0
ANNUAL FINANCIAL REPORT
FROM JANUARY 1, 2022 TO DECEMBER 31, 2022
ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
& THE LAW 3556/2007
Athens Water Supplpy and Sewerage Company S.A
NO. G.E.M.H. (GREECE’S GENERAL ELECTRONIC COMMERCIAL REGISTRY) 121578960000
OROPOU 156 GALATSI
1
Annual financial report
For the period from January 1
st
2022 – December 31
st
2022
This Annual Financial Report was prepared in accordance with Law 3556/2007, as it has been amended and is in force today
and the related decisions of the Board of Directors and the Capital Market Commission as well as the provisions of Law
4548/2018 and includes:
a) the statements of the members of the Board of Directors (in accordance with article 4 par. 2 of Law 3556/2007)
b) the Management Report of the Board of Directors, including the corporate governance statement
c) the Non-Financial Statement Based on Law 4403/07.07.2016
d) the Annual Financial Statements for the year from 01.01.2022 to 31.12.2022
e) the Report of the Independent Certified Auditor
f) the Corporate Announcements - Disclosures 2022
g) the Details and Information of the use from 01.01.2022 to 31.12.2022
It is confirmed that this Annual Financial Report is the one that was approved by the Board of Directors of the " Athens Water
Supplpy and Sewerage Company S.A" on 26.04.2023 and is posted on the internet, at http://www. eydap .gr .
2
CONTENTS
STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS _ ................................................................................................ 4
ANNUAL BOARD OF DIRECTORS MANAGEMENT REPORT ...................................................................................................... 5
COMPANY’S ESTABLISHMENT, OPERATION & STRATEGY .................................................................................................................... 6
SIGNIFICANT EVENTS IN 2022 ................................................................................................................................................... 22
1. ANNUAL FINANCIAL STATEMENTS ................................................................................................................................. 149
GENERAL INFORMATION ABOUT THE COMPANY ................................................................................................................... 151
INCOME STATEMENT FOR THE FINANCIAL YEARS ENDED ON 31
ST
DECEMBER 2022 & 2021 ................................................. 145
1. ESTABLISHMENT, BUSINESS ACTIVITY AND LEGAL FRAMEWORK OF THE COMPANY ................................................ 149
6. ALLOCATION OF THE ITEMS OF THE INCOME STATEMENT PER CATEGORY OF EXPENSES ........................................ 166
7. DEPRECIATION EXPENSES ........................................................................................................................................... 168
8. PERSONNEL FEES & EXPENSES (GROUP & COMPANY) ............................................................................................... 169
9. OTHER EXPENSES (GROUP & COMPANY) ................................................................................................................... 170
10. FINANCIAL INCOME (GROUP & COMPANY) ........................................................................................................... 170
11. FINANCIAL EXPENSES (GROUP & COMPANY) ......................................................................................................... 170
12. INCOME TAX ........................................................................................................................................................... 170
13. EARNINGS PER SHARE ............................................................................................................................................ 172
14. GOODWILL .............................................................................................................................................................. 172
15. OTHER INTANGIBLE ASSETS (GROUP & COMPANY) ............................................................................................... 173
16. TANGIBLE ASSETS ................................................................................................................................................... 174
17. RIGHT-OF-USE ASSETS AND LIABILITIES FROM LEASES (GROUP & COMPANY) ...................................................... 176
18. INVESTMENTS IN SUBSIDIARIES ............................................................................................................................. 176
19. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME ................................................ 176
20. LONG-TERM RECEIVABLES (GROUP & COMPANY) ................................................................................................. 177
21. DEFERRED TAX ASSETS (GROUP & COMPANY) ....................................................................................................... 178
22. MATERIALS, SPARE PARTS & CONSUMABLES (GROUP & COMPANY) .................................................................... 179
23. TRADE RECEIVABLES, CONTRACTUAL ASSETS (GROUP & COMPANY) .................................................................... 179
24. OTHER RECEIVABLES (GROUP & COMPANY) .......................................................................................................... 181
25. CASH AND CASH EQUIVALENTS .............................................................................................................................. 184
26. SHARE CAPITAL ....................................................................................................................................................... 184
27. RESERVES ................................................................................................................................................................ 185
28. RETAINED EARNINGS .............................................................................................................................................. 186
29. EMPLOYEE BENEFIT OBLIGATIONS (GROUP & COMPANY) .................................................................................... 186
30. PROVISIONS FOR PENDING LITIGATIONS (GROUP & COMPANY) ........................................................................... 194
31. INVESTMENT SUBSIDIES (GROUP AND COMPANY) ................................................................................................ 195
32. CONSUMERS’ GUARANTEES ................................................................................................................................... 195
33. LIABILITY UNDER THE EXCLUSIVE RIGHT TO PROVIDE RAW WATER ...................................................................... 195
34. OPERATING & OTHER SHORT-TERM LIABILITIES .................................................................................................... 196
35. COMMITMENTS AND CONTINGENT LIABILITIES – ASSETS ..................................................................................... 197
36. RELATED PARTY TRANSACTIONS (GROUP & COMPANY) ........................................................................................ 197
37. AUDITORS’ FEES ...................................................................................................................................................... 199
38. EYDAP FIXED ASSETS “EYDAP L.E.P.L.” ................................................................................................................... 199
39. CAPITAL MANAGEMENT ......................................................................................................................................... 199
40. FINANCIAL RISK MANAGEMENT ............................................................................................................................. 200
41. FAIR VALUE DETERMINATION ................................................................................................................................ 207
42. SUBSEQUENT EVENTS ............................................................................................................................................. 207
3
43. RECLASSIFICATION OF ITEMS ................................................................................................................................. 208
2. INDEPENDENT AUDITOR’S REPORT ................................................................................................................................ 211
4
STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS _
(according to article 4 par.2 of Law 3556/2007)
(according to article 4 par.2 of Law 3556/2007)
The following Members:
1. Theodora Varvarigou, President of the Board of Directors
2. Charalambos Sahinis, CEO
3. Anastasios Tosios, Deputy CEO, Member of the Board of Directors, specially designated for this purpose by the Board of
Directors
In accordance with the provisions of paragraph 2 of article 4 of Law 3556/2007, we declare to the best of our knowledge that:
a. The attached Financial Statements for the management year from 01.01.2022 to 31.12.2022 of EYDAP S.A., which were
prepared in accordance with the applicable International Financial Reporting Standards, accurately reflect the assets and
liabilities, the net worth and the operating results of EYDAP S.A. and the companies included in the consolidation taken as a
whole.
b. The annual Consolidated Report of the Board of Directors, depicts in a true way the evolution, the performances and the
position of EYDAP S.A. as well as the companies included in the consolidation taken as a whole, including a description of the
main risks and uncertainties they face.
Athens, April 26
th
, 2023
The Chairman of the Board of
Directors
The CEO
The Member of the Board of Directors
Deputy CEO
Theodora Varvarigou
ID No. AM 519989
Charalambos Sahinis
ID No. AO 568292
Anastasios Tosios
ID No. AO 126614
5
ANNUAL BOARD OF DIRECTORS MANAGEMENT REPORT
Ladies and Gentlemen,
We submit to you the annual report of the Board of Directors for the Corporate Use from 01.01.2022 to 31.12.2022 which was
drawn up in accordance with Law 4548/2018, the provisions of article 4 of Law 3556/2007, as amended and in force today , as
well as the decisions of the Board of Directors of the Hellenic Capital Committee authorized by the same Law.
In this report, the performance, development and position of the Water and Sewerage Company Protevousis S.A., with the
distinctive title EYDAP S.A., are illustrated. (hereinafter referred to for brevity as the "Company" or "EYDAP") and the Group.
The report of the annual period is made with reference to the important events that took place during the Financial Year 2022
and their effect on the Financial Statements of the same period, the main risks and uncertainties are described and the
important transactions concluded between the Company and those connected with that of persons, in accordance with IAS 24
as well as the most important events after the end of the year. Also included is the Non-Financial Statement of the company,
based on Law 4403/07.07.2016 as well as the classification statement.
In addition, the Report of the Board of Directors includes the explanatory report of par. 7 of article 4 of Law 3556/2007 as well
as the Corporate Governance Statement.
In 2022, EYDAP absorbed the shocks of the energy crisis, supporting consumers through low tariffs. The increase in energy
costs affected the efficiency metrics. EYDAP aims to achieve zero carbon water by 2030, which will make the company largely
independent of the energy market.
In 2022, the agreement between EYDAP and the public on the price of raw water, which is important for the development of
the company, was completed, which ensures its low price until 2040.
In March 2023, Law 5037/2023 was passed ( Government Gazette 78/Α΄/28-3-2023) " Renaming the Energy Regulatory
Authority to the Waste, Energy and Water Regulatory Authority and expanding its scope with responsibilities over water services
and of urban waste management, strengthening of water policy - Modernization of legislation on the use and production of
electricity from renewable sources through the integration of EU Directives 2018/2001 and 2019/944 - More specific provisions
for renewable energies and environmental protection " . The new regulatory authority undertakes the supervision and control
of all water supply and sewerage companies in the country. With the new law, the transparency and rationality of water policy
is strengthened, while the position of consumers is also upgraded, through the establishment of accountability of water service
providers and waste management, as well as through the control of development-investment and pricing policies. The
implementation by the Energy, Water and Waste Regulatory Authority (R.A.W.E.W.) of the regulatory framework will shape
the new tariffs of EYDAP.
The Company is focused on addressing the challenges of streamlining operating costs, with an emphasis on energy costs,
accelerating the implementation of the investment program focusing on the projects of Eastern Attica and the projects to
reduce untariffed water that will improve the environmental footprint, the improvement of the services provided, the
expansion of the activities and the customer base. It is pointed out that the increased absorption of the investment program
simultaneously increases the operating costs of the Company.
The Company's objectives are the transformation into a more efficient organization, the effective utilization of water resources,
the sustainability of its investments, the strengthening of its stock market value, the achievement of a reasonable return on
invested capital, the attraction of new investors, the assurance of a fair and dynamic working environment, the creation of
new jobs, as well as the provision of added value to society through the improvement of the level of services it offers and the
development of new water and sewerage networks.
The dynamic tripartite security - efficiency - development, defines the strategic axes of the Company with an emphasis on
sustainable development, sustainable water management and the implementation of responsible environmental practices for
the benefit of customers, society, shareholders and the environment. The Company has set strategic ESG targets and its ESG
score in all participating international rating agencies improved significantly. EYDAP's goal is to continue aligning with ESG
criteria and create value by formulating effective strategies with a long-term horizon
6
A driving force and helper in the work of EYDAP, is its human resources, which for so many years, with its specialized experience,
its excellent training as well as the love with which it surrounds the Company, acts as a catalyst for its development trajectory.
COMPANY’S ESTABLISHMENT, OPERATION & STRATEGY
LEGAL FRAMEWORK
The "Water and Sewerage Company Protefousis S.A. with the distinctive title E.Y.D.A.P. S.A. (hereinafter "EYDAP" or
"Company") was established by Law 1068/1980 through the merger of the "Anonymous Greek Water Company of the cities of
Athens - Piraeus and the surrounding areas " and the " Sewerage Organisation of the Athens” as the exclusive provider of water
supply and sewerage services in the cities of Athens - Piraeus and the surrounding municipalities and communities with the
legal form of a limited liability company under the full control of the Greek State.
Subsequently, with Law 2744/1999 "Regulations of issues of Athens Water Supply and Sewerage Company and other
provisions" the legal status of EYDAP was re-regulated and the Company entered its current form with the listing of all its shares
on the Athens Stock Exchange and under the supervision of the Minister of Infrastructure and Transport.
• Article 2 of Law 2744/1999 granted EYDAP the exclusive and non-transferable right to provide water supply and
sewerage services in the capital region for a period of twenty (20) years with the possibility of renewal in accordance
with the terms of the contract that EYDAP would conclude with the Greek State . With the contract in question, which
was signed on 9.12.1999 (hereinafter the 1999 Contract), among other things, the price, quantity, quality and method
of supplying the raw water that the Greek State would undertake to make available to EYDAP were determined, so
that the latter to be able to meet the obligations of providing water supply services (article 6 par. 1 of Law 2744/1999).
• Article 4 of Law 2744/1999, established Legal Entity under Public Law under the name "EYDAP Fixed Assets Company",
to which real estate assets of strategic importance of EYDAP were transferred free of charge by ownership. EYDAP
Fixed Assets Company is responsible for the proper operation and maintenance of the transferred assets.
With Law 4812/2021 (article one hundred and fourteen) the exclusive right to provide water supply and sewerage services
granted to EYDAP by par. 1 of article 2 of Law 2744/1999 was renewed until 31.12.2040.
• With par. 2 of the same article above, the conclusion of a contract was foreseen between the Greek State on the one
hand, EYDAP on the other hand and LEPL as a third party. "EYDAP Fixed Assets Company" regarding the terms and
conditions for exercising the granted right.
• With par. 3 it was provided that the price paid for the raw water supply is attributed by EYDAP to the EYDAP Assets
Company, in accordance with par. 1 of article 6 of N . 2744/1999 and is further made available by the State for the
financing of the operation, maintenance and upgrading of the External Water Supply System (E.W.S.S) of the greater
area of Protefoussi.
• Paragraph 4 provided for the conclusion of a contract between the Greek State, the EYDAP Fixed Assets Company and
EYDAP, whereby the latter is entrusted with the maintenance and operation of the E.W.S.S. of the major capital region
for a period of three (3) years, which may be extended by agreement of the contracting parties. After the expiry of
the contract in question, the maintenance and operation of the E.W.S.S. of the greater area of Protefoussi is assigned
by the Ministry of Infrastructure and Transport to a contractor selected through a competitive process in accordance
with Law 3389/2005 (A' 232).
Pursuant to the above provisions :
on 2.2.2022 were signed between the Greek State, the EYDAP Fixed Assets Company and EYDAP:
• the Exclusive Right Agreement by which, among other things, the State grants to EYDAP in exchange for the intangible
right of the exclusive supply of raw water and agrees to the annual supply of raw water for twenty (20) years, as
specifically defined in Article 10 of the Contract of this
• the EYS operation and maintenance service assignment agreement (SLA) with an initial duration of three years and
the possibility of six (6) month extension.
With Law 5037/2023 (Government Gazette A' 78), the supervision of EYDAP was transferred to the Ministry of Environment
and Energy, while the supervision of the provision of water services and municipal waste management was assigned to the
Waste, Energy and Water Regulatory Authority (R.A.W.E.W.).
7
EYDAP's pricing policy is implemented through the application of the general rules for costing and invoicing water services that
will be determined by ministerial decision in accordance with the provisions of article 12 of Law 3199/2003, as amended by
Law 5037/2023, while the water service tariffs for the various categories of consumers and users are approved by a five-year
decision of R.A.W.E.W. in accordance with article 12A of Law 4001/2011, as introduced by Law 5037/2023, repealing the
relevant provisions of paragraphs 1 and 2 of article 3 of Law 2744/1999. According to par. 5 of article 114 of Law 4812/2021
"the validity of E.YD.A.P. tariffs is extended. S.A. for the provision of water services that it offers to its consumers, which have
been approved by the joint decision of the Ministers of Finance, Transport and Networks and Environment, Energy and Climate
Change (Β` 3188) under reference D6/2027/16.12.2013, for the period from 1.1.2019 and until the approval of the new tariffs
based on the new contract in accordance with par. 2."
Regarding the share capital of the Company:
• By Law 4389/2016 (Appendix E), as amended by Law 4512/2018, with effect from 1.1.2018 all the shares owned by
the Greek State were transferred to the Hellenic Corporation of Assets and Participations S.A (HCAP).
• With the no. 190/2022 decision of the General Assembly, the above transfer was deemed unconstitutional.
• With articles 114 and 115 of Law 4964/2022, special regulations were introduced for EYDAP with which an attempt
was made to harmonize Law 4389/2016 with the constitutional order.
• With the no. 7/2023 decision of the Three-member of Council of State found the non-compliance of the Greek State
with the 190/2022 annulment decision of the Council of State and ordered compliance by the Ministry of Finance
within 8 months.
From the point of view of corporate law, EYDAP is currently governed by the provisions of the Law on Limited Companies
4548/2018, the Law on Corporate Governance 4706/2020, as well as by all stock market legislation (Regulation (EU) 596/2014,
Law 4443/ 2016, Law 3556/2007 etc.) and the decisions and directives of the Capital Market Commission, by which it is
supervised.
OPERATIONS
The Company operates in the field of water purification and supply and the provision of drainage and wastewater treatment
services in the Attica region. According to its Statute, EYDAP is responsible for the design, construction, installation, operation,
operation, maintenance, development and modernization/renovation of water supply and drainage facilities and networks
within the limits of its area of responsibility. In the activities of EYDAP, the possibility to use the water supply and sewerage
networks has been added, in addition, for the development of telecommunications and energy activities. By the decision of
the 38
th
Ordinary
General Meeting of Shareholders, the Statute of EYDAP was amended. In the context of this amendment and
in particular the amendment of Article 4 regarding corporate purpose, it was decided the possibility of developing activities
such as indicatively the provision of water meter maintenance services, inspection of third-party sewerage networks with a
camera, undertaking quality control programs of third-party network water in EYDAP chemistries, undertaking measurement
(on-line) and recording of quality parameters of water bodies with corresponding provision of services, the parallel reception
of meter readings of other public utility organizations, the provision of education, training and lifelong learning services and
the establishment and operation of technical training schools, the strengthening of research services and development, with
the simultaneous establishment of an interdisciplinary research center for the development of innovative solutions for EYDAP's
activities.
The geographical activity of EYDAP as established by article 68 of Law 4313/2014 which amended article 8 of Law 2744/1999,
extends to the municipalities of the Attica Region, as defined in subsection h’ of paragraph 3 of the article 3 of Law 3852/2010,
except for the Municipalities of Aegina, Troizinia, Kythira, Agistrio, Spetses, Hydra and Poros of the Peripheral l Unity of Islands
of of Attica Region.
According to article 1 par. 6 of Law 2744/1999, as amended by article 35 par. 2 of Law 4053/2012, EYDAP may, through
subsidiary companies, undertake activities outside its area of competence through programmatic contracts of the article 100
of Law 3852/2010.
In July 2011, the company “EYDAP NISON SA” was established and EYDAP owns 100% of EYDAP NISON S.A. share capital. The
aforementioned subsidiary’s current title is "NISON DEVELOPMENT SEWERAGE SOCIETY ANONYME" and distinctive title
"EYDAP NISON DEVELOPMENT SA".
8
EYDAP provides water supply services through the water supply network consisting of approximately 14,000 kilometers of
pipeline network. The Company also manages four Water Treatment Units with a total capacity of 1.8 million cubic meters of
water per day. The population served in the water supply sector amounts to 4,400,000 inhabitants (2,247,915 connections) .
The total length of the wastewater network under our jurisdiction, it amounts to 8,598 kilometers. The system is separate
(dirty water pipes – storm water pipes), except in the area of the center of Athens, where the system is pantorrhoic (joint dirty
and rain water pipes). It should be noted that with Law 2744/1999, the responsibility for stormwater drainage and flood
protection in the areas under EYDAP's jurisdiction fell to the then Ministry of Infrastructure and Transport, and today, according
to current legislation, responsible for the design, construction , maintenance of rainwater drainage works and flood protection
works in general, as well as for the cleaning of water collection wells, is the Region and the local authorities. The served
population amounts to 3,695,000 inhabitants. The collection of waste water is done with the pipelines of the secondary
wastewater network of the drained areas, through the connections to those of each paradoic property.
For wastewater treatment, EYDAP has three wastewater treatment centers (WWTPs),
• the WWTPs of Psitalia with the possibility of processing (average design flow) 1,000,000 m
3
/day of wastewater
(today the average flow of incoming wastewater is of the order of 730,000 m
3
/day),
• the WWTPs of. Metamorphosis has the ability to treat (average design flow) 44,000 m
3
/day of wastewater
(20,000 m
3
/day urban wastewater and 24,000 m
3
/day urban wastewater), (today the average flow of incoming wastewater is
12,000 m
3
/day and the wastewater of the of the order of 12,000 m
3
/day) and
• the WWTPs of Thriasio has the capacity to treat (average design flow) 21,000 m
3
/day of wastewater (today, the
average flow of incoming wastewater is of the order of 6,000 m
3
/day).
The Waste Water Treatment Plant (WWTPs) in Psitalia also operates three Electrical and Thermal Energy Co-production units
(ETEC). The one ETEC unit operates with the combustion of natural gas of electrical power 12.9 MWe and thermal power of
17.3 MWth respectively. The other two ETEC units operate with the combustion of biogas of total electrical power of 11.4
MWe (7.14 MWe & 4.25 ΜWe) and thermal power of 17.2 MWth, as well as a small-scale hydroelectric station of 489 KW
capacity for the recovery of the contained energy in the wave of processed outflows prior to their disposition in Saronikos Gulf.
Through the operation of the Waste Water Treatment Plant (WWTPs) in Psitalia, EYDAP has been incorporated in the EU System
of Greenhouse Gas Emission Allowance Trading, applying the relative EU and national legislation.
In addition, EYDAP manages the sewerage projects of Eastern Attica for the collection and treatment of municipal wastewater
and the reuse-disposal of treated effluents. In 2022, significant progress was made in the implementation of wastewater
projects. The design of the construction and operation of integrated wastewater management systems in Eastern Attica
includes projects in the areas of the Municipalities of Rafina - Pikermio, Spata Artemisa, Marathon, Pallini, Paania, Saronikos
and Kropia.
EYDAP has also installed and operates five small hydroelectric stations in the locations Kirphi, Eliconas, Kithaironas, Mandra of
Mornos Aqueduct, and the small hydroelectric power station in Evinos.
Regarding production of energy from renewable sources and reduction of its carbon footprint, the company installed a
photovoltaic station (PV), power 1.9712 MW, in its facilities in the Municipality of Acharnes, in order to proceed with disposal
of the produced electricity.
EYDAP supplies Attica with one of the highest quality waters in the world. The main raw water sources and reservoirs used are
situated in pure regions, free from agricultural and industrial activities, resulting to the supply of Attica with high quality water,
while transfer is realized naturally by gravity, with minimum energy consumption.
Our vision is to remain the largest and most reliable company in the management of water cycle, always oriented to Humans,
Society and Environment. Our mission is to provide affordable water of high quality to an increasing number of citizens and
return it clean to the environment, through the effective management of all available resources ,with social sensitivity and
consideration of our contribution to social welfare.
Our strategy is based on achieving a balanced and sustainable development for the benefit of society, customers, employees,
shareholders, the environment, and all those who have a legitimate interest in it. The three axes of our strategy are Safety,
Efficiency and Development.
9
FINANCIAL DEVELOPMENTS AND PERFORMANCE OF THE YEAR 2022
I. Presentation of the Company's main financial results
The Company's turnover amounted to €343.5 million against €360.8 million in 2021, recording a decrease of -4.8% (-€17.3
million). Overall, from its main activities (water supply and sewerage), the Company presented a decrease in revenue of -17.7
million € (-5.3%).
In particular, revenues from water supply and related services recorded a decrease of -8.8 million € (-3.8%), while revenues
from sewerage services recorded a decrease of -8.9 million € ( -8.4%). On the contrary, revenues from electricity recorded an
increase of €293 k (+18.4%).
Regarding revenues from water supply and related services, water consumption was decreased by -11,845 k € (-5.3%) which
consists the main category of water revenues.
Other categories of revenues from water supply and related services also presented decreasing trends (less revenues from
restoration works). More specifically, revenues from new accounts of water supplies increased by +€743 k (+24%), connection
rights and contributions increased by +24% (+€58 k), other revenues mainly consisting of revenues from disconnections /
reconnections / withdrawal of hydrometers significantly increased by +2,297 k € (+127%) and finally, the category of revenues
from restoration works slightly decreased by -17 k (-5%). This revenue category is linked to the water customers' hydrometer
replacement plan included in the company's investment plan.
It
should be noted that the revenues from water consumption (as well as the revenues from the right to use sewerage related
services), in addition to the invoiced revenue shown in issued water bills, also include the adjustment to this revenue on an
accrued basis. For financial year 2022, these amounts stood at € 226,458 k and € -15,979 k respectively.
The last category includes the following:
• Changes in the provisions for non-invoiced as well as invoiced revenues of € -12,190 k (versus € +10,313 k in 2021).
• Revenue cancellations amounting to € -3,329 k (versus € -2,542 k in 2021)
• Adjustments from the implementation of IFRS 15, amounting to € -460 k (versus € +19 k in 2021). These adjustments
are linked to income invoiced after termination of water supply (fixed charge, minimum consumption, water price in
case of violation) and which due to the application of IFRS 15 and the respective revenue recognition criteria, are
deducted from revenues and therefore are recognized as revenues only upon the cash collection from the customer.
The main
category of
sewerage revenues, which is that of revenues from sewerage use, decreased by -8,883 k € (- 8.6%). In the other categories,
In k €
2020
2021
2022
Revenues from water consumption
218.701
222.324
210.479
New water supply accounts
2.674
3.156
3.899
Connection rights & customer contribution
205
242
300
Restoration works
283
337
319
Other
1.531
1.804
4.101
Revenues from water supply and related services
223.393
227.862
219.099
In k €
2020
2021
2022
Revenues from right to use sewerage
related services
102.326
103.882
94.999
Connection rights
450
629
710
Sewerage fees
1.739
1.734
1.638
Sewerage works
129
59
65
Revenues from sewerage services
104.642
106.304
97.412
10
connection rights increased by +82 k € (+ 13%), sewerage works increased by +6 k € (+10%). Finally, a small decrease was
recorded in the category of sewerage fees of -97 k € or -5.6%. It is to be noted that revenues from the sewerage use include
the invoiced revenues from the sewerage use which amounted to 100,799 k €, as well as their adjustment on an accrual basis
which amounted to -5,800 k €.
This last category includes:
• Changes in the provisions for non-invoiced as well as invoiced revenues of € -7,881 k (versus € +6,478 k in 2021).
• Cancellations of income amounting to € -2,092 k (versus € -1,494 k in 2021).
• Adjustments from the application of IFRS 15, amounting to € -228 k (versus € +8 k in 2021). These adjustments are
linked to revenues priced after the termination of water supply (fixed charge, minimum consumption, water price in
case of violation) and which, due to the application of the revenue recognition criteria in the context of IFRS 15, are
deducted from revenues and therefore are recognized as revenues only upon the cash collection from the customer.
• Estimation of Sewerage Revenues outside the Water Supply Network of EYDAP S.A. amounting to € 4,400 k (versus €
4,300 k in 2021).
The Company’s total operating expenses (i.e. the sum of Cost of Sales, Administrative Expenses, Distribution Expenses and
Impairment of Financial Assets) increased by 5.7% or +18.2 million € amounting to € 335,8 million from € 317.6 million in 2021.
In particular, the cost of sales increased by +18.1 million € (+ 8.9%) amounting to € 221.9 million from € 203.8 million in 2021,
as well as the Administrative Expenses that recorded an increase of +5.2 million € (+ 7.1%) and the Distribution expenses that
also increased by € 2.4 million (+ 6.5%).
The above developments resulted in a decrease of the Company's Gross Profit Margin by +35.4 million € (- 22.5%) standing at
€ 121.5 million from € 156.9 million in 2021. Gross profit margin as a percentage of turnover decreased to 35.4% from 43.5%
in 2021.
Other operating income amounted to € 3.1 million from € 5.1 million in 2021, recording a decrease of -38.7% or -2.0 million.
These revenues include a number of categories of revenues, such as income from legal expenditure, subsidies and grants
collected from the Greek Manpower Employment Organization (OAED) for the training of personnel and for internships,
forfeitures of guarantees and penalties, grants related to research programs, other extraordinary and non-operating income,
previous years’ income, profit from the liquidation of materials, income for the provision of services to third parties etc.
With regard to the course of the total operating expenses of the Company (meaning the sum of Cost of Sales, Administrative
Expenses, Distribution Expenses and Impairment of Financial Assets) depending on each category, the following changes versus
2021 were recorded:
• Cost for raw water amounted to €27.6 million compared to €28.4 million in 2021
• Personnel fees and expenses increased by €4.9 million (+3.9%)
• Third party fees and expenses increased by €5.9 million (+10.9%)
• Utilities increased by €23.1 million (+51.5%)
• Depreciation/amortization decreased by -0.3 million € (-0.7%)
• Various provisions decreased by -€15.1 million (-355%)
• Miscellaneous expenses decreased by -€1.7 million (-10.8%)
• Consumables increased by €1 million (+9.1%)
• Self-construction cost (comprising an item that reduces the total cost) decreased by €1.1 million (-15.5%)
Third-party fees and expenses increased by €5.9 million (+11%) amounting to €60 million from €54.1 million in 2021. Waste
Treatment Plant of Psitalia increased by €772 k (+3%), Waste Treatment Plant of Metamorfosis increased by €295 k (+15%),
11
while Water Supply Network also increased by +34% or +€995 k. Finally, other organizational units recorded significant increase
(+€3.8 million or +18%). Depending on the type of expenditure, the highest increases recorded in tax exempted third party fees
(+€1,788 k or +51%), security-fire safety expenses (+€1,669 k or +53%) and work support expenses (+ €1,449 k or +18%).%).
Depending on the type of expenditure, the largest increases were seen in tax-free third party fees (+€2,175 thousand or +62%),
in costs for guarding-fire safety (+€1,669 thousand or +53%) and in costs for work support (+ €1,061 thousand or +13%).
Employees fees and expenses amounted to €132.1 million from €127.1 million in 2021 (+4%). Salaries and wages increased by
€1.5 million (+2%) while employer contributions increased by €772 k or +4%. On the contrary, provisions for social security
decreased by -€732 k and provisions of defined benefit programs increased by +€557 k. It is to be noted that these provisions
include only the cost of previous service as the cost of interest has been transferred to the financial expenses. Other personnel
expenses increased by €2,798 k (+39%) due to provision of €3,567 k, as provided for by the Collective Labor Agreement. It
should be noted that the Employer's contributions fund showed an increase of €4,339 thousand (+23 %) due to the need to
form a provision of €4,227 thousand, for an obligation foreseen by the SSE.
Utilities significantly increased from €44.9 million in 2021 to €68.1 million in 2022 (+52%). In particular, expenses for electricity
increased by +22,033 k € (+98%), repair and maintenance expenses by +744 k € (+13%), utilities by +389 k € (+ 15%), post-
telecommunications expenses by +66 k € (+1%). Only rental expenses decreased by -55 k € (-1%) and natural gas expenses by
-32 k (-5%).
It should be noted that miscellaneous expenses amounting to €13.6 million from €15.3 million in 2021, consist of taxes and
fees (excluding income tax), consumables, promotion and advertising expenses, transportation expenses, donations-grants
and other miscellaneous expenses. The latter are mainly related to interest charges validated by courts, costs of deposition of
Material from the Waste Management & treatment Plants toward ESDNA (Special Institutional Body for Waste Management
in Attica) as well as acquisition of property, plant and equipment for own projects
Other categories of various expenses presented decreases in taxes and duties by -908 k € (-16%), and in donations-grants by
-2,336 k € (-66%). Consumables were significantly increased by +748 k € (+30%), promotion and advertising expenses by +456 k
€ (+31%) and transportation expenses by +85 k € (+12%).
As at 31/12/2022, in the context of the application of IFRS 9, the Company reviewed the provision for impairment of receivables
made on 31/12/2020 amounting to € 103,306 k. This review resulted in a decrease of the provision by € -3,703 k, which is
presented separately in the interim Income Statement entitled: "Impairment of financial assets".
This change of € -3,703 million is analyzed as follows:
-143% due to decrease of receivables (Exposures at Default) with the same credit risk parameters as on 31/12/2021
52% in deterioration of the credit risk parameter: Losses Given Default with the same requirements and estimated default
probabilities as at 31/12/2021
-9% in the improvement of the credit risk parameter: Probabilities of Default with the same requirements and Losses Given
Default as on 31/12/2021.
On 31/12/2022, totally, the provision for bad debts amounted to € 99,603 k. The percentage of bad debts compared to the
gross customer balance in 2022 increased to 37% from 32% in 2021
In k €
Balance of Doubtful Receivables
and Contractual Assets
Balance of Customers prior to Provision for Doubtful
Receivables and Contractual Assets
Share
(1)
(2)
(3)=(1)/(2)
2017
57.521
273.476
21%
2018
85.597
271.743
32%
12
In total,
various provisions (expense) during 2022 presented a decrease of -€15,096 k (-355%) compared to the corresponding amount
of 2021 and amounted, in total, to -€10,847 k compared to €4,250 k in 2021. The provision made in 2021 include: provisions
for doubtful receivables ("Impairment of financial assets" -€3,703 k), provisions for litigations (-€7,512 k) and provisions for
depreciation of inventories/third-party projects (€369 k).
Provisions for litigations (expense) amounted to approximately -7,512 k €, resulting to provisions in the statement of financial
position to stand at €37.6 million in 2022 from €45.1 million in 2021. An additional amount of approximately Euro 2.1 million,
which concerns the rest of settlement for labor disputes of no. 19105/21.12.2016 and 19224/24.05.2017 of the decisions of
the Board of Directors, are presented in the short-term liabilities, (same as the corresponding last year). In total, the Company
reduced both the provision for labor cases by -3,695 k €, and for civil cases by -3,818 k €.
Finally, in other categories of expenses, consumables increased by € 1,022 k (+ 9%) while the cost of self-constructions (a cost-
reducing item) decreased by € -1,077 k (-16%).
Compared to other expenses (which are all the expenses not allocated to operations, except Cost of Sales, Administrative
Expenses and Distribution Expenses) there was a significant increase of € 8.7 million (+458%) standing at € 10,627 k from €
1,906 million in 2021.
These expenses usually include compensations from accidents and network damage, various tax charges, other surcharges and
fines, etc. It should be noted that in the current period the item includes an amount of approximately Euro 8.0 million which
concerns provision for impairment of other receivables due to non-recoverability (Note 24 of the Financial Statements). The
Company took into account the developments within the 2022 that formed the relevant provision. In other categories, the
largest category is compensations from accidents and network damage, amounting to €1.2 million from €1.3 million, recording
a decrease of -€143 k (-11%).
The total result of the above changes was the increase of EBITDA of the Company by € 46.5 million (54.4%), which amounted
to € 39 million versus € 85.5 million in 2021. The EBITDA margin stood at 11.4% from -39.2% in 2021.
Depreciation and amortization for the year presented a decrease of -0.7% or € -0.3 million and amounted to € 38.9 million
from € 39.2 million in 2021.
Financial expenses increased by +35% and amounted to €2,743 k from €2,032 k in 2021. The amount of €1,902 k of the total
financial expenses were interest on actuarial liability in 2022 compared to €1,051 k in 2021. The residual financial expenses are
mainly related to lump-sum compensation interest (€328 k), other financing related expenses (€424 k) and financial expenses
of lease liabilities (€34 k) and commissions of letters of guarantee (€54 k).
Financial income decreased by -1,869 k € (-12%) and amounted to €13.3 million from €15.1 million in 2021. Financial income
consists mainly of increases in post due debts of customers and interest / income on the products in which the cash available
2019
88.206
271.563
32%
2020
99.573
278.502
36%
2021
103.306
328.877
31%
2022
99.603
269.380
37%
In k €
Provisions for Doubtful Receivables for the Year/
Impairment of Financial Assets
Provision for Litigations for the Year
2017
5.915
6.993
2018
-9.877
20.004
2019
2.609
-4.479
2020
11.367
-4.268
2021
3.733
498
2022
-3.703
-7.512
13
is placed (cash management account of the Bank of Greece and time deposits of credit institutions). Interest-income from
customers amounted to €8.7 million from €8.4 million in 2021, presenting an increase of +€345 k (+4%). On the contrary,
interest on deposits changed to €4.4 million from €6.6 million in 2021, recording a decrease of -2,204 k € (-34%).
The decrease in EBITDA affected the Company’s EBIT, which decreased by -46.2 million € (-100%) and amounted to 117 k €
from 46.3 million € in 2021. EBIT margin was 0% from 12.8% in 2021.
The Company's profit (losses) before tax amounted to €10.6 million from €59.4 million in 2021, recording a decrease of -82%
or -€48.8 million.
Income tax amounted to €5.6 million from €28.7 million in 2021, as a result, the Company's profit after tax decreased by 84%
to €5 million from €30.7 million. € in 2021. Net profit margin stood at 1.5% from 8.5% in 2021.
Net Operating Cash Inflows for the Group decreased from €38.2m in 2021 to -€60.7m in 2022, recording a decrease of -€99m.
Profit/loss before tax decreased by -€48.8 million, while non-cash adjustments decreased by -€10.5 million and operating
account adjustments decreased by -€66 million. Tax paid decreased from -€28.9 million in 2021 to -€4.3 million in 2022.
The Group’s Net Investing Cash Flows amounted to outflow of €21.8 million, versus an outflow of €18.9 million in 2021.
Property, plant and equipment acquisition amounted to approximately €40 million in 2022, from €28.7 million in 2021, while
in terms of interest received there was a decrease, from €6.7 million in 2021 to €4.6 million in 2022. The collection of grants
increased to €17,869 k against €4,667 k in 2021.
Finally, the Group’s
1
Free Cash Flows to the Firm amounted -€79.6 million from €19.5 million in 2021.
where ROE=
Earnings after
Tax/Average Equity
Tax Burden = Earnings after Tax / Earnings before Tax
Interest Burden = Earnings before Tax / ΕΒΙΤ
EBIT Margin = EBIT / Turnover
Asset Turnover = Turnover / Average Assets
Leverage = Average Assets / Average Equity
The effect of the Subsidiary on the consolidated items is negligible and does not needs further analysis.
1
Alternative Performance Measurement Indicators: For explanations and calculation of indicators see Section,
"Alternative Performance Measurement Indicators"
2
* Alternative Performance Measurement Indicators: For explanations and calculation of indicators see Section, "Alternative Performance
Measurement Indicators"
Return on Equity Analysis in 5 separate factors (for the Group)
2
2022
2021
2020
ROE
0,61%
3,73%
-7,43%
Tax Burden
0,47
0,52
0,82
Interest Burden
120,57
1,28
0,87
EBIT Margin
0,03%
12,83%
-27,91%
Asset Turnover
0,22
0,22
0,21
Leverage
1,91
2,01
1,79
14
ALTERNATIVE PERFORMANCE MEASURES (“APMs”)
In the Annual Management Report, as well as in its disclosures to the investors, the Group utilizes Alternative Performance
Measures (APMs) in addition to the financial sizes included in its financial statements which are prepared in accordance with
the current financial reporting framework.
The objective of the analysis of the APMs is that both - the Company's Management and the investors – should have a more
complete picture of the Group's profitability, capital structure, operations and liquidity and in no case should they be taken
into account independently of the measurement indicators. arising directly from the financial statements.
The Group uses the following Alternative Performance Measures:
EBITDA
This Ratio is prevailing in the investment community and is part of the general category of profitability ratios, having the
advantage of isolating the effects of financial-investment results, income tax and the main category of non-cash expenses
which are depreciation and amortization.
The Ratio is calculated by deducting the cost of sales, distribution expenses, administrative expenses, other expenses and
adding other operating income and total depreciation/amortization. Moreover, the item "Impairment of financial assets" of
the Income Statement is deducted, which relates to the provision-expense of doubtful receivables for the period, which in
previous periods was included in the cost of sales. These sizes are used without any adjustment in the Financial Statements
and Notes.
Reconciliation of EBITDA
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Turnover
343.493
360.764
343.477
360.753
Cost of sales
-221.929
-203.835
-221.929
-203.835
Administrative expenses
-78.325
-73.130
-78.281
-73.089
Distribution expenses
-39.332
-36.945
-39.332
-36.945
Impairment of financial assets
3.703
-3.733
3.703
-3.733
Other expenses
-10.627
-1.906
-10.627
-1.906
Other operating income
3.105
5.065
3.105
5.065
Depreciation and Amortization
45.072
45.287
45.072
45.287
Grants amortization
-6.190
-6.114
-6.190
-6.114
EBITDA
38.970
85.453
38.998
85.483
• EBITDA Margin
This ratio arises from the aforementioned table dividing EBITDA by Turnover. It expresses the percentage of EBITDA profit on
Turnover or alternatively how much EBITDA earnings correspond to an item of sales. The Company Management uses the
specific Ratio in the context of the wider evaluation of the Company’s operating performance.
Reconciliation of EBITDA margin
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Turnover
343.493
360.764
343.477
360.753
15
EBITDA
38.970
85.453
38.998
85.483
EBITDA margin
11,35%
23,69%
11,35%
23,70%
• EBIT
This Ratio, like the previous one (EBITDA), is prevailing in the investment community and is part of the general category of
profitability ratios, having the advantage of isolating the effects of financial-investment results and income tax.
The ratio is calculated by deducting the cost of sales, distribution expenses, administrative expenses, other expenses and
adding other operating income. Moreover, the item "Impairment of financial assets" of the Income Statement is deducted,
which relates to the provision-expense of doubtful receivables for the period, which in previous periods was included in the
cost of sales. These sizes are used without any adjustment in the financial statements.
Reconciliation of EBIT
GROUP
COMPANY
Amount in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Turnover
343.493
360.764
343.477
360.753
Cost of sales
-221.929
-203.835
-221.929
-203.835
Administrative expenses
-78.325
-73.130
-78.281
-73.089
Distribution expenses
-39.332
-36.945
-39.332
-36.945
Impairment of assets
3.703
-3.733
3.703
-3.733
Other expenses
-10.627
-1.906
-10.627
-1.906
Other operating expenses
3.105
5.065
3.105
5.065
EBIT
88
46.280
116
46.310
• EBIT Margin
This ratio arises from the table above dividing EBIT by Turnover. It expresses the percentage of EBIT profit over Turnover. The
Company Management uses the specific Ratio in the context of the wider evaluation of the Company’s operating performance.
Reconciliation of EBIT margin
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Turnover
343.493
360.764
343.477
360.753
EBIT
88
46.280
116
46.310
EBIT margin
0,0%
12,8%
0,0%
12,8%
• Free Cash Flows to the Firm
This Ratio is part of the general category of profitability ratios as it shows the amount of cash available for distribution to
shareholders and the Company lenders and at the same time is one of the key financial strength ratios.
The Ratio is calculated by adding the total inflows (outflows) in the Statement of Cash Flows from Operating Activities to the
total inflows / (outflows) from Investing Activities.
Free Cash Flows to the Firm-FCFF
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
16
Total inflows / (outflows) from Operating
Activities
-60.719
38.175
-60.682
38.209
Total inflows / (outflows) from Investing Activities
-18.947
-18.695
-18.947
-18.695
FCFF
-79.666
19.480
-79.629
19.514
• Return on Equity/ROE
In general, return on equity presents the profit that corresponds to the investment of the company’s shareholders. It belongs
to the group of profitability ratios and is also generally used for the purpose of comparing similar companies and evaluating
the company’s management. The ratio is calculated by dividing net income (Profit after Tax) by the average of opening and
closing period equity. It can also be calculated by multiplying five factors, each one of them is corresponding to a separate
ratio.
Separate ratios are as follows:
Tax Burden: which is the ratio of Net Income (Profit after Tax) to Profit before Tax
Interest Burden: which is the ratio of Earnings before Tax to EBIT
EBIT margin: is the ratio of EBIT to Turnover
Assets Turnover: which is the ratio of Turnover to Total Assets (average Total Assets at the opening and closing period).
Leverage: which is the ratio of Total Assets (average Assets Total at the opening and closing period) to Equity (average Equity
at the opening and closing period).
Reconciliation Table of ROE at Group level
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2020
31.12.2019
31.12.2018
Turnover
(a)
343.493
360.764
330.325
323.750
322.413
Profit after Tax
(b)
5.016
30.648
-66.100
58.068
47.908
Profit before Tax
(c)
10.610
59.382
-80.442
84.007
80.272
EBIT
(d)
88
46.280
-92.182
70.537
63.125
Total Assets
(e)
1.467.858
1.696.021
1.613.996
1.562.867
1.533.608
Average Assets at the opening and closing period
(f)
1.581.940
1.655.008
1.588.432
1.548.238
1.533.115
Total Equity
(g)
837.379
815.167
827.812
951.140
949.227
17
By means of analyzing the Return on Equity Ratio into five separate factors, the Company’s Management, as well as the
stakeholders, can be aware of what part of the net profit is burdened with tax (Tax Burden), what part is burdened or benefits
from the financial or investing activity (Interest Burden), what is the contribution of operating profit margin (at EBIT level - the
EBIT margin), what is the Asset Turnover and finally what is the contribution of Leverage.
• Operating Expenses (OPEX)
The Ratio is used by the Company’s Management in decision making and in its communication with investors as it includes all
the categories of expenses that are divided into operations, i.e. cost of sales, administrative expenses and distribution expenses
net of depreciation. It also includes the item "Impairment of financial assets" in the Income Statement, which concerns the
provision-expense of doubtful receivables for the period, which in previous periods was included in the cost of sales. Other
expenses are excluded as they cannot be allocated to operations.
Reconciliation of OPEX
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Cost of sales
221.929
203.835
221.929
203.835
Administrative expenses
78.325
73.130
78.281
73.089
Distribution expenses
39.332
36.945
39.332
36.945
Impairment of financial assets
-3.703
3.733
-3.703
3.733
Depreciation / Amortization
-45.072
-45.287
-45.072
-45.287
Grants amortization
6.190
6.114
6.190
6.114
OPEX
297.001
278.470
296.957
278.429
Amounts in k Euro
(h)
826.273
821.490
889.476
950.184
945.628
Tax Burden
=(b)/(c)
0,47
0,52
0,82
0,69
0,60
Interest Burden
=(c)/(d)
120,57
1,28
0,87
1,19
1,27
EBIT Margin
=(d)/(a)
0,03%
12,83%
-27,91%
21,79%
19,58%
Asset Turnover
=(a)/(f)
0,22
0,22
0,21
0,21
0,21
Leverage
=(f)/(g)
1,91
2,01
1,79
1,63
1,62
RΟΕ
=(b)/(g)
0,61%
3,73%
-7,43%
6,11%
5,07%
18
• Gross Profit Margin (%)
This ratio arises from dividing Gross Margin by Turnover precisely as these two sizes are presented in the financial statements.
It is used by the Company's Management in addition to the Gross Margin in value. It is to be noted that from 1/1/2018, in the
Cost of Sales (and therefore the Gross Margin of Profit) is not included the provision-expense of doubtful receivables for the
period, which in previous periods was included in the cost of sales. This provision is referred to, from 1/1/2018 separately, as
"Impairment of financial assets" in the Income Statement.
Reconciliation of Gross Profit Margin (%)
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Turnover
343.493
360.764
343.477
360.753
Gross Profit Margin
121.564
156.929
121.548
156.918
Gross Profit Margin %
35,4%
43,5%
35,4%
43,5%
Alternative Performance Measures less the effect of provision for the additional cost of raw water
• Adjusted EBITDA
In 2021 the Company was burdened, based on the consideration provided in the contract signed with the Greek State, by €
28,395 k. Moreover, based on the Operation and Maintenance contract of EYS, it formed an Intangible Asset of € 87,500 k (due
to the granting of a lower price for the real estate than the original). In 2021, the Company depreciated one twentieth of this
amount, which corresponds to € 4,375 k. Having undertaken an equal obligation of 87,500, it entered the corresponding
obligation for the provision of operation and maintenance services at the beginning of the fiscal year and decreased it by €
25,000 k, recognizing an equal amount of income.
To facilitate the separation of adjustments first recorded in the Financial Statements of 2020 in relation to raw water and
finalized in 2021 with both the concession contract and the operation and maintenance contract of the EYS and to capture in
the best possible way the performance of the company regardless of these events, we adjusted EBITDA, deducting the relevant
effects.
In particular, the Ratio is calculated if the cost of sales, distribution expenses, administrative expenses, other expenses are
deducted from turnover and other operating income and total depreciation are added.
The item "Impairment of financial assets" in the Income Statement is also deducted, which concerns the provision-expense of
doubtful receivables for the period.
The cost of raw water based on the agreement is added to the relevant sum (because it is included in the cost of sales) while
revenue of operation and maintenance contract (included in the turnover).
Reconciliation of Adjusted EBITDA
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Turnover
343.493
360.764
343.477
360.753
Cost of sales
-221.929
-203.835
-221.929
-203.835
Administrative expenses
-78.325
-73.130
-78.281
-73.089
Distribution expenses
-39.332
-36.945
-39.332
-36.945
Impairment of financial assets
3.703
-3.733
3.703
-3.733
19
Other expenses
-10.627
-1.906
-10.627
-1.906
Other operating expenses
3.105
5.065
3.105
5.065
Depreciation / Amortization
45.072
45.287
45.072
45.287
Grants amortization
-6.190
-6.114
-6.190
-6.114
Revenue from Operation and Maintenance Contract of the EWS
-25.000
-25.000
-25.000
-25.000
Cost of raw water
27.624
28.395
27.624
28.395
Adjusted EBITDA
41.594
88.848
41.622
88.878
• Adjusted EBITDA-I
To facilitate the separation of the :
• adjustments recorded in the Financial Statements of 2021 and 2022 for the first time in relation to the raw water as
well as
• significant change in the impairment of financial assets
and in order to present in the best possible way the performance of the company regardless of these extraordinary events, we
adjusted EBITDA, deducted the relevant effects.
In particular, the Ratio is calculated by deducting the cost of sales, distribution expenses, administrative expenses, other
expenses from turnover and the other operating income and by adding the total depreciation/amortization. In the relevant
sum:
The cost of raw water is added and revenue from Operation and Maintenance Agreement of the EYS is deducted
Reconciliation of Adjusted EBITDA-I
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Turnover
343.493
360.764
343.477
360.753
Cost of sales
-221.929
-203.835
-221.929
-203.835
Administrative expenses
-78.325
-73.130
-78.281
-73.089
Distribution expenses
-39.332
-36.945
-39.332
-36.945
Impairment of financial assets
-10.627
-1.906
-10.627
-1.906
Other expenses
3.105
5.065
3.105
5.065
Other operating expenses
45.072
45.287
45.072
45.287
Depreciation / Amortization
-6.190
-6.114
-6.190
-6.114
Exclusive right amortization
-25.000
-25.000
-25.000
-25.000
Revenue from Operation and Maintenance Contract of the EWS
27.624
28.395
27.624
28.395
Cost of raw water
37.891
92.581
37.919
92.611
II. Overview of Activities -Evolution of billed water consumption and billed revenues from the sale of water & sewerage
rights
The total consumption in 2022 showed a decrease of -4.4% compared to the previous year 2021. The decrease in the volume
of water consumption, which is approaching the maximum limit of reductions observed over time, is mainly due to the financial
burden on households from increase in inflation and the consequent reduction of their activities, affecting in general the
consumption behavior and by extension the consumption habits related to the quantities of use, such as the use of hot water,
20
the cost of which is related to the cost of energy. Also, the reduction in consumption is due to the lower level of temperatures
that prevailed during the considered time period, but also to the implementation of the operational program for the
management of overdue debts, which orients the consumer public to water saving tactics.
Contrary to the total, invoiced consumption recorded an increase of 3.9%, resulting in a decrease in non-invoiced consumption.
Unbilled consumption is the difference between total and billed (now free) consumption. The percentage of unbilled
consumption is the ratio of unbilled consumption in the Internal Water Supply System of EYDAP SA (I.W.S.S.), to the volume of
water at the exit of the Water Treatment Units. The annual percentage of non-invoiced consumption in I.W.S.S.for the year
2022 was 21.1%, as a consequence of the increase in billed consumption, compared to 27.9% of the corresponding previous
twelve months of 2021. The percentage of non-billed consumption for the two-year period 2021-2022 amounted to 24.5 %.
H total consumption
3
(billed, unbilled and free) of the years 2020, 2021 and 2022 is reflected in the following table:
T1. Total Water Consumption (c.m.)
Consumption Category
Year 2022
Year 2021
Year 2020
Invoiced Consumption
308,078
296,539
310,565
Non-invoiced Consumption
80,061
109,848
88,835
Gratis Consumption ( firefighting uses)
16
11
14
Total consumption
388,154
406,398
399,414
The evolution of invoiced consumption , respectively, is reflected in the following table:
T2. Billed consumption (c.m.)
Invoice Category
Year 2022
Year 2021
Year 2020
General Tarrif
200,050
183.305
201,980
Industrial – Business
23,670
21,271
20,635
Public Services - Local authorities
17.117
16,728
17.031
Network enhancement
61,494
65,066
62,274
Other
2
5,746
10,169
8,645
Total
308,078
296,539
310,565
The increase in invoiced consumption by 3.9%, corresponding to 11.5 million cubic meters, is mainly due to the General tariff,
which showed an increase of 9.1%, which corresponds to 16.7 million cubic meters . The increase in the invoiced consumption
of the General tariff, despite the decrease in total consumption, is due to the gradual normalization of the issuance and
distribution of water abstraction bills, after the restoration of the suspension phenomenon, which resulted from the inability
to identify a postal service provider. In the previous year 2021, respectively, the reduction in invoiced consumption is due to
the lag caused, due to the impact of the appearance of the same phenomenon. The suspension of invoicing from 27.04.2021
to 15.06.2021 and from 07.09.2021 to 08.11.2021 resulted in the delay in invoicing revenues, mainly in the category of General
invoicing. Excluded are special route accounts, large customer accounts and accounts with electronic updates. The Company
restarted the daily issue of accounts, temporarily from 16.06.2021 and definitively on 8 November. On November 15, 2021,
the distribution of bills to consumers began.
3
The total water consumption is the sum of the following individual quantities : _
• Output quantity from the Water Treatment Units (WTUs).
• Recorded quantity of supplied purified water of external aqueducts from rapid refineries.
• Recorded amount of unrefined water supplied by water meters , connected to the external aqueducts and related to the
Company's wells in the area of Mavrosouvala and other unrefined water supplies along the Mornos canal and the Ylikis aqueduct.
2
The other invoices include the following categories: Raw water, Ship Supply, Charitable and imputed charges (water loss from third party
damage to the network, arising during their operations).
21
The Industrial - Business tariff category also showed an increase, which was 11.3%, corresponding to 2.4 million cubic meters.
The invoiced consumption of Industrial-Professional returned to levels 4% higher than those recorded in 2019, before the
emergence of the pandemic phenomenon, during which consumption of the category had suffered losses of the order of 10%.
An increase was also noted in the invoiced consumption of the Public Services - Local authorities ategory by 0.4 million cubic
meters, which corresponds to an increase of 2.3%, returning to the levels of the year 2020.
On the contrary, the local authorities Network upgrade category, which represents the second largest customer category,
followed the path of total consumption, showing a decrease of -5.5%, corresponding to 3.6 million cubic meters. The
phenomenon of the suspension of issuing and distribution of bills, which affected the General Tariff category, did not have an
impact on the local authorities Networks upgrade category, whose final consumers, supplied by the networks of the OTAs,
showed a similar consumption behavior to ordinary consumers within network of EYDAP SA, affecting the course of total
consumption.
The following table shows the evolution of invoiced water sales revenue, of the main tariff categories, for the years 2020, 2021
and 2022:
T3. Invoiced Revenues from Water Sales (thousands €)
(Compulsory water consumption revenues and imputed consumption revenues are included)
Invoice Category
Year 2022
Year 2021
Year 2020
General Tariff
156,780
145,001
155,691
Industrial – Business
19,269
17,648
17,013
Public services - Local authorities
17,199
16,780
17.123
Network enhancement
30,097
31,843
30,484
Other
3.307
3,704
3,320
Total
226,653
214,976
223,630
The increase in invoiced revenues from the sale of water in the year 2022 is mainly due to the increase of 8.1% (€11.8 million)
in revenues from the main category, which is the General tariff (household).
The following table shows the evolution of the invoiced revenues from the sales of the right- to -use sewers (sewerage) , in
terms of the main invoice categories:
T4. Billed Sewer Usage Revenues (thousands €)
Invoice Category
Year 2022
Year 2021
Year 2020
General Tariff
87,316
81,642
88,366
Industrial - Business
7,032
6,276
6.271
Public services - Local authorities
6,255
6,349
6,701
Network enhancement
0
0
0
Other
48
36
41
Total
100,651
94.302
101,379
Finally, in the following table, the total invoiced revenues is shown cumulatively sale of water & right to use sewers , regarding
the main tariff categories, for the years 2020, 2021 and 2022:
T5. Total Invoiced Revenues from Water Sales & Right-of-use Sewerage (thousand €)
Invoice Category
Year 2022
Year 2021
Year 2020
General Tariff
244,096
226,643
244,057
22
Industrial - Business
26,302
23,924
23,284
Public services - Local authorities
23,454
23,129
23,824
Network enhancement
30,097
31,843
30,484
Other
3,356
3,739
3,361
Total
327.304
309,278
325,010
The increase in invoiced revenues from the water sales and the right-of-use sewerage by 5.8% (€18 million) is a result of the
increase in revenues from the General Invoicing category, which constitutes 75% of the total invoiced revenues of the year.
Five (5) levels of consumption are applied to the pricing of water with a General tariff, based on the principle of tiered pricing,
according to which, the more water is consumed, the higher the unit sales price, which corresponds to the revenue per cubic
meter of water. The following table shows the relative distribution (%) of the invoiced quantity of water of the General Tariff,
in terms of the five applicable pricing scales.
The 1st scale corresponds to the lowest selling price of the General tariff per cubic meter of water and the quantity of the first
cubic meters of consumption of the water abstraction accounts. The 2nd scale corresponds to the next highest level of sales
price and cubic water consumption in the water abstraction bills, and so on for the following tiers. The 1st scale increased its
share in the consumption of the General Tariff category from 48.6% to 50.4% (percentage share increase of 4%), while
correspondingly the share of the 2nd scale decreased from 44.4% to 42.7% . The 5th scale with the highest selling price and
cubic volume exceeding the highest consumption threshold, increased its share from 3.17% to 3.33%, corresponding to a
percentage share increase of 5%.
SIGNIFICANT EVENTS IN 2022
EYDAP-Greek State Agreement
On December 24, 2021, the Extraordinary Shareholders’ General Meeting of EYDAP was held which, with a percentage of
positive votes of 99.96%, ratified the decision of the Board of Directors for the signing of the contract with the Greek State in
which the conditions for the renewal of the exclusive right are determined provision of water supply and sewerage services
granted to EYDAP S.A. until 31.12.2040 and for the signing of the contract for the operation and maintenance of the External
Water Supply System (E.W.S.S.) for three (3) years. With the ratification of the agreement between EYDAP and the Greek State,
the sale price of the raw water from the Greek State to EYDAP, for the next 20 years, is determined at a price approximately
40% lower than the previous one that was valid for the period 2004 - 2013.
The determination of a fair and reasonable price for raw water for the next twenty years is a decisive factor for the Company's
business plan and now provides a stable pricing environment for its consumers, but also a clear picture for investors who want
to support the company in its demanding investment plan and its transformation. The possibility provided to EYDAP according
to JMD 352462, Official Gazette 5830/14.12.2021 to recover the payable amount of €157.2m. within the period of validity of
the contract of article 114 of Law 4812/2021 as an operating cost that is part of its financial cost in accordance with the terms
of articles 4 and 9 of the joint ministerial decision of the Ministers of Interior, Economy and Development and Finance
135275/22.5. 2017 (Β΄ 1751) contributes to the further positive evaluation of the Company's progress).
T6. Allocation of Invoiced quantity of Water of General Tariff in the Invoicing Scale (%)
General Tariff Scales
Year 2022
Year 2021
Year 2020
1st Scale
(1-15 m
3
per three months)
50.44
48.55
48.83
2nd Scale (16-60 m
3
per three months)
42.65
44.37
44.58
3rd Scale
(61-81 m
3
per three months)
2.43
2.70
2.74
4th Scale
(82-105 m
3
per three months)
1.15
1.21
1.12
5th Scale
(>105 m
3
per three months)
3.33
3.17
2.73
23
On February 2, 2022, with the signing of the two contracts, a long-standing pending situation was definitively closed, which
now allows the Company long-term visibility and gives it the flexibility to implement its demanding strategic plan, to the benefit
of all parties involved. This essentially means the possibility of rationalizing operating costs, speeding up the implementation
of the investment program, improving the services provided, expanding the activities and the customer base, participating in
activities outside the area of competence if legislative regulations are implemented and an overall positive future path for
EYDAP.
All the relevant documents (draft contracts, opinion reports, JMD) are posted on the corporate website www.eydap.gr .
Operation, Maintenance, Repair and Rehabilitation of the Assets of the External Water Supply System (E.W.S.S.)
With reference to the tender process (PPP) for the maintenance and operation of the E.W.S.S., which was pre-approved by the
Ministry of Transport and Infrastructure, in October 2022, with the unanimous decision 1886/2022 of the major composition
of the 4th Department of the Council of State, the supreme annulment court decided that the tender process cannot proceed
in the given form.
According to the contract for the assignment of operation and maintenance services of the E.W.S.S. signed between EYDAP
S.A., the Greek State and EYDAP Fixed Assets, there is a possibility of a unilateral extension by the Greek State for an additional
period of 6 months, i.e. 30 June 2024 and it is also possible another extension upon agreement of the parties.
Because due to the aforementioned decision of the Council of Ministers it will be difficult for the content of the contract to be
assigned by the public to a third party within the specific time frame, it is expected that the contract with EYDAP will be
extended, in accordance with article 11 of the above current contract.
In order to deal with any other relevant development, EYDAP will prepare alternative action plans within 2023.
EYDAP will continue to operate and maintain the External Water Supply System (E.W.S.S.) until the end of its relevant contract
or relevant extension, as it has successfully done for the last 40 years, continuously providing quality and affordable water in
Attica , through the accumulated know-how and experience it possesses.
Council of State decisions
On February 4, 2022, the nos. 190-1/2022 decisions of the Plenary Session of the Council of Ministers by which the transfer of
the majority of the Share Capital of EYDAP SA and EYATH SA to the Hellenic Holdings and Property Company by law 4389/2016
was deemed unconstitutional. The Hellenic Holdings and Property Company holds direct voting rights for 50.003% of the share
capital of EYDAP and indirect voting rights for 11.33% of the share capital through TAIPED.
On July 30, Law 4964/2022 was published (Articles 114 & 115) which includes the special arrangements for EYDAP and EYATH,
among which it is stipulated that the shares of the companies remain in the possession of Hellenic Corporation of Assets and
Participations S.A (HCAP) with increased public supervision.
On December 28, 2022, the 4th Department of the Council of State, with its decision 2519/2022, unanimously annulled, in its
entirety, decision no. contrary to Directive 2000/60 and the relevant national legislation (n. 3199/2003 and p.d. 51/2007).
On March 20, 2023, the 7 & 8/2023 decisions of the Tripartite Compliance Council of the Council of State were published, with
which the CoE ruled that the executive and legislative power, with articles 114 and 115 of Law 4964/2022, they did not comply
with the decisions of the General Assembly 190 & 191/2022, by which the transfer of the shares of EYDAP and EYATH from the
State to the Superfund was ruled unconstitutional. Subsequently, the CoE orders the Ministry of Finance to take all the
necessary actions, within eight months at the latest, in order to return the shares of EYDAP and EYATH to the State.
EYDAP has not yet received any notification from its main Shareholder regarding the transfer of the majority of its share capital.
The Company's expectation is that the relevant compliance will take place before the Annual Ordinary General Meeting of
Shareholders.
Signing of a Memorandum of Cooperation (MoU) between EYDAP and ELLINIKO S.A.
24
In July 2022, EYDAP signed a Memorandum of Cooperation and Understanding with Lamda Development S. _ A ., through its
subsidiary ELLINIKO A.E. (" LAMDA ") which concerns the water supply, drainage and facility for the production of recycled
water, as well as an urban and peri-urban distribution network of recycled water to cover the needs of the Metropolitan Pole
Hellinikon - Agios Kosmas.
EYDAP, in the context of the cooperation with ELLINIKO S.A., will supervise the construction of the water supply, drainage,
production and disposal of recycled water projects, while, after their completion, it will assume responsibility for their
operation, maintenance and management . EYDAP will also carry out large-scale projects in order to ensure the adequate
coverage of the water supply needs of the Metropolitan Pole Hellinikon which are estimated at 17,000 cubic meters per day
in its full development. Finally, the construction of a recycled water production facility is planned which will cover the needs
of the public and open green spaces of Hellinikon Park. The capacity of the above installation, in full development, will be of
the order of 7,000 cubic meters per day.
Immediate priority projects for the E.W.S.S.
EYDAP and all the agencies involved had recognized and assessed the risk of unsafe water supply to Attica due to failure of the
external water supply system in the unifying aqueduct, which is owned by the State.
In the event that a failure occurs in the area, a possible temporary deficit of 30-40% of Athens' water supply is estimated.
On August 4, 2022, the Ministry of Infrastructure and Transport sent a letter to EYDAP in which it is stated that EYDAP is
expected to be assigned immediate priority projects for the EYS, with a budget of 78 million euros (including VAT) in
accordance with the procedures of Law 4412/16 and the terms of the February 2, 2022 contract. However, the Ministry of
Infrastructure and Transport had not determined the way of financing the projects, while the signing of the relevant
programming contract with EYDAP has not progressed either.
In order to avoid the effects of this risk, EYDAP addressed in March 2023, a request to the competent Ministries for the
specification of the financing method and the necessary conditions for the implementation of the necessary improvement
projects.
In a letter from the Administration in April 2023 to the supervising ministry, following a relevant meeting of EYDAP, EYDAP
Fixed Assets, Ministry of Transport and Infrastructure, Ministry of Environment and Energy, it was communicated that the
fastest and most feasible solution to proceed as soon as possible with the implementation of the said projects is to conclude
a contract between EYDAP S.A. and EYDAP Fixed Assets. The relevant directions of the supervising ministry are expected
immediately.
Formation of the Board of Directors in a body
Based on the recent employee elections, in June 2022, for the nomination of two of their representatives to the Company's
Board of Directors, Mr. Emmanuel Angelakis and Georgios Alexandrakis. The term of office of the two (2) employee
representatives of E.Y.D.A.P. S.A. is four years and expires on 24.06.2026, with the possibility of extension up to one (1)
additional year.
The Board of Directors, after taking into account the results of the elections, during its meeting on July 6, 2022, constituted a
body, as follows:
Full name
Capacity
Theodora Varvarigou
Charalambos Sahinis
Chairman of the Board of Directors, Non-Executive Member
CEO, Executive Member
Anastasios Tosios
Deputy CEO, Executive Member
Ekaterini Beritsi
Independent, Non-Executive Member
Alexander Nasoufis
Independent, Non-Executive Member
Angelos Amditis
Independent, Non-Executive Member
Michael Stavroulakis
Independent, Non-Executive Member
Dimitris Konstantakopoulos
Non-Executive Member
Christos Karaplis
Non-Executive Member
Panagiotis Skularikis
Non-Executive Member
25
Christos Mistriotis
Non-Executive Member
Emmanuel Angelakis
Non-Executive Member
George Alexandrakis
Non-Executive Member
Annual Ordinary General Meeting of Shareholders
The Annual Regular General Meeting of Shareholders was held on August 30
, 2022
, entirely with the participation of the
Shareholders remotely via video conference and using electronic media.
The General Meeting:
-On the first issue, approved the Individual and Consolidated Annual Financial Statements of EYDAP S.A., according to the I.A.S
and I.F.R.S. for the fiscal year 1.1.2021 - 31.12.2021, the Board of Directors’ (BoD) Report of EYDAP S.A., the Independent
Auditors’ Report of EYDAP S.A. and the Audit Report of the Certified Auditors of EYDAP S.A.
-On the second issue, according to Article 108 of Law 4548/2018, approved the overall management of EYDAP SA and the
exemption of the Auditors from any responsibility for compensation concerning the fiscal year 1.1.2021 - 31.12.2021.
-On the third issue, approved the distribution of 2021 profit dividend of 29.820.000€, i.e. dividend of 0.28 € per share gross
and determined the dividend beneficiaries and the date of payment. After withholding tax of 5% (0.014 euro per share), the
net payable dividend amounts to 0.266 euro per share net. Ex-dividend date is defined as September 5th, 2022 and therefore
beneficiaries of the dividend are shareholders registered in the Company’s records in the Dematerialized Securities System on
September 6th, 2022 (record date). Payment of dividend will commence on September 12th, 2022 according to the procedure
defined by the Regulation of the Athens Exchange.
-On the fourth issue, approved with an advisory vote the Remuneration Report for the financial year 2021 in accordance with
article 112 of Law 4548/2018, which is available on the Company's official website www.eydap.gr.
-On the fifth issue, approved the fees and expenses paid to the Members of the Board of Directors for their participation in
the Board of Directors, the Audit Committee of the Board of Directors, the Remuneration and Candidacy Committee of the
Board of Directors and the Strategy, the Innovation Committee of the Board of Directors and the Risk Management Committee
of the BoD for the period from 01.07.2021 to 30.06.2022, pre-approved their fees and expenses for the period from 01.07.2022
to 30.06.2023 and approved the additional fixed fees received by the Members of the Board of Directors of EYDAP S.A, for
their participation in Committees of the Company for the year 2021.
- On the sixth issue, approved the remuneration of the Chairman of the Board of Directors, the Chief Executive Officer and the
Deputy Chief Executive Officer of EYDAP S.A, from 01.07.2021 to 30.06.2022, pre-approved their remuneration for the period
from 01.07.2022 to 30.06.2023 and approved the annual remuneration for 2021. Additionally, the GM approved the payment
of extraordinary additional variable remuneration to the CEO and the Deputy Managing Director for the achievement of goals
in the year 2021 and pre-approved the payment of extraordinary additional variable remuneration to the Managing Director
and the Deputy Managing Director of EYDAP S.A. to achieve strategic and quantitative goals in the year 2022.
- On the seventh issue, elected the Audit Company “GRANΤ THORNTON S.A” and appointed its fee for: a) the audit of the
Annual Financial Statements, b) the Review Report of the Interim Condensed Half-Yearly Financial Statements, c) the granting
of a Tax Certificate, d) the granting of a Report of an Independent Certified Public Accountant for the audit of the completeness
of the information included in the Remuneration Report, in accordance to Article 112 of Law 4548/2018 and e) the issuance
of a Verification Report by an Independent Certified Public Accountant for the submission of electricity consumption of
electricity suppliers in the reduced charges of the Special Tax for the Reduction of Air Pollution Emissions, in accordance to
article 14 of the Government Gazette B' 3152/30.07.2020. According to the decision of 19.03.2010 of the Accounting
Standardization and Control Committee, the Management EYDAP S.A. within five (05) days from the date of the election, will
send a written notice-order to the Auditing Company "GRANT THORNTON S.A." and then the Auditing Company in question
will inform within a period of one (01) month of its election, the names of the Certified Public Accountants who will be
responsible for the audit and will lead the audit team.
- On the eighth issue ratified the 27.04.2022 Memorandum of Understanding signed between E.YD.A.P. S.A. and of the EYDAP
Fixed Assets Company LEPL in execution of the legal obligations of EYDAP. S.A. deriving from Law 4812/2021 and the 22
02.02.2022 Agreement signed between the Greek State, EYDAP S.A. and the EYDAP Fixed Assets Company LEPL effective from
01.01.2021.
-On the ninth issue, approved the revised Nomination Policy for the Members of the Board of Directors of E.Y.D.A.P. S.A. in
accordance with article 3 of Law 4706/2020, which is available at the company’s website www.eydap.gr. -On the tenth issue,
the Annual Report of the Company's Audit Committee for the year 2021, which is available on the Company's official website
www.eydap.gr in the "Investor Relations" section, was brought to the attention of the General Meeting of Shareholders. No
vote was required on the issue. -On the eleventh issue, the Report of the Independent Non-Executive Members of the Board
of Directors of E.Y.D.A.P. was brought to the attention of the General Meeting of Shareholders. S.A. in accordance with article
26
9, paragraph 5 of Law 4706/2020 which is available on the Company's official website www.eydap.gr in the "Investor Relations"
section. No vote was required on the issue.
Investment plan
In 2022 the absorption of the investment program amounted to 30.5 million euros, increased by 66% compared to the
absorption in 2021 which had risen to 18.3 million euros and increased by 107% from the average absorption of the previous
year five years old. The main volume of the investment program concerns the large drainage projects in eastern Attica, but
also projects of the water supply network (installation of new services, water supply network works, extensions, improvements
and replacements) and the drainage network (construction of real estate connections & secondary wastewater drainage
network) , reconstruction of depressed pipelines).
The pre-calculated amount of the investment program for 2023 amounts to 45.9 million euros, with 52% concerning the
drainage projects of eastern Attica, 28% water supply projects and 15% wastewater projects.
Almost 50% of the projects are financed by the EU.
Projects of Eastern Attica
Aiming at environmental protection, sustainable development, public health protection and the definitive solution to the
problem of disposal of urban wastewater in the Eastern Attica region, EYDAP included the implementation of drainage
projects in the region among its operational goals.
EYDAP's planning for these important wastewater projects aims both at the integrated management of the area's
wastewater and at the reuse of treated effluents to ensure maximum environmental benefit.
In this direction, the Waste Water Treatment Plants-WWTP to be constructed have been designed to operate with state-
of-the-art technology, ensuring the possibility of re-using the treated effluents, in full harmony with the current
institutional framework for re-use.
An Environmental Awareness and Information Center will operate at the WWTP facilities of the Municipalities of Rafina-
Pikermio and Spata-Artemidos, in which pilot application programs for the optimal utilization of reclaimed water will be
implemented, as well as information and education actions of an environmental nature.
The planning for the construction and operation of integrated wastewater management systems in Eastern Attica
includes projects in the areas of the Municipalities of Rafina-Pikermio, Spata-Artemida, Marathona, Pallini Paania,
Saroniko, Kropia and Oropou.
In 2022, significant progress was achieved in the implementation of wastewater drainage projects in Eastern Attica. In
more detail:
D1. "Collection, Treatment of Urban Wastewater of the Municipalities of Rafina-Pikermio and Spata-Artemidos and
Reuse-Disposal of treated effluents"
The construction of the wastewater network in the areas of Rafina, Kallitechnoupoli, N. Voutza, Pikermio, Drafi and Dioni
of the Municipality of Rafina-Pikermio and transport projects in Spata and Artemisa of the Municipality of Spata-Artemida
is underway, through two contracting contracts. The construction of the wastewater network in the Municipality of Spata-
Artemida is also to be auctioned.
33,140 m of sewer pipes and 600 m of tunnel have been constructed.
D2. "Collection, Treatment of Municipal Wastewater of the Municipality of Marathon and Disposal-Reuse of treated
effluents".
The contract for the construction of the dirty drainage network of the Municipality of Nea Makris - Marathon was signed
(April 2022) and the project is in progress. 5,520 m of sewer network pipes have been constructed.
D3. "Drainage of the settlement of Varnavas, Municipality of Marathon"
D4. "Construction of wastewater works in areas of the Municipality of Pallini"
The contract for the construction of the wastewater network in the areas of Geraka, Pallini and Anthousa of the
Municipality of Pallini was signed and the project is in progress. 28,000 m of sewer pipes have been constructed.
27
D5. "Construction of a wastewater network for the freshwater area of the Municipality of Paiana"
The project is to serve approximately 10,000 residents in the initial phase. The physical object is about 70% complete.
42,500 m of sewer pipes have been constructed.
D6. " Collection and treatment of urban waste water of Saronikos and Agia Marina and Agios Dimitrios Municipality of
Kropias"
During the initial operation phase of the project, 73,000 residents will be served.
D7. "Drainage of Kitsi area of the Municipality of Kropias"
The tender process for the award is about to be announced.
D8. "Drainage of the areas of Leontario-Kantza, Kato Balana and Ag. Nikolaou of the Municipality of Pallini, with the
recipient of the Peania-Koropio WWTP"
The project is to serve approximately 10,000 residents in the initial phase. The tender process for the assignment of the
preparation of the study has been completed.
D9. "Drainage of the southern part of the Municipal Unit of Artemisa"
Elaboration of a Definitive Wastewater Study for PE 4 and PE 6-14 of the southern part of Artemis.
D10. "Wastewater, wastewater treatment of the Municipality of Oropos and disposal and reuse of treated effluents"
A study is being prepared with the title: "Study of wastewater and waste water drainage of the settlements of Avlonos,
Markopoulos, Oropos, Neo Palatia and Chalkoutsi of the Municipality of Oropos" and the EIA of the project is being
prepared here.
At the same time, the process of maturing the drainage projects in the other areas of the Municipality (Agioi Apostolii,
Kalamos, etc.) is in progress.
D11. "Reuse of Treated Effluents of the Wastewater Treatment Centers (WWTP) of Eastern Attica"
The maturation of the project continues, in order to create the appropriate conditions for promoting the use of WWTP's
recycled water. The aim of the project is the reuse of the recovered water of the WWTP for irrigation and peri-urban use
for the benefit of agricultural cooperatives and local communities.
D12. "Management, final processing and utilization/disposal of the produced biosolids of the WWTP of Eastern Attica"
The project is in the initial stage of maturation
D13. " The construction of a wastewater network in the settlement of Daou Pentelis, Municipality of Pentelis"
A request was submitted for financing the construction of the drainage project in the settlement of Dau Pentelis,
Municipality of Pentelis by EYDAP in December 2022 in the context of the Program Agreement signed between EYDAP
and the Municipality of Pentelis.
D14. Construction of a Sewerage Network in the settlements of Grammatiko, Ano Souli, Kaletzi and Agios Panteleimon
(part of the settlement) of the Municipality of Marathon
The completion of the drainage projects in Eastern Attica, in addition to regulatory compliance with Directive 91/271/EEC,
will be a factor in ensuring the sustainability of the precious water resource, upgrading the marine environment and the
water table and protecting the health of the residents, thus contributing to the achievement of the Sustainable
Development Goals as defined by the UN.
Projects D1, D2, D4, D5, D6 (study), D7 (study), D8 (study) are co-financed by the NSRF/Operational Program "Transport
Infrastructures, Environment and Sustainable Development 2014-2020" by approximately 90%.
Requests for co-financing have been submitted for projects D3 (study), D10, D14 and D15.
Human resources
Regarding the Company's human resources during 2022:
• 97 positions of responsibility in the company's organizational chart have been filled with a modern meritocratic
evaluation process.
• 66 new ASEP recruits have been integrated into the Company's human resources.
• The company's executive register was created and is constantly updated.
28
• The Department of Education in collaboration with the Department of Staffing & Human Resources
Development provided training with approximately 100 different thematic modules.
• The process of modernizing EYDAP's Health has begun, with the implementation of best practices and the aim
of the long-term improvement of the health of the insured.
• The plan to optimally reallocate resources and redeploy human resources through workforce management will
be completed in the first quarter of 2023 ( workforce planning ).
• An employee experience survey was implemented for the first time in the Company
Strategy Implementation
Regarding security , which is the core of our strategy during 2022, the following was done:
• BCC customer system , the document handling system, the Geographic Information Systems GIS , etc. - actions
that protect and strengthen the safety of the production operation.
• Development of new applications for corporate compliance in Electronic invoicing, payment with a unique RFID
code .
• Re-certification of the Quality Management System of the Internal Audit Department according to ISO
9001:2015.
• Awarding of the Internal Audit Department of EYDAP with the GOLDEN AWARD of the Hellenic Institute of
Business Ethics, by fulfilling the criteria of the business ethics model RESPONSIBLE MANAGEMENT EXCELLENCE.
EYDAP is the only company in the wider public sector that has received such certifications.
• Compliance with GDPR without complaints and fines.
• Compliance with the requirements of Law 4706/2020 for listed companies.
Regarding efficiency :
• The Operation and Maintenance Contract of the Psitalia WWTP was signed with a discount of 35.5% and
investments that will lead to a gradual energy reduction of at least 36%, over a period of three years.
• The replacement of the largest number of aging Water Supply Networks in the last 15 years was implemented.
• New Revenue and Claims Management Policy
• Complete upgrade of the corporate website www.eydap .gr by incorporating modern technologies such as AI
Chatbot and other electronic services for the convenience of customers.
• Formation of a Systemic Methodology of Public Contracts Awarding Procedures.
• Processing of a huge volume of procurement and project contracts, unique for the Greek data from a single
entity (third parties after the Ministry of Infrastructure and the Ministry of Defence)
• Redesign of the Operational Model of Transport Services and drawing up specifications for the implementation
of a Fleet Management System.
• Successful outcome of all the important courts of the year which reduced our forecasts by 7-8 million Euros .
• Award with the Best Benchmark Coordinator Award network European Benchmarking Cooperation EBC
IB2021.
In order to offer added value to society and shareholders, for the development of the Company in 2022:
• The water supply of Aegina has been completed through the water supply pipeline built by the Region of
Attica.
