Analysts Presentation June2012 - ΕΥΑΘ · Company Results Presentation Fiscal Year 2011 -June...
Transcript of Analysts Presentation June2012 - ΕΥΑΘ · Company Results Presentation Fiscal Year 2011 -June...
Company Results Presentation Fiscal Year 2011 - June 20121
Analysts Presentation June 2012
Contents
1. Vision 3
2. Targets 4
3. Strategy 5
4. Euro barometer 2012 6
Company Results Presentation Fiscal Year 2011 - June 20122
5. The Company Today 12
6. Financial Results & Share 21
7. Growth Strategy 54
8. Reporting Table of the Business Plan 60
Vision
The management has adopted modern technology to control
all applications for even better water quality as well as
improvement of sewerage treatment.
With respect to the environment and the water resources the
management’s main target is the protection of the
Company Results Presentation Fiscal Year 2011 - June 20123
management’s main target is the protection of the
Thermaikos bay.
Sindos Biological Treatment Plant
Targets
Constant improvement of the provided services
Secure provision of excellent quality drinking water
Efficient environmental protection
Improvement of the company financials
Company Results Presentation Fiscal Year 2011 - June 20124
Improvement of the company financials
Refinery
Strategy
The Company Strategy focuses upon the fulfillment of its
obligations as a Public Utility Company in conjunction
with its shareholders wealth increase
Company Results Presentation Fiscal Year 2011 - June 20125
Refinery
Euro barometerEuro barometer 20122012
Company Results Presentation Fiscal Year 2011 - June 20126
Pan European Study based on the consumer attitude on water issues
Aim : The definition of today's lags and future priorities in water management
Target of the questionnaire:
� The level of knowledge in water issues
� The seriousness of the problems and the changes in water quality
Euro barometer 2012
Company Results Presentation Fiscal Year 2011 - June 20127
� The seriousness of the problems and the changes in water quality
� Opinions concerning the human operation in the water quality
� The main threats in water quality
� The pricing policy
� The most efficient methods in problem solving
� Legislation that must be adopted from EU
Source: http://ec.europa.eu/public_opinion/index_en.htm
Very Good
Information
Good
Not Good
Not at all
Don’t Know
Company Results Presentation Fiscal Year 2011 - June 20128
Don’t Know
Paneuropean decrease by 6% from the 2009levels in the ‘Very Good’ category
Changes in the Water Quality
Improved
Same
Worsened
Company Results Presentation Fiscal Year 2011 - June 20129
Don’t Know
The majority believes that either improved or stayed the same
Single Pricing Policy
Company Results Presentation Fiscal Year 2011 - June 201210
For All
With a Social Profile
No
Don’t Know
Pricing Policy with an Environmental effect
Company Results Presentation Fiscal Year 2011 - June 201211
Agreed
Non Agreed
Don’t Know
EYATh S.A. todayEYATh S.A. today
Company Results Presentation Fiscal Year 2011 - June 201212
ΕΥΑΘ Α.Ε.
In progress is the Investment Plan 2007-2011 of total value € 93.7 mil.
Design and Implementation of the new Investment Plan 2012-2016
Expansion of the customer base
Telecom services through the pipes network & facilities
At a glance
EYATh S.A.
Company Results Presentation Fiscal Year 2011 - June 201213
Exploitation of renewable resources for energy production
Sindos Biological Treatment Plant
Strategy Implementation Framework
Main axis for strategy planning remains the sustainability in growth as well as thechoices for humanity
Combination of business operations and social responsibility
Provision of high level water and sewerage services with the minimum possible cost
Protection of the water sources and provision of excellent water quality
Company Results Presentation Fiscal Year 2011 - June 201214
Protection of the environment
Zero pollution of the Thermaikos Gulf
2011 Important Facts
Design and implementation of the following:
Upgrade of the Sewerage Treatment Plant in cooperation with the Greek DevelopmentBank as a management body of the Sindos Industrial Area
Electronic monitoring of the Water and Sewerage Network for the precise estimation ofoperation and maintenance
Gradual replacement of water meters in order to ensure precise recording of the waterconsumption
Company Results Presentation Fiscal Year 2011 - June 201215
Based on the target to widen up the company operations, the ability to explore thesewerage network with the installation of optical fibers is examined, for the provisionof electronic services
Sindos Biological Treatment Plant
2011 Important Facts
Outcome of the management policies :
Audit and composition of budgets during 2010-2012 with accounts cross checking
Completion of previous years liabilities
Improvement of infrastructure and facilities
Management of the biological treatment product and removal of 17 th. tones of driedsludge fro immediate use in agriculture.
