2005 - 2006 - Pinsent Masons Water Yearbook 2012

GREECE PART 3 (ii): COMPANY ANALYSIS: LOCAL/REGIONAL PLAYERS
Greece
Athens Water Supply And Sewerage Company SA
The Athens Water Supply and Sewerage Company SA (EYDAP) dates back to the Greek water
Company (EEY) formed in 1926. EYDAP was partly floated in January 2000. 28.2% of the company's
equity was sold at that time, with 1.4% being acquired by EYDAP’s staff and the Greek Government
retaining 65.0% of the company's shares and the Agricultural Bank of Greece a further 10.7%. The
Government and the Agricultural Bank were planning to sell a further 10.3% and 10.0% of EYDAP
respectively by the end of 2003, but market conditions caused the issue to be postponed. EYDAP
provides water to 4,000,000 people in Athens and its suburbs and sewerage for 3,300,000.
EYDAP, profit & loss account
Y/E 31/12 (€ million) 2000 2001 2002 2003 2004
Turnover 256.8 287.7 285.0 329.9 325.4
Operating profits 90.7 102.8 44.0 54.8 43.0
Net profit 67.7 68.9 48.1 61.6 28.5
Earnings per share (€) 0.635 0.647 0.452 0.579 0.267
Capital spending 45.0 55.0 66.0 73.0 N/A
EYDAP has a 20 year concession with the Government for the provision of water and sewerage
services. The state retains responsibility for bulk water provision to the company and for its storm
sewerage services. EYDAP will carry out a €1,245 million investment plan between 2000 and 2008,
concentrating on expanding its sewerage system and preparing Athens for the 2004 Olympic Games.
In June 2003, a €405 million investment programme for Attica was announced. This compares with
€166 million being spent between 1994 and 1998. Revenues from the flotation, along with a subsidy
from the Government via EU structural funding are being used to finance part of the capital spending.
In the final quarter of 2003, EYDAP acquired water systems serving two neighbouring municipalities.
In each case, EYDAP is to develop a sewerage network for the municipality.
2003 Aspropyrgos €2.75 million 31,000 water
2003 Elephsina €1.80 million 23,000 water
In February 2003, EYDAP started delivering gas and power supply and telecommunications services
in a venture with Aktor and Hellenic Technodomiki.
In July 2002, the company entered into a partnership with Veolia Water to discuss joint approaches for
gaining water and wastewater contracts in the Mediterranean and Balkan regions. In April 2005, this
venture was named Attika. To date, no contract awards have been noted.
Contact Details
Name: EYDAP
Address: 156 Oropu Street, Galatsi, Athens,
111 46, Greece.
Tel: +30-10-214-4444
Fax: +30-10-214-4159
Web: www.eydap.gr
Constantinos Kostoulas (Chairman)
Antionis Vartholomaious (CEO)
Christos Aggelopolous (Operating Manager)
Maria Ganou (FD)
305 Pinsent Masons Water Yearbook 2005 – 2006