• Doubling of executed projects/investments from 15 million euros to 30 million euros.
• Signing of a memorandum of cooperation with Elliniko S.A. for the water supply and integrated drainage of the
Metropolitan Pole of Hellinikon.
• Signing of a memorandum of cooperation with the water supply and sewerage agencies and the Ministry of
Environment of Cyprus.
• Increase of EYDAP's extroversion in innovation: Within 2022 the European Programs ( Horizon , Research-
Innovation, UIA ) in which EYDAP participates increased to 10 from 7 in 2021, the largest number in recent
years.
• Increasing the company's networking with innovation bodies in Greece and internationally.
Special Customers
During 2022, the persistent and sustained effort to reduce local government arrears and prevent the accumulation of new ones
continued, despite the problems arising from the coronavirus pandemic. In addition, the identification actions of the
Municipalities' benefits were intensified, while promoting their registration on the website of EYDAP S.A. and the acceptance
of their electronic invoicing.
29
On 12/31/2022, the overdue debts of the Municipalities to EYDAP S.A. amounted to 29.4 million euros. The total receipts from
the OTAs in 2022 they amounted to 38.1 million euros
Based on the relevant decisions taken by the Board of Directors of EYDAP S.A. in 2020, the Company's assistance was extended
for the whole of 2022, through the free supply of water to the residents of the fire-affected areas of the Municipality of
Marathon and the Municipality of Rafina - Pikermio, which were affected by the fatal fire on 23/7/2018 and are still in
emergency situation.
Pursuant to Decision No. 1842/20.04.2022 of the Managing Director of E.Y.D.A.P S.A. the new Water Supply Agreement was
signed on 12.05.2022 with the Ministry of Shipping & Island Policy ensuring the water supply of the arid islands.
The total receipts from the State amounted to 17.3 million euros in 2022 compared to 16.2 million euros in 2021, increased by
6.80%.
The overdue debts of the State for 2022 amounted to 15.4 million euros compared to 16.8 million euros in 2021, of which 3
million euros are debts of EYDAP Fixed Assets.
The overdue debts of Large Customers on 31/12/2022 amounted to 4.8 million euros, of which 0.2 million euros are in
settlement. Accordingly, overdue debts on 31/12/2021 had risen to 4.9 million euros, of which 1.3 million euros were in
settlement. The total collections for 2022 amounted to 29.1 million euros against 23.6 million in 2021, an increase of 23.30%
was obtained.
Regarding the fund operating at the Metamorfosi Wastewater Treatment Center, the total receipts of WWTPM for 2022
amounted to 1.5 million euros (including VAT), at the same levels as in 2021.
EYDAP NISON Development S.A.
In July 2011, the Company "EYDAP NISON SA" was established. in which EYDAP SA participates in the share capital. with a
percentage of 100%. The purpose of the Company is the provision of water supply and drainage services as well as a number
of activities related to the above, in the area outside the competence of EYDAP S.A., through the utilization of the know-how,
the specialized staff and the modern tools available to EYDAP A .E.
The Board of Directors appointed by the General Assembly of May 24,
2022
with a term of office until 5/25/2027, is made up of
the following
Charalambos Sahinis Chairman of the Board of Directors and CEO
Anastasios Tosios Member
Georgios Karagiannis Member
Konstantinos Vougiouklakis Member
Petros Matsoukis Member
With reference to the events of 2022, a contract was signed with the Municipality of Iroiki Nisos Kasos for the provision of
technical support for the Municipality's water supply projects and services for an additional year. The work was also completed
for the restoration of the leak in the network of operating pipelines of the Astypalea dam.
In May 2022
EYDAP Islands Development signed 5 memoranda of understanding for a long-term and beneficial cooperation
and exchange of information and knowledge with the Ministry of Agriculture, Rural Development and Environment of Cyprus,
the Water Distribution Authority of Nicosia and the Wastewater Treatment Authorities of Larnaca and Limassol.
EYDAP Islands Development agreed with the Ministry of Aegean and Island Policy to draw up a memorandum of understanding
in order to strengthen the cooperation of EYDAP through its subsidiary in matters of water supply and drainage in the islands
of the territory.
At the same time proposals were made for cooperation in the Municipality of Aegina, the Municipality of Agrafo and the
Municipality of Sparta.
ANTICIPATED COURSE AND DEVELOPMENT
EYDAP, having the exclusive right to provide water supply and distribution services and wastewater services in the region of
Attica until 2040, serves 40% of the population of the Greek territory.
As the largest water supply and sewerage company in Greece and one of the largest in Europe, it consistently, responsibly and
sensitively ensures that it provides excellent quality water alongside modern and uninterrupted wastewater and biological
cleaning services to the population of Attica, while at the same time ensuring the natural habitat.
Having as its primary objective the best possible service to its customers, as well as the efficient management of water, its high
level of expertise guarantees the coverage of the needs of the population served and the efficiency of the use of resources.
30
During 2022, EYDAP absorbed the shocks of the energy crisis, supporting consumers through low tariffs. The increase in energy
costs affected the efficiency measurement indicators, while the inflationary pressures combined with the statistically lower
temperatures that prevailed, affected the consumption behavior of citizens, resulting in a reduction in consumption.
With reference to the Company's projected course in 2023, with the new regulatory framework which will be formed under
the new Regulatory Authority for Waste, Energy and Water (R.A.A.E.Y.), the responsibilities of the water bodies are being
rationalized and updated management and policy, individual regulations necessary for sound water management are amended
and a national water strategy is established. Also, the transparency and rationality of the water policy are strengthened, while
the position of consumers is also upgraded, through the establishment of accountability of water service providers and waste
management, as well as through the control of development-investment and pricing policies.
EYDAP's tariff policy is implemented through the application of the general rules for costing and invoicing water services that
will be determined by ministerial decision, while water service tariffs for the various categories of consumers and users are
approved by a five-year decision of R.A.W.E.W. Until the approval of the new tariffs, the validity of the company's tariffs is
extended.
In article 34 of Law 5037/2023, it is defined that: "By joint decision of the Ministers of Environment and Energy, Finance, Interior
and Rural Development and Food, following the opinion of the Advisory Committee of paragraph 3 of article 4 and a
recommendation of R.A .A.E.Y., to the Commission, the general rules for costing and invoicing water services, the measures to
improve them, as well as the procedures and the method of recovering the cost of water services in the various uses, are
determined, according to par. 1 of the present and the p.d. 51/2007 ."
With the new tariffs, for which an effort will be made to apply from 1/1/2024, with the agreement and evaluation of the
General Water Services Plans by the Regulatory Authority for Waste, Energy and Water(R.A.W.E.W.), it is expected that the
company will recover, according to KYA352462, Gazette 5830/14.12.2021, €157 million allocated for raw water for the period
2013-2020, as well as any other under-recovered amount
The stable regulated business environment that is being formed is the basis for the further development of the Company
through its investment plan and transformation.
The Company has placed particular emphasis on strengthening the ESG strategy it follows. To this end, it has established
measurable indicators for the environment, society and good governance, based on internationally recognized standards,
which are systematically monitored and for which improvement actions have been developed linked to the strategic tripartite
of Safety, Efficiency, Development. The clear objective of the Company's strategy is to reduce our carbon footprint and to make
a substantial contribution to strengthening the resilience of its infrastructure and the societies in which it operates and
develops, as well as to strengthening its adaptive capacity against the risks and natural disasters that result from climate
change. EYDAP aims to achieve zero carbon water by 2030, which will make the company largely independent of the energy
market.
The Company will continue in 2023 with this prioritization while at the same time focusing on the rationalization of operating
costs, with an emphasis on energy costs, the acceleration of the implementation of the investment program with a focus on
the projects of Eastern Attica and the projects to reduce the priceless water that will improve the environmental footprint, the
improvement of the services provided, the expansion of the activities and the customer base.
PRINCIPAL RISKS & UNCERTAINTIES
The Company manages its capital in such a way as to fulfill its purposes, as referred to in paragraph 4a of article 1 of Law
2744/99. Also, in accordance with paragraph 8 of the same article, it is prohibited to establish a real right over its immovable
fixed assets, which are used for the exercise of its activities related to the provision of water supply and sewerage services. It
is noted that according to article 5 of the same law, there is no compulsory execution of EYDAP's assets used for the exercise
of its activities related to the provision of water supply and sewerage services.
The Company currently has no long-term or short-term debt obligations. After its listing on the stock exchange in 2000 and
until 2013, the Company had mainly engaged in short-term borrowing, in order to meet its operational obligations due to the
non-payment of water supply bills by some OTAs and other public bodies.
The Company takes care to maintain a sufficient amount of funds in order to serve its purposes by applying the appropriate
dividend policy.
31
Debt burden ratio
GROUP
COMPANY
Amounts in thousand Euros
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Loan Obligations
Cash & Equivalent
( 322,179 )
(431,734)
(321,363)
(430,881)
Total equity
837,379
815,167
837,695
815,455
Net debt to equity ratio
0
0
0
0
FINANCIAL RISK MANAGEMENT
Financial risk management is handled by the Company's competent Departments, which operate with specific rules approved
by the Board of Directors.
The Board of Directors sets the goals, defines the policy, chooses the risk management framework, the implementation of
which is entrusted to the Company's executives. Having a risk management framework in place is central and the monitoring
process is structured, continuous and ongoing.
(a) Credit Risk
The Company's credit risk exposure is limited to the following financial assets, which are analyzed as follows:
GROUP
COMPANY
Categories of financial data
31.12.2022 2
31.12.202 1
31.12.2022 2
31.12.202 1
Financial Assets at fair value through other comprehensive income
879
1,244
879
1,244
Cash and cash equivalents
322.179
431,734
321,363
430,881
Trade and other receivables and Contract Assets
186,965
286,945
186,897
286,887
Long term requirements
11,591
10,741
11,591
10,741
Investments in subsidiaries
-
-
1,210
1,210
Total
521,614
730,664
521,940
730,963
Commercial and other receivables include receivables from private customers, for which there is a relative risk, which is limited
by taking measures and actions by the competent Departments. The actions concern taking measures to deal with overdue
debts and providing facilities for their repayment.
For the category of local government debts, the Company examines the possibility of collecting overdue debts through drawing
up contracts (network management or arrangements) or through legislative regulations.
The Group and the Company revised the methodology for measuring the impairment of financial assets, in accordance with
IFRS 9.
Below is a timeline for the Company's requirements:
Amounts in thousand Euros
TIME ANALYSIS OF DUE CLAIMS
202 2
Not Overdue
0-1 month
1-6 months
6 months-2
years
2 years-5
years
> 5 years
Total
INDIVIDUALS
26,696
7,409
24,823
38,150
29,819
51,115
178,012
PUBLIC
1,877
38
2,062
2,672
2,697
9,651
18,996
OTA
6,780
46
7,442
10.308
4,407
3,165
32,148
32
Total
35,353
7,493
34,327
51,130
36,923
63,931
229,156
20 21
Not Overdue
0-1 month
1-6 months
6 months-2
years
2 years-5
years
> 5 years
Total
INDIVIDUALS
66,321
9,781
30,222
36,657
31,641
46,890
221,511
PUBLIC
2,349
45
3,047
3,703
2,912
8,855
20,911
OTA
4,726
74
5,833
5,496
3,906
1,535
21,569
Total
73,395
9,899
39.101
45,856
38,459
57,280
263,991
It is noted that the paid amount of installments, private settlements on 31.12.2022 amounts to Euro 8,203 thousand compared
to Euro 7,575 thousand of the corresponding period last year and is not included in the balance of private customers, in the
time analysis table.
The Revenue & Claims Management Department and the Special Clients Management Department constantly check the claims
from the Company's customers, either individually or by group (invoice codes, customer categories) and integrate this
information into the credit control procedures.
In order to deal with credit risk, the Forced Collections Service of the Revenue & Claims Management Directorate examines on
an ongoing basis and settles through the courts (ND 356/1974 "Public Revenue Collection Code") overdue debts to be collected
from water abstraction, usage rights and connection rights properties from individuals and municipalities.
The cash and cash equivalents are subject to an impairment test in accordance with the requirements of IFRS 9 and the
estimated impairment loss is not considered significant. The credit risk is managed by concentrating the largest part of the
Company's reserves in the Bank of Greece (about 60%) and by limiting the exposure to the other Greek credit institutions
(mainly Systemic banks).
None of the financial assets are secured by a mortgage or other form of credit security.
Accordingly, the Company has not assigned financial instruments of the Asset to third parties as a form of guarantee.
(b) Liquidity risk
Liquidity risk is managed by maintaining adequate cash reserves and securing bank credits for use. There is no liquidity risk due
to the existence of significant cash reserves capable of covering current operational and investment needs.
The table below analyzes the Company's financial obligations, classified by relevant grouped maturity dates, which are
calculated according to the balance of time from the balance sheet date to the contractual maturity date, at undiscounted
prices.
Amounts in thousand Euros
TIME ANALYSIS OF OBLIGATIONS
202 2
0-1 Month
2-3 months
3-6 Months
6-12 Months
1- 5 years
> 5 years
Total
Loan Obligations
Obligations for employee benefits
860
1,721
3,169
6.301
45,520
224,770
282,342
Provisions / Other long-term liabilities
12,500
56,745
69,245
Suppliers & Other Liabilities
17,189
64,355
4,917
400
1,009
12,390
100,259
Raw water charge
27,668
27,668
Liabilities from leases
39
79
118
239
369
213
1,057
Total
18,088
66,155
35,871
6,940
59,398
294.119
480,571
202 1
0-1 Month
2-3 months
3-6 Months
6-12 Months
1- 5 years
> 5 years
Total
Loan Obligations
-
-
-
-
-
-
-
Obligations for employee benefits
844
1,687
3.204
5,963
44,590
288,412
344,700
33
Provisions / Other long-term liabilities
-
-
-
-
37,500
64,059
101,559
Suppliers & Other Liabilities
20,868
230,604
4,917
400
998
8,829
266,616
Crude charge forecast
-
-
28,395
-
-
-
28,395
Liabilities from leases
33
68
102
206
422
524
1,355
Total
21,745
232,360
36,617
6,569
83,510
361,824
742,625
(c) Market Risk
Market risk is related to the Company's equity portfolio, which is a long-term, strategic investment and is therefore limited to
predetermined position limits ( Position Limits ).
(d) Regulatory Risk
On 28
th
March 2023, the Law 5037/2023 was published (Government Gazette 78/Α΄/28-3-2023) " Renaming the Energy
Regulatory Authority to the Waste, Energy and Water Regulatory Authority and expanding its scope with responsibilities
over water services and of urban waste management, strengthening of water policy - Modernization of legislation on the
use and production of electricity from renewable sources through the integration of EU Directives 2018/2001 and
2019/944 - More specific provisions for renewable energies and environmental protection " .
With Law 5037/2023 (Government Gazette A' 78), the supervision of EYDAP was transferred to the Ministry of
Environment and Energy, while the supervision of the provision of water services and municipal waste management was
assigned to the Waste, Energy and Water Regulatory Authority (R.A.W.E.W.)
The purpose of the law is the rational regulation of the provision of water supply and urban waste treatment services, in
particular in terms of organization, services provided, their costs and pricing, through the delegation of relevant
supervisory and control powers to the Regulatory Authority for Waste, Energy and of Water (R.A.W.E.W.)as the Energy
Regulatory Authority (RAE) is now renamed. In the same context, the responsibilities of water management and policy
bodies are streamlined and updated, individual regulations are adapted and a national water strategy is established
According to the law, water and waste management service providers submit annual reports to the regulatory authority,
which supervises and monitors the economic and physical scope of the provision of water and urban waste management
services, submitting an annual report to the Minister of Environment and Energy and using indicators economic, physical
object, as well as quality and efficiency.
EYDAP's pricing policy is implemented through the application of the general rules for costing and invoicing water services
that will be determined by ministerial decision in accordance with the provisions of article 12 of Law 3199/2003, as
amended by Law 5037/2023, while the water service tariffs for the various categories of consumers and users are
approved by a five-year decision of R.A.W.E.W. in accordance with article 12A of Law 4001/2011, as introduced by Law
5037/2023, repealing the relevant provisions of paragraphs 1 and 2 of article 3 of Law 2744/1999. According to par. 5 of
article 114 of Law 4812/2021 "the validity of E.YD.A.P. tariffs is extended. S.A. for the provision of water services that it
offers to its consumers, which have been approved by the joint decision of the Ministers of Finance, Transport and
Networks and Environment, Energy and Climate Change (Β` 3188) under reference D6/2027/16.12.2013, for the period
from 1.1.2019 and until the approval of the new tariffs based on the new contract in accordance with par. 2."
In article 34 of Law 5037/2023, it is defined that: "By joint decision of the Ministers of Environment and Energy, Finance,
Interior and Rural Development and Food, following the opinion of the Advisory Committee of paragraph 3 of article 4
and a recommendation of R.A.W.E.W.to the Commission, the general rules for costing and invoicing water services, the
measures to improve them, as well as the procedures and the method of recovering the cost of water services in the
various uses, are determined, according to par. 1 of the present and the p.d. 51/2007 ."
It is also defined that: "To determine the general rules for costing and pricing of water services, the principle of cost
recovery, including environmental and at the level of natural resources, is taken into account, as well as the economic
analysis carried out in accordance with par. 3 and the principle "the polluter pays".
The passing of Law 5037/2023 " Renaming the Energy Regulatory Authority to the Waste, Energy and Water Regulatory
Authority and expanding its scope with responsibilities over water services and urban waste management, strengthening
34
the water policy - Modernizing the legislation on the use and electricity production from renewable sources through the
integration of EU Directives 2018/2001 and 2019/944 - More specific provisions on renewable energies and environmental
protection ", as well as the staffing of the Authority reduces the regulatory risk. The new expanded regulatory authority
(R.A.W.E.W.) has started its operation and a vice-president of the water sector has already been appointed. (R.A.W.E.W.)
is expected to be fully operational before the end of 2023.
On December 28, 2022, the 4th Department of the Council of Ministers, with its decision 2519/2022, unanimously
annulled, in its entirety, decision no. contrary to Directive 2000/60 and the relevant national legislation (n. 3199/2003
and p.d. 51/2007).
Amendments to the water pricing rules are expected, through a relevant MLA, by the competent authorities so that there
is compliance with the above decision of the Council of Ministers within the next months. There is also the possibility,
following a proposal by the FSA, to define general costing and invoicing rules at a more specialized level.
(e) Risk of a COVID-19 Pandemic
Guided by corporate social responsibility towards its employees and citizens, EYDAP harmonized its operation from the
beginning with special health protocols and the relevant legal framework while strengthening electronic services.
With the exception of the temporary reduction in collections during the first months of the pandemic, EYDAP did not face any
problems in management while there were no general effects on the Company's activities and the supply of materials from the
spread of covid-19.
(f) Risk from Geopolitical Crisis in Ukraine-Energy Crisis
The current geopolitical crisis in Ukraine with the consequent sanctions on Russia and by the European Union have brought
considerable uncertainty to the economic environment both nationally and at the pan-European and global level. EYDAP is not
directly exposed to the areas in question, therefore there is no direct impact on its activities.
The Company's management monitors the developments and evaluates possible further effects on its operation and results.
The management of EYDAP takes the necessary measures in order to minimize any effects. Stocks of especially critical water
supply network materials are constantly being recorded and the immediate supply of materials deemed necessary is
proceeding. At the moment, the Company does not face any problem of shortage of materials or their supply.
However, the geopolitical crisis, combined with the pre-existing energy crisis, has led to a further increase in energy costs,
especially in natural gas, which has dragged the market into price increases. According to the published data of Hellenic
Statistical Authority the average CPI for the twelve months January 2022 - December 2022, compared to the corresponding
Index for the twelve months January 2021 - December 2021, showed an increase of 9.6%. The consequence of the above is the
burden on the family and business budget, which has affected water consumption in the context of a more general household
economy, but has not affected the pace of the Company's collections. An important role in the stable flow of collections is
played, in addition to the company's policy, by the financial invoice, but also by the positive image of the Company to the
consumer public.
The increase in prices has caused delays and difficulties in some of the Company's projects as the prices of materials, and
therefore the initial budgets of the projects, have increased significantly between the time of the submission of the offer by
the contractor and the execution of the project . In the ongoing contracts, requests for premiums were submitted by
Contractors, following Law 4938/22 which includes urgent arrangements for the execution of public works contracts to support
the ongoing contracts, due to the energy crisis and the large increases in the prices of materials and the energy caused by it.
Their requests will be submitted for an opinion to the technical council of projects and studies of supervised entities of the
Ministry of Infrastructure and Transport. In addition, a contractor of the Eastern Attica projects requested an extension of the
schedule by 6 months.
EYDAP, for its ongoing supply/general services contracts, has received requests from contractors for price adjustments
amounting to €2,350,889.96 plus VAT, mainly on the basis of EADISY document No. 2040/13.04.2022 with Subject:
"Clarifications on price increases and supply chain issues due to the energy crisis, the Ukraine crisis and the ongoing effects of
COVID-19." It is noted that from the above requests, price adjustments amounting to €402,186.37 plus VAT have already been
approved by relevant decisions.
The cost of supplying electricity for the year 2022 amounted to 45.5 million euros, marking an increase of 98%, i.e. 22.6 million
euros compared to 2021 where the cost of supply amounted to 22.9 million euros. Natural gas remained in 2022 at the same
levels as in 2021, at €0.7 million. Fuel consumption in 2022 amounted to 0.9 million euros. The Company maintains contracts
for the supply of unleaded gasoline with a fixed profit margin for the supplier, while the price is defined as the applicable price
per liter as announced by the Hellenic Refineries on the day of delivery.
35
Regarding the electricity cost forecasts for 2023, the Company has proceeded with a study of different scenarios:
Year 2023 budget summary table
EnEx Futures Prices
Scenario A (with government
subsidy)
Scenario B (no government
subsidy)
31-12-2022
32,300,000
43,100,000
31-3-2023
31,300,000
37,500,000
According to the above scenarios, the cost of electricity supply shows a downward trend.
After the continuous revaluations of electricity prices, and to reduce operating costs, EYDAP S.A.:
1. It is in the process of finding an electricity supplier through a tender, to reduce supply costs (more competitive energy and
power billing rates and bigger discounts).
2. It has launched studies and tenders in its energy-intensive facilities for the replacement of old machines, eg pumps, with
more energy-efficient ones.
3. Plans to install energy monitoring systems of the facilities to improve their energy performance.
4. It has launched tender procedures for the creation of PV plants with energy compensation, to reduce the total consumption
of electricity.
Regarding the existing RES units, the current contracts for both the M.Y.H.S. as well as for the existing 1.97 MW PV, concern
fixed prices.
EYDAP in the context of the utilization of renewable and alternative energy sources has developed:
· Energy production facilities from small hydroelectric projects installed in its aqueducts and in the WWTP of Psyttaleia.
· Thermal and electrical energy plants, utilizing the biogas produced from the treatment of sludge in municipal
wastewater treatment plants.
· Photovoltaic station at the facilities of MEN Acharnon.
Also, low-consumption street lighting lamps were installed in extensive outdoor areas of EYDAP
The contribution of RES to the total consumption amounts to 50.28%.
In addition, the Company completed the design of 4 PV Stations with a total power of 3.5 MW. Already the first 2 on the ground
(total power of 2 MW ) are in the process of selecting a final contractor and the other 2 on roofs (total power of 1.5 MW ) are
in the process of evaluating the offers by the Tender Committee.
The gradual replacement of conventional vehicles with electric vehicles continues according to the company's planning.
(g) Risk from Climate Change
Dealing with climate change is one of the great modern challenges. Scientific studies show that the mitigation of the
phenomenon is directly related to the management of greenhouse gas emissions originating from human activity. The EU aims,
by 2050, to have reduced greenhouse gas emissions by 80 – 95 % compared to 1990 levels. These goals are implemented
through compliance with environmental policies, as incorporated into National and European Law.
Climate change is a challenge for the company in a range of sectors. Its consequences are varied. Indicatively, as recorded by
the EU, its main consequences are the following:
▪ Increased temperatures that can damage infrastructure
▪ Increased droughts. The Mediterranean in general is considered to be directly affected by forest fires
▪ Availability of drinking water
▪ Floods
▪ Sea level rise
Seeking, therefore, to respond to the prevention and precaution challenges arising from the above-mentioned risks, the
Company applies specific principles to its projects such as:
• Formulating a strategy to improve energy efficiency and reduce the carbon footprint
36
• Implementation of rational and sustainable management of water resources, with parallel development of
programs to reduce leaks in the water supply network and use of new technologies for optimal management
of the network (smart grid)
• Use of new technologies for the reuse of treated wastewater for irrigation and peri-urban use (projects of
Anat. Attica, Sewer Mining)
• Utilization of alternative water resources for irrigation use (exploitation of the Hadrian Aqueduct)
• Energy saving – reduction of greenhouse gas emissions
• Strict adherence to regulations and environmental specifications in the design of water supply and sewerage
projects with reserves and safety mechanisms against environmental accidents (accidents causing pollution)
• Selection of materials and machines with modern environmental specifications
• Electric vehicles - Gradual replacement of part of the fleet with electric vehicles with the aim of switching to
low greenhouse gas emission systems
• Energy upgrade of buildings and facilities
The Company, in the context of adopting international best practices in its effort to harmonize with ESG criteria, intends to
follow in 2023 the recommendations of financial disclosures related to the climate ( Total Carbon Financial Disclosures - TCFD
) issued by the Financial Stability Board ( FSB ). TCFD 's recommendations for Participating Companies are structured around
four thematic areas that represent key elements of how companies operate: governance, strategy, risk management and goals
- metrics. The goal is that through the adoption of TCFD recommendations , the economic risks and opportunities related to
climate change will become a natural part of the company's risk management processes and strategic planning.
EYDAP participates in the National Network for Climate Change NNCC. Founding members include the National Observatory
and Democritus. This participation gives her direct access to natural phenomenon data and the necessary networking with
relevant bodies. In addition, the participation of EYDAP in the National Council for dealing with Climate Change is underway,
which will now be transferred to the Ministry of Climate Crisis and Civil Protection.
EYDAP has adopted specific ESG strategic goals .
In particular, in the area of Security , the Company seeks to:
A. Strengthening business resilience and continuity.
B. The protection of the quality of water resources
C. The protection of biotopes and biodiversity
D. Strengthening resilience against drought and other extreme weather events
In terms of Efficiency , the company seeks to:
A. Minimizing CO
2
emissions
and achieving a zero carbon footprint
B. The application of the principles of the circular economy to maximize the reuse of beverages
C. Effective demand management while reducing leakages
To achieve these goals, EYDAP promotes specific actions and projects in a wide range of sectors and with the involvement of
many of its organizational units. Specifically, in the infrastructure sector and with the aim of climate neutrality, the company,
following the requirements of the regulatory framework in force, conducts energy inspections of buildings and energy audits
of facilities. The technical reports that the company receives from the respective inspectors result in proposals, in the
implementation of which the respective Services have a significant say.
The various actions (of the inspectors and/or those proposed in the annual carbon footprint report) are evaluated by priority
of implementation. The company has already carried out energy audits in all its facilities in 2021, while it has done the same in
16 of its buildings in the last 5 years. The next energy audits of facilities must by law take place in the next 2 or 3 years. For
37
buildings, the previous 5 and the few privately owned ones that have not yet been inspected must be re-inspected within 2023.
At the same time, the assessment of the need to insure the facilities against climate change phenomena is underway
The Company's Management is also preparing instructions in two directions:
A. adaptation of the proposals for the construction works and the maintenance works in order to contain a provision for risk
from climate change and a corresponding calculation of the life cycle of the project. Separate evaluation of the cost-benefit of
adaptation and co-financing effort through relevant Funds.
B. adaptation of the technical specifications so that they contain a forecast of the risk of Climate Change
The pursuit of climate neutrality, the mitigation of climate change, is a priority for the company. EYDAP has indicators that
measure the progress of net - zero projects while monitoring and measuring its carbon footprint annually. In terms of climate
resilience, there are no indicators and they will be developed by the collaboration of the Efficiency Indicators Service together
with the Risk Management Directorate with data provided by the competent DGs, in the context of the evolution of the risk
management system.
Climate change is expected to significantly affect the hydrological cycle. The pressures that will be created directly affect the
companies providing water supply and sewerage services, such as EYDAP, as there are direct effects on the reservoirs and in
general on the water intake sources, on the infrastructures and also on the cities they serve. To this end, the company has
already drawn up emergency management plans and specific procedures related to water extraction with:
A. scenarios of pump station failures and their treatment and
B. monitoring the water sufficiency for the 4 refineries from the Mornos/Evinos system and with Ylikis and the boreholes
remaining as strategic emergency reserves due to the high pumping costs, as stipulated in the contract with Greek
State.
It should be pointed out that according to article 7 "Raw Water Supply Obligation", of the current contract with the Greek
State:
"The State is obliged throughout the duration of the Agreement to supply the Beneficiary with Raw Water in accordance with
the terms of this Agreement and in any case based on the criteria set out in Articles 8 (Quantitative Characteristics) and 9
(Qualitative Characteristics) of this Agreement."
At the same time, a Water Resources Management Plan is drawn up annually.
Regarding the security of water supply, the company has set as its strategic goal the reduction of water losses of both the EYS
(<10%), and the ESYS (<22%) until the end of 2024. Accordingly, the documented measurement of drinking water consumption
and the corresponding forecast on an annual basis.
To achieve these goals, EYDAP has two main alternatives.
1. For potable use, the public, fulfilling the terms of the contract with EYDAP, should take advantage of EYS wells, Ylikis, other
wells, inactive dams and, as a last resort, desalination.
2. For non-potable use, the Company may use the WWTP and in particular the Psytallia, the Sewer - Mining technology which
it already uses in pilots, the Hadrian aqueduct and rainwater as a last option.
Regarding the first alternative for potable use, EYDAP has a nominal pumping capacity of 134,680 m
3
/day. from the active
wells. Regarding the non-potable use and especially for the WWTP of Psytallia, the company has launched direct actions with
the aim, first of all, of increasing production to 24,000 m
3
/day. until April 2025, and secondarily the 60,000 m
3
/day. until June
2027.
The large project for the installation of a wastewater system in North Attica envisages the reuse of tertiary treated effluents
for irrigation in all 4 planned WWTPs. The installation of the recycled water transport network, alongside the wastewater
network, will take place in a second phase with a total budget of €38.4 million. The estimated supply of the growing season for
irrigation in a 20-year horizon will be: 14 million sq.m. and in a 40-year horizon: 22 sq. m.
Regarding the reuse of water through the construction of wastewater treatment units, EYDAP through European resources has
installed sewer units mining :
1. At its facilities in Metamorfosi which produces 12 m
3
/day. water for irrigation
2. In the nursery of the Municipality of Athens, which produces 25 m
3
/day.
38
Within 2023, a third wastewater treatment plant will have been installed in Markopoulos, Attica, which is estimated to produce
25 m
3
/day.
EYDAP is in the process of preparing business plans that will be included in the Plan for the Reuse of Treated Liquid Waste,
while it is also proceeding with the study for the future installation of wastewater treatment units in 21 urban parks in 9
municipalities with the aim of providing irrigation water 70,000 – 100,000 m 3 /
year
. At the same time, the company is
proceeding to investigate the installation of corresponding units in its facilities with the aim of producing 20,000 m
3
/year
(estimated for the 3 refineries).
At the regulatory level, the company seeks through interventions the legisl
ative regulation that will direct Municipalities to use recycled water for urban green irrigation.
The project for the utilization of the Hadrian Aqueduct is another important initiative of the company in the field of water
supply security and the utilization of alternative water resources for irrigation use. The aim of the project is to limit the use of
potable water for irrigation by providing plenty of water from Hadrianio. At the present stage, Hadrianio can provide 800,000
m
3
/year , while with its optimized management in the coming years it will be able to reach 5,000,000 m
3
/year, contributing
drastically to the reduction of the temperature in 8 municipalities, compensating for the urban heat island phenomenon with
green and blue infrastructures.
EYDAP with full recognition of the impact of climate change on the way it operates, has included in the risk register of the
Business Risk Management Framework the risks against which EYDAP must be shielded for its effective response.
Risk analysis and assessment is an ongoing process that constantly takes into account changing conditions and the effectiveness
of the measures taken thus leading to the viability of the business.
As part of the company's risk management and business risk management, it recognizes and includes in the ERM the risks
arising either from the direct or indirect effects of climate change.
Includes identifying natural hazards from extreme weather events (eg heat waves, floods, storms, heavy rainfall) or changes in
the natural environment (eg sea level rise, drought, wildfires) that lead to changing conditions under which the company's
production process must continue to operate.
It also includes the identification of risks related to changes in regulatory/regulatory frameworks and socio-economic
conditions due to climate change (e.g. changes in legislation, changes in consumer behavior, available technologies, transition
to zero-footprint economies, etc.), which may create instability in the way businesses operate, while the emergence of
opportunities and incentives from the transition to the Green Economy is not excluded.
The prediction and knowledge of these risks contributes to the formulation of a strategy for their management, aiming at
adaptation and sustainability of the business in the long term at the lowest possible cost.
Climate change and environmental issues have already shown to be a critical factor in EYDAP's operation and sustainability.
The department responsible for Risk Management included in the risk register, in the category of strategic risks, a distinct
category of Climate Change Management risks. These risks are assessed intrinsically and residually. The objective remains the
assessment of climate risks, so that there is zero deviation from the requirements of the national climate law 4936/2022 and
the adequate and timely adoption of mitigation measures to avoid impacts that will threaten business continuity and
unhindered proper operation.
EYDAP recognizes the necessity of conducting scenario analyzes and extreme case simulation exercises in relation to climate
and environmental risks, given that their occurrence is combined in most cases with the creation of an operational crisis.
It takes into account both the regulatory and economic perspectives of the following:
• how the company may be affected by natural risk and the risk of transition to the requirements of the national climate
law;
• how climate and environmental risks may evolve under different scenarios, bearing in mind that these risks may not
be fully captured in historical data, how climate and environmental risks may manifest in the short, medium term and
long-term horizon depending on the scenarios under consideration.
h) Risk of failure of the EWSS
EYDAP and all the agencies involved had recognized and assessed the risk of unsafe water supply to Attica due to failure of the
external water supply system in the unifying aqueduct, which is owned by the State.
39
It is estimated that possible damage in this area will cause a temporary deficit of 30-40% of Athens' water supply.
On August 4, 2022, the Ministry of Infrastructure and Transport sent a letter to EYDAP in which it is stated that EYDAP is
expected to be assigned immediate priority projects for the EYS, with a budget of 78 million euros (including VAT) in accordance
with the procedures of Law 4412/16 and the terms of the contract from February 2, 2022. However, Ministry of Infrastructure
and Transport had not determined the way of financing the projects, while the signing of the relevant programming contract
with EYDAP has not progressed either.
In order to avoid the effects of this risk, EYDAP addressed in March 2023, a request to the competent Ministries for the
specification of the financing method and the necessary conditions for the implementation of the necessary improvement
projects.
In a letter from the Administration in April 2023 to the supervising ministry, which following the issuance of Law 5037/2023
(March 2023) is the Ministry of Environment and Energy, following a relevant meeting of EYDAP, EYDAP Fixed Assets, the
Ministry of Infrastructure and Transport, of the Ministry of Environment and Energy, it was communicated that the fastest and
most feasible solution to proceed as soon as possible with the implementation of the projects in question is to conclude a
contract between EYDAP S.A. and EYDAP of Pagion. The relevant directions of the supervising Ministry are expected
immediately.
According to article 7 "Raw Water Supply Obligation" of the current contract of EYDAP with the Greek State:
"The State is obliged throughout the duration of the Agreement to supply the Beneficiary with Raw Water in accordance with
the terms of this Agreement and in any case based on the criteria set out in Articles 8 (Quantitative Characteristics) and 9
(Qualitative Characteristics) of this Agreement."
Therefore, in case of failure to supply EYDAP with raw water, the financial loss is burdens the Greek State, which has a
contractual obligation to provide EYDAP with raw water. EYDAP's risk mainly concerns its corporate reputation. EYDAP's
assessment is that, if the above-mentioned implementation of the necessary projects starts as soon as possible, this risk will
be minimized.
i) Risk of non-compliance of the State with the decisions of the Council of State
By Law 4389/2016 (Appendix E), as amended by Law 4512/2018, with effect from 1.1.2018 all the shares owned by the Greek
State were transferred to the Hellenic Holdings and Property Company SA. (HCAP). The Hellenic Corporation of Assets and
Participations SA holds direct voting rights for 50.003% of the share capital of EYDAP and indirect voting rights for 11.33% of
the share capital through HDRAFT.
With the no. 190/2022 decision of the Plenary of the Council of State, the above transfer was deemed unconstitutional.
With articles 114 and 115 of Law 4964/2022, special regulations were introduced for EYDAP with which an attempt was made
to harmonize Law 4389/2016 with the constitutional order.
With the no. 7/2023 decision of the Three-member Council of Compliance of the Council of State (March 2023) found the non-
compliance of the Greek State with the 190/2022 annulment decision of the CoE and ordered compliance within 8 months by
the Ministry of Finance.
According to the opinions of the Legal Services of EYDAP as well as external legal advisors:
1) the Greek State, through the Ministry of Finance, should comply with the no. 190/2022 Decision of the Plenary, for
the transfer of the majority of EYDAP's share capital (50% + one share) from HCAP to the Greek State.
2) until the possible adoption of the above necessary measures by the competent bodies of the Greek State, the
administrative bodies of EYDAP must exercise their powers provided for in the applicable legal framework
EYDAP has not yet received any notification from its main Shareholder regarding the transfer of the majority of its share capital.
The Administration of EYDAP, exhausting its legal powers, has, in April 2023, sent a letter to the Ministry of Finance, notified
to the EESP and the supervising Ministry, stressing the necessity for any legislative regulation in the above direction to be
completed within month of July 2023, so that the convening of the Ordinary General Assembly can take place with legal
security.
TRANSACTIONS WITH RELATED PARTIES (GROUP & COMPANY)
A) Transactions with Board Members
40
Amounts in thousands of Euros
31.12.2022 2
31.12.202 1
Short term benefits:
- Remuneration (Chairman & Managing Director and Executive Directors)
311
328
- Fees & expenses for the representation of members of the Board of Directors.
263
238
- Social security costs
79
75
Additional facilities
27
27
Total
680
668
B) Transactions with Affiliated Members
Amounts in thousands of Euros
31.12.2022
31.12.2021
Short term benefits:
Affiliate Fees
551
549
Social security costs
90
91
Additional facilities
24
10
Actuarial liability
41
41
Total
706
691
With the no. 21144/ 21.12.2022 Decision of the Board of Directors, an Executive Committee was formed. The Committee
consists of the Managing Director, the Deputy Managing Director, the Executive Director of Water Supply, the Executive
Director of Sewerage Network, the Executive Director of Customer Service, the Executive Director of Human Resources,
Executive Director of Digital Governance, Executive Director of Major Projects, Executive Director of Transformation, Director
of Operations of Finance and the Director of Supply Chain Activities (until the position of General Director of Finance and Supply
Chain is filled). The duties of the Committee are determined following the delegation by the Board of Directors of specified
powers or responsibilities of the Board of Directors.
Formation of fees of Board Members
The President and CEO, as well as the deputy CEO, are connected to the Company on a salaried basis and their fixed fees are
considered income from salaried services. Law 4387/2016 article 38 paragraph 4 defines the insurance and employer
contributions of the Company's employees.
In June 2021, the Board of Directors of EYDAP, with its Decisions 20890 and 20891/02.06.2021, approved the Company's
Remuneration Policy in accordance with the Plan of the Remuneration Committee of the Board of Directors. The General
Assembly of June 25, 2021 approved the EYDAP Remuneration Policy in accordance with articles 110 and 111 of Law
4548/2018.
The 40th Annual General Meeting of shareholders on 30.8.2022 approved the fees and expenses paid to the members of the
Board of Directors for their participation in the Board of Directors during the period from 01.07.2021 to 30.06.2022 and pre-
approved their fees and expenses for the period from 01.07.2022 to 30.06.2023.
Specifically, the payment of an amount of €12,000 gross, plus employer contributions to each member for the performances
at the Board of Directors annually was approved as well as the payment of an amount of €241.49 gross, plus employer
contributions to each non-executive member as monthly performance and movement expenses.
The same General Assembly also pre-approved the payment of the above amounts for the period from 1.7.2022 to 30.6.2023,
i.e. until the Ordinary General Assembly of Shareholders that will take place within the year 2023 and will proceed with their
final determination.
The 40
th
Ordinary General Meeting of Shareholders of 30.8.2022 also approved the remuneration paid to the President and
the executive members of the Board of Directors for the period from 01.07.2021 to 30.06.2022 as follows:
41
To the Chairman of the Board:
✓ Gross earnings of 57,000 euros plus employer contributions
To the CEO:
✓ Gross earnings of 128,000 euros plus employer contributions
To the Deputy CEO:
✓ Gross earnings of 90,000 euros plus employer contributions
The same General Assembly also pre-approved the payment of the above amounts for the period from 1.7.2022 to 30.6.2023,
i.e. until the Ordinary General Assembly of Shareholders that will take place within the year 2023 and will proceed with their
final determination. The Remuneration Report approved by the 40
th
General
Meeting included:
✓ The budgeted expense for the payment of an additional incentive, to the Managing Director and the Deputy Managing
Director, in the form of variable mixed remunerations, dependent on short-term targets (bonus), with the conditions
and conditions provided for in no. 20889/2.6.2021 Decision of the Board of Directors of E.YD.A.P. S.A. The maximum
variable remuneration (bonus es ) per executive is set at 15% of the fixed remuneration of the executive members.
According to the above Board decision, it was decided that the extraordinary fees (variable) will be given to each of
the two executive members for indicatively achieving the following four equally weighted goals in the 2021 financial
year:
i. Efficiency Ratio in relation to overdue receivables: Total overdue receivables from individuals > 6 months 2021 /
total receivables from individuals 2021 ≤ 58%.
ii. Efficiency Index in relation to operating costs: Operating costs 2021 (excluding proprietary constructions) –
depreciation – usage provisions – cost of raw materials / turnover 2021 ≤ 70%
iii. Growth Index in relation to the investment plan: Realized investment amount 2021 / pre-calculated investment
amount 2021 ≥ 70%
iv. Safety indicator including environmental management in relation to non-billed water: Non-billed DHW
consumption (cubic meters) 2021 / Total consumption M.E.N. (cubic) 2021 ≤ 22%.
The maximum variable remuneration (bonus) per executive is set at 15% of the fixed remuneration of the Executive Members.
Each of the above objectives participates with the same weight in the calculation of the total variable remuneration to be made
available.
As a condition for the activation of the above variable remuneration, the pre-tax profits of 2021, minus extraordinary income,
were set to be ≥ 40 million euros.
In addition, for the year 2021, the payment of additional extraordinary variable remuneration, the amount of which is equal to
the gross basic remuneration of two monthly salaries, was pre-approved to the Executive Members, Managing Director and
Deputy Managing Director of EYDAP S.A., as long as the process of signing a contract with the Greek State is completed by
October 31, 2021 in principle. Consequence of the signing of the Contract with the Greek State as well as the calculation of
15% of the fixed salaries of the executive Members for two of the indicators mentioned in the Remuneration Report, the
variable remuneration was set for the CEO in the amount of Euro 30,933.33 and for the Deputy CEO in the amount of Euro
21,750.00, for a total amount of €52,683.33.
For 2022 the Remuneration and Nomination Committee has proposed that the remuneration for the Board Members remain
at the level of the year 2021, and they have been mentioned above. In relation to the payment to the Chief Executive Officer
and the Deputy Chief Executive Officer of an additional incentive in the form of variable gross remuneration linked to a short-
term target for the year 2022, the Remuneration and Nomination Committee proposed for each of the following equally
weighted targets:
1) Performance Ratio in relation to overdue receivables: Total overdue receivables from individuals >6 months
2022/total receivables from individuals 2022
2) Profitability ratio in relation to operating costs: (Operating costs 2022 (excluding proprietary construction)-
depreciation-estimated usage-cost of crude)/turnover 2022
42
3) Growth Index in relation to the investment plan: Amount of investments 2022/precalculated amount of investments
2022
4) Safety indicator including environmental management in relation to non-billed water: Non-billed EWSS consumption
(cubic meters) 2022/ Total WTPconsumption (cubic meters) 2022
The maximum variable remuneration (bonus) per executive is set at 15% of the fixed remuneration of the Executive Members.
Each of the above objectives participates with the same weight (3.75%) in the calculation of the total variable remuneration.
The above variable gross remuneration will be paid after the publication of the Annual Financial Results and subject to the
achievement of the above specific quantitative targets ( KPI 's ) linked to the annual Regular Budget approved by the Board of
Directors and the Company's Financial results. As a condition for the activation of the above variable remuneration, it is defined
that the profits before taxes of 2022 minus the extraordinary income should be ≥ 40 million euros.
In addition, by decision of the Board of Directors following authorization by the Ordinary General Meeting of Shareholders, a
strategic goal for the year 2022 is determined for the achievement of which it is proposed to pay additional extraordinary
variable salaries, the amount of which will be equal to the gross basic salaries of 2 monthly salaries.
C) Transactions and balances with the Greek State and Local Authorities
GROUP
COMPANY
Amounts in thousands of Euros
31.12.2022
31.12.2021
31.12.2022 2
31.12.202 1
1) Transactions
- Income
106,651
213. 643
106,651
213,643
- Expenses
27,748
217,717
27,748
217,717
2) Remainders
- Long-term Receivables from customers
(Arrangements of Municipalities)
1,003
161
1,003
161
- Claims from Customers (Local Authorities, Greek State)
52,369
45,162
52,369
45,162
- Demand from E.Y.D.A.P. NISSON DEVELOPMENT S.A.
4
-
4
-
- Other Claims (from the Greek State to cover the shortfall from staff
compensation
-
258
-
258
- Long-term liabilities
12,500
12,500
- Short-term Liabilities (unrefined water surcharge provision)
65,124
200,336
65,124
200,336
The transactions with the Greek State and local authorities concern invoiced and accrued water abstraction revenues and
specifically the revenues include an amount of Euro 25,000 thousand invoiced by EYDAP SA on 27.04.2022 for the provision of
operation and maintenance services for the year 2022. The expenses mainly include the formed estimate of raw water charge
by EPEYDAP for the year 2022, amounting to Euro 27.6 million.
D ) Transactions and balances with other Related parties that are consolidated with EESYP SA
Amounts in thousands of Euros
31.12.2022
31.12.2021
1) Transactions
Income
2,278
2,001
expenses
46,758
24,118
Dividend Payments
18,290
30,700
2) Remainders
Customers' demands
3,794
3,721
43
Obligations to Suppliers
7,990
2,394
DIVIDEND POLICY
The Ordinary General Meeting of Shareholders of August 30
,
2022 decided to distribute a profit dividend for fiscal year 2021
amounting to 0.28 euros per share gross. The total amount of dividend distributed to shareholders amounts to 29,820,000
euros.
.
The Board of Directors of the Company at its meeting on 26.04.2023 approved to submit a proposal to the Ordinary General
Meeting of Shareholders for the distribution of a dividend, in accordance with articles 159, 160 and 161 of Law 4548/2018, in
the amount of two cents (Euro 0.02 ) per share, (total gross amount in euros 2,130 thousand). The dividend is subject to
approval by the Ordinary General Meeting of shareholders and is included in the balance of the "Retained earnings" account.
SIGNIFICANT EVENTS AFTER THE END OF THE 2022 YEAR
New Independent Regulatory Authority
Law 5037/2023 was published (Government Gazette 78/Α΄/28-3-2023) " Renaming the Energy Regulatory Authority to the
Waste, Energy and Water Regulatory Authority and expanding its scope with responsibilities over water services and of urban
waste management, strengthening of water policy - Modernization of legislation on the use and production of electricity from
renewable sources through the integration of EU Directives 2018/2001 and 2019/944 - More specific provisions for renewable
energies and environmental protection " .
With Law 5037/2023 (Government Gazette A' 78), the supervision of EYDAP was transferred to the Ministry of Environment
and Energy, while the supervision of the provision of water services and municipal waste management was assigned to the
Waste, Energy and Water Regulatory Authority (R.A.W.E.W.).
The purpose of the law is the rational regulation of the provision of water supply and urban waste treatment services, in
particular in terms of organization, services provided, their costs and pricing, through the delegation of relevant supervisory
and control powers to the Regulatory Authority for Waste, Energy and of Water (R.A.W.E.W.).as the Energy Regulatory
Authority (RAE) is now renamed. In the same context, the responsibilities of water management and policy bodies are
streamlined and updated, individual regulations are adapted and a national water strategy is established
According to the law, water and waste management service providers submit annual reports to the regulatory authority, which
supervises and monitors the economic and physical scope of the provision of water and urban waste management services,
submitting an annual report to the Minister of Environment and Energy and using indicators economic, physical object, as well
as quality and efficiency.
EYDAP's pricing policy is implemented through the application of the general rules for costing and invoicing water services that
will be determined by ministerial decision in accordance with the provisions of article 12 of Law 3199/2003, as amended by
Law 5037/2023, while the water service tariffs for the various categories of consumers and users are approved by a five-year
decision of R.A.W.E.W. in accordance with article 12A of Law 4001/2011, as introduced by Law 5037/2023, repealing the
relevant provisions of paragraphs 1 and 2 of article 3 of Law 2744/1999. According to par. 5 of article 114 of Law 4812/2021
"the validity of E.YD.A.P. tariffs is extended. S.A. for the provision of water services that it offers to its consumers, which have
been approved by the joint decision of the Ministers of Finance, Transport and Networks and Environment, Energy and Climate
Change (Β` 3188) under reference D6/2027/16.12.2013, for the period from 1.1.2019 and until the approval of the new tariffs
based on the new contract in accordance with par. 2."
In article 34 of Law 5037/2023, it is defined that: "By joint decision of the Ministers of Environment and Energy, Finance, Interior
and Rural Development and Food, following the opinion of the Advisory Committee of paragraph 3 of article 4 and a
recommendation of R.A.W.E.W. to the Commission, the general rules for costing and invoicing water services, the measures to
improve them, as well as the procedures and the method of recovering the cost of water services in the various uses, are
determined, according to par. 1 of the present and the p.d. 51/2007 ."
44
It is also defined that: "To determine the general rules for costing and pricing of water services, the principle of cost recovery,
including environmental and at the level of natural resources, is taken into account, as well as the economic analysis carried
out in accordance with par. 3 and the principle "the polluter pays".
The pricing policy may take into account the social, environmental and economic effects of recovery, as well as the geographical
and climatic conditions of the area concerned.'
Signing of an Agreement between the Municipality of Athens and EYDAP
On February 8, 2023, a program agreement was signed between EYDAP and the Municipality of Athens, according to which it
is foreseen that EYDAP will proceed with the construction of pipelines of the secondary definitive network of dirt, either to
replace old municipal pipelines, or to complete the network in Municipality of Athens, as well as in the construction of the
private connections of the properties with the central pipelines.
In practical terms, this means for citizens that applications for connection to the sewerage network will now be submitted
directly to EYDAP, while the waiting time for their service will be reduced from the current average of 2 years to just 3 months.
At the same time, with the implementation of this new agreement, it is planned to reduce the response time to emergency
breakdowns and breakdowns caused by the age of the network, thus eliminating even the slightest possibility of causing a risk
to public health.
Council of State decisions
On March 20, 2023, the 7 & 8/2023 decisions of the Tripartite Compliance Council of the Council of State were published, with
which the CoE ruled that the executive and legislative power, with articles 114 and 115 of Law 4964/2022, they did not comply
with the decisions of the General Assembly 190 & 191/2022, by which the transfer of the shares of EYDAP and EYATH from the
State to the HCAP was ruled unconstitutional.
Subsequently, the Council of Ministers orders the Ministry of Finance to take all the necessary actions, within six months at the
latest, in order to return the shares of EYDAP and EYATH to the State.
EYDAP undertakes that when it receives relevant notification, it will immediately proceed with the necessary actions.
STATEMENT OF CORPORATE GOVERNANCE
This Corporate Governance Statement has been drawn up in accordance with the provisions of articles 152 and 153 of Law
4548/2018, article 18 of Law 4706/2020 as well as the Greek Corporate Governance Code 2021, it is a special section of the
Annual Management Report of the Administrative Council and concerns all the principles and practices adopted by the
Company in order to ensure its performance, the interests of its shareholders and the interests of all interested parties.
The basic legislative framework that governs the operation and obligations of the Company is Law 4548/2018 on the reform of
the law of SA companies and L. 4706/2020 on corporate governance.
During 2022, the Company ensured the adaptation of its corporate governance framework to the provisions of the new Law
4706/2020 on the corporate governance of SA companies as well as to the decisions of the Capital Market Commission issued
under the authority of said Law.
The principles and practices applied by the Company, some of which are more than those provided for in the current legislation,
are reflected in the Articles of Association, the Operating Regulations as well as in other Regulations and Policies of the
Company that regulate its individual operations and are specifically mentioned below. The fundamental corporate documents
are available on the Company's website https://www.eydap.gr/TheCompany/RegFramework/ .
The structure of this Corporate Governance Statement is as follows:
A. Corporate Governance Code
B. Deviations from the Corporate Governance Code and Explanations
C. Board of Directors and Committees of the Board of Directors - Other administrative, management or supervisory bodies or
committees
D. General Assembly & Shareholders' Rights
E. Internal Control System
F. Reference to the information provided in Article 10 of Directive 2004/25/EC
45
A. Corporate Governance Code
EYDAP with the no. 20905/7.7.2021 Decision of its Board of Directors adopted and implemented in accordance with Article 17
of Law 4706/2020 and No. 2/905/3.3.2021 Decision of the Board of Directors of the Capital Market Commission on the Greek
Corporate Governance Code for companies with securities listed on the stock market (hereinafter "GCGC"), issued in June 2021
by the Hellenic Corporate Governance Council and posted on the website of, at the address: http://www.esed.org.gr/code-
listed . The Hellenic Corporate Governance Council was recognized as a national body of recognized prestige by the Board of
Directors of the Capital Market Commission during its 916th
/7.6.2021
meeting.
The Company in the year 2022 complied with the provisions (special practices) of the GCGC governed by the "Compliance or
Explanation" principle with the deviations mentioned below in paragraph B.
The Company intends to adopt appropriate practices in order to minimize the existing deviations in relation to the provisions
of the GCGC.
B. Deviations from the Corporate Governance Code and Explanations
At the time of this publication, deviations from the Greek Corporate Governance Code (GCGC) constitute the following:
Principles of Greek Corporate
Governance Code
Explanation of Deviation and measures to
minimize deviation risks
Role and responsibilities of the Board of
Directors
The non-executive members of the Board of
Directors meet at least annually or on an
extraordinary basis when deemed
appropriate without the presence of
executive members in order to discuss the
performance of the latter (Special Practice
1.13)
During the 2022 corporate year, the Board of
Directors of the Company held twenty-six (26)
meetings (no. 1428/12.01.2022 to 1453
/21.12.2022). The non-executive members of the
Board of Directors participated in the meetings of
the Board of Directors and its Committees acting
with independence, transparency and a sense of
duty. As part of their supervisory responsibilities,
the non-executive members conducted a thorough
examination of the proposals submitted to the
Board of Directors. provoking a constructive debate
and openly expressed their views taking into
account all the information available to the Board.
based on the interests of the stakeholders.
Furthermore, the effective supervision of the
executive members as well as the monitoring of the
implementation of the Company's strategy is
achieved through a) the operation of the Board's
Committees. in which the independent non-
executive members participate b) the establishment
of Regulations and Policies such as the Evaluation
Policy of the executive members and c) the adoption
of practices such as the preparation of
questionnaires regarding the effectiveness of the
Board of Directors. and investment evaluation, the
strategic profile of the Board of Directors. and the
individual and collective assessment of suitability
and development. It should be noted that the
evaluation of the executive members is also
46
achieved in the context of verifying the degree of
achievement of the objectives which takes place
annually in accordance with the approved
Remuneration Policy of the Company in order to pay
the variable remuneration of the executive
members of the Board of Directors. The above is
reflected in more detail in the report of the
independent non-executive members which is
submitted every year to the Annual General
Meeting of shareholders in accordance with article
9 par. 5 of Law 4706/2020 and the relevant
guidelines of the Capital Market Commission (Q & A
under No. prot. 428/21.2.2022). From the above, it
follows that in essence there is no question of
deviation from provision 1.13 of the GCGC.
Role and responsibilities of the Board of
Directors
Composition of the Board Appointment of a
vice-chairman or senior independent
member in case the Chairman of the Board
is not an independent member (Special
Practice 2.2.21)
According to article 12 of the Company's current
Articles of Association, the roles of President and
CEO may coincide with the same person. In this case,
the Board of Directors appoints an independent
Vice-President, from among its independent
members. The above statutory regulation was
introduced following the adoption of the special
practice 3.3 of the Greek Code of Corporate
Governance for Listed Companies issued in 2013 by
the ESED according to which: "The Board of
Directors should appoint an independent Vice-
Chairman, from among its independent members, in
the cases he has chosen:
•
to assign to the same
person the duties of President and CEO,
•
to appoint
an executive President."
Given that today:
•The qualities of President and CEO do not coincide
with the same person,
•The Chairman of the Board is a non-executive
member,
•According to the current Operating Regulations of
the Board of Directors which were established with
the no. 20960/15.12.2021 Board Decision, the
Chairman of the Board was evaluated during the
2022 corporate year with the assistance of a third
independent consultant and was deemed, among
other things, " particularly effective in the
exercise of her duties by seeking and
encouraging the participation of all members of
the Board and is pleased highly accepted by the
Board of Directors."
for the time being, it is not considered appropriate
to amend article 12 of the Statute.
Succession of the Board of Directors
Board and CEO succession plan – gradual
replacement of Board members (Special
Practices 2.3.1 - 2.3.4)
Given the special legislative regime that currently
governs the Company regarding the election of
Board members (Law 4389/2016, Law 4964/2022),
there is no procedure for the prior and ongoing
47
activation her Commission Fees and
Nominations regarding the succession of the
members of the Board of Directors.
The preparation of a succession plan is underway by
the Remuneration and Nominations Committee
with the assistance of a third independent
consultant and is expected to be completed by the
time of the 41
st
Annual
General Meeting of
shareholders which will take place within the
current corporate year.
With regard to the gradual replacement of Board
members, the followed practice of the General
Assembly that meets for the purpose of electing
members is that the time point at which the term of
office of the outgoing members ends is also the time
point at which the term of office of the new Board
members begins. This practice has been successfully
implemented without creating an issue of lack of
management.
There is, however, an express statutory provision
(article 11 par. 6) regarding the possibility of the
General Assembly to decide on departmental
renewal of the Board of Directors and/or successive
terminations of the terms of office of its members.
In this case, it is allowed to provide initially unequal
terms of office for the members of the Board of
Directors.
Board members' remuneration
Malus & Clawback provisions in contracts of
executive members (Special Practice 2.4.14)
The Remuneration Policy for the members of the
Board of Directors, which was approved by decision
of the 38
th
Annual General Meeting that took place
on 26.6.2020 and revised by the decision of the 39
th
Annual General Meeting that took place on
25.6.2021 includes malus & clawback provisions
regarding the variable remuneration of executive
members. These provisions are not expressly
included as terms in the contracts of the executive
members, however there is an express provision
regarding the application of the applicable
Remuneration Policy.
Therefore, there is no substantive question of
deviation from provision 2.4.14 of the GCGC.
C. Board of Directors and Committees of the Board of Directors - Other administrative, management or supervisory bodies
or committees
1. Board of directors
1.1 Role and responsibilities of the Board of Directors
The Board of Directors is the highest administrative body of the Company that primarily shapes its development strategy and
policy, while supervising and controlling the management of its assets.
The Board of Directors is competent to decide on every matter related to the management of the property, the administration
and representation of the Company and in general its activity, and it takes all appropriate measures and decisions for the
realization of the purpose of the Company. The Board of Directors also monitors the progress of the Company and the
48
implementation of its activities. Excluded from the competence of the Board of Directors are those matters which, according
to the provisions of the Law or the Statute, fall under the exclusive competence of the General Assembly.
The Board of Directors ensures that the Company's values and strategic planning are aligned with the corporate culture. The
Company's values and purpose are translated and put into practice and influence practices, policies and behaviors within the
Company at all levels. The Board of Directors and senior management set the standard for the characteristics and behaviors
that shape corporate culture and exemplify its application.
The responsibilities of the Board of Directors are provided for in article 18 of the Company's Articles of Association and article
2 of its Operating Regulations.
Furthermore, in accordance with Law 4706/2020 and the principles of the Greek Corporate Governance Code, the Board of
Directors:
• Defines and supervises the implementation of the Company's corporate governance system, monitors and evaluates
periodically every three (3) financial years at least its implementation and effectiveness, taking appropriate actions to address
deficiencies.
• Ensures the adequate and efficient operation of the Company's Internal Control System, which aims at the following, in
particular, objectives:
✓ in the consistent implementation of the business strategy, with the effective use of available resources,
✓ in the recognition and management of the essential risks associated with its business activity and operation,
✓ in the effective operation of the internal control unit,
✓ in ensuring the completeness and reliability of the data and information required for the accurate and timely
determination of the Company's financial situation and the preparation of reliable financial statements, as well as its
non-financial situation, in accordance with article 151 of Law 4548/2018 ,
✓ in compliance with the regulatory and legislative framework, as well as the internal regulations governing the
operation of the Company.
• Ensures that the risk management, internal audit and compliance functions are independent of the business areas they
control and have the appropriate financial and human resources and authority to operate effectively as required by their role.
• Understands the Company's risks and their nature and determines the extent of the Company's exposure to the risks it
intends to undertake in the context of its long-term strategic objectives.
• Ensures that the important stakeholders for the Company are identified, depending on its characteristics and strategy, as
well as understanding their collective interests and how they interact with its strategy.
The Board of Directors may delegate the powers of management and representation of the Company to one or more persons,
members or not. The Board of Directors may also delegate the internal control of the Company to one or more persons, who
are not its members. These persons may, if provided by the decisions of the Board of Directors, further delegate the exercise
of the powers assigned to them or part of them to other members of the Board of Directors or third parties.
According to article 21 of the Articles of Association, an Executive Committee may be established by decision of the Board of
Directors. In application of the above statutory provision, with the no. 21144/21.12.2022 Decision of the Board of Directors an
Executive Committee was formed and operates, as described in more detail in section 3.1 hereof.
1.2 Chairman, Independent Vice Chairman, Chief Executive Officer
Chairman
The role of the President consists in organizing and coordinating the work of the Board of Directors. The Chairman heads the
Board of Directors and is responsible for the overall effective and efficient operation and organization of its meetings,
determines the agenda items, calls the members of the Board of Directors to a meeting, writes items on the agenda, at the
request of the CEO and conducts its meetings.
At the same time, it promotes a culture of open spirit and constructive dialogue during the conduct of the work of the Board
of Directors, facilitates and promotes the creation of good and constructive relations between the members of the Board of
Directors and the effective contribution to the work of the Board of Directors of all non-executive members, ensuring the
providing timely, complete and correct information to its members. The Chairman ensures that the Board of Directors as a
whole has a satisfactory understanding of the views of the shareholders and ensures effective communication with the
49
shareholders with a view to the fair and equal treatment of these interests and the development of a constructive dialogue
with them in order to understand their positions .
The Chairman heads the evaluation process of the Board of Directors in cooperation with the Remuneration and Nominations
Committee. The President is evaluated by the Board of Directors. regarding the exercise of his duties, a process in which the
Remuneration and Nominations Committee is in charge.
Finally, it has all the other responsibilities provided by the Law and the Statute (e.g. signing financial statements).
Independent Vice President
According to article 12 of the Articles of Association, in case the qualities of the President and the Managing Director coincide
with the same person, the Board of Directors appoints an independent Vice-President, coming from its independent members.
The independent non-executive Vice-Chairman of the Board of Directors is charged, in addition to replacing the Chairman in
his non-executive duties, and with the coordination and effective communication of the executive and non-executive members
of the Board of Directors. In this context, it may convene a special meeting of the executive and non-executive members every
quarter, in order to provide information on the Company's operations and current issues. Finally, the non-executive Vice-
President is required to be available and present during the General Meetings of the Company's shareholders in order to inform
and discuss the Company's corporate governance issues, when and if they arise.
CEO
The CEO is the highest executive body of the Company, he heads all its Services, directs their work and takes the necessary
decisions, within the framework of the provisions governing the operation of the company, the approved programs and
budgets and the decisions of the Board of Directors. In the context determined by the previous paragraph, the CEO exercises
all the essential managerial powers and any other powers assigned to him by the Board of Directors. Also, the Managing
Director controls the daily work of the Company and supervises the conduct of the work of each Service, having the
management of the Company's personnel. The CEO represents the Company before the Courts and all authorities. His
responsibilities are provided in detail in article 20 of the Company's Articles of Association and in the Operating Regulations of
the Board of Directors.
1.3 Responsibility and obligations of members of the Board of Directors
Each member of the Company's Board of Directors is responsible to it for the administration and management of corporate
affairs in accordance with the provisions of Law 4548/2018 and in particular its article 102, as well as Law 4706/2020 and in
any case in accordance with the provisions of the applicable legislation governing the operation of listed companies.
According to the Operating Regulations of the Board of Directors, the members of the Board of Directors mainly due to:
✓ To comply with the law, the Articles of Association and the decisions of the General Meeting of Shareholders.
✓ To manage corporate affairs with the sole purpose of promoting the corporate interest.
✓ Not to pursue their own interests that conflict with the interests of the Company.
✓ To timely and adequately disclose to other members their own interests that may arise in relation to transactions of
the Company or its affiliated companies.
✓ To refrain from voting on matters where there is a conflict of their interests with those of the Company.
✓ To disclose to the Board of Directors other professional commitments (including significant non-executive
commitments to companies and non-profit institutions) prior to their appointment and as soon as they arise.
✓ Not to compete with the Company on their own behalf or on behalf of third parties by undertaking actions that fall
under the purpose of the Company, unless the permission of the General Assembly has been given.
✓ To collectively ensure that the annual financial statements as well as the other reports of the Company
(management, corporate governance, remuneration) are drawn up and published in accordance with the law.
✓ To keep records, books and data, as provided by law.
✓ Refrain from acts of abuse and illegal disclosure of privileged information in accordance with the law.
✓ Not to carry out transactions with the Company's shares, debt securities, derivative instruments or other related
financial instruments, in violation of the provisions of the law.
50
✓ To notify the Company of all transactions carried out on their behalf and concerning Company shares or debt
securities or derivative instruments or other related financial instruments, as long as the total amount of
transactions exceeds the amount of €5,000 per year.
✓ To have sufficient time to perform their duties.
✓ Not to abstain from meetings of the Board of Directors without a valid reason.
1.4 Size, composition of the Board of Directors and term of office of members
The number of members of the Board of Directors is redundant and may not exceed thirteen (13) members or be less than
seven (7) members. The General Assembly of shareholders is competent to determine the number of members of the Board
of Directors as well as to increase or decrease their number, always within the framework set by the Articles of Association and
the law. The Board of Directors consists of:
a) by two (2) representatives of the Company's employees who are elected (with their alternates) by direct and universal
suffrage.
b) by two (2) members representing the minority shareholders and elected in the manner defined in article 36 of the Articles
of Association.
c) by representatives of the shareholders, who are elected by the General Assembly in accordance with article 11 of the Articles
of Association and the provisions of Law 4548/2018.
In accordance with article 197A of Law 4389/2016, as amended by Law 4964/2022 and in force, the members of the Company's
Board of Directors who are elected in accordance with the above paragraph c, are proposed by the EESYP after prior approval
by the General Meeting of the sole shareholder of the Hellenic State. Following their election, they act within the framework
set by par. 5 of article 5 and par. 3 of article 21 of the Constitution for the continuous provision of high-level water supply and
sewerage services to society as a whole.
In terms of corporate governance, the Company's Board of Directors consists of executive, non-executive and independent
non-executive members. The status of the members as executive or non-executive is determined by the Board of Directors.
The independent non-executive members are elected by the General Meeting of Shareholders (GM) in accordance with the
provisions of article 9 of Law 4706/2020.
According to paragraph 6 of article 11 of the EYDAP Statute as amended by the decision of the Ordinary General Meeting of
shareholders from 26-6-2020, the term of office of the members of the Board of Directors is four years (from five years) and is
automatically extended until the end of the deadline within which the next regular General Meeting must be convened and
until the relevant decision is taken. The extension cannot exceed one (1) year and the maximum term of office of the members
cannot exceed five (5) years. The General Assembly may decide on departmental renewal of the Board of Directors and/or
successive terminations of the terms of office of its members. In this case, it is allowed to provide initially unequal terms of
office for the members of the Board of Directors. It is noted that in accordance with the transitional provision of article 46 of
the Articles of Association, as amended by the decision of the Ordinary General Meeting of the shares dated 26.6.2020, the
four-year term will be applied for the members of the Board of Directors who have been elected as representatives of the
employees and as representatives of the minority shareholders after the expiration of the terms for which they have been
elected in July 2017 and June 2018 respectively. According to the published financial calendar of the Company, the Special
Meeting of the Minority will take place on June 9, 2023, in order to elect the two representatives of the Minority Shareholders.
The members of the Board of Directors are recalled freely. The revocation and replacement is done by those who have the
right to elect or nominate. The General Assembly may replace any of the members of the Board of Directors elected in
accordance with paragraph 2 sec. c' of article 11 of the Statute of EYDAP and before the end of their term. The members of the
Board of Directors may be re-appointed or re-elected without limitation and are irrevocable without limitation. Members of
the Board of Directors may not be related to each other by blood or consanguinity up to the third degree, nor be in any way
contractors or suppliers of the Company or members of the Board of Directors or employees of a business that is in a
transactional relationship with the Company. Members of the Board of Directors may, however, be members of the Board of
Directors or employees of a company related to the Company, in accordance with International Accounting Standards 24 and
27.
1.5 Composition of the Board of Directors during the 2022 fiscal year
According to the Decision of the Ordinary General Meeting of Shareholders dated 26.6.2019, the Board of Directors of EYDAP
consists of 13 members.
51
Following is a table in which its composition is depicted Administrative Council from 1 January 2022 until 31 December 2022
as and the capacity each member as executive, non executive the independent, such as was determined from the General
Assembly or the Board of Directors.
Board Composition Property
Beginning of term Expiration of term
and any re-election
Theodora Varvarigou
Chairman of the Board, non-
executive member
2019 28.6.2023
Charalambos Sahinis
CEO, executive member
2019 28.6.2023
Anastasios Tosios
Asst. CEO, executive member
2019 28.6.2023
Ekaterini Beritsi
Independent non-executive
member
2019 28.6.2023
Alexander Nasoufis
Independent non-executive
member
2019 28.6.2023
Michael Stavroulakis
Independent non-executive
member
First election 2015
Re-election 2019 28.6.2023
Angelos Amditis
Independent
*
non-executive
member
2019 28.6.2023
Dimitrios
Konstantakopoulos
Non-executive member
2019 28.6.2023
Christos Karaplis
Non-executive member
2020
**
28.6.2023
Christos Mistriotis
Non-executive member
First election 2008
Re-election 2018 11.6.2023
(most recent)
Panagiotis Skularikis
Non-executive member
First election 2010
Re-election 2018
(the most recent) 11.6.2023
Emmanuel Angelakis
Non-executive member
First election 2009
Re-election 2017
Re-election 2022***
(the most recent) 24.06.2026
George Alexandrakis
Non-executive member
First election 2017
Re-election 2022***
(the most recent) 24.06.2026
*
The status of independent member in the person of Mr. Amditis was acquired in the context of compliance with article 5 par.
2 of Law 4706/2020 by decision of the 39
th
Annual
General Meeting of shareholders that took place on 25 June 2021
.
According
to the above article, the independent members do not fall short of one third (1/3) of the total number of members of the Board
of Directors and if a fraction occurs, it is rounded to the nearest whole number. The 39
th
General Assembly appointed Mr.
Amditis as an independent member following resolution no. 20885/2.6.2021 of the Board of Directors decision by which it was
established by the Board of Directors, following a relevant recommendation of the Remuneration and Nominations Committee,
that the conditions of independence have been fulfilled in his person.
**
Mr. Karaplis was elected by the Extraordinary General Meeting of shareholders that took place on 15.5.2020 to replace the
revoked member Mr. Alexandros Pouliasis and for the remainder of his term.
*** The representatives of the employees on the Board of Directors etc. Emmanuel Angelakis and Georgios Alexandrakis were
re-elected in the context of the elections that took place in June 2022. Then, on 6 July 2022, the Board of Directors reconstituted
itself into a body and granted representation and commitment rights to the Company.
52
It is noted that in compliance with article 9 par. 3 of Law 4706/2020 the Board of Directors in the context of a review of the
fulfillment of the conditions of article 9 par. 1 and 2 of Law 4706/2020 for the classification of a member of the Board of
Directors as independent, found with the no. 21097/14.12.2022 Decision following the relevant recommendation of the
Remuneration and Nominations Committee that the independent members of the Board of Directors, namely Ms. Aikaterini
Beritsi, Mr. Alexandros Nasoufis, Mr. Michael Stavroulakis and Mr. Angelos Amditis maintain their independence for the
corporate year of 2022.
1.6 Operation of the Board of Directors
The Board of Directors is convened by its Chairman in accordance with the provisions of the Articles of Association and meets
as a rule at the Company's headquarters whenever the law, the Articles of Association or the needs of the Company require it,
and in any case at least once a month.
The Board of Directors is in a quorum and meets validly when more than one of the directors are present or represented in
this half, but at no time can the number of directors present or represented be less than three (3). Any resulting fraction is
omitted to find the quorum. In the meetings of the Board of Directors whose subject is the preparation of the financial
statements of the Company, or whose agenda includes matters for the approval of which a decision is foreseen by the General
Assembly with an increased quorum and majority, in accordance with Law 4548 /2018, all members of the Board of Directors
participate in person or are represented.
When the discussion of each item is completed, it is put to a vote for decision. Voting is always by name and openly. The
decisions of the Board of Directors are validly taken by an absolute majority of the members present and represented. In the
event of a tie, the vote of the Chairman of the Board of Directors shall not prevail.
For real-time information and to facilitate the connection and information of the members of the Board of Directors,
technological tools with the necessary security specifications are used, such as for example an electronic platform for the
circulation of proposals accessible at any time by the members of the Board of Directors, in which on the one hand it is reflected
in detail the flow of each proposal and on the other hand a digital archive of attached documents and supporting material for
all agenda items is included.
Each consultant has the right to be informed in writing by the President and CEO about the management of the Company and
generally about the development of corporate affairs. The Chairman of the Board of Directors works closely with the CEO and
the Secretariat of the Board of Directors for the preparation of the meetings of the Board of Directors. and the full information
of its members.
For better preparation of the work of the Board of Directors. and the correct, full and timely fulfillment of his duties, a calendar
of meetings and an annual action plan is drawn up at the beginning of each calendar year, which can be revised according to
the needs of the Company and/or when circumstances require it.
The Operating Regulation of the Board of Directors, which has been approved with no. 20960/15.12.2021 Board Decision
regulates the details of how the members of the Board of Directors are invited, hold meetings and take decisions.
During the 2022 corporate year, the Board of Directors of EYDAP S.A. held twenty-six (26) meetings (no. 1428
n
/12.01.2022 up
to and including 1453
n
/21.12.2022).
The following table shows in detail the participations in meetings of the Board of Directors by individual:
Full name
Number of Board
Meetings attended
Number of Board
Meetings in which they
were represented
1
Theodora Varvarigou
26
-
2
Charalambos Sahinis
26
-
3
Anastasios Tosios
26
-
4
Ekaterini Beritsi
26
4
5
Alexander Nasoufis
26
9
6
Michael Stavroulakis
26
-
7
Angelos Amditis
26
5
8
Dimitrios Konstantakopoulos
26
1
9
Christos Karaplis
26
5
10
Christos Mistriotis
26
5
53
11
Panagiotis Skularikis
26
2
12
Emmanuel Angelakis
25
-
13
George Alexandrakis
25
-
Category of Board Decisions
Host
Economic Object
Announcement of Tenders for Projects
4
157,385,862.67
Announcement of Procurement Tenders
10
117,005,876.37
Announcement of Tenders for the Provision of Services
8
75,662,836.15
Approval of Projects
10
43,859,840.47
Awarding (or even directly awarding) Tenders for the Provision of Services
13
204,016,993.22
Awarding procurement tenders
8
11,615,038.50
Settlement of Third Party Debts, Third Party Damages
1
122,608.22
Personnel Issues
2
10,400,000.00
Corporate Policies
6
Regulations
2
Code of Ethics & Business Conduct (Resolution 21079)
1
Regulatory Compliance Management System (Resolution 21101)
1
1.7 Evaluation – Eligibility Policy – Diversity Policy
Board evaluation
The objective of the evaluation of the Board is to provide appropriate information regarding the suitability and effectiveness of
the Board to improve its operation, maximize potential and highlight areas that need further development in order to ensure the
effective operation and fulfillment of its role as the highest management body of the Company.
The Board of Directors evaluates annually its effectiveness, its fulfillment of duties and of its Committees, procedure who is
chaired by the Chairman of the Board of Directors in cooperation with the Remuneration and Nominations Committee. At least
every three years, this evaluation is facilitated by an external consultant. During the evaluation of the President by the Board of
Directors regarding the performance of his duties, the Remuneration and Nominations Committee is chaired.
The Remuneration and Nominations Committee monitors the individual and collective suitability of the members of the Board of
Directors in particular to identify, in the light of any relevant new event, cases in which its re-evaluation is deemed necessary. It
also records the results of the suitability assessment and in particular any weaknesses identified as well as the necessary corrective
measures that may need to be taken.
The Remuneration and Nominations Committee can be supported in its work by a third-party specialist consultant. In this frame,
the company of consultants " Stanton Chase” was assigned (November 2021) , which refers to the Remuneration and
Nominations Committee, the work of consulting support in The Remuneration and Nominations Committee for the collective
and individual evaluation of the BoD of EYDAP, including the assessment of the Chairman, CEO and Deputy CEO, Secretariat of
Board of Directors as also and the evaluation of the Committees of the BoD, including the evaluation of the Chairman of each
Committee. It is noted that for the above assignment to the consulting company, the provisions of the Procurement and General
Services Regulation of EYDAP were applied.
The procedure of evaluation, was completed in July 2022 and the particularly positive results were presented to the Board in
August 2022. The evaluation showed that the Board of Directors is effective in all aspects of its work and the committees of the
Board are effective and decisively support structures for the Board. Strategic priorities as well as areas for improvement and
development were highlighted.
Evaluation of executive members
The Company applies a CEO and Deputy CEO Evaluation Policy which was approved with no. 20913/20.7.2021 Board Decision.
The Remuneration and Nominations Committee, based on best practices and in accordance with the Company's Policies and
procedures, determines the evaluation parameters and objectives, in cooperation with the non-executive members of the
Strategy and Innovation Committee, and is in charge of the evaluation of the CEO and the Deputy CEO. The Remuneration and
Nomination Committee is responsible for overseeing the planning and updating of the evaluation of the CEO and his Deputy,
as well as ensuring its effective implementation. The Board of Directors under the guidance of the Remuneration and
Nominations Committee takes care of the annual performance evaluation of the CEO and his Deputy. The results of the
evaluation should be communicated to the CEO and taken into account in the determination of his variable remuneration. The
54
process of evaluating the Managing Director and the Deputy Managing Director can be done internally or with the assistance
of a third-party specialist consultant, with the aim of enhancing objectivity, providing expertise and providing assistance to the
Company in terms of updating practices and of its procedures, in accordance with the regulatory framework and best corporate
governance practices. The assistance of an external technology provider may also be requested, with a view to ensuring
anonymity and providing comparable results and information.
The executive Members were evaluated, during the first half of 2022, positively by the entire Board of Directors.
The CEO was evaluated as effective in the exercise of his duties as a Board Member and immediately available for all Board
Members whenever necessary supporting the Board in the performance of its duties. The Deputy CEO was also evaluated that
as a Board Member he effectively performs the tasks assigned to him, and is immediately available for all other Members.
It should be noted that the evaluation of the executive members is also achieved in the context of verifying the degree of
achievement of the objectives which takes place annually in accordance with the approved Remuneration Policy of the
Company in order to pay the variable remuneration of the executive members of the Board of Directors. For the 2021 financial
year, following the recommendation of the Remuneration and Nominations Committee, the Board of Directors with resolution
no. 21040/3.8.2022 decision, approved the payment of variable remuneration linked to short-term targeting as well as the
achievement of a strategic goal. The above decision was ratified by the 40
th
Ordinary
General Meeting of Shareholders that
took place on 30
th
of August 2022. For the 2022 financial year, the above process will be completed after the publication of the
annual financial report.