Company Results Presentation Fiscal Year 2011 - June 201216
sludge fro immediate use in agriculture.
Outlook 2012
Planed construction of the 2nd Branch of the Central Sewerage Treatment Plant ofThessaloniki (€44 mil.)
Planed construction of the Water Treatment Plant Extension in Thessaloniki (€36.5mil.)
Preparation of relevant study for investigation of possible ways for exploitation ofsludge in conjunction with the product of the heating plant already in opearation.
Company Results Presentation Fiscal Year 2011 - June 201217
sludge in conjunction with the product of the heating plant already in opearation.
Priorities for 2012
Reuse of treated liquid sewerage in agriculture
Enforcement of the production plant for biogas treatment from sludge andexploitation of its energy source it possesses
Exploitation of the sewerage network with the installation of optic fibers network forthe provision of telecom services
Company Results Presentation Fiscal Year 2011 - June 201218
Modernization of infrastructure and technological upgrade
Expansion of activities in Northern Greece and the Balkan area
Water
� 175,000 m³ average daily sewerage treatment
� 1,700 th. total network length
� 250,000 m³ average daily water production
� 510,000 customers-consumers
� 2,200 th. pipe network length
� 120 sqm. service area
EYATh S.A. today
Company Results Presentation Fiscal Year 2011 - June 201219
� 1,700 th. total network length
� 510,000 customers-consumers
� 637 sqm. service area
Sewerage
Refinery
Pipes Network
EYATh S.A.
EYATh fixed Assets
45 Storage Tanks
Water Treatment Quality Control
4 Pumping stations
Raw water conveyance system:
112 Facilities
EYATh S.A. today
• In July ’01, E.Y.A.Th. Fixed Assets signed a 30 years exclusive agreement with E.Y.A.Th. S.A.
Company Results Presentation Fiscal Year 2011 - June 201220
� Maintenance,
� Service,
� Renovation,
� Leaks Decrease and
� Existing Network improvement
EYATh S.A. focuses upon:
• In July ’01, E.Y.A.Th. Fixed Assets signed a 30 years exclusive agreement with E.Y.A.Th. S.A.
• E.Y.A.Th. SA purchases unprocessed water from E.Y.A.Th. FA securing customer needs
Financial Results Financial Results & & ShareShare
Company Results Presentation Fiscal Year 2011 - June 201221
Consolidated Financial Results 2011
� Company turnover reached €75.4 mil. in 2011 from €71.2 mil. in 2010making an increase of 6%
� Costs of water sold reached €42.9 mil. in 2011 from €44.9 mil. in 2010
making a decrease of 4.46%
� Gross profit reached €32.5 mil. in 2011 from €26.3 mil. in 2010 making an
increase of 23.65%
� Earnings before tax reached €26.1 mil. in 2011 from €20.9 mil. in 2010
Company Results Presentation Fiscal Year 2011 - June 201222
� Earnings before tax reached €26.1 mil. in 2011 from €20.9 mil. in 2010
making an increase of 24%.
� Earnings after tax reached €20.6 mil. in 2011 from €12.4 mil. in 2010making an increase of 66%.
� EBITDA reached €28.8 mil. in 2011 from €24.8 mil. in 2010 making anincrease of 16%
� Cash and equivalents reached €23.1 mil. in 2011 from €14.4 mil. in 2010making an increase of 61%.
� Bank debt reached €0.6 mil. in 2011 from €1.2 mil. in 2010 making anincrease of 50.1%
Financial Results 2011
� The company turnover came mainly from sales of water and
sewerage services.
� The turnover increase is mainly due to pricing adjustment in
the levels of 2010.
� The increase of Net Earnings is due to the turnover increase,
Company Results Presentation Fiscal Year 2011 - June 201223
� The increase of Net Earnings is due to the turnover increase,
the further on decrease of the operating expenses and the
decreases in tax expenses given that the previous fiscal year
was burdened with the one off tax expenditure and from the
provision for tax differences from the tax audit as was
completed last August.
