H1 2019 FINANCIAL RESULTS
Athens, September 27th 2019
H1 2019 FINANCIAL RESULTS
• EBT increased by 32.5% to 34.5 million euro from 26.1 million euro in the first half of 2018
• Net Income increased by 39.9% to 25.1 million euro from 17.9 million euro in the first half of 2018
• EBITDA* increased by 21.5% to 44.6 million euro from 36.7 million euro in the first half of 2018
• OPEX* (Operating Expenses before Depreciation) decreased by 8% to 107.7 million euro from 117.5 million euro in the first half of 2018
In the first half of 2019, EYDAP S.A continued its robust growth, posting increased profitability, despite a slight decline in turnover.
Specifically, during the first half of 2019, the turnover decreased by 1.1% and settled at 151.7 million euro from 153.4 million euro in the corresponding period of 2018.
However, the simultaneous decrease in OPEX* by 9.8 million euro (-8%) to 107.7 million euro, mainly due to the decline of the provisions for litigations, resulted into the increase of the Gross Profit by 9.5 million euro (+15.6%), amounting to 70.7 million euro from 61.2 million euro in the first half of 2018.
The performance measurement indicators improved significantly. Specifically, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)* posted an increase by 21.5% or +7.9 million euros and settled at 44.6 million euro from 36.7 million euro during the first half of 2018, whereas the EBITDA margin* settled at 29% from 24% in the same period last year.
Likewise, Earnings Before Interest and Taxes (EBIT) increased to 25.6 million euro from 17.4 million euro in the first half of 2018. EBIT margin also formed at 17% from 11% in the first half of 2018.
During the first half of 2019 the Earnings Before Taxes (EBT) amounted to 34.5 million euro from 26.1 million euro in the first half of 2018 posting an increase by 32.5%.
Net Income amounted to 25.1 million euro from 17.9 million euro in the first half of 2018 posting an increase by 39.9%. Net Income margin settled at 17% from 12% during the first half of 2018.
Free Cash Flow (FCFF) * settled at 46.4 million euro from 47.3 million euro in the first half of 2018.
EYDAP, the largest Water and Sewerage Company in Greece and one of the largest in Europe, continuously invests in its development strategy and modernization, adopts the principles of Sustainable Development while maintaining a high level of services.
* Alternative Performance Measure
See section Alternative Performance Measurement Indicators in the Semi Annual Report 2019, which is posted on the corporate website www.eydap.gr.