Nomination Policy
The Eligibility-Nomination Policy of the members of the BoD, was approved from the Board of the Company with no.
20886/2.6.2021 Decision following the proposal of the Remuneration and Nominations Committee and was approved on the
39th Tactic General Meeting of Shareholders which took place on 25.6.2021, according to the article 3 of Law 4706/2020 for
corporate governance and the Circular of the Capital Market Commission under no. 60/18.9.2020, was revised with the no.
20939/20.10.2021 Decision of Board of Directors, upon proposal of the Remuneration and Nominations Committee. The
revised Nomination Policy was approved by the 40
th
Ordinary General Meeting of Shareholders which took place on August 30,
2022.
The Policy includes all the principles and criteria applied during the selection, replacement and renewal of the term of office
of the members of the Company's Board of Directors as well as in the context of the assessment of individual and collective
suitability and aims to ensure quality staffing, effective operation and fulfillment of the role of the Board of Directors, based
on the Company's general strategy and medium-long-term business goals, with the aim of promoting the corporate interest.
The Board of Directors, through the Remuneration and Nominations Committee, is responsible for initiating, guiding and
coordinating the process of nominating suitable candidates for members of the Board of Directors, without prejudice to the
rights of the shareholders as well as those provided for in special legislative provisions. The Remuneration and Nominations
Committee is tasked with making recommendations to the Board of Directors regarding the proposed members for election.
The Board of Directors proposes, in accordance with the proposals of the Remuneration and Nominations Committee, to the
General Assembly of shareholders the members of the Board of Directors proposed for election.
The Board of Directors confirms to the General Assembly the fulfillment of the conditions of independence of the candidate
members it proposes for election, following a relevant recommendation of the Remuneration and Nominations Committee to
the Board of Directors. The Remuneration and Nomination Committee conducts at least an audit of publicly accessible sources
as well as the Company's records. Said investigation / evaluation should cover at least the fields / conditions that, based on
objective judgment, fall or should fall within the scope of knowledge of the Remuneration and Nomination Committee.
Also, the candidate independent non-executive members of the Company's Board of Directors, prior to their election by the
General Meeting of shareholders, submit a responsible declaration to the Remuneration and Nominations Committee for the
fulfillment of the conditions of independence and undertake the responsibility to immediately inform the Board of Directors
in case of any change of data on their person or on the persons of their close family environment.
Finally, all candidate members submit a responsible declaration that no final court decision has been issued within one (1) year
prior to their election recognizing their culpability for loss-making transactions of a joint-stock company, listed or not, with
related parties.
The Company ensures that the members of the Board of Directors sign, upon assuming their duties and/or on an annual basis,
responsible declarations, with which they undertake towards the Company obligations arising from the implementation of the
provisions of the legislation as well as the Policies and Regulations that it has established and govern its operation. In the event
that events arise that could lead to non-biased and non-objective exercise of their duties, the members of the Board of
Directors undertake to disclose them in a timely and adequate manner.
55
The Company implements an introductory information program for new members of the Board of Directors and ensures their
continuous professional training-updating in accordance with the current Education Policy it has established.
The Remuneration and Nominations Committee, the Internal Audit unit as well as the organizational units with a related subject
(such as Human Resources and/or the Risk Management and Regulatory Compliance Department and/or the Legal Service) can
provide effective input during the formulation and monitoring of the application of the Nomination Policy. The Board, with the
assistance of the Remuneration and Nominations Committee, monitors the implementation and effectiveness of the Policy
and periodically evaluates it at regular intervals or when significant events or changes take place. In order to monitor the
implementation of the Policy, any findings of the Internal Audit Department and the other competent Departments of the
Company are taken into account.
More information regarding the Policy and its content is available on the Company's website
https://www.eydap.gr/TheCompany/RegFramework/.
Diversity Policy
The Company pledges to remain committed to its philosophy of not tolerating any type of discrimination or offensive behavior
against someone's personality or social exclusion or unfair treatment based on nationality, race, color, ethnic or social origin,
membership of a national minority, property, birth, disability, age, sexual orientation, gender, genetic characteristics, marital
status, religious or political beliefs.
The Company recognizes that in an era where flexibility and creativity are the keys to competitiveness, the promotion of
diversity in its administrative, management and supervisory bodies is important for its further business development. At the
same time, the Company recognizes that diversity in the wider workplace can multiply the possibilities of access to a greater
variety of solutions in matters related to its business activity, thus increasing its competitive advantage.
In order to defend the above values, the Company adopted with the no. 20961/15.12.2021 Board Decision Diversity Policy
regarding its commitment to the above principles.
Through the above Policy as well as the current Nomination Policy which includes references to the diversity of the members
of the Board of Directors, the Company promotes an appropriate level of diversity in the Board of Directors and a diverse group
of members, as it considers that through the gathering of a wide range of qualifications and skills during the selection of
members of the Board, the diversity of opinions and experiences is ensured, which can contribute to making the right decisions
and achieving maximum team effectiveness and performance. Therefore, the Company advocates that diversity in the Board
is a necessary element for maintaining and strengthening its competitiveness, strengthening innovation and the cooperation
of the members of the Board with each other and with the managers. The Diversity Policy, among other things, includes a
reference to specific quantitative targets for representation by gender on the Company's Board of Directors (at least 25%), as
well as a statement that in addition to the members of the Board of Directors. applied and taken into account during the
selection and placement process of senior executives and applies to all staff.
All appointments of officers shall be made primarily on the basis of merit, skill, ethics and experience without regard to sex,
color, race, national origin, disability, age, religion, sexual orientation, political beliefs or any other unfair criterion.
The search and selection process for top management positions should be carried out with meritorious and objective criteria,
taking into account the benefits of applying the principle of diversity. A prerequisite for the appointment of a top executive is
primarily the existence of the necessary qualifications and other parameters as defined by the Company. However, the process
should ensure that all genders have an equal opportunity to be selected as candidates. According to the current policy, diversity
in the workplace does not allow exclusion of any employee from any function and job.
The Diversity Policy is reviewed by the Board of Directors at least every two years or whenever deemed necessary especially
in the event of changes in the relevant legal and regulatory framework.
At the end of his corporate year 2022:
• 78% of the positions of General Managers and Operations Managers are filled by women.
• 54% of positions of responsibility are filled by women.
• 50.2% of workers in scientific positions are women.
With regard to the adequate representation by gender on the Company's Board of Directors, it is stated that the composition
of the Board of Directors includes two (2) women who hold important positions from 2019 until today. Ms. Theodora
Varvarigou holds the position of the President of the Board of Directors, the Strategy, Innovation and Sustainable Development
56
Committee and the Regulatory Compliance Committee, while Ms. Aikaterini Beritsi holds the position of the President of the
Audit Committee and the President of the Remuneration and Nominations Committee. The percentage of female members of
the Board of Directors short of 25% of all members of the Board of Directors (2 of the 13 members of the Board of Directors
are women) in deviation from the relevant requirement of the law for sufficient representation by gender. The Board of
Directors was to convene an Extraordinary General Assembly regarding the election of Board members by the majority
shareholder HCAP in accordance with the provisions of Law 4389/2016, as amended by Law 4964/2022. However, on 20.3.2023
the no. 7/2023 decision of the Tripartite Compliance Council of the Council of State, which orders the Greek State to comply
with the no. 190/2022 decision of the Council of Ministers, regarding the transfer of the majority of the share capital of EYDAP
from HCAP to the Greek State. The Company, in its letter of 22.3.2023, informed the Capital Market Commission about the
consequences arising from the no. 7/2023 decision of the Council of State and committed to solving the issue of adequate
female representation on the Board of Directors during the next Ordinary General Assembly of the Company in compliance
with the provision of article 3 par. 1b of Law 4706/2020.
Furthermore, 23% of the positions of responsibility in the Company are covered by persons whose age ranges from 30 to 50 years.
As to the age of members of the BoD, exists remarkable fluctuation, from the 46 up to the 68 years age, with a mean of members
age the 55 years.
As to the educational record their, all the members of Administrative Council own titles university studies level either from
Greek either from foreign educational institutions. The more members own also postgraduates titles studies and some of
the members have doctoral degrees. The cognitive object of the members is characterized from diversity (sciences of various
branches of engineering, finance, administration businesses etc.). End, all the members have professional experience,
originating either from the activation their in free Buy (private and multinational companies, banking industry) either from seats
where are related with provision consulting of services to public sector the seats in academic community.
Curriculum vitae of those who were members of the Board of Directors during the 2022 corporate year and are serving until
the publication of this statement are listed below, and can be found updated on the Company's website:
eydap.gr/TheCompany/CorporateGovernance/Board/.
Curriculum Vitae of members of the Board of Directors
Theodora Varvarigou, Chairman of the Board of Directors, Non-Executive Member
Theodora Varvarigou is a professor at the School of Electrical and Computer Engineering of the National Technical University
of Athens (NTUA). Since June 2019, she serves as the Chair of the Board of Directors of Athens Water Supply and Sewerage
Company (EYDAP S.A.). She chairs the Strategy and Innovation Committee, she is a member of the Nominations and
Remuneration Committee and she is also a member of the Risk Management Committee. Since 2015, she also serves as a
member of the Board of Bodossakis Foundation and since 2021 she is a member of the Steering Committee of the Hellenic
Institute of Advanced studies.
Professor Varvarigou graduated from the Electrical Engineering department of the NTUA in 1988 and got her MS degrees in
Electrical Engineering (1989) and in Computer Science (1991) from Stanford University. She also received her Ph.D. degree
from Stanford University in 1991.
Number of Members per years of participation
in the Board
0-4 years
5-9 years
10+ years
Academic Background of BoD Members
57
Her research is making an impact on cutting-edge technologies, such as data analytics, artificial intelligence, machine learning,
Cloud computing, big data technologies, IoT technologies, semantic web, social networking technologies etc. She has published
more than 500 papers in leading international journals, conferences and books. She has also participated and co-ordinated
more than 60 EC projects. Since 2012-2020 she has been a member of the European Commission’s Expert Group on Cloud
Computing, an evaluator of the European Commission’s Research Proposals and she recently acquired a “Making Corporate
Boards More Effective” program certificate by the Harvard Business School Executive Education. She began her career in the
States, being a principal investigator at AT&T Bell Labs during the period 1991-1994. From 2008-2012, she held the Chair of the
postgraduate program “Engineering Economic Systems” of NTUA and during the period 2010-2020 she was a member of the
Office of Quality Assurance Unit in NTUA (MODIP NTUA).
Charalambos Sachinis, CEO - Executive Member
Mr. Sachinis is the Chief Executive Officer of EYDAP, the largest water and wastewater company in Greece. He previously held
the position of Business Development Officer at Aegean Airlines. He has been involved in private equity as a Partner at Global
Finance, as an Operating Partner at Advent International and independently.
Earlier he was the Chairman and CEO of DEPA Group, where he significantly improved profitability, negotiated and completed
major supply contracts worth $20 billion and contributed in the shaping of alternative gas supply routes to Europe. He has also
served as President of the McGraw-Hill Companies’ Business Information Group, which he made into one of the top global
business-to-business information companies, specializing in the energy, construction, aviation, aerospace and defense
industries.
Prior to this, he was President of Platts, which he built into the world’s largest energy and commodities price and information
provider, and at the same time he actively promoted transparency and integrity in the global energy markets.
He was also Group Vice President of Standard & Poor’s, where he grew key strategic businesses in the financial information
sector.
He has served as Vice President of ATHEXClear and is now a Member of the Boards of Directors of ENEXClear, of the Atlantic
Council and οf the Investment Committee of CNL Capital.
He holds an engineering degree from the National Technical University of Athens, Greece and an MBA from Harvard Business
School.
Anastasios Tosios, Deputy CEO, Executive Member
Anastasios Tosios is the Deputy CEO & Executive Member of the Board of Directors at EYDAP SA (Athens Water Supply and
Sewerage Company).
Until 2002, he held positions in management, consulting, sales, and supervision of electromechanical constructions, in various
companies in Thessaloniki and Athens. During the period 2002 - 2016, he worked for EPA Attiki S.A. (Attiki Gas Supply
Company), holding successively the positions of Key Account Manager, B2B Sales Manager, Customer Technical Service Director
and finally, that of Technical Director. From 2017 till mid-2019, following the successful split of EPA Attiki in 2016 in two
companiesfor Supply and Distribution respectively, he undertook the positions of Distribution Operating (Technical and
Commercial) Director and then, that of Commercial Director at the newly established EDA Attikis SA (Attiki Natural Gas
Distribution Company).
He holds a master’s degree in Mechanical Engineering from the Aristotle University of Thessaloniki, Greece, an MSc in Technical
Change and Industrial Strategy from the Alliance Manchester Business School, UK, as well as an Executive Diploma in Business
Administration from ALBA Graduate Business School, Greece. He has also completed the INSEAD International Directors
Program at France and the Leadership Development Program Advanced (PLDA) at Harvard Business School, USA.
He has extensive experience in utilities and energy market being a member of management teams since 2009. He also serves
voluntarily as the Vice Chairman of the BoD of the Hellenic Association for the Cogeneration of Heat and Power (HACHP), and
as a member of the BoD and the Executive Committee of the Institute of Energy for SouthEast Europe (IENE).
Aikaterini K. Beritsi, Member of the Board of Directors - Independent Non-Executive Member
He was born in 1955 in Athens. He is a graduate of the Economics Department of the School of Law of the National and
Kapodistrian University of Athens. He has also completed the Modern Governance program in Banking at INSEAD . During her
professional career she has worked in banks such as Emporiki Bank and NEA PROTON BANK, participating in their top
management team and simultaneously undertaking positions of responsibility such as CEO of Emporiki Asset Management and
CEO of Emporiki Capital Group. During the period 2004-2011 she was a non-executive member, in numerous Boards of
Directors and Audit Committees, in Greece and abroad.
From June 2012 to November 2017, she participated in the Board of Directors and in all the Committees of the Board of
Directors of PIRAEUS BANK, as a representative of the Financial Stability Fund.
In December 2017, she took over as a representative of the Financial Stability Fund on the Board of Directors of EUROBANK,
where she also participated in all the Committees of the Board of Directors.
58
Today she is an independent non-executive member of the Board of Directors of EYDAP and Chairman of the Audit and
Remuneration and Nomination Committees.
She is also an independent non-executive member of the Board of Directors of National Bank, Chairman of the Ethics and
Culture Regulatory Compliance Committee, Vice-Chairman of the Corporate Governance and Nominations Committee and
Member of the Strategic Planning and Transformation Committee.
Alexandros Nasoufis, Member of the Board of Directors - Non-Executive Member
He was born in 1969. Graduated with a degree in Mechanical Engineering from the National Technical University of Athens in
1995 and with a Masters in Business Administration (MBA) from the Manchester Business School in 1997. From 1998 until 2013
he worked in corporate finance with various international institutions, including as Managing Director at HSBC, where he
advised on a number of landmark transactions in the energy and utilities sectors across Europe.
From 2013 until 2015 he acted as senior advisor on energy and finance projects. From 2015 onwards he works for First Sentier
Investors, an infrastructure investment manager with over €10bn of assets under management, where he also serves as
member of the Investment Committee. He was appointed the Board of Anglian Water Group Ltd in 2015 and also serves as
member of its Audit Committee. Furthermore, since 2019 he was appointed Non-Executive member and Chairman of the Board
of OLT Offshore LNG Toscana S.p.A., while in 2020 he was appointed as Member of the Supervisory Board of Evos B.V which is
headquartered in Amsterdam and also serves as member of its Nomination & Remuneration and Sustainability Committees.
Angelos Amditis, Member of the Board of Directors - Non-Executive Member
Born in 1968. He graduated from the School of Electrical and Computer Engineering of the National Technical University of
Athens (1992) and he received his PhD from the same Institution in 1997. He received his Master on “Techno-Economic
Systems” (MBA) from NTUA and the University of Piraeus in 2016. Currently he is attending the INSEAD International Directors
Programme in Corporate Governance. He has been a Teaching Assistant in NTUA and in the Hellenic Naval Academy. In January
2002 he founded the I-SENSE Research Team with main research interests in the field of intelligent systems with application to
the environment (including monitoring and support of water and water networks using sensors, networks and telematics),
transportation and supply chain, telecommunications, artificial intelligence and automation. It specializes in crisis and disaster
management, in intelligent integrated systems such as sensors, communications and platforms for vehicles, smart cities,
environmental and industrial applications, 5G technology and circular economy.
Today he is an independent member of the Board of Directors of the Athens Water Supply and Sewerage Company (EYDAP
S.A.). He is also the Chairman of the Staff and the Disciplinary Boards, the Chairman of the Risk Management Committee and
Vice-Chairman of the Strategy and Innovation Committee of the company's Board of Directors. He is the Deputy Chairman of
Athens Urban Transport Organisation. He is one of the founding members and the Vice President of ITS Hellas and EuroXR. He
is Research Director (A’) and BoD member in the Institute of Communication and Computer Systems (ICCS) of NTUA and
Research and Development Director of ICCS. In the last 20 years, he has participated in numerous research projects being the
scientific responsible of more than 150 projects. He is the writer of several peer reviewed journal articles and book chapters
and more than 250 conference papers. He represents ICCS in ERTICO-ITS Europe while being the Chairman of the organization
since 2018. He is also member of the Water Supply and Sanitation Technology Platform (WssTP). He is the National
Representative of Greece in the Cooperative, connected and automated mobility (CCAM) and C-ITS fora. He is a Member of
the Horizon Europe Programme Committee (2021-2027), as appointed National Representative for Climate, Energy and
Mobility for Member State of Greece. He is a Member of the Innovation Platform of the Hellenic Corporation of Assets and
Participations S.A. (HCAP).
Michael Stavroulakis, Member of the Board of Directors - Independent Non-Executive Member
Michail Stavroulakis economist, accountant and tax expert of A class.
Studies at Technological University Heraklion, Crete, School of Business Administration, Department of Accounting (1981) and
Business Administration at the University of Piraeus (1986).
Holder of a certificate of professional qualifications in International Accounting Standards from Panteion University of Social
and Political Sciences - Research Committee. Job: accountant - tax and financial consultant in various companies. Experience
in international and financial transactions.
From 1992 to 2010 Financial Director of a Company that was active in the field of international foreign trade and shipping.Very
good knowledge of English.
From June 2015 until today member of the Board of Directors of EYDAP SA (Water and Sewerage Company), Chairman of the
Audit Committee of the Board of Directors until June 2019, and since then a member of the Audit Committee of the Board, as
well as a member of the Remuneration & Nominations Committee of the Board since September 2019.
Demetrios G. Konstantakopoulos, Member of the Board of Directors - Non-Executive Member
59
Mr. Demetrios Konstantakopoulos was born in Athens in 1961. He is a graduate of the University of Athens, School of
Economics and holds an M.A. in Finance and Investments from the University of Exeter, Devon UK. He has worked for over 30
years in the Greek banking sector. Since 1994 he has worked in the National Bank of Greece Group (NBG), providing financial
advisory services in many major infrastructure projects implemented in Greece, including, among others, Athens International
Airport, the Rion - Antirrion Bridge, Attiki Odos and the Greek Motorways Concession Scheme. In addition, he has advised on
the provision of financing in long-term concessions and PPP projects, working as Deputy Manager in the Specialised Lending
Department (Project Finance) of NBG. From October 2018 he holds the position of Investment and Concessions Manager at
the Hellenic Corporation of Assets and Participations SA (HCAP), he is the portfolio manager for EYDAP, EYATh & HRADF and is
the project manager for the exploitation of the 23 regional airports in HCAP’s portfolio. He has also been a non-executive
member of the BoD of EVIOP TEMPO SA (2001-2018) and since December 2021 is a non-executive member of the Bod of EYATh
SA.
Christos Karaplis, Member of the Board of Directors - Non-Executive Member
Christos Karaplis was born in 1975. He has twenty years of professional experience in the private and public sector, in positions
of high responsibility, having worked in the banking sector and served as an advisor in administrative positions of the central
government, and specifically in the Ministry of Finance and the Ministry of Education. He has studied at the Geotechnical
School of the Aristotle University of Thessaloniki, specializing in agricultural economics, at undergraduate and postgraduate
level, as well as at the University of Reading (UK), specializing in economics and marketing at postgraduate level. He is proficient
in English and French.
Christos Mistriotis, Member of the Board of Directors - Non-Executive Member
Christos has more than 18 years of experience in Treasury & Finance and Investments. He has held the position as the Chief
Financial Officer of one of the top and most historical Media Groups in Greece, also heading the non-shipping investments in
for a distinguished oceangoing vessel operator and owner of more than 80 vessels, also including a Nasdaq-listed company; He
has served as Group Treasurer of a global leading gaming solutions supplier Group in 52 jurisdictions, as Chief Investment
Officer of a leading multinational Group specializing in sectors such as: fixed telephony service providers, IT solutions and
services, defense electronics, constructions and real estate. Christos, also has served as a member on numerous board of
directors positions, both on non-listed and listed companies of the Athens Exchange. Christos has graduated from Imperial
College, London with an MSc in Finance.
Panagiotis Skoularikis, Member of the Board of Directors - Non-Executive Member
Panagiotis (Panos) Skoularikis is a banking executive with over 20 years in key managerial positions in financial services, having
extensive experience in working with Boards, regulators, consultants and external auditors. He is focused on applying sound
corporate governance and internal control practices, while contributing to the achievement of strategic goals through the
implementation of transformational business initiatives.
He is a long-standing member of the Board of Directors of EYDAP SA, representing the minority shareholders, while he is serving
also as member of the Strategy Committee and the Nominations/Remuneration Committee of the company. In the past he has
also served as Board Member of ATEbank Mutual Funds.
He holds the position of General Manager at Piraeus Bank, heading Regulatory Affairs & Executive Coordination, with main
focus: Relations with Supervisors (ECB, SSM, SRB, BoG) and the Hellenic Financial Stability Fund, Resolution Planning, Corporate
Governance & Internal Control System.
He has worked in the past for Citibank NA in London in the areas of securities & cash management, while he has served for
years in various senior managerial positions at ATEbank SA in Athens, with main emphasis on strategy, transformation and
investor relations.
He holds a degree in Economics from the University of Athens, post graduate degrees from The London School of Economics
(M.Sc. in Economics/Operational Research & M.Phil. in Economics/European Studies), as well as a certification in Corporate
Governance & Board Decision-Making from INSEAD (International Directors Programme).
Emmanuel Angelakis Member of the Board of Directors - Non-Executive Member
Manolis Aggelakis was born in Athens in 1964. He holds a degree from the national kapodistrian university of Athens. He speaks
English while he has also participated in several educational seminars. He has been an employee of Eydap since 1993. Through
all these years he has held lots of job positions. From 2014 he holds the position of deputy director of warehouse and
transportation.
Through elections all employees of Eydap voted him to be their representative in the board of directors for the past 13 years
since 2009. Furthermore, mister Agelakis has served as president and member of most of the trade unions of Eydap. In 2021
he was elected as a member of the highest trade union of Greece. He is an elected member of the political party of Nea
Dimokratia.
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Georgios Alexandrakis Member of the Board of Directors - Non-Executive Member
Giorgos Alexandrakis was born on 11.6.1976 in Agrinio city, where he completed primary and secondary education. He is a
Mechanical Engineer TE, graduate of the Technological Applications School (STA) of the Western Greece University of Applied
Sciences. He also holds a BA degree from the Department of Administration of Businesses and Organizations (ABO), School of
Social Sciences of the Hellenic Open University and an MBA degree in Digital Business, from University of West Attica.
In the years 2002-2003 he worked in Public Gas Corporation (DEPA) S.A. as an engineer. Since then he works constantly at
EYDAP SA as Mechanical Engineer. He is in charge of the Department of E / M Installations of the Sewerage Network
Directorate. He has excellent command of English language and is a certified adult trainer by the National Organization for
the Certification of Qualifications & Vocational Guidance (EOPPEP). He is a graduate of the Academy of Labor of GSEE. He is
also member of the Economic Chamber of Greece as a Class B Accountant - Tax Consultant (Registration Number 0119319). In
2004 he was elected for the first time as a member of the Board of Directors of Union of Sewerage Workers. He has served the
Union of Sewerage Workers as President for 10 years. He has also been, for many years, a member of the Board of Directors
of the Athens Workers Federation of Water Supply and Sewerage Company (OME EYDAP) and also member of it’s Executive
Committee. Since July 2017, he has been a Representative of the Employees of EYDAP in the Board of Directors of EYDAP SA.
Christina Kontaratou – Corporate Secretary
Ms. Christina Kontaratou has been working at EYDAP since 1984. Since 1985 she has been working at the Secretariat of the
Board of Directors. Since May 2010, he has been in charge of the Secretariat of the Board of Directors. With the no.
21163/22.2.2023 Board decision appointed Corporate Secretary.
1.8 Remuneration Policy - Compensation of members of the Board of Directors for their participation in the meetings of the
Board of Directors during the fiscal year 2022 – Remuneration of the President – Remuneration of Executive Members
The Company has established a Remuneration Policy in order to apply basic principles and rules regarding the remuneration
of the members of the Board of Directors in a transparent, clear and understandable manner.
The Policy was approved by decision of the 38
th
Annual General Meeting of shareholders that took place on 26.6.2020 and was
revised by decision of the 39
th
Annual
General Meeting of shareholders that took place on 25.6.2021 in order to harmonize
with the requirements of the new Law on corporate governance 4706/2020, to incorporate the proposals-recommendations
of the Division of Internal Audit of EYDAP S.A. as well as to specify the performance indicators. The current Remuneration Policy
was approved with 99.92% of the votes represented at the General Meeting (77.18% of the total share capital was
represented).
The Policy applies to all members of the Board of Directors (executive and non-executive, including the Chairman of the Board).
The Remuneration and Nomination Committee provides guidelines, ensures the development and reviews / pre-approves the
draft of the Remuneration Policy, with the possible support of a specialist consultant. The Policy is drawn up / revised by the
competent Remuneration and Labor Relations Department, with the appropriate advisory support of the Legal Services
Department and the Internal Audit Department.
The Remuneration and Nominations Committee recommends the draft Policy to the Board. The Board of Directors approves
the Policy, in order to submit it for final approval (validation) to the General Assembly. During the General Assembly meeting,
the shareholders' vote on the Policy is binding. The members of the Board of Directors who have the status of shareholder at
the same time do not participate in the relevant voting, which are not counted for the formation of the quorum and the
majority.
The Internal Audit Department is responsible for checking the legality of remuneration and all kinds of benefits at least
annually. The findings are reflected in a report which is communicated to the Remuneration and Nominations Committee.
After a relevant assignment by the Board of Directors, the Remuneration and Nominations Committee is responsible for: a)
monitoring the compliance of the Policy with the applicable institutional and supervisory framework, with the appropriate
support from the relevant Departments of the Company (e.g. Human Resources , Legal Services, Internal Audit) b) for the
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supervision of the correct implementation of the Policy, through the relevant findings and reports of the Internal Audit
Directorate, of which it is the recipient.
The need to update the Remuneration Policy is assessed annually by the Remuneration and Nominations Committee, based
on proposals submitted by the relevant Company Departments (e.g. Human Resources, Legal Services, Internal Audit). If its
amendment is required, the relevant proposals of the Remuneration and Nominations Committee are evaluated by the Board
of Directors. The custodian of the Policy is the Organization Service, which takes care of keeping an updated file.
The remuneration of each executive and non-executive member of the Board of Directors is approved by the Board of Directors
following a relevant recommendation of the Remuneration and Nominations Committee. The approval of the salaries of the
executive members takes place without the presence of these members at the relevant meeting of the Board of Directors. The
Board of Directors, following the above procedure, formulates and submits a relevant proposal addressed to the General
Meeting of the Company's Shareholders, for their ratification.
More information regarding the Policy and its content is available on the Company's website
https://www.eydap.gr/TheCompany/RegFramework/.
Compensation of Board members for participation in the Board
According to the Remuneration Policy, the members of the Board of Directors receive an annual flat fee for their performances
at the Board of Directors, while each non-executive member receives an additional monthly compensation for performance
and travel expenses.
The 40th Annual General Meeting of shareholders on 30.8.2022 approved the fees and expenses paid to the members of the
Board of Directors for their participation in the Board of Directors during the period from 01.07.2021 to 30.06.2022 and pre-
approved their fees and expenses for the period from 01.07.2022 to 30.06.2023.
Specifically, the payment of an amount of €12,000 gross, plus employer contributions to each member for the performances
at the Board of Directors annually was approved as well as the payment of an amount of €241.49 gross, plus employer
contributions to each non-executive member as monthly performance and movement expenses.
The same General Assembly pre-approved also the payment of above amounts for the period from 1.7.2022 to 30.6.2023, i.e.
until the Ordinary General Meeting of Shareholders will take place within the year 2023 and make the final determination.
As far as the compensations that the members of BoD receive for the participation at meetings of the BoD see below at
paragraphs 2.1 , 2.2 and 2.3.
Fixed and variable remuneration
According to the Remuneration Policy, the Chairman of the Board as well as the executive members of the Board (CEO and
Deputy CEO) receive fixed salaries which are paid monthly in addition to the annual flat fee for their participation in the Board.
The fixed salaries of the executive members are determined through contracts that these executives sign with the Company
and are subject to the prescribed deductions in accordance with the applicable tax and insurance legislation.
The contracts are of indefinite duration and include, among others, the following elements: remuneration, duration, terms of
termination of the contract, performance of duties assigned by the Board of Directors, avoidance of conflict of interest
situations, confidentiality, payments linked to the termination of the contracts, notice period.
The Company grants the positions of CEO and Deputy CEO additional incentives in the form of variable remuneration linked to
short-term and/or medium-term corporate goals. Variable remuneration is paid once a year after the publication of the Annual
Financial Results subject to the achievement of the targets set for the Key Performance Indicators (KPIs).
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In addition, by decision of the Board of Directors, additional extraordinary variable remuneration may be paid to the executive
members linked to the achievement / completion of a strategic objective, the amount of which will not exceed the gross basic
remuneration of two monthly salaries. The target linked to the additional extraordinary variable remuneration is a
recommendation of the Remuneration and Nominations Committee and is approved by the Board of Directors. The additional
extraordinary variable remuneration and the time of its payment are proposed by the Remuneration and Nominations
Committee, approved by the Board of Directors and receive final approval by the General Meeting of Shareholders.
The 40
th
Ordinary General Meeting of Shareholders of 30.8.2022 approved the remuneration paid to the President and the
executive members of the Board of Directors for the period from 01.07.2021 to 30.06.2022 as follows:
To the Chairman of the Board:
✓ Gross earnings of 57,000 euros plus employer contributions
To the CEO:
✓ Gross earnings of 128,000 euros plus employer contributions
To the Deputy CEO:
✓ Gross earnings of 90,000 euros plus employer contributions
The same General Assembly pre-approved also her payment of above amounts for the period from 1.7.2022 to 30.6.2023, i.e.
until the Ordinary General Meeting of Shareholders which will take place within the year 2023 and will make the final
determination. Also pre-approved:
A. The budgeted expense for the payment of an additional incentive, to the Managing Director and the Deputy Managing
Director, in the form of variable gross remuneration, dependent on a short-term target (bonus), with the conditions provided
for in no. 21042/3.8.2022 Decision of the Board of Directors of E.YD.A.P. S.A. The maximum variable remuneration (bonus) per
executive is set at 15% of the fixed remuneration of the executive members. According to the above Board decision, it was
decided that the extraordinary fees (variable) will be given to each of the two executive members for indicatively achieving the
following four equally weighted goals in the 2022 financial year:
v. Efficiency Ratio in relation to overdue receivables: Total overdue receivables from individuals > 6 months
2022 / total receivables from individuals 2022 ≤ 58%.
vi. Efficiency Index in relation to operating costs: Operating costs 2022 (excluding proprietary constructions) –
depreciation – usage provisions – cost of raw materials / turnover 2022 ≤ 70%
vii. Growth Index in relation to the investment plan: Realized investment amount 2022 / pre-calculated
investment amount 2022 ≥ 70%
viii. Safety indicator including environmental management in relation to non-billed water: Non-billed
consumption of DHW (cubic meters) 2022 / Total consumption of M.E.N. (cubic meters) 2022 ≤ 22%.
As a condition for activating the above variable remuneration, the pre-tax profits of 2022, minus extraordinary income, were
set to be ≥ 40 million euros.
B. The budgeted expenditure for the payment of additional extraordinary variable remuneration, the
amount of which will be equal to the gross basic remuneration of two (2) monthly salaries, to the Executive
Members, Managing Director and Deputy Managing Director of EYDAP S.A., as long as the strategic goal of
improving ESG is achieved scoring by one level.
Allowances
The benefits concern only the Chairman and the executive members of the Board of Directors (with the exception of the
insurance coverage of Management Executives which also concerns the non-executive members of the Board of Directors) and
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are not included in the definition of variable remuneration of the Remuneration Policy. The benefits granted to the Chairman
and the executive members of the Board of Directors, taking into account market practices and the benefits granted to the
company's staff, concern: •Provision of a company car and related coverages. •Provision of laptop computer,
telecommunication equipment and mobile phone plan. •Coverage of the cost of participation in an individual insurance
program for outpatient and hospital care in a private insurance company, as also applies to the Company's staff. •Liability
insurance coverage for management executives. •Expenses for performance, travel, accommodation and feeding expenses, in
relation to the fulfillment of the duties of the members of the Board of Directors and with the submission of the corresponding
documents.
The executive members of the Board of Directors are entitled to the benefits received by the regular staff of the Company and
provided for in the Collective Labor Agreements and the Decisions of the Company's Board of Directors.
The approved 2021 Remuneration Report is available on the Company's website
https://www.eydap.gr/TheCompany/RegFramework/ . In the Ordinary General Meeting of Shareholders which will take place
within 2023 for the approval of 2022 results , the Remuneration Report of the members of the Board of Directors will be
submitted for the remuneration and benefits paid in the 2022 fiscal year, in accordance with article 112 of Law 4548/2018 and
the Remuneration Policy. During fiscal year 2022, no options were granted and no share allocation program is in effect.
1.9 Conflict of Interest – Related Party Transactions
Conflict of interests
The members of the Board of Directors (executive, non-executive and independent non-executive), must take special care to
avoid the appearance of conflicts of interest and respect the duty of loyalty they have towards the Company, acting with
independent judgment in order to promote the corporate interest.
With the no. 20906/7.7.2021 Board of Directors Decision establishing a Conflict of Interest Policy, which was revised with the
no. 21159/16.2.2023 Board Decision. In said Policy, it is provided for the members of the Board of Directors as well as any third
person to whom their responsibilities have been assigned by the Board of Directors that they owe in particular:
a) Not to pursue their own interests that conflict with the interests of the Company.
b) Not to have a competitive relationship with the Company and to avoid any position or activity that creates or appears to
create a conflict between their private interests and those of the Company, including holding positions on the board of directors
or in the management of other companies, without permission of the General Assembly.
c) To disclose in a timely manner and adequately to the other members of the Board of Directors their private interests that
may arise from transactions of the Company that fall within their duties, as well as any other conflict of private interests with
those of the Company or its affiliated companies during the concept of International Accounting Standard 24 that arises in the
exercise of their duties.
d) To observe strict confidentiality regarding the Company's corporate affairs and secrets, which became known to them due
to their status.
e) Not to carry out transactions with shares or other financial instruments of the Company based on privileged information.
f) To notify in time any transaction of shares or other financial instruments of the Company.
In the same context, the members of the Board of Directors are required to notify the Board of Directors of any participation
in boards of directors or other forms of administrative bodies of other legal entities - entities of any nature and object, as well
as any other relationship and/or activity that they suspect conflicts or may conflict with the interests of the Company.
Prospective members are required to disclose their professional commitments of any kind to other companies, and to non-
profit entities, prior to their placement on the Company's Board of Directors.
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The Board of Directors ensures the effective management of any conflict of interest between its members and the Company,
as well as the protection of information of which the members become aware during the exercise of their duties, regardless of
whether or not they fall under the concept of corporate secrecy or privileged information. information.
The members of the Board of Directors have disclosed to the Company their other professional commitments (including
significant non-executive commitments to companies and non-profit institutions) as follows:
Board Composition Property
Other professional commitments
Theodora Varvarigou
Chairman of the Board, Non-
Executive Member
NTUA professor
Board member of the Bodosaki Foundation
Member of the Steering Committee of the
Hellenic Institute of Higher Studies
Charalambos Sahinis
CEO, Executive Member
Member of the Board of Directors of "
ENEXClear", "Atlantic Council" and the
Investment Committee of CNL Capital
Anastasios Tosios
Deputy CEO, Executive Member
Vice-President of the Board of Directors of ellenic
Association for the Cogeneration of Heat and
Power
Member of the Steering Committee of the South
East European Energy Institute
Ekaterini Beritsi
Independent Non-executive
Member
Independent non-executive member of the
Board of Directors of National Bank, Chairman of
the Ethics and Culture Regulatory Compliance
Committee, Vice Chairman of the Corporate
Governance and Nominations Committee and
Member of the Strategic Planning and
Transformation Committee.
Alexander Nasoufis
Independent Non-executive
Member
Non executive member of the Board of Evos BV
and member of the Audit Committee
Non executive member - Chairman of the Board
of OLT Offshore LNG Toscana SpA
Deputy Non-Executive Board Member of Anglian
Water Group Ltd
Michael Stavroulakis
Independent Non-executive
Member
Accountant-tax and financial consultant in
various companies
Angelos Amditis
Independent Non-executive
Member
Member of the Board of Directors at EPISEY
Independent non-executive member of the
Board & Deputy Chairman in OASA
President ERTICO-ITS EUROPE
Dimitrios Konstantakopoulos
Non-executive Member
Non-executive member of the Board of Directors
of EYATH SA
Investments & Concessions Manager at HCAP SA
Christos Karaplis
Non-executive Member
Advisor to the Administration of the Ministry of
Finance and the Ministry of Education
Christos Mistriotis
Non-executive Member
Panagiotis Skularikis
Non-executive Member
General Manager of Piraeus Bank
Emmanuel Angelakis
Non-executive Member
Deputy Director of the Warehouse & Transport
Department
George Alexandrakis
Non-executive Member
Technologal Mechanical Engineer (Employee
EYDAP)
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Based on the data listed in the above table and in accordance with the applicable Nomination Policy none of the members of
the BoD (executive, non executive, and independent non executive) did not own during the 2022 corporate year and does not
own at the time of publication of this Statement position in Boards more of five in total companies and more than three listed
companies in total.
In accordance with article 18 par. 3 of Law 4706/2020, a table is provided with the number of EYDAP shares held by the
members of the Board of Directors and the main managers on December 31
st
2022 as follows.
FULL NAME
CAPACITY
NO. OF SHARES
SAHINIS CHARALAMPOS
CEO
1000
TOSIOS ANASTASIOS
Deputy CEO
1000
AGGELAKIS EMMANUEL
Non-executive member
of the Board of Directors
465
ANTIGONY SYNODINOU-CAMELOU
General Manager of
Transformation
300
PANAGOPOULOU EKATERINI
Director of Risk
Management and
Regulatory Compliance
300
Transactions with related parties
Especially for the management of transactions with related parties, the Company's Operating Regulations provide for a
Compliance Procedure with the obligations of Articles 99 to 101 of Law 4548/2018. The above Procedure explains the concept
of related party transactions and lists the categories of persons and entities that are considered related parties according to
IAS 24. In addition, it lists criteria that are taken into account to determine whether the transaction is carried out in the ordinary
course of business of activity or not (eg nature, frequency, size of transaction, etc.). The above criteria are indicative and not
restrictive and the Company should evaluate each transaction on a case-by-case basis, taking into account its specific nature
and the conditions of its execution.
Before any authorization to enter into a transaction with a related party is granted either by the Board of Directors or by the
General Assembly, an opinion is obtained from an independent external consultant (certified auditor or audit firm or other
independent third party), who, after assessing the case either provide an exemption report with a documented reference to
the criteria, based on which the transaction was assessed as falling under article 99 par. 3 of Law 4548/2018 or provide a
fairness opinion in the event that it was assessed that the transaction is not exempt from the general prohibition of related
party transactions.
The Company is obliged to document all of its intra-group transactions through the preparation and maintenance of a
Documentation File and a Summary Table of Information. The dossier is drawn up in accordance with the provisions of article
50 of Law 4172/2013, article 21 of Law 4174/2013 and the OECD Directives on intergroup pricing.
1.10 Sustainable Development Policy
The long-term harmonization of corporate actions with the Sustainable Development Goals is a main factor in EYDAP's
development path. The Company's strategy is focused on the principles of Sustainable Development and measures its
performance based on the following three main pillars:
Environment
The environmental criteria consider whether the Company promotes the protection of the environment. EYDAP, in this context,
consistently invests in strategies related to:
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Protection of marine ecosystems
Reservoir protection
Returning wastewater to nature 95% clean
Biodiversity protection
Circular economy
Energy saving
Steady Carbon Footprint Reduction
Tiered tariff for drinking water consumption
Development of leakage reduction programs
New projects for Holistic Management of the water resource
Continuous Maintenance & Upgrade of Network Facilities
Society (Social)
EYDAP continuously develops strategies and actions that are focused on supporting the Society. In this context, EYDAP
provides:
Excellent Drinking Water Quality
Access of all citizens to clean water
Uninterrupted and Reliable Water & Sewerage Services
Donation of 2.5 million euros to tackle the COVID-19 pandemic
Subscription for the protection of human life in emergencies
Protection of Health & Safety of Employees & Citizens
Ensuring Human Rights at Work
No discrimination in terms of sex, age, religion
Customer-centric approach
Continuous employee training
Synergies with Educational Agencies, Foundations & Small Businesses
Affordable tariff for all with sensitivity towards financially weak groups
Financial Support to Organizations with social work
Protection & Promotion of Cultural Heritage
Upgraded Environmental & Cultural Educational Programs
Support for young people through special employment programs
Establishment of Doctoral Theses Scholarships
Corporate Governance
EYDAP is committed to operating in the light of Corporate Governance principles throughout the range of its activities. To this
end, it promotes the perception of business ethics in decision-making and is committed to defending the interests of
shareholders and all interested parties. Characteristics of Corporate Governance at EYDAP are:
The application of the Code of Corporate Governance and Political Conflict of Interest
Full harmonization with National and Union Law
Full Compliance with Environmental Legislation
Anti-Corruption & Bribery Policy
The application of the General Data Protection Regulation
Electronic Government
The enactment of Regulations and faithful implementation of the Law on the procedure for concluding public contracts
The dialogue with interested parties
ESG issues are included in the Sustainable Development Policy, which is part of the Company's Operating Regulations and its
content is available on the Company's website https://www.eydap.gr/TheCompany/RegFramework/.
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The Company publishes on an annual basis a Sustainable Development Report which includes a review of its performance on
ESG issues with a reporting period of each fiscal year. The Sustainable Development Report is prepared in accordance with
recognized sustainability reporting standards, with the aim of EYDAP meeting the needs and expectations of its stakeholders
and presenting the way in which it manages its most significant impacts in the context of sustainable development. The
Company's impacts are assessed against the UN's Global Sustainable Development Goals at a national scale.
The Report is aligned with the GRI Standard , the SASB Standard and the essential issues of the Water sector Utilities and
Services as well as with the Guide of the Athens Stock Exchange for the disclosure of non-financial information.
EYDAP recognizes the importance of the external assurance of the Sustainable Development Reports aiming at the
transparency and reliability of the information presented and assigns the external assurance of selected, for the time being,
elements of the Report to reputable auditing companies.
The Company has always invested in timely and open dialogue with its stakeholders, using a specific approach process
depending on the group of stakeholders, with a view to flexibility and facilitating the understanding of their mutual interests.
Indicatively, the formation of a structured plan for the development of relations with the local communities in which the
Company is active or is going to be active is mentioned.
The process of defining and prioritizing essential sustainability issues is an ongoing exercise that is constantly being developed
and improved. Through the recognition and understanding of essential sustainability issues, the Company forms and develops
its unified business strategy, its aims, objectives, social and environmental initiatives.
The methodology for materiality analysis of sustainable development issues is reflected in the following steps:
1. Identification of sustainable development issues
2. Prioritization of issues with criteria in particular:
• The importance of their effects on the 17 Sustainable Development Goals of the UN
• The importance of their effects on the business model, reputation and ability of EYDAP to achieve its goals
• The extent to which they significantly influence the judgment and decisions of the interested parties of EYDAP
3. Validation of Results by Top Management
The essential non-financial issues concerning the long-term sustainability of the Company as well as the way to deal with them
are reflected in the Non-Financial Information Section (p.100 ) and are described in more detail in the annual Sustainable
Development Report. These issues concern the broader issues of the environment, society (labour, social and human rights
issues) and the market, the supply chain, but also the fight against corruption and bribery.
2. Committees of the Board of Directors – Composition – Responsibilities – Compensation of members – Evaluation of
effectiveness
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The Board of Directors with the no. 21268/22.3.2023 his decision decided the establishment of a Regulatory Compliance
Committee of the Board of Directors of EYDAP, consisting of three members of the Board of Directors. with a term proportional
to their term as members of the Board of Directors. The members that make up the Committee are the following:
- Theodora Varvarigou, President of the Committee (non-executive member)
- Aikaterini Beritsi, Member (independent member)
- Alexandros Nasoufis, Member (independent member)
During the same meeting the Board of Directors with no. 21270/22.3.2023 decision also decided on the renaming of the
Strategy and Innovation Committee of the Board of Directors in Strategy, Innovation and Sustainable Development Committee.
At the same meeting, it was also decided to split the Risk Management and Regulatory Compliance Division into a Risk
Management Division with reference to the Risk Management Committee and a Regulatory Compliance Division with reference
to the Regulatory Compliance Committee.
2.1 Audit Committee
The Audit Committee, in accordance with its current Regulation of Operation, which was approved with no. 20943/20.10.2021
Board Decision and in accordance with article 44 of Law 4449/2017, as applicable it can be either a committee of the Board of
Directors consisting exclusively of its non-executive members, or an independent committee consisting of non-executive members
of the Board and third parties or exclusively from third parties. The type of Audit Committee, the term of office, the number and
the qualities of its members are decided by the General Assembly of shareholders.
According to the decision of the Extraordinary General Meeting of shareholders of 24 December 2021, the Audit Committee is
a committee of the Board of Directors, consisting exclusively of non-executive members of the Board of Directors, three (3) in
number, two (2) of which have the status of the independent non-executive member of the Board of Directors and one (1) of
them is a simple non-executive member, and the term of office of its members is the same as their term of office as members
of the Board of Directors which is four years .
During the meeting of January 4th, 2022, the Audit Committee was constituted as a body and by unanimous decision of its
members, the Chairman of the Committee was appointed.
The composition of the Audit Committee today and throughout the 2022 fiscal year is as follows:
1. Aikaterini Beritsi, President (independent member)
Board of directors
Control Committee
Remuneration and
Nomination Committee
Risk Management
Committee
Strategy, Innovation and
Sustainable Development
Committee
Regulatory Compliance
Committee
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2. Michael Stavroulakis, Member (independent member)
3. Christos Karaplis, Member (non-executive member)
It is noted that with the no. 21097/14.12.2022 Decision of the Company's Board of Directors found, following a relevant
proposal of the Remuneration and Nominations Committee, that the persons of the independent members of the Audit
Committee, namely Ms. Aikaterini Beritsi and Mr. Michael Stavroulakis, still meet the conditions for the designation them as
independent. It is also pointed out that in the context of the evaluation of the Audit Committee carried out during the 2022
corporate year, it was judged that it has the required combination and depth of knowledge, skills, abilities and
experience, effectively using its time and formulating clear recommendations to the Board.
Operation of Audit Committee
The frame operation her Commission Control is determined from him Regulation operation, which has been updated with the no.
20943/20.10.2021 Decision of the Board of Directors and is posted on the Company's website . The Audit Committee evaluates -
at least every two years - the appropriateness and effectiveness of the Operating Regulations, in order to establish whether there
is a need to update them, in any case, however, when there are changes in the role and responsibilities of the Committee, the
Company or the legislation, which relate to the issues covered by the Regulation.
The Audit Committee, for the implementation of its work, meets regularly and on an emergency basis, when required. The
frequency and timing of the Audit Committee meetings is proportional to the extent of its responsibilities, taking into account,
among other things, the Company's activity, size, business environment and business model. In any case, it meets at least once
a quarter at predetermined dates and times as well as the place of meeting and on an extraordinary basis, when the need
arises, to discuss important issues.
The main responsibilities of the Audit Committee, as defined by the relevant legislation, concern the monitoring of the financial
information process, the monitoring of the effective operation of the internal control system and the risk management system,
as well as the proper operation of the internal auditors unit of the audited entity. Also, they concern the monitoring of the
course of the mandatory audit of the financial statements, as well as the overview and monitoring of issues related to the
existence and maintenance of the objectivity and independence of the statutory auditor or the audit office, particularly with
regard to the provision of other services by the statutory auditor or the audit office. The Audit Committee is also responsible
for the process of selecting a certified public accountant or audit firm.
The Audit Committee has frequent communication with the Internal Audit Department in the context of performing its duties.
In this context, the head of the Internal Audit Department is invited to participate in most of the meetings of the Audit
Committee and to provide information on the course of the conducted audits and the monitoring of the implementation of
the corrective actions decided in the context of the audits. The Audit Committee also has frequent communication and
meetings with the statutory auditors to review the financial statements and evaluate the financial information provided.
During the 2022 fiscal year, the Audit Committee held 12 meetings on the following dates:
MEETING NO 1/2022
04/01/2022
MEETING NO 2/2022
18/01/2022
MEETING NO 3/2022
03/03/2022
MEETING NO 4/2022
18/04/2022
MEETING NO 5/2022
17/05/2022
MEETING NO 6/2022
21/06/2022
MEETING NO 7/2022
02/09/2022
MEETING NO 8/2022
19/09/2021
MEETING NO 9/2022
11/10/2022
MEETING NO 10/2022
22/11/2022
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MEETING NO 11/2022
05/12/2022
MEETING NO 12/2022
15/12/2022
All the members of the Committee participated in all the meetings.
With reference to its actions, the issues examined by the Audit Committee during the 2022 fiscal year are summarized as
follows:
A. External Audit
• During the 2022 fiscal year, the President of the Committee held 6 meetings with the Head of the External
Auditors project team, in order to be informed about the progress of the audit work, as well as other issues related to the
External Audit. The External Auditors project team was invited by the Audit Committee and attended 6 of its 12 meetings in
order to inform the Audit Committee on issues related to the compilation of financial information and the preparation of
interim and annual financial statements.
• Monitored and examined the process of conducting the mandatory audit of the Company's individual and
consolidated statements for the year 2022 and the first half of 2022, as well as the content of the supplementary reports of
the statutory auditor.
• He discussed with the External Auditors matters on the Audit Plan for the year 2022 and confirmed that it
covers the main audit matters (Key Audit Matters), according to the main business and financial risk areas of the Company.
Confirmed the correctness and completeness of the audit process based on the relevant regulatory provisions.
• Reviewed all of Grant Thornton's 2022 external auditor fees for audit work performed while reviewing and
approving additional fees for non-audit work in accordance with applicable law. The EU reviewed the provision of non-
audit services, beyond the services of carrying out statutory accounting and tax audits, by External Statutory Auditors,
having previously assessed potential threats to their independence, as well as the safeguards in place to limit these risks, in
accordance with the current legislation and with Article 22b of Directive 2006/43/EC and confirmed that they are not non-
audit services which are prohibited, according to Article 5 of the European Union (EU) Regulation no. 537/2014. The
Company's External Statutory Auditors remained independent from the Company, in accordance with the Code of Ethics
for Professional Auditors of the Board of International Ethics Standards for Auditors which has been incorporated into
Greek Law.
• The Audit Committee reviewed the fees for the provision of audit and non-audit services for 2022, finding that
the permitted services to be provided by the GRANT THORNTON Group do not exceed in total value 70% of the average of
the fees paid over the three (3) last consecutive financial years for the mandatory audit. Based on the above, the
Committee gave its consent unanimously.
• Confirmed the independence of the External Auditors.
• Reviewed and evaluated the process of drafting Financial Information, which was followed for the issuance of
the Semi-Annual and Annual Financial Statements, in terms of its correct execution and informed the Board of Directors
accordingly .
• Discussed with the Management, the Financial Director, the Legal Advisor, the Head of Internal Audit and the
Statutory Auditor about the important issues, included in the financial statements, based on the Key Audit Matters and the
other recommendations of the above.
• Recommended to the Board of Directors. on the half-yearly and annual financial statements based on the
results of the relevant audit work.
C. Internal Control Systems Procedures - Internal Control Unit
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• Assessed the adequacy and effectiveness of the Internal Control System and informed the Company's Board of Directors
about the results
• Was informed about all the audits carried out within the period under review, their findings, the corrective actions
agreed with the top managers and the time horizon for their implementation. In addition, it was informed at regular
intervals about the course of implementation of the corrective actions according to the timetable set by the CEO.
• Assessed the annual audit plan for 2022, taking into account the main areas of business and financial risk, as well as the
results of previous audits and the revision of the annual audit program of the Internal Audit Department for 2022 and
recommended their approval to the Board
D. Sustainable Development
After the approval of the General Assembly of the Shareholders of EYDAP SA, the Audit Committee for the overview of the
Sustainable Development Policy of EYDAP requested the provision of services from the GRAND THORTON Company, regarding
the preparation of an external verification report of selected indicators of its economic, social and environmental performance
(ESG) for the year 2022, with a reference period from January 1, 2022
to December 31
,
2022. The aim is to strengthen the
reliability of non-financial information but also to prepare the Company in the context of the new Directive (EU) 2022/2464
amending Regulation (EU) no. 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU regarding
sustainability reporting by companies. According to article 5 par.1 of the above Directive, the member states put into force the
necessary legislative, regulatory and administrative provisions to comply with articles 1-3 of the Directive until 6.7.2024.
According to the Directive, the Commission is authorized to issue EU sustainability reporting standards and assurance standards
for sustainability reporting.
In the context of drafting the 2022 Sustainable Development Report, and with the aim of aligning the provided non-financial
information with the international GRI Evaluation Standard version 2021, the Communication and Corporate Relations
Department will proceed with a Materiality Analysis in order to update the essential issues of Sustainable Development .
The Audit Committee, on the above matters of its responsibilities, informed the Company's Board of Directors on a case-by-
case basis and at regular intervals. The Audit Committee's annual report for the 2022 corporate year will be submitted to the
41
st
Ordinary General Meeting of Shareholders.
For the year 2022, the 40
th
Ordinary General Meeting of the Company's shareholders on August 30, 2022 decided to pay per
meeting an amount of 600 euros plus employer contributions to the Chairman of the Audit Committee and a corresponding
amount of 450 euros to each member of the Audit Committee. It was also decided to pay monthly (for the months in which a
meeting will be held) per person an amount of 156.74 euros plus gross employer contributions to the Chairman and the
Members of the Audit Committee as performance and travel expenses with a maximum number of Committee meetings of
twelve per calendar year.
2.2 Remuneration and Nomination Committee
With the no. 20394/4.9.2019 Board decision, the Remuneration Committee of the Board of Directors of EYDAP was established,
consisting exclusively of non-executive members of the Board of Directors, the majority of them independent with the main
responsibility of establishing the Remuneration Policy. Taking into account the possibility of delegating the responsibilities of
the Remuneration Committee and the Nomination Committee to a single Committee in accordance with par. 2 of article 10 of
Law 4706/2020, it was established with the no. 20854/5.4.2021 Board Decision the Remuneration and Nominations Committee
of the Board of Directors as an independent and objective body, which transparently assists the Board. of the Company in
matters related to the remuneration of the Chairman of the Board of Directors, as well as its executive and non-executive
members, in accordance with the applicable legislation, as well as in the selection of suitable persons for the acquisition of the
72
status of a member of the Board of Directors EYDAP, in accordance with article 12 of Law 4706/2020 and the Company's
Nomination Policy.
The Remuneration and Nominations Committee of the Board of Directors consists exclusively of non-executive members of
the Board of Directors. of the Company, most of which are independent. The members of the Committee are selected and
appointed by the Board of Directors and their number may not exceed five (5) members or be less than three (3) and will
always remain an odd number. The Chairman of the Committee is an independent non-executive member of the Board who is
responsible for planning and conducting the meetings and must have served the Committee as a member for at least one year,
unless the Committee has not been established or operated in the previous year . The term of office of the members of the
Committee coincides with the term of the Board of Directors, with the possibility of renewal.
The purpose of the Remuneration and Nominations Committee is to provide support and assistance to the Board of Directors
in its duties regarding: • The remuneration of the members of the Board of Directors, non-executive and executive. • The
assurance of quality staffing and the smooth succession and continuity of the Board of Directors in order to effectively fulfill
his role for the benefit of the Company and all stakeholders. The individual responsibilities of the Committee and the relevant
procedures for fulfilling its purpose are described in its Operating Regulations, which are posted on the Company's website.
The composition of the Remuneration and Nominations Committee from the date of its establishment (5.4.2021) until today
is as follows:
Aikaterini Beritsi, President (independent member) *
Theodora Varvarigou, Member (non-executive member)
Michael Stavroulakis, Member (independent member)
Alexandros Nasoufis, Member (independent member)
Panagiotis Skularikis, Member (non-executive member)
According to its Operating Regulations, the Committee meets regularly at least four (4) times a year and in any case before the
preparation of the Remuneration Policy, the annual Remuneration Report and the proposal for the annual remuneration of
the members of the Board of Directors and as often as it deems necessary to accomplish its mission.
During the year 2022, the Remuneration and Nomination Committee held eleven (11) meetings on the following dates:
21.01.2022
09.03.2022
29.03.2022
08.04.2022
19.05.2022
03.06.2022
06.06.2022
13.07.2022
13.09.2022
07.12.2022
16.12.2022
All the members of the Commission participated in all the meetings.
Main actions of the Remuneration and Nomination Committee during the year:
• Initiation of a review process of the fulfillment of the conditions of article 9 of Law 4706/2020 in the persons of the
independent members of the Board of Directors of EYDAP in accordance with paragraph 3 of the same article.
• Submission of a proposal to the Board of Directors for the approval of fulfillment of the independence criteria of the
four independent members of the Board of Directors
73
• Finalization of objectives (qualitative and quantitative) regarding the evaluation framework of the CEO and Deputy CEO
for the year 2022 and submission of a relevant proposal to the Board.
• Submission of a proposal to the Board of Directors regarding the payment of fees to the Chairman of the Board of
Directors and the non-executive members of the Board of Directors for the year 2022.
• Submission of a proposal for the payment of fixed remuneration to the executive members of the Board for the year
2022 and the determination of KPI's for the payment of variable remuneration to the CEO and Deputy CEO for the year
2022.
• Recommendation to the Board of Directors for the payment of variable remuneration for the year 2021 to the CEO and
Deputy CEO.
• Recommendation to the Board of Directors for the payment of additional extraordinary variable remuneration (bonus)
to the Managing Director and Deputy Managing Director after the signing of the contract with the Greek State.
• Approval of the Remuneration Report for the year 2021
• Evaluation of offers and approval of the training program for the members of the Board of Directors in 2022 in various
topics
• Presentation of the external consultant STANTON CHASE in relation to the recording of procedures and detailed
schedule of actions, regarding all corporate governance projects that fall under the Committee's responsibilities:
"Evaluation of the Board and its Committees", " The Strategic Board Profile and Individual & Collective Suitability
Assessment & Development ” “ The CEO and deputy CEO Evaluation Framework & Execution ”, “ Board succession
planning ", " CEO Succession planning ” ” Peer to peer assessment " etc.
• Finalization of the questionnaires of all the above corporate governance projects.
• Continuous monitoring of the implementation progress of corporate governance projects.
• Briefing of the committee by the consultant on the conclusions and proposed improvement actions of the completed
corporate governance projects and their presentation to the Board.
It is also pointed out that in the context of the evaluation of the Remuneration and Nominations Committee carried out during
the 2022 corporate year, it was judged, among other things, that it is extremely efficient in the fulfillment and execution of
its duties, uses its time efficiently and that its Members have the required mix and depth of knowledge, abilities,
skills and experience.
For the year 2022, the 40
th
Annual General Meeting of the Company's shareholders on August 30, 2022 decided to pay per meeting
an amount of 400 euros plus employer contributions to the Chairman of the Remuneration and Nominations Committee and a
corresponding amount of 300 euros to each member of the Committee. It was also decided to pay monthly (for the months in
which a meeting will be held) per person an amount of 156.74 euros plus employer contributions to the President and the
Members of the Remuneration and Nominations Committee as performance and travel expenses with a maximum number of
Committee meetings of twelve per calendar day year.
2.3 Risk Management Committee
In the context of ensuring adequate and effective operation of the Company's Internal Control System which aims, among
other things, to identify and manage the essential risks associated with business activity and operation, the Board of Directors
with the no. 20945/17.11.2021 decision, decided on the establishment of a Risk Management Committee of the Board of
Directors of EYDAP consisting of executive and non-executive members of the Board, the majority of whom are non-executive,
with a term of office commensurate with their term of office as members of the Board of Directors.
The purpose of the Risk Management Committee is to assist the Board of Directors in the execution of its responsibilities
regarding the management of operational risks. This is achieved by the Risk Management Committee's oversight, assessment
74
and control of the design and implementation of the operational, technological, climate, financial and other risk management
framework, the crisis and disaster response plans and their effective implementation as well as the planning uninterrupted
operation taking into account the range of activities, critical infrastructure and complexity of the Company.
In order to fulfill the above purpose, the Risk Management Committee has indicatively the following responsibilities:
1. It supports the development of a risk appetite framework.
2. It regularly reviews and audits the risk management and crisis and disaster response framework and makes
proposals for changes to the Risk Management Division, the CEO and the Board of Directors.
3. It ensures the effective operation of the risk management and crisis and disaster response framework.
4. It supports, oversees and controls the creation of a framework and methodology for uninterrupted operation of the
Company in situations of risks, crises and disasters.
5. Audits and monitors operational, technological, climate, financial and other risks (risk profiles) on a regular basis in
accordance with risk management procedures taking into account the actions taken to address the risks.
6. Evaluates the effectiveness and cost/benefit ratio of implementing safeguards proposals.
7. Receives and reviews independent assessments of the adequacy and effectiveness of the risk management and crisis
and disaster response framework.
8. It regularly informs the Board of Directors about the development of material risks as well as the adequacy and
effectiveness of the risk management framework through its President.
9. Evaluates information outside and within the Company on risk management issues and procedures that may be
required from time to time by the Company.
With the no. 20998/23.3.2022 Decision of the Board of Directors, the Operating Regulations of the Committee were approved.
The Committee has five members and consists of executive and non-executive members of the Board of Directors. At least one
of its members is independent. The Board of Directors appoints the members and appoints and designates the Chairman of
the Committee from among its independent members. The term of office of the members is proportional to the length of their
term of office on the Board.
The Committee meets at least four (4) times a year and whenever deemed necessary.
The composition of the Committee from the date of its establishment ( 17.11.2021) is as follows:
1. Angelos Amditis, independent non-executive member as Chairman,
2. Alexandros Nasoufis, independent non-executive member as Vice-President,
3. Theodora Varvarigou, non-executive member, Chairman of the Board of Directors. as a Member,
4. Charalambos Sahinis, executive member, CEO as Member,
5. Christos Mistriotis, non-executive member, representative of the minority shareholders as a Member.
During the year 2022, the Risk Management Committee held six (6) meetings on the following dates:
1
st
Meeting, 27.01.2022
2
nd
Meeting , 28.02.2022
3
rd
Meeting , 28.03.2022
4
th
Meeting , 13.04.2022
5
th
Meeting , 03.05.2022
6
th
Meeting, 10.10.2022
All meetings were held using electronic means. For each meeting there was an Agenda on the initiative of the President of the
Committee, while the members of the Committee received the material of the Meeting's topics in time and prior to its
convening. Minutes were kept for each meeting and approved by the Members.
75
Issues that concerned the Risk Management Committee
1. Designation of an External Advisor to support the Commission's work
2. Risk Management Committee Regulation
3. Risk Management Directorate Regulation & Risk Management Policy
4. Defining the Risk Undertaking Framework
5. Key conclusions of the thorough business risk assessment
6. Business risk management
7. Calibration procedure
8. Conclusion of hedging contracts (Hedging) related to electricity, between E.YD.A.P. S.A. and competent economic
bodies
9. Optimal capital structure of E.Y.D.A.P. S.A.
10. Overview of Cyber Security Issues
11. Crisis management
Proposals of the Risk Management Committee
The following proposals are summary and refer only to the main issues identified during the RMC Meetings in 2022:
• Necessity of increasing the staff with specialized professionals of the Risk Management Department
• Education and continuous training and information of the company's executives in matters of risk management as
well as in dealing with crises and disasters at all levels from the Board of Directors to the organizational units.
• Necessity of separation of the Risk Management Department and the Regulatory Compliance Department
• Direct determination of the Risk Appetite Framework
• Revision of the Risk Register and completion of new "non-classical" risks that are increasingly recognized by similar
businesses.
• Review of the risk calibration and prioritization methodology at the level of Organizational Units
• Immediate review of vulnerability issues. Comprehensive examination of physical and digital security issues.
Examination of the necessary investments taking into account the urgency, the level of vulnerability of the company,
but also the total financial cost.
• Organization of the company in matters of crisis and disaster management in four pillars according to the classic risk
and crisis management methodology. Elaboration of scenarios and actions to deal with natural and technological
disasters as well as acts of terrorism with a clear business plan of the company’s continuity .
• Elaboration of an integrated energy security plan of the company at all levels (availability, financial implications,
security)
• Development of a comprehensive climate change response plan including issues of availability of sufficient water
resources.
76
• Study of the capital structure of the company and in terms of possible risks. Dealing with financial risks that the
company may be exposed to.
For the year 2022, the 40
th
Annual Ordinary General Meeting of the Company's shareholders on August 30, 2022 decided:
-Payment of 400 euros plus employer contributions per meeting for the President of the Committee
- Payment of 300 euros plus employer contributions per meeting to each Committee Member
Monthly payment of 156.74 euros gross as representation and travel expenses to all Committee Members with a maximum
number of meetings of 8 per year.
2.4 Strategy and Innovation Committee
The Strategy and Innovation Committee of the Board of Directors was established by Board Decision No. 20853/05.04.2021,
consisting exclusively of EYDAP’s members of the Board of Directors. The Committee seeks information, analyses, evaluates
and advises the Company's Management and its Board of Directors on matters of the Company's general strategy but also
specifically on matters of strategy in new technologies and innovation, including the Company's digital transformation, cyber
security and sustainability, through innovative technologies. The ultimate goal of the Committee is the sustainable
development and optimization of the Company's value.
Indicatively, the Committee’s main responsibilities:
1. Seeking information, evaluating, advising and expressing an opinion regarding the main long-term strategic goals of the
Company and its medium-term strategy, in line with BoD guidekines and goals.
2. Seeking information, evaluating, advising and expressing an opinion on strategy regarding new technologies, innovation and
transformation of the Company.
3. Seeking information, evaluating, advising and expressing an opinion on strategy relating to risk to issues arising from digital
and new technologies, as well as cyber security issues.
4. Seeking information, evaluating, advising and expressing an opinion on strategy relating to issues of sustainability and
circular economy, through the application of technology and innovative solutions.
5. Monitors the implementation of the Company's strategy every six months regarding the Company's strategic projects and
innovation and digital transformation projects. Regarding the above the Committee expresses it’s opinion to the Board of
Directors in the context of preparing the annnual budget and the investment plan.
6. Seeking information, evaluating, advising and expressing an opinion regarding the adoption of best practices in the Greek
and
European/International environment. In this context, it monitores the projects of other international Organizations and Bodies
in Greece and abroad while respecting the principle of confidentiality and observing competition rules.
7. Organizes, in cooperation with the Management, presentations, as and when requested by the Management or the Board
of Directors, or upon its own initiative in order to inform the Members of the Board of Directors about matters of its
competence.
According to the obligations of Audit Committee, which was approved by no. 20998/20.7.2021 Board Decision, the Strategy
and Innovation Committee consists of at least five (5) members of the Board of Directors, the majority of whom are non-
executive, including the Chairman of the Board, the CEO and the Deputy CEO. The members of the Committee are selected
and appointed by the Board of Directors. their numbert mast always remain odd. The members are elected for a two years
term that can be extended with the aproval of the Board of Directors. The Committee schedules meetings regularly every three
(3) months or modifies its agenda as often as required to fulfill its mission.
Since its establishment (5.4.2021) the Committee has been composed as follows:
1. Theodora Varvarigou, Chairman (non-executive member)
77
2. Angelos Amditis, Vice Chairman (independent member)
3. Charalambos Sachinis, Member (executive member)
4. Anastasios Tosios, Member (executive member)
5. Panagiotis Skoularikis, Member (non-executive member)
2022 MEETING DETAILS AND PROCEEDINGS
During the 2022 fiscal year, the Strategy and Innovation Committee held seven (7) meetings on the following dates:
18.01.2022
31.01.2022
15.03.2022
03.06.2022
30.06.2022
20.09.2022
22.11.2022
The issues addressed by the Committee during the above meetings are analyzed as follows:
• Strategy development with the aim of increasing it’s profitability and strengthening its capital value / McKinsey
• Presentation of strategies as aligned with CAPEX 2022-2031
• Presentation of the 2022 investment projects budget
• Presentation of the 2022 operating and investment budget
• Presentation of business plan 2022-2031
• Presentation of progress of key investment projects
• Presentation of progress of key investment projects, CEO
• Presentation of Company's Progress regarding the Qualitative and Quantitative Executive Goals (Performance
Review KPI's), Strategy and Innovation Department
• Presentation by the General Directorate of Transformation on Company's Transformation Program Process
• Presentation by the Finance Activities Department on the Progress of the Company's Financial Sizes and Investment
Activities
• Presentation of the Strategic Issues and Activities to General Directorate of Finance and Supply Chain by the
Directorate of Supply Chain Activities
• Presentation of Strategies and Activities to the Strategy and Innovation Directorate by the Strategy and Innovation
Directorate
• Presentation of Strategies and Activities in the General Directorate of Sewage by the General Directorate of Sewage
• Presentation of Strategies Issues and Activities to the General Directorate of Human Resources by the General
Directorate of Human Resources
• Presentation of Company's Sustainable Development Program Progress by the Communication and Corporate
Relations Department
• Presentation of Smart Meters / PWC
• Presentation of smart meter project design
• Assesment of the evaluation objectives of the CEO and Deputy CEO, with the participation of the Remuneration and
Nominations Committee
78
• Presentation of Electricity and Natural Gas Consumption Reduction Plan & Renewable Energy Development Plan
(Current Status - Strategic Objectives - Next Steps - Timetable)
• Presentation of the plan to reduce unbilled water
According to the evaluation carried out during the fiscal year 2022, the Strategy and Innovation Committee has the required
mix and depth of knowledge, abilities, skills and experience and largely monitors the implementation of the Company's strategy
regarding strategic projects and innovation and digital transformation projects.
For the fiscal year 2022, the 40
th
Ordinary General Meeting of the Company's shareholders on August 30, 2022
decided to pay
per meeting an amount of 400 euros plus employer contributions to the Chairman of the Committee and a corresponding
amount of 300 euros to each member of the Committee. It was also decided to pay monthly (for the months in which a meeting
will be held) per person an amount of 156.74 euros plus gross employer contributions to the President and the Members of
the Committee as representation and travel expenses with a maximum number of Committee meetings of eight per calendar
year.
With the no. 21270/22.3.2023 decision the Board of Directors decided to rename the Strategy and Innovation Committee of
the Board of Directors. to the Strategy, Innovation and Sustainable Development Committee as well as the corresponding
amendment of its Operating Regulations.
3. Other administrative, management or supervisory bodies or committees
3.1 Executive Committee
The Executive Committee ("EC") was established with the no. 21144/21.12.2022 Decision of the Board of Directors and consists
of the Chief Executive Officer, the Deputy Chief Executive Officer, the General Managers and the Directors of Finance and
Supply Chain Activities (until the position of General Manager of Finance and Supply Chain is filled). The CEO was appointed as
the President of EC, who is responsible for planning and conducting the meetings.
In order to fulfill its duties, EC takes into account the decisions of the Board of Directors. by which it is assigned specified
authorities or responsibilities of the Board of Directors, the legislative and regulatory framework, the financial situation, the
business strategy, the long-term interests and the viability of the Company, as well as other parameters according to its
judgment. The duties of EC and its operation are described in detail in its Regulation of Operation, which was approved with
the no. 21144/21.12.2022 Decision of the Board of Directors
Curriculum Vitae of Senior Executives - Members of the Executive Committee
Katerina Vlastari- Executive Director of Human Resources
Katerina Vlastari was born in 1960, in Athens. She is a graduate of the Higher Industrial School, Department of Business
Organization Management and an accredited DPO (Personal Data Protection Officer). He holds a Proficiency in English
(Cambridge) .
Today she holds the position of General Director of Human Resources of EYDAP S.A. In the period 2018 to 2021, she served as
Data Protection Officer ( DPO ), taking on the duties of a new institutional role. The first position of responsibility she undertook
in her professional career at EYDAP was that of the head of the Payroll Service, in the period 2004 to 2007. Subsequently, she
was Director of Education, from 2007 to 2009 and Assistant General Director of Human Resources, from 2009 to and in 2010.
In the private sector, she worked in the period 1988-89, in a fertilizer company SYNEL as Public Relations Manager. Earlier she
had worked in the Athens tourism business Express SA , as Director of Reservations, at Titania Hotels Hotel and Akti Messongis
S.A. , as Head of the reservations department. Previously, she worked in key neuralgic positions, in the following companies:
Unicef , Australian Embassy, Compass Tour Hellas , Hotel Atlantic . Finally, her many years of experience have enabled her to
be a member of the Board of Directors of the National Water Council, contributing to the more effective management of Water
with the main goal of improving the quality of life of citizens.
Konstantinos Vougiouklakis - Executive Director of Sewage Network
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He was born in Athens in September 1966 and graduated from the 5th Lyceum of Kallithea. He studied at the National Technical
University of Athens, in the Department of Civil Engineering. He has been working at EYDAP since 1993, where he has held
various positions, including, Head of the B’ Regional Maintenance Department (1996-1997), Head of the Sewerage Network
Preventive Maintenance Service (1997-2007), Sewerage Network Director (2009-2013) , Assistant General Manager of
Networks & Facilities Operations (2013-2014), General Manager of Project Development and Production with responsibility
for the Planning & Development Division, the Infrastructure Division, the Research and Development (R&D) Quality Division,
the Building Real Estate Division & of Energy and the Department of Development of relations with OTAs (2014-2016). Since
October 2016, he has held the position of Executive Director of Sewerage with responsibility for the Sewerage Network
Directorate, the Sewerage Planning & Support Operations Directorate and the Wastewater Treatment Centers Directorate.
The purpose of the General Directorate of Sewage is the management and treatment of all wastewater in the area of
responsibility of EYDAP SA.
Giorgios Karagiannis-Executive Director of Water Supply
Giorgos Karagiannis is a qualified Civil Engineer from the Polytechnic School of the Democritus University of Thrace. He is
married and the father of two (2) children. He joined the staff of EYDAP S.A. in 1990.
As a Civil Engineer, he has studied and constructed a significant number of construction projects as a member of the Directorate
of Building Facilities of EYDAP S.A. For a number of years he was involved in the organization, planning and implementation of
projects and procedures in the Water Supply Networks.
At the same time, from 1990 to 2014, he was involved in the study and construction of many building projects – (residential-
offices, etc.) with an emphasis on bioclimatic buildings and the introduction of renewable forms of energy into them, as well
as the study and construction of Renewable Energy Sources (Photovoltaics).
Holding the position of Head, Deputy Director, Assistant General Manager and General Manager, he has led Services and
Departments in the entire range of the Company's technical activities.
From the position of Assistant General Manager of Networks and Facilities Operations (from 12.5.2013 to 10.6.2014) and the
position of General Manager of Networks and Facilities Operations (from 11.6.2014 to 30.9.2016) he had a diverse and
extremely complex and wide-ranging activity in Addresses: Water Absorption, Water Treatment Units, Water Supply Network,
Sewerage Network, Processing Centers and the Operational Operation Center & 1022 of EYDAP S.A.
Today, from the position of General Director of Water Supply, which he has held since 01.10.2016, he monitors and coordinates
the Directorates of: Water Absorption, Water Treatment, Water Supply Network, Water Supply Planning & Support Functions
and Water Supply Systems & Data, which are responsible for water sources (dams, boreholes), external aqueducts, water
treatment units, water supply networks, water quality control, planning and development of new projects in the water supply
sector throughout the area of competence of EYDAP S.A., as well as and the collection of metric data in the water supply sector
(counting, operational data of the water supply network, water supply pumping stations, etc.).
Since 1990 he is a Member of the Technical Chamber of Greece (T.E.E.) and the Panhellenic Association of Civil Engineers
(P.S.P.M.E.). He was an elected member of the Delegation of the Technical Chamber of Greece from 2006 to 2009.
Eftychia-Myrta Nestoridis - Executive Director of Digital Governance
Eftychia-Myrta Nestoridis is a qualified Civil Engineer, a graduate of the Massachusetts Institute of Technology - MIT (BSCE '83)
and Northeastern University (MSCE '85). She worked in the USA for 3 years and was hired by EYDAP in 1988, where she began
her career by preparing studies for water supply projects. In the years that followed, she held managerial positions in the areas
of planning & development of water supply & sewerage infrastructure, operational analysis, energy and in 2016 assumed the
duties of General Director of Coordination and Support Operations with areas of responsibility - environment, energy, building
infrastructure, design & project tenders & IT .
From 2019 to 2021 she was an Advisor to the Administration with the main area of responsibility supporting the Administration
in the negotiations with the Greek State for the new 20-year contract for the assignment of the exclusive right to provide water
supply & sewerage services in Attica and, from June 2021 onwards, assumed the duties of the General Directorate of Digital
Governance with the aim of the modernization and digital transformation of EYDAP.
Paraskevi Niarou - Executive Director of Customers Service
80
Paraskevi Niarou studied Mathematics at the National and Kapodistrian University of Athens and specialized in Analysis-
Programming and project monitoring. He holds a Master's Degree (MPA) in Public Administration.
She joined EYDAP in 1988 in the IT Department and since then has been involved in all IT projects
Since 2001, she has held positions of responsibility, starting as Head of the Computerization Service and continuing in the years
2004 – 2013 as Deputy Director in the IT and Technology Department. In 2013, she was appointed Deputy Director of the Water
Supply Network.
In 2016, she moved to the General Directorate of Customers, specifically as Director of the Special Customer Service
Department, while in 2022 she was appointed Director of Customer Service. From these positions he managed chronically
difficult customer cases, network takeovers and modernization changes at the same time as managing the pandemic.
Since April 2023, she assumed the position of General Manager of Customers with the aim of adapting to the modern needs
of the clients, and providing them with the right service
Styliani Politaki- Executive Director of Customers Services (until December 2022)
Styliani Politaki was born in July 1959 in Vyronas, Attica and graduated from the 4th Lyceum of Athens in Pagrati. She began
her studies at the Department of Electrical Engineering of the Polytechnic School of the University of Patras and continued in
the Department of Organization & Business Administration of the University of Piraeus. She holds a postgraduate degree (MSc)
from the National Technical University of Athens in Water Resources Science and Technology in Hydrology. She has been
working at EYDAP in various sectors since 1983 taking over different positions, including Head of External Aqueduct
Department in the Water Supply Division and then Deputy Director of the Sewerage Network Division, Deputy Director and
afterwards Director in the Customer Service Division. She later jointed the Internal Audit Division as Auditor Director and in
July 2015 she was appointed the duties of the Director until September 2016 after which the BoD of EYDAP appointed her as
Executive Director of Customer Services. She is married with two (2) children. In December 2022 Ms. Politaki left the Company
due to retirement.