Income Finances 2011
Turnover (€ mil.)
77,471,2
75,4
0
20
40
60
80
2009 2010 2011
5.93%-8%
Gross Profit (€ mil.)
30,326,3
32,5
0
10
20
30
40
2009 2010 2011
-13.2%
23,65%
EBITDA (€ εκ)
26,1 24,828,8
30
16,12%-4.8%
EBIT (€ εκ)
20,619,0
23,425
4,35%-7,52%
2011 2010 Dif ference
Turnover 75,400 71,182 5,93%
Cost of Water Sold 42,876 44,878 -4,46%
Earnings Before Tax 26,008 20,878 24,57%
Earnings After Tax 20,595 12,402 66,06%
Gross Profit 32,524 26,304 23,65%
EBITDA 28,792 24,83 15,96%
Summary on Financials (€ th.)
Company Results Presentation Fiscal Year 2011 - June 201224
26,1 24,8
0
5
10
15
20
25
30
2009 2010 2011
20,619,0
0
5
10
15
20
2009 2010 2011
Earnings After tax (€ mil.)
14,412,4
20,6
0
4
8
12
16
20
2009 2010 2011
66%
-13.82%
EPS (€)
0,40,34
0,57
0,0
0,1
0,2
0,3
0,4
0,5
0,6
2009 2010 2011
Equity 124,653 108,196 15,21%
Cash and Equivalent 23,159 14,364 61,23%
� Decrease of cost of sales due to rational management of production costs
� Equity position increase
Balance Sheet 2011
2011 2010
(€ th.)
Assets
Non Current Assets 90.973 92.310
Current Assets 89.033 75.232
Total Assets 181.542 167.542
Company Results Presentation Fiscal Year 2011 - June 201225
Equity 124.653 108.196
Debt 56.890 59.346
Total Liabilities 181.542 167.542
Cash Flow 2011
2011 2010
(€ th.)
Operating Activities 16.954 9.398
Investing Activities - 3.453 - 4.984
Financing Activities - 4.707 - 5.217
Company Results Presentation Fiscal Year 2011 - June 201226
Cash - beginning 14.364 15.166
Cash - end 23.159 14.364
Cash - increase / decrease - 8.795 - 802
Financial Ratios 2011
2011 2010 2009 2008
Productivity Ratios
Gross Profit Margin 43,14% 36,95% 39,19% 40,97%
ΕΒΙΤ 31,06% 26,71% 26,57% 26,82%
Capital Return Ratios
ROE 20,86% 19,30% 21,96% 24,11%
ROA 14,33% 12,46% 13,99% 14,85%
Company Results Presentation Fiscal Year 2011 - June 201227
Liquidity Ratios
Liquidity 2,76% 2,18% 2,28% 2,02%
Capital Structure Ratio
Equity / Debt 219,11% 182,32% 175,52% 160,31%
Investment Ratio
EPS 0,57 0,34 0,40 0,42
Turnover Evolution 2011
32,526
75,4
35,100
2,6
11,72,6
5,413
42,9
30
40
50
60
70
80
€ m
il.
Company Results Presentation Fiscal Year 2011 - June 201228
23,420,595
5,413
0
10
20
30
Turn
over
Cos
t
Gro
ss
Oth
er
Sub
tota
l
Expe
nses
Ope
rati
ng
Fin
anci
als
EBT
Tax
EAT
Turnover Analysis
Turnover Analysis
47.981 50.670
23.201 24.730
10.000
20.000
30.000
40.000
50.000
60.000
€ t
h.
Company Results Presentation Fiscal Year 2011 - June 201229
0
2010 2011
Water Sewerage
2010
67%
33%
2011
67%
33%
Gross Profit Analysis
Gross Profit Analysis
19.294
23.688
7.011
8.836
5.000
10.000
15.000
20.000
25.000
€ t
h.
Company Results Presentation Fiscal Year 2011 - June 201230
0
2010 2011
Water Sewerage
2010
73%
27%
2011
73%
27%
EBITDA
24.830
28.792 3.962
15.000
20.000
25.000
30.000
35.000
€ t
h.
