The results of EDA THESS for the fiscal year 2020, were approved by the BoD of the Company, following a decision taken at the meeting held on 16/02/21.
As stressed by the General Manager, Mr. Leonidas Bakouras, despite the intense instability that prevailed due to the pandemic, EDA THESS recorded strong growth rates for 2020 continuing its successful course.
The Company ensured the smooth continuation of all its operations, fully respecting the current legislation and the regulatory framework, while complying with the principles of transparency, impartially and equal treatment of Distribution Users and final consumers.
The results of the Company reflect the achievement of all business objectives throughout the range of its activities. Specifically, in 2020 there was a significant growth of the market, with ~ 23.000 new connections and a penetration rate that exceeds 64% in population of the areas of its License. At the same time, the distributed volumes amounted to 448.4 mil. Nm3 increased by 9.6% compared to 2019. The development program for 2020 amounting to € 36 mil. for the expansion of the distribution network and the supply of all new areas was fully implemented.
As Mr. Bakouras pointed out, the impressive performance of the previous year, is also reflected in the financial results of the Company, as the total revenue exceeded € 62.3 mil. showing an increase of 8.1% compared to 2019.
At the end of the year, earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to € 43.4 mil. increased by 4.5% compared to the corresponding period of the previous year. At the same time, earnings after taxes (EAT) reached € 20.5 mil., showing an increase of 3.2% compared to the previous year, resulting in the increased profitability for a fourth consecutive year. The Return on Equity (ROE) ratio also showed a four-year high, which amounted to 7.2%.
The strong profitability presented by EDA THESS results in financial efficiency for shareholders, as the distributed dividends are expected to reach € 19.5 mil. increased by 3.2% compared to the dividends distributed in 2019.
Commenting on this, the General Manager stressed that “the results of the previous year are based on the perfect organization and high technical expertise of the management and staff, the strict planning, the discipline for the compliance with schedule and the dedication to goals. Having laid a solid foundation through a long and successful journey, we fully secure the areas of the License. EDA THESS, as a growth lever for the areas where it operates, continues with the same dynamic, the implementation of big investments, contributing to further impetus of the national economy.
Concluding, Mr. Bakouras stressed that the targeting of the development strategy and the long-term investment planning, based on technical and economic criteria, led to the further reduction of the Distribution Tariffs. From January 1st, the weighted average distribution tariff of EDA THESS that has been approved by the Authority shows a further decline of 14.8% in Thessaloniki and 21.9% in Thessaly, compared to the previous regulatory year.
On his part, the Chairman of the BoD, Mr. Ioannis Tsitsopoulos stated that: “In a difficult situation with the pandemic having caused a significant blow to the domestic and international economic and social environment, EDA THESS managed to show amazing adaptation, to continue its dynamic growth and to fully achieve the goals it had set for 2020, while recording a significant increase in all key financial figures for the year 2020. This result adds even more value to the Company’s success.
Warm congratulations to the General Manager, the executives, and the staff of EDA THESS who with continuous struggle and dedication to the smooth operation and the goals of the Company, have managed to make it a strong Company of high prestige, with international impact and high-performance standards, recognized from the citizens, the companies, the suppliers, the technical world of the country but also from the State itself.
I wish the positive course of the Company to continue smoothly in 2021. The policy of focusing on innovation, continuous improvement of the quality of our services, investments, and digital transformation, is sure that will bring even more positive results in the future and in the penetration of natural gas for the benefit of local communities and National Economy. The BoD and I personally will continue to stay alert and assist in the continuous growth dynamics of the Company, ensuring with our decisions its positive image and perspective, as well as its competitiveness”.