Georgia Stefanakou - Executive Director of Major Projects
Georgia Stefanakou was born in Athens. After graduating from the 2nd Arsakeio Lyceum of Psychico, Athens, she studied Civil
Engineering at the Aristotle University of Thessaloniki and did a Postgraduate Degree (MSc) in Sanitary Engineering in Greece
at Athens School of Hygiene followed by an MSc in Environmental and Water Resources Engineering at the University of South
Florida in the USA. She speaks English and French. She has been working at EYDAP since 1990, where she has gained vast
experience in the entire range of the company’s technical activities, and specifically in design, tendering, and construction of:
water supply and sewerage networks, water and wastewater treatment plants, port projects, industrial and energy projects;
in the operation and maintenance of large facilities; as well as in the management of all scales of EYDAP’s projects and
installations. Since 2001 she has continuously held positions of responsibility, including for one of the most important
environmental projects in Greece and one of the largest in the world when she was Head of Service of Psyttaleia Wastewater
Treatment Plant (2001- 2013). Here she successfully managed the normalization of the disposal and utilization of the produced
sludge, as well as the integration of the operation of all the installations. At the same time, she took over as Deputy Executive
Director of Wastewater Treatment Plants (2011-2013) before becoming Director of Infrastructure (2013-2014). From 2014 at
the highest management level of EYDAP, she took over the position of Assistant Executive Director of Networks and Facilities
Operation (2014-2016) with responsibility for three technical Divisions and for the coordination of important actions to
modernize, and reduce the energy footprint of, EYDAP’s large-scale installations, external aqueducts and dams, water
treatment plants and wastewater treatment plants. Subsequently, from her position of Assistant Executive Director of Eastern
Attica Projects (2016-March 2021), where she was responsible for the Eastern Attica Directorate, she organized the multi-level
strategic planning for the integrated wastewater management of the conurbations of Eastern Attica, the collaboration with
the Municipalities of Eastern Attica and the implementation, with co-financing from European programs, of EYDAP’s
environmental sewerage and wastewater treatment projects. From May 2021 she has held the position of Executive Director
of Major Projects where she has been responsible for monitoring and coordinating six Divisions for the purposes of the
planning, financing and implementation of the new major projects of EYDAP’s investment plan, including the projects for
sewerage and wastewater treatment and reuse of the water recovered from the Wastewater Treatment Centers in Eastern
Attica.
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Antigoni Sinodinos-Kamilou - Executive Director of Transformation
Ms. Antigoni Synodinou was born in Athens. She has a degree in Chemical Engineering from the National Technical University
of Athens (NTUA) and a Master’s in Business Administration. Ms. Synodinou started her career in marketing, at a dynamic
Greek industrial enterprise of the chemicals sector, where she was product group manager. She then moved on to one of the
leading multinational consumer goods companies, where she held positions of responsibility in production planning and
logistics. She has many years’ work experience at EYDAP where, since 2003, she has taken on positions of responsibility, and
specifically: Head of the Internal Prevention and Protection Service (ESYPP), Head of the Industrial Wastewater and Sewerage
Department, Head of, and responsible for the operation of, the Polydendri and Menidi Water Treatment Plants, Director of the
Water Treatment Plants and, from 2016, Deputy Executive Director of Water Supply. In April 2019, she took over the General
Division of Coordination and Support Operations and, from June 2021, the General Division of Transformation. She speaks
English and French.
Eleni Spyropoulou-Director of Finance Activities
Eleni Spyropoulou has been working at EYDAP S.A. since 16.02.2000 and performing the duties of Director of Finance since
April 2021. From October 2016 to March 2021 she was Assistant Executive Director of Finance and, from May 2013 to
September 2016, Director of Financial Services. From May 2008 she took over the duties of Head of Central Accounting
Department. From October 1994 until the time she joined EYDAP, she had worked for KIKIZAS S.A., “MELISSA”, in the Finance
Department. She obtained a degree in Business Organization and Administration from Athens University of Economics and
Business in 1994, and a Master’s degree in Finance and Banking in 2000 from the same University. Ms. Spyropoulou has an A’
Class Accountant Licence from the Economic Chamber of Athens (2001). She was awarded an ICAEW “IFRS Learning &
Assessment programme” certificate in 2016 and an attendance certificate for following the Program Diploma in IFRS
(DipIFR)/ACCA in 2017. She has participated in working groups for the design and operation of new applications at EYDAP S.A.
Konstantina Stavroulia - Director of Supply Chain Activities
Konstantina Stavroulia has been Director of Supply Chain Activities at EYDAP S.A. since 2021, and responsible for the evaluation,
design optimization, execution, monitoring and control of the Company’s supply chain activities. She studied Civil Engineering
at the National Technical University of Athens and has a Master’s degree (MSc) from the National and Kapodistrian University
of Athens. For 3 years she was Head of EYDAP S.A.’s Papagou Sewerage Sector Service, where she was responsible for the
operation, maintenance and optimisation of the sewerage network of the Sector (North & North-eastern Suburbs of the
Prefecture of Attica) and Technical Consultant for the Management of Sewerage Works of EYDAP NISON S.A., where she was
responsible for recording—inventory—of the existing wastewater treatment plants and sewerage networks in more than 18
Greek islands. For 7 years she was Director of EYDAP S.A.’s Water Supply Network where she was responsible for the operation,
maintenance and optimisation of the water supply network of Attica. She has also worked for more than 15 years, either as a
researcher-collaborator, or as head of engineering teams and Departments in large technical companies and design offices, as
well as a contractor, for the preparation of studies and supervision of many important public works in Greece and abroad,
mostly related to hydraulic (water supply - sewerage) and environmental projects.
3.2 Procurement Board
The Procurement Council is a collective decision-making body which is expressly authorized by the Board of Directors to
approve procurement requests, strategic approach to the market and award of contracts in accordance with the limits
described in the Procurement and General Services Regulation of EYDAP.
The Procurement Board consists of:
• the CEO/Deputy CEO (Chairman of the Board),
• the General Managers of the Applicant Services,
• the Director of Supply Chain Operations or the General Manager of Finance and Supply Chain,
• the Director of Finance Operations or the General Manager of Finance and Supply Chain,
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• any other non-voting officer at the discretion of the Chairman of the Council
The Procurement Council meets at least once a month, either in person or via teleconference, upon invitation of the Strategic
Procurement Planning Directorate. The decisions of the Procurement Boards are taken by a majority of half plus one of the
members present. In case of a tie, the vote of the President of the Council prevails. Decisions are signed by all members of the
Procurement Board.
3.3 Disciplinary Boards (Primary and Secondary)
According to the disciplinary provisions of the current Staff Regulations of the Company, after an administrative examination,
a case may be brought to the Disciplinary Council following a relevant decision of the General Directorate of Human Resources.
The Primary Disciplinary Council has five members and consists of:
a) a member of the Board of Directors as President
b) a lawyer of the Company
c) an employee of the General Secretariat of Public Works of the Ministry of Infrastructure and Transport as an employee of
the Minister with the rank of Director.
d) an employee of EYDAP with grade 1 or 2 designated by the Board of Directors
e) a member of the Council of the Water-Sewage Federation
The Secondary Disciplinary Council has five members and consists of:
a) an Appellant designated in accordance with the present provisions
b) a member of the Company's Board of Directors
c) an employee of the General Secretariat of Public Works of the Ministry of Infrastructure and Transport as an employee of
the Minister with the rank of Director
d) the Director of Legal Services of EYDAP
e) the President of the EYDAP Workers' Federation
All members of the Disciplinary Councils are appointed for a two-year term with their deputies and meet with all members
present, making decisions by majority. In case of a tie, the vote of the President prevails. With the nos. 20978/27.1.2022 &
20979/27.1.2022 Board Decisions the above Disciplinary Councils were reconstituted and reconstituted.
3.3 Other committees and bodies with an advisory, coordinating, supervisory or approval role
• Public Procurement Procedures Committees
• Worker Health and Safety Committee (WHSC)
• Third Party Compensation Committee
• Bill Reduction Request Management Committee
• Debt Settlement Claims Management Committee
• Report Evaluation Committee (within the Report-Complaint Management Policy)
• Sponsorship Committee (within the Sponsorship Policy)
• Medical Council
• Service Council
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• Promotions Councils: 1st Council, 2nd Council
• Technical Council
D. General Meeting & Shareholders' Rights
1.1 Powers of the General Meeting – Mode of Operation
The General Assembly of the Company's shareholders is its supreme body and is entitled to decide on any case concerning the
Company. Its decisions also bind the shareholders who were absent or disagreed. The General Assembly is the only one
competent to decide on the following issues:
a. For any amendment of the Articles of Association. Without Prejudice to par. 5 of art. 9 of the Articles of Association, the
increase or decrease of the share capital is also considered an amendment.
b. For the election of the members of the Board of Directors and the auditors Without Prejudice to articles 11 and 13 of the
Articles of Association.
c. For the approval of the individual and consolidated annual financial statements of the Company.
d. For the distribution of annual profits.
e. For the approval of the overall management according to article 108 of Law 4548/2018 and the discharge of the auditors.
f. For the issuance of bond loans of any kind, subject to par. 4 of art. 9 of the Articles of Association.
g. For the merger, division, conversion, revival, extension and dissolution of the Company.
h. For the appointment of liquidators.
i. For the approval of the provision of remuneration or advance payment of remuneration in accordance with article 109 of
Law 4548/2018 and in accordance with article 22 of the Articles of Association, as well as the approval of the remuneration
policy of article 110 and the remuneration report of article 112 of Law 4548 /2018.
For the rest, the provisions of article 117 par. 2 of Law 4548/2018 apply, as they apply.
The General Assembly has a quorum and validly meets on the issues of the agenda, if at least fifty percent (50%) of the paid-
up share capital plus one share is represented in it.
If the quorum of the previous paragraph is not reached in the first meeting, the General Assembly is invited and convenes in a
repeat meeting within twenty (20) days of the aborted meeting and after an invitation at least ten (10) full days before. In this
repeat meeting, the General Assembly is in a quorum and validly meets on the subjects of the original agenda, regardless of
the part of the paid-up share capital that is represented in it. A new invitation is not required, if the place and time of the
repeated meeting had already been set in the original invitation, provided that at least five (5) days pass between the aborted
meeting and the repeated one.
The decisions of the General Assembly are taken by an absolute majority of the votes represented in the Assembly.
Exceptionally, the General Assembly is in a quorum and meets validly on the issues of the agenda if at least two-thirds (2/3) of
the paid-up share capital are represented in it, when it comes to decisions on the issues referred to in article 130 par 3 of Law
4548/2018 and article 31 of the Company's Articles of Association, namely:
a) Change of the Company's nationality
b) Change of the object of the Company.
c) Increase in shareholder obligations.
d) Increase of the share capital with the exception of the increases of article 8 (paragraphs 2 and 3 of the Articles of Association)
or imposed by provisions of Laws or made by capitalization of reserves.
e) Reduction of the share capital, unless it is done in accordance with paragraph 5 of article 21 or paragraph 6 of article 49 of
Law 4548/2018.
f) Issuing a loan with bonds, subject to what is defined in article 9 par. 4 and 5 of the Statute.
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g) Change in the way profits are distributed.
h) Merger, split, conversion, revival, extension or dissolution of the Company.
i) Granting or renewing authority to the Board of Directors to increase the share capital or issue a bond loan, in accordance
with article 8 par. 2 and 3 and article 9 par. 4 of the Statute.
j) In any other case in which the Law or the Articles of Association stipulate that a special increased quorum is required for the
adoption of a certain decision by the General Assembly.
If the quorum of the previous paragraph is not reached in the first meeting, the General Assembly is invited and convenes in a
repeat meeting within twenty (20) days of the aborted meeting and after an invitation at least ten (10) full days before. In this
case, the General Assembly is in a quorum and validly meets on the issues of the original agenda, when at least one second
(1/2) of the paid-up share capital is represented. A new invitation is not required, if the place and time of the repeated meeting
had already been set in the original invitation, provided that at least five (5) days pass between the aborted meeting and the
repeated one.
All decisions on the above matters are taken by a majority of two thirds (2/3) of the votes represented at the General Assembly.
1.2 Convening of the General Meeting
The General Meeting of Shareholders is convened by the Board of Directors and meets regularly at the Company's headquarters
at least once a year no later than the tenth (10
th
) calendar day of the ninth month following the end of the corporate year, in
order to decide on the approval of the annual financial statements and for the election of auditors. The General Assembly can
also convene in the region of another municipality within the region of the headquarters or another municipality neighboring
the headquarters or in the region of the municipality where the headquarters of the stock exchange is located. According to
article 120 par. 3 of Law 4548/2018, if there is an important reason, the Board of Directors may decide that the General
Assembly will not meet in a certain place but will meet entirely with the participation of the shareholders remotely by electronic
means. In the same way, the General Meeting can be held, if all the shareholders consent.
The Board of Directors can convene an extraordinary meeting of the General Assembly of shareholders when it deems it
appropriate or necessary. The Board of Directors must convene the General Assembly upon request of the regular auditor of
the Company within ten (10) days from the delivery of the request to the Chairman of the Board of Directors, defining the
content thereof as the subject of the agenda.
1.3 Invitation - Agenda of the General Meeting - Shareholders' rights before the General Meeting
The invitation to the General Assembly must include at least the building with an exact address, the date and time of the
meeting, as well as the items on the agenda clearly, the shareholders who have the right to participate, precise instructions on
how the shareholders they will be able to participate in the Assembly and exercise their rights in person or through a
representative or possibly remotely, as well as the information of article 121 par. 4 of Law 4548/2018 . The General Assembly
is convened by publishing a relevant invitation to the Company's shareholders, in accordance with what is defined in article 27
of the Articles of Association and the publicity rules provided for in articles 122 and 123 of Law 4548/2018.
The full text of the invitation, with the mandatory elements referred to in paragraphs 3 and 4 of article 121 of Law 4548/2018,
is published in good time, at least twenty (20) full days before the meeting, in the Company's section on the website of the
General website of the Commercial Register (GREECE’S GENERAL ELECTRONIC COMMERCIAL REGISTRY
www.businessportal.gr), on the Company's website (www.eydap.gr ) and is made public through the electronic interconnection
and communication system with the Athens Stock Exchange HERMES in accordance with articles 122 and 123 of of Law
4548/2018 as well as in other electronic and printed media that at the discretion of the Board of Directors are considered
reasonably reliable for the effective dissemination of information to the investing public in order to ensure rapid and non-
discriminatory access.
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Within this twenty-day (20-day) period, the invitation is notified to the supervising Ministry according to the current legislation.
The Company may not charge shareholders a special fee for publicizing the invitation to convene the General Meeting in any
of the above ways.
Ten (10) days before the Ordinary General Meeting, the Company makes available to the shareholders through its website the
annual financial statements as well as the relevant reports of the Board of Directors and the Auditors.
From the day of publication of the invitation to convene a General Meeting until the day of the General Meeting, the
information and documents of par. 3 and 4 of article 123 of Law 4548/2018 as well as the information of article 18 are posted
on the Company's website par. 1 of Law 4706/2020 regarding the candidate members of the Board of Directors.
1.4 Participation in the General Meeting-Representation
Each share entitles one vote to the General Meeting.
Anyone appearing as a shareholder in the records of the Intangible Securities System managed by the "Hellenic Stock Exchanges
S.A., “Holdings, Liquidation, Settlement & Registration ”(HELEX), in which the securities (shares) are kept, is entitled to
participate in the General Meeting of the Company.
In particular, the status of the Shareholder must exist at the beginning of the fifth (5
th
)
day before the day of the General
Assembly (record date). The above record date is also valid in the case of an adjourned or repeated meeting, provided that the
adjourned or repeated meeting is not more than thirty (30) days from the date of recording. If this does not happen or if a new
invitation is published in the case of the repeated General Assembly, in accordance with the provisions of article 130 of Law
4548/2018, the person who has shareholder status at the start of the third (3
rd
) day before the day of the adjourned or repeated
General Assembly.
Proof of shareholder status can be done by any legal means and in any case based on information received by the Company
from the central securities depository, within the meaning of Law 4659/2018. The exercise of said rights does not presuppose
the freezing of the beneficiary's shares, nor the observance of any other similar procedure which limits the possibility of selling
and transferring them during the period of time between the date of registration and the date of the General Meeting.
Following a decision of the Company's Board of Directors, it is permitted to participate in the General Meeting remotely by
audio-visual or other electronic means, without the physical presence at the place of the meeting of the shareholder or the
persons who, according to the Company's Articles of Association, are entitled to attend it, insofar as this is not against the
corporate interest. In this case, the Company takes sufficient measures to:
a) to be able to ensure the identity of the participating person, the participation of only those persons who are entitled to
participate or be present at the General Assembly and the security of the electronic connection,
b) to provide the opportunity to the participant to follow the meeting by electronic or audio-visual means and to address the
meeting, orally or in writing, during the meeting from a distance, as well as to vote on the issues on the agenda, and
c) it is possible to accurately record the participant's vote remotely.
By decision of the Board of Directors of the Company, it is also permitted to participate in voting remotely by electronic means
or by mail, held before the Meeting. The issues and ballots are available and completed electronically via the internet or in
printed form at the Company's headquarters.
Shareholders who vote by mail or by electronic means are counted for the formation of the quorum and the majority, as long
as the relevant votes have been received by the Company no later than twenty-four (24) hours before the start of the meeting.
The Company encourages communication and the submission of questions on behalf of the shareholders by ensuring the
presence at the meetings of the General Meeting of every executive of the Company's top management deemed necessary to
provide more detailed information and clarifications on the questions of the shareholders. To the extent that shareholders'
questions on agenda items are not answered during the meeting, the relevant answers are submitted electronically.
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The shareholder participates in the General Meeting and votes either in person or through proxies. Each shareholder may
appoint up to three (3) representatives. Legal entities participate in the General Assembly through their representatives.
However, if the shareholder owns shares of the Company, which appear in more than one securities account, this limitation
does not prevent such shareholder from appointing different proxies for the shares that appear in each securities account in
relation to the General Meeting. A proxy acting for several shareholders may vote differently for each shareholder. The
shareholder representative is obliged to notify the Company, before the start of the General Meeting, of any specific event,
which may be useful to the shareholders in assessing the risk that the representative will serve interests other than the interests
of the represented shareholder. Within the meaning of this paragraph, a conflict of interest may arise in particular when the
representative:
a) is a shareholder who exercises control over the Company or is another legal person or entity controlled by this shareholder,
b) is a member of the Board of Directors or the general management of the Company or of a controlling shareholder of the
Company, or of another legal person or entity controlled by a controlling shareholder of the Company,
c) is an employee or statutory auditor of the Company or of a controlling shareholder of the Company, or of another legal
person or entity controlled by a controlling shareholder of the Company,
d) is a spouse or first degree relative of one of the natural persons mentioned in the above cases (a) to (c).
The appointment and revocation or replacement of the representative or representative shall be made in writing or by
electronic means, such as by e-mail, and shall be submitted to the Company at least forty-eight (48) hours before the scheduled
meeting date of the Assembly. The Company has on its website the form that the shareholder must use to appoint his/her
representative(s), which is also available from the Shareholder Service and Corporate Announcements Service (Oropou 156,
Galatsi).
In the event of non-compliance with the deadline for appointing, recalling or replacing his representative , the shareholder
participates in the General Meeting, unless the General Meeting refuses this participation for an important reason that justifies
its refusal.
1.5 Minority Rights
The rights of the minority shareholders and the manner of exercising them are determined by the current legislation, i.e. by
the provisions of Law 4548/2018 and in particular the provisions of articles 141, 142 and 144 thereof as well as article 35 of
the Company's Articles of Association.
For example, minority shareholders have the following rights provided for in paragraphs 2, 3, 6 and 7 of article 141 of Law
4548/2018:
1. At the request of shareholders representing one-twentieth (1/20) of the paid-up share capital, the Board of Directors is
obliged to add additional items to the agenda of a General Meeting, which has already been convened, if the relevant request
reaches the Board of Directors fifteen (15) at least days before the General Meeting. The application for the registration of
additional items on the agenda is accompanied by a justification or a draft decision to be approved by the General Meeting
and the revised agenda is published in the same way as the previous agenda, thirteen (13) days before the date of the General
Meeting Assembly and at the same time it is made available to the shareholders on the Company's website, together with the
justification or the draft decision that has been submitted by the shareholders in accordance with the provisions of article 123
par. 4 of Law 4548/2018. If these matters are not published, the requesting shareholders are entitled to request the
postponement of the General Meeting in accordance with paragraph 5 of article 141 of Law 4548/2018 and to proceed with
the publication themselves, as defined in the second paragraph of this paragraph with expense of the Company.
2. Shareholders representing one-twentieth (1/20) of the paid-up capital have the right to submit draft resolutions for issues
included in the original or any revised agenda of a General Meeting. The relevant application must reach the Board of Directors
at least seven (7) days before the date of the General Meeting, and the draft resolutions are made available to the shareholders,
at least six (6) days before the date of the General Meeting.
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3. Following a request from any shareholder submitted to the Company at least five (5) full days before the General Meeting,
the Board of Directors is obliged to provide the General Meeting with the requested specific information on the Company's
affairs, insofar as this is relevant to the agenda items.
4. At the request of shareholders representing one-twentieth (1/20) of the paid-up share capital, the Board of Directors is
obliged to announce to the General Meeting, if it is regular, the amounts paid to each member of the Board of Directors during
the last two years or the Directors of the Company, as well as any provision to these persons from any cause or contract of the
Company with them.
In the cases of the above pars. 3 and 4, the Board of Directors can respond uniformly to shareholder requests with the same
content. There is no obligation to provide information when the relevant information is already available on the Company's
website, especially in the form of questions and answers. The Board of Directors may refuse to provide the information for any
substantial reason, which is recorded in the minutes. Such a reason may be, under the circumstances, the representation of
the applicant shareholders in the Board of Directors, in accordance with articles 79 or 80 of Law 4548/2018.
5. Following an application by shareholders representing one-tenth (1/10) of the paid-up share capital, which is submitted to
the Company at least five (5) full days before the General Meeting, the Board of Directors is obliged to provide the General
Meeting with information on the course of corporate affairs and the Company's financial situation. The Board of Directors may
refuse to provide the information for any substantial reason, which is recorded in the minutes. Such a reason may be, under
the circumstances, the representation of the applicant shareholders in the Board of Directors, in accordance with articles 79
or 80 of Law 4548/2018, as long as the respective members of the Board of Directors have received the relevant information
in an adequate manner.
In all cases of exercise of rights, the requesting shareholders must by any legal means prove their shareholder status and,
except in the case of paragraph 3 above, the number of shares they hold when exercising the relevant right.
1.6 Decisions of the General Meeting of EYDAP’s Shareholders on important issues taken in the year 2022
Beyond of subjects competence her Tactical General Meeting, the who are discussed annually such as is the approval of annual
financials situations, the election of sworn controller accountant, the approval of the Remuneration Report of the Board
Members, etc, the Ordinary General Meeting of Shareholders her Company v the year 2022, between others, approved the
distribution of 2021 profit dividend in the amount of €29,820,000.00, i.e. a dividend of €0.28 per share , pre-approved the
payment of fees at members of Administrative Council and of Committees until 30.6.2023 , approved the revised Nomination
Policy for the Members of the Board of Directors of EYDAP S.A. in accordance with article 3 of Law 4706/2020 , ratified
the 27.04.2022 Memorandum of Understanding signed between E.YD.A.P. S.A. and of the Fixed Assets Company EYDAP LELPA
in execution of the legal obligations of EYDAP. S.A. deriving from Law 4812/2021 and the 02.02.2022 Agreement signed
between the Greek State, EYDAP S.A. and of the Fixed Assets Company EYDAP LEPL with entry into force from 01.01.2021. The
Report was finally submitted to the Ordinary General Assembly Done her Commission Control for the year 2021 and the Report
of the Independent Non-Executive Members of the Board of Directors of EYDAP S.A. in accordance with article 9, paragraph 5 of
Law 4706/2020.
Due to the extraordinary circumstances and within the framework of the measures to limit the spread of the COVID-19 virus,
the General Meetings of the Company in 2022 were held exclusively by electronic means without the physical presence of the
shareholders at their venue.
All the obligations deriving from the legislation and the Company's Articles of Association were strictly observed during the
convening and preparation of the above meeting of the General Assembly of the Company's shareholders which was held
within the year 2022.
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E. Internal Control System
The Company adopts and implements a corporate system governance, according with her applicable legislation, receiving into
account size, the nature, the range and her complexity of activities her. The system corporate governance includes, between
others, one sufficient and effective Internal Audit System (IAS).
"Internal Audit System" is defined as the set of internal audit mechanisms and procedures, including risk management, internal
audit and regulatory compliance, which covers on a continuous basis every activity of the Company and contributes to its safe and
efficient operation.
The Company applies Internal Audit System where covers the activities and contributes in safe and efficient mode. The
system this supported in the internationally recognized role model COSO and consists of five (5) basic components:
• the Control Environment
• Risk Management
• Control Mechanisms and Security Valves
• the Information and Communication
• Monitoring
The design of the structure and the monitoring of the IAS is based on the adoption of the Three Lines model. The Three Lines
Model is the approach to designing the structure around the Company's risk management and internal control, defining roles
and responsibilities in different areas and the relationship between them.
The First Line consists of the organizational units or persons whose activity is directly related to the provision of services to the
Company's customers and who are the owners and managers of the business risks. Directs actions (including risk management)
and uses corporate resources to achieve corporate goals. Maintains constant communication with the Board of Directors. and
reports on business results linked to corporate objectives and operational risks. Its important responsibility is to create and
maintain appropriate structures and procedures for corporate operations and risk management, including the IAS It also
ensures compliance with the legal, regulatory and ethical framework.
The Second Line consists of the organizational units or persons specialized in risk management and responsible for monitoring
and controlling risks and managing challenges related to the Company's business activity. The second line includes in particular
the Risk Management Division and the Regulatory Compliance Division. Their role mainly concerns the support of the risk
management function through the following:
• development, implementation and continuous improvement of risk management practices (including IAS) at
Company, process and systems level,
• achievement of risk management objectives, such as: regulatory compliance and compliance with standards of
ethical and ethical behavior, internal security barriers, information and technology security, sustainability and
quality assurance.
Additionally, the Second Line provides detailed information and reports to Management and the Board of Directors on the
adequacy and effectiveness of risk management including safeguards.
In the Third Line, the Internal Audit Unit has the primary responsibility of informing the Audit Committee and the Board of
Directors. regarding the adequacy and effectiveness of the IAS and maintains its independence from the Administration. It
provides independent and objective assurance services, as well as advisory services to the Company's Management and key
management personnel, regarding the adequacy and effectiveness of the corporate governance framework and risk
management including safeguards, supporting the achievement of corporate objectives and promoting and facilitating
continuous improvement.
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Beyond the three lines mentioned , the model includes external providers assurance, which provide additional assurance for
compliance with legislative and regulatory expectations that serve to protect the Company's interests.
The Audit Committee informed the Board of Directors. for the adequacy, quality and effectiveness of the Internal Control
System in the context of the regular quarterly reports it submitted on its activities.
Evaluation of IAS
The Company, by decision of its Board of Directors, assigned to Grant Thornton SA the project "Provision of Internal Audit
System Evaluation Services", with the aim of evaluating the adequacy and effectiveness of the Company's Internal Audit System
("IAS") ATHENS WATER SUPPLY AND SEWERAGE COMPANY" with a reference date of 12/31/2022 and a reference period of
7/17/2021 – 12/31/2022 in accordance with the provisions of paragraph j of paragraph 3 and paragraph 4 of Article 14 of Law
4706/2020 and Decision 1/891/30.09.2020 of the Board of Directors of the Capital Market Commission, as amended by No.
2/917/17.6.2021 Decision of the HCMC Board of Directors. The assessment was carried out in accordance with the International
Standard for Assurance Engagements 3000 "Assurance Engagements beyond the Audit or Review of Historical Financial
Information" and in accordance with the regulatory framework as specified in the audit program issued by the 227/10-11-2022
decision of ELTE.
The said evaluation of the Internal Audit System was successfully completed in March 2023 and covered the following subjects:
the Control Environment, Risk Management, Control Mechanisms and Security Valves, the Information and Communication
System as well as the Monitoring of the Company's Internal Audit System .
The Conclusion of the Independent Assessor, that is Ms. Athena Moustakis, Chartered Accountant with AM 28871 and Partner
of Grant Thornton which is included in the final assessment report of the adequacy and effectiveness of the IAS dated
03/29/2023 concludes that from the conducted work and the evidence obtained regarding the assessment of the adequacy
and effectiveness of the Company's IAS, no weaknesses were identified that could be considered as material weaknesses in
the Company's IAS according to the Regulatory Framework, with the exception of the finding of insufficient gender
representation in the Board of Directors, as the percentage of female members of the Board of Directors short of 25% of all
members of the Board of Directors (2 of the 13 members of the Board of Directors are women) in deviation from the relevant
requirement of the law for sufficient representation by gender.
For this matter, which, according to the Assessor, constitutes a significant deviation from the current legislative framework and
points to an increased risk of sanctions by the Supervisory Authority, the Company, in its letter of 22.3.2023, informed the
Capital Market Commission of the consequences arising from the no. 7/2023 decision of the Three-member Compliance
Council of the Council of State and committed to solving the issue of sufficient female representation on the Board of Directors
of EYDAP during the next Ordinary General Meeting of the Company in order to comply with the provision of article 3 par. 1b
of the Law. 4706/2020.
I. Regulatory Compliance
The Company's compliance with the applicable legislative and regulatory provisions is an essential obligation and a key priority of
the company. Ensuring the Company's compliance with laws and regulations and zero tolerance for conflict of interest, corruption
and bribery phenomena reflects the Company's firm commitment to the principles of integrity, transparency, fairness,
professionalism, team spirit and respect.
In this context, the Company, as a Public Limited Company with values listed on a regulated market, also complies with the current
legislation on corporate governance by incorporating Regulations and Policies into its activities.
The main mission of Regulatory Compliance is the establishment and implementation of appropriate and up-to-date Policies and
Procedures, with the aim of achieving full and continuous compliance of the Company with the applicable regulatory framework
in a timely manner.
Throughout the 2022 fiscal year, the Risk Management and Regulatory Compliance Department developed the mechanisms and
the framework aiming at the continuous compliance of EYDAP with the requirements of the regulatory framework, in accordance
with the provisions of article 13 of Law 4706/2020 and Operating Regulations of the Company (edition 7/20-7-2021). In the context
of detecting violations related to compliance issues, it has the possibility through the Whistleblowing Management Policy Policy )
to identify and initiate the resolution of malfunctions for issues of inappropriate behavior or possible violations of corporate
Policies, Regulations and applicable legislation
During the 2022 fiscal year, the Risk Management and Compliance Division drafted the necessary policies and regulations to shield
the Regulatory Compliance System.
Specifically, they were developed and approved by the Board of Directors of EYDAP:
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• Policy for the prevention and combating of violence and harassment at work (approved by the Board of Directors with
resolution 21025/8.6.2022) with the aim of creating and consolidating a work environment free of violence and
harassment that respects, promotes and ensures human dignity and protects the rights of every person from abusive
and violent behavior . S.A. has adopted this Policy as best practice across its entire range of activities to prevent and
address all forms of violence and harassment including violence and gender-based harassment and sexual harassment
that occurs in the course of work or is connected to it or arises out of from her. The Company is committed to operate
in accordance with the rules of ethics and the applicable legislative and regulatory framework for labor protection,
seeking to maintain high standards of professional and ethical conduct. Persons subject to protection are workers and
employees, regardless of their contractual status, including those employed under a project contract, independent
services, salaried mandate, those employed through third party service providers, as well as persons attending training,
including trainees and apprentices, volunteers, as well as employees, whose employment relationship has ended, as
well as people applying for work.
• EYDAP S.A. Code of Ethics and Professional Conduct (approved by the Board of Directors with resolution
21079/9.11.2022) in order to regulate the way the EYDAP staff perform their duties. in relation to a dependent labor
contract, with the highlighting of uniform rules and principles that must govern their professional activity, as well as
their behavior in their relationships with each other and in their relationships with customers, suppliers, shareholders,
public institutions and bodies.
• Human Rights Policy (approved by the Board of Directors with resolution 21080/9.11.2022) by which EYDAP is
committed to:
✓ To act with zero tolerance for behaviors and situations that violate human rights, avoiding cooperation with
persons who have been proven to be involved in cases of human rights violations.
✓ To act with absolute respect for human rights, promoting individual and collective rights, supporting the concepts
of "respect" and "protection".
✓ as human rights are promoted and protected, taking preventive action to avoid acts and/or omissions that can
become detrimental to human rights.
✓ To raise awareness and ensure the commitment of all those employed by the Company, whether in the form of
dependent work or not, partners and suppliers or in subsidiary companies.
• Regulatory Compliance Management System, which was approved by Board decision 21202/21.12.2022. The System
concerns the compliance of the Company's Staff, Management and Partners with the current regulatory and legislative
framework, as well as with the EYDAP Internal Operating Regulations, the EYDAP S.A. Code of Ethics and Professional
Conduct, the policies and procedures that govern the operation of the Company in order to prevent, identify and avoid
risks and other legal consequences for the Company.
• Regulatory Compliance Policy, which was approved by Board decision 21202/21.12.2022, with the aim of establishing
principles and rules, through the relevant Policies, Regulations and Codes adopted and applied by the Company, in
order to achieve the effective management of all types of risks Regulatory Compliance of the Company, as well as
strengthening the "culture" of compliance within the Company, as a model of corporate behavior.
• EYDAP in the course of the year 2022 established with the approval of the Board of Directors important policies that
shielded the already existing regulatory framework. The following are mentioned:
✓ Policy for Video Surveillance Systems ( CCTV ) (approved by No. 21065/07.09.2022 Decision of the Board of
Directors/EYDAP S.A.).
✓ EYDAP S.A. Revenue & Customer Claims Management Policy (approved by No. 21010/28.04.2022 Decision of the
Board of Directors/EYDAP S.A.).
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• It adopts on an annual basis a Regulatory Compliance Plan which is drawn up by the Risk Management and Regulatory
Compliance Department and approved by the Board of Directors. The Regulatory Compliance Plan is aligned with the
Company's strategy and annual business goals. With No. 21102/21-12-2022 Decision of the Board of Directors/EYDAP
S.A. the Annual Regulatory Compliance Plan 2023 of EYDAP S.A. was approved.
The Risk Management and Regulatory Compliance Department responding to its obligations and aiming to shield the Company
against regulatory compliance risks, throughout the 2022 fiscal year, in accordance with the requirements of Law 4706/2020 and
the Company's Internal Operating Regulations (edition 7/20-7-2021):
✓ offered personal guidance to any covered person of the Company, who addressed the Directorate , regarding
issues of avoiding situations of conflict of interest.
✓ Ensured the training of employees regarding the implementation of the Policies and Procedures it adopts, with the
aim of forming and nurturing a "culture"/mindset of Regulatory Compliance. The Regulatory Compliance Risk
Management Department ensures continuous information, sensitizes executives and staff on Regulatory
Compliance issues and implements training programs. In this context, the Risk Management and Regulatory
Compliance Department in June 2022, organized guidance and training for Company staff on regulatory
compliance issues in collaboration with the Education Department. Additionally, in the month of December 2022,
the Directorate organized seminars in the Education Department for the Company's staff, regarding the prevention
and combating of violence and harassment at work and the correct application of the corresponding approved
Company Policy.
✓ responded to any emergent issue that arose related to the Company's regulatory compliance, providing immediate
and critical solutions.
As already mentioned above, the Board of Directors with no. 21268/22.3.2023 His decision decided on the establishment of a
Regulatory Compliance Committee while with the no. 21269/22.3.2023 His decision decided the separation of the Risk
Management and Regulatory Compliance Division into a Risk Management Division with reference to the Risk Management
Committee and a Regulatory Compliance Division with reference to the Regulatory Compliance Committee.
II . Risk management
EYDAP manages its operational risks through a process of identifying, evaluating, managing and controlling potential events or
situations in order to provide reasonable assurance regarding the achievement of its operational objectives in accordance with
the requirements of the COSO Operational Risk Management Framework ( COSO ERM framework ). The management of
operational risks is an integral part of the formulation of corporate strategy and is implemented by the Company's Board of
Directors, its Management and its staff.
Business risk management is a process of identifying potential significant risks and dealing with them within the framework of
predetermined and acceptable levels of risk appetite, with the ultimate goal of enhancing the probability of achieving the
Company's business goals. Operational risk management takes into account threats, opportunities and uncertain situations that
are likely to affect EYDAP's strategic objectives and operational continuity. The objective is the timely identification and
quantification of risks as well as the development of corrective actions and their prioritization to mitigate them.
Operational risk management seeks to enhance the knowledge and understanding in the Organization about risk management by
making the interface - when possible - with the operational performance of the Organization. It also seeks to bring added value to
the entire Company through risk assessment and management activities that enable it to identify, prioritize and value its
operational risks. The result of these activities is the creation of the risk profile based on which the Company is able to coordinate
and direct its resources to the most important risks.
EYDAP has set the following goals from operational risk management:
• Timely identification and management of risks
• Rationalization and optimization of risk management costs
• Apply conscious and informed risk management options
• Improving the Company's overall performance by focusing on predictable results.
The business risk management framework is expected to create a culture in the Company where risk-taking is the result of
adequate documentation and appropriate levels of information. The adoption of a risk-focused culture is expected to motivate all
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of the Company's employees, to the extent appropriate to them, to act with a view to greater risk coverage for the benefit of the
Company.
The interconnection of business risk management with the Company's strategy has the following expected benefits for EYDAP:
• Improved insight into risks that matter more to the Company's performance,
• Enhancing transparency by adopting common criteria, standards and risk reports,
• Improving decision-making by integrating risk information into core business functions e.g. strategic/business planning,
investment plan, etc.,
• Decision-making for important processes takes into account the context of risk appetite,
• Immediate intervention by the Management when significant deviations from the tolerable risk tolerance limits are
observed,
• Improved "early warning system" through regular monitoring of risks and especially those whose levels are
unacceptable for the Company.
The Company's Risk Management Policy was approved with no. 21282/5.4.2023 Board Decision. This Policy describes in detail
EYDAP's approach to defining the framework for business risk management ( ERM ) and provides the basic principles and practices
of risk management in accordance with the international risk management standard ISO 31000. The Risk Management Policy as
well as the management procedures the risks that are part of the risk management framework are reviewed by the head of the
Risk Management Department for their completeness, adequacy and alignment with the Company's operational needs. The Risk
Management Policy is approved and amended following the recommendation of the Risk Management Committee, which
operates in accordance with its Operating Regulations approved with no. 20998/23.3.2022 Board Decision.
As already mentioned, the Risk Management Division is a distinct organizational unit of the Company, it reports to the Risk
Management Committee and operates in accordance with its Regulation, which was approved with no. 21282/5.4.2023 Board
Decision.
The organizational risk management unit responsible for the above monitors the institutional and regulatory framework and
systematically the risks of the internal and external environment, updates the risk register appropriately with the risks recognized
in its business environment and evaluates their impact.
Specifically for the national Climate Law L. 4936/2022, it identified the actions that must be taken by EYDAP and the corresponding
time horizon for harmonization and included the climate risk in the risk register taking into account the requirements of the climate
law as well as the internal and external related parameters. The identification process followed is uniform for all the risks of the
operational risk management framework.
III . Internal Audit Department
The Internal Audit Department is an independent organizational unit whose purpose is to monitor and submit proposals for
the improvement of the Company's operations and its policies, regarding its Internal Audit System, thus supporting the Board
of Directors and the Company's Management in strengthening of corporate value, in achieving corporate goals, in protecting
its financial resources, reputation and sustainability. The Internal Audit Department is supervised by the Audit Committee while
maintaining its independence and has the primary responsibility of informing the Audit Committee and the Board of Directors.
regarding the adequacy and effectiveness of the IAS.
The Audit Committee, within the supervision of the Internal Audit Department, exercises the responsibilities provided for in the applicable
legislation and in its Operating Regulations.
The head of the Internal Audit Department is appointed by the Company's Board of Directors, following a proposal by the Audit
Committee, is a full-time and exclusive employee, personally and operationally independent and objective in the exercise of
his duties and possesses the appropriate knowledge and relevant professional experience. As the head of the Internal Audit
Department, he cannot be a member of the Board of Directors or a member with the right to vote in committees of a
permanent nature of the Company and have close ties with anyone who holds one of the above qualities in the Company or in
a Group company. For the better organization of the Internal Audit function and due to the scope of EYDAP's activities, the
internal auditors are divided according to their specialty into three Services: financial and corporate governance audit, technical
audit, IT systems audit.
As defined by the current legislation, the Internal Audit Department has the following responsibilities indicatively:
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• Monitors, controls and evaluates: the implementation of the Operating Regulations and the Internal Control System, in
particular with regard to the adequacy and correctness of the provided financial and non-financial information, risk
management, regulatory compliance and the Corporate Governance Code adopted by the Company , quality assurance
mechanisms, corporate governance mechanisms.
• Controls compliance with the commitments contained in the Company's prospectuses and business plans regarding the use
of funds raised from the regulated market.
• Monitors, controls and evaluates the company's compliance with the obligations deriving from corporate governance
legislation and Capital Market Decisions.
• Checks the legality of the remuneration and all kinds of benefits to the members of the Management regarding the decisions
of the competent bodies of the Company and the approved Remuneration Policy of the company and prepares relevant reports
which it communicates to the Remuneration Committee.
• Controls the relations and transactions of the Company with its affiliated Companies, in the sense of the existing legal
framework and the IAS.
• Checks whether confidentiality is ensured, as well as the appropriate disclosure of events such as: decisions on material
changes in business activity, decisions or agreements to enter into or dissolve partnerships or business alliances, as well as for
any material international initiative, decisions to submit a public proposal purchase, as well as whether the conditions apply
for the pre-announcement of transactions of specific persons (e.g. members of the Board of Directors, Sworn auditors).
• Controls the company's information systems, indicative and not limited to the development of information systems, changes
to information systems, security and authorized access to the systems, the daily operation of the systems and the satisfaction
of users' needs, ensuring the business continuity and restoring systems in cases of crisis or disaster.
• In addition to scheduled audits, it carries out extraordinary audits at the behest of the Audit Committee, the Board of
Directors and the Managing Director and Chairman of the Board, always with the approval of the Audit Committee for any
changes to the Annual Audit Plan.
• Continuously monitors - through a special IT system and in combination, as the case may be, with follow-up audits, research
and data collection - the course of implementing corrective actions to address weaknesses or problems that have been
identified in previous audits and informs the Board of Directors. The Internal Audit Department implements its above
responsibilities by carrying out audits and submitting reports to the audited units of the Company with any findings, the risks
arising from them and any proposals for improvement. The final reports, after the integration of the relevant opinions from
the audited units, any agreed actions or the acceptance of the risk of not taking action by them, any limitations in the scope of
its control, the final proposals of the internal audit and the results of the response of the controlled units of the Company and
its significant subsidiaries in its proposals, are submitted immediately upon their completion to the Management (CEO,
Chairman of the Board of Directors) of the Company, the Audit Committee and the controlled units and at least quarterly to
Board of directors.
The Internal Audit Department submits at least every three (3) months to the Audit Committee reports, which include the most
important issues and its proposals, regarding the audits it has carried out, which the Audit Committee presents and submits
together with its observations to the Board of directors.
In case of indications of fraud, the Internal Audit Division assigns the investigation to a certified Internal Auditor, if one exists
in the Division.
The Internal Audit Department, in order to provide high-level services in accordance with the Internal Audit Standards, has
designed and implements a quality assurance and continuous improvement program, which covers the scope of its activities
and which consists of periodic external (external quality assessment) and internal evaluations (internal quality assessment) and
ongoing monitoring procedures. It includes an assessment of the degree of compliance with the Internal Audit Standards and
the Code of Conduct for Internal Auditors and identifies areas for improvement. Internal evaluations are carried out at least
once a year by experienced staff in internal control, while external ones are carried out by recognized Consultants - Certified
Internal Auditors, at least every five years, a frequency provided for and recommended by the International Standards for the
Professional Application of Internal Auditing, as defined from the International Institute of Internal Auditors.
The Director of Internal Audit must communicate annually to the Audit Committee and through it to the Management-Board,
the results of the quality assurance and improvement program resulting from both internal and external assessments. Also,
Internal Audit reports state that they have been conducted in accordance with the International Standards for the Professional
Practice of Internal Auditing, as defined by the International Institute of Internal Auditors, only if the results of the program
evaluation indicate such.
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The Internal Audit Department operates in accordance with the International Framework for the Professional Practice of
Internal Auditing (IPPF) including the Basic Principles, the Code of Ethics, the International Standards and the Definition of
Internal Auditing. The operation of the Audit Division is described analytically to Regulations of operations which was updated with
the no. 20855/5.4.2021 Board Decision.
The Regulations of Operations is approved, is takes effect and is modified via a decision of the Board of the Company, following the
recommendation of the Audit Committee.
The Regulation of the Internal Audit Department is reviewed under the responsibility of the Director of Internal Audit, at least
every two years, in order to determine whether there is a need to update it, in accordance with the existing audit needs, with
any changes in the relevant legal and regulatory framework and in the International Standards for Professional Implementation
of Internal Audit.
Under the responsibility of the Director of Internal Audit, all executives of the Division are required once a year to declare by
signature that they are aware of, that they are committed to complying with, and that they have complied with the Division's
Operating Regulations, the Code of Ethics and the Division's Procedures Manual in the exercise of their duties /nsis. The
Director of Internal Audit must monitor compliance by the auditors with the Regulations, the Code of Ethics and the procedures
of the Directorate and recommend to the Human Resources Directorate in any cases of deviation the enforcement of the
measures provided for by the disciplinary law the company's.
IV . Main characteristics of IAS and risk management in relation to the reliability of financial statements and financial reports
Procedure for drawing up the statements
The assurance of the reliability of the Company's financial statements, in addition to the security measures at the corporate
level mentioned above, is achieved through the application of a specific procedure for the compilation of financial information.
The Company prepares quarterly, interim and annual financial statement reports. Specifically, every quarter the Financial
Services Department prepares the financial statements and the Company's Financial Analysis and Investor Relations
Department processes the financial data and information, checks and issues reports to the Company's Management. This
information is produced in accordance with International Financial Reporting Standards. Every quarter, the Company's
Management is informed about the evolution of the company's key financial figures through administrative reports. The
monitoring, control of financial statements and their analyzes are a key tool for quality control and consistency of financial
results. The Financial Services and Financial Analysis and Investor Relations Departments provide the necessary information to
the Statutory Auditors as well as to the Company's Management. The Statutory Auditors examine the interim and annual
consolidated financial statements and inform the Audit Committee of the progress and results of the statutory audit. The Audit
Committee is informed of the process and schedule of the preparation of the financial statements by the General Director of
Financial Activities of the Company and holds meetings with the Management/competent Executives during the preparation
of the financial reports as well as with the Statutory Auditors during the stage control planning. During these meetings, the
Audit Committee is also informed about the management of financial risks and examines the effectiveness of the risk
management system. In the event that an issue arises for which the Statutory Auditors express strong concern, the Audit
Committee informs the Board of Directors. The Audit Committee reviews the half-yearly and annual financial statements and
the accompanying reports, in order to assess their completeness and consistency in relation to the information brought to its
attention, as well as the accounting principles applied by the Company and recommends their approval to the Board of
directors.
Provision of financial report of HCAP group
Based on the founding law of HCAP, HCAP Group is obliged to draw up consolidated financial statements, which include EYDAP
group using the full consolidation method. For this reason, the semi-annual/annual financial report (consolidation package)
according to IFRS is completed and sent, on specific dates, for the preparation of the consolidated financial statements of the
HCAP. In particular, HCAP sends: • A letter with some general instructions, regarding the annual financial report (in addition to
the instructions contained in the excel file mentioned below). • An excel file, which is used as a template for the annual financial
report, and which contains instructions for completing it as well as contact information for the relevant members of the
Financial Directorate of the EESPIP for any clarifications. • Excerpt of the Group's accounting policies, which must be followed
for the preparation of the annual financial report. • File for the display and agreement of the intercompany transactions and
the rest of the group's companies with the other companies of the Group (the TINs of these companies are included in the
same excel - Intercompany Transactions - Subsidiary Code). Key points: • The data should be completed based on the approved
by the Board of Directors. and audited by certified auditors, annual financial statements, as adjusted for any deviations from
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the accounting policies of the HCAP Group. • Intercompany transactions must be agreed with the counterparty before sending
the intercompany transaction file, which must be sent by the date specified by the HCAP. In order to update the record of inter-
company transactions, Service Notes are sent from the Financial Services Division to the Customer Service and Special Clients
Management Departments, as well as a file with the TINs of the HCAP Group companies, in order for the Financial Services
Division to collect and transmit data for: • the total revenue billed per customer-company of the HCAP Group for the reference
period and • the balance of each customer-company of the HCAP Group.
Preservation of assets
The Company has developed and implements security measures for fixed assets, inventories, cash/securities and other assets
of the Company, such as the physical security of warehouses and cash registers such as in the Regional Customer Service
Centers, the inventory and agreement of the counted quantities with those of the accounting books, the adequate security of
assets and others. In this direction, the Company has established relevant policies and procedures such as the Regulations for
the Operation of the Funds of the Regional Centers to define the basic principles and their uniform observance by all the
Company's competent Services.
In order to protect its financial position, the Company has insurance contracts for personnel and fixed assets (such as group
life-health insurance for employees, civil liability against third parties, against all risks of assets, liability of Management
executives, etc.) for mitigation of the relevant risks which are monitored by the Insurance Needs and Risks Management Service
of the Financial Services Directorate in cooperation with all relevant departments.
Cash Investment Policy Framework
The Company, with Decision No. 18722/11.11.2015 of the Board of Directors as amended by Decision No. 19078/30.11.2016
of the Board of Directors, approved its Asset Management Investment Policy Framework. The Financial Services Department
examines at regular intervals or when deemed necessary, the existing cash liquidity and the possibilities of placing the
Company's reserves within the Investment Policy Framework and recommends to the General Director of Finance & Supply
Chain their placement, which is implemented after approval of the CEO. The Financial Services Directorate informs the Board
of Directors about its work and decisions every two months.
Limits on powers for conducting transactions
In the powers that have been assigned by the Board of Directors to the various executives of the Company to carry out specific
transactions or actions (e.g. collection, payment, purchase or sale of securities, conclusion of agreements related to financial
transactions) the exercise of rights in pairs is foreseen depending on the economic object of the transactions.
Security, adequacy and reliability of information systems
Much of the Company's operations are based on its information systems. Therefore, it is exposed to the risk of unavailability,
data corruption, power outages, malicious cyber-attacks and unauthorized access to these systems. To reduce these risks, the
Company takes measures to strengthen the security of its information systems, such as defining and continuously updating the
relevant policies and standards (e.g., Information Security Policy) and covering the IT systems with maintenance contracts.
Each information system is designed and operates in accordance with the Information Security Policy, as approved with no.
20865/21.4.2021 Board Decision, as well as with the existing legislation on the security of personal data. For each information
system, the users who have access to it and the levels of user rights are defined.
Selection of external auditors
The Audit Committee is, according to its Operating Regulations, responsible for the selection process of external certified public
accountants or auditing firms and proposes the certified public accountants or auditing firms to be elected in accordance with
Article 16 of Regulation (EU) no. 537/2014. Defines the criteria for the selection of external auditors, issues of technical
specifications as well as issues of independence and conflict of interest of the candidates and after examining the submitted
candidacies in terms of the technical and financial part of their offer and in terms of issues of independence and conflict of
interest, submits to the Board of Directors a proposal regarding with the appointment, re-appointment and recall of external
auditors as well as the approval of their remuneration. The proposal of the Audit Committee, after being approved by the
Board of Directors, is submitted for approval to the General Assembly. The Audit Committee reviews the assignment contract
with the elected external auditors before signing it. In addition, the Audit Committee examines and monitors the independence
of the external auditors, the objectivity and effectiveness of the audit process, taking into account the relevant professional
and regulatory requirements.
F. Reference to the information provided in Article 10 of Directive 2004/25/EC
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The information required in accordance with article 10 par. 1 of Directive 2004/25/EC of the European Parliament and of the
Council of April 21, 2004, is included
in accordance with article 4 par. 7-8 of Law 3556/2007 in the Explanatory Report, which
is listed immediately below.
EXPLANATORY REPORT
In accordance with article 4, par. 7 of Law 3556/2007, the Company publishes detailed information regarding the following
topics:
Share Capital Structure
The
39
th
Ordinary General Meeting of the shareholders of EYDAP SA held on 25.06.2021, decided:
A) the increase of the share capital by capitalizing part of the reserve of the premium difference amounting to €24,495,000
with an increase in the nominal value of the share by €0.23, i.e. from €0.60 to €0.83. Thus the Share Capital of the Company
amounted to eighty-eight million three hundred and ninety-five thousand EUROS (88,395,000) divided into one hundred and
six million five hundred thousand shares (106,500,000) with a nominal value of each share of eighty-three hundredths of EURO
(0.83),
B) and the simultaneous reduction of the share capital by €24,495,000 and the amendment of the share capital article 5 of the
Company's Articles of Association. The nominal value of the share will be correspondingly reduced by €0.23 and will remain at
the price of €0.60, i.e. from €0.83 to €0.60 and at the same time there will be a return of capital with a cash payment to the
shareholders in the amount of €0.23 € per share.
Thus, the Company's Share Capital today amounts to sixty-three million nine hundred thousand EUROS (63,900,000) and is
divided into one hundred and six million five hundred thousand shares (106,500,000) with a nominal value of each share of
sixty cents of EURO (0.60).
On Tuesday 03.08.2021, the decision numbered 87621/03.08.2021 of the General Secretariat of Trade and Consumer
Protection of the Ministry of Development and Investment was registered in the General Commercial Register with Registration
Code 2595919, which approved the amendment of the share capital article of of the Company's Articles of Association. The
Corporate Transactions Committee of the Athens Stock Exchange was informed of the above changes in the Company's share
capital on August 26, 2021.
The Company's shares are all common registered shares with voting rights and there are no special classes of shares. Each
share incorporates all the rights and obligations arising from Law 4548/2018 (hereinafter the Law). The Company's shares are
listed for trading on the Stock Market of the Athens Stock Exchange.
The ownership of each share automatically implies the acceptance by the owner of the terms of the Company's Articles of
Association and the legal decisions of the General Assemblies of the shareholders, even if the shareholders did not take part
in them. Shareholders' liability is limited to the nominal value of the shares they hold. The shareholders participate in the
management and profits of the Company in accordance with the Law and the provisions of the Articles of Association.
Restrictions on the Transfer of the Company’s Shares
The Company's shares are freely negotiable on the Athens Stock Exchange and their transfer takes place as stipulated by the
Law. There are no restrictions in its Articles of Association for their transfer. House no. 1906/2014 and 190/2022 decisions of
the Plenary Session of the CoE state, among other things, that "the alienation of the Greek State from the majority of the share
capital of EYDAP SA, the preservation of which is necessary in order not to transform the public enterprise into a private one,
constitutes a violation of articles 5 par. 5 and 21 par. 3 of the Constitution". Therefore, the Greek State must control the
majority of the shares of EYDAP SA. i.e. 50% +1 share.
Significant direct or indirect participation, as provided in Articles 9 to 100 of Law 3556/2007
The significant direct and indirect participations of persons (natural and legal) in the total voting rights of the Company within
the meaning of articles 9 to 11 of Law 3556/2007, are presented as follows:
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On March 2, 2018, EYDAP received notification from the Ministry of Finance that the total number of voting rights (indirectly
and directly) controlled by the Greek State amounts to 65,319,740 (61.33%) of which direct voting rights concern 53,250 .001
(50%+1 share) common registered shares and the indirect voting rights concern 12,069,739 (11.33%) common registered
shares. The change in question of the direct and indirect participation rate of the Greek State in EYDAP S.A. is due to the transfer
of 17,004,761 shares (15.97%) from HRADF’s directly to the Greek State, following the execution of an over-the-counter
transaction, without consideration, in accordance with decision 262 of the Inter-ministerial Committee on Restructuring and
Privatizations (Government Gazette t΄B/614/22.02. 2018) and the correction of an error from 1.3.2018 (Government Gazette
B 697/01.03.2018) with which the 195/27.10.2011 (Government Gazette B΄ 759) Decision of the Interministerial Committee
on Restructuring and Privatizations was partially revoked, pursuant to 1906 /2014 decision of the Plenary Session of the Council
of State.
The total percentage of participation (direct and indirect) of the Greek State did not change.
On March 21
st
, 2018, the Company received a relevant notification submission from the Ministry of Finance, according to which
the total number of indirect voting rights controlled by the Greek State amounts to 65,319,740 (61.33%). The change in voting
rights is due to the transfer following the execution of an over-the-counter transaction, without consideration, dated March
20, 2018, from the Greek State to the "Hellenic Corporation of Assets and Participations S.A." (HCAP S.A.53,250,001 shares of
EYDAP S.A., in accordance with par. 20 of article 380 of Law 4512/2018, which replaced par. 1 of article 197 of Law 4389/ 2016,
effective from 01.01.2018.
All (100%) of the shares of HRADF’s are held by the "Hellenic Corporation of Assets and Participations S.A." (HCAP S.A.), which
now directly controls the voting rights of 53,250,001 shares (50%+1 share) and indirectly the voting rights of 12,069,739 shares
(11.33%) through HRADF’s. Therefore, the total percentage of voting rights (directly and indirectly) of HCAP S.A. amounts to
61.33%. The Greek State controls 100% of HCAP S.A
Paulson & Co. Inc. ”, had informed the Company in May 2014, that it held as of 4/30/2014 (indirectly) 10,648,800 voting rights,
a percentage of 9.99% of the Company's total voting rights. John _ Paulson held (indirectly) 10,648,800 voting rights, a
percentage of 9.99% of the Company's total voting rights. John Paulson controls Paulson & Co. Inc., which is an Investment
Fund Management Company. In her capacity she exercises voting rights in the Company. Until 31.12.2022 he has not
announced any change in the percentage of voting rights he holds.
From 01.01.2022 to 31.12.2022 there has been no significant change in direct or indirect holdings or voting rights within the
meaning of Law 3556/2007.
On March 20, 2023, the 7 & 8/2023 decisions of the Three-member Compliance Council of the Council of State were published,
by which it was judged that the executive and legislative powers, with articles 114 and 115 of Law 4964/2022, did not comply
to the decisions of the General Assembly 190 & 191/2022, which ruled the unconstitutionality of the transfer of the shares of
EYDAP and EYATH from the State to HCAP
Subsequently, the CoE orders the Ministry of Finance to take all the necessary actions, within eight months at the latest, in
order to return the shares of EYDAP and EYATH to the State.
EYDAP has not yet received any relevant notification.
Shares providing special control rights
There are no shares that provide special control rights, except for the right of the minority shareholders to elect in accordance
with articles 11 and 36 of the Company's articles of association 2 members to the Board of Directors through a special meeting
convened specifically for this purpose. The articles of the Law and the Company's Articles of Association that provide for the
convening and decision-making of General Meetings apply accordingly to the convening and decision-making of this meeting.
Each shareholder who is legally present and voting is entitled to nominate and vote for a single director regardless of the
number of shares held.
Restrictions on voting rights
In the special meeting of the minority shareholders (articles 11 and 36 of the Company's articles of association), the
representation of the majority shareholder (former Greek State) is excluded and in the matter of the General Meeting regarding
98
the election of the other members of the Board of Directors, the participation of the minority shareholders is excluded
respectively (article 11 par.2 section c).
No other restrictions on the right to vote deriving from its shares are provided for in the Company's articles of association.
Agreements between the Company’s Shareholders
The Company has not come to the knowledge of any agreements between shareholders, which entail restrictions on the
transfer of shares or the exercise of voting rights.
Provisions concerning the appointment and replacement of the members of the Board of Directors and the Amendment of
the Articles of Association
According to article 11 par. 1 & 2 of the Articles of Association, the Company is managed by the Board of Directors, the number
of whose members is redundant and cannot exceed thirteen (13) members or be less than seven (7) members .
The Board of Directors consists of:
• From two (2) representatives of the Company's employees, who are elected (with their alternates) by direct and
universal suffrage.
• From two (2) members representing the minority shareholders, in accordance with the provisions of article 79 of Law
4548/2018 and elected in the manner defined in article 36 of these Articles of Association.
• By representatives of the shareholders elected by the General Meeting in accordance with the provisions of Law
4548/2018. The shareholders participating in the Special Assembly provided for in article 36 of this Statute for the
election of the rest of the board cannot participate in this election. One (1) member of the Board of Directors is
proposed for election by the Minister of Finance to the Hellenic Corporation of Assets and Participations S.A., which
exercises the rights of appointment or vote in the General Meeting in accordance with Law 4548/2018.
In accordance with article 197A of Law 4389/2016, which was introduced by article 114 of Law 4964/2022, the members of
the Company's Board of Directors who are elected in accordance with the above paragraph, are proposed by HCAP after prior
approval by the General Meeting of its sole shareholder, the Greek State. Following their election, they act within the
framework set by par. 5 of article 5 and par. 3 of article 21 of the Constitution for the continuous provision of high-level water
supply and sewerage services to society as a whole.
According to paragraph 4 of article 11, the two (2) members elected by the employees are proposed within a period of two (2)
months from their election. Until the representatives of the employees are appointed, the Board of Directors is formed and
operates legally without these members. From their definition onwards, they automatically participate in the composition of
the organ, which, if it has already been formed into a body, is reconstituted to include these members in its composition.
According to par. 4 sub (a) of article 11 the non-election or non-appointment or non-completion for any reason by the
shareholders of the minority of the members representing it does not hinder the formation and operation of the Board of
Directors and their number it is not counted for the formation of the quorum and majority.
According to par. 5 of article 11, in any case the Board of Directors is formed and operates legally without the representatives
of the employees in the Company if the above deadline of article 11 par. 4 of this has passed without being implemented. In
this case, their number is not counted for forming the quorum and majority respectively.
According to article 13 of the Articles of Association, if one of the members of the Board of Directors elected by the General
Assembly ceases to participate in the Board of Directors due to resignation, death or for any other reason, the following shall
take place:
(a) The deceased member is replaced as soon as possible by the General Assembly of the Company's shareholders, with the
same procedure as the appointment in accordance with the provisions of Law 4548/2018. The shareholders participating in
the special Assembly provided for in article 36 of the Articles of Association cannot participate in this election.
(b) Until the appointment of a replacement by the General Assembly, the Board of Directors can meet and decide legally with
the remaining members, who continue the management and representation of the Company without replacing the deceased
member(s), provided that their number exceeds half of the members, as they had before the occurrence of the above events,
99
and in any case the remaining members are at least three (3). (c) In any case, the remaining members of the Board of Directors,
regardless of their number, may convene a General Meeting for the sole purpose of electing a new Board of Directors.
Furthermore, if any of the advisors, who are elected by the employees, or the General Meeting of the minority, ceases for any
reason to participate in the Board of Directors, he is replaced by his deputy and in the event of termination, he is also replaced
in the manner of his appointment. Until a replacement is appointed in the above cases, the Board of Directors is formed and
operates legally, paragraphs 4a and 5 of article 11 of the Statute applied accordingly.
The rules provided for in the Company's Articles of Association for the amendment of the provisions of the articles of
association, do not differ from those provided for in Law 4548/2018, as applicable.
Board of Directors or Designated Members authorization with regard to the issuance of new shares/acquisition of treasury
shares
Regarding the issuance of new shares and the purchase of own shares from 1.1.2019, Law 4548/2018 applies. According to
article 8 par. 2 of the Company's Articles of Association, there is the possibility of delegating to the Board of Directors by the
General Meeting the authority to increase the Company's share capital, unless, however, such a decision has not been taken
by the General Meeting of shareholders.
For the year 2022, no stock options were granted and no stock allocation plan is in effect. No decision has been taken by the
General Meeting of shareholders to grant the Board of Directors or another person the authority to acquire treasury shares up
to 10% of the paid-up share capital, in accordance with the more specific conditions and procedures of article 49 of N. 4548
/2018.
Significant agreements effective, amended or terminated in case of change of management
There are no agreements that come into effect, are amended or expire in the event of a change in control of the Company
following a public proposal.
Agreements with member of the BoD or with the Company employees
There are no agreements of the Company with members of its Board of Directors or with its staff, which provide for the
payment of compensation especially in case of resignation or dismissal without valid reason or termination of their term or
employment due to a public proposal.
NON- FINANCIAL INFORMATION
The content of the non-financial statement has been prepared in accordance to the requirements of Law 4403 - Circular
62784/2017 and the guidelines of the international GRI Standards (2018 edition, the Sustainability Accounting Standards Board
(SASB), specifically the material issues of the Water Utility and Services section.
The Company, since 2016, issues a Sustainability Development Report on an annual basis, with an analytical presentation of its
contribution to society and national economy along with its environmental activities. The Report describes the way in which it
manages Sustainable Development issues and in particular its performance indicators in the areas of Environment- Society –
Corporate Governance.
The Sustainable Development Reports can be found at the fowling hyperlink:
https://www.eydap.gr/Investors/Presentations/?id=4
Α. SUSTAINABLE DEVELOPMENT ISSUES MANAGEMENT
In the context of Sustainable Development principles and Human Rights Protection, EYDAP adopts and applies Sustainable
Development Policy, in full compliance with tis corporate strategy, mission and values, and incorporation in its operation the
strategic axes of Security-Efficiency-Development.
The Sustainable Development Policy of EYDAP reflects the Company’s commitment to a balanced growth, taking into
consideration the middle and long-term impact of its activities, on the criteria of society, with an emphasis on the protection
of human rights, environment and corporate governance, for the safeguard of its responsible corporate continuity.
100
The Company, in recognition of the principles of Corporate Governance, adopts and implements corporate Policies, reference
to which is made in section “Corporate Governance and Practices of Ethics & Integrity”.
EYDAP has a system of structured procedures, ISO Certified.
WATER QUALITY CONTROL DEPARTMENT
ESYD, ELOT ΕΝ ISO/IEC 17025/2017, No. 192-7, Valid until: 10-01-2025
INDUSTRIAL WASTE &EFFLUENT QUALITY CONTROL DEPARTMENT
ESYD, ELOT EN ISO/IEC 17025/2017, No. 862-3, Valid until:: 03-03-2025
SEWER LABORATORY ANALYSIS DEPARTMENT
ESYD, ELOT ΕΝ ISO/IEC 17025, No. 856-4, Valid until: 11-06-2024,
CUSTOMER SERVICE DIRECTORATE
ISO 9001 Certification Body: TUV Hellas Valid until: 25/05/2025
SPECIAL CUSTOMER SERVICE DIRECTORATE
ISO 9001 Certification Body: TUV Hellas Valid until:: : 25/05/2025
MANAGEMENT & CUSTOMER EXPERIENCE DIRECTORATE
ISO 9001 Certification Body: TUV Hellas Valid until:: : 25/05/2025
HUMAN RESOURCES TRAINING DIRECTORATE
ISO 9001 Certification Body: TUV AUSTRIA Valid until:: : 27/02/2023
INTERNAL AUDIT DIRECTORATE
9001:2015 Certification Body: TUV NORD HELLAS, Valid until: 26/11/2025
INTERNAL PROTECTION & PREVENTION DEPARTMENT (ESSYP)
9001 & 45001 Certification Body: BQC, 10/12/2023 - in the stage of
accreditation renewal
*E.SY.D Hellenic Accreditation System ** ELOT Hellenic Organization for Standardization
Β. EYDAP BUSINESS MODEL
EYDAP Business Model reflects the corporate spectrum of activities and incorporates the material factors, as the immediate
correspondence to market trends, the maintenance of excellent relations with its partners, the adaptation of technological
innovations along with all elements that ensure its successful course to present.
101
The way the Company manages these issues and the assessment of its impacts was grouped in three categories ENVIRONMENT
– SOCIETY – GOVERNANCE. Each category includes
C. ENVIRONMENT
• SUSTAINABLE MANAGEMENT OF NATURAL RESOURCES/WATER SOURCES: (section C.1)
• BIODIVERSITY PROTECTION: (section C.2.)
• CARBON & ENERGY FOOTPRINT (section C.3)
✓ MEASUREMENT, MONITORING & MITIGATION OF GREENHOUSE GAS EMMISSIONS & OTHER GASES (section
C.3.1.)
✓ ENERGY : (section C.3.2.)
✓ ACTIONS TO MITIGATE CARBON & ENERGY FOOTPRINT (section C.3.3)
• WASTE MANAGEMENT – CIRCULAR ECONOMY: (section C.4.)
• REGULATORY & ENVIRONMENTAL COMPLIANCE: (section C.5.)
D. SOCIETY
EYDAP BUSINESS MODEL
Business model canvas generation by Alexander Osterwalder and Yves
Cost Structure
• Staff remuneration
• Pipeline network maintenance
• Construction of facilities
• Raw water cost
• Material consumption
Main Activities
• Water Treatment &Supply
• Sewerage Services
• Effluents Treatment Services
• Construction & Operation of water
supply/effluent collection networks
• Education, Training & Lifelong
Learning Services
• R & D Services
• Energy Production
Μaterial Collaborations
• Specialized Work Force
• Public Entities
• Educational Institutions
• Research Institutions
• Local Authorities
• Pipelines network
• Water Treatment Plants
• WasteWater Treatment Plants
• Hydroelectric Power Stations
• Photovoltaic Station
• Chemical & Microbiological
Laboratories
Main Sources
Value Generation & Utility
.
EYDAP aims at the health, well-being
and in general the best possible life
quality for the capital’s residents offering
the most important good. Cares for the
uninterrupted supply of drinking water
and sewerage services so that people’s
life and businesses’ and organizations’
operation is carried out under optimal
conditions
Competitive Advantage
• Smart Grid with the use of
information and communication
technology for the accurate
reading of water meters
• 24hour telephone service
• Extensive pipeline network for the
coverage of 4,400,00 inhabitants
(water supply)
• 24hour network monitoring with a
remote control system (SCADA)
• Certified chemical and
microbiological laboratories with
ISO 17025
Communication Channels
• Corporate events/ seminars
• Telephone Communication
• Corporate website
• Social Media
• Click2Call
• Application “EydApp”
• Electronic Petition at
eΕΥΔΑΠ
Customers
• Industries
• Private Individuals
• Private Businesses
• Public Entities
Customer Relations
• High level of Service
• Customer oriented
philosophy
• Creation of special
Directorate for the
Management & Customer
Experience
• Έρευνες ικανοποίησης
πελατών
• Διαδικασία υποβολής και
διαχείρισης παραπόνων
Revenue Structure
• Drinkable water & relevant
services
• Sewer & relevant services
• Electric Power sale
• Divestment
102
• HEALTH & SAFETY OF CUSTOMERS & FINAL CONSUMERS (section D.1.)
✓ WATER QUALITY: (section D.1.1.)
✓ EYDAP SEWERAGE SERVICES – COLLECTION & TREATMENT OF EFFLUENT (section D.1.2.)
• ACCESS TO CLEAN WATER, SUPPLY & WATER NETWORK COVERAGE: (section D.2.)
• RELIABLE WATER NETWORK : (section D.3.)
• AFFORDABLE TARIFF & SUPPORT TO VULNERABLE SOCIAL GROUPS (section D 4.)
• EMPLOYMENT ISSIUES & RESPECT TO HUMAN RIGHTS (section D.5)
✓ RESPECT TO HUMAN RIGHTS – PERSONAL DATA PROTECTION (section D .5.1)
✓ HUMAN RESOURCES (section D.5.2)
✓ HEALTH & SAFETY OF EMPLOYEES (section D.5.3.)
✓ TRAINING OF EMPLOYEES (section D 5.4.)
• SUPPLY SCHAIN: (section D Δ.6.)
• SOCIAL RESPONSIBILITY- SUPPORT OF LOCAL COMMUNITY –EVIRONMETAL AWERANESS (section D.7.)
Ε. CORPORATE GOVERNANCE
• CORPORATE GOVERNANCE & CORPORATE ETHICS PRACTICES & INTEGRITY – Battle against corruption & Issues
relevant to Bribery: (section E.1.)
• CORPORATE GOVERNANCE SYSTEM : (section Ε.2.)
• PERSONAL DATE PROTECTION: (section Ε.3.)
• DIGITAL TRANSFORMATION: (section Ε.4.)
• NON FINANCIAL RISKS: (section Ε.5)
Z. NOTIFICATIONS RELATED TO ARTICLE 8 OF TAXONOMY REGULATION
C. ENVIRONMENT
C.1. SUSTAINABLE MANAGEMENT OF NATURAL RESOURCES/WATER SOURCES
EYDAP ensures the protection of reservoirs by:
• adhering to strict legislation (Sanitary Decree A5/2280/1983 as in force) "on the protection of water used for the water
supply of Athens region against pollution and contamination" and to Presidential Decree 51/2007 on establishing measures
and procedures for the integrated protection and management of water, in compliance with the provisions of Directive
2000/60/EC;
• inspecting projects and activities in the protection zones of the reservoir drainage basins;
• performing sample measurements to test the water quality of the reservoirs.
The applied water resource management methods are defined by:
• scientifically based rationality;
• efficiency: as they in that they utilize water resources to the greatest extent possible;
• sustainability: as they do not cause the exhaustion of water resources in the future by covering current needs.
SUSTAINABLE MANAGEMENT OF WATER SUPPLY NETWORK & ASSETS (SMART GRID ): EYDAP, within the primary goal of
ensuring Sustainability of water resource and covering water supply needs, manages water demand, develops leakage
reduction programs (pressure management, water supply zones, immediate repair of damages, etc.). As part of business
transformation, the Company is in the process of developing a "Smart Grid".
TIERED TARIFF: The tiered tariff acts as a deterrent to the waste of natural resource and raises consumers awareness of the
importance of rational use of the resource.
EAST ATTICA PROJECTS: actions include the reuse of treated effluents for irrigation purposes in full compliance with the
current legal framework on reuse (the issue is analyzed in the corresponding section of the same report).
WATER RECYCLING IN THE FACILITIES (the subject is analyzed in the "Circular Economy" section of the same report).
REUSE WITH DIRECT PUMPING FROM THE WATER DISTRIBYTION SYSTEM NETWORK (SEWER MINING): EYDAP implements
research programs aimed at the decentralized reuse of non-potable water, with the on-site utilization of treated liquid sewage
directly from the sewage distribution system network, through this innovative technology.
103
HADRIAN’S AQUEDUCT AS A WATER RESOURCE: EYDAP is participating as a partner with the Municipality of Chalandrio in
the continuous pilot European co-financed program UIA05-255 CULTURAL HIDRANT, with a total budget of 3,133,296 euros,
which aims to create a non-potable water network for irrigation use.
MONITORING AND PROTECTION OF SURFACE WATER– INTCATCH Research Program: After the successful completion of the
European INTCATCH research program, EYDAP has at its disposal two autonomous robotic vessels which reinforce the water
quality monitoring and protection program.
ToDrinQ TOOLKIT: The ToDrinQ toolkit develops new real-time water quality monitoring technologies. In 2022, EYDAP in
collaboration with other European Water Supply Companies and European Universities, started the development and testing
of the toolbox ToDrinQ.
EUROPEAN PROJECT Fiware4Water: On 31.5.2022, the European project Fiware4Water was successfully completed. The
project developed FIWARE-compatible analytic data and models in order to find trends, draw conclusions and support decisions
with a focus on (a) optimizing water transfer from water sources to water treatment plants and (b) providing early warnings (
with 1-2 h response) of increased turbidity, so the water treatment facilities can adjust their processes accordingly.
C.2. BIODIVERSITY PROTECTION
Within the goal of the sustainable management of water resources, a key parameter is the conservation of biodiversity. EYDAP,
through the management of the hydrological cycle, protects the aquatic ecosystems in the located constructions. Due to the
fact that human activities are strictly regulated, lakes are shown to support high levels of number and variety of species,
included protected bird species, interesting fish fauna and unique lakeside vegetation.
The main role of EYDAP reservoirs is to store high-quality water for the capital's water supply; however they are also constitute
significant biodiversity value wetlands:
• The natural lake Yliki, source of water intake for the Water Supply System of Attica, located in an area of the Natura 2000
nature protection network .
• The artificial lake of Marathon is the first reservoir of the water supply system of Attica and supports a significant
biodiversity value wetland.
The reservoir of Mornos and the reservoir of Evinos are important wetland ecosystems
WATER FOR THE ECOSYSTEM - "ECOLOGICAL SUPPLY"
For the purpose of preserving the continuity of wetland ecosystems, EYDAP explored the possibility of maintaining "ecological
supply", in the river ecosystems downstream of the dams. Maintaining this minimum required flow is necessary according to
legislation, environmental provisions and contemporary international trends in the environmental management of reservoirs.
In this context, EYDAP SA prepared Technical Environmental Study on the Mornou and Marathon dams. For the
aforementioned purpose according to implemented study, it was estimated that a supply of 25 l/ sec downstream of the dam
was required.
The river ecosystem downstream of the Mornos Dam is in good condition, due to the constant flow of surface water over the
river bed. EYDAP SA has completed the systematic monitoring of the ecological and chemical condition of the river ecosystem
by implementing a three-year hydromorphological, physicochemical, biological and chemical measurement program, in
accordance with the specifications of the Water Framework Directive 2000/60/EU and the YD04 Water Management Plan set
out in the Technical and Environmental Study of the Mornos Dam. The above monitoring indicated that the river ecosystem
downstream of the Mornos dam is in good ecological and good chemical condition.
An "ecological supply" of 1 m
3
/sec has been estimated for the Evinos river, which is the newest reservoir. Consequently,
riparian ecosystems downstream of the dam maintain their physiognomy and their significant biodiversity.
C.3. CARBON & ENERGY FOOTPRINT
C.3.1. MEASUREMENT, MONITORING & MITIGATION OF GREENHOUSE GAS EMMISSIONS & OTHER GASES
104
Dealing with climate change is one of the great modern challenges for EYDAP. Seeking to respond to the challenges of
prevention and precaution arising from the risks of climate change (increased temperatures, increased number of droughts,
severe weather phenomena) with effects in a wide range of sectors, the Company applies specific principles to its projects,
such as:
• Estimation of the air pollutants emissions that have direct effects on climate change (greenhouse effect) in new
studies.
• Formulating a strategy to improve energy efficiency and reduce the carbon footprint.
• Energy saving - minimisation of CO
2
emissions.
• Selection of materials and machines with modern environmental specifications.
▪ RES: PV Stations & hydroelectric projects in facilities.
▪ Implementation of Studies for the protection of new infrastructures from extreme phenomena as a result of the
increase in average temperature.
The pursuit of climate neutrality is a priority for the company. In this direction, EYDAP has indicators that measure the progress
of net - zero projects.
INTRODUCTION OF THE PSYTTALIA WASTEWATER TREATMENT PLANT (PWWTP) SINCE 2014 IN THE GREENHOUSE GAS
EMISSIONS TRADING SYSTEM (EU - ETS)
In compliance to regulatory framework, the Psyttalia Wastewater Treatment Plant, the effluent treatment installation, joined
the above system in 2014. Annual reports, verified by external accredited auditor, are submitted to the competent National
Authority (Ministry of Environment & Energy) and to the relevant Registry of the EU. In 2022, the difference in regulated
emissions through the EU - ETS (non-biogenic) carbon dioxide emissions, compared to the corresponding value in the reference
year 2014, is lower by 4,225tn.
As shown in the chart, in 2022 there is a decrease by 80% in emissions compared to the corresponding value in the reference
year 2014 (5,236 t CO
2
). More specifically, in 2022 the reduction in CO
2
emissions
generated by the Psyttalia WWTP is of the
order of 57% (-) compared to the corresponding value in 2021, the corresponding percentage decrease in of CO
2
emissions
in
relation to the corresponding value in 2020 amounts to 45 % (-) while the corresponding percentage reduction of CO
2
emissions
compared to the 2019 value amounts to 50% (-).
The significant reduction in CO
2
emissions in Psyttalia WWTP is due to a series of targeted management options. More
specifically:
✓ Natural gas use reduction and its substitution with biogenic biogas produced at the plant by the treatment of sludge
✓ Projects implementation for the increase of biogas production
✓ Installation of an integrated automatic power and energy management system, which allows the most rational
management of energy resources.
ANNUAL EMISSIONS AND SOURCES
5,236
4,085
3,117
2,146
2,596
2,021
1,842
2,361
1,011
2014
2015
2016
2017
2018
2019
2020
2021
2022
Co
2
Emissions (tn)
Annual CO
2
emissions at Psyttalia WWTP (tn)
years
105
The gases that have been measured are: a) carbon dioxide (CO
2
), b) methane (CH
4
) and c) nitrous oxide (N
2
O), which are the
main greenhouse gases and cover the greater percentage of emissions produced. The measurements of other measurable
greenhouse gases listed in the Kyoto Protocol are not recorded, because according to the initial carbon footprint reports (years
2019-2020) they constitute a very small percentage based on the Company's field of activity.
The reference year is 2020, when the European Commission's climate change strategy was initiated (European Green Deal).
The values used for the Global Warming Potentials (GWP) for carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O)
are 1, 28 and 265 respectively (IPCC Fifth Assessment Report (AR5)).
The methodology followed to calculate EYDAP's carbon footprint is based on:
1. ISO 14064-1:2018 Greenhouse gases - Part 1: Specification with guidance at the organization level for quantification
and reporting of greenhouse gas emissions and removals.
