Enhanced was the Financial performance of EDA THESS in 2020, while at the same the Company ran its investment program of 36 million euros, while, from 2021 has proceeded to the reduction of the natural gas distribution tariffs.
EDA THESS, despite the difficult and volatile conditions caused by the pandemic, increased the balance sheet figures and at the same time continued its business planning by adopting and strictly implementing the legislation and the regulatory framework based on transparency and equal treatment of distribution users and its final consumers.
The Company achieved all its business objectives throughout the range of its activities, a fact that is confirmed by its results. Specifically, in 2020 a significant market growth was achieved, 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 of 2020 amounting to € 36 mil. for the expansion of the distribution network and the supply of all new areas was fully implemented.
EDA THESS, as mentioned above, also managed to boost its key financial figures in 2020, as the total revenue exceeded € 62.3 mil. showing an increase of 8.1% compared to 2019.
Moreover, for the same period, earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to € 43.4 mil. increased by 4.5% in comparison to 2019. Earnings after taxes (EAT) reached € 20.5 mil., increased by 3,2% compared to the previous year. It is worth noting that profitability is increased 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.
EDA THESS managed to respond with a plan and determination in the challenges of 2020, focusing primarily on the protection of its people and public health. With a high sense of responsibility, took all the necessary measures, with a positive impact of its activity on society, aiming in the mitigation of the pandemic.
Th results of the previous year, according to the Company, are based on the proper organization and high expertise of the management and staff, the strict planning, the discipline for the compliance with schedule and the dedication to goals.
EDA THESS, following a successful route for many years, continues to expand the natural gas network in the areas for which it has been licensed.
The General Manager Leonidas Bakouras in his statement refers to the reasons for the strong financial performance of the Company: «The excellent business results, despite the appearance of unprecedented challenges for the global economy, and the active investment portfolio of EDA THESS prove the solid foundations and the Company’s commitment to sustainable development. The long-term strategic planning combined with the professionalism of our people led to the maintenance of the rising trajectory and at the same time to the increase of the operational profit.
He comments on the development footprint of the Company: EDA THESS is a lever of development over time and continues to implement an ambitious investment program for the further boosting of the national economy. In this context, we promote innovation and regularly invest in information systems and new technologies with an ultimate goal the transition towards our digital transformation.
At the same time, Mr. Bakouras emphasizes 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. Even greater the benefit is for the industrial consumers, who can now enjoy reduced distribution tariffs by 45% in Thessaloniki and 56% in Thessaly compared to the distribution tariff applied in the previous regulatory period.
Moving towards the future, the company is at the center of developments both in the field of energy transition and in the gas distribution sector. The continuous and increasing penetration of Renewable Energy Sources in the final energy mix, highlights new needs for the conversion, storage and reuse of energy. In this context the role of gas distribution networks in supporting and integrating the diffused produced “green” energy is considered particularly important and is expected to be further strengthened. As a member of GD4S, the association for sustainability, EDA THESS collaborated with leading European institutions for the exchange of know-how, while laying the foundations for setting up the necessary national and EU regulatory framework for the construction of flexible, digitized and innovative networks, ready to accept renewable gases such as hydrogen and biomethane.
EDA THESS supports the energy transformation for the achievement of the national and European goals for a decarbonated and sustainable economic development.