Company Results Presentation Fiscal Year 2011 - June 201231
� 416% decrease in the level of EBITDA in 2011 compared to 2010
0
5.000
10.000
EBITDA 2010 Differences EBITDA 2011
Cash Position
Equity
108
125
100
105
110
115
120
125
130€ m
il
Total Debt € mil.
59
57
56
56
57
57
58
58
59
59
60
€ m
il.
Company Results Presentation Fiscal Year 2011 - June 201232
100
2010 2011
56
2010 2011
Cash Reserves € εκ.
14
23
0
5
10
15
20
25
€ m
il.
2010 2011
Dividend € mil.
4,2
6,8
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
€ m
il.
2010 2011
EBT Analysis
EBT Analysis
14.386
19.304
6.942 6.704
5.000
10.000
15.000
20.000
25.000
€ t
h.
Company Results Presentation Fiscal Year 2011 - June 201233
0
2010 2011
Water Sewerage
2010
67%
33%
2011
74%
26%
Earnings After Tax Analysis
Earnings After Tax Analysis
8.546
15.286
3.856
5.309
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
€ t
h.
Company Results Presentation Fiscal Year 2011 - June 201234
0
2010 2011
Water Sewerage
2010
69%
31%
2011
74%
26%
Expenses Analysis
Expenses Analysis
44.878
3.081 5.249 4.542 4.365
42.876
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
45.000
50.000
€ t
h.
Company Results Presentation Fiscal Year 2011 - June 201235
3.081 541 446
0
5.000
Production Cost Distribution Costs Admin Costs R&D Costs
2010 2011
2010
83%
6%
10%1%
2011
82%
8%
9% 1%
Production Distribution Admin R&D
Costs Reconciliation
52.22953.749 2.002 1.284 707 95
30.000
40.000
50.000
60.000
€ t
h.
Company Results Presentation Fiscal Year 2011 - June 201236
0
10.000
20.000
Expenses 2010 Production Costs Distribution
Costs
Administration
Costs
R&D Costs Expenses 2011
� 4.46% expenses decrease in 2011 compared to 2010
Consumption distribution
Water Consumption Breakdown 2010
Households
69%
Public Sector
4%
Local
Governmental
Offices
10%
Indusrty
7%
ELPE
5%
Businesses
5%
Water Consumption Breakdown 2011
Households
71%
Public Sector
4%
Local
Governmental
offices
10%
Industry
6%
ELPE
4% Businesses
5%
Company Results Presentation Fiscal Year 2011 - June 201237
sqm. (mil.) 2011 2010 %
Households 43,4 43,4 0,00%
Public Sector 2,4 2,4 0,00%
Public Sub Sector 6 6 0,00%
Industry 3,9 4,2 -7,14%
ELPE 2,5 2,9 -13,79%
Businesses 3 3,1 -3,23%
Total 60,8 62 -1,94%
Analysis of Completed Works
Works Completed in 2011
Maintenance
12%
Infrastructure
Expansion
8%
Construction of
Private Connections
11%
Company Results Presentation Fiscal Year 2011 - June 201238
Urgent Sewerage
38%
Expansion of Water
Network
31%
Analysis of Works in Progress
Works is the process 2011
Facilities
Maintenance
14%
Repair Works
5%
Company Results Presentation Fiscal Year 2011 - June 201239
Sewrage
Network
Expansion
11%
Private
Connections
Construction
14% Sewerage
Network Works
9%
Water Network
Expansion
47%
Consolidated Financial Results 3M 2012
Turnover reached €19.3 mil. in the 3M 2012 from €19.6 mil. in 3M 2011 a decreaseof 1.63%.
Cost of goods sold reached €10.4 ml. in 3M 2012 from €10.7 mil. in 3M 2011 which isa decrease of 2.25%.
Gross profit reached €8.8 mil. in 3M 2012 from €8.9 mil. in 3M 2011 a decrease of0.90%.
Operating income reached €7.1 mil. in 3M 2012 from €6.8 mil. in 3M 2011succeeding an increase of 4.9%.
Company Results Presentation Fiscal Year 2011 - June 201240
Earnings before taxes reached €7.9 mil. in 3M 2012 from €7.3 mil. in 3M 2011succeeding an increase of 8.2%.