2. Greenhouse Gas Protocol, WRI (GHG Protocol Corporate Accounting and Reporting Standard, Revised Edition).
EYDAP annual CO
2
equivalent emissions:
Year
2020
2021
2022
Greenhouse gas emissions
(tCO
2
e)
233,313.07
227,393.92
219,108.84
Figure 1: Total CO
2
equivalent emissions
of
EYDAP for 3 years
-
50,000.00
100,000.00
150,000.00
200,000.00
250,000.00
300,000.00
2020 2021 2022
tCO2e
Reference year
Stationary & mobile
combustion sources
Biological processes
Electricity consumption
Personnel transport
Consumption of
chemicals
WWTP discharges into
aquatic ecosystem
106
Figure 2: Distribution of equivalent emissions (tCO
2
e) in 2022
From the 2022 EYDAP data processing and carbon footprint calculation, the following result:
SCOPE 1 (Category 1):
The equivalent emissions corresponding to SCOPE 1 in 2022 amount to 110,723.95 tCO
2
e (GRI 305-1a).
The processes that take place in the EYDAP Wastewater Treatment Plants (WWTPs) (107,488.9 tCO2e), which constitute direct
emissions, have the largest contribution to greenhouse gases generated by EYDAP. Other emissions which are part of SCOPE 1
are the following:
• Stationary combustion sources with natural gas: 1,099.72 tCO2e
• Mobile oil combustion sources: 1,427.67 tCO2e
• Stationary oil combustion sources: 405.36 tCO2e
• Mobile gasoline combustion sources: 299.88 tCO
2
e
• Stationary combustion sources with gasoline: 2.44 tCO
2
e
Figure 3: SCOPE 1 - Equivalent CO2 Emissions of EYDAP SA for 3 years
119,143.68
113,185.69
110,723.95
2020 2021 2022
tCO2e (SCOPE 1)
Reference Year
107
SCOPE 2 (Category 2):
The equivalent emissions corresponding to SCOPE 2 for 2022 amount to 96,091.93 tCO
2
e.
Electric power consumption in all the installations of EYDAP is the second largest source of gas emissions. The largest indirect
greenhouse gas emissions, due to electricity consumption, are in:
• the Psyttalia WWTP, with emissions rising to 38,345.06 tCO2e
• the Water Supply Network, with emissions rising to 28,719.64 tCO2e
• the water intake, with emissions rising to 11,586.00 tCO
2
e.
The CO2 emissions index for EYDAP buildings is 64.44 kg CO
2
/m
2
of building area, largest part of which belongs to SCOPE 2
(electric power).
From the set of water treatment emission’s indicators, the lowest emission index per m
3
of water appears at Galatsi Water
Treatment Plant (0.008 kgCO
2
/m
3
) and the highest at Polydendri Water Treatment Plant (0.021 kgCO
2
/m
3
) due to the pumping
requirement in order to raise the raw water level.
Figure 4: SCOPE 2 - Equivalent CO
2
Emissions
by EYDAP SA for 3 years
SCOPE 3 (Categories 3 & 4):
In 2022, the equivalent emissions corresponding to SCOPE 3 amount to 12,292.96 tCO
2
e.
The above are included in SCOPE 3:
• WWTPs effluent disposal to the aquatic ecosystem: 7,997.83 tCO
2
e
• The use of chemical substances: 2,969.87 tCO
2
e
Commuting of employees in Km. The questionnaire was answered by 453 employees (~ ¼ of the Company's employees). The
answers were transposed to the entire number of the company’s employees and the emissions amount to 1,325.26 tCO
2
e. The
table below shows the distribution by emission source:
Emissions Source
CO2 (t)
CH4(t)
N2O (t)
CO2e (t)
A. Cars
975.4
0.002
0.003
976.3
B. Two wheelers
121.9
0.002
0.001
122.1
C. Taxi
17.0
0.0
0.0
17.1
D.Underground/Tram
20.5
0.0
0.0
20.5
E. Bus
189.1
0.0
0.0
189.2
TOTAL EMISSIONS
1,324.0
0.004
0.004
1,325.3
Table 1: Indirect emissions of employee commuting
102,959.20
102,494.60
96,091.93
2020 2021 2022
tCO2e (SCOPE 2)
Reference Year
108
Figure 5: SCOPE 3 - Equivalent CO
2
Emissions
of EYDAP SA for 3 years
Below, a consolidated table depicting the equivalent CO
2
emissions
of EYDAP for the year 2022 by SCOPE and category is given:
SCOPE
CATEGORY
tCO2e
SCOPE 1
Category 1 - Direct Emissions
110,723.95
SCOPE 2
Category 2 - Indirect Emissions
96,091.93
SCOPE 3
Category 3 - Indirect Emissions
1,325.26
Category 4 - Indirect Emissions
10,967.70
Table 2: Total equivalent emissions by SCOPE – Category
The pie chart below displays the percentage distribution of equivalent emissions in 2022 per category, based on the ISO 14064
standard:
Figure 6: Total 2022 equivalent emissions by category
GREENHOUSE GAS EMISSIONS INTENSITY BY SCOPE:
- GREENHOUSE GAS EMISSION INTENSITY SCOPE 1 :
110,723.95 / 343,5= 322,34 tCO
2
e /million €
- GREENHOUSE GAS EMISSION INTENSITY SCOPE 2: 96.091,93 / 343,5 =279,74 tCO
2
e / million € (GRI 305-4.c)
- GREENHOUSE GAS EMISSIONS INTENSITY SCOPE 3 : 12.292,96 / 343,5= 35,79 tCO
2
e /million € (GRI 305-4.c)
GREENHOUSE GAS EMISSIONS INTENSITY PER CUBIC METERS: 219,108 / 308,077,697 (December’s Statistical Report) Invoiced
cubic meters in 2022 = 0.00071 (tCO
2
e /m
3
)
C.3.2. ENERGY
In an era of intense economic and geopolitical crisis, the cost of energy as a key regulator of industrial processes has created
an adverse cost condition along the supply chain, with an impact on environmental and economic sustainability.
The current energy crisis and the associated risks require a holistic management of the issue. In order to further strengthen
the Company's resilience against further shocks but also in view of its environmental footprint, EYDAP has designed and is
following a specific Corporate Strategy:
• compliance with operational and quality standards
11,210.19
11,713.63
12,292.96
2020 2021 2022
tCO2e (SCOPE 3)
Reference Year
50.53%
43.86%
0.60%
5.01%
Category 1 - Direct
Emissions
Category 2 - Indirect
Emissions
Category 3 - Indirect
Emissions
Category 4 - Indirect
Emissions
109
• utilizing technology and innovation so that all stages of water & wastewater treatment have the maximum possible
efficiency
thus contributing to the achievement of the National goal of increasing energy production from Renewable Energy Sources.
BASIC RES STATIONS OF EYDAP
EYDAP, in the context of optimizing its energy balance and the utilization of renewable energy sources, has developed:
1. PHOTOVOLTAIC STATION IN ACHARNAI
The company has installed a photovoltaic (PV) power plant with a capacity of 1.9712 MW at its facilities in the Municipality of
Acharnai and it was put into operation on 03/10/2019, for the purpose of selling the electricity produced.
In 2022 (January - December), the energy production amounted to 3,280,226 kWh, at the same level as in 2021.
2. SMALL HYDROELECTRIC POWER PLANTS (SHEPS)
Along the external aqueducts that transport water from the reservoirs to the refineries, Small hydroelectric power plants
operate, whose energy is sold by EYDAP. The water from the aqueducts is diverted into a side canal, where through the
operation of a water turbine, the hydraulic energy is converted into mechanical energy and then, via a generator, into
electricity. The water is then reintroduced into the main aqueduct, where it continues to flow.
Specifically, the operating SHEPS are the following:
• Elikonas SHEP with a capacity of 650 kW and a predicted annual energy production of 5,000,000 kWh.
• Evinos SHEP with a capacity of 820 kW and a predicted annual energy production of 4,000,000 kWh.
• Kithairon SHEP with a capacity of 1200 kW and a predicted annual energy production of 5,730,000 kWh.
• Kirfi SHEP with a capacity of 760 kW and a predicted annual energy production of 5,860,000 kWh.
• Mandra SHEP with a capacity of 630 kW and a predicted annual energy production of 4,900,000 kWh.
In 2022, the total energy production from the above SHEPS amounts to 18,972,099 KWh, approximately 8% higher than the
corresponding value in the year 2021 (17,515,903 kWh).
The energy produced by SHEPS is completely dependent on the range of instabilities of the PPC grid network, as well as on the
weather conditions and the occurring failures of the electromechanical equipment of the facilities.
3. SMALL HYDROELECTRIC POWER STATION AT THE PSYTTALIA WWTP
In Psyttalia, a small hydropower plant has been installed at the outflow pipeline, which has been operating since 2015 and
whose own electricity production amounts to 2,180,239 kWh in 2022, with the corresponding value in 2021 being at the same
level, reaching 2,259,287 kWh and which is self-consumed. The variation in the power generation from this plant at the outflow
pipe of the Psyttalia WWTP is due to the annual variation of the wastewater flow.
Energy Production of 5 SHEPS and the hydropower plant at the outflow pipeline at the Psyttalia WWTP
A diagram with the annual energy production of the 5 SHEPS and the hydroelectric output of the Psyttalia WWTP is given
below:
Figure 7: Total annual energy production from Small Hydroelectric Power Plants
24,230,240
19,775,190
21,152,338
2020
2021
2022
Energy ( kWh)
Year
110
4. BIOGAS
The biogas produced in the digesters of the Psyttalia WWTP is used as fuel:
• In the thermal drying plant of the dehydrated sludge
• In the boiler room of the digestion unit for the sludge heating
• In the steam plant for steam production (for the thermal hydrolysis plant of the sludge).
• In internal combustion engines for cogeneration of thermal and electrical energy
• In the Regenerative Thermal Oxidizers (RTO) for treating the exhaust gases of the drying unit
At the Metamorfosis WWTP, the biogas from the digesters is currently only used as thermal energy, but the installation of a
cogeneration unit for electricity and thermal energy is planned, so that the biogas produced can be fully utilised for energy
reasons.
In 2022, the recovered thermal energy of the Psyttalia WWTP biogas is 97,200 MWh and the corresponding amount of
Metamorphosis WWTP is 2,810 MWh. The electricity produced by the biogas at the Psyttalia WWTP is 22,514 MWh
ENERGY BALANCE
In 2022, EYDAP achieves the following values in the key energy indicators:
1. Total energy consumption within the organization: 298,202.02 MWh
2. Total electricity purchased for consumption: 158,952.22 MWh
3. Total RES energy production: 146,956.56 MWh
4. Total consumption of energy from RES: 124,704.24 MWh
The total self-consumption of energy produced from RES amounts to 124,704.24 MWh and comes from the SHEP at the
Psyttalia WWTP output and from the combustion of the produced biogas in the Cogeneration units of electricity and
thermal energy at the Psyttalia WWTP. Specifically, the amount of energy self-consumed originated by the Psyttalia SHEP
amounts to 2,180.24 MWh and the amount of energy self-consumed, which originates from the combustion of the
produced biogas in the Cogeneration units of electricity and thermal energy of the Psyttalia WWTP amounts to 122,524.00
MWh (Self-consumption of electricity from Cogeneration units of electricity and thermal energy: 22,514.00 MWh + Self-
consumption of thermal energy from Cogeneration units of electricity and thermal energy: 100,010.00 MWh ).
111
5. Total energy production: 146,991.38 MWh
6. Total energy consumption for heat purposes: 107,244.49 MWh
7. Total energy consumption for cooling purposes: No such record
8. Total produced energy sold: 22,252.33 MWh
Percentage of electricity consumed {[2]/[1]}: 53.30%
Percentage of energy consumed which was produced from RES {[4]/[1]}: 41.82%
Percentage of energy produced from RES {[3]/[5]}: 99.98%
ENERGY INTENSITY
Electricity consumption for the production and distribution of water per invoiced cubic meter: Numerator: 71,777.85 /
308,077,697 (December’s Statistical Report) = 0.00023 (MWh / m
3
)
Electricity consumption for waste water treatment & transport/Invoiced consumption: 83,694.59 / 308,077,697 (December’s
Statistical Report) = 0.00027 (MWh / m
3
).
C.3.3. ACTIONS TO MITIGATE CARBON & ENERGY FOOTPRINT
With environmental responsibility, the Company includes transformation actions in its operation, aiming to reduce its carbon
footprint (Net Zero).
The Strategy for the improvement of energy efficiency and the reduction of the carbon footprint until 2030, through the energy
upgrade of energy-intensive facilities, the implementation of RES projects, the construction of the new bioclimatic building and
the electro mobility was drawn up:
1. In April 2022, the new 5-year contract for the operation and maintenance of the Psyttalia WWTP began, which for each
contractual year provides a specific percentage of guaranteed energy optimisation (through the implementation of
projects related to the supply and installation of new equipment and operational settings, on the existing as well as on
planned new facilities and equipment units). Overall, it is estimated that a total reduction in the energy consumption of
the Psyttalia WWTP of the order of 34.78% (at least) will be achieved in the 5
th
contractual year, with a consequent
reduction in greenhouse gas emissions and carbon footprint.
2. Projects for further energy utilisation of the produced biogas at the Metamorphosis WWTP with the installation of a
cogeneration unit for electricity and thermal energy
3. The Polydendri WTP has a nominal refining capacity of 200,000 m³/d. The two pumping stations for undiluted and refined
water were built in the 1970s and, since then, they have been operating continuously with the same pumping units with
particularly low levels of efficiency, resulting in high energy consumption. In the context of reducing energy consumption
and ensuring the safety of the operation of the WTP for the uninterrupted water supply of the city of Athens, the project
planning regarding the energy upgrade of the two pumping stations through the construction of new pumping stations
has been completed. Specifically, the project includes:
✓ the replacement of the pumps with new, modern high-efficiency pumps and low-loss engines,
✓ construction of a new refined water pumping station building
✓ Replacement of Medium-Voltage Substations with very low loss substations in accordance with the latest EU
directive.
✓ Installation of a modern distribution network and engine drive systems.
✓ Installation of back-up power generation facility which will ensure the uninterrupted operation of the WTP at
the maximum refining capacity.
✓ Replacement of the existing external fire extinguishing network of refined water, with a new raw water pumping
station.
✓ Automatic control system for the operation of the pumping station with the installation of a new SCADA.
In 2022, the preliminary study of the project was approved and the tender process was launched, which is expected to
start in the 2nd quarter of 2023.
4. Completion of the energy efficiency inspection for the pumping stations of the Water Supply and Sewerage networks
and inclusion of their additional verification in the planning, through the installation of measuring devices in selected
positions aiming at the energy streamlining of their operation.
112
Total estimated energy savings following the energy upgrade of the pumping stations until 2028: Water supply network
7.7 GWh / year – Sewerage network: 3 GWh / year Total: 10.7 GWh / year.
5. Implementation of exploratory studies for the identification of potential hydrodynamic escape at the Hydroelectric
Power Stations located along the Mornos aqueduct, as well as for the possibility of installing new PV Stations at EYDAP
facilities.
Total estimated increase in RES production from the streamlining/upgrade of the operation of all the existing SHEPS (Kirfi,
Helikonas, Kithairon and Mandra): 17 GWh/year, and estimated energy production from the development of new PV on
sites owned by EYDAP: 41.5 GWh /year.
6. The design of 4 PV Stations with a total capacity of 3.5 MW with the energy offsetting process has been completed and
the tendering process for 2 of the 4 stations, the ones in the WTP of Acharnai and Polydendri, with power of 1.99 MW
has been completed, which will reduce costs through the decrease in electricity purchase.
7. Gradual transition to electromobility with the replacement approval of 53 vehicles and 16 two-wheelers with electric
motors as well as the installation of their charging network.
Total estimated carbon footprint reduction: 1392 tCO
2
e by 2028 (if cars are charged from the existing facilities).
8. Purchase of innovative material with the aim to improve the emissions of the existing, privately owned fleet of EYDAP
vehicles/machinery: Pilot application of an innovative material, the Environmental Fuel Additive, which originates from
the field of fossil fuel technology, with the aim of reducing the carbon footprint originating from internal combustion
engines. The use of Environmental Fuel Additive:
• Reduces drastically the Black Carbon (PM, CO, HC), i.e. the second largest anthropogenic factor of Climate
Change which is responsible for 2/3 of the climate effects of CO2. It also reduces the consumption of liquid fossil fuels
and the emissions of carbon dioxide (CO2) and nitrogen oxides (NOx) to the same extent
• reduces fuel consumption, resulting in a further percentage reduction of pollutant values, including CO2 (Carbon
Dioxide) and NOx (Nitrogen Oxides), without increasing the concentration (ppm) in the volume of the remaining
combustion products and without creating new ones.
The below findings resulted from the pilot application:
• amelioration of pollutants
• reduction in fuel and exhaust gas emissions
• decrease in operating costs
At the beginning of 2022, the expansion of its use to all gas stations as well as to all EYDAP vehicles and machines was
approved.
9. Optimisation of TRANSPORTATION Management including its leased vehicles and machinery: The Project started in 2021
and concerns the
• Reengineering the Operating Model of Transportation Services
• Fleet Management specifications
• Strategic Planning for Serving Transportation Needs
In 2022, the requirements for the renewal of the company's owned fleet and the leasing of electric vehicles were updated,
while the process of drafting technical specifications for environmentally friendly vehicles (low-emission or electric) was
initiated.
10. The tender procedure announcement for the “Supply of electricity to EYDAP's facilities” with an estimated annual
consumption of 165,400.00 MWh has been completed and the submission of tenders as well as the selection of a final
contractor is expected in 2023.
11. Estimation of the emission of air pollutants that have direct effects on climate change (greenhouse effect) in the new
studies.
12. Selection of materials and machines with modern environmental specifications.
13. Studies on the protection of new infrastructure from extreme events, such as floods, as a result of the increase in the
average temperature of the atmosphere, in order to deal with the negative effects of climate change
14. Completion of the Architectural Competition on Ideas for the construction of a New bioclimatic Building with the aim of
saving energy and resources as well as of reducing the company's carbon footprint
15. The installation of low-consumption street lighting lamps in eight outdoor areas of EYDAP has been completed (Acharnai
WTP, Galatsi WTP, Polydendri WTP, Aspropyrgos WTP, Metamorphosis WWTP, Psyttalia WWTP, Thriassio WWTP, near
Marathon lake).
16. Energy upgrade of existing buildings by replacing conventional lighting with energy-saving lamps.
17. In order to contribute as much as possible to the reduction of its energy and carbon footprint, EYDAP participates in the
European research program TRINEFLEX in close collaboration with 28 other partners. The project started in November
2022 and until August 2026, when it expires, through the comprehensive toolkit which is developing, it is expected to
contribute to a more flexible and sustainable operation of the industrial units. EYDAP's participation in the TRINEFLEX
113
program mainly includes the optimisation of the energy consumption of the most energy-intensive processes in a WWTP,
with the use of digital tools, as well as the application of conventional and/or innovative energy production technologies.
The aim is to improve the energy efficiency of the selected processes by >7%, the energy costs by >12% and the emissions
by >20%.
18. BLUE MARBLE program in the KEREFYT: there is an innovative cogeneration station of electrical and thermal energy,
making KEREFYT one of the first buildings of EYDAP with almost zero energy consumption. The installed
thermophotovoltaic panels (ATPV System) with a self-generation capacity of 72.8 MWh, with the parallel replacement of
the old LED technology lamps, as well as the restoration of the outdated fan - coil systems, will provide the KEREFYT
installation with full energy coverage, achieving, alongside the Net - Metering method, the goals of net - zero and will
make KEREFYT one of the first buildings of EYDAP with zero air pollutants.
The energy upgrade of KEREFYT started in December 2022 and is expected to be completed and delivered before June
2023.
C.4. WASTE MANAGEMENT – CIRCULAR ECONOMY
Non-application of the principles of the circular economy carries risks for the Company, such as non-compliance with the
regulatory framework and subsequent effects, reputational damage of the Company and lack of trust of our customers towards
the Company, as well as a substantial financial damage to the Company. EYDAP is continuously upgrading its facilities, with the
aim of gradually reducing the generated by its plants, by reusing by-products stemming from its production processes,
recovering and generating energy from waste, and consistent reducing its greenhouse gas emissions.
CIRCULAR ECONOMY, WATER RESOURCE MANAGEMENT AND SLUDGE MANAGEMENT
In the water sector, participating in the circular economy and in sustainable natural resources management starts with opting
for renewable water resources, choosing energy-efficient technologies in transportation and distribution, and the reusing
renewable water resources.
In all Company’s Water Treatment Plants, the integrated management includes the adoption of good practices and actions that
aim to reduce the consumption of water used during treatment process. During the production of drinking water, the water
required for cleaning the facility and for disposing of the solid waste generated during the treatment process is not wasted.
Through appropriate treatment processes, much of this water is recycled and re-introduced into the production process,
leading to its maximum utilization, and thus minimizing water losses
SLUDGE TREATMENT AT WTP
Currently, at the Galatsi Water Treatment PLant (WTP), the sludge generated during the sedimentation process and filter
washing is transferred to existing tanks. Part of it then forms part of the reclaimed water, which is taken to the WTP for re-
treatment, while the rest is transferred, through the sewage system of EYDAP, to the Wastewater Treatment Center of
Psyttalia.
In all Company’s Water Treatment Plants, within the primary goal of sustainable management and the application of best
available techniques, EYDAP invests in upgrading the facilities, with the construction of necessary projects related for the
treatment and management of the sludge produced during the process water purification.
EYDAP has prioritized the optimization of the sludge treatment generated as a waste material from water treatment. With
this goal in mind:
• At the Polydendri WTP, in 2019 it’s construction was completed and a modern sludge management unit was put into
operation. The sludge produced from water treatment is taken for re-treatment, the solid waste is separated from the
water and then the water enters the entrance of the WTP for reprocessing. The produced solid, now sludge, is collected
and transported to licensed sites.
• AT Aspropyrgos WTP, the maintenance and upgrade of the existing sludge processing systems was completed in 2019 and
put into operation. The sludge produced from the water purification is further processed, the solid waste is separated from
the water and then water enters the inlet of the MEN for retreatment. The produced solid, now sludge, is collected and
transported to licensed sites.
• At the Acharnes WTP, the construction of the sludge management and backwashing unit was completed in 2021. The
sludge generated from water purification is further treated, solid waste is separated from the water and then the water
enters the WTP for re-treatment. The produced solid, now sludge, is collected and transported to licensed sites.
• At Galatsi WTP, the construction project of the sludge management plant is in the phase of construction since November
2022 and is expected to be completed in the 2nd
half
of 2024.
It is estimated that in the sludge treatment plants (already operating in Polydendri, Aspropyrgos and Acharnes WTPs, together
with the soon-to-be completed equivalent unit at Galatsi WTP will save:
114
✓ 4,300,000 m
3
of water per year
✓ electric energy
✓ chemical processing materials for raw water treatment
✓ work related costs
The quantities of treated sludge generated by the WTPs are recorded online on annual basis in an electronic platform of the
National Database of the Urban Waste Water Treatment Plants of Greece, in accordance with the relevant legislation, and is
collected by licensed companies for further utilization as a soil improver for various crops in cases of tree planting, for the
cement industry and ceramics industry.
The MEN of Acharno, Aspropyrgos and Polydendri treated in 2022, 3,880.43 tons of dehydrated sludge.
CIRCULAR ECONOMY IN WASTEWATER MANAGEMENT
The integrated management of Attica's wastewater system is a strategic goal of EYDAP.
(The topic is discussed in detail in the corresponding section of the same Report).
During the treatment of wastewater, solid waste is generated, which consists mainly of wastewater pre-treatment by- and
sludge. This is non-hazardous waste, the responsible disposal and management of which is a priority for EYDAP's stakeholders,
such as the local communities in the areas of wastewater treatment plants, especially taking into account the large annual
quantities of waste generated.
A. At Wastewater Treatment Plants (WWTPs):
• The solid waste generated from the pre-treatment stage of the wastewater (slags, sand and heavy solids), as well as from
the treatment of the primary sludge (slags of fine-slag sludge) is landfilled.
• The dried sludge, generated by all three Wastewater Treatment Plants, is utilized thermally at the Psyttalia Wastewater
Treatment Plant (WWTP). The entire quantity of the dried product produced is thermally utilized in cement factories, as
an alternative fuel, applying a technologically modern, environmentally friendly and sustainable management solution.
The process of characterizing dried sludge production at WWTPs as an alternative fuel is in progress.
• The produced biogas in the digestion stage of the sludge treatment is used at WWTPs of Psyttalia and Metamorfosi energy
production. Specifically:
✓ at Psyttalia WWTP all the biogas produced is self-consumed and utilized within the facilities for the production of
electricity and thermal energy.
✓ at Metamorfosi WWTP 70% of the amount of biogas produced is utilized within the facilities for the production
of thermal energy.
• Reuse of treated effluents, at Psyttalia and Metamorfosi WWTPs
B. The study for the on-site treatment - in a compact unit of the incoming wastewater was completed and an application is
being implemented for the incoming sewage in a pumping station of the Central Coastal Collector and the reuse of the treated
outflow for irrigation of Hellinikon Park
• cogeneration plants generating electrical and thermal energy at Psyttalia WWTP are fueled with biogas and natural
gas. The electricity generated is self-consumed at WWTPs, while any excess is exported to the Hellenic Electricity
• Distribution Network Operator DEDDIE power grid.
SOLID WASTE FROM WASTEWATER TREATMENT AT WWTPs
SCREENING WASTE AND GRIT
Total screening waste and grit (tn)
2018
11,744
2019
9,267
2020
8,547
2021
7,329
2022
7,693
115
The total amount of screening waste and grit in 2022 was marginally increased by 4.7% compared to 2021, decreased by 9.99%
compared to 2020, decreased by 16.99% compared to the corresponding amount in 2019 and decreased by 34.49 % from the
corresponding quantity of 2018. It should be noted that in 2018 the quantities of grit generated by Metamorfosi WWTP were
particularly high due to the evacuation and cleaning of the digester at this facility.
DRIED SLUDGE
Production of Dried Sludge at Psyttalia WWTP ( tn / yr )
2018
44,239
2019
40.131
2020
37,801
2021
39,424
2022
34,891
The above data shows a decrease in the amount of dried sludge produced at WWTPs, by 11.50% compared to the value of
2021. Between 2020 and 2021, the amount of dried sludge of WWTPs was decreased by 7.7%. A decrease in the amount of
dried sludge of WWTPs, by 13.1% was also observed compared to amount produced between 2019 -2021 and a decrease of
21.13% from the amount of 2018. It should be noted that the decrease in the production of dried sludge in 2022 is mainly due
to the maintenance of the digesters.
BIOGAS PRODUCTION
All of the biogas produced at the Psyttalia WWTP and 70% of the biogas produced at Metamorfosi WWTP was utilized for
energy consumption.
Biogas Produced at EYDAP WWTPs ( m
3
/ yr )
2018
31,188,675
2019
31,506,800
2020
31,710,190
2021
31,735,071
2022
26,906,117
Between 2018 and 2021 was observed a small fluctuation of the relevant amount of biogas production. The decrease in biogas
production in 2022 is due to the maintenance of the digesters.
RECLAIMED WATER
REUSE OF THE WATER PRODUCED AS A RESULT OF SLUDGE TREATMENT AT WATER TREATMENT PLANTS
The construction of sludge treatment units at the WTPs will permit the reuse of water produced during the centrifugation of
the sludge generated during the water purification process. This water will be added to the quantity of water generated during
filter washing, all of which is transported back to Mornos aqueduct for further treatmnet.
Annual water recycling (m
3
)
2018
11,517,632
2019
10,347,634
2020
11,477,296
2021
12,680,426
2022
12,240,857
116
REUSE OF RECLAIMED WATER FROM WASTEWATER TREATMENT IN WWTPs
Part of the treated effluent (disinfected water and non-disinfected industrial water) of the Psyttalia Wastewater Treatment
Plant (WWTP) and disinfected water of the Metamorfosi WWTP is used for the irrigation of greenery and to cover other in –
house water needs (e.g. irrigation, equipment cooling, washing and other uses) within facilities.
Volume of reclaimed water (m
3
/ yr ) from the treated effluent that was reused
2018
2019
2020
2021
2022
Total Quantity (m
3
/ yr )
5,370,792
4,789,043
5,313,221
5,297,221
4,538,051
Daily reuse (industrial water m
3
/day)
14,714
13,120
14,557
15,513
12,433
SALE OF SURPLUS OR OLD EQUIPMENT OF EYDAP
In 2021, the new "EYDAP S.A. SALE OF SURPLUS/OBSOLETE MATERIALS (BIDDING PROCEDURES) REGULATIONS " for the
purposes of improving inventory management and applying in cases of all manner of surplus or obsolete materials, movable
assets and consumables of the Company. The strategic context is that the above items are not useless burden but a valuable
resource, which, if used properly, can provide multiple benefits with a positive economic and environmental impact.
In 2022, two (2) new Public Tenders were held, one for the sale of aged wood (budget €15,725.42) and one for old iron for
recycling purposes (quantity 487,642.30 kg) to contractors registered in the Chambers registers for the management of said
waste .
PAPER RECYCLING (kg)
The total amount of paper used are collected in special recycling bins in the Company's buildings and facilities, from where
they are collected by a licensed operator. Then the recyclable paper follow all the processing stages (shredding – baling –
regeneration) and is promoted to industries for the production recycled paper.
2018
2019
2020
2021
2022
34,456
28,741
29,962
17,320
19,560
In 2022, there is a total reduction in the amount of recyclable paper of 56.77%, from the reference value of 2018. The
development of e-government applications and electronic document management systems contributed to a decrease in
paper use, and consequently, paper recycling and minimize printouts.
2,094 Trees!
The total amounts of paper recycled in the last five years reach 130,039 kg of paper, which corresponds to pulp
produced from approximately 2,094 trees.
BATTERY RECYCLING
Used batteries are collected in special bins in the Company's buildings and facilities by the Collective Management System for
Portable Electric Batteries.
In 2022, 305 kg of batteries were collected.
2018
2019
2020
2021
2022
256 kg
338 kg
221 kg
524 kg
305 kg
117
OVER 1.5 TON BATTERIES!
2017 (1
st
year of program implementation) – 2022: a total of 1,871 kg were recycled.
RECYCLING OF ELECTRICAL AND ELECTRONIC EQUIPMENT
In order to prevent environmental damage from the hazardous substances contained in technological equipment devices, in
2022 EYDAP expanded the recycling process of waste materials of electrical and electronic equipment. The main goal is to
recover and utilize recyclable metals, glass, plastic, etc. which are reused in the production process, thus contributing to the
preservation of the planet.
The Company's recyclable materials are collected by an organization approved by the Hellenic Recycling S.A. (Collective System
of Alternative Management of Waste Materials of Electrical and Electronic Equipment).
In 2022, a total of 11,301 kg of recyclable materials were collected
RECYCLING OF PLASTIC AND ALUMINUM
The amount of plastic and aluminum packaging used are collected in recycling bins, from where they are collected by a licensed
entity.
In 2022, a total amount of 85.10 kg of plastic and 28.30 kg of aluminum were collected.
GOALS for 2023:
• development and implementation of an Environmental Management System throughout the Company according to
the ISO 14001:2015 certification
• formulation and publication of the Company's Environmental Policy
• environmental liability insurance of the Company
During the reporting period, the Company has not identified any non-compliance with the laws and regulations related to
the management and final disposal of liquid and solid waste
C.5. REGULATORY & ENVIRONMENTAL COMPLIANCE
EYDAP operates in compliance with environmental legislation
✓ It complies with the approved environmental conditions for all its facilities
✓ The relevant environmental licensing procedure is followed for each new project or modification of the existing ones
✓ A Decision of Approval Environmental Conditions has been issued for each Wastewater Treatment Center (WWTP)
and Water Treatment Plant (WTP) with their accompanying projects. The same applies to all the Installations of the
External Water Supply System
✓ The P/V Station of the Acharnes WWTP has an Environmental Conditions Approval Permit (EPA)
For all the Company's projects and activities there are valid permits for the approval of environmental conditions or requests
for their renewal or modification have been submitted in due time.
D. SOCIETY
D.1. HEALTH & SAFETY OF CUSTOMERS & FINAL CONSUMERS
D.1.1. WATER QUALITY
EYDAP, as the largest provider of water services, being aware of its responsibility to millions of consumers, ensures the
excellent quality of drinking water. Through continuous investments in infrastructure projects, in technology and in training
of its human capital, EYDAP ensures drinking water quality, one of the highest in Europe, always in harmony with the existing
provisions.
According to the Urban Water Atlas for Europe for 2017, published by the European Union and presenting the best practices
in European cities, EYDAP was rated with 10 (excellent) in terms of drinking water quality for the city of Athens (Urban Water
Atlas for Europe 2017, European Commission, Publications Office of the European Union, Luxembourg, pp.54-55).
In the annual international evaluation of water companies published in 2022 by the European Benchmarking Co-operation,
EYDAP’s water quality was rated with 99.7%, higher than the average scores achieved by the participating Western European
companies.
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Excellent quality already starts from the main reservoirs Evinos and Mornos
EYDAP
• ensures that all hazards that could potentially disrupt the quality of water entering its facilities, but mostly the water that
reaches the consumer's tap, are adequately identified and controlled through
✓ Monitoring of activities in the water catchment areas
✓ supervision, operation and Maintenance of dams / reservoirs / aqueducts, through which water is collected and Attica
is supplied with water
✓ Maintenance and operation of the drinking water distribution network
✓ Constant quality checks of untreated and drinking water available to consumers
• ensures the implementation of appropriate water quality control procedures, so that:
✓ to meet the requirements of the Legislation and its Stakeholders
✓ to apply good laboratory practices and appropriate methods to ensure the reliability of the measurements
✓ to provide adequate and sufficient resources (human resources, equipment, information) for the implementation of
quality operations and use them in a way that ensures the reliability and overall effectiveness of all measures designed
and implemented
✓ quality, impartiality and integrity of measurements carried out during quality controls are not to be affected by any
commercial, economic or other pressures
✓ all staff involved to be trained and evaluated, so that they have the knowledge and faithfully implement the task
assigned
FREQUENCY OF CONTROLS
EYDAP carries out:
• daily quality checks of untreated and drinking water, 7 days a week
• close monitoring of water quality of four reservoirs, Marathon, Yliki, Mornos and Evinos, with on-site visits,
sampling and analysis at least eight (8) times / year
• daily sampling and analysis of the quality of drinking water in the water supply network, in order to deal with
a possible problem immediately
The checks carried out, especially in drinking water, exceed the frequency required by law.
The number of drinking water samples tested for microbiological parameters exceeds 9,000 per year compared to the 3,300
required by law
WATER QUALITY CONTROL LABORATORIES
EYDAP has accredited laboratories in Galatsi and Acharnes for water quality testing. Samples of untreated water from the
reservoirs and from EYDAP boreholes and samples of drinking water from the Water Treatment Plants and from the Company's
water supply network are analyzed. EYDAP has laboratories for testing the intermediate stages of water treatment, installed
in each of the four Water Treatment Plants.
ACCREDITATIONS
The Chemical Laboratories in Galatsi and Acharnes, as well as the Microbiological Laboratory are accredited according to
ELOT EN ISO 17025 since 2005, by the National Accreditation System (ESYD), for conducting tests to determine chemical and
microbiological parameters in raw and drinking water (Certificate No. 192).
COMPLAINT MANAGEMENT - CONSUMER INFORMATION
EYDAP gives absolute priority to ensuring a high level of satisfaction for all consumers. It has set up “1022” hotline to record
and immediate address any quality issues that may be reported by consumers. In 84.7% of cases the response of EYDAP is
within 24 hours at most.
In 2022, 56.6% of complaints were resolved by telephone communication, while the remaining 43.4% was investigated through
sampling and laboratory analysis. In the same year, technical actions were required in 5.6% of quality complaints reported to
1022 and the 100% of complaints, that demanded EYDAP’s intervention was resolved.
There was no incident of dissatisfaction with a consumer request or an incident of a fine or compensation for water quality
issues.
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EYDAP systematically informs consumers regarding water quality in the following ways:
✓ the average values of all determined parameters are exported on an annual basis. These values are posted on the
Company's website, so that all can access them.
✓ responds in writing, providing up-to-date information on water quality, to any consumer request. In most of these cases
the answers include reports of results of samples taken from taps inside the properties of the interested parties.
Water quality data of the EYDAP water supply network are systematically sent to the Ministry of Health. The data for the years
2017 - 2019 were sent to the Ministry of Health in early 2020, while the data for 2020-2022 were sent to the Ministry in March
2023.
PERFORMANCE
As evidenced by the results of approximately 170.000 tests in approximately 10,000 drinking water samples and 2,000
untreated water samples per year, EYDAP constantly certifies that water of Athens is of excellent quality and one of the best
in Europe.
The results of the analyzes certify that the quality of drinking water of EYDAP meets the legal requirements of JMD C1 (d) / GP
oik.67322 / 2017 "Quality of water for human consumption" in compliance with Directive 98/83 / EC of the Council of European
Union (as amended and in force).
COMPLIANCE WITH REGULATIONS AND VOLUNTARY RULES
During the reporting period, no incident of non-compliance with regulations and voluntary rules related to the quality of
water supply and with negative effects on the HEALTH and SAFETY OF CONSUMERS were identified.
Drinking water quality control data from the water supply network of EYDAP are available on the Company's website
(www.eydap.gr) in section Sustainable Development / Responsible Business Practice / Quality of untreated and drinking water.
Δ.1.2. EYDAP SEWERAGE NETWORK– EFFLUENT OLLECTION & TREATMENT
EYDAP’s operation, and as for the disposal and treatment of effluent coming from residents, institutions, industries or other
installations, is based on the regulatory provisions of Greek and European Legislation as well as on corporate initiatives.
Failure to comply with current environmental laws, aside from the potential imposition of administrative or even criminal
penalties, also entails serious risks for public health, soil contamination, aquifer and surface water pollution. EYDAP closely
monitors the areas where its facilities, particularly the pumping stations, are adjacent to physical receivers so that it can
intervene timely and prevent incidences of environmental pollution caused by potential overflow. Risk identification,
assessment and mitigation is critical for the Company. Risks are managed with particular care through specific Operational
Planning and awareness of their economic, social and environmental impacts.
EYDAP is responsible for the construction, operation and maintenance of the sewerage network in its area of competence, as
defined in Article 8 of Law 2744/99, as currently in force.
The served population amounts to approximately 3,695,000 inhabitants. The total length of the sewerage network within our
remit in 2021 was 8,438 km and in 2022 is 8,598 km.
WASTEWATER TREATMENT WITHIN EYDAP'S COMPETENCE AREAS
Wastewater treatment from areas within EYDAP's competence, connected to the network, is performed at three Wastewater
Treatment Plants (WWTPs): in Metamorfosi, Attica, (WWTPM), on the island of Psyttalia (WWTPP) and at Thriassio Pedio
(WWTPT).
Psyttalia Wastewater Treatment Plant (WWTPP)
This is one of the largest WWTPs in Europe and worldwide, with a wastewater treatment capacity (average design discharge)
of 1,000,000 m
3
/day.
In 2022, the average flow of incoming effluent is of the order of 670,000 m3/day. The facility’s performance as regards the
removal of the overall pollution load is as high as 95% or higher for certain pollutants
Metamorfosi Wastewater Treatment Plant (WWTPM)
This is the oldest wastewater treatment facility for receiving and co-treating urban wastewater through a network of
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wastewater collectors and domestic septic sewage from areas of Attica that lack a sewerage network. The WWTP’s treatment
capacity(average design discharge) of 44,000 m
3
wastewater/day. Today, the average flow of incoming effluent is of the order
of 24,000 m3/day. The rate of pollutant load removal, in terms of organic load, is over 99%.
Thriassio Pedio Wastewater Treatment Plant (WWTPT)
The WWTPT has been in operation since 2012 and is the most modern WWTP. The Thriassio WWTP serves the areas of
Elefsina, Aspropyrgos, Mandra and Magoula, with a processing capacity (average design discharge) of 21,000 m
3
of
wastewater/day. Tertiary treatment is carried out at the Thriassio WWTP. It achieves a pollution load removal rate of over
95%.
EYDAP LABORATORIES FOR CHEMICAL ANALYSIS OF WASTEWATER
Our laboratories are accredited by the Hellenic Accreditation System (ESYD), in accordance with the ISO 17025 standard-
Certificate numbers 862-3 (Akrokeramos laboratory) and 856-4 (Metamorfosi laboratories).
Assessment of the effectiveness of the sewerage system's operation and management:
1. Monitoring of the marine ecosystem of the Saronic Gulf and the Gulf of Elefsina and evaluation of the results in collaboration
with the Hellenic Centre for Marine Research (ELKETHE), an independent research organization
2. Publication of wastewater treatment results on the Ministry of Environment, Energy and Climate Change national database.
All citizens have free access to the database.
As indicated by the results uploaded to the database of the Ministry of Environment and Energy through the years, the
quality of EYDAP's WWTPs outflows has always been within limits, as set by their approved operational Environmental
Impact Assessment.
COMPLIANCE WITH REGULATIONS AND VOLUNTARY CODES
During the reporting period, there were no incidences of non-compliance with regulations and voluntary codes applying to
the impacts of EYDAP's services on citizen health and safety.
EYDAP'S SEWERAGE PLANNING FOR AREAS OF EAST ATTICA 2022
EYDAP's planning for these important sewerage projects aims at an integrated management of local effluent and the reuse of
treated outflow for maximum environmental benefit. EYDAP developed the special website katharonero.eydap.gr in the
environment of the corporate website www.eydap.gr for the continuous update of citizens for the important works.
A. SEWERAGE PROJECTS IN EAST ATTICA
1. Collection and treatment of urban wastewater of the Municipalities of Rafina-Pikermi and Spata-Artemida and reuse of
treated effluent
2. Collection and treatment of urban wastewater of the Municipality of Marathonas and reuse of treated effluent
3. Construction of sewerage works in areas of the Municipality of Pallini
4. Construction of the sewerage network at Glyka Nera in the Municipality of Paiania
5. Collection and treatment urban effluents of the coastal zone of the Municipality of Saronikos and Municipality of Kropia
and reuse of treated effluent
6. Sewerage system at Kitsi area, Municipality of Kropia
7. Sewerage network in the areas of Leontari-Kantza, Kato Balana and Agios Nikolaos-Municipality of Pallini
8. Sewerage network in the southern section of the Municipal Unit of Artemida
9. Sewerage and wastewater treatment for the Municipality of Oropos and reuse of treated effluent
10. Reuse of treated effluent from the East Attica WWTPs
11. Management, final treatment and utilization/disposal of generated biosolids from East Attica WWTPs
12. Construction of sewerage network at Ntaou Pentelis
13. Construction of sewerage network at Grammatiko, Ano Souli, Kalentzi and Agios Panteleimon (part of agglomeration) o
the Marathon Municipality
14. Sewerage system at the agglomeration of Varnava of Marathon Municipality
15. Use of Adrian Aqueduct water for the irrigation of green areas of the Municipality of Chalandri
B. ENVIRONMENTAL BENEFITS FROM PROJECT IMPLEMENTATION
Water resource protection, Mitigation of works energy footprint, Remediation of underground aquifer, Ecosystem Upgrading
Based on Plans, in the following years approximately 400,000 residents of East Attica will connect to the sewerage network.
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The planned WWTPs that are to operate by EYDAP in East Attica (Rafina-Pikermi & Artemida-Spata, Marathon, Koropi-Spata)
have a recovered water production of approximately 48,000m3/day. EYDAP, in cooperation with the Agricultural University of
Athens, developed a pilot project for the irrigation of a rural area of the University in the area of Messogeion, with the use of
treated outflows,
C. PROJECT IMPLEMENTATION STRATEGY
EYDAP, for the quickest possible operation of sewerage projects in East Attika and the avoidance of inconveniences and delays,
resulting from the fragmentation of competence regarding the construction of sewage projects, adopts an holistic approach
in the construction of all different parts of the projects.
Η ΕΥΔΑΠ, στο πλαίσιο των ενεργειών για την ταχεία λειτουργία των έργων αποχέτευσης στην Ανατολική Αττική και την
αποφυγή των προβλημάτων και καθυστερήσεων, που προκύπτουν από την πολυδιάσπαση των αρμοδιοτήτων κατασκευής
των έργων αποχέτευσης υιοθετεί ολιστική προσέγγιση στην κατασκευή όλων των επιμέρους τμημάτων των έργων.
D. the PROGRESS of the PROJECTS can be found on the corporate website katharonero.eydap.gr
D.2 ACCESS TO CLEAN WATER, SUPPLY & WATER NETWORK COVERAGE
EYDAP, in order to ensure reasonable levels of water consumption to its customers and meet the obligation of water supply
services, is supplied with the required raw water entirely by the Greek State at the entrance of its Water Treatment Plants
(WTP). The only exception is the Mavrosouvala’s boreholes, which are EYDAP’s property.
In 2022 the Company delivered daily, at an average annual rate, 1,053,421.63 m3 of drinking water.
WATER RESOURCES
EYDAP acquires raw water
Η ΕΥΔΑΠ προμηθεύεται ακατέργαστο νερό,
• Mainly from surface water resources, from the basins of Marathonas, Yliki, Mornos and Evinos that are ranked in A2
category, according to the Directive 75/440/EEC for surface water quality standards intended for the production of
drinking water.
• From these reservoirs, only Yliki is natural (lake) whereas the others resulted the construction of dams at adequate
spots, on the riverbeds of the Charadros (Marathon dam), Evinos and Mornos rivers.
• From underground water resources, that can be used with the operation of approximately 100 boreholes, of an annual
total pumping capacity of 70 - 125 million m
3
of water, depending on the disposal of underground resources and policy
use
TRANSFER OF WATER – EXTERNAL AQUEDUCT SYSTEM
The transfer of raw water, from the water sources to the Water Treatment Plants, is done via aqueducts with a total length of
495 km.
SAFE TRANSPORT OF RAW WATER
With the aim to ensure the Capital’s water supply, the implementation of 4 very important projects regarding the External
Aqueduct System (EYS) have been planned. Firstly for the support-safeguard of the crucial infrastructure of External Aqueduct
System (EYS) and its optimal operation and secondly for the alternative supply of Athens with use of Lake Ylliki. These projects
concern:
1. Restoration works at the Connection Aqueduct F1800 Mornos-Marathon, Kleidi-Dafnoula section
The Study under the title “Final Study for restoration works at the Connection Aqueduct Mornos-Marathon, Kleidi-
Dafnoula section and Compilation of the Auction Documents” M-198 is completed, approved and finally received by
EYDAP on the 21
st
/10/2021. The Ministry of Transport & Infrastructure assigned to EYDAP SA, in August of 2022, the
implementation of the project, which is at the stage of the tender procedure approval by the BoD of EYDAP SA and is
expected to be tendered in 2023.
2. Infrastructure safeguard, project for the transfer of raw water of Kithairona Canal to the broader area of Kokkiniou.
The Study under the title “Final Study for the safeguard of raw water transfer infrastructure of Kithairona Canal to the
broader area of Kokkiniou, from K.P. 4+015 to K.P. 5+915 and the Compiling of the Tender Documents” M-199 is to be
completed in May, 2023.
3. Completion of interventions at the Thiva Canal of the Mornos Aqueduct.
The study is expected to get completed by April 2023
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4. Construction of Supplementary Aqueduct F2000 of the Mornos Aqueduct downstream Kithairona
The Study is expected to be completed in July,2023.
In August of 2022 the Ministry of Transport & Infrastructure assigned to EYDAP SA the implementation of works (1,2
&4) after the completion of the relevant studies.
5. In parallel, the Ministry of Transport & Infrastructure assigned to EYDAP SA the implementation of works for the
protection of the Mornos Aqueduct from rock falling at the Kithairona Canal. The Study is underway by EYDAP FIXED
ASSETS and is expected after its completion to be delivered to EYDAP SA for the initiation of the tender procedure.
6. Under the Service Assigned Agreement for the Operation and Maintenance of the External Aqueduct System of the
Capital, dated 02.02.2022, between the Greek State, EYDAP FIXED ASSETS and EYDAP SA, EYDAP SA is responsible for the
compilation of a proposal for the installation of an integrated system of state –of- the- art technologies for the safety
and monitoring of the External Aqueduct System and its submission for approval to the Ministry of Transport &
Infrastructure (SCADA, Geographic Information Systems, Hydraulic Model, Security Cameras, Optical Fibers, etc). the
proposal will be approved by the Ministry of Transport & Infrastructure.
EYDAP SA has completed the design of the above-mentioned project, consisting of:
i. Proprietary Telecommunication Network based on optical fibers
ii. Supervision and Control System of External Aqueduct System
iii. Hydraulic Model and Automatic Operation
iv. Integrated Information System for the supervision and control of the External Aqueduct System
EYDAP SA presented the project’s proposal, in August 2022, to officials of the Ministry of Transport & Infrastructure and EYDAP
FIXED ASSETS. The tender documents, which have been completed, will be sent to the Ministry in 2023 to be approved, in
accordance to paragr. 5.2 of Agreement for the Operation & Maintenance of the External Aqueduct System of EYDAP SA with
the Greek State.
2022 RESERVOIRS & BOREHOLES ANNUAL ABSTRACTION (IN HM
3
)
The above distribution refers to the optimal management of water resources for the specific year. Extractions measured at
water source, with flowmeters.
D.3 RELIABLE NETWORK
By “water supply network” we mean all the pipelines that transport refined water from the local Water Treatment Plants to
the water meters of the consumers. The water supply network provides water under pressure suitable for drinking to all
consumers, in compliance to the current applicable standards in Greece .
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ENSURING COVERAGE WITH POTABLE WATER
Potable water coverage is ensured through all the facilities of the water supply network. The water supply network consists of
approximately 14,300 kilometers of supply pipelines and distribution network.
In 2022, average daily consumption was 1,053,421.63 m
3
of water
In 2022, the annual distribution of drinking water was 384,498,898 m
3
.
MONITORING AND IMPROVING WATER SUPPLY NETWORK OPERATION
In order to better control the pressure of the pipes, pressure zones were created, that is segmentation of the network in
territories per 30 to 40 meters of altitude difference, operating under specific pressure. The water supply network is monitored
on a 24-hour basis by a remote control system (SCADA).
NETWORK MAINTENANCE – PREVENTIVE AND EMERGENCY
This results mainly from the statistical analysis of malfunctions. The occurring daily failures of the water supply network caused
by leaks in the network are collected at the EYDAP malfunctions-complaints call center (1022) and the Water Supply portal and
are routed for repair to the competent technicians of the Water Supply Sectors. Their repair is carried out immediately, so as
to minimize the inconvenience caused to the consumers - customers and to restore the smooth water supply of the areas
where the network shows malfunctions.
In 2022, the total leakages - ruptures of both pipelines and valves, in all the networks operated by EYDAP amounted to
approximately 7,450. These leaks were repaired in their entirety directly by the Services of the General Division of Water
Supply.
EXPANSION, REPLACEMENT AND REHABILITATION OF EXISTING NETWORK PIPELINES AND WATER CONNECTIONS IN
PROPERTIES
In 2022, EYDAP replaced and installed new pipelines as well as relocated a total of 80,665.6 m of pipelines and at the same
time replaced-rehabilitated approximately 14,876 water connections in properties.
"SMART METERS"
Aiming at the Sustainability of the water resource alongside the modernisation and optimisation of the network and asset
management, the Company is in the process of developing a "Smart Network". Until the end of 2022, EYDAP proceeded to the
replacement of 1090 old mechanical water meters of special connections in total, with cross-sections of 2 inches to 8 inches,
with the installation of corresponding modern technology electronic water meters (smart meters) and with an equal number
of dataloggers. In 2023, a new tender procedure will be launched for the replacement of the remaining mechanical water meters
of special connections with the installation of new electronic water meters with corresponding dataloggers in order to fully cover
the special connections (water meter with cross-section ≥2'') with electronic water meters. Through them, EYDAP is now able to:
• Collect analytical data for the state of each special water connection via tele-programmed rate of data collection and
transition to central infrastructure (Operational Business Centre)
• To provide information to special customers on consumption and water connections in an analytical and diagrammatical
form
EYDAP has included the installation of new household water meters (smart meters) in its investment programme to replace
existing older technology in order to transition to the smart network (smart water network) and modern technologies. In this
context, two pilot applications have already been implemented in the years 2017-2018, with the installation of 83,500
electronic household water meters in the Municipalities of Chalandri & P. Faliro and in Varvakeio Market.
Δ.4. AFFORDABLE TARIFF & SUPPORT OF VULNERABLE SOCIAL GROUPS
The Company's tariff policy, the tiered tariff, the special tariffs, the management of customer debts and their payment or
settlement are intended, on the one hand, to respond to a large extent to the actual needs of households and businesses and,
on the other hand, to ensure the resilience and the financial stability of EYDAP.
PRICING OF OUR SERVICES
The Company's water supply and sewerage/sanitation tariff is determined on the basis of Government Gazette
3188B/16.12.2013 and is available on the Company's website ( www eydap gr ) in the «Useful Information / Tariff» section.
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• The existence of affordable tariff captures in practice the support of society, ensures the mitigation of social inequalities
and protects vulnerable social groups from being deprived of water, a basic social good.
• The tiered tariff acts as a deterrent to the waste of the natural resource.
• Average monthly water bill is €11.44/month (Adjusted Price for normal consumption of 10 m
3
= 3.53 CcF)
CUSTOMERS: In 2022, we refer to 2,247,915 water connections
COMPLAINT MANAGEMENT through three distinct contact channels:
a) In person (regional centers)
b) through telephone, 24/7 telephone service via hotline 1022.
In 2022, hotline 1022 received 664,021 calls. (504,156 for information on supplies, accounts, etc. and 159,856 for technical
issues). Growth rate of 25.15%.
66.49% of them were answered in a waiting time of <40΄΄. The percentage of increase in this particular time was 52.79%.
In 2022, 22,945 Click 2 calls and 7,109 CallBack calls were made
c) via email 1022@eydap.gr. In 2022 172,444 e - mails were received by the 1022 hotline. Growth rate of 23.13%.
82% of them were answered immediately.
SUPPORTING SOCIETY
EYDAP undertakes important initiatives within the framework of its pricing policy, to support vulnerable social groups,
recognizing the unfavorable economic situation experienced by Greek society.
1. Support for socially vulnerable groups through statutory decisions of the Board of Directors it is provided a discount on
their bills:
✓ Extraordinary Special Tariff (EET): To beneficiaries of the Social Solidarity Income (SSI) of Law 4389/16, under terms
and conditions detailed in www.eydap.gr The total number of beneficiary households by the end of 2021 was 5,449,
while the total number of benefiting households by the end of 2022 was 3,640, a decrease of 33.20%.
✓ Discounts to Large Families: the total number of supplies connected to large families by the end of 2022 were 8,304,
compared to 9,610 in 2021, showing an annual decrease of 13.59%.
✓ Senior Customers: By the end of 2022, a total of 572 seniors’ households benefited from the similar discount,
compared to 560 in 2021, showing an annual increase of 2.14%.
DISCOUNTS ON INCREASED ACCOUNTS
The Company, taking into account social and income criteria and applying statutory procedures, provides discounts on high
consumption bills as well as on water misappropriation bills.
2020
2021
2022
Number of requests received for bill reductions
6,052
6,655
9,086
Number of requests granted
5,982
6,549
8,725
Value of invoices to be examined
10,214,043.48
11,057,904.06
15,968,290.44
Discount value
5,594,417.20
6,246,893.57
8,558,684.46
Index of "satisfaction of requests for bills reductions", with denominator the number of requests submitted annually for bill
reductions and numerator the number of corresponding requests satisfied by the Company.
The total value of discount provided from bill reductions for 2022 showed an increase of 37.01% compared to 2021. In 2022,
there was an increase in the number of processed requests by 2,176 (increase rate of 33.23%) compared to the previous year.
In 2020, 99% of requests for bill reductions (from hidden leaks, illegal water intakes, etc.) were satisfied, in 2021, 98% of the
corresponding requests were satisfied. In 2022, 96% of these requests were satisfied with the value of the granted discount
amounting to 54% of the value of the invoices to be examined.
CUSTOMER SATISFACTION SURVEY: In 2022, a small-scale customer satisfaction survey was carried out through the use of a
multi-channel communication platform. Specifically, 6,906 e - mails were sent and 1,195 customers completed the survey, with
91% of the answers being "Very Satisfied - Satisfied".
D.5. LABOR ISSUES & RESPECT FOR HUMAN RIGHTS
D.5.1. RESPECT FOR HUMAN RIGHTS
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EYDAP in the context of its activities is committed to operate in accordance with ethical rules, ensuring human rights at
work and not tolerating any kind of discrimination or offensive behavior against one's personality or social exclusion or
unfair treatment for any reason.
The Company has adopted and applies:
• Human Rights Policy
• Code of Ethics and Professional Conduct
• Whistleblowing Policy
• Policy on Prevention, Combating Violence and Harassment at Work
• Diversity Policy
• Employee Data Protection Policy
by adopting preventive actions in order to avoid acts and/or omissions that may be detrimental to human rights.
Collective Agreement: The rights of employees, on equality and safe working conditions, are guaranteed through Collective
Agreements, compliance with the legislation on the existence of an Internal Protection and Prevention Service (ESYPP) and
a Workers' Health & Safety Committee (EYAE Committee) (the issue of Workers' Safety is discussed in the relevant chapter
of the same section).
98.02% of EYDAP employees are covered by Company Collective Agreements.
Only 1.98% of the employees with fixed-term contracts are not covered by these Collective Agreements but by the General
Provisions of the Labor Law.
All employees, both regular and contractors, work full-time.
Remuneration system: For all permanent staff of the Company, there is no gender or age discrimination with regard to the
minimum wage and benefits, which are determined by a Collective Agreement. All employees, irrespective of gender, are
paid the same wages, varying only according to their qualifications, years of service, the type of work performed by each
employee and the position of responsibility, if any.
Selection criteria for executives: All executive appointments should be made primarily on the
basis of merit, skill, ethics and experience without regard to gender, color, race, nationality,
disability, age, religion, sexual orientation, political beliefs or any other unfair criterion.
Employee Development: The Company supports all employees equally in order to develop their skills and supports all
individual and corporate development efforts. All employees have the opportunity and are encouraged to participate in
training and development programs.
Human Resources Data Protection
In the context of the proper functioning of the Company and its contractual and legal obligations, and in particular in the
context of social security or labor law, the employees themselves constitute a basic category of data subjects. EYDAP considers
its human resources to be a key pillar of its operation and takes constant care to protect their personal data throughout its
activities, showing full respect for the individual freedoms and rights of employees.
EYDAP, through its Employee Data Protection Policy, informs its employees about the processing of their data by the Company
and, where applicable, they are asked to sign individual forms to ensure that they are notified. This notification is updated in
proportion to that of the Company's activities and more specific updates for individual processing, providing clear and specific
information to staff in each sector on the processing of their personal data. EYDAP Insured Policy (for the processing carried
out at the level of health coverage), CCTV Policy (for image processing carried out in full respect of the instructions of the
competent supervisory authorities as to the correct recording, special markings, correct placement and at specific points of
cameras for a specific purpose). In the context of highlighting the respect for privacy in the workplace and protecting the right
of informational self-determination of each employee, clear procedures and privacy policies have been created for the safe
handling of such complaints, whether they are part of the Whistleblowing complaints system or relate to complaints related
to the prevention and fighting of Violence and Harassment at work. The same respect extends to staff provided by partners
and contractors of partnership contracts with EYDAP.
The personal data of our human resources are protected by:
• Taking the necessary technical and organizational security safeguards in the facilities and systems where the data are
kept
• Establishment of Restricted Access Policies, Information Systems Security and Confidentiality Clauses.
Staff is facilitated in the exercise of any relevant rights by establishing simple and clear procedures for the exercise, processing,
evaluation and satisfaction of requests. This procedure is filtered and regularly re-evaluated by the Data Protection Officer.
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The special categories of data (health-related data) of our human resources and pensioners are protected by:
• taking technical and organizational security safeguards in the facilities and systems where the data are held
• The adoption of Restricted Access Policies, Information Systems Security and Confidentiality Clauses.
• Moreover, medical staff are bound by medical confidentiality and third party partners through strict contractual
obligations for any processing of special categories of data.
• Clear information policies
Insured individuals are facilitated in the exercise of any relevant rights by establishing simple and clear procedures for the
processing, assessment and satisfaction of claims. This process is filtered and regularly re-evaluated by the Data Protection
Officer. (Reference to this issue in the relevant section of the same Report)
Right to trade unionism: The constitutional right to trade unionism is exercised by EYDAP Employees' Federation, which
was founded in 1979, is a Secondary Trade Union Organization and represents the Company's employees. Its composition
is formed on a proportional basis by elected representatives of the thirteen Primary Unions.
In order to achieve its objectives, the Federation negotiates for the solution of its members' problems with any competent
body or person and ensures the drawing up of the Company Collective Agreements. The Federation also participates
actively in the Service Councils, Disciplinary Councils and any other body that is represented. Finally, the Federation is
represented by 2 members, who have voting rights, on the Board of Directors of the Company.
The total number of employees registered with the Federation amounts to 2,244 percentage: 96.4%.
Presence of women in EYDAP: In 2022, as a percentage of all permanent employees:
• 31.11% are women (30.7% in 2021)
• Of the 265 employees in positions of responsibility, 150 are women (56.60%) and 115 are men (43.40%)
• Of the 2,063 employees not in managerial posts, 564 are women (27.34%) and 1,499 are men (72.66%)
• Of the 13 members of the Board of Directors, 2 are women (15.38%) of which one is the Chairman of the Board of
Directors.
Disabled individuals, large families, children of war invalids etc.: In application of the provisions of Law 1648/1986 (Law
2643/98) concerning disabled persons, large families, children of war invalids, etc. EYDAP has integrated 231 employees
(9.92%) into its workforce, of which 75 are disabled, for whom facilities and protection have been provided, such as ramps
for people and wheelchairs (in 66% of the buildings), parking spaces, special lifts (in 22% of the buildings) and sanitary
facilities, in accordance with existing legislation, so that they can work in a safe and efficient manner.
In the Company
• no issue of unequal treatment and discrimination of an employee on the basis of gender, age, religion, sexual
orientation, disability, etc. has ever arisen,
also
• there has never been child or forced labor and free expression has always been encouraged. All employees are
treated equally, with no discrimination.
Δ.5.2. HUMAN RESOURCES
EYDAP, across the whole range of its activities, is committed to operate in accordance with the rules of ethics and current
legal and regulatory framework.
In November 2022 the Company established Code of Ethics and Professional Conduct, as a guide for the daily professional
behavior of its employees and other partners and clearly sets out the ethical principles and values, as well as the internal
rules that must be observed by all those who have an employment or cooperation relationship with the Company.
The above actions are aimed at safeguarding EYDAP against risks related to:
• Breach of workers' human rights
• The fight against corruption
• Breach of personal data
• Employee and facility safety risks
• Observance of the working framework of the rights and obligations of Company personnel
Integrity, diversity, inclusion, respect, cooperativeness, operational excellence and reliability are values that are
incorporated into EYDAP's corporate culture. The internal corporate portal of the Company serves as a basic means and
channel of communication and information, and can be freely accessed by all employees
127
RECRUITMENT: The recruitment process process for the purposes of covering the needs of the Company is always carried
on the basis of a relevant legal framework through the Supreme Council for Civil Personnel Selection (ASEP). Given that
certain procedures can sometimes be time consuming, EYDAP temporarily covers part of its needs through the recruitment
of contract staff following the announcement of a tender procedure via ASEP.
RECRUITMENT OF PERMANENT EMPLOYEES*
Recruitment in 2022
Men
48
Women
18
TOTAL*
66
BREAKDOWN BY AGE
M
W
<30 years old
0
1
30 - 50 years old
48
16
>50 years old
0
1
TOTAL
48
18
2022 PERMANENT STAFF RETIREMENTS**
BREAKDOWN BY SEX
Men
58
Women
8
Total
66
BREAKDOWN BY AGE
M
W
<30 years old
0
0
30 - 50 years old
5
2
>50 years old
53
6
TOTAL
58
8
NUMBER OF FIXED-TERM AND OPEN-ENDED CONTRACT EMPLOYEES:
EYDAP has and staffs facilities (regional centres, technical divisions, water treatment plants, aqueducts, etc.) throughout the
Attica basin and also in the Prefectures of Boeotia, Phocis and Aetolia-Acarnania
.
Men
Women
Total
2021
2022
2021
2022
2021
2022
Open-ended
1,612
1604
714
724
2,326
2328
Fixed-term
30
0
11
0
41
0
RECRUITMENT OF FIXED TERM EMPLOYEES*
Recruitment in 2022
Men
0
Women
0
TOTAL
0
128
Total
1,642
1604
725
724
2,367
2328
Notes:
• Data valid as of 31.12.2022.
• Fixed-term contract employees are employees covering various fields of specialization (labourers, measurement
technicians, etc.) under an 8-month employment contract.
• Students and trainee lawyers are not taken into account, as they are not considered employees of the Company. Also,
these numbers do not take into account the 5 members of Management (Chairman, Managing Director, Deputy
Managing Director, 2 individuals for the staffing of the Office of the Managing Director).
SPECIALISED TRAINING: 33.34% of employees (792) are graduates of Colleges and Universities.
Δ.5.3. ENSURING WORKERS’ HEALTH & SAFETY
For EYDAP, in the context of Sustainable Development, protecting its employees’ human rights, physical and mental health,
constitutes a timeless moral commitment, as well as an integral part of its general policy, in accordance with the most recent
policy statement health and safety of EYDAP, which has been strictly followed since 2014.
The Company has recognized all potential risks that exist in order to minimize potential adverse effects. The main risks the
Company must address in regard to Health and Safety of its Workers, relate to the variety and particularities of the workplaces
(administrative services, off-site work crews, work sites, refineries, wastewater handling, etc.), the use of machinery and tools,
for a very wide range of technical tasks, and unforeseen situations such as extreme weather conditions, natural disasters (e.g.
fires) the COVID-19 pandemic.
INTERNAL PROTECTION & PREVENTION DEPARTMENT (ESYPP)
The Health & Safety Management System of Employees is based on the regulatory provisions and the internal policies and
regulations as they were formed after the recognition of the possible risks. In accordance with the applicable legislation
(Presidential Decree 17/96, Law 3850/2010), EYDAP has organizationally established an Internal Protection & Prevention
Department which serves as a direct advisor to Management on health and safety issues.
CERTIFICATIONS: In 2021, the Internal Protection & Prevention Department was certified for ISO 9001:2015 "Quality
Management System" and ISO 45001:2018 "Occupational Health and Safety" standards.
EYDAP’s HEALTH AND SAFETY POLICY: EYDAP has adopted and applied EYDAP’s Health & Safety Policy (posted on the
corporate website www.eydap.gr which sets specific goals that Management is committed to succeed, while at the same time
all its employees ought to make every possible effort to fulfill his own responsibilities and obligations, responding to this
commitment of the Management.
WORKER HEALTH & SAFETY COMMITTEE (EYAE)
EMPLOYEE PARTICIPATION IN OCCUPATIONAL RISK PREVENTION
As per the same law, (Presidential Decree 17/96, Law 3850/2010), the Workers' Health and Safety Committee (HSE) has been
formed as an advisory body and consists of elected worker representatives assigned to highlight occupational risks.
WORK ACCIDENTS
The law defines a work-related accident as the insured’s death or inability to work as a result of a serious incident that occurred
while working or as a result of working (while the employee was travelling to the workplace and while returning home).
Work accidents of contractors are excluded from counting. These work accidents are counted by the employers with whom
the contractors have attached work contracts.
COUNTING OF WORKING ACCIDENTS
2021
2022
Number of fatal accidents
1
0
Number of serious accidents
8
6
Number of work- related accidents
13
16
Total number of work-hours
4,878,938
4,603,862
Frequency rate
0.533
0.521
129
Severity Rate
19.72
19.8
Clarifications:
• The rate of work-related accidents has been calculated based on 200,000 hours worked
• The numerical data of the table are taken from the work-related accident protocol maintained by the IPPD in accordance
with the ISO 9001:2015 and ISO 45001:2018 quality standards .
• The criterion for determining the severity of a work-related accident is based on the employee’s absence from work for
a period of 15 days or more.
• Accidents at work include road traffic accidents
• An accident at work is considered minor if the hospitalization is less than 5 days .
• The table results concern all EYDAP employees (open-ended contract, parttime cleaning staff, 8-month contract workers,
6- and 2-month student interns, trainee lawyers, NSRF students), excluding contractors, in which EYDAP S.A. is defined as
the employer.
During 2022, no publicized worker safety breach was noted, due to the imposition of a fine on Company.
WORK-RELATED ILLNESS: During 2022, no confirmed work-related illness was reported to ESYPP.
D.5.4. EMPOYEES TRAINING
For EYDAP, the continuous training of employees is:
• driver of human resource development
• reinforcing factor of the corporate identity
• means of disseminating corporate knowledge
• sustainability factor
CERTIFICATIONS : The Company implements a number of training programs internally and is certified with an ISO 9001:2015
Quality Management System.
EDUCATIONAL PROGRAMS 2022: During 2022, 132 seminars in 72 subjects related to the thematic sections: Organization,
Management & Economy, Research, Sustainable Development & Innovation, IT, Foreign Languages, New Technologies,
Worker Safety were implemented during 2022 and seminars arising from laws and related to regulatory compliance.
SEMINARS ON CORPORATE POLICIES AND REGULATORY COMPLIANCE
N/A
COURSE TITLE
TRAINED
HOURS OF TRAINING
1
Whistleblowing Policy)
40
8
2
Prevention of violence and forms of
harassment at work
48
16
3
General Data Protection Regulation
125
42
4
Digital Data Protection – Cybercrime
39
15
Grand total: 252
81
AVERAGE HOURS OF HUMAN RESOURCE TRAINING PER LEVEL: The calculation has been made on the basis of the total
number of employees (with an open-ended contract) 2328, on 12/31/2022 .
Total training hours: 23,638.50
Number of staff training hours: 34.40%
Number of hours of training of employees who hold a position of responsibility: 24.89%
M.O of hours of training of employees who do not hold a position of responsibility: 63.02%
M.O of support staff training hours: 7.25%
Number of training hours for administrative staff: 41%
Number of training hours for technical staff: 39.35%
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M. Hours of staff training with another employment relationship (fixed-term employees): 9.97%
D.6. SUPPLY CHAIN
EYDAP, taking into account the direct and indirect impacts of global conditions due to climate change and the pandemic as well
as short/long-term instabilities in local and international markets (such as the recent energy crisis), EYDAP examines the
potential operational risks it faces, mainly financial, operational and reputational, adopts and implements sustainable
practices and an integrated approach to identify, assess and minimize them through appropriate controls, in order to address
chain reactions due to any prolonged adverse circumstances.
The supply chain involves the processes:
1. procurement, storage, stocking, handling and disposal of materials
2. transport administration with the management, planning and maintenance of vehicles and machinery
3. obtaining the required services
REGULATORY FRAMEWORK - Implementation of National and EU Procurement Legislation
The supply chain needs are met both from the domestic and international markets, but also in full compliance with the
National Legal Framework on Public Procurement, as defined by Law No. 4412/2016, as amended and in force (Government
Gazette A' 147/08-08-2016), the Public Procurement of Works, Supplies and Services (adaptation to Directives 2014/24/EU and
2014/25/EU), the secondary institutional framework as well as the New Regulation on Procurement and General Services of
EYDAP, as in force from 1.7.21.
INTERGRATION OF SUSTAINABILITY PRINCIPLES - PROTECTION OF HUMAN RIGHTS
In November 2022, EYDAP adopted a Human Rights Policy which binds the Company's partners (contractors, suppliers, service
providers, etc. ) To the extent that the National Legal Framework on Public Procurement allows, EYDAP SA has incorporated,
and faithfully applies in its supply chain contracting procedures, the terms of compliance of Suppliers/Service Providers with
the principles of the UN Global Compact in the areas of Human Rights, Labor, Environment and Corruption, ensuring that all
Suppliers/Providers of Supply Chain Services implement practices that promote respect for human rights and are consistent
with the Company's policies on social, labor and environmental issues.
In addition to the contractual obligation to comply with the provisions of environmental, social security and labor legislation,
established by EU law, national law, collective agreements or international provisions of environmental, social and labor law,
which are listed in Annex XIV of Appendix B of Law No. 4412/2016 and depending on the scope, the contractors shall provide
evidence such as certifications for quality, environmental, labor, energy management (ISO 90001, FCS, ISO 14001, 45001,
50001).
COMPLIANCE OF SUPPLIERS' OBLIGATIONS
In 2022, with regard to compliance with public law by suppliers/service providers, there was one (1) incident of non-compliance
with the terms of the contract due to failure to perform contractual obligations. A letter of guarantee was forfeited.
There were no other cases of recidivism, breach of obligations or violation of labour and insurance legislation and therefore,
termination and forced termination of the contract. In addition, the implementation of the Whistleblowing Policy, which
includes a system of raising concerns, ensures the operation in a professional manner, and the prevention even of any
suspicions of unfair practices or corruption or conditions of improper activity.
REGULATORY COMPLIANCE
In 2022, there were no cases of acts or omissions that posed regulatory compliance risks and there was no incident of non-
compliance by EYDAP, as a contracting entity, during the procedure of tendering for supplies and services.
During the same year, the audit of the respective committees did not identify any incidents of non-compliance by the
suppliers with the provisions relating to:
➢ child labor,
➢ forced labor,
➢ participation in a criminal organization,
➢ bribery and corruption,
➢ fraud,
➢ committing acts of terrorism or more generally committing crimes linked to terrorist organizations,
➢ money laundering by suppliers environmental legislation and climate change
➢ money laundering by suppliers
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D.7. CORPORATE RESPONSIBILITY - LOCAL COMMUNITY SUPPORT - ENVIRONMENTAL AWARENESS
EYDAP, recognizing its responsibility for actively contributing to the strengthening of the society, the environmental awareness
and the cultivation of the environmental culture of citizens, continues to develop programmes and actions in order to
strengthen its social footprint.
SUPPORT FOR VULNERABLE SOCIAL GROUPS: Recognizing the need to support vulnerable social groups, EYDAP is undertaking
important initiatives, except for those defined by the applied Regulatory Framework, through its implemented Pricing Policy.
The Company itself absorbs the loss of this income.
SOCIAL AID INITIATIVES
A. To safeguard the health of citizens, EYDAP intervenes:
• even in areas outside its remit.
• in cases of emergency event s by providing equipment and human resources
• with free supply of potable water (Municipal Units of Nea Makri and Rafina)
• in the summer of 2022, during the occurrence of fires in areas of Attica, for the continuous safeguarding of the provision of
drinking water of excellent quality, EYDAP proceeded to extra tests and extra analyses and informed the competent
authorities on the results
• through a systematic provision of laboratory analyses service of the vessels’ water, in order to support the Navy.
Furthermore, support to Environmental Inspectorate etc. is provided, through the conduct of analyses, every so often.
B. EYDAP in the context of Inclusion
• provides accessibility to our services through the Company’s website and its specially designed services for people with
visual impairments
• is processing a relay service in order to facilitate the access of people with hearing impairment (deaf / hard of hearing)
• issued a summary of the EYDAP’S Sustainability Report 2021 in the form of audio file uploaded on the corporate website
SYNERGIES
To investigate specialised water quality issues, EYDAP often collaborates:
• with Greek Educational and Research Institutions (NKUA, National Centre for Scientific Research “Demokritos”, Greek
Atomic Energy Commission, etc.), that are among the European pioneers in their field
• with the Ministry of Culture and Sports, the Region of Attica and the Municipalities with the aim of achieving the
integrated utilisation of Hadrian’s Aqueduct
• with the Department of Conservation of Antiquities and Works of Art of the School of Applied Arts and Culture of the
University of West Attica for the conservation of exhibits of historical importance. 40 students participated in this project.
EYDAP’S SPONSORSHIP PROGRAMME: in the context of the Corporate Sponsorship Policy, EYDAP supported important
actions in areas directly linked to its corporate culture and development strategy. In 2022, the total amount approved by the
Company through its sponsorship programme amounted to €200,240.00.
CULTURAL HERITAGE MANAGEMENT: Since 2018, EYDAP has implemented a Historical Archive Policy to preserve and manage
the valuable historical archive of the water supply-sewerage projects in the capital of Greece. In 2022, the Company in order
to highlight its value, carried out a series of actions, such as: the corporate photo album "EYDAP: A century of sustainable
development", the creation of the geometric font HYDRO based on plans and diagrams in 1930s and the granting of material
of importance for its promotion.
SUPPORTING FOR YOUNG PEOPLE
• EYDAP SCHOLARSHIPS: In cooperation with the State Scholarship Foundation, EYDAP established the awarding of at least
two scholarships per year for doctoral candidates who are pursuing their doctoral thesis in a field related to water
management. The proposals for the academic year 2022-2023 have been submitted and are in the evaluation phase by
the State Scholarship Foundation.
• Completion of the Digital Innovation Competition, a prototype, open competition for technological innovations, which
was announced in November 2020 in collaboration with the Innovation Network of HCAP and MIT Enterprise Forum
Greece and in which start-ups, teams of scientists, university research centers, etc. participated.
• Cash Awards of Excellence for children of employees who have succeeded in Higher Educational Institutions
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ENVIROMENTAL AWARENESS ACTIONS
• Continuous enrichment of our digital services, with the aim of reducing our environmental footprint
• Continuation of the «Together we will turn paper to oxygen» campaign in collaboration with WE4ALL: a tree is planted
for every 5 paper bills eliminated. In 2022, 15,200 connections discontinued the paper bill for the first time while
registering to the e-bill
• On the occasion of the World Water Day, on 22 March 2022, EYDAP organized an open debate with the subject of "Water
for the city and the city for water" supported by the United Nations and the European research project Fiware4water.
• Pilot launch of the new educational program "Breaking the Engineering Barrier" for elementary school students.
• Participation of employees in a voluntary tree-planting action in Aspropyrgos, in collaboration with We4All. 230 trees
were planted.
• Voluntary participation of EYDAP’S employees in the cleaning of the "Marikes" beach through the 4-months duration
programme named “PARALIES PROJECT”.
• EYDAP’S participation in Generation 17 initiative, aligning its vision with the United Nations Goal 6 regarding Clean Water
and Sanitation. The artist STMTS created a mural at 32 Perikleous Street, in Athens.
ENVIRONMENTAL EDUCATIONAL PROGRAMS
EYDAP, successfully, implements educational environmental programs with the aim to inform and raise awareness of the new
generation on subjects related to sustainable water management and environmental protection. These programs are carried
out at the WTPs, the Marathon Dam, the Aspropyrgos Water Treatment Plant and the Wastewater Treatment Plant of Psyttalia.
In 2022, a total of 5,731 people and specifically 103 schools (4,680 students), 8 University Units (336 students), the International
Center for Mediterranean Studies (15 students), 10 Associations (700 people), attended the program.
E. GOVERNANCE
E.1. CORPORATE GOVERNANCE & BUSINESS ETHICS & INTEGRITY PRACTICES -
Anti-corruption & Bribery Issues
EYDAP is committed to operate under the principles of corporate governance across the whole range of its activities. Its goals
are:
• The continuous compliance of the Company with the national and European legal regulatory framework, which regulates
its administration and operation, as well as its activities.
• The creation of a self-regulatory framework for the operation of the Company by the adoption of rules, which function in
addition to the current legal regulatory framework and are established with the view to strengthening the good and
responsible administration and operation of the Company.
• Ensuring the transparency, efficiency, functionality and effectiveness of the Company's existing system of corporate
governance and internal control.
• Strengthening the trust to the Company, of its employees, partners and customers.
The Risk Management Unit manages the risks of non-compliance with the institutional and regulatory requirements of
corporate governance. It has included in the register all the relevant risks, for which the audit mechanisms are applied to ensure
compliance with the Corporate Governance Code, the legal framework and the Internal Control System of EYDAP. The Company
promotes the perception of business ethics in decision-making and is committed to defending the interests of the Shareholders
and those who have a legitimate interest.
Corporate governance
EYDAP in 2021 by decision of its Board of Directors adopted the Greek Corporate Governance Code of the Hellenic Corporate
Governance Council in accordance with article 17 of Law 4706/2020 and no. 2/905/03.03.2021 decision of the Hellenic Capital
Market Commission. The Company's Board of Directors designates and oversees the implementation of the corporate
governance system and ensures the adequate and efficient operation of all internal audit mechanisms and procedures,
including risk management and regulatory compliance, thus ensuring the safe and efficient operation of the Company.
