2005 - 2006 - Pinsent Masons Water Yearbook 2012

GREECE PART 3 (ii): COMPANY ANALYSIS: LOCAL/REGIONAL PLAYERS
Thessaloniki Water & Sewerage
The Thessaloniki Water Supply and Sewerage Co. (EYATH) serves 850,000 in the city of
Thessaloniki, along with selling bulk water to surrounding municipalities. The company dates back to
the Ottoman Water Company of Thessaloniki, which was formed in 1888. EYATH (EYAΘ) was formed
in 1998 through the merger of the city’s Water Supply Company (OYΘ, established in 1939) and the
Sewerage Company (OAΘ, established in 1970). EYATH is situated in Central Macedonia, a part of
Greece that has suffered from poor water levels. During the summer, average daily consumption is
280,000m 3 , compared with an availability of 220,000m 3 and as a result, since 2002 a banded tariff
structure has been introduced that allows for improved returns for the company, while rewarding
households that use less water.
EYATH, profit & loss account
Y/E 31/12 (€ million) 2000 2001 2002 2003 2004
Water revenues 22.5 33.2 42.6 N/A N/A
Sewerage revenues 7.4 11.5 14.9 N/A N/A
Turnover 29.8 44.7 57.5 51.1 60.3
Operating profit 0.8 20.4 N/A 11.5 16.8
Net profit -0.3 6.5 19.7 7.2 15.0
Earnings per share (€) N/A 0.392 0.989 0.394 0.825
26% of the company’s shares were sold to investors in September 2001. The €17 million raised from
the listing was partly used to finance upgrading and modernisation of the water and sewerage
network. EYATH remains under state control, with 60% of its capital spending funding coming from the
EU’s Cohesion Fund, 30% from the state and 10% being internally funded.
€177.7 million has been allocated for capital spending in the area for 2002-06, including €100 million
for extending and upgrading the sewerage network and €75 million on water distribution. €80 million of
this is being directly financed by EYDAP. €200 million is provisionally earmarked for the next service
extension phase from 2006.
Contact Details
Name: Thessaloniki Water Supply and Sewerage Co. (EYATH)
Address: 127 Engatias,
546 35 Thessaloniki, Greece
Tel: +30 23 10 966 600
Fax: +30 23 10 212 439
Web: www.eyath.gr
Professor Christos Tsogas (Chairman and MD)
Spyridon Sklavounos (Deputy Chairman)
Vassileios Paparassileiou (FD)
306 Pinsent Masons Water Yearbook 2005 – 2006