1
ANNUAL FINANCIAL REPORT
FROM JANUARY 1, 2023 TO DECEMBER 31, 2023
ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
& THE LAW 3556/2007
Capital Water and Sewerage Company S.A
NO. G.E.M.H. 121578960000
OROPOU 156 GALATSI
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Annual financial report
Valid from January 1
ST
2023 – December 31
ST
2023
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 01.01.2023 to 31.12.2023
e) the Report of the Independent Certified Auditor
f) the Corporate Announcements - Disclosures 2023
g) the Details and Information of the year from 01.01.2023 to 31.12.2023
It is confirmed that this Annual Financial Report is the one that was approved by the Board of Directors of " Capital
Water and Sewerage Company S.A." on 26.04.2023 and is posted on the internet, at http://www. eydap .gr .
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CONTENTS
STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS ..................................................................... 5
ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS ........................................................... 6
1. ANNUAL FINANCIAL STATEMENTS ......................................................................................................... 243
GENERAL INFORMATION ABOUT THE COMPANY .................................................................................... 245
INCOME STATEMENT FOR THE FINANCIAL YEARS ENDED ON 31
ST
DECEMBER 2023 & 2022 ...... 246
STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEARS ENDED ON 31
ST
DECEMBER 2023 & 2022 ................................................................................................................................. 246
STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31
ST
2023 & 2022 .................................... 247
STATEMENT OF CHANGES IN EQUITY AS AT JANUARY 1
ST
– DECEMBER 31
ST
2023 & 2022........ 248
STATEMENT OF CASH FLOWS AS AT JANUARY 1
ST
– DECEMBER 31
ST
2023 & 2022 ....................... 249
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF 31
ST
DECEMBER 2023 ............................ 250
1. ESTABLISHMENT, BUSINESS ACTIVITY AND LEGAL FRAMEWORK OF THE COMPANY ............................ 250
2. NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS TO EXISTING STANDARDS ........................ 253
3. SIGNIFICANT ACCOUNTING POLICIES ....................................................................................................... 255
4. KEY ACCOUNTING TREATMENTS AND SIGNIFICANT SOURCES OF UNCERTAINTY .................................. 266
5. REVENUE ................................................................................................................................................... 266
6. ALLOCATION OF THE ITEMS OF THE INCOME STATEMENT PER CATEGORY OF EXPENSES ..................... 268
7. DEPRECIATION EXPENSES ......................................................................................................................... 271
8. PERSONNEL FEES & EXPENSES (GROUP & COMPANY) ............................................................................ 272
9. OTHER EXPENSES (GROUP & COMPANY) ................................................................................................. 272
10. FINANCIAL INCOME (GROUP & COMPANY) ............................................................................................. 272
11. FINANCIAL EXPENSES (GROUP & COMPANY) .......................................................................................... 272
12. INCOME TAX.............................................................................................................................................. 273
13. EARNINGS PER SHARE............................................................................................................................... 274
14. GOODWILL ................................................................................................................................................ 274
15. OTHER INTANGIBLE ASSETS (GROUP & COMPANY) ................................................................................ 275
16. TANGIBLE ASSETS ...................................................................................................................................... 276
17. RIGHT-OF-USE ASSETS AND LIABILITIES FROM LEASES (GROUP & COMPANY) ...................................... 278
18. INVESTMENTS IN SUBSIDIARIES ............................................................................................................... 278
19. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME ................................ 278
20. LONG-TERM RECEIVABLES (GROUP & COMPANY) .................................................................................. 279
21. DEFERRED TAX ASSETS (GROUP & COMPANY) ........................................................................................ 280
22. MATERIALS, SPARE PARTS & CONSUMABLES (GROUP & COMPANY)..................................................... 281
23. TRADE RECEIVABLES, CONTRACTUAL ASSETS (GROUP & COMPANY) .................................................... 282
24. OTHER RECEIVABLES (GROUP & COMPANY) ........................................................................................... 284
25. CASH AND CASH EQUIVALENTS ................................................................................................................ 286
26. SHARE CAPITAL ......................................................................................................................................... 287
27. RESERVES .................................................................................................................................................. 287
28. RETAINED EARNINGS ................................................................................................................................ 288
29. EMPLOYEE BENEFIT OBLIGATIONS (GROUP & COMPANY)...................................................................... 289
30. PROVISIONS FOR PENDING LITIGATIONS (GROUP & COMPANY) ........................................................... 297
31. INVESTMENT SUBSIDIES (GROUP AND COMPANY) ................................................................................. 297
32. CONSUMERS’ GUARANTEES ..................................................................................................................... 298
33. LIABILITY UNDER THE EXCLUSIVE RIGHT TO PROVIDE RAW WATER ...................................................... 298