Board of directors
Corporate Governance Code
Greek Corporate Governance Code of the ESED
2022 EDITION
Number of Board Members
13
133
Term of office of the Board of Directors
4 years
Chairman of the Board
Non-Executive Member
CEO
Executive member
Deputy CEO
Executive member
Number of Executive Board Members
2
Number of non-Executive Board Members
11
Number of independent non-Executive Board Members
4
Average age of Board Members
54
Voting system
Majority
Number of meetings of the Board of Directors
34
Board Committees
Corporate Governance Code
Greek Code
of Corporate
Governance
of the ESED
Audit Committee (3 Members)
YES
Percentage of Independent Members in the composition of the Audit Committee
66.66%
Remuneration and Nominations Committee (5 Members)
YES
Percentage of Independent Members in the composition of the Remuneration and Nomination Committee
60%
Risk Management Committee Bylaws (5 Members)
YES
Number of non-Independent Members in the composition of the Risk Management Committee
3
Strategy and Innovation Committee
YES
The Board of Directors consists of 13 members, executive, non-executive and independent non-executive members, in
accordance with the provisions of Law 4706/2020. In addition, the Board of Directors approved by degree 20960/15.12.2021
its Operating Regulations, in accordance with the principles of the Code of Corporate Governance Conduct that it has adopted.
Which describes at least the manner in which it meets and takes decisions and the procedures it follows, taking into account
the provisions of the Articles of Association and the provisions of the law, for all matters within its competence.
The Company recognizes the importance of promoting the Diversity Principle in the composition of its Board of Directors, its
senior management and all of its employees, with gender, age, experience, skills and knowledge as key parameters, among
others, and ensures that there is no exclusion on the basis of discrimination based on gender, race, color, ethnic or social origin,
religion or belief, property, disability, age or sexual orientation. This aspect extends beyond the selection of Board members
to the provision of training for Board members and it is the Company's objective to increase the participation of women on the
Board.
Policies and Regulations
In the context of Regulatory Compliance and the implementation of best practices, the Company establishes, implements and
updates Policies and Procedures.
Corporate Governance Code
Greek Code of Corporate
Governance of the ESED
Board Member Nomination (Eligibility) Policy
YES
Diversity Policy
YES
CEO and Senior CEO Evaluation Policy
YES
Sustainable Development Policy
YES
Remuneration Policy/Remuneration Report
YES
Training and Development Policy for members of the Board of Directors
YES
134
Training Policy for Managers and Other Executives
YES
Internal Control System Evaluation Policy and Procedure
YES
Conflict of Interest Policy
YES
Whistleblowing Policy
YES
IT and Network Systems Security Policy
YES
ICT Equipment Management Policy
YES
History File Management Policy
YES
Anti-Corruption and Anti Bribery Policy
YES
EYDAP Regular Staff Benefits Policy
YES
Human Rights Policy
YES
Workplace Violence & Harassment Prevention Policy
YES
Public Contracts Personal Data Protection Policy
YES
Policy Protection of Personal Data of EYDAP Employees
YES
Consumer Protection Policy
YES
Video Surveillance Systems Policy
YES
EYDAP Regulation of Operation
YES
Board Audit Committee Operation Regulation
YES
Regulations of the Remuneration and Nominations Committee
YES
Operating Regulations of the Board of Directors
YES
Internal Audit Directorate Operation Regulation
YES
Code of Ethics and Professional Conduct
YES
Regulation of Operation of the Risk Management Committee
YES
Strategy and Innovation Committee Operation Regulation
YES
Sale of Surplus/Obsolete Materials (bidding procedures) Regulations
YES
Rules of Procedure of the Remuneration and Nominations Committee of the Board
of Directors
YES
Water Supply Regulation
YES
Sewer Regulation
YES
Special Sewerage Regulation
YES
Respect for Human Rights
The Company has adopted and implements a Human Rights Policy committed to their defense and by adopting preventive
actions in order to avoid actions and/or omissions that may become harmful to human rights. The Policy binds the staff who
work under a dependent employment contract, the staff who provide services in relation to a service project mandate or
otherwise independently, the Company's Board Members and the other partners of the Company.
Operating Regulation
The Company has an Operating Regulation approved by the Board of Directors, a summary of which is published on the
Company's website, in accordance with the requirements of article 14 of Law 4706/2020. The Regulation describes the
organizational structure of the Company, the division of responsibilities and activities of each individual organizational unit as
well as their organization and operation, in order to ensure the lawful and orderly operation. In the same context, the Company
establishes a procedure for hiring and evaluating the performance of senior managers.
Sustainable Development Supervision
The Board of Directors oversees and manages the Company's Sustainable Development issues, within the framework of its
strategic planning. During its meetings it discusses the objectives related to its sustainable development. Within the framework
of the Sustainability Policy, the Board of Directors identifies in the Annual Management Report the non-financial issues that
135
are considered essential for the implementation of its strategy, taking into account the requirements of its stakeholders. The
Report shall include a reference to the way they are managed and the evaluation of these actions on the basis of recognized
international standards
Ε.2. CORPORATE GOVERNANCE SYSTEM
The Company's Board of Directors is responsible for ensuring the adequate and efficient operation of the company's Internal
Control System, which aims, among other things, to identify and manage the material risks associated with the Company’s
business activity and operation.
Internal Audit System (IAS)
The Company has adequate and effective Internal Audit System (IAS), in terms of financial and non-financial information, in
order to effectively manage operational risks arising from the conduct of its activities, as well as from changes in the regulatory
and legal framework governing its operation which may lead to legal sanctions and the imposition of fines for non-compliance.
The IAS reporting model includes the audit environment, risk management, audit mechanisms and safeguards, system of
information, communication and monitoring of the IAS, through a set of Principles, Regulations, Policies, Procedures,
Safeguards and organizational structures, designed to provide reasonable assurance as to the accuracy and reliability of
accounting and operational data.
The design of the structure and monitoring of the IAS is based on the adoption of the Three Lines Model, defining roles and
responsibilities in different areas and the relationship between them. The first line consists of the organizational units or
persons whose activity is directly related to the provision of services to the Company's customers and are owners and managers
of business risks. The second line consists of the Risk Management and Regulatory Compliance Division with a key role in
supporting the Company's Management and the Board of Directors in managing risks to achieve the Company's strategic goals
and the Third Line consists of the Internal Audit Division which has the primary responsibility of reporting to the Audit
Committee and the Board of Directors on the adequacy and effectiveness of the IAS.
Fight against corruption
EYDAP recognizes that corruption and bribery undermine the ethical environment of any company and constitute a complex
problem with economic, social, environmental and political implications.
The Company, through the adoption of an Anti-Corruption and Anti-Bribery Policy in compliance with the European Policy and
the Greek Action Plan in order to combat it, is committed to conduct in the entire range of its activities with transparency,
ethics, integrity and respect for society and the environment, implementing a zero-tolerance Policy against Corruption and
Bribery.
Regulatory Compliance is a key element of EYDAP's activity.
An extensive reference to the Company's Corporate Governance can be found in the same Report on page 44-100
CONFIRMED INCIDENTS OF CORRUPTION 20 22
A. Total number and nature of corruption
incidents
It concerns an employee who attempted to place an illegal supply. The
penalty imposed on him by the First Instance Disciplinary Council is a
mandatory two-month absence from his duties in accordance with article
31 of EYDAP’s Staff Regulation
B. Total number of corruption incidents related
to disciplinary sanctions against employees of
the Company, during the reporting period
1
C. Total number of corruption incidents related
to partner contract terminations or non-renewal
of contracts due to corruption, during the
reporting period
-
D. Legal cases related to corruption matters
brought against the Company or its employees
during the reporting period
-
136
LEGISLATIVE-REGULATORY COMPLIANCE
Compliance with the applicable legislation and the implementation of compliance audit mechanisms with the regulatory
framework governing the Company's operation, resulted in the absence - for 2021 - of incidents of non-compliance with
legislation and related social, environmental and economic impacts.
Ε.3. PERSONAL DATA PROTECTION
EYDAP manages the issue of Personal Data Protection and the continuing compliance of the Company in the light of the
provisions of the General Data Protection Regulation EU2016/679 and the current legislative framework ("Law 4624/2019",
Law 347/2006), the Guidelines of the WP29 Working Group, the European Data Protection Council, the European Commission,
the relevant Directives, Decisions, Opinions of the Data Protection Authority. In this context, a Data Protection Officer's Office
has been established, staffed by personnel with expertise and knowledge of internal Company procedures in order to ensure
continuous and secure compliance.
For EYDAP, ensuring the protection of personal data is inextricably linked to the protection of human rights.
The DPO Office's plan for the year 2022 was formulated so that the Company could continue to respond to the special
circumstances created in previous years by the health crisis, on issues related to additional actions to inform staff, customers,
strengthening its security.
With respect to the rights of natural persons but always aiming at compliance with the GDPR, policies such as:
1. Employee Personal Data Protection Policy,
2. Consumer Privacy Policy,
3. Fair Use and Personal Data Protection Policy
4. Policies on data protection of employees, insured persons, video surveillance systems,
5. Cookies Policy,
6. Shareholder Policy,
7. Privacy Policy in the Award and Performance of Public Contracts
8. There may be personal data management in other policies such as Whistleblowing, Violence and Harassment etc.
Management of customer/employee complaints/claims
The submission of requests from individuals is made through all communication channels of the
Company. The Company's goal is to draft a Complaint Request Policy on data protection regulation
issues within the first 3 months of 2023.
Determining risk mitigation factors
• the continuous updating of the Company's Activity Register
• the immediacy of communication to address relevant issues
• prompt response to requests from operators and the public
• the regular monitoring, through specific questionnaires, of the data recording and technical security measures that
the Company's external partners are required to comply with, with strict liability and accountability control clauses,
when entrusted with the processing of personal data of individuals dealing with the Company.
There were no fines for personal data breaches in the reporting period
Ε.4. DIGITAL TRANSFORMATION
Digital transformation reinforces the three key pillars of the company's strategy, which are Growth, Efficiency and Safety. It is
clear that the goal of digital transformation is to offer easy-to-use digital services oriented to the needs of citizens and also to
a more efficient & safer operation of the company.
MATURITY IN CYBERSECURITY ISSUES
In the context of the digital transformation, the Company has set as a priority the shielding of the Company through an
organized cybersecurity framework, taking into account the European and national legislative provisions and the current
National Cybersecurity Strategy.
In 2022, a Self-Assessment of the level of security of the Company's network and information systems in relation to regulatory
and statutory cybersecurity obligations was implemented.
✓ Risk profiling for upgrading security measures, as well as study of the implementation of individual security policies and
procedures, based on international standards and methodologies.
✓ Business continuity & disaster recovery plan for the Company's information systems from a potential disaster.
137
✓ A collaboration framework (Data Protection Officer and Information Security Officer) for the productive exploitation of
the identified vulnerabilities on the listed activities, where personal data processing is involved, and for the targeted
creation of clear procedures and policies in the event of a breach.
✓ A cyber security training program for all staff.
✓ Strengthening the resilience of digital infrastructures and applications against external threats.
CENTRAL INFORMATION SYSTEMS UPGRADE
In 2022, for the safer operation of the information systems, the operating software and infrastructure of central systems were
upgraded.
ENTERPRISE RESOURCE MANAGEMENT SYSTEM (ERP) UPGRADE
✓ planning for the supply and installation of the new ERP system was completed
✓ the market was consulted with the collection of proposals/solutions according to the modern requirements of the
company
✓ the tender for the new ERP was approved
DIGITALIZATION – AUTOMATION OF PROCESSES with a positive impact on reducing operating costs, processing time and
enhancing transparency
DATA GOVERNANCE
For the best analysis of the existing data, in 2022 the radical upgrade of the Company's SCADA systems began and studies were
carried out for the creation of a central data repository (Data warehouse - Data lake).
INNOVATIVE OPEN DATA PLATFORM Hub
EYDAP continues to actively participate in the operation of the O2 Hub, making 6 datasets publicly available.
OPEN DATA HACKATHON
EYDAP participated actively, providing the contestants with useful information on the challenges they were asked to tacle,
based on EYDAP's needs and mode of operation.
DIGITAL SERVICES THROUGH COMPANY WEBSITE
In 2022, digital services to the Company's external customers were significantly expanded.
E .5. NON-FINANCIAL RISKS
Risk Management
The Company recognizes the category of ESG Risks and has included them in the Register of Operational Risks which updates
at least every year. Through a continuous compliance program, the Company emphasizes on the effective response and
management of potential risks and acts to constantly monitor and update them. It records in a Risk Register all the Risks
deriving from its operation and its overall activities and the corresponding organizational units define the systems, procedures
and audit mechanisms they have in place to identify and mitigate catastrophic risks as a result of the activities or business
operations of the company.
The Risk Management Directorate interpreted the new climate law 4936/27.05.2022 and assessed the new risks arising from
it. Consequently included them in the Risk Register and informed the corresponding organizational units in order to take the
necessary measures and the safeguards that will mitigate the effects of climate change on the company.
Management concerns the identification, assessment, monitoring, response/dealing with risks and issuing appropriate system
support reports.
The objective of the operational risk management framework is to create transparency through systematic risk management.
The management of these risks aims to:
• Enhancing transparency by adopting common criteria, standards and risk reporting.
• Embedding risk concepts into key business operations
• Supporting Senior Management in making important decisions taking into account the willingness to take risks.
• Escalation of significant risks that require immediate intervention by Management.
138
Systemic risks: as part of the management of these risks, EYDAP has made a record of the audit mechanisms to prevent the
interruption of any production process due to power outages with the availability of alternative sources of energy supply
immediately. The production units have preparedness and contingency plans and carry out regular drills for their staff.
In compliance with the current Regulatory Framework and by decision of the Board of Directors of the Company
• a Risk Management Department was established, with the aim of developing and implementing an operational risk
management framework and implementing all the necessary actions for the company's full and continuous compliance
with the respective regulatory framework by establishing and implementing appropriate and updated Policies and
Regulations.
• a Risk Management Committee was established, consisting of members of the Board of Directors, which reports, through
its Chairman, to the Board of Directors as well as the Operating Regulations of this Committee, in which the purpose,
jurisdiction, election, composition, responsibilities, responsibilities and mode of operation . (extensive reference to the
establishment and operation of the Committee is made in the "Corporate Governance" section of the same Report )
note
The non-financial indicators for 2022 presented in this report are in accordance with the guidelines for issuing Sustainability
Reports (GRI Standards) of the Global Reporting Initiative (GRI). The selection of these indicators was based on their
relevance to the activities of EYPAP SA. and according to the evaluation of the essential issues (materiality analysis) he has
carried out. Detailed data on the performance in sustainable development issues, the Company's actions and responsible
operations, are presented in the Sustainable Development Report, which is posted on the company website
(https://www.eydap.gr/SocialResponsibility/).
Z. NOTIFICATIONS RELATED TO ARTICLE 8 OF TAXONOMY REGULATION
EU Taxonomy Regulation
The EU Taxonomy Regulation (2020/852/EU) is one of the tools established based on the European Green Deal, which targets
the transformation of the European Union, in a fair manner, into a modern, efficient, competitive and climate-neutral economy
by 2050.
The Regulation sets out the technical criteria on which an eligible economic activity can qualify as environmentally sustainable
(aligned). It therefore creates a common framework that investors can use when seeking to invest in economic activities that
have a significantly positive impact on the climate, as well as the environment and society.
An economic activity is characterized as eligible for the Taxonomy if it is described in one of the Delegated Acts 2021/2139 and
2022/1214, regardless of whether that economic activity meets all the technical screening criteria set out in those Delegated
Acts.
An eligible economic activity is considered to be environmentally sustainable, or otherwise aligned with the Regulation, when
it meets all of the following conditions:
- It contributes substantially to one or more of the six (6) environmental objectives of the Regulation
- It does not cause significant harm to the other five (5) environmental objectives
- It complies with the minimum social safeguards
- It meets the technical criteria for monitoring established by the Commission
The environmental objectives of the EU Taxonomy Regulation are the following:
- Climate change mitigation
- Climate change adaptation
- The sustainable use and protection of water and marine resources
- Transition to a circular economy
- Pollution prevention and control
- Protection and restoration of biodiversity and ecosystems
At present, under the Delegated Acts 2021/2139 and 2022/1214, technical screening criteria have been established for only
two (2) of the six (6) environmental objectives, namely:
- Climate change mitigation; and
139
- Climate change adaptation.
Disclosure requirements of the EU Taxonomy Regulation
According to Article 8, paragraph 1, of the EU Taxonomy Regulation (2020/852/EU), determines that any undertaking that is
subject to an obligation to publish non-financial information (according to article 19a and 29a of Directive 2013/34/EU), shall
include in its non-financial statement or consolidated non-financial statement information on how and to what extent the
undertaking’s activities are associated with economic activities that qualify as environmentally sustainable.
Specifically, regarding disclosures to be published during 2023, concerning the fiscal year 2022, the non-financial undertakings
should disclose the following key performance indicators (KPI’s):
• the proportion of their turnover («Turnover») derived from products or services associated with economic activities
that qualify as environmentally sustainable
• the proportion of their capital expenditure («CapEx») related to assets or processes associated with economic
activities that qualify as environmentally sustainable.
• the proportion of their operating expenditure («OpEx») related to assets or processes associated with economic
activities that qualify as environmentally sustainable.
EU taxonomy Report
The following methodology was used to determine EYDAP key performance indicators (KPIs):
1. Identification of eligible economic activities
2. Assessment of alignment of eligible economic activities, based on the following:
2.1 Significant contribution to climate change mitigation and adaptation objectives
2.2 Do no significant harm (DNSH)
3. Compliance with minimum social safeguards
4. Calculation of key performance indicators (Turnover, CaPex & OpEx)
The methodology applied was based on Regulation 2020/852, its Delegated Acts and additional guidance published, as follows:
- Delegated Acts 2021/2139 and 2022/1214
- Delegated Act 2021/2178
- Final Report on Minimum Safeguards.
1. Identification of eligible economic activities
EYDAP is the largest company in Greece in the water supply, sewerage, and wastewater treatment sector, covering the needs
of more than 40% of the total population of the country, supplying Attica with drinking water.
The economic activities of EYDAP for the financial year 2022 identified as eligible are the following:
- 4.1 Electricity generation using solar photovoltaic technology
- 4.5 Electricity generation from hydropower
- 5.1 Construction, extension and operation of water collection, treatment and supply systems
- 5.3 Construction, extension and operation of wastewater collection and treatment
In addition to the above activities, part of EYDAP's energy needs in the Wastewater Treatment Plants (WWTP-Psyttalleia and
WWTP-Metamorfosi) is covered by the energy recovery of biogas produced from the anaerobic digestion of sewage sludge. As
this activity is considered a part of the operation of those two WWTPs, as well as not generating revenue, it is not reflected
above as a separate economic activity. The capital expenditure as well as the operating costs of this activity are included in the
corresponding indicators of economic activity 5.3 Construction, extension and operation of wastewater collection and
treatment.
2. Alignment assessment based on technical control criteria
EYDAP S.A. carried out the assessment of its eligible economic activities, active or under development assets, in relation to:
140
1. Technical screening criteria relating to significant contribution to at least one (1) environmental objective, climate
mitigation or adaptation, in order to identify which of these two objectives they contribute significantly to. An
identification of economic activities was also carried out as to whether they are classified as enabling or transitional.
As EYDAP economic activities are not classified as enabling, the assessment was made according to the criteria of
significant contribution to climate change mitigation, since in non-enabling activities, in the assessment according to
the technical criteria of climate change adaptation, the Regulation excludes Turnover and part of CapEx and OpEx
from the calculation of key performance indicators.
2. The technical screening criteria related to DNSH to the remaining five (5) objectives. The assessment is carried out
according to the criteria related to the environmental objective of climate change adaptation, as well as for the
remaining four (4) environmental objectives (Sustainable use and protection of water and marine resources,
Transition to a circular economy, Pollution prevention and control and Protection and restoration of biodiversity and
ecosystems), where available.
The objective of the assessment was the identification of the extent of alignment of EYDAP S.A eligible economic activities with
the criteria and requirements of the EU Taxonomy regulation and also the identification of potential deviations, in order for
the company to develop a specific plan of actions towards the achievement of the alignment of the eligible economic activities
with the regulation in the years to follow. In more detail:
2.1 Significant contribution
An assessment of the active and under development assets of each eligible economic activity was carried out against the
technical screening criteria for significant contribution to climate change mitigation.
4.1 Electricity generation using solar photovoltaic technology
EYDAP S.A. has installed and generates electricity from Solar photovoltaic plant located at Acharnai Water Treatment Plant
(WTP) of 1,9712 MW total power.
4.5 Electricity generation from hydropower
Along the external aqueducts that transport water from the reservoirs to the refineries, Small Hydroelectric Plants operate,
whose energy is sold by EYDAP. The water from the aqueducts is diverted to a side canal, where a hydroelectric turbine converts
the hydraulic energy into mechanical energy and then, via a generator, into electrical energy. The water is then reintroduced
into the main aqueduct, where it continues to flow.
Specifically, the operating small hydroelectric plants are as follows:
1. Elikonas small hydroelectric plant, with a capacity of 650 kW and a projected annual energy production of
5.000.000 kWh.
2. Evinos small hydroelectric plant with a capacity of 820 kW and a projected annual energy production of
4.000.000 kWh.
3. Kithaironas small hydroelectric plant with a capacity of 1200 kW and a projected annual energy production of
5.730.000 kWh.
4. Kirfi small hydroelectric plant with a capacity of 760 kW and a projected annual energy production of 5.860.000
kWh.
5. Mandras small hydroelectric plant with a capacity of 630 kW and a projected annual energy production of
4.900.000 kWh.
The total energy production from the above small hydroelectric plants in 2022 amounted to 18,972,099 KWh.
Finally, it is worth mentioning that in Psyttaleia there is a small hydroelectric plant installed in the outfall pipeline, operating
since 2015, whose electricity production reaches 2,180,239 kWh in 2022, which is self-consumed. This plant does not generate
any revenue for the company
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5.1 Construction, extension and operation of water collection, treatment and supply systems
EYDAP has installed and operates four (4) Water Treatment Plants with a total refining capacity of 1,900,000 m3/day, namely
in the areas of Galatsi (550,000 m3/day), Acharnon (850,000 m3/day), Polydendri (300,000 m3/day) and Aspropyrgos (200,000
m3/day) and operates ten (10) Refineries, which are the following:
➢ Thiva potable water refinery with a total refining capacity of 360 m
3
/hr supplying the areas of Erythres-
Plataeas-Oinoi-Villia-Profitis Ilias
➢ Kaprelio potable water refinery with a total refining capacity of 100 m
3
/hr supplying the areas of
Kaparelli-Melisochori-Loutoufi-Agios Vasilios
➢ Lefktron potable water refinery with a total refining capacity of 70 m
3
/hr supplying the area of Lefktron
➢ Ellopia potable water refinery with a total refining capacity of 35 m
3
/hr supplying the areas of Ellopia –
Xeronomi
➢ Dombrena potable water refinery with a total refining capacity of 35 m
3
/hr supplying the areas of
Dombrena - Thisvi
➢ Prodromou potable water refinery with a total refining capacity of 45 m
3
/hr supplying the areas of Saranti
– Prodromou
➢ Panagia Kalamiotissa potable water refinery with a total refining capacity of 22 m
3
/hr supplying the area
of Karachaliou
➢ Tarsos - Karyotis potable water refinery with a total refining capacity of 4 m
3
/hr supplying the areas of
Tarsos – Karyotis
➢ Kyriaki potable water refinery with a total refining capacity of 35 m
3
/hr supplying the area of Kyriaki
➢ Distomo potable water refinery with a total refining capacity of 70 m
3
/hr supplying the area of Distomo
5.3 Construction, extension and operation of wastewater collection and treatment
The wastewater treatment from the areas under the jurisdiction of EYDAP, which currently have a sewerage network, is carried
out at the three Wastewater Treatment Plants on the island of Psyttalleia (WWTP-P) with a total capacity of 1,000,000 m3/day
and an average daily incoming wastewater flow of 694.575 m3/day, in Metamorfosi (WWTP-M) with a total capacity of 44.000
m3/day and an average daily incoming wastewater flow of 24.000 m3/day and in Thriasio (WWTP-T) with a total capacity of
21.000 m3/day and an average daily incoming wastewater flow of 6.330 m3/day. At the same time, EYDAP has included the
implementation of sewerage projects in Eastern Attica in its operational objectives, with a view to finding a definitive solution
to the problem of urban wastewater disposal in the region, ensuring environmental protection, sustainable development and
the protection of public health. Thus, two Wastewater Treatment Plants are under construction, namely:
1. The WWTP of the Municipalities of Rafina - Pikermio & Artemis - Spata with a treatment capacity of 23.646 m3/d
2. The WWTP of the Municipality of Marathon with a treatment capacity of 9.885 m3/d
2.2 Do No Significant Harm (DNSH)
An assessment of the active or under development assets of each eligible economic activity was carried out according to the
DNSH criteria in relation to the environmental objective of adaptation to climate change and the other four (4) environmental
objectives (Sustainable use and protection of water and marine resources, Transition to a circular economy, Pollution
prevention & control and Protection and restoration of biodiversity and ecosystems), where available.
2.3 Minimum Social Safeguards
EYDAP S.A. was assessed against the requirements of the minimum social safeguards as set out in Article 18 of the EU Taxonomy
Regulation (2020/852/EU). The minimum social safeguards are a set of defined UN, EU and other international human rights
and code of ethics guidelines, as follows:
1. The OECD Guidelines for Multinational Enterprises
142
2. The UN Guiding Principles on Business and Human Rights-UNGP
3. The principles and rights set out in the eight fundamental conventions identified in the Declaration of the International
Labor Organization on Fundamental Principles and Rights at Work
4. The International Bill of Human Rights
According to the Final Report on Minimum Safeguards of the Platform on Sustainable Finance, the minimum social safeguards
cover the following areas:
• Human rights, including labor rights
• Corruption/Bribery
• Taxation
• Fair Competition
All human rights included in the ILO Fundamental Conventions and the International Bill of Human Rights are taken into account
in the UN Guiding Principles on Business and Human Rights. Therefore, the assessment on minimum social safeguards was
mainly based on the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human
Rights.
Human Rights
EYDAP has zero tolerance against behaviors and situations that violate human rights and avoids doing business with persons
who have a proven track record of human rights violations. In this direction, EYDAP, since 2022, has been implementing a
Human Rights Policy, approved by the Board of Directors, which has as its primary objective to raise awareness and ensure the
commitment of all those employed by the Company, whether in the form of dependent employment or not, partners, suppliers
or subsidiaries to the Company. The Policy applies to EYDAP S.A. as well as to any existing or future subsidiary of the Company.
EYDAP fully complies with the requirements of Greek and EU legislation and human rights standards. In particular, the Policy
is based on the following:
- Fundamental principles of the Greek Constitution
- Principles of the United Nations Universal Declaration of Human Rights
- European Convention for the Protection of Human Rights and Fundamental Freedoms (ECHR).
- Charter of Fundamental Rights of the European Union (2000/C 364/01)
- Convention 108 of the Council of Europe and its updates
- United Nations Guiding Principles on Business and Human Rights
- United Nations Global Compact (UNGC)
- OECD Guidelines for Multinational Enterprises
- Declaration on Fundamental Principles and Rights at Work of the International Labour Organization
- International Standard on Social Accountability 8000 (SA 8000)
The main pillars of the Policy are labour rights and social human rights. The Company takes care to identify and prevent
situations that jeopardize human rights by informing and training all its staff and other associates appropriately, in application
of the Policy. The Risk Management and Compliance Division is responsible for the compliance and effective implementation
of the Policy, while the General Division of Human Resources is responsible for its communication to employees.
Corruption & Bribery
Integrity is a fundamental principle for EYDAP. To this end, EYDAP has developed the Code of Ethics & Professional Conduct
which defines acceptable behaviours of personal and professional integrity. This Code sets out the Company's acceptable
framework for offering and accepting gifts and other benefits from employees to third parties and vice versa.
In particular, EYDAP has adopted the Anti-Corruption and Anti-Bribery Policy in line with the European Policy and the Greek
Anti-Corruption Action Plan and through this Policy, EYDAP is committed to conducting its activities with transparency, ethics,
integrity and respect for society and the environment. Covered persons are the members of the Board of Directors, senior and
top management and all employees of the Company regardless of the type of employment relationship. Relevant trainings are
organized for employees (e.g. completion, execution and implementation of Public Contracts) in order to inform and raise
awareness of bribery and corruption issues.
143
In addition, EYDAP has established and implements a Sponsorship Policy, which identifies the basic principles of its sponsorship
activity as derived from its strategy and priorities, the characteristics that should govern the sponsored actions and the
beneficiaries, as well as the process to be followed up to the final stage of their implementation.
EYDAP has a Whistleblowing Policy, under which its employees and/or third parties are encouraged to report malfunctions,
irregularities, omissions or criminal acts that have come to their attention, as well as to express any concerns or complaints
regarding issues of possible violations of the Company's policies or of the legislative-regulatory framework governing its
operation.
Taxation
With respect to tax issues, EYDAP ensures compliance with accounting and tax laws, legislation and other regulatory
requirements for itself and all its subsidiaries. Compliance with tax legislation is also ensured through the issuance of a "Tax
Compliance Certificate" as well as a "Tax Audit Certificate".
The Company's Management and Finance Department is responsible for ensuring compliance with the tax legislation.
Additionally, the Company's Management makes provisions in the financial statements for tax risks as reflected in the financial
report. The Risk Management Division monitors and implements similar practices for all of the Company's risks which is
reporting to the Risk Management Committee of the EYDAP Board of Directors.
Fair Competition
EYDAP gives particular importance to compliance with Competition Law. Compliance with applicable national and European
law is a key requirement. The highest obligation of everyone at EYDAP in the performance of duties under the Code of Ethics
& Professional Conduct is to respect the Constitution, laws and institutions and to refrain from any illegal act at work.
More specifically, EYDAP, in tendering procedures of high importance and with a high economic scope, conducts tenders
published at European level, in order to ensure the participation of important suppliers active in both the domestic and the
European business scene, thus ensuring the development of healthy competition, which leads to the achievement of significant
economic benefits for the Company.
3. Accounting policy for the determination of key performance indicators (KPIs)
3.1 Turnover
The proportion of turnover referred to in Article 8(2), point (a), of the Regulation (EU) 2020/852 is calculated as the part of the
net turnover derived from products or services, associated with Taxonomy-aligned economic activities (numerator), divided by
the net turnover (denominator) as defined in Article 2, point (5), of Directive 2013/34/EU. The turnover covers the revenue
recognized pursuant to International Accounting Standard (IAS) 1, paragraph 82(a), as adopted by Commission Regulation (EC)
No 1126/2008
4
.
To avoid double counting, the figures have eliminated intergroup transactions. An analysis of the turnover is listed in Note 5 of
the Financial Statements.
3.2 Capital Expenditure (CaPex)
The proportion of CapEx referred to in Article 8(2), point (b), of Regulation (EU) 2020/852 shall be calculated as the numerator
divided by the denominator as specified in points 1.1.2.1 and 1.1.2.2 of Annex I of the Delegated Regulation (ΕU) 2021/2178.
Denominator
The denominator covers additions to tangible and intangible assets during the financial year considered before depreciation,
amortization and any re-measurements, including those resulting from revaluations and impairments, for the relevant financial
4
Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting
standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council
(OJ L 320, 29.11.2008, p. 1).
144
year and excluding fair value changes. The denominator also covers additions to tangible and intangible assets resulting from
business combinations. Analysis of intangible fixed assets and tangible fixed assets are listed in Notes. 15 and 16 of the Financial
Statements.
For non-financial undertakings applying international financial reporting standards (IFRS) as adopted by Regulation (EC) No
1126/2008, CapEx shall cover costs that are accounted based on:
(a) IAS 16 Property, Plant and Equipment, paragraphs 73, (e), point (i) and point (iii);
(b) IAS 38 Intangible Assets, paragraph 118, (e), point (i);
(f) IFRS 16 Leases, paragraph 53, point (h).
Leases that do not lead to the recognition of a right-of-use over the asset shall not be counted as CapEx.
Numerator
The numerator equals to the part of the capital expenditure included in the denominator that is any of the following:
(a) related to assets or processes that are associated with Taxonomy-aligned economic activities;
(b) part of a plan to expand Taxonomy-aligned economic activities or to allow Taxonomy-eligible economic activities to become
Taxonomy-aligned (‘CapEx plan’) under the conditions specified in the second subparagraph of point 1.1.2.2 of Annex I of the
delegated Regulation 2021/2178 EU;
The CapEx plan referred to in the first paragraph of this point 1.1.2.2 shall meet the following conditions:
(a) the plan aims either to expand the undertaking’s Taxonomy-aligned economic activities or to upgrade Taxonomy eligible
economic activities to render them Taxonomy-aligned within a period of five years.
(b) the plan shall be disclosed at economic activity aggregated level and be approved by the management body of non-financial
undertakings either directly or by delegation.
Where the relevant technical screening criteria are amended before the completion of the CapEx plan, non-financial
undertakings shall either update the plan within two years to ensure the economic activities referred to in point (a) are
aligned with the amended technical screening criteria upon the completion of the plan or restate the numerator of the
CapEx KPI. The updating of plan shall restart the period referred to in point (a). The period referred to point (a) of the
second paragraph of this point 1.1.2.2 can exceed five years only where a longer period is objectively justified by specific
features of the economic activity and the upgrade concerned, with a maximum of 10 years. That justification shall feature
in the CapEx plan itself and in the contextual information detailed under point 1.2.3 of this Annex.
Where the CapEx plan fails to meet the conditions referred to in the second paragraph of this point 1.1.2.2, previously published
KPI related to capital expenditure shall be restated.
To avoid double counting in the allocation in the numerator of CapEx across economic activities, the figures have eliminated
intergroup transactions.
3.3 Operating expenditure (OpEx)
The proportion of OpEx referred to in Article 8(2), point (b), of Regulation (EU) 2020/852 is calculated as the numerator divided
by the denominator as specified in points 1.1.3.1 and 1.1.3.2 of the Annex I of the delegated Regulation 2021/2178 EU.
Denominator
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The denominator shall cover direct non-capitalised costs that relate to research and development, building renovation
measures, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of
assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary
to ensure the continued and effective functioning of such assets.
Numerator
The numerator equals to the part of the capital expenditure included in the denominator that is any of the following:
a) related to assets or processes associated with Taxonomy-aligned economic activities, including training and other human
resources adaptation needs, and direct non-capitalized costs that represent research and development.
b) part of the CapEx plan to expand Taxonomy-aligned economic activities or allow Taxonomy-eligible economic activities to
become Taxonomy-aligned within a predefined timeframe as set out in the second paragraph of point 1.1.3.2 of the Annex I of
the delegated Regulation 2021/2178 EU.
The CapEx plan, referred to in the first paragraph of point 1.1.3.2 of Annex I of the delegated Regulation 2021/2178 EU, shall
meet the conditions specified in point 1.1.2.2 of the Annex I of the delegated Regulation 2021/2178 EU.
Research and development costs already accounted for in the CapEx KPI is not counted as OpEx.
To avoid double counting in the allocation in the numerator of OpEx across economic activities, the figures have eliminated
intergroup transactions.
3.4 Key Performance Indicators 2022
In the following tables the percentages of turnover, CapEx and OpEx of Taxonomy aligned, Taxonomy-non-aligned and
Taxonomy-non eligible economic activities for the financial year 2022, are presented, according to the results of the alignment
assessment of the economic activities of EYDAP S.A.
.
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Turnover
Substantial
contribution criteria
DNSH criteria ('Does No
Significant Harm')
Economic activities
Code
Turnover
Proportion of total Turnover
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-
aligned
proportion
of
Turnover
FY22
Taxonomy-
aligned
proportion
of
Turnover
FY21
Category
(Enabling
activity)
Category
(Transitional
activity)
‘000€
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. Taxonomy-Eligible Activities
A.1 Taxonomy-aligned activities
Total Turnover from taxonomy-eligible and aligned activities
(A.1)
0
0%
0%
0%
-
-
-
-
0%
*
0%
0%
A.2 Taxonomy-non-aligned activities
Electricity generation using solar photovoltaic technology
4.1
235
0,07%
Electricity generation from hydropower
4.5
1.644
0,48%
Construction, extension and operation of water collection,
treatment and supply systems
5.1
244.099
71,07%
Construction, extension and operation of wastewater
collection and treatment
5.3
97.417
28,36%
Total Turnover from taxonomy-non-aligned activities (A.2)
343.390
99,9%
Total Taxonomy-eligible Turnover (A.1 + A.2)
343.390
99,9%
99,98%
*
0%
B. Taxonomy-Non-Eligible Activities
Total Turnover from Taxonomy-non-eligible activities (B)
87
0,02%
Total Turnover (A+B)
343.477
* There was no obligation to be calculated for 2021
Annual Financial Report
Fiscal Year 01.01.2022 – 31.12.2022
146
CapEx
Substantial
contribution criteria
DNSH criteria ('Does No
Significant Harm')
Economic activities
Code
CapEx
Proportion of total CapEx
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-
aligned
proportion
of CapEx
FY22
Taxonomy-
aligned
proportion
of CapEx
FY21
Category
(Enabling
activity)
Category
(Transitional
activity)
‘000€
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. Taxonomy-Eligible Activities
A.1 Taxonomy-aligned activities
Total CapEx from taxonomy-eligible and aligned activities (A.1)
0
0%
0%
0%
-
-
-
-
0%
*
0%
0%
A.2 Taxonomy-non-aligned activities
Electricity generation using solar photovoltaic technology
4.1
0
0%
Electricity generation from hydropower
4.5
0
0%
Construction, extension and operation of water collection,
treatment and supply systems
5.1
15.989
38,59%
Construction, extension and operation of wastewater
collection and treatment
5.3
25.444
61,41%
Total CapEx from taxonomy-non-aligned activities (A.2)
41.433
100,0%
Total Taxonomy-eligible CapEx (A.1 + A.2)
41.433
100,0%
100,0%
*
0%
B. Taxonomy-Non-Eligible Activities
Total CapEx from Taxonomy-non-eligible activities (B)
0
0%
Total CapEx (A+B)
41.433
* There was no obligation to be calculated for 2021
Annual Financial Report
Fiscal Year 01.01.2022 – 31.12.2022
147
* There was no obligation to be calculated for 2021
OpEx
Substantial
contribution criteria
DNSH criteria ('Does No
Significant Harm')
Economic activities
Code
OpEx
Proportion of total OpEx
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Climate change mitigation
Climate change adaptation
Water and marine resources
Circular economy
Pollution
Biodiversity and ecosystems
Minimum safeguards
Taxonomy-
aligned
proportion
of OpEx
FY22
Taxonomy-
aligned
proportion
of OpEx
FY21
Category
(Enabling
activity)
Category
(Transitional
activity)
‘000€
%
%
%
%
%
%
%
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
%
E
T
A. Taxonomy-Eligible Activities
A.1 Taxonomy-aligned activities
Total OpEx from taxonomy-eligible and aligned activities (A.1)
0
0%
0%
0%
-
-
-
-
0%
*
0%
0%
A.2 Taxonomy-non-aligned activities
Electricity generation using solar photovoltaic technology
4.1
395
0,16%
Electricity generation from hydropower
4.5
1.221
0,48%
Construction, extension and operation of water collection,
treatment and supply systems
5.1
142.992
57,00%
Construction, extension and operation of wastewater
collection and treatment
5.3
106.253
42,36%
Total OpEx from taxonomy-non-aligned activities (A.2)
250.861
100,0%
Total Taxonomy-eligible OpEx (A.1 + A.2)
250.861
100,0%
100,0%
*
0%
B. Taxonomy-Non-Eligible Activities
Total OpEx from Taxonomy-non-eligible activities (B)
0
0%
Total OpEx (A+B)
250.861
Annual Financial Report
Fiscal Year 01.01.2022 – 31.12.2022
148
Galatsi, April 26, 2023
The members of the Board of Directors
Full name
Capacity
Theodora Varvarigou
Charalambos Sahinis
Chairman of the Board of Directors, Non-Executive Member
CEO, Executive Member
Anastasios Tosios
Deputy CEO, Executive Member
Ekaterini Beritsi
Independent Non-Executive Member
Alexander Nasoufis
Independent Non-Executive Member
Angelos Amditis
Independent Non-Executive Member
Michael Stavroulakis
Independent Non-Executive Member
Dimitris Konstantakopoulos
Non-Executive Member
Christos Karaplis
Non-Executive Member
Christos Mistriotis
Non-Executive Member
Panagiotis Skularikis
Non-Executive Member
Emmanuel Angelakis
Non-Executive Member
George Alexandrakis
Non-Executive Member
Exact Copy from No. 1464
Minutes of the Board of Directors of April
26
, 2023
"Approval of Individual and Consolidated Annual Financial Statements of EYDAP S.A. in accordance with the International
Accounting Standards and the International Financial Reporting Standards (IFRS) of the 2022 Corporate Year and the
Management Report of the Board of Directors of EYDAP SA."
The CEO
Charalambos Sahinis
Annual Financial Report
Fiscal Year 01.01.2022 – 31.12.2022
149
1. ANNUAL FINANCIAL STATEMENTS
FOR THE FY 1 JANUARY 2022 TO 31 DECEMBER 2022
IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
OF THE GROUP AND EYDAP SA (THE COMPANY)
HEADQUARTERS: 156 OROPOU ST. – GALATSI,
SOC. ANON. REG. NO. 44724/06/Β/99/52
GEMI NO. 121578960000
Annual Financial Report
Fiscal Year 01.01.2022 – 31.12.2022
150
The present Financial Statements of the Company, pages 151-210, were approved by the Board of Directors on 26 April, 2023, are subject to the
approval of the Annual Regular Meeting of Shareholders and were signed on mandate by the Board of Directors, by the following persons: :
Athens, 26 April 2023
The Chairman of the Board of
Directors
The Chief Executive Officer
The Director of Financial
Services
The Head of Accounting
Department
Theodora And. Varvarigou
ID No. ΑΜ 519989
Charalambos Georg. Sahinis
ID No. ΑΟ 568292
Lemonia Mark. Skylaki
ID No. ΑΟ 010837
Economic Chamber of Greece
Accounting License Reg. No.
Α/17806
Dimitra Vas. Zarkadoula
ID No. ΑΒ 253061
Economic Chamber of Greece
Accounting License Reg. No.
Α/112285
CONTENTS
• General Information about the Company
• Income Statement for the Financial Years ended on 31st December 2022 & 2021
• Statement of Total Comprehensive Income for the Financial Years ended on 31st December 2022 & 2021
• Statement of Financial Position as of 31st December 2022 & 2021
• Statement of Changes in Equity as of 1st January – 31st December 2022 & 2021
• Statements of Cash Flows as of 1st January – 31st December 2022 & 2021
• Notes to the Annual Financial Statements for the period ended on 31st December 2022
Annual Financial Report
Fiscal Year 01.01.2022 – 31.12.2022
151
GENERAL INFORMATION ABOUT THE COMPANY
Company Title:
Athens Water Supply and Sewerage Company S.A.
Distinctive Title:
EYDAP S.A.
Headquarters:
Date of Establishment:
25.10.1999
Company Duration:
100 years
Main Activity:
Water Supply – Sewerage
G.E.MI. (Greece’s General Electronic Commercial
Registry) Number:
121578960000
Pertinent Ministry:
Environment and Energy
Tax Registration Number:
094079101
Members of the Board of Directors:
Th. Varvarigou, Ch. Sahinis, An. Tosios, Aik. Beritsi, Al. Nasoufis, M.
Stavroulakis, D. Konstantakopoulos, A. Amditis, Chr. Karaplis, Ch.
Mistriotis, P. Skoularikis, Emman. Aggelakis, G. Alexandrakis
Ending Date of the Current Period:
31 December 2022
Duration:
12 months
Type of Financial Statements (which have been the
basis in compiling the condensed financial
information):
Annual
Date of Approval of Financial Statements (which
have been the basis in compiling the condensed
financial information):
26 April 2023
Chartered Auditors Accountants:
Panagiotis Christopoulos SOEL Reg. No. 28481
Auditing Firm:
“Grant Thornton” S.A.
SOEL REG. NUMBER 127
Independent Auditor’s Report on the Annual Financial
Statements:
Unqualified Opinion
Internet address where the Financial Statements are
posted:
www.eydap.gr
.
145
INCOME STATEMENT FOR THE FINANCIAL YEARS ENDED ON 31
ST
DECEMBER 2022 & 2021
GROUP
COMPANY
Amounts in k Euro
NOTE
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Turnover
5
Cost of sales
6
(221.929 )
(203.835 )
(221.929 )
(203.835 )
Gross Profit
Other Operating Income
5
General and Administrative Expenses
6
(78.325 )
(73.130 )
(78.281 )
(73.089 )
Distribution and Selling Expenses
6
(39.332 )
(36.945 )
(39.332 )
(36.945 )
Other expenses
9
(10.627 )
(1.906 )
(10.627 )
(1.906 )
Impairment of Financial Assets
23
(3.733 )
(3.733 )
Operating Profit
Financial Income
10
Financial Expenses
11
(2.743 )
(2.032 )
(2.743 )
(2.032 )
Profit before Tax
Income Tax
12
(5.594 )
(28.734 )
(5.594 )
(28.734 )
Profit / (Loss) after tax
Earnings per share (in Euro)
13
Proposed dividend (in Euro)
STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEARS ENDED ON 31ST DECEMBER
2022 & 2021
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Net profit (Loss) for the year
Valuation of financial assets at fair value through other
comprehensive income
(363 )
(1.157 )
(363 )
(1.157 )
Actuarial profit-losses of defined benefit plans - Other income non
transferrable to following years’ results
Total Comprehensive Income (Expense) after Taxes
Annual financial report
For use 01.01.2022 - 31.12.2022
146
STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31
ST
2022 & 2021
GROUP
COMPANY
Amounts in k Euro
NOTE
31.12.2022
31.12.2021
31.12.2022
31.12.2021
ASSETS
NON-CURRENT ASSETS
Goodwill
14
Other Intangible Assets
15
Tangible Assets
16
Right-of-use Assets
17
Exclusive right to provide raw water
15
Investments in Subsidiaries
18
Financial Assets at fair value through other comprehensive
income
19
Long-term Receivables
20
Deferred Tax Assets
21
Total Non-Current Assets
CURRENT ASSETS
Materials and Spare Parts
22
Trade Receivables & Contractual Assets
23
Other Receivables
24
Current Tax Receivables
12
Cash and Cash Equivalents
25
Total Current Assets
Total Assets
LIABILITIES
EQUITY
Share Capital
26
Share Premium
26
Reserves
27
Retained Earnings (earnings carried forward)
28
Total Equity
LONG TERM LIABILITIES
Liabilities for Employee Benefits
29
Provisions
30
Investment Subsidies
31
Consumers’ Guarantees
32
Liabilities from Leases
17
Liability under exclusive right to provide raw water
33
Total Long-Term Liabilities
SHORT-TERM LIABILITIES
Operating Short Term Liabilities
34
Liabilities from Leases
17
Other Short Term Liabilities
34
Total Short-Term Liabilities
Total Equity & Liabilities
Annual financial report
For use 01.01.2022 – 31.12.2022
147
STATEMENT OF CHANGES IN EQUITY AS AT JANUARY 1
ST
– DECEMBER 31
ST
2022 & 2021
GROUP
2022
Amounts in k Euro
Share Capital
Share Premium
Legal Reserve
Other Reserves
Securities’
Reserves
Results (profit)
carried forward
Total Equity
Equity Balance at
31
st
December 2021
(14.042 )
Net Profit/ (Loss) for the Period
Net income recorded directly in
Equity
(363 )
Dividends
(29.820 )
(29.820 )
Equity Balance at
31
st
December 2022
(14.405 )
2021
Amounts in k Euro
Share
Capital
Share Premium
Legal Reserve
Other Reserves
Securities’
Reserves
Results (profit)
carried
forward
Total Equity
Equity Balance at
31
st
December 2020
(12.884 )
Net Profit for the Period
Net income recorded directly in
Equity
(1.157 )
Dividends
(24.495 )
(25.560 )
(50.055 )
Equity Balance at
31
st
December 2021
(14.042 )
COMPANY
2022
Amounts in k Euro
Share Capital
Share Premium
Legal Reserve
Other Reserves
Securities’
Reserves
Results (profit)
carried forward
Total Equity
Equity Balance at
31
st
December 2021
(14.042 )
Net Profit/ (Loss) for the Period
Net income recorded directly in
Equity
(363 )
Dividends
(29.820 )
(29.820 )
Equity Balance at
31
st
December 2022
(14.405 )
2021
Amounts in k Euro
Share Capital
Share Premium
Legal Reserve
Other Reserves
Securities’
Reserves
Results (profit)
carried forward
Total Equity
Equity Balance at
31
st
December 2020
(12.884 )
Net Profit for the Period
Net income recorded directly in
Equity
(1.157 )
Dividends
(24.495 )
(25.560 )
(50.055 )
Equity Balance at
31
st
December 2021
(14.042 )
Annual financial report
For use 01.01.2022 – 31.12.2022
148
STATEMENT OF CASH FLOWS AS AT JANUARY 1
ST
– DECEMBER 31
ST
2022 & 2021
GROUP
COMPANY
Amounts in k Euro
1.1-31.12.2022
1.1-31.12.2021
1.1-31.12.2022
1.1-31.12.2021
Cash Flows from operating activities
Profit/ (Loss) before tax
Plus/less adjustments for:
Depreciation and amortization
Amortization of investment subsidies and customer contributions
(6.190 )
(6.114 )
(6.190 )
(6.114 )
Amortization of right-of-use assets
Income from securities
(58 )
(59 )
(58 )
(59 )
Provisions for Personnel Benefits
(3.639 )
(5.901 )
(3.639 )
(5.901 )
Other Provisions
(10.847 )
(10.847 )
Interest and related income
(13.206 )
(15.074 )
(13.206 )
(15.074 )
Interest and related expense
Plus/less adjustments for changes in working capital accounts or related to
operating activities:
(Increase) Decrease
Trade receivables & Contractual Assets
(88.257 )
(88.252 )
Materials and spare parts
(2.514 )
(524 )
(2.514 )
(524 )
Increase (Decrease)
liabilities
(178.404 )
(178.408 )
Customers’ guarantees
Employee contribution for indemnity
Plus:
Incremental increases on customer receivables
Less:
Interest and related expenses paid
(479 )
(312 )
(479 )
(312 )
Income tax paid
(4.285 )
(28.885 )
(4.285 )
(28.885 )
Total Cash Inflows / (Outflows) from Operating Activities (a)
(60.719 )
(60.682 )
Cash flows from investing activities
Purchases of tangible assets
(40.019 )
(28.709 )
(40.019 )
(28.709 )
Purchases of intangible assets
(1.414 )
(1.446 )
(1.414 )
(1.446 )
Proceeds from subsidies
Interest and related income received
Dividends received
Total inflows / (outflows) from Investing Activities (b)
(18.947 )
(18.695 )
(18.947 )
(18.695 )
Cash flows from financing activities
Payments of liabilities from Leases
(452 )
(558 )
(452 )
(558 )
Dividends paid
(29.437 )
(49.636 )
(29.437 )
(49.636 )
Total inflows / (outflows) from Financing Activities (c)
(29.889 )
(50.194 )
(29.889 )
(50.194 )
Net increase / (decrease) in cash and cash equivalents for the period
(a) + (b) + (c)
(109.555 )
(30.714 )
(109.518 )
(30.680 )
Cash and Cash Equivalents at the beginning of period
Cash and Cash Equivalents at the end of period
Annual financial report
For use 01.01.2022 – 31.12.2022
149
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF 31
ST
DECEMBER 2022
1. ESTABLISHMENT, BUSINESS ACTIVITY AND LEGAL FRAMEWORK OF THE COMPANY
LEGAL FRAMEWORK
The company “Athens Water Supply and Sewerage Company S.A. ” under the distinctive title EYDAP SA (“EYDAP”, or the
“Company”) was established under Law 1068/80 following the merger between the Hellenic Water Company of the cities of Athens
– Piraeus and peripheral areas, and the Sewerage Organization of Athens as the exclusive provider of water supply and sewerage
services in the cities of Athens - Piraeus and the surrounding municipalities in the legal form of a societe anonyme under the full
control of the Greek State.
Furthermore, Law 2744/1999 "Regulations of issues of the Athens Water Supply and Sewerage Company and other provisions"
re-regulated EYDAP’s legal status and the Company established its current form with listing all its shares on Athens Stock
Exchange under the supervision of the Minister of Infrastructure and Transport.
• Article 2 of Law 2744/1999 granted EYDAP the exclusive and non-transferable right to provide water supply and sewerage
services in Athens for a period of twenty (20) years with the possibility of renewal according to the terms of the contract
to be signed by EYDAP with the Greek State. The aforementioned contract, signed on 9.12.1999 (hereinafter the 1999
contract), determined, among other things, the price, quantity, quality and method of supply of raw water that the Greek
State would have provided for to EYDAP, so that the latter to be able to meet the obligations of water supply services
(Article 6 par. 1 of Law 2744/1999).
• Article 4 of Law 2744/1999 established the Legal Entity under Public Law under the title "EYDAP Fixed Assets", to which
EYDAP’s Property, Plant and Equipment of strategic significance were transferred without any consideration. EYDAP Fixed
Assets is responsible for the sound operation and maintenance of the transferred assets.
Law 4812/2021 (Article 114) renewed until 31.12.2040 the exclusive right to provide water supply and sewerage services granted
to EYDAP under par. 1 of Article 2 of Law 2744/1999.
• Paragraph 2 of the aforementioned Article provided for the conclusion of a contract between both the Greek State and
EYDAP and as a third party of the N.P.D.D. "EYDAP Fixed Assets" regarding the terms and conditions of exercising the
granted right.
• Paragraph 3 provided for that the consideration for the supply of raw water is paid by EYDAP to EYDAP Fixed Assets, in
accordance with par. 1 of Article 6 of Law 2744/1999 and is further available from the State for financing the operation,
maintenance and upgrading of the External Water Supply System (EYS) of the major Capital area.
• Paragraph 4 provided for the conclusion of a contract between the Greek State, EYDAP Fixed Assets and EYDAP, which
entrusts the latter with the maintenance and operation of E.Y.S. of the major Capital area for a period of three (3) years,
which may be extended by agreement of the parties. After the expiration of this contract, the maintenance and operation
of E.Y.S. of the major Capital area is assigned by the Ministry of Infrastructure and Transport to a contractor who is
selected through a tender procedure in accordance with Law 3389/2005 (A '232).
Pursuant to the above provisions:
on 2.2.2022, the Greek State, EYDAP Fixed Assets Company and EYDAP signed the following agreements:
• the Exclusive Right Agreement, under which, among other things, the State grants EYDAP in return the intangible right of
the exclusive supply of raw water and agrees to the annual supply of raw water for twenty (20) years, as specifically
defined in Article 10 of this Agreement,
• the EWSS operation and maintenance service assignment agreement (SLA) with an initial three-year term and the
potential for six (6) month extension.
Annual financial report
For use 01.01.2022 – 31.12.2022
150
Law 5037/2023 (Government Gazette A' 78) transferred the supervision of EYDAP to the Ministry of Environment and Energy,
while the supervision of water services and municipal waste management was assigned to the Regulatory
Authority for Waste, Energy, and Water (RAWEW).
EYDAP's tariff policy is implemented through application of the general regulations for cost accounting and invoicing water
services provided for in Article 12, Law 3199/2003 as amended by Law 5037/2023, while the water service tariffs for various
categories of consumers and users are approved by a five-year term decision of RAWEW in accordance with article 12A of Law
4001/2011, as introduced by Law 5037/2023, repealing the relevant provisions of paragraphs 1 and 2 of article 3 of Law 2744/1999.
Under Par. 5, Article 114, Law 4812/2021, "the validity of EYDAP's tariffs is extended for provision of water services offered to its
consumers, which have been approved by the joint decision of the Ministers of Finance, Transport and Networks and Environment,
Energy and Climate Change (Β` 3188) under reference D6/2027/16.12.2013, for the period from 1.1.2019 and until the approval of
the new tariffs based on the new contract, according to par. 2."
Regarding the Company’s share capital:
• Under Law 4389/2016 (Attachment E), as amended by Law 4512/2018, with effect from 1.1.2018. all the shares owned
by the Greek State were transferred to the Hellenic Corporation of Assets and Participations S.A. (HCAP).
• Num. 190/2022 decision of the Council of State Plenary deemed the above transfer unconstitutional.
• Articles 114 and 115 of Law 4964/2022 introduced special regulations for EYDAP, which attempted to harmonize Law
4389/2016 with the constitutional order.
• Num. 7/2023 decision of the Three-member Compliance Council of the Council of State established non-compliance of
the Greek State with as of 190/2022 annulment decision of the Council of State and ordered enforced compliance by
the Ministry of Finance within 8 months.
From the point of view of corporate law, EYDAP is currently governed by the provisions of the Law on Sociétés Anonymes
Companies 4548/2018, the Law on Corporate Governance 4706/2020, as well as by the entire all stock market legislation
(Regulation (EU) 596/2014, Law 4443/ 2016, Law 3556/2007 etc.) and the decisions and directives of the Capital Market
Commission, by which it is supervised.
OPERATIONS
responsible for the analysis, construction, establishment, operation, exploitation, maintenance, expansion and
modernization/renewal of water supply and sewerage installation and networks, within its area of responsibility. The activities of
EYDAP also include the ability to use water supply and sewage networks in addition to the development of telecommunication
and energy activities. The 38th Regular General Meeting of Shareholders decided on potential developing activities such as the
provision of water meter maintenance services, inspection of sewerage networks via cameras, undertaking water quality review
programs of third parties in EYDAP laboratory, on-line measurement and recording the quality parameters of water with the
corresponding provision of services, parallel measurement of our utilities services, provision of education, training and lifelong
learning services and establishment and operation of technical training schools, strengthening research and development services,
with the simultaneous establishment of a cross-sectoral, research center for the development of innovative solutions applicable
to EYDAP operations.
The geographical activity of EYDAP, as amended by article 68 of Law 4313/2014, as amended by article 8 of Law 2744/1999 is
extended into the municipalities of Attica Periphery , as defined in the field h’ of paragraph 3 of article 3 of Law 3852/2010, apart
from the municipalities of Aigina, Troizinia, Kythira, Agkistri, Spetses, Hydra and Poros of the Peripheral Unity of Islands of Attica
Periphery.
According to Αrticle 1 par. 6 of Law 2744/1999, as amended by Αrticle 35 par. 2 of Law 4053/2012, EYDAP may undertake activities
through subsidiaries outside its area of responsibility through programed contracts under Αrticle 100 of Law 3852/2010.
In July 2011 the company “EYDAP NISON SA” was established. EYDAP owns 100% of EYDAP NISON S.A. share capital. The
aforementioned subsidiary’s current title is "NISON DEVELOPMENT SEWERAGE SOCIETY ANONYME" and distinctive title "EYDAP
NISON DEVELOPMENT SA".
Annual financial report
For use 01.01.2022 – 31.12.2022
151
EYDAP provides its water supply services through its 14,000 kilometers water distribution network. The Company also operates
four Units of Water Refining with a total daily capacity of 1.8 million cubic water meters. In 2018, the Company received under its
possession new networks, namely the remaining water supply network of Salamina, the municipal network of Magoula from the
Municipality of Elefsina and the Municipal Network of Agios Dimitrios area of the Municipality of Penteli-Vrilissia. In 2019, EYDAP
launched procedures and interventions for the smooth integration of these municipal water supply networks into its own network..
The served population is 4,400,000 inhabitants.
The sewerage network has a total length of 8,500 kilometers. The system is separate (drainage ducts - rainwater pipes), except for
the area of the center of Athens, where the system is pervasive (common ducts of rain and rainwater). The served population is
3, 695,000 inhabitants. Wastewater is collected through the pipelines the secondary sewage network of the drained areas, through
the connection of every temporary property to them, which (connection) is mandatory for the owners of the properties, within
six (6) months of the relevant written notification of EYDAP in accordance with the provisions of Article 169 of Law 4951/2022 and
under penalty of imposing a fine in favor of the Greek State.
With regard to the waste management, EYDAP SA possesses three waste management centers (WMC):
• The WMC of Psitalia has a processing capacity (average design flow) of 1,000,000 m3 / day of waste water (currently
the average flow of incoming waste is of 730,000 m3 / day)
• The WMC of Metamorphosis has a processing capacity of 44,000 m3 / day of waste water (20,000 m3 / day urban waste
water and 24,000 m3 / day urban sewage). (Today the average supply of incoming sewage is at the level of 12,000 m3 / day and
its sewage of 12,000 m 3 / day); and
• The WMC of Thriasio has a processing capacity (average design flow) of 21,000 m3 / day of sewage (currently, the average
intake of incoming sewage is at the level of 6,000 m3 / day).
The Waste Management Center (WMC) in Psitalia also operates three Electrical and Thermal Energy Co-production units (ETEC).
The one ETEC unit operates with the combustion of natural gas of electrical power 12.9 MWe and thermal power of 17.3 MWth
respectively. The other two ETEC units operate with the combustion of biogas of total electrical power of 11.4 MWe (7.14 MWe &
4.25 ΜWe) and thermal power of 17.2 MWth, as well as a small-scale hydroelectric station of 489 KW capacity for the recovery of
the contained energy in the wave of processed outflows prior to their disposition in Saronikos Gulf.
Through the operation of the Waste Management Center (WMC) in Psitalia, EYDAP has been incorporated in the EU System of
Greenhouse Gas Emission Allowance Trading, applying the relative EU and national legislation.
In addition, EYDAP manages the sewerage projects of Eastern Attica for the collection and treatment of urban waste water and
the re-use-disposal of treated effluents. In 2020, significant progress was made in the implementation of sewage projects in
Eastern Attica. The design of construction and operation of integrated wastewater management systems in Eastern Attica includes
projects in areas of the Municipalities of Rafina-Pikermi, Spata-Artemida, Marathon, Pallini, Paiania, Saronic and Kropia.
EYDAP has also installed and operates five small hydroelectric stations in the locations Kirphi, Eliconas, Kithaironas, Mandra of
Mornos Aqueduct, and the small hydroelectric power station in Evinos.
Regarding production of energy from renewable sources and reduction of its carbon footprint, the company installed a
photovoltaic station (PV), power 1.9712 MW, in its facilities in the Municipality of Acharnes, in order to proceed with disposal of
the produced electricity.
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2. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS TO EXISTING STANDARDS
Χ.1 New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and have been adopted
by the European Union
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting
Standards Board (IASB), are adopted by the European Union, and their application is mandatory from or after 01/01/2022.
• Amendments to IFRS 3 “Business Combinations”, IAS 16 “Property, Plant and Equipment”, IAS 37 “Provisions, Contingent
Liabilities and Contingent Assets” and “Annual Improvements 2018-2020” (effective for annual periods starting on or after
01/01/2022)
In May 2020, the IASB issued a package of amendments which includes narrow-scope amendments to three Standards as
well as the Board’s Annual Improvements, which are changes that clarify the wording or correct minor consequences,
oversights or conflicts between requirements in the Standards. More specifically:
- Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for
Financial Reporting without changing the accounting requirements for business combinations.
- Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of
property, plant and equipment amounts received from selling items produced while the company is preparing the
asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.
- Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company
includes when assessing whether a contract will be loss-making.
- Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial
Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying
IFRS 16 Leases.
The amendments do not affect the consolidated Financial Statements
Χ.2 New Standards, Interpretations, Revisions and Amendments to existing Standards that have not been applied yet or have not
been adopted by the European Union
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting
Standards Board (IASB), but their application has not started yet or they have not been adopted by the European Union.
• IFRS 17 “Insurance Contracts” (effective for annual periods starting on or after 01/01/2023)
In May 2017, the IASB issued a new Standard, IFRS 17, which replaces an interim Standard, IFRS 4. The aim of the project was to
provide a single principle-based standard to account for all types of insurance contracts, including reinsurance contracts that an
insurer holds. A single principle-based standard would enhance comparability of financial reporting among entities, jurisdictions
and capital markets. IFRS 17 sets out the requirements that an entity should apply in reporting information about insurance
contracts it issues and reinsurance contracts it holds. Furthermore, in June 2020, the IASB issued amendments, which do not affect
the fundamental principles introduced when IFRS 17 has first been issued. The amendments are designed to reduce costs by
simplifying some requirements in the Standard, make financial performance easier to explain, as well as ease transition by
deferring the effective date of the Standard to 2023 and by providing additional relief to reduce the effort required when applying
the Standard for the first time. The Group will examine the impact of the above on its Financial Statements, though it is not
expected to have any. The above have been adopted by the European Union with effective date of 01/01/2023.
• Amendments to IAS 1 “Presentation of Financial Statements” (effective for annual periods starting on or after 01/01/2023)
In February 2021, the IASB issued narrow-scope amendments that pertain to accounting policy disclosures. The objective of these
amendments is to improve accounting policy disclosures so that they provide more useful information to investors and other
primary users of the financial statements. More specifically, companies are required to disclose their material accounting policy
information rather than their significant accounting policies. The Group will examine the impact of the above on its Financial
Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of
01/01/2023.
• Amendments to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates” (effective for annual periods starting on or after 01/01/2023)
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In February 2021, the IASB issued narrow-scope amendments that they clarify how companies should distinguish changes in
accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates
are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also
applied retrospectively to past transactions and other past events. The Group will examine the impact of the above on its Financial
Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of
01/01/2023.
• Amendments to IAS 12 “Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction”
(effective for annual periods starting on or after 01/01/2023)
In May 2021, the IASB issued targeted amendments to IAS 12 to specify how companies should account for deferred tax on
transactions such as leases and decommissioning obligations – transactions for which companies recognise both an asset and a
liability. In specified circumstances, companies are exempt from recognising deferred tax when they recognise assets or liabilities
for the first time. The amendments clarify that the exemption does not apply and that companies are required to recognise
deferred tax on such transactions. The Group will examine the impact of the above on its Financial Statements, though it is not
expected to have any. The above have been adopted by the European Union with effective date of 01/01/2023.
• Amendments to IFRS 17 “Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information”
(effective for annual periods starting on or after 01/01/2023)
In December 2021, the IASB issued a narrow-scope amendment to the transition requirements in IFRS 17 to address an important
issue related to temporary accounting mismatches between insurance contract liabilities and financial assets in the comparative
information presented when applying IFRS 17 “Insurance Contracts” and IFRS 9 “Financial Instruments” for the first time. The
amendment aims to improve the usefulness of comparative information for the users of the financial statements. The Group will
examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted
by the European Union with effective date of 01/01/2023.
• Amendments to IAS 1 “Classification of Liabilities as Current or Non-current” (effective for annual periods starting on or
after 01/01/2024)
In January 2020, the IASB issued amendments to IAS 1 that affect requirements for the presentation of liabilities. Specifically, they
clarify one of the criteria for classifying a liability as non-current, the requirement for an entity to have the right to defer settlement
of the liability for at least 12 months after the reporting period. The amendments include: (a) specifying that an entity’s right to
defer settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected by management’s
intentions or expectations about whether the entity will exercise its right to defer settlement; (c) clarifying how lending conditions
affect classification; and (d) clarifying requirements for classifying liabilities an entity will or may settle by issuing its own equity
instruments. Furthermore, in July 2020, the IASB issued an amendment to defer by one year the effective date of the initially
issued amendment to IAS 1, in response to the Covid-19 pandemic. However, in October 2022, the IASB issued an additional
amendment that aim to improve the information companies provide about long-term debt with covenants. IAS 1 requires a
company to classify debt as non-current only if the company can avoid settling the debt in the 12 months after the reporting date.
However, a company’s ability to do so is often subject to complying with covenants. The amendments to IAS 1 specify that
covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the
reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the
financial statements. The amendments are effective for annual reporting periods beginning on or after 1 January 2024, with early
adoption permitted. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have
any. The above have not been adopted by the European Union.
• Amendments to IFRS 16 “Leases: Lease Liability in a Sale and Leaseback” (effective for annual periods starting on or after
01/01/2024)
In September 2022, the IASB issued narrow-scope amendments to IFRS 16 “Leases” which add to requirements explaining how a
company accounts for a sale and leaseback after the date of the transaction. A sale and leaseback is a transaction for which a
company sells an asset and leases that same asset back for a period of time from the new owner. IFRS 16 includes requirements
on how to account for a sale and leaseback at the date the transaction takes place. However, IFRS 16 had not specified how to
measure the transaction when reporting after that date. The issued amendments add to the sale and leaseback requirements in
IFRS 16, thereby supporting the consistent application of the Accounting Standard. These amendments will not change the
accounting for leases other than those arising in a sale and leaseback transaction. The Group will examine the impact of the above
on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
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3. SIGNIFICANT ACCOUNTING POLICIES
Statement of Compliance
The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS).
Basis for Consolidation
The Consolidated financial Statements of the current as well as of the previous period, include the parent company and its
subsidiary “NISON EYDAP DEVELOPMENT S.A.”.
The annual Financial Statements of the subsidiary company “ISLANDS’ EYDAP DEVELOPMENT S.A.”, audited by Certified Auditors
Accountants, are available on the Internet at the company’s website under the domain name www.eydapnison.gr .
Subsidiaries are all the companies which are managed and controlled directly or indirectly by the parent Company - either through
the majority holding of the companies’ shares to which the investment has been made or through their dependence on the know-
how, which is provided to them by the Group. Subsidiaries’ financial statements are included in the consolidated financial
statements from the date of control accession until the date that the control ceases to exist.
During the acquisition of the subsidiary the respective receivables, liabilities as well as any potential liabilities are assessed at their
fair value. In case that the cost value is greater than the fair value, the respective difference is recognized as goodwill.
In the opposite case, when the cost is lower than the fair value, the respective difference is credited to the financial results of the
acquisition year. Minority interests are displayed at the proportion of the minority at the fair value of the assets and liabilities at
which they have been recognized.
Subsidiaries’ acquisitions are recognized under the purchase method. The financial results of subsidiaries, either acquired or sold
during the fiscal year, are included in the respective consolidated statements respectively from their acquisition date or the date
of their disposal.
When deemed necessary, subsidiaries’ financial statements are restated in order for the data to be homogeneous and comparable
with the respective data of the remaining companies of the Group. During the consolidation, all the intra-group transactions and
balances as well as losses and gains between the companies of the Group, are eliminated.
In the Company’s financial statements participations in subsidiaries and affiliates are displayed at their cost, less any impairment
of their value. The company examines - on an annual basis or whenever there is any indication of impairment - the accounting
value of the aforementioned participations compared to the retrieval value on the basis of the higher value between fair value
less cost to sell and the value in use.
Investments in associates
Associates are those companies on which the Group exercises significant influence but that do not meet the requirements to be
treated as subsidiaries. The consolidated financial statements include the Group's share in the profits and losses of the associates,
based on the equity consolidation method from the date that the Group obtains significant influence until the date that it ceases
to exist such influence. When the Group's share in the losses of an associate exceeds the displayed book value of the investment,
the carrying value of the investment is reduced to nil and the recognition of further losses stops, unless the Group has undertaken
liabilities or contingent liabilities of the associate, beyond that arising from its shareholder state. The results stemming from
transactions between the companies of the Group and the associates are eliminated to the extent of the investment of the Group
in the associates.
In the separate financial statements of the Company, associates are carried at cost and are subject to impairment test annually or
in interim periods, when there are serious indications of impairment.
Goodwill
Goodwill, arising from the acquisition of a subsidiary or a jointly controlled entity or other business activity, represents the
difference between the acquisition cost and the participation of the Company in the net fair value of the identified assets, liabilities
and contingent liabilities of the subsidiary or that of the jointly controlled entity or other business activity recognized at the date
of acquisition.
Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.
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For the purpose of impairment test, goodwill is allocated to every cash-generating unit of the company. Cash-generating units, to
which goodwill has been allocated, are aurally tested for impairment, or more frequently when there is an indication that the unit
may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
proportional based on the carrying amount of the unit’s assets. An impairment loss recognized for goodwill is not reversed in a
subsequent period.
During the disposal of a subsidiary or a jointly controlled entity or other business activity the defined amount of goodwill is included
in the determination of the profit or loss that stems from disposal.
The Company’s policy for goodwill arising on the acquisition of an associate is described in the section ‘Investments in associates’
above.
Revenue recognition
The Group has the following major sources of revenue:
- Revenue from water supply and related services
- Revenue from sewerage and related services
- Revenue from electricity sale
- Revenue from sales of inventory
Also, the Company enters into construction contracts with customers. However, there were no construction contracts during the
current interim period and the comparative period.
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf
of third parties. The Group recognizes revenue when it transfers control of a product or service to a customer.
The Group does not enter into any contracts where the period between the transfer of the promised goods or services to the
customer and the payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction
prices for the time value of money.
Revenue from water supply and sewerage services and related services
Water supply and sewerage services are the major sources of revenue for the Company and the Group and represent two separate
distinct performance obligations. Revenue for each of the above-mentioned two performance obligations is recognized over time,
since the customer simultaneously receives and consumes the benefits arising from both the water consumption and the
utilization of the sewerage network. Revenue is measured based on the quantities of water consumed and the effective price lists.
The Company invoices the customers for the water supply and sewerage services mainly on a quarterly basis based on relevant
measurements.
In cases where the Company has not performed the relevant measurements for consumed quantities up to the end of the reporting
period, it conducts estimates on the consumption based on historical data and recognizes the relevant revenue. The Company
recognizes a contractual asset for revenue accrued and not yet invoiced to customers.
In order to include accrued not invoiced revenue in the turnover of the reporting period of the financial statements, the Compoany
makes two categories of provisions:
• provision for invoiced revenue (the revenue has been counted and invoiced after the reporting date), and
• provision for not invoiced revenue (the revenue has been counted and invoiced until the reporting date
In essence, the above revenues concern provisions that largely depend on the quantities of water consumed. Based on the use of
estimates, the actual amounts ultimately invoiced might differ from those projected.
A receivable is recognized by the Company when the relevant invoice is issued, as this represents the point in time at which the
right to consideration becomes unconditional, as only the passage of time is required before payment is due. The usual credit
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period for the settlement of accounts is approximately 30 days from the date of issuance of the relevant document. Also, the
Company adjusts the revenue recognized at each reporting period based on estimates for discounts/ refunds to customers for
various reasons. The relevant estimates are supported by historical data and the Company recognizes a corresponding refund
liability.
The Company’s customers are required to participate in the network connection cost (meters, distribution network, connections
pipes). In particular, customers are charged for water supply and sewerage services with one-off upfront fees that relate to the
construction of the connection network and the equipment (including any upgrades and extensions). Based on the Company's
assessment, the connection of each house to the water and sewerage network represents a distinct performance obligation since
the connection has a stand-alone value for the customer. In other words, a property will be more valuable if it possesses a
connection to the water and sewerage network than without the connection. Revenue from these one-off fees is recognized at a
point in time, and particularly at the time when the connection is established.
The Company recognizes a contractual liability when it receives advance payments from customers in exchange for goods or
services to be transferred to them.
Revenue from electricity sale
Sale of electric power represents a single performance obligation and revenue is recognized over time by measuring the progress
towards complete satisfaction of the performance obligation based on the kWh sold and the effective price lists. The Company
invoices monthly for the sale of electric power and recognizes a relevant receivable upon invoicing.
Revenue from sales of inventory
Sales of inventory relate to sales of scrap to customers. Relevant revenue is recognized at a point in time, when control of the
goods has been transferred to the customers. Since the terms in each contract may vary from each other, the Company assesses
on a contract by contract basis when control of the goods is transferred to the customers based on the criteria provided by IFRS
15, paragraph 38 (immediate right to payment, legal title, physical possession, significant risks and rewards of asset ownership,
acceptance of goods by the customer).
Leases
Accounting policies according to IFRS 16 since 1st January 2019
The Group as a lessee
The Group assesses whether a contact is or contains a lease, at inception of a contract. Accordingly, it recognizes a right-of-use
asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases
(defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes
the lease payments as an operating expense on a straight-line basis over the term of the lease.
“Silent renewed” contracts of indefinite life are not enforceable, meaning that no relevant rights and liabilities emanate from the
above contracts. The Group recognizes the lease payments associated with those contracts as operating expenses in the income
statement.
The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement
date, which are being discounted by using the rate implicit in the leases. If this rate cannot be readily determined, the Group uses
its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise:
• fixed lease payments (including in-substance fixed payments), less any lease incentives;
• variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date
of the lease period;
• the amount expected to be payable by the lessee under the residual value guarantees;
• the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
• payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the
effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group re-measures the
lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
• the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease
liability is remeasured by discounting the revised lease payments using a revised discount rate.
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• the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual
value, in which cases the lease liability is measured by discounting the revised lease payments using the initial discount rate.
• a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case, the lease liability
is remeasured by discounting the revised lease payments using a revised discount rate.
The lease liability is presented as a separate line in the consolidated statement of financial position.
The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before
the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and
impairment losses. The Group applies IAS 36 to determine whether a right-of-use asset is impaired.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located
or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and
measured under IAS 37. These costs are included in the related right-of-use asset. The Group did not incur any such costs during
the periods presented in the annual financial statements.
Right-of-use assets are depreciated over the shorter period between the lease term and useful life of the underlying asset. If a
lease ownership transfer of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a
purchase option, then the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation
starts at the lease commencement date.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position.
Variable leases that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-
use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those
payments occur.
As permitted by IFRS 16, the Group applied the practical expedient according to which a lessee is not required to separate non-
lease components, and as such, it accounts for any lease and associated non-lease components as a single arrangement.
The Group as a lessor
Leases, in which the Group is a lessor, are classified as finance or operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are
classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two
separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the
head lease.
Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs
incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on
a straight-line basis over the lease term.
Amounts due from lessees under finance leases are recognized as receivables at the amount of the Group’s net investment in the
leases. Finance lease income is allocated to reporting periods so as to reflect a constant periodic rate of return on the Group’s net
investment outstanding in respect of the leases.
When a contract includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the
contract to each component.
Foreign currencies
The financial statements of the Company are presented in the currency of the economic environment, in which the entity operates
(its functional currency), which is Euro. During the preparation of the Company’s financial statements, transactions in currencies
other than the entity’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the
transactions. On every financial statements reporting date, monetary items denominated in foreign currencies are retranslated at
the rates prevailing on the financial statements reporting date. Non-monetary items which are estimated at fair value and
denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-
monetary items, measured in terms of historical cost in a foreign currency, are not retranslated.
Exchange differences are recognized in the financial result of the period in which they arise except for:
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• exchange differences, related to assets under construction for future use in the production, which are included in the cost of
those assets and they are regarded as an adjustment to the interest costs on foreign currency borrowings;
• exchange differences in hedging transactions of certain foreign currency risks and
• exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither
planned nor likely to occur, which form part of the net investment in a foreign operation, and which are recognized in the foreign
currency translation reserve and recognized in profit or loss on disposal of the net investment.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the
foreign operation and translated at the closing rate.
Borrowing costs
The borrowing costs burden the financial results of the fiscal year when incurred.
Subsidies
Subsidies are not recognized until there is reasonable assurance that the Company will comply with the clauses that govern them
and that the subsidy will be received.
State subsidies, whose primary condition is the purchase or the construction, or by any other way the acquisition of non-current
assets, are recognized as deferred income in the balance sheet and transferred to the operating result on a systematicand rational
basis during the useful life of the related asset.
Other subsidies are recorded on a systematic basis in the income of the respective periods, during which matching of these
subsidies with the respective costs has to be made. State subsidies, received as compensation for expenses or losses which have
already incurred or for the purpose of providing immediate financial support to the Company with no future related costs, are
recognized in the income statement for the period, during which they become receivable.
The Company receives subsidies from the European Union (E.U.) the Greek State and the Organization of Local Government for
financing of specific projects. Furthermore EYDAP’s customers are required to participate in the initial network connection cost
(supply, distribution network, connections pipes, etc.) or in the upgrade/expansion of the Company’s networks. Subsidies and
customers’ contributions are deferred and amortized into income, over the period necessary to match them with the related cost,
they are provided to compensate, at the amortization rate equal to the depreciation rate of the respective assets. The
aforementioned income is presented as a subtraction from the depreciation expense in the financial statements.
Government grants for staff retraining are recognized in the income statement during the periods required to meet the
corresponding related costs and are presented as a deduction.
Retirement benefit costs
Contributions to defined staff contribution plans are recognized as an expense when employees have provided services entitling
them to the contributions.
Regarding defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Credit Method,
with actuarial valuation studies being carried out on each financial position statement’s date. Actuarial gains or losses are directly
recognized in the total comprehensive income for the period during which they occur, and are not transferred to the income
statement of a following period. Prior service cost is recognized immediately to the extent that the benefits are already vested,
otherwise are amortized on a straight-line basis over the average period until the benefits become vested.