Earnings before tax reached €6.3 mil. in 3M 2012 from €5.5 mil. in 3M 2011succeeding an increase of 12.8%.
Earnings per share finalized at €0.17226 in 3M 2012 from €0.1530 in 3m 2011.
Consolidated Results 3M 2011
3M 2012 3M 2011 Change
Turnover 19,256 19,576 -1,63%
Cost of Goods Sold 10,430 10,670 -2,25%
Gross Profit 8,826 8,906 -0,90%
Earnings Before tax 7,886 7,285 8,25%
Earnings After tax 6,266 5,555 12,80%
EPS 0,1726 0,153 12,81%
Consolidated Financial Results (€ th.)
Turnover 3Μ
19.576
19.256
18.000
18.500
19.000
19.500
20.000
3Μ 2011 3Μ 2012
€ t
h.
-1.63%
Gross profit 3Μ
8.906 8.826
7.000
7.500
8.000
8.500
9.000
9.500
3Μ 2011 3Μ 2012
€ t
h.
-0,90%
Company Results Presentation Fiscal Year 2011 - June 201241
EPS 0,1726 0,153 12,81%
� Continuation of cost management rationalization decreases cost of goods sold
� Earnings per share increase
EBT 3Μ
7.285
7.886
5.000
5.500
6.000
6.500
7.000
7.500
8.000
3Μ 2011 3Μ 2012
€ t
h.
+8.25%
EAT 3Μ
5.555
6.266
4.000
4.500
5.000
5.500
6.000
6.500
3Μ 2011 3Μ 2012
€ t
h.
+12.80%
Pricing Policy 2007-2011
� New pricing policy for 2007-2011 in application since May 2007
concerning water consumers from 1/1/2007 with annual
adjustment of costs for water and sewerage services
� 18/11/2008 – Water and sewerage pricing freeze for 2009 at the
prices of 2008 for the first three scales of consumers and 20%
decrease for 2009 for families with more than 3 children
Company Results Presentation Fiscal Year 2011 - June 201242
decrease for 2009 for families with more than 3 children
� 30/6/2010 – Decision to keep the same household pricing until
31/8/10 and application of the 2010 pricing from 1/9/10
� 4/8/2011 – In application for the whole 2011the prices as for
2010.
Pricing Policy
Pricing Policy (€)
1,952,282,37
2,552,73
3 3,083,17
3,784,03
4,91
6,68
3
4
5
6
7
8
€
Company Results Presentation Fiscal Year 2011 - June 201243
0,490,640,77
0,961,16 1,2 1,211,231,25
1,691,95
0
1
2
Bel
gra
de
Mos
cow
Mila
nR
om
eLi
sbo
nEY
ATh
Mad
rid
Sto
ckh
olm
EYD
AP
Bar
celo
naB
uda
pest
Ista
nbl
ul
Hel
sin
kiLo
ndon
Osl
o
Par
isB
russ
els
Mun
ich
Bri
sto
lG
enev
aB
erli
n
Cop
enh
age
n
Source: Pan European Tariff Survey – GWI/OECD 2009
5 year Financial Results
Results 2007 2008 2009 2010 2011
Turnover 70.100 75.919 77.376 71.182 75.400
Costs 45.757 44.693 47.054 44.878 42.876
Gross Profit 24.343 31.226 30.322 26.304 32.524
Other Income 7.188 4.037 4.748 3.406 2.635
31.531 35.263 35.070 29.710 35.159
Administrative Expenses 7.596 7.668 7.489 5.249 4.542
R&D Expenses 1.094 496 314 541 446
Company Results Presentation Fiscal Year 2011 - June 201244
R&D Expenses 1.094 496 314 541 446
Distribution Expenses 3.737 3.871 5.745 3.081 4.365
Other Operational Expenses 2.271 2.888 962 1.826 2.389
Operational Profit 16.833 20.340 20.561 19.013 23.416
Financing Costs 653 1.660 1.533 1.865 2.592
EBIT 17.486 22.000 22.093 20.878 26.008
Investment Income 0 0 0 0 0
EBT 17.486 22.000 22.093 20.878 26.008
Taxation 4.745 6.885 7.703 8.475 5.413
Earnings After Tax 12.741 15.116 14.390 12.402 20.595
5 year Turnover
70,1
75,9 77,4
71,275,4
60
70
80
90
Company Results Presentation Fiscal Year 2011 - June 201245
0
10
20
30
40
50
2007 2008 2009 2010 2011
Tu
rno
ver
(€
th
.)