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34. OPERATING & OTHER SHORT-TERM LIABILITIES ...................................................................................... 299
35. COMMITMENTS AND CONTINGENT LIABILITIES – ASSETS....................................................................... 299
36. RELATED PARTY TRANSACTIONS (GROUP & COMPANY) ........................................................................ 300
37. AUDITORS’ FEES ........................................................................................................................................ 301
38. EYDAP FIXED ASSETS “EYDAP L.E.P.L.” ..................................................................................................... 301
39. CAPITAL MANAGEMENT ........................................................................................................................... 302
40. FINANCIAL RISK MANAGEMENT ............................................................................................................... 303
41. FAIR VALUE DETERMINATION .................................................................................................................. 306
42. SIGNIFICANT EVENTS ................................................................................................................................ 306
2 INDEPENDENT AUDITOR’S REPORT ......................................................................................................... 308
3. CORPORATE ANNOUNCEMENTS- RELEASES ......................................................................................... 316
4. DATA AND INFORMATION ....................................................................................................................... 317
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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
1. Georgios Stergiou, Chairman of the Board of Directors
2. Charalambos Sahinis, CEO
3. Marina Mavrommati, 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 01.01.2023 to 31.12.2023 of EYDAP S.A.,
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 24, 2024
The Chairman of the Board of
Directors
The CEO
The Member of the Board of
Directors
George Stergiou
ID No. ΣA 525749
Charalambos Sahinis
ID No. AO 568292
Marina Mavrommati
ID No. ΑΑ 080295
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ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS
Ladies and Gentlemen,
We submit to you the annual report of the Board of Directors for the Corporate Use from 01.01.2023 to 31.12.2023
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 Capital Market Commission authorized
by the same Law.
In this report, the performance, development and position of the Athens Water Supply and Sewerage Company 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 2023 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 2023, EYDAP continued to give priority to the implementation of its investment plan, which guarantees the
sustainable development and protects the right of access of the residents of Attica to vital water supply and
sewerage services, as well as to the rationalization of operating expenses, which were reduced by 1.8 %. The cost
reduction is mainly due to a 26% reduction in electricity costs. 2023 also saw an increase in turnover of 2.4%.
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 assignment 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.
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 supply & 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
A driving force and contributor 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.
RECOMMENDATION, LEGAL FRAMEWORK & company activity
CONSTITUTION AND LEGAL FRAMEWORK
The "Athens Water Supply and Sewerage Company S.A. " with the distinctive title EYDAP S.A. (hereinafter "EYDAP"
or "Company") was established by Law 1068/1980 through the merger of the "Anonymous Hellenic Water Company
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of the Cities of Athens - Piraeus and Surroundings" (E.Y.Y.) and the "Capital Sewerage Organization (O.A.P.) 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 the Capital 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 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), the price, the
quantity, the quality and the method of supply of the raw water that the Greek State undertook to make
available to EYDAP were determined, among other things, so that the lastly to be able to meet the
obligations of providing water supply services (article 6 par. 1 of Law 2744/1999).
• With article 4 of Law 2744/1999, LEPL was established. 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 Assets Company has since been 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 (ECS) of the greater area of Athens.
• 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 EWSS of
the Greater Capital Region for a period of three (3) years, which may be extended by agreement of the
contracting parties.
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 EWSS operation and maintenance service assignment agreement (SLA) with an initial duration of three
(3) years and the possibility of an extension of six (6) months. Pursuant to No. 17/8.8.2023 decision of the
Board of Directors of the Fixed Assets Company EYDAP approved the extension of the 2.2.2022 contract for
the assignment of operation and maintenance services of the EWSS, under the same conditions, for a period
of 6 months, i.e. until June 30,
2024
.
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.).
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EYDAP's pricing policy is implemented through the application of the general rules for costing and invoicing water
services determined by a joint decision of the Ministers of Environment and Energy, Finance, Interior and Rural
Development and Food, in accordance with the provisions of article 12 of Law 3199/2003 , as it was replaced
pursuant to article 34 of Law 5037/2023. With the same KYA, the procedures and the method of recovering the cost
of water services in the various uses are also determined, 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 virtue of article 11 of Law 5037/2023, repealing the relevant provisions of paragraphs
1 and 2 of article 3 of Law 2744/1999. According to paragraph 5 of article 114 of Law 4812/2021 "the validity of
EYDAP tariffs is extended. S.A. for the provision of water services 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 Holdings and Property Company SA.