The retirement benefit obligation recognized in the statement of financial position at the time of the indemnity represents the
present value of the defined benefit obligation after taking into account the adjustments for the unrecognized actuarial gains and
losses and unrecognized past work experience cost reduced by the fair value of scheme’s assets.
Any asset resulting from this calculation is limited to unrecognized actuarial losses and past working experience cost, plus the
present value of available refunds and reductions in future contributions to the plan.
Taxation
Income tax expense represents the sum of the current tax payable and the deferred tax.
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Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income
statement because it excludes items of income or expense that are taxable or deductible in other years and in addition it further
excludes items that are will never be taxed or exempted. The Company’s liability for the current tax is calculated using the effective
tax rates or those effective on the financial statements reporting date.
Deferred tax
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities of the financial statements and
the corresponding tax bases, used for calculating taxable profit. Deferred tax is recorded by applying the balance sheet liability
method. Liabilities from deferred tax are generally recognized for all the taxable temporary differences and deferred tax assets
are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be
available against which those deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the
temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets
and liabilities in a transaction that does not affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognized for all the taxable temporary differences associated which arise from investments in
subsidiaries and associates, and participations in joint ventures, with the exception of the cases where the Company is able to
control the reversal of the temporary difference and it is probable that the temporary difference will not be reversed in the
foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and
participations are only recognized to the extent that it is probable that there will be sufficient taxable profits against which they
could be utilized the benefits of the temporary differences and they are expected to be reversed in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and is been reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured according to the tax rates that are expected to be effective in the period at which
the asset will be liquidized or the liability will be settled, based on effective tax rates or are effective by the balance sheet date.
The measurement of deferred tax liabilities and assets reflects the tax results that will follow based on the way that the Company
expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they are related to income taxes levied by the same taxation authority and furthermore the Company
intends to settle its current tax assets and liabilities on a net basis.
Current and deferred tax for the period
Current and deferred taxes are recognized as an expense or income in the financial results, except when they are related to items
credited or debited directly to equity, case where the tax is also recognized directly in equity, or where they arise from the initial
recognition of a business combination. In the case of a business combination, the tax effect is taken into account in calculating
goodwill or in determining the excess between the acquirer’s interest in the net fair value of the acquired business identifiable
assets, liabilities and contingent liabilities over cost of the company.
Property, plant and equipment
Land and buildings held for use in the production or sale of goods or services, or for administrative purposes, are displayed on the
financial statement report at their acquisition cost less any subsequent accumulated depreciation and subsequent accumulated
impairment losses. Properties under construction for production, rental or administrative purposes, or for purposes not yet
determined, are carried at cost, less any recognized impairment loss. Cost includes the compensation of professionals.
Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended
use. Land owned by the Company is not depreciated.
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The water supply and sewerage networks as well as the antipollution projects, waste processing centers, fixtures and equipment
are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged against the
results so as to decrease the cost or the value of the assets, with the exception of the land and properties under construction, over
their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method
are reviewed at end of each year, with the effect of any changes on the estimates to be calculated on a prospective basis.
Assets held under finance leases are depreciated over their expected useful lives on the same basis as the owned assets or, based
on the term of the relevant lease term in case it is shorter.
The gain or loss arising from the disposal or the retirement of a property, plant and equipment item is determined as the difference
between the sales proceeds and the net book value of the asset and it is recognized in the income statement.
Intangible Assets
Intangible assets acquired separately
Intangible assets acquired separately are reported at cost less accumulated amortization and accumulated impairment losses.
Amortization is charged on a straight-line basis over their estimated useful lives of the tangible assets. The estimated useful life
and the amortization method are reviewed at the end of each annual reporting period, with the effect of any changes in estimates
being accounted on a future basis.
Internally-generated intangible assets – research and development expenses
Expenditure on research activities is recognized as an expense in the period in which it incurs.
An internally-generated intangible asset arising from development (or from the development phase of an internal project) is
recognized if, and only if, all of the following can be proven:
• the technical feasibility of completing the intangible asset so that it will be available for use or sale;
• the intention to complete the intangible asset and use or sell it;
• the ability to use or sell the intangible asset
• the intangible asset to be able to generate probable future economic benefits.
• the availability of adequate technical, financial and other resources for the completion of the development and the utilization or
sale of the intangible asset and
• the ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognized for internally-generated intangible assets is the sum of the expenditure which arises from the date
when the intangible asset first meets the recognition of the criteria listed above. Where it is not possible to recognize internally-
generated intangible asset, development expenditure is charged to the profit and loss statement in the period in which it incurs.
Subsequent to the initial recognition, internally-generated intangible assets are reported at cost less accumulated amortization
and accumulated impairment losses, on the same basis as intangible assets acquired separately.
Intangible assets acquired in a business combination
Intangible assets acquired in a business combination are identified and recognized separately from goodwill when they meet the
definition of an intangible asset and their fair values can be measured reliably. The cost of such intangible assets is their fair value
as at the acquisition date.
Subsequent to initial recognition, intangible assets acquired in a business combination are carries at cost less accumulated
amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately.
Impairment of tangible and intangible assets excluding goodwill
On every financial statements reporting date, the Company reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not
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161
possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash
flow-generating unit, to which the asset belongs.
When a reasonable and consistent basis of allocation can be identified, corporate assets can also be allocated to separate cash
flow-generating units, or otherwise they are allocated to the smaller group of cash flow-generating units for which a reasonable
and consistent allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and
whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher between the fair value deducted by the sale costs and the value in use. In assessing value in use
(of the asset), the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the
current market assessments of the time value of money and the risks related to the asset.
If the recoverable amount of an asset (or cash flow-generating unit) is estimated to be less than its carrying amount, the carrying
amount of the asset (cash flow-generating unit) is reduced to its recoverable amount. An impairment loss is recognized
immediately in the profit and loss account.
When an impairment loss subsequently is reversed, the carrying amount of the asset (cash flow-generating unit) is increased to
the revised estimate of its recoverable amount, so as the increased carrying amount does not exceed the carrying amount that
would have been determined if there had not been recognized any impairment loss for the asset (or a cash flow-generating unit)
in prior years. A reversal of an impairment loss is directly recognized in the income statement.
Advance payments for expropriated land plots compensation:
Mandatory expropriation complies with the procedure stated in Law 2882/2001 (Α΄17) "Mandatory Expropriation Code" - as
amended and effective, in particular with article 280 of Law 4364/2016 (Α΄13), adding the provision of article 7A of the above
code which concerns implementation of projects of general significance to the country's economy - in conjunction with Law
1068/1980 (article 28 Expropriations), which applies in addition to the provisions of Law 2744/1999 , governing EYDAP SA
operations.
The unit price of the expropriation compensation is determined in accordance with article 7A, as well as the temporary and final
unit price is determined by the competent Court of Appeal, in accordance with Law 2882/01 on mandatory expropriations.
The amounts are awarded to the beneficiaries who will be recognized by a court decision (after the expropriation decision) and
until they are awarded to the beneficiaries, they will remain with the Deposits and Loans Fund.
Until the issuance of the Decision determining the final unit price of the expropriated area, the relevant funds remain in the
"miscellaneous advance payments" and upon its issuance, they are transferred to the project they concern.
It is noted that the Company implements water supply and sewerage projects in its areas of responsibility.
Inventory
Inventory is recorded at the lower value between acquisition cost and net liquidation value. The acquisition cost is calculated via
the weighted average cost method. The cost incorporates all respective materials and whenever is required it also includes direct
labor costs and the respective general industrial expenses incurred for the processing of inventories to their final condition. The
net realizable value represents the estimated selling price less the estimated costs necessary for the completion of the sale.
Provisions
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation on the
financial statements reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision
is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash
flows.
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When part or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the
receivable is recognized as an asset when it is practically certain that reimbursement will be received and the amount of the
receivable can be measured reliably.
Onerous contracts
Present obligations arising under onerous contracts are recognized and measured as a provision. An onerous contract is considered
to occur where the Company has a contract under which the unavoidable costs of meeting the obligations under the contract
exceed the economic benefits expected to be received under it.
Restructuring
A provision for costs of restructuring is recognized when the Company has developed a detailed formal plan for the restructuring
and has raised a valid expectation, to those been affected, that it will carry out the restructuring by starting the implementation
of the plan or announcing its main features to those been affected by it. The measurement of a restructuring provision includes
only the direct expenditures arising from the restructuring, which necessarily stem from the restructuring and simultaneously are
not associated with the ongoing activities of the entity.
Warranties
Provisions for warranty costs are recognized at the date of the sale of the relevant products, according to the Management’s best
estimates for the expenditure required to settle the Company’s obligation.
Financial instruments
The Group and the Company have selected to apply the limited exemption in IFRS 9 paragraph 7.2.15 relating to the transition for
classification, measurement and impairment of the financial assets, and accordingly have not restated the items in the comparative
periods in the initial application. As a consequence, any adjustments to the book value of the financial assets and the provisions
for impairment at the financial position were recognized retrospectively with the cumulative effect from the initial adoption
adjusting the opening balance of retained earnings on 1st January 2018, meaning that not restatement occurred in the items of
the equity in the comparative period.
Investments in financial assets are classified as either liability or equity investments in equity with reference to the requirements
for the issuer in IAS 32 “Financial Instruments”
(a) Impairment of Financial Assets
The categories of financial assets that are subject to IFRS 9 new expected credit loss model are the following:
• Trade and Other Receivables
• Cash and Cash Equivalents.
The Group and the Company revised their impairment measurement methodology under IFRS 9 for each of these assets categories
Impairment
The Group and the Company apply the simplified approach for the estimation of the expected future credit losses in relation to
the “Trade Receivables” as it is required by IFRS 9, paragraph 5.5.15. The Group recognizes the provision for the expected credit
losses during the initial recognition with regard to the item “Trade Receivables”, classified and measured at amortized cost.
In the context of the requirements set by the IFRS 9 regarding the financial asset “Trade Receivables”, the Group has adopted the
simplified approach according to which it recognizes and classifies the financial asset “Trade Receivables” either in stage 2 or in
stage 3 based on the days of delay in the payment of the accounts as follows:
• Stage 2: 0-89 days of delay from the day of payment stated in the invoice. In stage 2, trade receivables are not impaired.
• Stage 3: 90 or more days of delay. Stage 3 includes trade receivables for whom a default event has occurred (they are impaired).
For stages 2 and 3, the Company forms the Expected Credit Losses on the basis of risk parameters which are calculated according
to the historic data. The risk parameters are the estimated probability of default, the percentage of loss on the amount due given
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163
that the customer has defaulted in the payment of this amount due, and the outstanding amount which the Company is exposed
to in case of the customer’s default.
As general rule, the assessment of the classification in stages is performed in each reporting period.
The Group recognizes the provision for expected credit losses during the initial recognition of the financial asset “Trade
Receivables”, classified and measured at the amortized cost.
Investments and Other Financial Assets
Classification
From the transition date of 1st January 2018, the Group and the Company classified their financial assets in the following
categories:
• Measured at fair value (either through other comprehensive income or through profit or loss),
• Measured at amortized cost
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash
flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or in other comprehensive income. For
investments in equity instruments not held for sale, it will depend on whether the company has made an irrevocable election at
the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
Measurement
At initial recognition, the Group and the Company measure a financial asset at its fair value plus transaction costs that are directly
attributable to the acquisition of the financial asset, provided that the Group and the Company do not recognize this asset in the
income statement, but in other comprehensive income. In case the asset is recognized in the income statement, potential costs
are expensed.
Investments in equity instruments
The investments available for sale were recognized at fair value through other comprehensive income, in particular:
Listed equity instruments have been reclassified at the transition date 1 January 2018 from the item "Investments Available for
Sale" to the item “Financial Instruments at Fair Value through Other Comprehensive Income”. This reclassification has been made
irrevocably for both the Group and the Company.
In compliance with IFRS 9, the Group and the Company consider that the cost of these equity instruments represents an
appropriate estimation of their fair value.
The equity investments are measured at fair value. Where the Group's and the Company’s management have elected to present
fair value gains and losses on equity investments in other comprehensive income (OCI), there is no subsequent reclassification of
fair value gains and losses into profit or loss following the de-recognition of the investment. Dividends from such investments
continue to be recognized in profit or loss as other income when the Group's and the Company’s right to receive payments is
established.
Changes in the fair value of financial assets through profit and loss are recognized in other gains/(losses) in the statement of profit
or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not
reported separately from other changes in fair value.
Cash and cash equivalents
Cash and cash equivalents comprise of cash on hand and deposits, and other short-term highly liquid investments that are easily
converted to a known amount of cash and subject to an insignificant risk of changes in their value.
Operating segments
The key operations of the Company (water supply, sewerage services and others) are not subject to different risks and returns. As
a result the company did not present the disclosures with respect to the operating segments. It is clarified that the Company
operates in one geographical segment (Attiki Metropolitan area). The policy and the decision making is common for the operating
segments of the Company.
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164
4. KEY ACCOUNTING TREATMENTS AND SIGNIFICANT SOURCES OF UNCERTAINTY
During the preparation of the financial statements in accordance with the accounting policies of the Group, as presented in Note
3, it is essential for the management to proceed with judgments, estimations and assumptions with regard to the book value of
the assets and the liabilities, which are not obvious from other sources of information.
The estimates and the relevant assumptions, are based on the past empirical evidence, estimates of specialized external advisors
as well as other related factors. The actual results may differ from these estimates.
The estimates and the subjective assumptions are reviewed on on-going basis. The revisions of accounting estimates are
recognized in the period of occurrence, if they affect only the particular period or in future periods as well.
The accounting judgments which have been made by the management during the application of the Group’s accounting policies
and which significantly affect the financial statements of the Company and the Group are the following:
1. Provision for contingent doubtful customer receivables (retail customers, Greek State, local authorities - OTA).
2. Provisions concerning four defined benefit plans for the personnel.
3. Provisions for pending judicial cases relating to labor issues.
4. Provisions for Other Receivables
5. Term of the lease
It is common practice in the Greek rental market of commercial real estate, for the tenant to continue to use the property even
after the expiration date of the lease agreement. The above-mentioned so-called "silently renewed" lease agreements become
indefinite after their expiration date and continue to create enforceable rights and obligations, provided that none of the
counterparties proceeds to terminate them. According to the Hellenic Civil Code, each of the counterparties has the right to
terminate the lease without the imposition of a penalty immediately after the end of the short notice period as defined in the
above code. Since both the lessee and the lessor have the right to terminate the lease without obtaining the relevant permission
of the counterparty and without requiring the payment of any amount as compensation, the Group assessed that the "silently
renewed" lease agreements do not create obligations after the expiration of their contractual date and therefore do not meet
the definition of the lease contract based on IFRS 16. Consequently, the Group concluded that the duration of the lease of
"silently renewed" contracts is their initial contractual duration. The Group therefore recognizes the rents associated with these
leases as operating expenses in the Income Statement.
6. Incremental Borrowing Rate
To determine the incremental borrowing rate, the Group used the yield curve of Greek government bonds as a reference interest
rate, which was adjusted to the Group's credit spread. In order to incorporate in the above incremental borrowing rate the fact
that the loan is secured, the difference in the yield spread between the covered bonds of the Greek Systemic Banks and the bonds
of the Greek State was utilized.
Furthermore the management annually reviews, in terms of assumptions and estimations, the following:
1. Useful life and recoverable amount of the depreciated tangible assets and the amortized intangible assets.
2. Income tax which incorporates the provision for the current income tax and the provision for additional taxes and incremental
charges for tax unaudited years.
3. Recoverability of deferred tax receivables.
5. REVENUE
Paragraph 4 of Article One Hundred and Fourteen (114) of Law 4812/2021 (A’110) provided the terms under which EYDAP is
obliged to maintain and operate the External Water Supply System (EYS) of the major Capital area for a three-year period, which
may be extended by agreement of the parties.
Following the contract dated 02.02.2022 between the Greek State, EYDAP Fixed Assets (EPEYDAP) and EYDAP SA (Company) with
a term of validity from 01.01.2021 to 31.12.2023 and the possibility of extension for an additional period of six (6) months, a
Annual financial report
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165
memorandum of understanding was signed on 27.04.2022 which clarified Article 10 of the Contract of L.4812 / 2021 ( Exclusive
Right Contract) as well as Article 9 of the contract under which EYDAP was assigned the operation and maintenance of the External
Water Supply System.
Article 9 (Contractor's Fee) of the maintenance and operation contract defines that for the regular operation and maintenance
services provided by EYDAP for the period of three years with the right of extension for an additional six months, a fixed annual
flat-rate fee of Euro 25,000 million is agreed. For 2022 the consideration for the provision of maintenance and operation services
of the External Water Supply System is included in turnover.
It is clarified that throughout the three-year period of validity of the present and, in case of its extension, for six additional months,
EPEYDAP will not pay in cash to EYDAP this fixed fee, the receivable for which is reconciled with the corresponding requirement of
EPEYDAP from granting the intangible exclusive right.
The Company’s revenues are analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
REVENUES
Revenues from water supply and related services
219.115
227.874
219.099
227.863
Revenues from sewerage services
97.412
106.304
97.412
106.304
Revenues from electric power sale
1.879
1.586
1.879
1.586
Revenues from EWS Operation and Maintenance Contract
25.000
25.000
25.000
25.000
Inventory disposal
87
-
87
-
Total Turnover
343.493
360.764
343.477
360.753
Other Operating Revenues
3.105
5.065
3.105
5.065
Financial Income
13.265
15.134
13.264
15.133
Total Revenues
359.863
380.964
359.846
380.951
The change in turnover is mainly due to:
• decrease in total consumption by 4.5%, i.e. a decrease in water and sewerage revenues by approximately Euro 20.7
million, and
• increase in revenue from water supply and sewerage works of approximately Euro 3.1 million.
• increase in revenue from sales of electricity of approximately Euro 0.3 million.
Financial income dropped by approximately Euro 1.9 million (Note 9).
Other operating income decreased by approximately Euro 2 million mainly due to the change from last year's collection of
compensation from the insurance company as well as the fees following the cancellation of a court customs assessment act.
The Group segregates revenue from contracts with customers on the basis of the service transfer time, as the management
believes that this demonstrates better that the nature, quantity, timing and uncertainty of the Group's income and cash flows are
affected by economic factors.
GROUP
COMPANY
Amounts in k Euro
31.12.2022
REVENUES
In the long run
In a particular point
in time
In the long run
In a particular point
in time
Revenues from water supply and related services
210.479
8.636
210.479
8.620
Revenues from sewerage services
94.999
2.413
94.999
2.413
Revenues from electric power sale
1.879
-
1.879
-
Revenues from Operation and Maintenance Contract of the EYS
25.000
-
25.000
-
Inventory disposal
87
-
87
-
Total
332.444
11.049
332.444
11.033
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166
GROUP
COMPANY
Amounts in k Euro
31.12.2021
REVENUES
In the long run
In a particular point
in time
In the long run
In a particular point
in time
Revenues from water supply and related services
222.324
5.550
222.324
5.539
Revenues from sewerage services
103.882
2.422
103.882
2.422
Revenues from electric power sale
1.586
-
1.586
-
Revenues from Operation and Maintenance Contract of the EYS
25.000
-
25.000
-
Total
352.792
7.972
352.792
7.961
6. ALLOCATION OF THE ITEMS OF THE INCOME STATEMENT PER CATEGORY OF EXPENSES
The expenses accounts (by nature) have been allocated into the cost of goods sold and administration and distribution operations
as follows:
GROUP
31.12.2022
Amounts in k Euro
Cost of Sales
Distribution
Expenses
Administrative
Expenses
Impairment of Financial Assets
Total
Third-party expenses and fees
63.373
5.155
15.476
-
84.004
Cost of Self-Constructed Assets
(23.949)
-
-
-
(23.949)
Total Α
39.424
5.155
15.476
-
60.055
Personnel Fees & Expenses
66.177
23.771
42.107
-
132.055
Utilities
50.193
5.318
12.554
--
68.064
Depreciation and amortization
34.097
658
4.126
-
38.882
Provision for costs of raw water
27.624
-
-
27.624
Various Provisions
(7.143)
-
-
(3.703)
(10.846)
Various Expenses
6.723
3.958
2.943
-
13.623
Raw materials and consumables
10.689
473
1.119
-
12.281
Cost of Self-Constructed Assets
(5.855)
-
-
-
(5.855)
Total Β
182.505
34.178
62.849
(3.703)
275.829
Total (Α + Β)
221.929
39.332
78.325
(3.703)
335.884
31.12.2021
Amounts in k Euro
Cost of Sales
Distribution
Expenses
Administrative
Expenses
Impairment of Financial Assets
Total
Third-party expenses and fees
48.672
4.743
12.157
-
65.572
Cost of Self-Constructed Assets
(11.411)
-
-
-
(11.411)
Total Α
37.261
4.743
12.157
-
54.161
Personnel Fees & Expenses (note 8)
66.187
21.265
39.678
-
127.130
Utilities
27.922
4.424
12.573
-
44.919
Depreciation and amortization (note 7)
34.580
743
3.851
-
39.173
Provision for costs of raw water
28.395
-
-
28.395
Various Provisions (note 21, 22, 29, 32)
517
-
-
3.733
4.250
Various Expenses
5.931
5.475
3.880
-
15.286
Raw materials and consumables
9.973
295
992
-
11.260
Cost of Self-Constructed Assets
(6.932)
-
-
-
(6.932)
Total Β
166.574
32.201
60.974
3.733
263.482
Total (Α + Β)
203.835
36.944
73.131
3.733
317.643
COMPANY
31.12.2022
Amounts in k Euro
Cost of Sales
Distribution
Expenses
Administrative
Expenses
Impairment of Financial Assets
Total
Third-party expenses and fees
63.373
5.155
15.434
-
83.961
Cost of Self-Constructed Assets
(23.949)
-
-
-
(23.949)
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167
Total Α
39.424
5.155
15.434
-
60.013
Personnel Fees & Expenses
66.177
23.771
42.105
-
132.054
Utilities
50.193
5.318
12.554
-
68.064
Depreciation and amortization
34.097
658
4.126
-
38.882
Provision for costs of raw water
27.624
-
-
-
27.624
Various Provisions
(7.143)
-
-
(3.703)
(10.846)
Various Expenses
6.723
3.958
2.943
-
13.623
Raw materials and consumables
10.689
473
1.119
-
12.281
Cost of Self-Constructed Assets
(5.855)
-
-
-
(5.855)
Total Β
182.505
34.178
62.847
(3.703)
275.827
Total (Α + Β)
221.929
39.332
78.281
(3.703)
335.840
31.12.2021
Amounts in k Euro
Cost of Sales
Distribution
Expenses
Administrative
Expenses
Impairment of Financial Assets
Total
Third-party expenses and fees
48.672
4.743
12.126
-
65.641
Cost of Self-Constructed Assets
(11.411)
-
-
-
(11.411)
Total Α
37.261
4.743
12.126
-
54.130
Personnel Fees & Expenses (note 8)
66.187
21.265
39.677
-
127.129
Utilities
27.922
4.424
12.573
-
44.919
Depreciation and amortization (note 7)
34.580
743
3.851
-
39.173
Provision for costs of raw water
28.395
-
-
28.395
Various Provisions (note 21, 22, 29, 32)
517
-
-
3.733
4.250
Various Expenses
5.931
5.475
3.871
-
15.277
Raw materials and consumables
9.973
295
992
-
11.260
Cost of Self-Constructed Assets
(6.932)
-
-
-
(6.932)
Total Β
166.574
32.202
60.964
3.733
263.473
Total (Α + Β)
203.835
36.945
73.090
3.733
317.603
The fluctuation of expenses compared to the previous year is presented in the following tables:
a. UTILITIES (GROUP & COMPANY)
The account is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Electric Power
44.409
22.376
44.409
22.376
Natural Gas
644
675
644
675
Expenses concerning short-term leases
7.964
9.187
7.964
9.187
Expenses concerning payments of variable leases which are not included in
the measurement of liabilities from leases
122
132
122
132
Expenses from leases concerning contracts that were “silently” renewed
1.045
859
1.045
859
Telecommunication – Postal Expenses
4.607
4.541
4.607
4.541
Repairs and maintenance
6.268
5.524
6.268
5.524
Other utilities
3.005
1.625
3.005
1.625
Total (Note 6)
68.064
44.919
68.064
44.919
b. MISCELLANEOUS EXPENSES (GROUP & COMPANY)
The account is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Taxes - Duties
4.895
5.803
4.895
5.803
Annual financial report
For use 01.01.2022 – 31.12.2022
168
Materials for Immediate Consumption
3.213
2.465
3.213
2.465
Promotion and Advertising Expenses
1.905
1.449
1.905
1.449
Transport Expenses
790
705
790
705
Sponsoring Expenses - Grants
1.211
3.548
1.211
3.548
Other Expenses
1.609
1.315
1.609
1.306
Total (Note 6)
13.623
15.285
13.623
15.276
The increase in Sponsoring Expenses - Grants recorded last year is due to the implementation of the Company’s Board of Diorectors
Decision No. 20530/27.03.2020, i.e. donation of Euro 2 million to address the COVID-19 pandemic.
c. THIRD PARTY FEES & EXPENSES (GROUP & COMPANY)
The account, after the deduction of the cost of self-constructed assets (Total A), is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Fees of Sub-contractors of Psitalia WTP
28.744
27.972
28.744
27.972
Fees of Sub-contractors of Mornos WTP
2.251
1.956
2.251
1.956
Fees of Water Supply Network Sub-contractors
3.888
2.894
3.888
2.894
Other Third Party Fees
25.171
21.349
25.129
21.309
Total (Note 6)
60.055
54.161
60.013
54.130
d. VARIOUS PROVISIONS (GROUP & COMPANY)
The account is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Provisions for Impairment of Receivables
(3.703)
3.733
(3.703)
3.733
Provisions for Litigations Cases
(7.512)
498
(7.512)
498
Provisions for Obsolete Inventories
369
19
369
19
Total (Note 6)
(10.846)
4.250
(10.846)
4.250
e. RAW WATER COSTS (GROUP & COMPANY)
Law 4812/2021 (Government Gazette 110 / A’ / 30-6-2021) renewed the exclusive right to provide water supply and sewerage
services granted to EYDAP SA until 31.12.2040 with par. 1 of Article 2 of Law 2744/1999 (A '222). On 02.02.2022, based on the
above provisions, the relevant contract of L.4812 / 2021 was signed between the Greek State, the Legal Entity of Public Law
EPEYDAP and EYDAP SA. The term of the Contract for Sale of Water and Exclusive Right stands at twenty years, for the period from
01.01.2021 to 31.12.2040. The consideration of water supplied by EYDAP SA is defined in the unit price per cubic meter, specifically
in the table of Article 10 of the contract which for the year 2022 amounted to Euro 27,624 k.
7. DEPRECIATION EXPENSES
Depreciation expenses of fixed assets are recorded on the basis of fixed assets’ useful life, applying the straight line depreciation
method, as follows:
Ι. WATER SUPPLY NETWORKS
Primary Water Supply Pipelines
33-35 years
Annual financial report
For use 01.01.2022 – 31.12.2022
169
Secondary Water Supply Pipelines
25-50 years
Distribution Networks, External and Internal Pumping Stations
10-50 years
Storage tanks – Water Treatment Plants
17-50 years
ΙΙ. SEWERAGE NETWORKS
Heavy Infrastructure and Primary Collection Units
25-50 years
Secondary Pipelines
25-50 years
External Branches
25-50 years
Electromechanical Installations
20-50 years
IΙΙ. ANTI-POLLUTION PROJECTS AND WASTE WATER TREATMENT PLANTS
Waste Water Treatment R&D Centers
10-40 years
Waste Water Treatment Plants
10-40 years
IV. OTHER
Furniture & Fixture
5 years
Computer Hardware
3-4 years
Vehicles
5-20 years
Machinery
7-10 years
Buildings
20-50 years
The amounts recorded in the financial statements are analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Depreciation of tangible assets
39.238
39.228
39.238
39.228
Amortization of intangible assets
1.043
1.165
1.043
1.165
Amortization of the exclusive right
4.375
4.375
4.375
4.375
Amortization of investment subsidies
(6.190)
(6.114)
(6.190)
(6.114)
Expenses related to the depreciation of right-of-use assets
416
519
416
519
Total (Note 6)
38.882
39.173
38.882
39.173
8. PERSONNEL FEES & EXPENSES (GROUP & COMPANY)
Amounts in k Euro
31.12.2022
31.12.2021
Salaries and Wages
95.381
93.854
Social Security Contributions
23.545
19.206
Provision for staff indemnity Law 2112 (note 28a)
1.412
252
Provision for Special One-Off Indemnity for employees hired up to the date 25/10/1999 (note
28.d)
1.332
1.153
Provision for Special One-Off Indemnity for employees hired after the date 25/10/1999 (note
28.c)
352
1.133
Provisions for Healthcare Beneficiaries (note 28.b)
3.615
4.346
Other Provisions
6.417
7.186
Total (Note 6)
132.054
127.130
Annual financial report
For use 01.01.2022 – 31.12.2022
170
9. OTHER EXPENSES (GROUP & COMPANY)
Other expenses include accident-related compensations, inventory deficit differences, extraordinary losses totaling Euro 2,606 k
for the current period and Euro 1,906 k for the corresponding period last year. It is pointed out that in the current period, the item
includes an amount of approximately Euro 8.0 million which concerns provision for impairment of other receivables due to their
non-recoverability (Note 24). The Company took into account the events taking place in 2022 that shaped the relevant provision.
10. FINANCIAL INCOME (GROUP & COMPANY)
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Interest from Customers
8.838
8.205
8.838
8.205
Dividends
58
59
58
59
Interest earned on times deposits
4.360
6.563
4.360
6.563
Other Income
9
307
8
306
Total (Note 5)
13.265
15.134
13.264
15.133
The Company’s financial income amounting to Euro 13,265 k and Euro 15,133 k as at 31 December 2022 and 2021 respectively,
decreased due to the reduction in interest in interest on deposits.
11. FINANCIAL EXPENSES (GROUP & COMPANY)
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Interest of leases – IFRS 16
34
42
34
42
Interest costs on the actuarial liability
1.902
1.051
1.902
1.051
Other expenses
807
939
807
939
Total
2.743
2.032
2.743
2.032
The Company’s financial expenses amounting to Euro 2,743 k and Euro 2,032 k as at 31 December 2022 and 2021 respectively,
increased to the reduction in actuarial liability.
12. INCOME TAX
a. Income Tax in the Income Statement
The income tax of the current year represents the total amount of the current income tax, deferred tax, and tax provision for the
unaudited financial years as well as the tax audit differences, and is analyzed as follows:
Amounts in k Euro
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Corresponding Income Tax
4.143
18.309
4.143
18.309
Tax settlement differences
686
(35.270)
686
(35.270)
Deferred Taxation
765
45.695
765
45.695
Annual financial report
For use 01.01.2022 – 31.12.2022
171
Total
5.594
28.734
5.594
28.734
The following income tax has arisen for the current period:
Amounts in k Euro
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Earnings before tax
10.638
59.382
10.638
59.411
Income tax calculated with the tax rate in effect (22%/24%)
2.340
13.064
2.340
13.070
Tax for years 2015-2020 (ΚΥΑ 352462-08.12.2021)
-
36.012
-
36.012
Tax rate difference according to Article 120 Law 4799/2021
-
7.387
-
7.387
Income tax settlement differences
686
(35.270)
686
(35.270)
Tax on permanent differences and non tax-deductible expenses
2.568
7.542
2.568
7.535
Total
5.594
28.734
5.594
28.734
The income tax has been calculated in accordance with the tax legislation based on the tax rate of 22% currently in effect.
b. Income Tax in the Statement of Financial Position
Current Tax Obligation
In 2022, the total tax obligation amounts to Euro 142 and is analyzed as follows:
Amounts in k Euro
Balance as at 01.01.2022
Current Income Tax of FY 2022
4.144
Withheld Taxes – Income tax advance – Obligation for Income Tax 2022
(4.285)
Total current tax obligations as at 31.12.2022
142
The tax obligations of the Company for the years from 2015 to 2022 have not been examined by the tax authorities. Therefore,
the tax results of the aforementioned years have not been finalized.
For the fiscal years 2011 to 2021, the Company had been subject to the tax audit of the Certified Public Accountants according to
the provisions of paragraph (5) of article 82 of Law 2238/1994 (fiscal years 2011 up to 2013) and 65A of Law 4174/2013 (fiscal
years 2014 - 2020) as in force and Unqualified Conclusion Tax Compliance Reports were issued. The tax compliance reports for the
fiscal years 2016, 2017, 2018, 2019, 2020 and 2021 include Emphasis of Matter, which refers to the request to the Independent
Public Revenue Authority regarding the obligation to register property rights in the Company's Statement of Property Inquiry (E9).
For the year 2022, the Company has been subject to the tax audit of the Certified Public Accountants in compliance with the
provisions of Article 65a of Law 4174/2013. This audit is in progress and the relevant tax certificate is due to be issued after the
publication of the financial statements for the year 2022.
Following the J.M.D. no. 352462 / 14.12.2021 (Government Gazette No. Sheet 5830) of the Ministries of Finance, Development &
Investment, Environment & Energy, Infrastructure & Transport, in which both the EYDAP’s post due debts to the Greek State were
Annual financial report
For use 01.01.2022 – 31.12.2022
172
definitively settled for the consideration of the supply of raw material for the period 12.10.2012 -31.12.2020 as well as the
operating expenses of EYDAP for the management, maintenance and supervision of sound operation of EYS during the period from
01.10.2013 until 31.12.2020.
On 28.12.2021 the Company applied amended income tax returns for a total of six (6) tax years and specifically for the years 2015
- 2020. During the electronic liquidation of the above tax returns for the years 2015-2020 and based on the newly formed taxable
results of the Company, a credit balance to be returned to the Company amounting to Euro 39.5 million arose, collected by the
Company in 2022.
Furthermore, in 2022, a partial tax audit was carried out for the period from 01.01.2021 to 31.12.2021 and the Company collected
an amount of approximately Euro 6.2 million which concerns the refund of an advance payment due to calculation of a higher
income tax. The amount is recorded in "Other Receivables”. The financial statements include provisions for potential tax
differences totaling € 2.4 million.
NISON EYDAP DEVELOPMENT SA has not been audited for tax purposes from the fiscal year 2011 and onwards and no relevant
provision has been made due to its limited business transactions.
13. EARNINGS PER SHARE
The basic earnings per share are calculated by dividing the net profit of the period attributable to ordinary shareholders with the
weighted average number of ordinary shares in issue during the period. Profits are defined as profits/losses from continuing
operations of the Group. It is noted that in the current year, as well as in the previous one, there were no discontinued operations.
There were no convertible bonds or other potentially dilutive convertible securities during the periods reported in the
accompanying financial statements, so there is no calculation of any diluted earnings per share.
An entity presents basic and diluted earnings per share, even if the disclosed amounts are negative (e.g. loss per share).
GROUP
31.12.2022
31.12.2021
Earnings/(Losses) corresponding to the shareholders (in k Euro)
5.016
30.648
Weighted average number of shares in circulation
106.500.000
106.500.000
Earnings/(Losses) per share – Basic in Euro
0,05
0,29
At its meeting held on 26.04.2023, the Company’s Board of Directors approved submitting a proposal to the Regular General
Meeting of Shareholders regarding distribution of a dividend, pursuant to Article 160 of Law 4548/2018, amounting to two cents
(Euro 0.02) per share, (total gross amount Euro 2,130 k ).
The dividend is subject to the approval of the Regular General Meeting of shareholders and is included in the balance of the
"Retained earnings" item.
14. GOODWILL
The goodwill of € 3,357 k on 31st December 2021 concerns the amount paid in excess for the acquisition of Elefsina, Aspropyrgos
and Lykovrisi networks as compared to the networks’ net replacement cost, which was valued at the time of the acquisition.
The cash generating units and - consequently - the goodwill of the networks, are tested for potential impairment on annual basis,
or provided that the events or the changes of conditions indicate that such impairment could be effective. No impairment loss has
Annual financial report
For use 01.01.2022 – 31.12.2022
173
arisen from the impairment test, conducted by the Financial Analysis & Investors Relations Department of the Company in
December 2021.
In particular:
In order to settle its receivables from certain local government authorities (OTA), the Company signed contracts with three
municipalities (Aspropyrgos and Elefsina during the 2
nd
half of 2003 and Likovrisi in the 2
nd
half of 2006) for the transfer of
ownership of their water supply networks. In the context of the above contracts, water supply networks of 327 kilometers were
transferred to EYDAP. The networks service, via 26,786 connections, 65,000 inhabitants approximately of the particular
municipalities, which are now added to the Company’s customer base. The acquisition of the network of Aspropyrgos Municipality
accounted for € 2,749 k and was settled by offsetting an equal debt to the Company. The appraisal of the network in replacement
cost, which was performed by the Company’s technical department and was in agreement with the corresponding estimates of
the Municipality’s technical department, amounts to € 2,192 k.
The acquisition of the network of Elefsina Municipality accounted for € 1,800 k and was settled by offsetting a debt of € 1,500 k to
the Company and via a payment of € 300 k from the Company to the municipality. The appraisal of the network in replacement
cost, which was performed by the Company’s technical department and was in agreement with the corresponding estimates of
the Municipality’s technical department, amounts to € 681 k. The acquisition of the network of Likovrisi Municipality accounted
for € 2,271 k and was settled by offsetting an equal debt to the Company. The appraisal of the network in replacement cost, which
was performed by the Company’s technical department and was in agreement with the corresponding estimates of the
Municipality’s technical department, amounts to € 590 k.
15. OTHER INTANGIBLE ASSETS (GROUP & COMPANY)
Acquisition Cost on 31st December 2021
121.897
Additions
1.414
Balance on 31st December 2022
123.311
DEPRECIATION
31
st
December 2021
(37.928)
Depreciation for the Year
(5.419)
Reductions / Transfers
0
Total Depreciation on 31
st
December 2022
(43.347)
Net Value
31
st
December 2021
83.968
31
st
December 2022
79.964
Other intangible assets concern expenses for the purchase of software and other intangible fixed assets, which are expected to
generate future benefits to the Company. These expenses are recorded as intangible assets. Software assets are mainly
depreciated over a three-year period whereas with regard to the other intangible fixed assets, the Company reviews their
economic life on regular basis.
On 02/02/2022, pursuant to paragraphs 1, 2 and 4 of Article 114 of Law 4812/2021, the following contracts were signed between
the Greek State, the legal entity under public law EPEYDAP and EYDAP SA:
(1) the relevant contract under Law 4812/2021 (Exclusive Right Contract) following which, among other things, against
consideration the State - EPEYDAP grants the intangible and special right, provided by the Law, of the exclusive supply of raw water
to EYDAP and agrees on the annual supply of raw water for twenty years effective from 1.1.2021 to 31.12.2040, as specifically
defined in Article 10 of this contract
(2) the relevant contract of Article 4812/2021, following which EYDAP was assigned operation and maintenance of the EYS with
an initial term of three years with the possibility of extension for another six months.
As an implementation of the above legislative provision, under Article 10 of the Exclusive Right Contract, against consideration,
EYDAP SA receives the special intangible right of exclusive supply of Raw Water throughout the period provided by Law and in the
contract term (1.1.21 - 31.12.2040) and its Consideration (Raw Water) is agreed, determined on the basis of a price per cubic
meter that is valid for each reporting year according to a table included in the aforementioned Contract.
Annual financial report
For use 01.01.2022 – 31.12.2022
174
On 27.04.2022 a memorandum of understanding was signed between the Greek State, EPEYDAP, and the consideration paid for
the intangible right of exclusive supply of raw water amounting to Euro 87,500 k was determined. The cost of acquiring the
intangible right is subject to amortization corresponding to the duration of the commitment, the contract, the supply of the raw
water. It is to be noted that EPEYDAP will not collect the amount of intangible right in cash as its claim will be offset against the
corresponding claim of the Company due to the provided network maintenance service during three and a half years, according
to the respective contract for maintenance and operation of the external water system. As at 31.12.2022, the book value of the
intangible right stands at Euro 78,750 k.
16. TANGIBLE ASSETS
The Company, applying the provisions of IFRS 1 “First-time adoption of IFRS”, used the exception concerning recording and
valuation of property assets during the compilation of the Transitional Balance Sheet to the IFRS on 1 January 2004. In this context,
the Company considered the adjusted value of its property assets as deemed (implied) cost for the purposes of the compilation of
the Transitional Balance Sheet to the IFRS on 1 January 2004.
Specifically for the transition to IFRS, the Company recorded the self-utilized property assets at fair values based on studies
performed by independent valuators. These fair values constituted the deemed cost for the compilation of the Balance Sheet.
The changes in fixed assets of the Group and the Company for FYs 2022 and 2021 are presented in the table below as follows:
Annual financial report
For use 01.01.2022 – 31.12.2022
2022
Water
Sewerage
Prepayments
Machinery &
Supply
Networks
Motor
Land &
&
Mechanical
Network &
&
Vehicles &
Total
Buildings
Constructions
Equipment
consumption
Biological
Furniture
Amounts in k Euro
in Progress
meters
Treatment
Non-Depreciated Value on 1
st
January 2022
254.666
2.313
210.270
280.577
13.931
16.443
778.198
Additions
1.208
700
13.326
1.497
9.058
14.230
40.019
Reductions/Transfers
0
-
0
0
Deprecation Reverse Entry
-
-
0
0
0
Depreciation of the Year
(2.678)
(930)
(15.841)
(15.729)
(4.059)
-
(39.237)
Non-Depreciated Value on 31.12.2022
253.196
2.083
207.755
266.345
18.928
30.673
778.980
01.01.2022:
254.666
2.313
210.270
280.577
13.931
16.443
778.198
Cost
305.232
26.683
542.602
567.714
77.370
16.443
1.536.044
Accumulated Depreciation
(50.565)
(24.370)
(332.331)
(287.137)
(63.441)
0
(757.847)
Net Non-Depreciated Value
254.666
2.313
210.270
280.577
13.929
16.443
778.198
31/12/2022
Cost
306.440
27.383
555.929
569.211
86.428
30.673
1.576.062
(53.244)
(25.300)
(348.174)
(302.866)
0
(797.082)
Accumulated Depreciation
(67.498)
Net Non-Depreciated Value
253.196
2.083
207.755
266.345
18.928
30.673
778.980
Water Supply
Sewerage
Prepayments
Machinery &
Motor
2021
Land &
Network &
Networks &
&
Mechanical
Vehicles &
Total
Amounts in k Euro
Buildings
consumption
Biological
Constructions
Equipment
Furniture
meters
Treatment
in Progress
Non-Depreciated Value on 1
st
January 2021
256.691
2.464
207.772
293.714
5.489
22.598
788.727
Additions
1.308
797
18.228
3.433
11.098
(6.155)
28.709
Reductions/Transfers
0
-
(1.634)
(1.634)
Deprecation Reverse Entry
-
-
0
1.624
1.624
Depreciation of the Year
(3.332)
(948)
(15.731)
(16.570)
(2.645)
-
(39.228)
Non-Depreciated Value on 31.12.2021
254.666
2.313
210.270
280.577
13.931
16.443
778.198
01.01.2021:
256.691
2.464
207.772
293.714
5.489
22.598
788.727
Cost
303.924
25.886
524.372
564.281
67.907
22.598
1.508.968
Accumulated Depreciation
(47.233)
(23.422)
(316.599)
(270.567)
(62.419)
-
(720.241)
Net Non-Depreciated Value
256.691
2.464
207.772
293.714
5.489
22.598
788.727
31.12.2021
Cost
305.232
26.683
542.602
567.714
77.370
16.443
1.536.044
Accumulated Depreciation
(50.565)
(24.370)
(332.331)
(287.137)
(63.441)
0
(757.847)
Net Non-Depreciated Value
254.666
2.313
210.270
280.577
13.929
16.443
778.198
Additions to the line "Prepayments & Constructions in Progress" for FY 2022 include:
• an amount of Euro 29,804 k for constructions in progress,
• an amount of Euro (1,195) k for prepayments from acquisition of vehicles – machinery, and
• an amount of Euro (14,379) k for consolidations of the year (Euro 13,270) k for water supply network & consumption
meters and Euro (1,109) k for Sewerage Network - Biological treatment.
175
Annual financial report
For use 01.01.2022 – 31.12.2022
176
17. RIGHT-OF-USE ASSETS AND LIABILITIES FROM LEASES (GROUP & COMPANY)
The statement of Financial Position of the Company and the Group includes the following amounts in relation to the leases:
Right-of-use assets
(Amounts in k Euro)
BUILDINGS
Net book value 1
st
January 2022
1.301
Net book value 31
st
December 2022
1.006
Depreciation charges for the year ended on 31
st
December 2022
416
Additions of Euro 7.9 k were made to ROU assets in FY 2022 made for the Group and the Company due to readjustments to lease
payments given the change in the Consumer Price Index (CPI).
Lease liabilities
(Amounts in k Euro)
31.12.2022
31.12.2021
Long-term
558
913
Short-term
499
443
Total lease liabilities
1.057
1.356
The Group mainly leases land & buildings, in order to serve its administrative and operational needs. Lease terms are negotiated
on an individual basis and contain a wide range of different terms and conditions. The majority of those lease contracts contain
apart from the standard fixed rent payments and additional rent payments that are mainly linked to the change in the consumer
price index (CPI). There are no lease contracts containing a variable rent payment, beyond those that depend on an index or
interest rate such as the CPI. Leases of land & buildings are typically made for a fixed period of 8-12 years.
The total cash outflow in 2022 for leases amounted to approximately € 1,045 k for the Group and the Company relating to rentals
of real estate leases which have been silently renewed.
18. INVESTMENTS IN SUBSIDIARIES
On 18th July 2011, following the BoD decision 17241/13.05.2011, EYDAP SA established a company under the title “NISON WATER
SUPPLY AND SEWERAGE S.A.” and distinctive title “NISON EYDAP SA”, which is fully owned (100% via capital deposit of 1,210 k
Euro) by EYDAP SA. With the decision of the Extraordinary General Meeting of shareholders of the societe anonyme dated
21/09/2017, the title changed to “NISON WATER SUPPLY AND SEWERAGE S.A. DEVELOPMENT" with the distinctive title "NISON
EYDAP DEVELOPMENT SA".
“NISON EYDAP DEVELOPMENT SA” operates in the domain of water supply, sewerage, irrigation, and rain water collection in
Greece’s islands. The subsidiary has limited business activity until today.
The annual audited Financial Statements of the company “NISON EYDAP DEVELOPMENT S.A.” are available on the Internet at the
company’s website under the domain name www.eydapnison.gr.
19. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Financial Assets include the following:
• Investment in EYATH SA, a company listed on the Athens Exchange, which provides the company with the option to
generate income from dividends and potentially from capital gains. The company was valued at fair according to the
official price quote of the Athens Exchange on 31.12.2022 and the difference that emerged due to the change of fair value
was recorded in equity through the Statement of Total Comprehensive Income.
Annual financial report
For use 01.01.2022 – 31.12.2022
177
• Investment in Attica Bank. EYDAP SA, with the decision no. 18770/18.12.2015 of the Board of Directors approved its
participation in the share capital increase of Attica Bank Societe Anonyme, based on an amount of € 20 million. The above
decision was verified by the Extraordinary General Meeting of shareholders on 15/01/2016. The investment of the
Company in the shares of Attica Bank is considered as strategic one and therefore it has been recorded under the category
of equity participations at fair value through the other comprehensive income. In the information prospectus on
24.04.2018, Attica Bank announced a share capital increase via the issuance and allocation of new common shares based
on preemptive rights in favor of the existing common shareholders and according to a ratio of 4 new shares for every 1
old share. EYDAP SA with the decision no. 19649/11.05.2018 of the Board of Directors approved not to exercise any
preemptive right in the share capital increase of Attica Bank. As a result, the Company’s participation settled at 4,701,457
shares. As from September 30, 2021 the shares shrank thorough the reverse split at a ratio of 1/60 and amounted to
78,357 shares measured at fair value according to the official price of the Athens Stock Exchange on 31.12.2022 and the
difference (loss) arising due to the change in fair value was recorded in equity through the statement of other
comprehensive income.
In March 2023 the shares shrank thorough another reverse split at a ratio of 1/150 and amounted to 522 shares.
Following the above, the Company’s portfolio was formed as follows:
Amounts in k Euro
Number of
Shares
Acquisition
Cost
Valuation on
31.12.2022
Valuation on
31.12.2021
Thessaloniki Water Supply & Sewerage Co. (EYATH)
264.880
485
874
1.231
Attica Bank SA
78.357
20.000
5
13
Total
343.237
20.485
879
1.244
20. LONG-TERM RECEIVABLES (GROUP & COMPANY)
The account is analyzed in the financial statements as follows:
Amounts in k Euro
GROUP
COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Personnel Loans (Note 23)
4.246
4.790
4.246
4.790
Settlement of overdue amounts from Municipalities
761
136
761
136
Advances for compensation of expropriated lands
5.841
5.224
5.841
5.224
Guarantees (Public Power Corp., Real Estate)
591
591
591
591
Other long term receivables
152
-
152
-
Total
11.591
10.741
11.591
10.741
Municipality Debt Settlements:
The Company, in the context of its business activity, supplies with water (refined or raw) various Local Authorities (OTA) which
manage their own distribution networks and price their citizens. In the course of settlement of the Greek State’s liabilities by Local
Authorities, Legal Entities and General Government bodies to the Company, the due liabilities were paid in 2013. The Company
since 2014, in order to deal with delays in the collection of the relevant receivables by the Local Authorities, proceeded with the
formation of contracts with specific Local Authorities, on the basis of which the remaining amounts of these Local Authorities are
settled in interest-free monthly installments. These long-term receivables are presented in the financial statements at amortized
cost.
The discount rate applicable to post due receivables from Municipalities is set 8.51% and the amount recognized in the financial
income for the aforementioned receivables stands at approximately 0.2 million Euro.
Annual financial report
For use 01.01.2022 – 31.12.2022
178
Advance payments for expropriated land plots compensation:
Mandatory expropriation complies with the procedure stated in Law 2882/2001 (Α΄17) "Mandatory Expropriation Code" - as
amended and effective, in particular with article 280 of Law 4364/2016 (Α΄13), adding the provision of article 7A of the above
code which concerns implementation of projects of general significance to the country's economy - in conjunction with Law
1068/1980 (article 28 Expropriations), which applies in addition to the provisions of Law 2744/1999, governing EYDAP SA
operations.
The unit price of the expropriation compensation is determined in accordance with article 7A, as well as the temporary and final
unit price is determined by the competent Court of Appeal, in accordance with Law 2882/01 on mandatory expropriations.
The amounts are awarded to the beneficiaries who will be recognized by a court decision (after the expropriation decision) and
until they are awarded to the beneficiaries, they will remain with the Deposits and Loans Fund.
As of 31.12.2022, the transfer of the land plots mainly related to expropriations for the construction of sewage treatment centers
in Eastern Attica has not been performed.
An amount of Euro 5,224 k has been reclassified for 2021 from "Miscellaneous Advance Payments" of Other Receivables (Note
24).
21. DEFERRED TAX ASSETS (GROUP & COMPANY)
Deferred tax assets are offset against the deferred tax obligations whenever there is legal right for such offsetting, whereas they
are both subject to the same tax authority.
Deferred tax assets (obligations) at 31.12.2022 and 2021, respectively, have been calculated based on the applicable taxation
framework.
Deferred tax assets (obligations) are analyzed below as follows:
Amounts in k Euro
2021
2022
Description
Closing
Balance
31.12.2020
(Burden)/
Benefit from
change in tax
rate
(Burden)/
Benefit in the
Income
Statement
(Burden)/
Benefit in
Equity
Closing Balance
31.12.2021
((Burden)/
Benefit in the
Income
Statement
(Burden)/ Benefit in
Equity
Closing Balance
31.12.2022
Expensing of intangible
assets
9
(1)
-
-
8
-
-
8
Inventory impairment
598
(50)
4
-
552
81
-
633
Obligation for employee
benefits
59.783
(4.982)
(1.298)
(2.233)
51.270
(801)
(13.363)
37.106
Provisions for doubtful
receivables
4.419
(368)
-
-
4.051
-
-
4.051
Other provisions for risks
and expenses
44.894
(740)
(35.932)
-
8.222
(1.652)
-
6.570
Customer and
municipalities
contributions
5.091
(424)
(196)
-
4.471
86
-
4.557
Amortization difference
between accounting and
tax basis
(7.926)
660
(1.597)
-
(8.862)
(1831)
-
(10.693)
Deferred tax in Tax
Reserve due to
revaluation of real estate
assets
7.449
(621)
-
-
6.828
-
-
6.828
Impairment of securities
4.536
-
-
(139)
4.397
-
1
4.398
Other deferred taxation
items
9.188
(861)
710
-
9.037
3.353
-
12.389
128.041
(7.387)
(38.309)
(2.372)
79.974
(765)
(13.362)
65.847
As at 31.12.2022, deferred tax asset amounts to approximately Euro 65.8 million. The respective tax asset as at 31.12.2021 was
approximately Euro 79.9 million.
Annual financial report
For use 01.01.2022 – 31.12.2022
179
22. MATERIALS, SPARE PARTS & CONSUMABLES (GROUP & COMPANY)
The account in the financial statements is analyzed as follows:
Amounts in k Euro
31.12.2022
31.12.2021
Consumables and Spare Parts
19.827
17.313
Provision for Impairment
(2.879)
(2.510)
Total
16.948
14.803
Inventories are utilized in the Company’s networks (maintenance and expansion). Inventories amounting to approximately € 7.0
million are expected to be recovered after 12 months (versus an amount of approximately € 4.9 million in the previous year).
The provision for impairment of consumables and spare parts that has been formed for estimated non-recoverable amounts is
analyzed as follows:
Amounts in k Euro
31.12.2022
31.12.2021
Opening balance
2.510
2.491
Provision for the year
369
19
Closing balance
2.879
2.510
23. TRADE RECEIVABLES, CONTRACTUAL ASSETS (GROUP & COMPANY)
The balance of Trade Receivables and Contractual Assets prior to impairment due to provisions for bad debt settled at € 269.4
million approximately during the current period.
The Group and the Company applied the simplified approach for the estimation of the expected future credit losses in relation to
the “Trade Receivables” as it is required by IFRS 9, paragraph 5.5.15. The Group recognizes the provision of the expected credit
losses during the initial recognition with regard to the item “Trade Receivables”, classified and measured at the amortized cost.
In the context of the requirements set by the IFRS 9 regarding the financial asset “Trade Receivables”, the Group has adopted the
simplified approach according to which it recognizes and classifies the financial asset “Trade Receivables” either in stage 2 or in
stage 3 based on the days of delay in the payment of the invoices as follows:
• Stage 2: 0-89 days of delay from the day of payment stated in the invoice. Trade receivables classified in stage 2 are not impaired.
• Stage 3: 90 or more days of delay. Trade receivables classified in stage concern the customers ,for whom a default event has
occurred (they are impaired).
For stages 2 and 3, the Company forms the Expected Credit Losses on the basis of risk parameters which are calculated according
to the historic data. The risk parameters are the estimated probability of default, the percentage of loss on the amount due given
that the customer has defaulted in the payment of this amount due, and the outstanding amount which the Company is exposed
to in case of the customer’s default.
As a general rule, the assessment of the classification in stages is performed in every reporting period.
The provision for impairment of trade receivables is presented below as follows:
Amounts in k Euro
Group & Company
Provision for impairment of receivables on 01.01.2022
103.306
Provision for the year’s impairment of receivables on 31.12.2022
(3.703)
Provision for impairment of receivables on 31.12.2022
99.602
Therefore, the balance of trade receivables and contractual assets impaired after the provision for impairment, has been settled
at approximately € 169.8 million in the current period.
As of 31.12.2022, in order to effectively manage its credit risk, the Company made a provision for impairment of receivables for a
total amount of approximately € 99.6 million.
Annual financial report
For use 01.01.2022 – 31.12.2022
180
The item “Contractual Assets” concerns accrued, non-invoiced to customers, revenues from water supply and sewerage services.
The relevant analysis is presented below as follows:
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
Retail Customer Receivables
166.404
214.246
Provision for doubtful retail customer receivables
(73.474)
(80.102)
Municipalities (OTA), Greek State, Public Utilities (DEKO)
58.685
50.368
Provision for doubtful Trade Receivables of Municipalities (OTA), Greek State, Public
Utilities (DEKO)
(23.387)
(19.061)
Balance of Customer Receivables after the provision for doubtful items
128.227
165.451
Accrued, non-invoiced income
-
Contractual Assets
44.291
64.263
Provision for doubtful contractual assets
(2.741)
(4.143)
Balance of Contractual Assets after the provision for doubtful items
41.550
60.120
Total Customer Receivables and Contractual Assets
169.777
225.571
Due to the large number of customers (approximately 2,068,945 as of 31.12.2022), the credit risk for the Company is quite limited.
At the same time the contractual terms for the provision of water supply and sewerage services are such that ensure to the greatest
possible extent that the amounts invoiced will be collected from the users (customers).
The Department of Revenue & Trade Receivables Management continuously monitors the claims of the Company, either
separately or based on groups (invoice codes, customer categories) and incorporate this information into the credit risk control
procedure in order to make the respective provision.
In the context of procedures provided by the Public Revenue Collection Code (Law 356/1974), as amended following laws
4174/2013, 4224/2013, 4337/2015 & 4517/2018, the Company calculates the relevant interest charged on the overdue amounts
at the time of their payment.
Trade and Other Receivables
The Group and the Company apply the simplified approach to estimate the expected future credit losses of the "Trade
Receivables" in accordance with IFRS 9. In order to measure the expected credit losses, the "Trade Receivables" are classified with,
based on credit history parameters that have been computed with historical data and the payback days of the accounts.
Following the above, the provision for impairment on 31
st
December 2022 and 31
st
December 2021 was determined as follows:
31.12.2022
Retail Customer Receivables – Non settled
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
6,9%
6,9%
6,9%
6,9%
60,20%
44.20%
Receivable prior to impairment
24.657
6.747
7.184
4.706
101.275
144.568
Provision for impairment
1.691
463
493
323
60.926
63.896
Retail Customer Receivables – Settled
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
0,60%
0,60%
0,60%
0,60%
12.80%
10.20%
Receivable prior to impairment
95
556
863
968
9.034
11.516
Provision for impairment
1
3
5
5
1.158
1.172
Retail Customer Receivables excluding water
supply and sewerage services
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
-
9,10%
9,10%
9,10%
83,20%
81,50%
Receivable prior to impairment
-
138
18
89
10.076
10.320
Provision for impairment
-
12
2
8
8,384
8.406
Municipalities (OTA), Greek State, Public
Utilities (DEKO)
Non-overdue
0-30
30-60
60-90
90+
Total
Annual financial report
For use 01.01.2022 – 31.12.2022
181
Expected credit losses (%)
3,70%
3,70%
3,70%
3,70%
54.20%
43,5%
Receivable prior to impairment
9.902
84
3.074
3.586
42.038
58.685
Provision for impairment
371
3
115
134
22.764
23.387
Contractual Assets
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
6,2%
6,2%
Receivable prior to impairment
44.291
44.291
Provision for impairment
2.741
2.741
Total Receivables from Customers and
Contractual Assets
Non-overdue
0-30
30-60
60-90
90+
Total
Receivable prior to impairment
78.945
7.525
11.139
9.349
78.945
257.864
Provision for impairment
4.804
482
614
470
4.804
99.603
158.262
31.12.2021
Retail Customer Receivables – Non settled
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
6,8%
6,8%
6,8%
6,8%
60,3%
36,6%
Receivable prior to impairment
66.020
8.912
2.740
8.417
108.599
194.688
Provision for impairment
4.498
607
187
573
65.481
71.346
Retail Customer Receivables – Settled
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
0,1%
0,1%
0,1%
0,1%
13,1%
9,9%
Receivable prior to impairment
225
727
611
722
7.138
9.423
Provision for impairment
0
1
1
1
933
936
Retail Customer Receivables excluding water
supply and sewerage services
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
-
105,5%
105,5%
105,5%
76,9%
77,2%
Receivable prior to impairment
-
58
5
32
10.040
10.135
Provision for impairment
-
61
5
34
7.720
7.820
Municipalities (OTA), Greek State, Public
Utilities (DEKO)
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
3,3%
3,3%
3,3%
3,3%
51,6
43,5%
Receivable prior to impairment
9.217
114
2.993
2.042
36.001
50.368
Provision for impairment
309
4
100
68
18.580
19.061
Contractual Assets
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
6,4%
6,4%
Receivable prior to impairment
64.263
64.263
Provision for impairment
4.143
4.143
Total Receivables from Customers and
Contractual Assets
Non-overdue
0-30
30-60
60-90
90+
Total
Receivable prior to impairment
139.727
9.811
6.348
11.214
161.778
328.877
Provision for impairment
8.949
673
292
677
92.714
103.306
225.571
24. OTHER RECEIVABLES (GROUP & COMPANY)
The item is analyzed as follows:
GROUP
COMPANY
Annual financial report
For use 01.01.2022 – 31.12.2022
182
Amounts in k Euro
31.12.2022
31.12.2021 Reclassified
31.12.2022
31.12.2021 Reclassified
Loans and advances to Personnel
4.594
4.511
4.594
4.511
Receivable concerning Greek State’s participation in
the mandatory coverage of the deficit of the special
lump sum account
258
258
258
258
Miscellaneous advance payments
8.073
7.952
8.073
7.952
Transfer to Long-term Receivables
(5.842)
(5.225)
(5.842)
(5.225)
Receivable concerning income from Bank of Greece
1.478
2.217
1.478
2.217
Receivables due to Personnel’s Training Programs
2.193
2.463
2.193
2.463
Receivables from employees according to the BoD
decision 19389/25,10,2017
3.472
3.519
3.472
3.519
Receivables from the Greek State concerning
healthcare contributions from new-entry employees
(from 1/1/1993) to the Social Security Fund (IKA)
4.272
3.832
4.272
3.832
Other receivables
606
2.016
544
1.958
Receivables concerning retention amounts from
pensioners’ health care contributions
(115)
282
(115)
282
Receivables from the Greek State 2015-2020 under
JMD 352462/08-12-2021/Partial Tax Audit of FY
2021
6.212
39.546
6.212
39.546
Total
25.201
61.372
25.139
61.314
Provision for impairment of Other Receivables
(8.019)
-
(8.019)
-
Total Other Receivables
17.182
61.372
17.120
61.314
Loans and Advances to Personnel:
The Company provides the personnel with zero interest loans, short-term payroll advances free of interest, cash facilities and long-
term interest bearing loans. The amount of € 4,594 k concerns the short-term part of the loans granted to personnel. The long-
term part which as of 31.12.2022 amounted to € 4,246 k is included in the balance of the long-term receivables (Note 20).
Greek State’s participation in the mandatory coverage of the deficit of the special lump sum account:
The amount concerns Greek State’s obligation based on Law 2939/6.8.2001 to cover the deficit of the special lump sum account
for end of service indemnity, concerning employees who retired and employees who worked for the Company until 25th October
1999. The obligation in effect concerns an overdue amount payable from the Greek State from 01.07.2013 - 08.08.2013
(publication date of Law 4179/2013). The Company made an equal provision for impairment included in the item "Other Expenses"
(Note 9).
Miscellaneous advances:
The item " Miscellaneous Advances" mainly includes advances for compensation of expropriated land plots, totaling € 7.0 million,
following the issuance of a Decision of the Ministry of Infrastructure and Transport (Government Gazette). From the amount of
Euro 7 million, the amount of approximately Euro 5.8 million was transferred to "Long-term Receivables" fund (Note 20) due to
the delay in the competent Court of Appeal issuing a decision determining the final unit price of the expropriation compensation
in accordance with article 7A, to Law 2882/01 on mandatory expropriations (Note 43 and 3. Accounting Policy).
Moreover, following the review of various items that remained for a period of more than five years in the account as pending
miscellaneous debts, the amount of Euro 805 k was transferred to "Other Expenses" (Note 9).
Annual financial report
For use 01.01.2022 – 31.12.2022
183
Recevables from the Special Fund for Employment and Vocational Training (LAEK) Educational Programs:
The Human Resources Training Department submitted a request to collect the subsidy after payment to the Unified Social Security
Fund (EFKA) of LAEK the employer's contribution as a beneficiary body, making a provision for the relevant income. The issuance
of the repayment circular of the Manpower Employment Organization (OAED)/LAEK is delayed and in combination with a
retroactive change in the contribution rate, the Company made a provisions for an amount of Euro 795 k, recorded in "Other
Expenses" (Note 9).
Employees’ claim according to the BoD decision 19389/25.10.2017 and 21087/30.11.2022:
A small group of employees claimed their salary through interim proceedings without the cut of Law 4024/2011. Pursuant to the
decision of the Court of First Instance of Athens, EYDAP SA with the decision of the Board of Directors No. 19389/25.10.2017,
provisionally paid the relevant amounts, forming a receivable amounting to Euro 3.7 million.
The Board of Directors of the Company, following its decisions no. 19389/2017 and 19459/2017 and for the purpose of its
compliance with the decisions regarding the Interim Measures of the Single Member Athens First Instance Court, and in particular
under the threat of their forced execution after the exhaustion of the available remedies aids, finally paid the amounts concerning
the period 2013 - 2018 without the discounts under Law 4024/2011.
Following the same decisions of the Board of Directors, the company expressly reserved its right to recover the excess
remuneration paid applying any legal means.
The subsequent court decisions of the Court of Appeal finally rejected the lawsuits and claims of 131 employees regarding the
above matter, however, the submitted request of the Company for the return of the amounts paid was also rejected.
Following the above development, the Company contacted the employees regarding the matter of the return of the above
amounts and sent letters to them in September 2021 requesting the return of the specific amounts they collected in execution of
the Interim Measures decisions, which they ignored.
The Board of Directors in its decision no. 21087/30.11.2022, decided on the out-of-court resolution of the issue with the warning
of return of the amount by the employees in a certain time before the filing of the lawsuit. It is noted that the amount of the
company's claim, in case of employee departure, is withheld from their compensation.
Taking into account the relative outcome of the case, the provision for impairment amounted to approximately Euro 1.8 million
and is recorded in "Other Expenses" item (Note 9).
Receivables from the Greek State for sickness contributions for new entrants (from 01.01.1993) to the Social Insurance Institute
(IKA):
Law 2084/1992 and Min. Decision Φ2/16/2517/475/2003 defined the way of provisioned the State contribution to the social
insurance bodies for those entering the IKA insurance for the first time as from 1.1.1993. In application of the prescribed
procedure, EYDAP sends to the General Secretariat of Social Insurance of the Ministry of Labor, at the prescribed time intervals,
computerized statements of collected sickness contributions certified by the Board of Directors of the Company in order to issue
the payment orders and to be paid by the Greek State.
The Greek State used to regularly pay the relevant contributions to the Company for a number of years until the second quarter
of 2009, when it stopped the payments. The company filed two lawsuits against the Greek State in order to compel it to pay the
relevant amounts. The first lawsuit pertaining to the amount of € 1,956 k, concerns the period from the third quarter of 2009 to
the financial year 2015, while the second, pertaining to amount of € 855 k, covers the financial years 2016 - 2018. Regarding the
Lawsuits, in 2022, decisions of the Administrative Athens First Instance Court no. 9886/2022 (Department 5th Three-member
Court) and 18068/2022 (Department 31st Three-member Court) respectively were issued, which rejected the legal remedies.
Taking this result into account, the Company made a relevant provision of Euro 3.8 million, recorded in "Other Expenses" (Note
9).
Appeals have already been filed against the above decisions and the hearing dates are expected to be disclosed.
Receivable from the Greek State 2015-2020 under JMD 352462/08-12-2021
Following the JMD No. 352462 / 14.12.2021 (Government Gazette No. Sheet 5830) of the Ministries of Finance, Development &
Investment, Environment & Energy, Infrastructure & Transport, under which both EYDAP’s post due debts to the Greek State were
definitively settled for the consideration of the supply of raw water for the period 12.10.2013 -31.12.2020 as well as the operating
expenses of EYDAP for the management, maintenance and supervision of sound operation of EYS during the period from
01.10.2013 to 31.12.2020. On 28.12.2021, the Company applied amended income tax returns for a total of six (6) tax years and
Annual financial report
For use 01.01.2022 – 31.12.2022
184
specifically for the years 2015 - 2020. During the electronic amendment of the above tax returns for the years 2015-2020 and
based on the Company’s newly formed taxable results, a credit balance to be returned to the Company amounting to Euro 39.5
million arose, collected by the Company in 2022.
Furthermore, in 2022, a partial tax audit was carried out for the period from 01.01.2021 to 31.12.2021 and the Company collected
an amount of approximately Euro 6.2 million which concerns the refund of an advance payment due to calculation of a higher
income tax. Therefore, as at 31.12.2022, the aforementioned amount is recorded in "Other Receivables”.
The size of the total provision for impairment made in 2022 fiscal year, amounts to approximately Euro 8,019 k as analyzed above.
25. CASH AND CASH EQUIVALENTS
The account is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Cash at hand
870
124
54
124
Sight and time deposits
321.309
431.610
321.309
430.757
Total
322.179
431.734
321.363
430.881
The sight and time deposits carry floating interest rates based on the level of the deposit and the interest charged period.
The current value of the above sight and time deposits approaches their accounting value due to the floating interest rates and
their short-term maturities. The sight deposits’ balance does not include amounts of € 127 k and € 199 k of overdue check payables
on 31.12.2022 and 2021 respectively, which have been recorded in the account of other short-term liabilities (Note 30). Interest
income from bank deposits is recognized via the principle of accrued income and is included in the financial income.
26. SHARE CAPITAL
EYDAP was established in 1980 pursuant to Law 1068/1980 and following the merger of two water and sewerage utilities of Athens
at the time, under the titles Hellenic Water Supply Company and the Sewerage Organization of Athens.
The initial share capital of the Company settled at € 130,502 k and was based on the valuation of assets and liabilities of the merged
entities according to the clauses of Law 1068/1980.
In 1992, the share capital amounted to € 1,253,507 k consisting of 213,566,232 common shares with a nominal value of € 5.87 per
share. The share capital increase took place pursuant to Law 1914/1990 following a new valuation of the Company’s net worth in
view of significant number installations, which were contributed by the Greek State to the Company at the time, and following the
capitalization of liabilities towards the State.
The General Meeting held on 30 June 1998 approved an additional increase of the Company’s share capital by € 6,845 k via the
capitalization of investment subsidies that had been collected up to 31 December 1997. Following the above increase, the
Company’s share capital amounted to € 1,260,352 k consisting of 214,732,544 common shares with a nominal value of €5.87 (two
k drachmas) per share.
In 1999, due to the Company’s listing on the Athens Exchange and according to Law 2744/1999, its share capital was set at €
58,694 k consisting of 100,000,000 common shares with a nominal value of € 0.59 (two hundred drachmas) per share. According
to the same Law, the remaining amount of € 1,201,658 k of the share capital was converted to a ‘’Special Non Taxable Reserve’’,
which was among others decreased by the net amount of fixed assets, which were transferred to «EYDAP Fixed Assets» at no cost.
In December 1999, 6,500,000 new ordinary shares were issued at a nominal value of € 0.59 (two hundred drachmas) per share
and were allocated through an initial public offering for the Company’s listing on the Athens Exchange.
As a result, the Company’s share capital as of December 31, 2000 had amounted to € 62,509 k consisting of 106,500,000 common
shares with a nominal value of € 0.59 (two hundred drachmas) per share.
Annual financial report
For use 01.01.2022 – 31.12.2022
185
In May 2001, EYDAP decided to denominate its share capital into Euro, through the increase of the nominal value per share from
€ 0.59 to € 0.60, and the amount of € 1,391 k of the above share capital increase was transferred from the “Share Premium
Account”. Thus, the share capital of the Company was equivalent to € 63,900 k consisting of 106,500,000 common shares with a
nominal value of € 0.60 per share.
The Regular General Meeting of Shareholders held on 25.06.2021, approved: Α) the increase of the share capital by
capitalization of a part of the shares premium account in the amount of €24.495 k with an increase in the nominal value of the
share by €0.23, i.e. from €0.60 to €0.83. Thus, the Share Capital of the Company amounted to eighty-eight million three hundred
ninety-five thousand euro (88.395.000) divided into one hundred and six million five hundred thousand shares (106,500,000)
with a nominal value of eighty-three cents of each share (€0.83),
Β) and simultaneously the reduction of the share capital by the amount of €24,495 k and the modification of the relevant article
5 in the Company’s Articles of Association. The nominal value of the share was reduced by €0.23 accordingly, and remained at
the price of €0.60, i.e. from €0.83 to €0.60, and at the same time there was a capital return by paying cash to the shareholders in
the amount of 0.23€ per share.
Following the above, the Company's share capital currently amounts to Euro 63,900 k, divided into 106,500,000 shares of nominal
value of Euro 0.60 each.
27. RESERVES
The account in the financial statements is analyzed as follows:
Amounts in k Euro
31.12.2022
31.12.2021
Legal reserve
22.207
22.207
Special Non-Taxable Reserve of Law 2744/99
352.078
352.078
Reserve from Specially Taxed Income
3.687
3.687
Other reserves
(1.578)
(1.215)
Adjustment due to adoption of IFRS 9 (01.01.2018)
(12.827)
(12.827)
Total
363.567
363.930
Legal reserve:
According to the Greek commercial law concerning Societe Anonymes (Article 44, L. 2190/1920), as amended by Law 4548/2018,
companies are required to transfer at least 5% of their annual net profits to a legal reserve until this reserve becomes equivalent
with the 1/3 of the paid up share capital. The particular reserve is not distributable and the purpose of its creation is to cover
future losses. On 31.12.2011, the Company covered the required by law legal reserve as percentage of its total paid up share
capital. During the year 2015, the Company arranged a reserve formed due to revaluation of shares amounting to € 660 k
approximately according to article 72 of Law 4172/2013.
Special Non-Taxable Reserve under Law 2744/99:
The Special Non-Taxable Reserve was formed with the Company’s listing on the Athens Stock Exchange (ASE) in financial year
1999, from the denomination of the Company’s share capital at the time to the euro equivalent of € 58,694 while its previous
balance was € 1,201,658.
Based on the clauses of L. 2744/99, the initial balance of the reserve:
• Was reduced with the net, non-depreciated, value of the facilities which were granted to “EYDAP Fixed Assets LEPL” at no
consideration.
• Was decreased with the various amounts of provisions which were recorded in the Company’s accounting books during
its listing on ASE.
• Was increased with the surplus value deriving from the revaluation of the installations and networks that remained in the
possession of the Company.
Annual financial report
For use 01.01.2022 – 31.12.2022
• And was increased with the transfer of the account “Profit/loss carried forward” which was recorded in the Balance Sheet
of 31 December 1998.
In accordance with Law 2744/99, the reserve was classified as “Special Non-Taxable Reserve”.
28. RETAINED EARNINGS
The account in the financial statements is analyzed as follows:
Amounts in k Euro
GROUP
COMPANY
Balance at 01.01.2021
358.322
358.581
Dividends Paid
(25.560)
(25.560)
Net Profit for the Year 2021
30.648
30.677
Net Income directly recorded in Equity
7.919
7.919
Balance at 31.12.2021
371.329
371.618
Balance at 01.01.2022
371.329
371.618
Dividends Paid
(29.820)
(29.820)
Net Profit for the Year 2022
5.016
5.044
Net Income directly recorded in Equity
47.379
47.379
Balance at 31.12.2022
393.905
394.221
29. EMPLOYEE BENEFIT OBLIGATIONS (GROUP & COMPANY)
The International Financial Reporting Interpretations Committee ("IFRIC"), in May 2021, adopted the final agenda item entitled
"Attributing benefit to periods of service (IAS 19)" (the "Decision"). According to the IFRIC opinion, in the case of a compensation
policy which provides for the payment of benefits only at retirement age and the amount of the benefit increases with the years
of service up to a maximum (for example up to 16 years), the corresponding employer liability is attributed to the last working
years before retirement, taking into account the maximum period beyond which the benefit is not further increased.
This Decision affects the calculation of staff compensation provisions based on the provisions of Greek labor law (Law 2112/20,
Law 3198/55 & Law 4093/12). For this reason, following the publication of the IFRIC Decision, a Technical Committee was
established by the Scientific Board of the Institute of Certified Public Accountants of Greece (SOEL) with the participation of
actuaries in order to examine the implementation of the Decision in all compensation policies in the Greek market and to prepare
a draft of Guidelines for the preparation of actuarial studies in application of this Directive. In mid-December 2021 the Technical
Committee completed its conclusions, which were submitted for approval by the Supervisory Board of SOEL. The final draft of the
conclusions and instructions was published on 13 January 2022 (the "Instructions"). The main conclusion is that in the Greek
Market there are various benefit policies that may differ from the compensation policy considered by IFRIC for the issuance of the
Decision, as either higher benefits are granted than the minimum amount described in the law, or compensations are given for
other reasons of leaving the service except regular retirement.
Specifically, the Technical Committee studied the application of the Decision in cases of employers where there is a legal or
presumptive obligation to award compensation in case of voluntary retirement after 15 years of service, in accordance with the
provisions of current legislation. According to paragraph 2 of the Directives, in cases of political compensation provided for the
payment of a benefit earlier than normal retirement, the application of the Decision should also take into account the period of
securing the benefit.
According to the 02/07/91 Special Collective Employment Agreement ("ESSE") of EYDAP, the employees of the company are
entitled to a lump sum compensation determined by the years of service and the final monthly salary. The above one-time benefit
is maximized in the 34 years of service where compensation equal to 30 salaries is paid. The employees secure the benefit either
in case of full retirement from the Social Security or by completing 20 years of service in EYDAP and the 50th / 45th year of age for
men / women (chapter B, par. 2 of the ESS).
EYDAP Lump Sum Provision Distribution Method
186
Annual financial report
For use 01.01.2022 – 31.12.2022
187
The aforementioned description of the EYDAP lump sum benefit is not in line with the benefit policy referred to in the IFRIC
Decision, because the benefit is secured earlier than the retirement age under the condition of 20 years of service and age 50/45
for men / women. Following the Instructions of the Technical Committee, par. 2, for the implementation of the Decision, both the
specific provision of the ESSE and the projected period of maximization of the provision (34 years of service) should be taken into
account.
Therefore, the retirement benefit is attributed during the first 34 working years from the date of employment at EYDAP. With
regard to the extraordinary events of disability and death, according to par. 4.4.7 of the Instructions, the benefit paid in these
cases is attributed according to the case of leaving the service, described above, ie during the first 34 working years from the date
of recruitment. The proposed method of distribution is consistent with that followed in the actuarial studies of previous years.
Therefore, there is no change in accounting policy from the implementation of the IFRIC Decision.
The Company and the Group apply from 01.01.2013 the revised standard IAS 19 "Employee benefits" with retroactive application
from 01.01.2012 according to IAS 8 " Accounting Policies, Changes in Accounting Estimates and Errors". A fundamental change in
the new model is the immediate recognition of actuarial gains and losses and of past service costs arising from defined benefit
plans that are transferred under the Margin policy under previous IAS 19.
The account in the financial statements is analyzed as follows:
Amounts in k Euro
31.12.2022
31.12.2021
Provision for staff indemnity due to retirement
37.898
39.225
Healthcare coverage of personnel
135.060
182.000
Special one-off indemnity (personnel hired prior to and after 25-10-1999)
109.332
123.475
Total
282.342
344.700
The Company has the obligation to cover the respective healthcare benefits for its entire personnel, pensioners and their protected
members. In addition, the Company retains an account for staff indemnity due to retirement and two plans of special one-off
compensation for personnel hired prior to or after 25.10.1999.