5 year Gross Profit
24,3
31,230,3
26,3
32,5
25
30
35
Gro
ss P
rofi
t (€
mil
.)
Company Results Presentation Fiscal Year 2011 - June 201246
0
5
10
15
20
2007 2008 2009 2010 2011
Gro
ss P
rofi
t (€
mil
.)
5 year Financial Results
17,00
23,65
28,28
15
20
25
30
% d
iffe
ren
ce
Company Results Presentation Fiscal Year 2011 - June 201247
9,61
6,16
8,30
1,92
5,93
10,20
2,34
5,28
-4,46
8,40
-2,33 -2,90
-10
-5
0
5
10
2007-2008 2008-2009 2009-2010 2009-2010 2010-2011
% d
iffe
ren
ce
Turnover Costs of Water Sold Gross Profit
EYATh S.A. in numbers
Personnel
610638
614 615 627606
584561 549
509
439450
500
550
600
650
700
Company Results Presentation Fiscal Year 2011 - June 201248
439405
327
287
250
300
350
400
450
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
� 19% decrease in personnel in 2010 compared to 2009
Turnover per Employee
107120
138
173191
218
263
106116 116
130 123150
200
250
300
€ t
h.
EYATh S.A. in numbers
Company Results Presentation Fiscal Year 2011 - June 201249
95107
120
77 86 94106
116 116 123
0
50
100
2004 2005 2006 2007 2008 2009 2010 2011
€ t
h.
EYATh EYDAP
� 21% increase in the turnover per employee in 2011 compared to 2010
Net Earnings per Employee
38
72
40
50
60
70
80
€ t
h.
EYATh S.A. in numbers
Company Results Presentation Fiscal Year 2011 - June 201250
8
1518
2427
29
15
912
9
24
10
0
10
20
30
2004 2005 2006 2007 2008 2009 2010 2011
€ t
h.
EYAPS EYDAP
� 89% increase in the net earnings per employee in 2011 compared to 2010
Share
Established: 1998IPO: 2001Reuters Code: TWSr.ATBloomberg Code: EYAPS:GAMarket Cap. 31/12/2011: € 116.1 mil.No, of Shares: 36,300,000ASE Category: Large Cap
Company Results Presentation Fiscal Year 2011 - June 201251
40
60
80
100
120
140
3/1/2011 30/12/2011
EYATH EYDAP G.I.
0
10
20
30
40
50
60
70
80
90
3/1/2011 30/12/2011
Vo
lum
e (
'00
0)
2,00
4,00
6,00
8,00
Clo
sin
g P
rice
(€
)
Volume Price
Shareholding structure
Suez
Other
Shareholders
; 20.52%
Company Results Presentation Fiscal Year 2011 - June 201252
Greek
Government;
74.02%
Suez
Environment
Company;
5.46%
Share
Sector
Market Cap. P/E 11(x) P/E 12(x)estimation
EV/EBITDA 11(x) Dividend Yield(%)
EYATh € 119 mil. 5.8 6.8 3.25 5.7
EYDAP € 331 mil. 12.9 12.9 6 5.5
Company Results Presentation Fiscal Year 2011 - June 201253
Pennon Group (UK) $ 2.6 bil. 15.3 - - 3.4
Acqua America (USA) $ 3.1 bil. 24 23.2 12.1 2.7
Veolia (France) € 5.5 bil. - 15.2 9.9 6.7
Severn Trent (UK) $ 3.9 bil. 16.3 19.2 8.4 4.5
Source: Bloomberg
GROWTH STRATEGYGROWTH STRATEGY
Company Results Presentation Fiscal Year 2011 - June 201254
Strategy - Actions
� Strategy which ensures the sustainability of the Company targeting the Customer
service and the Environmental protection
� Expansion of the Company’s operations to take place initially in the areas the
EYATh services and then into new areas
� Automation of facilities with the installation of technically advanced controlled
systems and a single operation – administration centre
Company Results Presentation Fiscal Year 2011 - June 201255
� Development of business initiatives on new operations
� Increase of the real value of EYATh S.A. under the acquisition of expertise and
superior technology infrastructure
Co-operation with ‘Aquas de Portugal’
Memorandum of intent in order to:
� Investigate the development of joint actions in Northern Greece and the Balkans
� Sharing of expertise and staff training
� Provision of operational and advisory services in water, sewerage, solid waste and
Company Results Presentation Fiscal Year 2011 - June 201256
� Provision of operational and advisory services in water, sewerage, solid waste and renewable energy applications