(Growthfund).
• With the no. 190/2022 decision of the General Assembly, the above transfer was deemed unconstitutional.
• With the no. 7/2023 decision of the Three-member Council of Compliance of the CoS found the non-
compliance of the Greek State with the 190/2022 annulment decision of the CoS and ordered compliance
by the Ministry of Finance within 8 months.
• Article 64 of Law 5045/2023 transferred the ownership shares of Growthfund to the Greek State and
provided for the exercise of the relevant rights of the State jointly by the Ministers of Finance and
Environment and Energy. The said self-righteous and without price transfer was completed on 3.8.2023 in
accordance with the relevant notification of the Ministry of National Economy and Finance.
Today, the total percentage of voting rights (directly and indirectly) controlled by the Greek State in EYDAP amounts
to 65,319,740 (61.33%), of which the direct voting rights concern 53,250,001 common registered shares (50% + 1
share) and indirectly in 12,069,739 (11.33%) common registered shares.
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.
ACTIVITY
The Company operates in the field of water purification and supply and the provision of sewage 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
sewerage 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. With the decision of the 38th
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 to develop 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.
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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 i 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 Regional Unity of Islands of the Region of Attica. In accordance with 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 program contracts of the article 100 of Law 3852/2010.
In July 2011, the subsidiary company was established with the name "WATER AND SEWERAGE COMPANY FOR
ISLANDS" and distinctive title "EYDAP NISON SA", in the share capital of which EYDAP participates 100%. Today, the
above subsidiary has the name "WATER SUPPLY AND SEWERAGE SERVICES NISON S.A." and the distinguishing title
"EYDAP NISON DEVELOPMENT S.A.".
EYDAP provides water supply services through the water supply network consisting of approximately 14,300
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. In September 2023, EYDAP took over the municipal water supply networks of the city of Megara and
the municipal water supply networks of the areas of Kinetta, Vlychada (Agios Panteleimonas), Nea Zoi, Kandyli,
Koumindri, Lakka, Agia Triada, Iremo Kymat and Pachi with the related their facilities. All of these water supply
networks have a length of 270 km of pipelines and supply water to 13,500 facilities.
The sewerage network has a total length of about 8,716 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). The served population amounts to 3,695,500 inhabitants. Wastewater is collected through the pipes
of the secondary sewage network of the drained areas, through the connection to them of each temporary property,
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 on penalty of imposing
a fine in favor of the Greek State.
For the treatment of wastewater, EYDAP now has 5 wastewater treatment plants (WWTP.),
• the WWTP Psittalia with the possibility of processing (average design flow) 1,000,000 m3/day of
wastewater (today the average flow of incoming wastewater is of the order of 730,000 m3/day),
• the WWTP Metamorphosis has the ability to treat (average design flow) 44,000 m3/day of wastewater
(20,000 m3/day urban wastewater and 24,000 m3/day urban sewage), (today the average flow of incoming
sewage is 12,000 m3/day and the sewage of the order of 12,000 m3/day) and
• the WWTP Thriasiou has the capacity to treat (average design flow) 21,000 m3/day of wastewater (today,
the average flow of incoming wastewater is of the order of 6,000 m3/day
• the WWTP Megaron which was received by the Municipality of Megaron in September 2023. The capacity
of the constructed facility is 43,330 (I.P.) and the average daily design flow of incoming sewage is 8,000
m3/d.
• the WWTP Peanias-Koropiou was taken over by the Region of Attica in December 2023. The existing
installation of the Koropio-Peanias Wastewater Treatment Center has the capacity to treat wastewater
equivalent to a population equal to 99,486 i.c.
The Psittaleia WWTP includes three Combined Heat and Power (CHP) units, one natural gas-fired CHP unit with an
electrical capacity of 12.9 MWe and a thermal capacity of 17.3 MWth, and two CHP units with Biogas combustion,
with a total electrical capacity of 11 ,4 MWe (7.14 MWe & 4.25 MWe) and a thermal power of 17.2 MWth as well as
a small hydroelectric station with a capacity of 489 KW to recover the energy contained in the stream of treated
effluents before their disposal in the Saronic Gulf.
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EYDAP with the Psittalia Wastewater Treatment Center has joined the Greenhouse Gas Emissions Trading System of
the European Union, applying the corresponding EU and national legislation.