The actuarial valuation of the liabilities was compiled by independent valuators in accordance with the requirements of the revised
IAS 19.
a. Provision for employees’ end of service indemnity
Changes in the provision for employees’ end of service indemnity for the years ending on 31 December 2022 and 2021 are as
follows:
PERIOD
01.01 - 31.12.2022
01.01 - 31.12.2021
Amounts recognized in the balance sheet
Present value of liabilities
37.898
39.225
Fair value of the plan’s assets
-
-
Net liability recognized in the balance sheet
37.898
39.225
Amounts recognized in the results
Cost of current employment
1.412
252
Net interest on the liability / (asset)
218
94
Total admin. cost recognized in the account of results
-
-
Ordinary expense in the account of results
1.630
346
Recognition of prior service cost
Cost of curtailment / settlements / service termination
-
-
Total expense in the account of results
1.630
346
Annual financial report
For use 01.01.2022 – 31.12.2022
188
Change in the present value of the liability
Present value of liability at the beginning of period
39.225
45.104
Cost of current employment
1.412
252
Interest cost
218
94
Employee contributions
-
-
Benefits paid from the plan
-
Benefits paid from the employer
(1.474)
(1.993)
Cost of curtailment / settlements / service termination
-
-
Cost of prior service at the period
-
-
Actuarial loss / (profit) – financial assumptions
(6.086)
214
Actuarial loss / (profit) – demographic assumptions
-
108
Actuarial loss / (profit) – evidence from the period
4.604
(4.554)
Present value of liability at the end of period
37.898
39.225
Adjustments
Adjustments in liabilities due to change of assumptions
6.086
(322)
Empirical adjustments in liabilities
(4.604)
4.554
Empirical adjustments in assets
-
-
Total actuarial gain / (loss) in the Equity
1.482
4.233
Changes in the Net Liability recognized in Balance Sheet
Net Liability at beginning of period
39.225
45.104
Contributions from Employer
-
-
Benefits paid by the employer
(1.474)
(1.993)
Total expenditure recognized in the results
1.630
346
Change in Equity
(1.482)
(4.232)
Net Liability at the end of year
37.898
39.225
The expected benefits (not discounted) from the plan over the following year are estimated at € 7,586 k.
The major actuarial assumptions utilized for the calculation of the relevant provisions for employees’ end of service indemnity are
the following:
Actuarial assumptions
2022
2021
Discount rate
3,75%
0,60%
Inflation
2,64%
2022+: 2,07%
Future salary increases
2,64%
2022+: 2,07%
Duration of obligations
5,52
6,65
b. Medical and Healthcare Plan
Annual financial report
For use 01.01.2022 – 31.12.2022
189
The Company covers the medical and healthcare expenses of its employees, pensioners and their protected members based on
the provisions of its internal regulation which is in effect. The plan is financed, in part, from the employees’ and pensioners’
contributions. The relevant liabilities of the Company arising from the medical and healthcare plan were estimated through an
actuarial studies which were performed for the years 2021 and 2020.
Changes in the provision for medical and healthcare benefits during the financial years 2022 and 2021 are as follows:
PERIOD
01.01 - 31.12.2022
01.01 - 31.12.2021
Amounts recognized in the balance sheet
Present value of liabilities
135.060
182.000
Fair value of the plan’s assets
-
-
Net liability recognized in the balance sheet
135.060
182.000
Amounts recognized in the results
Cost of current employment
3.615
4.346
Net interest on the liability / (asset)
1.132
824
Total admin. cost recognized in the account of results
-
-
Ordinary expense in the account of results
4.747
5.170
Recognition of prior service cost
-
-
Cost of curtailment / settlements / service termination
-
-
Total expense in the account of results
4.747
5.170
Change in the present value of the liability
Present value of liability at the beginning of period
182.000
197.252
Cost of current employment
3.615
4.346
Interest cost
1.132
824
Employee contributions
-
-
Benefits paid from the plan
-
-
Benefits paid from the employer
(6.114)
(6.043)
Cost of curtailment / settlements / service termination
-
-
Cost of prior service at the period
-
-
Actuarial loss / (profit) – financial assumptions
(41.922)
(14.276)
Actuarial loss / (profit) – demographic assumptions
(6.803)
4.541
Actuarial loss / (profit) – evidence from the period
3.152
(4.644)
Present value of liability at the end of period
135.060
182.000
Adjustments
Adjustments in liabilities due to change of assumptions
48.725
9.735
Empirical adjustments in liabilities
(3.152)
4.644
Empirical adjustments in assets
-
-
Total actuarial gain / (loss) in the Equity
45.573
14.379
Changes in the Net Liability recognized in Balance Sheet
Net Liability at beginning of period
182.000
197.252
Contributions from Employer
-
-
Benefits paid by the employer
(6.114)
(6.043)
Annual financial report
For use 01.01.2022 – 31.12.2022
190
Total expenditure recognized in the results
4.747
5.170
Change in Equity
(45.573)
(14.379)
Net Liability at the end of year
135.060
182.000
The expected benefits (not discounted) from the plan over the following year are estimated at € 6,532 k.
The major actuarial assumptions applied under calculating the relevant provisions for the medical and healthcare benefits are the
following:
Actuarial assumptions
2022
2021
Discount rate
3,76%
1,11%
Inflation
2,45%
2022+: 1,70%
Future salary increases
2,45%
2022+: 1,70%,
Medical Care Inflation
2,45%
2022+: 1,70%
Duration of obligations
13,42
16,51
c. Special lump sum account for employees hired after 26.10.1999
With regard to the employees hired after October 25th, 1999, the Company has the obligation to fully repay the relevant
indemnities, in accordance with the employment law and the collective employment agreement.
PERIOD
01.01 - 31.12.2022
01.01 - 31.12.2021
Amounts recognized in the balance sheet
Present value of liabilities
12.797
15.542
Fair value of the plan’s assets
(10.548)
(9.678)
Net liability recognized in the balance sheet
2.249
5.864
Amounts recognized in the results
Cost of current employment
351
1.133
Net interest on the liability / (asset)
32
5
Total admin. cost recognized in the account of results
-
-
Ordinary expense in the account of results
-
-
Recognition of prior service cost
384
1.138
Cost of curtailment / settlements / service termination
-
-
Total expense in the account of results
-
-
PERIOD
384
1.138
Change in the present value of the liability
Amounts recognized in the balance sheet
15.542
11.561
Present value of liability at the beginning of period
352
1.133
Cost of current employment
92
44
Interest cost
752
648
Employee contributions
(159)
(181)
Benefits paid from the plan
-
-
Annual financial report
For use 01.01.2022 – 31.12.2022
191
Benefits paid from the employer
-
-
Cost of curtailment / settlements / service termination
-
-
Cost of prior service at the period
(3.767)
148
Actuarial loss / (profit) – financial assumptions
-
(575)
Actuarial loss / (profit) – demographic assumptions
(15)
2.764
Actuarial loss / (profit) – evidence from the period
12.797
15.542
Change in the value of assets
Value of plan’s assets at beginning of period
9.678
8.916
Expected return on assets
60
39
Contributions from the employer
121
155
Contributions from employees
752
648
Benefits paid from the plan
(159)
(181)
Expenses
-
-
Asset adjustment (via Equity)
-
-
Actuarial (loss) / gain
95
101
Value of plan’s assets at the end of the period
10.548
9.678
It is to be noted that the fair value of the plan’s assets noted above, amounted to € 10,548 k and € 9,678 k on 31.12.2022 and
31.12.2021 respectively.
PERIOD
01.01 - 31.12.2022
01.01 - 31.12.2021
Adjustments
Adjustments in liabilities due to change of assumptions
3.767
427
Empirical adjustments in liabilities
15
(2.764)
Empirical adjustments in assets
95
101
Total actuarial gain / (loss) in the Equity
3.878
(2.236)
Changes in the Net Liability recognized in Balance Sheet
Net Liability at beginning of period
5.864
2.645
Contributions from Employer
(121)
(155)
Benefits paid by the employer
-
-
Total expenditure recognized in the results
384
1.138
Change in Equity
(3.878)
2.236
Net Liability at the end of year
2.249
5.864
The expected contributions from the plan over the following year are estimated at € 827 k.
The major actuarial assumptions applied under calculating the relevant provisions for the special lump sum account for employees
hired after 26.10.1999, are the following:
Actuarial assumptions
2021
2020
Discount rate
3,75%
0,60%
Annual financial report
For use 01.01.2022 – 31.12.2022
192
Inflation
2,64%
2022+: 2,07%
Future salary increases
2,64%
2022+: 2,07%
Duration of obligations
9,16
10,75
d. Special lump sum account for employees hired until 25.10.1999
With the voting of article 45 of Law 4179/2013, which abolished the clauses of article 26 of Law 2939/2001 concerning the
mandatory coverage of the account’s deficit from the Greek State for employees hired until 25.10.1999, the Company’s
Management proceeded with an actuarial study in order to estimate the relevant provision for employees’ indemnity.
PERIOD
01.01 - 31.12.2022
01.01 - 31.12.2021
Amounts recognized in the balance sheet
Present value of liabilities
96.535
107.933
Fair value of the plan’s assets
(11.732)
(10.630)
Net liability recognized in the balance sheet
84.803
97.303
Amounts recognized in the results
Cost of current employment
1.332
1.153
Net interest on the liability / (asset)
519
128
Profit or Loss under settlement
-
-
Total administrative expenses recognised in the income statement
-
-
Ordinary expenses in the income statement
1.851
1.281
Precious service cost
Cost of curtailment / settlements / service termination
Total expense in the income statement
1.851
1.281
Change in the present value of the liability
Present value of liability at the beginning of period
107.933
105.075
Cost of current employment
1.332
1.153
Interest cost
584
142
Employee contributions
1.312
1.330
Benefits paid from the plan
(4.925)
(6.130)
Benefits paid from the employer
-
-
Cost of curtailment / settlements / service termination
-
-
Cost of prior service at the period
-
-
Actuarial loss / (profit) – financial assumptions
(11.978)
332
Actuarial loss / (profit) – demographic assumptions
-
(1.210)
Actuarial loss / (profit) – evidence from the period
2.277
7.241
Present value of liability at the end of period
96.535
107.933
Change in the value of assets
01.01 - 31.12.2022
01.01 - 31.12.2021
Value of plan’s assets at beginning of period
10.630
9.632
Expected return on assets
65
14
Benefits from the employer
4.542
5.645
Contributions from employees
1.312
1.330
Annual financial report
For use 01.01.2022 – 31.12.2022
193
Benefits paid from the plan
(4.925)
(6.130)
Expense
-
-
Asset adjustment (via Equity)
-
-
Actuarial (loss) / gain
108
139
Value of plan’s assets at the end of the period
11.732
10.630
It is to be noted that the fair value of the plan’s assets recorded above, amounted to € 11,732 k and € 10,630 k on 31.12.2022 and
31.12.2021 respectively.
PERIOD
01.01 - 31.12.2022
01.01 - 31.12.2021
Adjustments
Adjustments in liabilities due to change of assumptions
11.978
878
Empirical adjustments in liabilities
(2.277)
(7.241)
Empirical adjustments in assets
108
138
Total actuarial gain / (loss) in the Equity
9.809
(6.225)
Сhanges in the Net Liability recognized in Balance Sheet
Net Liability at beginning of period
97.303
95.443
Contributions from Employer
(4.542)
(5.645)
Benefits paid by the employer
-
-
Total expenditure recognized in the results
1.851
1.281
Change in Equity
(9.809)
6.224
Net Liability at the end of year
84.803
97.303
The expected contributions from the plan over the following year are estimated at € 5,484 k.
The major actuarial assumptions applied under calculating the relevant provisions for the special lump sum account for employees
hired until 25.10.1999, are the following:
Actuarial assumptions
2022
2021
Discount rate
3,75%
0,60%
Inflation
2,64%
2022+: 2,07%
Future salary increases
2,64%
2022+: 2,07%
Duration of obligations
4,42
5,40
Sensitivity analysis of the results
The results of the valuation are dependent on the assumptions (financial and demographic) of the actuarial study. We have
calculated the actuarial Defined Benefit Obligation (DBO) on the valuation date for every plan and for the following sensitivity
scenarios:
DBO (in Euro)
Annual financial report
For use 01.01.2022 – 31.12.2022
194
Scenario
Law 2112/20
Special Account
Health Care
Special Provision
Discount rate +0.5%
36.920.719
12.253.565
126.723.195
94.527.728
Discount rate -0.5%
38.926.665
13.377.357
144.332.803
98.629.868
Inflation +0.5%
38.933.171
13.367.828
144.405.318
98.504.431
Inflation -0.5%
36.905.557
12.257.872
126.595.289
94.630.765
Remuneration increase +0.5%
37.947.305
13.625.623
-
99.232.503
Remuneration increase -0.5%
37.824.043
12.036.598
-
93.933.553
Life expectancy +1 year
37.935.544
12.801.765
139.830.832
96.643.233
Life expectancy -1 year
37.857.552
12.791.586
130.457.102
96.417.398
Incidence of a disease +0,5%
39.224.719
15.542.387
145.040.383
107.933.417
Incidence of a disease -0,5%
39.224.719
15.542.387
125.861.787
107.933.417
DBO (change)
Law 2112/20
Special Account
Health Care
Special Provision
Discount rate +0.5%
2,6%
-4,2%
-6,2%
-2,1%
Discount rate -0.5%
2,7%
4,5%
6,9%
2,2%
Inflation +0.5%
2,7%
4,5%
6,9%
2,0%
Inflation -0.5%
-2.6%
-4,2%
-6,3%
-2,0%
Remuneration increase +0.5%
0,1%
6,5%
Ν/Α
2,8%
Remuneration increase -0.5%
-0,2%
-5,9%
Ν/Α
-2,7%
Life expectancy +1 year
0,1%
0,0%
3,5%
0,1%
Life expectancy -1 year
-0,1%
0,0%
-3,4%
-0,1%
Incidence of a disease +0,5%
Ν/Α
Ν/Α
7,4%
Ν/Α
Incidence of a disease -0,5%
Ν/Α
Ν/Α
-6,8%
Ν/Α
30. PROVISIONS FOR PENDING LITIGATIONS (GROUP & COMPANY)
The account in analyzed as follows:
Amounts in k Euro
31.12.2022
31.12.2021
Provisions for pending litigations with employees - pensioners
18.079
21.774
Provisions for civil litigations
19.556
23.374
Total
37.636
45.148
As of 31.12.2022, lawsuits for civil cases against the Company accounted for approximately € 75 million. The lawsuits concerned
indemnities for damages from flooding (due to pipeline fractures or rainfalls), or cases involving various counterparty suppliers
and sub-contractors with regard to violation of contractual terms. Furthermore, there are pending legal cases for employment
differences of approximately € 67 million.
The total amount of the provisions that the Company has made accounts for approximately Euro 37.6 million at 31.12.2022 (an
amount of approximately Euro 45.1 million as at 31.12.2021).
Moreover, an amount of approximately Euro 2.1 million, which concerns the balance of the compromise solution of labor disputes
under the decisions of the Board of Directors no. 19105/21.12.2016 and 19224/24.05.2017, is presented in the short-term
liabilities (same as last year).
Annual financial report
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195
The provision for disputed legal cases is based on management's estimates in conjunction with the Legal Services Division for the
amount that is likely to be disbursed.
31. INVESTMENT SUBSIDIES (GROUP AND COMPANY)
The account in the financial statements is analyzed as follows:
Amounts in k Euro
31.12.2022
31.12.2021
Opening Value:
Investment Subsidies
261.917
245.164
Income from sewage network rights 22%
37.715
36.599
299.632
281.763
Accumulated Depreciation
Investment Subsidies
(132.471)
(127.224)
Income from sewage network rights 22%
(17.243)
(16.300)
(149.714)
(143.524)
Net (Non Depreciated) Value
Investment Subsidies
129.446
117.940
Income from sewage network rights 22%
20.472
20.301
149.918
138.239
The Company receives subsidies from the European Union, through the Greek State, in order to finance certain projects.
Furthermore, the Company’s customers (including the public sector and the local government authorities) participate in the
financing scheme of the initial network development cost (meters, network connections, etc.) or its upgrade.
The related one-off charges that were charged to customers before the 30th of June 2009 (i.e. earlier than the effective date of
IFRIC 18 which was not applied retrospectively) were accounted for by the Company as deferred income and recognized in
income over the useful life of the relevant fixed assets.
With the adoption of IFRS 15, the amount of € 33,259 k that was included as deferred income in the Statement of Financial
Position as at 1st January 2018 under the heading "Investment Subsidies and Customer Contributions" was recognized in
retained earnings of the Company and the Group.
The above subsidies and income from rights 22% are accounted for at the time of receipt and are recorded in the Statement of
Financial Position in the long-term liabilities. These amounts constitute deferred income and are depreciated on the basis of the
economic life of the relevant assets, at the time their operation commences. The amortization of subsidies and income from rights
22% are deducted from the depreciation of fixed assets in the income statement.
Apart from the above, the Company has also received other type of state subsidies such as the granting of a concession to Psitalia
island, which EYDAP utilizes for the operation of the waste treatment management.
32. CONSUMERS’ GUARANTEES
The amounts of € 19,109 k on 31.12.2022 and of € 18,911 k on 31.12.2021 concern customer guarantees for the use of the water
meter, paid at the time of water supply connection. The above guarantees are paid back (free of interest) upon request from the
customer for termination of the water supply connection. The above guarantees have been recorded in nominal value, and not at
fair value, initially, and in a following stage in their net (amortized) cost, since they can be claimed from the customers at any time.
33. LIABILITY UNDER THE EXCLUSIVE RIGHT TO PROVIDE RAW WATER
Annual financial report
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196
Based on the contracts signed on 02.02.2022 between the Greek State, EYDAP Fixed Assets (EPEYDAP) and EYDAP SA. (Company),
and the memorandum of understanding dated 27.04.2022, the Company recognized the intangible exclusive right to supply raw
water for the period 2021-2040. The relevant reference is made in Note 15.
The consideration paid for the intangible exclusive right to supply raw water was set at Euro 87,500 k plus VAT, i.e. Euro 108,500
k. In 2021 as well as in 2022, part of this obligation was offset with the Company’s receivables from the External Water Supply
System for water supply services and system maintenance, amounting to Euro 62,000 k. As a consequence, the amount of this
obligation is set at Euro 37,500 k (including VAT) on 31.12.2022 (an amount of Euro 12,500 k is recorded in long-term liabilities
and an amount of Euro 25,000 k - in operating short-term liabilities).
34. OPERATING & OTHER SHORT-TERM LIABILITIES
The account in the financial statements is analyzed as follows:
a. Operating Short-Term Liabilities
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Suppliers
89.857
256.817
89.857
256.817
Withheld Taxes Payable
6.800
10.875
6.800
10.875
Social Security Contributions and Other Items
2.593
2.701
2.593
2.701
Contractual Obligations
7.268
7.000
7.268
7.000
Dividends Payable
371
498
371
498
Operating Short-Term Liabilities
106.889
277.891
106.889
277.891
Operating short-term liabilities decreased in the current period by Euro 171 million in relation to those recorded on 31.12.2021
and amounted to approximately Euro 107 million on 31.12.2022. This change is mainly due to:
The decrease in:
• suppliers by approximately Euro 167 million, mainly due to the payment to EPEYDAP of the amount of Euro 156.8 million and
the amount of Euro 28.4 million related to the raw water charges for the years 2013-2020 and 2021 respectively
• liabilities from taxes and duties by approximately Euro 4 million.
b. Other Short-term Liabilities
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Pending litigations with employees - pensioners
2.055
2.055
2.055
2.055
Checks Payable
127
199
127
199
Collections for Third Parties
1.009
998
1.009
998
Collective Labor Agreement Obligation
4.227
-
4.227
-
Personnel Compensation
1.019
519
1.109
519
Other Short-Term Liabilities
6.592
7.502
6.602
7.512
Short-Term Customer Guarantees
5.999
5.837
5.999
5.837
Other Short-Term Liabilities
21.028
17.110
21.038
17.120
Annual financial report
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197
Other short-term liabilities in the item “Pending litigations with employees – pensioners” include the implementation of the
decisions of the Board of Directors No. 19105/21.12.2016 and 19224/24.5.2017.
Other short-term liabilities also include the Company's Obligation to the employees in accordance with the Collective Labor
Agreement regarding the imminent conclusion of a defined contribution pension insurance plan. Until the conclusion of the
relevant contract, the Company’s liability for 2022 stands at Euro 4.2 milliom.
35. COMMITMENTS AND CONTINGENT LIABILITIES – ASSETS
Contingent liabilities are not recorded in the financial statements but they are disclosed, provided that the possibility of an outflow
of resources incorporating financial benefits is minimal.
1. Commitments concerning Non-Executed Contracts
The Company’s commitments which concern expansions, improvements and maintenance of networks and installations, electrical
and thermal energy production unit installations, etc., accounted for € 288 million approximately on 31.12.2022 and for € 64
million approximately on 31.12.2021.
2. Letters of Guarantee
The Company has issued letters of guarantee for liability insurance of € 3.969 k on 31.12.2022.
3. Pending Litigations
Pending litigations are analyzed as follows:
Amounts in k Euro
Amount Demanded
Provision
Contingent Liability
Labor Issues
67.019
20.135
46.884
Law of obligations
75.021
19.556
55.465
Total
142.040
39.691
102.349
The provision amount of € 39.7 million includes an obligation of €2 million approximately, recorded in the item “Pending
litigations with employees - pensioners” in Other Short-term Liabilities.
36. RELATED PARTY TRANSACTIONS (GROUP & COMPANY)
Α) Transactions with Members of the BoD
Amounts in k Euro
31.12.2022
31.12.2021
Short-term benefits:
- Fees (Chairman & CEO, and Executive Directors)
311
328
- Fees & attendance expenses of BoD members
263
238
- Social insurance cost
79
75
Additional benefits
27
27
Total
680
668
Β) Transactions with Related Parties
Amounts in k Euro
31.12.2022
31.12.2021
Short-term benefits:
Related parties fees
551
549
Social insurance cost
90
91
Annual financial report
For use 01.01.2022 – 31.12.2022
198
Additional benefits
24
10
Actuarial obligation
41
41
Total
706
691
The Executive Committee was established following the BoD Decision Num. 21144/ 21.12.2022. The Committee consists of the
CEO, the Deputy CEO, the General Director of Water Supply, the General Director of Sewerage, the General Director of Customers,
the General Director of Human Resources, the General Director of Digital Governance, the General Director of Major Projects,
the General Director of Transformation, the Director of Finances and the Director of Supply Chain (until the positions of the CFO
and the General Director of Supply Chain are filled). The duties, specified authority or responsibilities of the Committee are
delegated by the Board of Directors.
The members of the aforementioned Committee are the executives responsible for planning and reviewing the Company's
operations in accordance with IAS 24 and Company presents the amounts of the previous year as well for comparability purposes.
C) Transactions and amounts outstanding with the Greek State and the Municipalities (OTA)
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
1) Transactions
- Income
106.651
213.643
106.651
213.643
- Expenses
27.748
217.717
27.748
217.717
2) Outstanding amounts
- Long-term receivables (Projects for the Greek State)
1.003
161
1.003
161
- Trade receivables (Local authorities, Greek State)
52.369
45.162
52.369
45.162
- Receivables from NISON DEVELOPMENT SEWERAGE SOCIETY
ANONYME
4
-
4
-
- Other receivables (from the Greek State for coverage of deficit
concerning staff indemnities)
-
258
-
258
- Long-term liabilities
12.500
-
12.500
- Short-term Liabilities (provisions for raw water costs)
65.124
200.336
65.124
200.336
Transactions with the Greek State and Local Authorities (OTA) concern revenue from water supply, invoiced and accrued. In
particular, revenues include the amount of Euro 25,000 k invoiced by EYDAP SA on 27.04.2022 for the provision of operation
and maintenance services ikn 2020. Expenses mainly include the provision for raw water supply of EPEYDAP in 2022 amounting
to Euro 27.6 million.
D) Transactions and balances with other Related parties consolidated with HCAP SA
Amounts in k Euro
31.12.2022
31.12.2021
1) Transactions
Income
2.278
2.001
Expenses
46.758
24.118
Dividend payments
18.290
30.700
2) Balances
Trade receivables
3.794
3.721
Liabilities towards suppliers
7.990
2.394
Annual financial report
For use 01.01.2022 – 31.12.2022
199
37. AUDITORS’ FEES
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Auditors remuneration for auditing the annual accounts
58
58
55
55
Auditors remuneration for the Tax Compliance Report
16
16
16
16
Other fees
49
44
49
44
Total fees
123
118
120
115
38. EYDAP FIXED ASSETS “EYDAP L.E.P.L.”
1. “EYDAP Fixed Assets Legal Entity of Public Law L.E.P.L.” was established at the time of the Company’s public listing (IPO) aiming
at transferring the ownership of the water dams and basins of Marathon, Mornos, Yliki and Evinos. Apart from the
constructions and the expansions of the facilities which are connected to the above dams and basins, the Greek State through
“EYDAP Fixed Assets L.E.P.L.” supplies the Company with raw water so that the Company is in position to fulfill its obligations
with regard to the provision of water supply services.
2. It is to be noted that:
• the Aqueduct of Yliki until the Viliza in Thiva was transferred to the competent Land Registry of Thiva and Oropos.
• The construction sites of Amfissa and Chrissos in Delphi have already been incorporated into the competent office of
Amfissa which operates as Land Registry.
3. The Board of Directors of “EYDAP S.A.” with the decision 18448/ 24.09.2014 approved the signing of an agreement between
“EYDAP Fixed Assets Legal Entity of Public Law L.E.P.L.” and “EYDAP S.A.” concerning the water supply and invoicing, since
1/10/2014, of the local government authorities and other legal entities of public law from “EYDAP Fixed Assets L.E.P.L.” along
the External Water Supply System which concerns geographic areas beyond the jurisdiction of “EYDAP S.A.”. Particularly, the
above decision concerned the following Municipalities:
• Delfoi
• Leivadia (and of DEYAL)
• Thiva (and of DEYATH)
• Tanagra
• Chalkida (and of DEYACH)
• Distomo – Arachova
4. In compliance with the contract signed on 02.02.2022 of L.4812 / 2021 between the Greek State and EYDAP SA, EPEYDAP is
the exclusive provider of water services outside the area of activity, maintaining the exclusive right to supply water to
individuals along its external water supply system (Article 5.5.1). In this context, the procedure of subcontracting individuals'
contracts to EPEYDAP is carried out.
39. CAPITAL MANAGEMENT
The Company manages its capital in such way in order to meet its objectives as these are mentioned in paragraph 4a of article 1
of Law 2744/99. In addition, according to paragraph 8 of the same article the placement of its fixed real estate assets used for
water supply and sewerage purposes as collateral is prohibited. It is noted that according to article 5 of the same law there is no
provision for compulsory administration of the assets of EYDAP used for water supply and sewerage purposes.
Annual financial report
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200
In the current period, the Company does not possess any bank liability either long-term or short-term. Following its listing on the
Athens Exchange in 2000 and until 2013, the Company held mainly short-term debt, in order to meet its operating needs due to
the fact that it had not collected payments for water supply bills from certain municipalities and other public entities.
The Company maintains sufficient capital in order to serve its business objectives and to apply the appropriate dividend policy.
Leverage ratio
GROUP
COMPANY
Amounts in k Euro
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Borrowings
-
-
-
-
Cash and cash equivalents
(322.179)
(431.734)
(321.363)
(430.881)
Total Equity
837.379
815.167
837.695
815.455
Net Debt to Equity Ratio
0
0
0
0
40. FINANCIAL RISK MANAGEMENT
Risk management is processed by the Company’s pertinent Departments which operate under certain rules which have been
approved by the Board of Directors.
The Board of Directors sets the objectives, defines the policy, and selects the risk management framework, the implementation of
which is assigned to the Company's executives. The existence of a risk management framework is of central importance and the
monitoring process is structured, continuous and consistent.
(a) Credit Risk
The Company’s exposure with respect to the credit risk is limited to the financial assets which at the reporting date of the Financial
Statements are analyzed as follows:
GROUP
COMPANY
Financial Assets categories
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Financial assets at fair value through the other comprehensive income
879
1.244
879
1.244
Cash and cash equivalents
322.179
431.734
321.363
430.881
Trade and other receivables and contractual assets
186.965
286.945
186.897
286.887
Long-term receivables
11.591
10.741
11.591
10.741
Investments in subsidiaries
-
-
1.210
1.210
Total
521.614
730.664
521.940
730.963
Trade and other receivables are included in receivables from private clients for which there is a relative risk, which is limited by
measures and actions taken by the competent directorates. The actions concern the assumption of measures in order to deal with
the arrears of due liabilities and the provision of facilities for their repayment.
For the category of local government liabilities, the Company examines the possibility of collecting arrears through the signing of
contracts (network management or settlements) or through regulatory arrangements.
The Group and the Company have revised the methodology for measuring the impairment of financial assets in accordance with
IFRS 9.
Analysis of the Company’s receivables based on their maturity is displayed below as follows:
Amounts in k Euro
Annual financial report
For use 01.01.2022 – 31.12.2022
201
TIME ANALYSIS OF OVERDUE RECEIVABLES
2022
Non overdue
0-1 month
1-6 months
6 months -2
years
2 years -5
years
> 5 years
Total
PRIVATE
CUSTOMERS
26.696
7.409
24.823
38.150
29.819
51.115
178.012
STATE
1.877
38
2.062
2.672
2.697
9.651
18.996
LOCAL
GOVERNMENT
6.780
46
7.442
10.308
4.407
3.165
32.148
Total
35.353
7.493
34.327
51.130
36.923
63.931
229.156
2021
Non overdue
0-1 month
1-6 months
6 months -2
years
2 years -5
years
> 5 years
Total
PRIVATE
CUSTOMERS
66.321
9.781
30.222
36.657
31.641
46.890
221.511
STATE
2.349
45
3.047
3.703
2.912
8.855
20.911
LOCAL
GOVERNMENT
4.726
74
5.833
5.496
3.906
1.535
21.569
Total
73.395
9.899
39.101
45.856
38.459
57.280
263.991
It is noted that the repaid amount of the installments and of the arrangements with private customers on 31.12.2022 stands at
Euro 8,203 k compared to Euro 7,575 k recorded in the corresponding period last year and is not included in the balance of private
customers, in the time analysis table.
The Department of Revenue & Trade Receivables Management, as well as the Department of Special Customers Management,
continuously monitor the claims of the Company, either separately or based on groups (invoice codes, customer categories) and
incorporate this information into the credit risk control procedure.
With regard to credit risk management, the Department of Collection Enforcement of the Legal Services Division reviews on
constant basis and settles via judicial procedures (LD 356/1974 “Code for the Collection of Public Revenues”) overdue receivables
concerning water supply, utilization rights and property connection rights from retail customers and local government authorities
(OTA).
Cash and cash equivalents are subject to an impairment test in accordance with the requirements of IFRS 9 and the estimated
impairment loss is not judged as significant. Credit risk management is carried out by aggregating the largest part of the Company's
assets into the Bank of Greece (approximately 60%) and by limiting the exposure to other credit institutions (mainly systemic
banks).
None of the financial assets has been placed as collateral or in any other form of credit insurance.
Correspondingly, the Company has not assigned to third parties as a form of guarantee financial instruments through Assets.
(b) Liquidity Risk
The liquidity risk is addressed through preservation of sufficient cash available and by the assurance of bank credits for use. There
is no liquidity risk due to the existence of sufficient cash reserves which can cover the current operating and investment needs.
The following table analyses the Company’s financial liabilities which are classified in groups according to their expiration date
which are calculated according to the time balance from the balance sheet date until the contractual arrangement expiration date
at non-discounted values.
Amounts in k Euro
ANALYSIS OF MATURITY OF LIABILITIES
2022
0-1 Month
2-3 Months
3-6 Months
6-12 Months
1- 5 years
> 5 years
Total
Debt liabilities
Liabilities due to employee benefits
860
1.721
3.169
6.301
45.520
224.770
282.342
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202
Provisions / Other long-term liabilities
12.500
56.745
69.245
Suppliers and other liabilities
17.189
64.355
4.917
400
1.009
12.390
100.259
Provision for raw water costs
27.668
27.668
Liabilities from leases
39
79
118
239
369
213
1.057
Total
18.088
66.155
35.871
6.940
59.398
294.119
480.571
2021
0-1 Month
2-3 Months
3-6 Months
6-12 Months
1- 5 years
> 5 years
Total
Debt liabilities
-
-
-
-
-
-
-
Liabilities due to employee benefits
844
1.687
3.204
5.963
44.590
288.412
344.700
Provisions / Other long-term liabilities
-
-
-
-
37.500
64.059
101.559
Suppliers and other liabilities
20.868
230.604
4.917
400
998
8.829
266.616
Provision for raw water costs
-
-
28.395
-
-
-
28.395
Liabilities from leases
33
68
102
206
422
524
1.355
Total
21.745
232.360
36.617
6.569
83.510
361.824
742.625
(c) Market Risk
Market risk is related to the Company's equity portfolio, which is a long-term, strategic investment and as a result is limited to pre-
defined Position Limits.
(d) Regulatory risk
On March 28, 2023, the new Law 5037/2023 was published (Government Gazette 78/Α΄/28-3-2023) "Renaming the Greek
Regulatory Authority for Energy (RAE) to the Regulatory Authority for Waste, Energy and Water (RAWEW) and expanding its
scope with responsibilities over water services and urban waste management, strengthening water policy - Modernization
of the legislation for electricity production from RES through integration of EU Directives 2018/2001 and 2019/944 - Special
provisions for renewable energies and environmental protection" .
The new Law transfers the supervision of EYDAP to the Ministry of Environment and Energy, while the supervision of
provision of water services and municipal waste management is assigned to RAWEW.
The new Law aims to rationalize provision of water supply and urban waste treatment services, in particular in terms of
organization, rendered services, their costs and tariffs, through delegating the relevant supervisory and control to RAWEW
- the former RAE. In the same context, the responsibilities of water management and policy bodies are streamlined and
updated, separate regulations are adapted and a national water supply strategy is established.
Under the new Law, water and waste management service providers submit annual reports to the regulatory authority,
which supervises and monitors the financial and physical scope of provision of water and urban waste management services
and submits an annual report to the Minister of Environment and Energy, applying financial ratios, as well as physical object,
quality and efficiency ratios.
EYDAP's tariff policy is implemented through applying the general rules effective for water services tariffs to be determined
by ministerial decision in accordance with the provisions of article 12, Law 3199/2003, as amended by Law 5037/2023. The
Annual financial report
For use 01.01.2022 – 31.12.2022
203
water service tariffs effective for various categories of consumers and users are approved by a five-year decision of RAWEW.
in accordance with article 12A, Law 4001/2011, as introduced by Law 5037/2023, repealing the relevant provisions of
paragraphs 1 and 2 of article 3, Law 2744/1999. According to par. 5 of article 114 of Law 4812/2021 "the validity of EYDAP
SA tariffs is extended to provision of water services EYDAP offers to its consumers, as approved by the JMD of the Ministers
of Finance, Transport and Networks and Environment, Energy and Climate Change (Β` 3188) under reference
D6/2027/16.12.2013, for the period from 1.1.2019 and until the approval of the new tariffs based on the new contract in
accordance with par. 2."
Article 34, Law 5037/2023, states that: "The JMD of the Ministers of Environment and Energy, Finance, Interior and Rural
Development and Food, following the opinion of the Advisory Committee under paragraph 3 of article 4 and RAWEW
recommendation to the Advisory Committee, defines the general rules regarding water service tariffs, the measures taken
to improve them, as well as the procedures and method of recovering the cost of various uses of water services, according to
par. 1 of the present Law and the PD 51/2007.»
It also states that: "The principle of cost recovery, including environmental and natural resources, is taken into account in
order to determine the general rules regarding water service tariffs, as well as the financial analysis carried out in accordance
with par. 3 and the "polluter pays" principle.
The introduction of the new Law 5037/2023 was published (Government Gazette 78/Α΄/28-3-2023) "Renaming the Greek
Regulatory Authority for Energy (RAE) to the Regulatory Authority for Waste, Energy and Water (RAWEW) and expanding its
scope with responsibilities over water services and urban waste management, strengthening water policy - Modernization
of the legislation for electricity production from RES through integration of EU Directives 2018/2001 and 2019/944 - Special
provisions for renewable energies and environmental protection" as well as staffing the Authority decrease the regulatory
risk. The new expanded regulatory authority (RAWEW) has started its operation and a vice-president of the water sector has
already been appointed. RAWEW is expected to be fully operational before the end of 2023.
On December 28, 2022, the 4th Department of the Council of State, through its decision 2519/2022, unanimously annulled,
in its entirety, Decision No. 135275/19.05.2017 of the inter-ministerial National Water Supply Committee on water tariffs
rules, as contrary to Directive 2000/60 and the relevant national legislation (Law 3199/2003 and PD 51/2007) .
The competent authorities are expected to amend the water tariffs regulations to facilitate compliance with the above
decision of the Council of State within the next months. It is also possible that RAWEW recommendations will define the
general cost accounting and tariffs regulations at a more specialized level.
(e) Risk due to COVID-19 Pandemic
Guided by the corporate social responsibility towards its employees and the citizens, from the very beginning, EYDAP harmonized
its operation with the special health protocols while focusing on electronic services.
With the exception of the temporary reduction in collectibles during the first months of the pandemic, EYDAP did not face any
problems in management while there were no general effects on the Company's operations and supply of materials arising from
the spread of covid-19.
(f) Risk related to Geopolitical and Energy crisis
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204
The current geopolitical crisis in Ukraine, with the consequent sanctions on Russia imposed by the European Union, has brought
about significant uncertainty to the economic environment at both national and pan-European and global levels. EYDAP is not
directly exposed in these areas, therefore there is no direct impact on its operations.
The Company's management monitors the developments and evaluates potentially arising further effects on its operation and
results. The management of EYDAP takes the necessary measures in order to minimize any consequences. Stocks of particularly
critical water supply network materials are constantly recorded and the immediate supply of materials that are deemed necessary
is carried out. At present the Company does not face any problem of insufficiency of materials or their supply.
However, the geopolitical crisis, combined with the pre-existing energy crisis, has led to a further increase in energy costs, in
particular gas, which has dragged the market into price increases. According to the published data of the Hellenic Statistical
Authority, the inflation in the period January 2022 – December 2022 increased by 9.6% compared to January 2021 – December
2021. The consequence of the above is the burden on the family and business budget, but this fact has not affected the pace of
the Company's collections. In addition to the company's policy, the economic tariff, the inflexibility of the product and the positive
image of the company to the consumer public play an important role in the steady flow of collections.
The increase in prices has caused delays and difficulties in some of the Company's projects as the prices of materials, and therefore
the initial budgets of the projects, have increased significantly between the time of the submission of the offer by the contractor
and the execution of the project. With regard to the ongoing contracts, requests have been submitted by the Contractors for the
adjustment of prices and granting the premiums, following Law 4938/22 which includes urgent arrangements for the execution of
public works contracts to support the ongoing contracts, due to the energy crisis and the large increases in the prices of materials
and energy that have been caused by it. Their requests will be submitted for an expertise of the technical council of projects and
studies of supervised entities of the Ministry of Infrastructure and Transport. For instance, one contractor from the Eastern Attica
projects requested an extension of the schedule by 6 months.
With regard to the ongoing contracts, EYDAP has received requests from contractors for adjustment of prices and granting the
premiums , mainly on the basis of the Hellenic Single Public Procurement Authority (HSPPA) document No. 2040/13.04.2022:
"Clarifications on price increases and supply chain issues due to the energy crisis, Ukraine crisis and the ongoing effects of COVID-
19." It is noted that from the above requests, price adjustments amounting to €402,186.37 plus VAT have already been approved
by the relevant decisions.
In 2022, cost of electricity stood at Euro 45.5 million, recording an increase of 98%, i.e. Euro 22.6 million compared to 2021, when
oy stood at Euro 22.9 million. The cost of natural gas remained at the same levels as in 2021, at Euro 0.7 million. Fuel consumption
in 2023 0.9 million. The Company has in place contracts for supply of unleaded petrol at a fixed profit margin for the supplier,
while the price is defined as the applicable price per liter as announced by the Hellenic Refineries on the day of delivery.
The Company has studied various scenarios with reference to the projections for electricity supply cost in 2023:
Budget summary table 2023
EnEx Futures
Α scenario (with government
subsidy)
Β scenario (without
government subsidy)
31-12-2022
32.300.000
43.100.000
31-3-2023
31.300.000
37.500.000
According to the above scenarios, the cost of electricity supply presents a downward trend.
After the continuous increases in electricity prices, and in order to reduce operating costs, EYDAP SA:
1. is in the process of finding an electricity supplier through a tender, to reduce supply costs (more competitive energy and
power billing prices and bigger discounts).
2. has launched studies and competitions in its energy-intensive facilities for the replacement of old machines, such as pumps,
with more energy efficient ones.
3. plans to install energy control systems (monitoring) of the facilities to improve their energy performance.
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205
4. has launched tender procedures for the creation of Photovoltaic Power stations with energy offset, to reduce the total
consumption of electricity.
Regarding the existing Renewable Energy Sources, the current contracts for both Micro-Hydropower Plants as well as for the
existing PPS 1.97 MW, relate to fixed prices.
EYDAP in the context of the utilization of renewable and alternative energy sources has developed:
· Power generation facilities from small hydroelectric projects installed in its aqueducts and in WMC Psitalia.
· Thermal and electricity installations, utilizing the biogas produced by the treatment of sludge in the urban wastewater
treatment plants.
· Photovoltaic power station at the facilities of MEN Acharnes.
Also, low-consumption street lighting lamps were installed in EYDAP extensive outdoor areas.
Moreover, the Company completed the design of 4 PV Stations of total power of 3.5 MW. Already the first 2 ground located (total
power of 2 MW) are in the process of selecting a final contractor and the other 2 roof located (total power of 1.5 MW) are in the
expecting the offers evaluation of the Tender Committee.
Gradual replacement of conventional vehicles with electric vehicles continues as scheduled.
(g) Risk of Climate Change
Tackling climate change is one of the great modern challenges. Scientific studies show that mitigation is directly related to the
management of greenhouse gas emissions from human activity.
The EU aims to reduce greenhouse gas emissions by 80-95% by 2050 compared to 1990 levels. These objectives are achieved
through compliance with environmental policies, as transposed into national and European law.
Climate change is a challenge for the company in a range of sectors. Its consequences are varied. Indicatively, as recorded by the
EU, its main consequences are the following:
▪ Increased temperatures that can damage infrastructure
▪ Increased drought phenomena. The Mediterranean in general is considered to be directly affected by forest fires
▪ Availability of drinking water
▪ Floods
▪ Sea level rise
The application of the principles of prevention and precaution in the projects and activities of EYDAP is covered through:
• Formulation of a strategy to improve energy efficiency and reduce the carbon footprint
• Implementation of rational and sustainable management of water resources, with the parallel development of
leakage reduction programs in the water supply network and the use of new technologies for the optimal
management of the network (smart grid)
• Use of new technologies for the reuse of treated wastewater for irrigation and suburban use (projects of Eastern
Attica, operation of Hadrian Aqueduct for irrigation use, Sewer Mining)
• Energy saving - reduction of greenhouse gas emissions
• Strict observance of regulations and environmental standards in the design of water supply and sewerage
projects with reserves and safeguards against environmental accidents (accidents causing pollution)
• Selection of materials and machinery with modern environmental standards
• Electric vehicles - Gradual replacement of part of the fleet with electric vehicles aimed at switching to low
greenhouse gas emission systems
• Energy upgrade of buildings and facilities.
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206
In the context of adopting international best practices in its effort to harmonize with ESG criteria, in 2023, the Company intends
to follow the recommendations regarding financial disclosures related to the climate (Total Carbon Financial Disclosures - TCFD)
issued by the Financial Stability Board (FSB). TCFD's recommendations for Participating Companies are structured around four
thematic areas that represent the key elements of how companies operate: governance, strategy, risk management and goals -
metrics. The objective is that following adoption of TCFD recommendations, financial risks and opportunities related to climate
change will become a natural part of the Company's risk management processes and strategic planning (Annual Board od Directors
Report–page 36).
(h) EWS failure risk
EYDAP and all the other involved bodies had recognized and evaluated the risk of unsafe water supply in Attica due to failure of
the external water supply system in the unifying aqueduct, owned by the State.
It is estimated that potentially arising damage in this area will cause a temporary deficit of 30-40% of Athens water supply.
On August 4, 2022, the Ministry of Infrastructure and Transport sent a letter to EYDAP in which it is stated that EYDAP is expected
to be assigned immediate priority projects for the EWS, with a budget of Euro 78 million (including VAT) in accordance with Law
4412/16 and the terms of the contract signed as at February 2, 2022. However, the Ministry had not determined the way of
financing the projects, while the relevant contract with EYDAP has not been signed yet either.
In order to avoid the effects of this risk, in March 2023 EYDAP sent a request to the competent Ministries for the specification of
the financing method and the necessary conditions for the implementation of the necessary improvement projects.
In the letter, the Management sent in April 2023 to the supervising ministry, following a relevant meeting attended by the
representatives of EYDAP, EYDAP Fixed Assets, Ministry of Transport and Infrastructure, Ministry of Environment and Energy, it
was communicated that the fastest and most feasible solution to proceed as soon as possible with the implementation of the said
projects is to conclude a contract between EYDAP S.A. and EYDAP Fixed Assets. The relevant directions of the supervising ministry
are expected to be issued directly.
Under article 7 "Raw Water Supply Obligation", of the effective contract with the Greek State:
"The State is obliged throughout the term of the Contract to supply the Beneficiary with Raw Water in accordance with the terms
of this Contract and in any case based on the criteria set out in Articles 8 (Quantitative Characteristics) and 9 (Qualitative
Characteristics) of this Contract."
Consequently, in the event of failure to supply EYDAP with raw water, the financial loss falls in particular on the Greek State, which
has a contractual obligation to provide EYDAP with raw water. EYDAP's risk mainly concerns its corporate reputation. EYDAP's
assessment is that, if the above-mentioned implementation of the necessary projects starts as soon as possible, this risk will be
minimized.
(i) Risk of non-compliance with the Council of State SC decisions
Under Law 4389/2016 (Attachment E), as amended by Law 4512/2018, with effect from 1.1.2018. all the shares owned by the
Greek State were transferred to the Hellenic Corporation of Assets and Participations S.A. (HCAP) that holds direct voting rights
for 50.003% of the share capital of EYDAP and indirect voting rights for 11.33% of the share capital through the Hellenic Republic
Asset Development Fund S.A. (HRADF) TAIPED.
Num. 190/2022 decision of the Council of State Plenary deemed the above transfer unconstitutional.
Articles 114 and 115 of Law 4964/2022 introduced special regulations for EYDAP, which attempted to harmonize Law 4389/2016
with the constitutional order.
Num. 7/2023 decision of the Three-member Compliance Council of the Council of State established non-compliance of the Greek
State with as of 190/2022 annulment decision of the Council of State and ordered enforced compliance by the Ministry of Finance
within 8 months.
According to the expertise of EYDAP Legal Services of as well as external legal advisors:
1) the Greek State through the Ministry of Finance should facilitate direct compliance with no. 190/2022 Decision of the
Council of State Plenary on transfer of the majority of the share capital of EYDAP (50% + one share) from HCAP to the Greek
State.
2) until the necessary measures are taken by the competent bodies of the Greek State, EYDAP Management must exercise the
powers provided for in the current legal framework of their responsibilities
Annual financial report
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207
EYDAP has not yet received any relevant notification from its main Shareholder. EYDAP Management, exhausting its legal
possibilities, has, in April 2023, sent a letter to the Ministry of Finance, also disclosed to HCAP and the supervising Ministry,
emphasizing the necessity for the relevant legal regulations as referred ta above to be completed within July 2023, so that the
Annual Regular General Meeting of Shareholders is legally effective.
41. FAIR VALUE DETERMINATION
The fair value of the financial assert, are traded in active markets (stock exchanges) (i.e. derivatives, stocks, bonds, mutual funds)
is determined based on their published price quotations, effective on the financial statements’ reporting date. Available for sale
financial assets are measured at fair value, which is their market price, and, therefore, are classified in Level 1, according to the
provisions of IFRS 7, par. 27B.
The fair value of financial assets, not not traded in active markets, is determined, applying valuation techniques and
assumptions, based on market data on the Financial Statements reporting date.
It is estimated that the nominal value less provisions for impairment of trade receivables approximates their actual value. The
actual values of financial liabilities for presentation purposes in the financial statements are calculated based on the present
value of their future cash flows, applying the effective interest rate, available for the Company for using similar financial
instruments.
42. SUBSEQUENT EVENTS
New Independent Regulatory Authority
On March 28, 2023, the new Law 5037/2023 was published (Government Gazette 78/Α΄/28-3-2023) "Renaming the Greek
Regulatory Authority for Energy (RAE) to the Regulatory Authority for Waste, Energy and Water (RAWEW) and expanding its
scope with responsibilities over water services and urban waste management, strengthening water policy - Modernization
of the legislation for electricity production from RES through integration of EU Directives 2018/2001 and 2019/944 - Special
provisions for renewable energies and environmental protection" .
The new Law transfers the supervision of EYDAP to the Ministry of Environment and Energy, while the supervision of
provision of water services and municipal waste management is assigned to RAWEW.
Council of State decisions
On March 20, 2023, the 7 & 8/2023 decisions of the Tripartite Compliance Council of the Council of State were published, under
which the with which the Council of State ruled that the executive and legislative authorities under articles 114 and 115 of Law
4964/2022 did not comply with the decisions of the Council of State Plenary 190 & 191/2022, which was ruled the transfer of the
shares of EYDAP and EYATH from the State to the Superfund unconstitutional.
Subsequently, the Council of State ordered the Ministry of Finance to take all the necessary actions, within eight months at the
latest, in order to return the shares of EYDAP and EYATH to the State.
EYDAP undertakes the obligation that when it receives the relevant notification, it will immediately proceed with the necessary
actions.
Financial assets at fair value through other comprehensive income – Investment in Attica Bank
In March 2023, the shares dropped with a new reverse split at a ratio of 1/150 and reached the number of 522 shares.
Annual financial report
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208
43. RECLASSIFICATION OF ITEMS
In the context of the presentation of the long-term receivables component of Other Receivables regarding "Miscellaneous
Advance Payments” in the statement of financial position, the Company proceeded with its reclassification.
In order to make the balances of 2021 and 2022 similar and comparable, the published balances of the statement of financial
position, as well as the notes (20) "Long-term Receivables", (24) Other Receivables and (40) Financial Risk Management (a) Credit
Risk have been reclassified.
The effect that the presentation of the "Miscellaneous Advance Payments” in Long-term Receivables would have - would be as
follows: an increase in long-term receivables by Euro 5,224 k standing at Euro 10,742 k with a corresponding decrease in Other
Receivables standing at Euro 61,314 k for the Company and Euro 61,372 k for the Group.
The items of the income statement, the statement of changes in Equity and the statement of cash flows remain unchanged.
STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31
st
2021
GROUP
COMPANY
Amounts in k Euro
NOTE
31.12.2021
Published
31.12.2021
Reclassified
31.12.2021
Published
31.12.2021
Reclassified
ASSETS
NON-CURRENT ASSETS
Goodwill
13
3.357
3.357
3.357
3.357
Other Intangible Assets
14
843
843
843
843
Tangible Assets
15
778.198
778.198
778.198
778.198
Right-of-use Assets
16
1.301
1.301
1.301
1.301
Exclusive right to provide raw water
14
83.125
83.125
83.125
83.125
Investments in Subsidiaries
17
-
-
1.210
1.210
Financial Assets at fair value via the other comprehensive
income
18
1.244
1.244
1.244
1.244
Long-term Receivables
19
5.517
10.742
5.517
10.742
Deferred Tax Assets
20
79.974
79.974
79.974
79.974
Total Non-Current Assets
953.559
958.785
954.769
959.995
CURRENT ASSETS
Materials and Spare Parts
21
14.803
14.803
14.803
14.803
Trade Receivables & Contractual Assets
22
225.571
225.571
225.571
225.571
Other Receivables
23
66.598
61.372
66.540
61.314
Current Tax Receivables
11
3.755
3.755
3.755
3.755
Cash and Cash Equivalents
24
431.734
431.734
430.881
430.881
Total Current Assets
742.461
737.236
741.550
736.324
Total Assets
1.696.021
1.696.021
1.696.319
1.696.319
LIABILITIES
EQUITY
Share Capital
25
63.900
63.900
63.900
63.900
Share Premium
25
16.007
16.007
16.007
16.007
Reserves
26
363.930
363.930
363.930
363.930
Retained Earnings (earnings carried forward)
27
371.329
371.329
371.618
371.618
Total Equity
815.167
815.167
815.455
815.455
LONG TERM LIABILITIES
Liabilities for Employee Benefits
28
344.700
344.700
344.700
344.700
Provisions
29
45.148
45.148
45.148
45.148
Annual financial report
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209
Investment Subsidies
30
138.239
138.239
138.239
138.239
Consumers’ Guarantees
31
18.911
18.911
18.911
18.911
Liabilities from Leases
16
913
913
913
913
Liability under exclusive right to provide raw water
32
37.500
37.500
37.500
37.500
Total Long-Term Liabilities
585.410
585.410
585.410
585.410
SHORT-TERM LIABILITIES
Operating Short Term Liabilities
33
277.891
277.891
277.891
277.891
Liabilities from Leases
16
443
443
443
443
Other Short Term Liabilities
34
17.110
17.110
17.120
17.120
Total Short-Term Liabilities
295.444
295.444
295.454
295.454
Total Equity & Liabilities
1.696.021
1.696.021
1.696.319
1.696.319
LONG-TERM RECEIVABLES (GROPU & COMPANY)
The account is analyzed as follows:
Amounts in k Euro
GROUP
COMPANY
31.12.2021
Published
31.12.2021
Reclassified
31.12.2021
Published
31.12.2021
Reclassified
Loans to Personnel (Note 23)
4.246
4.790
4.246
4.790
Local authorities pending amounts settlement
761
136
761
136
Advance payments for expropriated land plots indemnity
-
5.224
-
5.224
Guarantees (PPC. Real Estate)
591
591
591
591
Total
5.517
10.741
5.517
10.741
OTHER RECEIVABLES (GROUP & COMPANY)
The account is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2021
Published
31.12.2021
Reclassified
31.12.2021
Published
31.12.2021
Reclassified
Loans and advances to Personnel
4.511
4.511
4.511
4.511
Receivable concerning Greek State’s participation in the mandatory coverage of the
deficit of the special lump sum account
258
258
258
258
Miscellaneous advance payments
7.952
7.952
7.952
7.952
Transfer to Long-term Receivables
-
(5.225)
-
(5.225)
Receivable concerning income from Bank of Greece
2.217
2.217
2.217
2.217
Receivables due to Personnel’s Training Programs
2.463
2.463
2.463
2.463
Receivables from employees according to the BoD decision 19389/25,10,2017
3.519
3.519
3.519
3.519
Receivables from the Greek State concerning healthcare contributions from new-
entry employees (from 1/1/1993) to the Social Security Fund (IKA)
3.832
3.832
3.832
3.832
Other receivables
2.018
2.018
1.960
1.960
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210
Receivables concerning retention amounts from pensioners’ health care
contributions
282
282
282
282
Receivables from the Greek State 2015-2020 under JMD 352462/08-12-2021/
Partial Tax Inspection 2021
39.546
39.546
39.546
39.546
Total
66.598
61.374
66.540
61.316
Credit risk
The Company's exposure to credit risk is limited to the following financial assets, analyzed as follows:
GROUP
COMPANY
Financial Assets categories
31.12.2021
Published
31.12.2021
Reclassified
31.12.2021
Published
31.12.2021
Reclassified
Financial assets at fair value through the other
comprehensive income
1.244
1.244
1.244
1.244
Cash and cash equivalents
431.734
431.734
430.881
430.881
Trade and other receivables and contractual assets
292.169
286.945
292.111
286.887
Long-term receivables
5.517
10.741
5.517
10.741
Investments in subsidiaries
-
-
1.210
1.210
Total
730.664
730.664
730.963
730.963
Annual financial report
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211
2. INDEPENDENT AUDITOR’S REPORT
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of the Athens Water Supply and Sewerage Company (EYDAP S.A.)
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We have audited the accompanying separate and consolidated financial statements of the Company EYDAP
S.A. (the Company) which comprise the separate and consolidated statement of financial position as at
December 31st, 2022, separate and consolidated statements of comprehensive income, changes in equity
and cash flows for the year then ended and a summary of significant accounting policies and other
explanatory information.
In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material
respects, the financial position of the Company EYDAP S.A. and its subsidiaries (the Group) as at December
31st, 2022, their financial performance and their cash flows for the year ended in accordance with
International Financial Reporting Standards that have been adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) incorporated into the
Greek Legislation. Our responsibilities under those standards are described in the “Auditor’s Responsibilities
for the Audit of the Separate and Consolidated Financial Statements” section of our report. We are
independent of the Company within our entire assignment in accordance with the International Ethics
Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) incorporated
into the Greek Legislation and ethical requirements relevant to the audit of separate and consolidated
financial statements in Greece and we have fulfilled our ethical responsibilities in accordance with these
requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the separate and consolidated financial statements of the current period. These matters, as well as the
related risk of significant misstatements, were addressed in the context of our audit of the separate and
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
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212
Key Audit Matter
Audit Approach
Revenue recognition
The turnover of the Company and the Group
amounted for the year ended 31/12/2022 to €
343.3 mil., (€360,7 mil. for the year ended
31/12/2021).
Periodic counting and invoicing based on the
current consumption invoices of
approximately 2.2 mil. supplies are required
in order to recognize the company’s revenue.
Revenue recognition as well as updating the
accounting systems is performed
automatically through the company's
subsystems. The Company uses information
systems and internal controls in order to
ensure an integrated revenue recognition
framework.
Revenue recognition has been defined as a
key audit matter since it is a complex issue
associated with the high volume of
transactions, use of information systems in
order to update the prices and revenue
recognition, in line with the management’s
judgments and estimates.
The Company’s disclosures concerning the
accounting policies followed regarding
revenue recognition, are recorded in notes 3
and 5 to the financial statements.
Our audit approach included, among
others, the following procedures:
• Review of the IT systems environment,
including internal procedures and
related security controls.
• Review of correct data transfer from
individual information systems to the
general accounting trial balance.
• Discussion with the management and
assessment of the internal controls in
respect of the procedure of estimating
revenue for consumed and non-
invoiced amount of water and the
corresponding revenue from rendering
sewerage services.
• Review of mathematical accuracy of
the calculations and sound accounting
treatment of the amounts.
• Services of an Auditor’s special expert
were used regarding the
aforementioned procedures, when
deemed necessary.
• Assessment of adequacy and
suitability of the disclosures recorded
in the separate and consolidated
financial statements.
Recoverability of trade receivables
As at 31/12/2022 the trade receivables of the
Company and the Group amounted to €
169.8 mil. including accumulated impairment
loss allowance of € 99.6 mil. (€ 225.6 mil.
and € 103.4 mil. as at 31/12/2021).
The Company applies the simplified approach
under IFRS 9 "Financial Instruments" and
calculates the expected credit losses
throughout the entire life of their trade
receivables. In order to calculate the
expected credit losses, historical data are
used that reflect the expected impact of the
current data in the future.
Our audit approach included, among
others, the following procedures:
• Review of internal controls in place, in
respect of trade receivables
impairment test.
• Obtaining and reviewing the
calculation of trade receivables
impairment performed by the
management, assessing, inter alia,
completeness and accuracy of the
data used to determine the expected
credit losses as well as the
assumptions, on which the
Management based its estimates.
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213
We have defined the procedure of trade
receivables impairment test as one of the key
audit matters given the amount of these
accounts in line with the significance of the
management’s assumptions and estimates
applied under this procedure.
The Company’s and the Group’s disclosures
regarding the accounting policy, judgments,
estimates and assumptions used under the
trade receivables impairment test are
recorded in notes 3 and 23 to the separate
and consolidated financial statements.
• Review of mathematical accuracy of
the calculations and sound accounting
treatment of the amounts.
• Assessment of adequacy and
suitability of the disclosures recorded
in the separate and consolidated
financial statements.
Employee benefits obligations
The Company is required to cover the
medical cost of employees, retired
employees and dependent members of their
families. It is also required to pay employee
lump sum retirement benefit and specific
lump sum retirement benefit, according to the
current labour law and the collective labour
agreement of the personnel.
These benefits are treated by the
Management as a defined benefit plan and
the estimate of the obligation is made
according to IAS 19. The Management used
independent actuaries in order to determine
the appropriate assumptions regarding the
variables, such as the level of inflation,
discount rate, future increases in salaries,
mortality rate and the preparation of the
relative study.
Given the size (approximately € 282.3 mil.)
and the sensitivity of the liability amount to
various parameters – the assumptions
mentioned above - we have defined
assessment of employee benefits as one of
the key audit matters.
The respective Management’s disclosures in
respect of employee benefits obligations
according to IAS 19 are recorded in Note 29
to the financial statements.
Our audit procedures applied in respect
of assessing this matter included among
others, the following procedures:
• Review of the policy regarding
recognition of the relevant liability in
relation to the provisions of IAS 19
• Review and reconciliation of the data
and information provided by the
Company's Management to the
external actuaries, regarding the
Company's personnel.
• Evaluation, with the assistance of a
specialized technical actuarial
consultant, of the actuarial
assumptions and the calculations of
the actuarial study as of 31/12/2022.
• Sample based review of the
calculation and accounting treatment
of the benefits paid to employees in
the year under audit.
• Assessment of adequacy of the
disclosures made by the
Management in compliance with IAS
19 in note 29 to the financial
statements.
Other Information
Management is responsible for the other information. The other information included in the Annual Financial
Report includes the Board of Director’s Report, the reference to which is made in the “Report on Other Legal
and Regulatory Requirements” section of our Report and Statements of the Members of the Board of
Annual financial report
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214
Directors, but does not include the separate and consolidated financial statements and our auditor’s report
thereon.
Our opinion on the separate and consolidated financial statements does not cover the other information and
we will not express any form of assurance conclusion thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is materially inconsistent
with the separate and consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. If, based on our audit, we conclude that there is a material misstatement
therein, we are required to communicate that matter to those charged with governance. No such issue has
arisen.
Responsibilities of Management and Those Charged with Governance for the Separate and Consolidated
Financial Statements
Management is responsible for the preparation and fair presentation of the separate and consolidated
financial statements in accordance with International Financial Reporting Standards that have been adopted
by the European Union and for such internal control as management determines is necessary to enable the
preparation of separate and consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the separate and consolidated financial statements, management is responsible for assessing
the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the management’s intention
is to proceed with liquidating the Company and the Group or discontinuing their operations or unless the
management has no other realistic option but to proceed with those actions.
The Company’s Audit Committee (Article 44, Law 4449/2017) is responsible for overseeing the Company’s
and the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Separate and Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial
statements as an aggregate, are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs, incorporated into the Greek Legislation, will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to affect the
economic decisions of users taken on the basis of these separate and consolidated financial statements.
As part of an audit in accordance with ISAs, incorporated into the Greek Legislation, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the separate and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than that resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
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• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s and the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the separate and consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company and the Group
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the separate and consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding financial information of entities or business
activities within the Group for the purpose of expressing an opinion on the separate and consociated
financial statements to be able to draw reasonable conclusions on which to base the auditor’s opinion.
Our responsibility is to design, supervise and perform the audit of the Company and its subsidiaries. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the separate and consolidated financial statements of the current period
and are therefore the key audit matters.
Report on Other Legal and Regulatory Requirements
1. Board of Directors Report
Taking into consideration the fact that under the provisions of Par. 5, Article 2 (part B), Law 4336/2015,
management has the responsibility for the preparation of the Board of Directors’ Report as well as the
Corporate Governance Statement included in this report, the following is to be noted:
a) The Board of Directors’ Report includes the Corporate Governance Statement that provides the data and
information defined under Article 152, Law 4548/2018.
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b) In our opinion, the Board of Directors’ Report has been prepared in compliance with the effective legal
requirements of Article 150-151 and Paragraph 1 (cases c’ and d’), Article 152, Law 4548/2018 and its content
corresponds to the accompanying separate and consolidated financial statements for the year ended as at
31/12/2022.
c) Based on the knowledge we acquired during our audit, we have not identified any material misstatements
in the Board of Directors’ Report in relation to the Company EYDAP S.A. and its environment.
2. Additional Report to the Audit Committee
Our opinion on the accompanying separate and consolidated financial statements is consistent with our
Additional Report to the Company Audit Committee, prepared in compliance with Article 11, Regulation (EU)
No 537/2014.
3. Provision of Non-Audit Services
We did not provide the Company and its subsidiary with non-audit services prohibited under Article 5 of the
European Union (EU) Regulation no. 537/2014.
Non-prohibited non-audit services we rendered to the Company and its subsidiary within the year ended as
at December 31st 2022 are disclosed in Note 37 to the accompanying separate and consolidated financial
statements.
4. Auditor’s Appointment
We were first appointed the Company’s Chartered Accountants following as of 26/6/2019 Decision of the
Annual Regular General Meeting of the Shareholders. Since then, our appointment has been constantly
renewed for a total period of 4 years in compliance with the decisions of the annual regular general meetings.
5. Bylaws (Internal Regulations)
The Company has in effect Bylaws (Internal Regulations) in conformance with the provisions of article 14 of
Law 4706/2020.
6. Assurance Report on European Single Electronic Format
We examined the digital records of the Company (EYDAP S.A.) (the Company or/and the Group), prepared
in accordance with the European Single Electronic Format (ESEF) as defined by the European Commission
Delegated Regulation 2019/815, amended by the Regulation (EU) 2020/1989 (ESEF Regulation), which
comprise the separate and consolidated financial statements of the Company and the Group for the year
ended December 31, 2022, in XHTML format (213800SA1M6NZ4YSQU91-2022-12-31-el.xhtml), as well as
the provided XBRL file (213800SA1M6NZ4YSQU91-2022-12-31-el.zip) with the appropriate mark-up, on the
aforementioned consolidated financial statements.
Regulatory Framework
The digital records of the ESEF are prepared in accordance with the ESEF Regulation and the Commission
Interpretative Communication 2020/C379/01 of November 10, 2020, in conformance with Law 3556/2007 and
Annual financial report
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217
the relevant announcements of the Hellenic Capital Market Commission and the Athens Stock Exchange
(ESEF Regulatory Framework). In summary, this framework includes, inter alia, the following requirements:
- All annual financial reports shall be prepared in XHTML format.
- For the consolidated financial statements in accordance with IFRS, financial information included in the
statements of comprehensive income, financial position, changes in equity and cash flows shall be
marked-up with XBRL tags, in accordance with the effective ESEF Taxonomy. ESEF technical
specifications, including the relevant taxonomy, are set out in the ESEF Regulatory Technical Standards.
The requirements set out in the current ESEF Regulatory Framework constitute the appropriate criteria for
expressing a conclusion of reasonable assurance.
Responsibilities of Management and Those Charged with Governance
Management is responsi ble for the preparation and submission of the separate and consolidated financial
statements of the Company and the Group for the year ended December 31, 2022, in accordance with the
requirements of ESEF Regulatory Framework, and for such internal control as management determines is
necessary to enable the preparation of digital records that are free from material misstatement, whether due
to fraud or error.
Auditor’s Responsibilities
Our responsibility is to design and conduct this assurance engagement in accordance with No. 214/4/11-02-
2022 Decision of the Board of Directors of the Hellenic Accounting and Auditing Standards Oversight Board
(HAASOB) and the "Guidelines on the auditors’ engagement and reasonable assurance report on European
Single Electronic Format (ESEF) for issuers whose securities are admitted to trading on a regulated market
in Greece" as issued by the Institute of Certified Public Accountants of Greece on 14/02/2022 (hereinafter
"ESEF Guidelines"), in order to obtain reasonable assurance that the separate and consolidated financial
statements of the Company and the Group, prepared by the management in accordance with ESEF, are in
compliance, in all material respects, with the effective ESEF Regulatory Framework.
We conducted our work in accordance with the Code of Ethics for Professional Accountants (IESBA Code)
issued by the International Ethics Standards Board for Accountants, as incorporated in Greek legislation and
we have complied with the ethical requirements of independence, in accordance with Law 4449/2017 and EU
Regulation 537/2014.
We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE)
3000 “Assurance Engagements other than Audits or Reviews of Historical Financial Information” and our
procedures are limited to the requirements of ESEF Guidelines. Reasonable assurance is a high level of
assurance, but is not a guarantee that this work will always detect a material misstatement of non-compliance
with the requirements of ESEF Regulation.
Conclusion
Based on the procedures performed and the evidence obtained, the separate and consolidated financial
statements of the Company and the Group for the year ended December 31, 2022, in XHTML format
(213800SA1M6NZ4YSQU91-2022-12-31-el.xhtml), as well as the provided XBRL file
(213800SA1M6NZ4YSQU91-2022-12-31-el.zip) with the appropriate mark-up on the above consolidated
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financial statements, including other explanatory information ,have been prepared, in all material respects, in
accordance with the requirements of the ESEF Regulatory Framework.
Athens, 26 April 2023
The Certified Public Accountant
Panagiotis Christopoulos
Registry Number SOEL 28481
3. CORPORATE ANNOUNCEMENTS- RELEASES 2022
Annual financial report
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219
The following announcements / releases have been sent to the Daily Price Bulletin and are posted on the website of the Athens
Stock Exchange and on the website of the Company www.eydap.gr.
20/01/2022
Information regarding the PPP tender of EWSS
07/02/2022
2022 FINANCIAL CALENDAR
05/04/2022
2022 AMENDED FINANCIAL CALENDAR
28/04/2022
Analysts’ Briefing 2022
29/04/2022
Financial Results 2021
29/04/2022
PRESENTATION OF FINANCIAL RESULTS 2021 TO REPRESENTATIVES OF THE CAPITAL MARKET
04/05/2022
2022 AMENDED FINANCIAL CALENDAR
24/06/2022
2022 AMENDED FINANCIAL CALENDAR
20/07/2022
2022 AMENDED FINANCIAL CALENDAR
05/08/2022
Invitation to the 40th Ordinary General Meeting
30/08/2022
RESOLUTIONS OF THE ORDINARY SHAREHOLDERS’ GENERAL MEETING AUGUST 2022
30/08/2022
Dividends Distribution 2021
31/08/2022
VOTING RESULTS ORDINARY SHAREHOLDERS GENERAL MEETING EYDAP S.A.
01/09/2022
Clarifications on the dividend
21/09/2022
Analysts’ Briefing 2022
23/09/2022
FINANCIAL RESULTS OF THE FIRST HALF 2022
23/09/2022
PRESENTATION OF FINANCIAL RESULTS OF THE FIRST HALF 2022 TO REPRESENTATIVES OF THE CAPITAL
MARKET
04/10/2022
BoD inaugural meeting
02/12/2022
Completion of Statutory Tax Audit for Fiscal year 2021 and Tax Certificate Issuance
15/12/2022
Announcement to the Investment Community about the fundamental financial results during the 3rd Quarter,
the 9 month period of 2022 and the developments in the Company's activity
Annual financial report
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220
4. DATA AND INFORMATION
Ministerial Authority: Ministry of Environment & Energy
Corporate Web Site: www.eydap.gr
Composition of Board of Directors: Th. Varvarigou, Ch. Sahinis, An. Tosios, Aik. Beritsi, Al. Nasoufis, M. Stavroulakis, D. Konstantakopoulos, A. Amditis, Chr. Karaplis, Ch. Mistriotis, P. Skoularikis, Emman. Aggelakis, G. Alexandrakis
Date of Approval of Financial Statements:
from the Board of Directors: 26 April 2023
Chartered Auditors Accountants: Panagiotis Christopoulos (SOEL Reg. No. 28481)
Auditing Company: GRANT THORNTON S.A. (SOEL Reg. No. 127)
Audit Report from Chartered Auditor Accountants: Unqualified Opinion
Amounts expressed in thousand €
31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021
ASSETS
Tangible assets 778.980 778.198 778.980 778.198 Equity balance at the beginning of the period (01.01.2022 and 01.01.2021 respectively) 815.167 827.812 815.455 828.071
Intangible assets 79.964 83.968 79.964 83.968 Profit/(loss) of the year, after tax 5.016 30.648 5.044 30.677
Right-of-use assets 1.006 1.301 1.006 1.301 Net income directly recorded to equity 47.016 6.762 47.016 6.762
Other non-current assets 81.674 95.316 82.884 96.526 Total comprehensive income / expenses after tax 52.032 37.410 52.060 37.439
Inventories 16.948 14.803 16.948 14.803 Dividends Distributed (29.820) (50.055) (29.820) (50.055)
Trade Receivables & Contractual Assets 169.783 225.571 169.777 225.571 Equity balance at the end of the period (31.12.2022 and 31.12.2021 respectively) 837.379 815.167 837.695 815.455
Other current assets 339.503 496.864 338.625 495.952
TOTAL ASSETS 1.467.858 1.696.021 1.468.184 1.696.319
EQUITY AND LIABILITIES
Share capital
63.900 63.900 63.900 63.900
Other Equity Items 773.479 751.267 773.795 751.555
Total Equity 837.379 815.167 837.695 815.455 31.12.2022 31.12.2021 31.12.2022 31.12.2021
Liabilities for employee benefits 282.342 344.700 282.342 344.700
Operating activities
Investment subsidies 149.918 138.239 149.918 138.239
Profit/(Loss) before tax (continuing operations)
10.610 59.382 10.638 59.411
Provisions/Other long-term liabilities 69.803 102.472 69.803 102.472 Plus / less adjustments for:
Other Short- term liabilities 128.416 295.443 128.426 295.453 Depreciation/Amortization 44.655 44.768 44.655 44.768
Total liabilities 630.479 880.854 630.489 880.864 Amortization of subsidies (6.190) (6.114) (6.190) (6.114)
TOTAL EQUITY AND LIABILITIES 1.467.858 1.696.021 1.468.184 1.696.319
Depreciation of right-of-use assets 416 519 416 519
Decrease/Transfers of tangible and intangible assets 0 0 0 0
Income from securities (58) (59) (58) (59)
Provisions for personnel compensation (3.639) (5.901) (3.639) (5.901)
Other Provisions (10.847) 4.250 (10.847) 4.250
Amounts expressed in thousand €
GROUP Credit interest and related income (13.206) (15.074) (13.206) (15.074)
1.01-31.12.2022 1.01-31.12.2021 Debit interest and related expenses 2.743 2.032 2.743 2.032
Turnover 343.493 360.764 Plus/less adjustments for changes in accounts or working capital related to operating activities:
Gross profit 121.564 156.929
Profit / (Loss) before tax, financial and
investment results 89 46.280 (Increase) Decrease in:
Profit / (Loss) before tax 10.610 59.382 Receivables & Contractual Assets 89.758 (88.257) 89.771 (88.252)
Profit / (Loss) after tax (Α) 5.016 30.648 Spare parts & consumables (2.514) (524) (2.514) (524)
Other comprehensive income / expenses after tax (Β) 47.016 6.762 Increase (Decrease) in: 0
Total comprehensive income / expense s after tax (Α)+(Β) 52.032 37.410 Liabilities (178.404) 63.761 (178.408) 63.761
Attributable to: Consumers' guarantees 198 161 198 161
Company Shareholders 5.016 30.648 Employee contribution for indemnity 2.023 1.760 2.023 1.760
Profit/(Loss) after tax per share – basic (in €) 0,05 0,29
Plus:
Profit / (Loss) before Tax, Interest Surcharges of trade receivables 8.500 6.668 8.500 6.668
Depreciation and Amortization 38.969 85.453
Less:
0
Debit interest and related expenses paid
(479) (312) (479) (312)
Tax paid (4.285) (28.885) (4.285) (28.885)
Total cash inflows / (outflows) from operating activities (a)
(60.719) 38.175 (60.682) 38.209
Amounts expressed in thousand €
COMPANY
1.01-31.12.2022 1.01-31.12.2021
Turnover 343.477 360.753 Investing activities
Gross profit 121.548 156.918 Purchase of tangible assets (40.019) (28.709) (40.019) (28.709)
Profit / (Loss) before tax, financial and Purchase of intangible assets (1.414) (1.446) (1.414) (1.446)
investment results 117 46.310 Proceeds from subsidies 17.869 4.667 17.869 4.667
Profit / (Loss) before tax 10.638 59.411 Interest income received 4.559 6.734 4.559 6.734
Profit / (Loss) after tax (Α) 5.044 30.677 Dividends Received 58 59 58 59
Other comprehensive income / expenses after tax (Β) 47.016 6.762 Net cash inflows / (outflows) from investing activities (b) (18.947) (18.695) (18.947) (18.695)
Total comprehensive income / expense s after tax (Α)+(Β) 52.060 37.439
Attributable to:
Company Shareholders 5.044 30.677
Financing activities
Proposed dividend per share in euro 0,02 0,28
Payments of lease liabilities
(452) (558) (452) (558)
Dividends paid
(29.437) (49.636) (29.437) (49.636)
EBITDA 38.998 85.483
Total cash inflows / (outflows) from financing activities ( c )
(29.889) (50.194) (29.889) (50.194)
Net (decrease) / increase in cash and cash equivalents (a) + (b) + (c) (109.555) (30.714) (109.518) (30.680)
Cash and cash equivalents, at the beginning of the period
431.734 462.448 430.881 461.561
Cash and cash equivalents, at the end of the period
322.179 431.734 321.363 430.881
1. The number of employees of the Group and the Company as of 31 December 2022 was 2.328 (31 December 2021: 2.326)
2022 2021 2022 2021
i ) Income 108.929 215.644 108.929 215.644
ii) Expenses 74.506 241.835 74.506 241.835
iii) Dividends payments 18.290 30.700 18.290 30.700
iv) Receivables 57.170 49.302 57.170 49.302
v) Liabilities 85.614 202.730 85.614 202.730
vi) Fees and indemnities to Executives and members of Management 680 668 680 668
vii) Fees and indemnities to Related Parties 706 691 706 691
THE CHAIRMAN OF THE BOD THE DIRECTOR OF THE ECONOMIC DEPARTMENT
THEODORA ANDR. VARVARIGOU
ID No ΑΜ 519989
Ec.Chamber of Greece Acc. Lic. Reg. No. Α/112285
STATEMENT OF COMPREHENSIVE INCOME
3. The amounts of sales and purchases cumulatively from the beginning of the current year and the balances of receivables and liabilities of the Group and the Company at the end of the current year, which have arisen from transactions with related parties within the meaning of IAS 24, are as follows: (Note 36, amounts in
thousands Euro)
COMPANY
STATEMENT OF FINANCIAL POSITION
Amounts expressed in thousand €
Athens, 26 April 2023
7. The Management key accounting principles and significant accounting judgments followed are the same as those that were applied in the annual financial statements of the Company for the year ended December 31, 2021.
5.With the exception of the events mentioned in Note 42 to the financial statements, no event has occurred that significantly affects the financial structure or business course of the Company and the Group from 31.12.2022 until the date of approval of the financial statements by the Company's Board of
Directors
GROUP
THE CHIEF ACCOUNTANT SUPERVISOR
2. The provisions made by the Company until December 31, 2022 pertain to: a) Litigations for civil cases that have been filed against the Company amounting to approximately Euro 75,02 million, which mainly pertain to compensation due to flood damage (due to rupture of pipelines or rainfall), as well as litigation of various
contracting suppliers and contractors for breaches of contractual terms b) Litigations for labor disputes amounting to approximately Euro 67,02 million. Against losses that may arise from the aforementioned (a and b) pending litigations when they become final and irrevocable, E.YD.AP. made provisions amounting to Euro
37,6 million as at 31 December 2022 compared to Euro 45,1 million as at 31 December 2021, which are estimated to be sufficient. c) Taxes for non-inspected fiscal years Euro 2.4 million as at December 31, 2022 as well as at December 31, 2021 (note 12) . d) Other provisions for doubtful receivables (customers, contractual
assets and debtors) and obsolete inventory amounting to 108 million as at December 31, 2022 compared to Euro 111 million as at December 31, 2021.
ID No ΑΟ 010837
Ec.Chamber of Greece Acc. Lic. Reg. No.A/17806
THE CHIEF EXECUTIVE OFFICER
ID No ΑΟ 568292
DIMITRA VAS. ZARKADOULA
ID No ΑΒ 253061
LEMONIA MARK. SKYLAKI
CHARALAMBOS GEORG. SACHINIS
ATHENS WATER AND SEWERAGE COMPANY S.A. (E.YD.A.P.)
Company's Number in the General Electronic Commercial Registry : 121578960000
Domicile: Oropou 156-11146 Galatsi, Greece
FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1st January 2022 to 31 December 2022
GROUP
Amounts expressed in thousand €
COMPANY
GROUP
COMPANY INFORMATION
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
STATEMENT OF CASH FLOWS
4. In the current year the following amounts were recorded: a) "Other comprehensive income after tax" an expense amounting to Euro 363 k. pertaining to change in fair value of financial assets (Note 19) and b) actuarial profit after tax amounting to Euro 47.379 k from defined benefit plans in accordance with the amended
IAS 19 (Note 29).
6. The consolidated financial statements, except for EYDAP, include EYDAP NISON DEVELOPMENT SA based in Athens with a 100% stake in EYDAP in its capital, which was consolidated by the method of total consolidation. Therefore minority rights are not calculated. The internet address of EYDAP NISON
DEVELOPMENT SA is www.eydapnison.gr.
ADDITIONAL DATA AND INFORMATION
COMPANY
GROUP
COMPANY
STATEMENT OF COMPREHENSIVE INCOME