. last year. Earnings before taxes dropped 8.6% totalling euro 43.3 mil. from 47.4 in Q3 2007. Finally, after-tax earnings fell by 33.4%, to euro 23 mil. compared with euro 34.5 mil last year. This decline was a result of decreased deferred tax income, due to the gradual 1% tax rate reduction between the years 2010-2014 (from 25% to 20%), in accordance with the new Taxation Act 3697/2008.
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