ATHENS WATER SUPPLY & SEWAGE Co.

15.4% increase in Eydap's EBT for the 9M period 2003

Eydap's EBT increased by 15,4% in the nine month period of the current economic use reaching the amount of 55 ml euros ,from 47,6 ml euros in 2002. The company's turnover raised by 16,6% the same period reaching 253,3 ml.euros from 217,1 ml euros last year.

Opex before depreciation increased by 17,4% constituting 71,7% of sales comparing to 71,3% the same period last year.This increase can be mainly attributed to the cost accounting of 10 ml euros antiflooding works that constructed by Eydap on behalf of the Ministry of Environment Planning and Public Works.The increase in Opex is approximately 11% if the figure of 10 ml euros is not taken into account.

EBITDA increased by 13,7% reaching 74,8 ml euros comparing to 65,8 ml euros the same period last year.

Depreciation also increased by 6,9% reaching 23,5 ml euros comparing to 22 ml.euros in 2002.As a result the 9months EBIT highed up to 51,3 ml.euros from 43,8 ml.euros last year ,while EBT margin remained stable at 20,2%.