Organic Growth Strategy
Targets Strategy
� Efficient Resource Management
� Network Modernisation
Water Supply
� Investments improving capacity
� Use of alternative water resources
� Optimization of Quality Control
� Implementation of exquisite technological methods
Company Results Presentation Fiscal Year 2011 - June 201257
� Geographical Network Expansion
� Protection of the Thermaikos Bay
Sewerage Network
� Sewerage network construction
� Subsequent maintenance and precaution program
� Implementation of environmental friendly technologies
� Anti flood protection
Organic Growth Strategy
� HR programs
� Client Service
� Client Satisfaction rating system adoption
� Electronic client support and
� Seminars – Conferences
� Training Programs
Targets Strategy
Company Results Presentation Fiscal Year 2011 - June 201258
� Cost Management
� Electronic client support and communication network upgrade
� Upgrade & control of the production and management costs
� Implementation of Analytical Accounting System
� Upgrade of IT systems
Operational Restructure
� Admin & Productivity Reinforcement
Non Organic Growth Strategy
� Customer Base Expansion
New services based on
� Expansion into municipalities beyond exclusive jurisdiction
� Strategic Alliances
� EnergyNew Business
StrategyTargets
Company Results Presentation Fiscal Year 2011 - June 201259
� New services based on EYATh’s competitive advantages and existing client base
� Energy
� Telecoms
� Implementation of modern methods in network construction & maintenance
New Business Units
Reporting Table of the Reporting Table of the Business Plan of EYATh S.A.Business Plan of EYATh S.A.2007 2007 –– 20102010
Company Results Presentation Fiscal Year 2011 - June 201260
Business Plan
DESCRIPTION 2007 2008 2009 2010 2011
1 Buildings 335.064,67 465.403,36 0,00 0,00 0,00
2αMachinery - technical facilities &
Other mechanological equipment256.211,87 125.305,97 142.205,70 759.200,07 664.109,04
2β Water meters 575.700,67 924.146,09 280.298,40 128.586,01 114.950,44
3 Transportation 0,00 4.865,95 0,00 0,00 0,00
4 Furniture & Other 193.207,02 441.486,74 306.516,68 116.552,52 137.374,43
Pipes & Technical facilities of
STATEMENT OF INVESTMENTS 2077-2011
Company Results Presentation Fiscal Year 2011 - June 201261
5Pipes & Technical facilities of
water network4.683.776,70 3.475.380,79 3.604.693,41 2.540.830,35 2.698.163,78
6Pipes & Technical facilities of
sewerage network4.517.404,79 3.913.417,83 3.101.196,74 3.263.220,01 2.247.701,52
7 Network maintenance 11.143.004,24 9.387.363,26 9.879.692,10 10.216.785,64 11.698.814,67
8 R&D expenses 752.632,49 246.351,13 186.281,76 16.413,13 139.358,35
TOTAL 22.457.002,45 18.983.721,12 17.500.884,79 17.041.587,73 17.700.472,23
93.683.668,32TOTAL EXPENDITURE CONCERNING INVESTMENTS &
MAINTENANCE OF FIXED ASSETS
Disclaimer
This material contains certain “forward-looking” statements. Thesestatements reflect management’s current expectations based oneconomic conditions and fundamentals. This presentation serves onlyinformative purposes and it does not form or can either be referred as abuy, sell or hold encouragement for shares or any other fixed incomeinstruments (bonds, derivative instruments or other). This presentationbelongs to E.Y.A.Th. S.A. Any reproduction, use, or distribution of thisproduct is strictly forbidden without the written agreement of approvalfrom the IRO of the Company. Directly translated from the original inGreek.
Company Results Presentation Fiscal Year 2011 - June 201262
Greek.
Company Results Presentation Fiscal Year 2011 - June 201263