The results of EDA THESS for the fiscal year 2020, were approved by the BoD of the Company, following the decision taken at yesterday’s meeting.
As stressed by the General Manager, despite the intense volatility prevailing 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 legislative and regulatory framework, while complying with the principles of transparency, impartially and equal treatment of Distribution Users and end 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 the population of the License areas. 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 total revenues exceeded € 62.3 mil., increased by 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., recording an increase of 3.2% compared to the previous year, resulting to increased profitability for the 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 stem from the impeccable organization and high technical expertise of the management and staff, strict planning, discipline in observing timetables and dedication to our goals. Having laid a solid foundation through a long and successful journey, we fully secure the areas of our License. EDA THESS, as a growth lever for the areas where it operates, dynamically continues the implementation of large-scale investments, further boosting 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 the 1st of January, 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 these difficult circumstances with the pandemic having caused a significant blow to the domestic and international economic and social environment, EDA THESS managed to exhibit remarkable adaptability, to continue its dynamic growth and to fully achieve the goals 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 efforts 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, recognized by the citizens, the companies, the suppliers, the technical world of the country but also by the State itself.
I wish that the Company continues at the same successful path also in 2021. Focusing on innovation, continuous improvement of the quality of our services, investments, and digital transformation will surely bring even better results in the future, especially in terms of natural gas penetration for the benefit of local communities and National Economy. The BoD and me personally will continue to be on constant alert and support the growth dynamic of the Company, promoting its positive perspectives and its competitiveness, through our decisions”.