In addition, EYDAP manages the drainage projects of Eastern Attica for the collection and treatment of urban
wastewater and the reuse-disposal of treated effluents. In 2023, significant progress was made in the
implementation of sewage 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, Paiania, Saronikos and Kropia. In 2021 EYDAP developed the special katharonero
website . eydap . gr for the continuous information of the citizens about important drainage projects of Eastern
Attica and the environmental benefits of the projects.
In the context of the optimization of its energy balance and the utilization of renewable energy sources EYDAP: a)
has installed and operates five small hydroelectric plants at the Kirfi, Helikona, Kithairona, Mandra sites of the
Mornos Aqueduct and the small Evinos hydroelectric plant and b) has installed a photovoltaic (PV) plant with a power
of 1.9712 MW, at its facilities in the Municipality of Acharna, in order to sell the electricity produced.
EYDAP supplies Attica with one of the highest quality waters in the world. The main sources of water abstraction
and the reservoirs used are located in pristine areas, free from agricultural and industrial activity, as a result of which
the Greek capital is supplied with excellent quality water, while its transport is carried out naturally by gravity, with
little energy consumption.
Our vision is the uninterrupted provision of high quality water and sewerage services in Athens and the rest of
Greece by a model company in terms of ESG and zero carbon water.
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.
Financial Developments and Performance of the Year 2023
Ι. Presentation of the Company’s Key Financial Results
The Company's turnover amounted to €351.6 million compared to €343.5 million in 2022, recording an increase of
2.4% (+€8,1 million). Overall, from its main activities (water supply and sewerage), the Company presented a
decrease in revenue of +€8 million (+2,5%).
In particular, revenues from water supply and related services recorded an increase of +3.8 million € (+1,7%), while
revenues from sewerage services recorded a decrease of +4.2 million € (+4,3%). On the contrary, revenues from
electricity recorded an increase of +52 k € (+2,7%).
Regarding revenues from water supply and related services, water consumption was increased by + 4.931 k € (+2,3%)
which consists of the main category of water revenues.
The remaining categories of water and related services revenues showed mainly increasing trends (except for other
revenues). More specifically, in the category of revenues from restoration work there was an increase of +264 k €
(+83%), in the category of revenues from new water supplies there was an increase of +86 k € (+2%), and in
connection fees and contributions, an increase of +2% (+6 k €). It should be noted that the revenues from restoration
work is linked to the program for the replacement of hydrometers of water supply customers included in the
company's investment program. In the opposite direction, other revenues, consisting mainly of revenues from
hydrometer outages/replacements/removals, showed a significant decrease of -1,467 k € (-36%).
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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 2023, these amounts stood at € 216,579 k and € -1,169 k respectively.
The last category includes the following:
• Changes in the provisions for non-invoiced as well as invoiced revenues of € +2,195 k (compared to €
+12,190 k in 2022).
• Revenue cancellations amounting to € -1,817 k (compared to € -3,329 k in 2021)
• Adjustments from the implementation of IFRS 15, amounting to € -1,546 k (compared to € -460 k in 2022).
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, increased by +4,078 k €
(+4.3%). In the other categories, connection rights increased by +158 k € (+22%), sewerage works increased by +55
k € (+86%). Finally, a small decrease was recorded in the category of sewerage fees of -97 k € or -6%. It is to be noted
that revenues from the sewerage use include the invoiced revenues from the sewerage use which amounted to
95,232 k €, as well as their adjustment on an accrual basis which amounted to +3,845 k €.
This last category includes:
• Changes in the provisions for non-invoiced as well as invoiced revenues of € +1,199 k (compared to € -7,881
k in 2022).
• Cancellations of income amounting to € -1,128 k (compared to € -2,092 k in 2022).
• Adjustments from the application of IFRS 15, amounting to € -626 k (compared to € -228 k in 2022). 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.
In k €
2021
2022
2023
Revenues from water consumption
222.324
210.479
215.410
New water supply accounts
3.156
3.899
3.985
Connection rights & customer contribution
242
300
306
Restoration works
337
319
583
Other
1.804
4.101
2.634
Revenues from water supply and related services
227.862
219.099
222.918
In k €
2021
2022
2023
Revenues from right to use sewerage related services
103.882
94.999
99.077
Connection rights
629
710
868
Sewerage fees
1.734
1.638
1.540
Sewerage works
59
65
120
Revenues from sewerage services
106.304
97.412
101.606
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• Estimation of Sewerage Revenues outside the Water Supply Network of EYDAP S.A. amounting to € 4,400
k (compared to € 4,400 k in 2022).
The Company’s total operating expenses (i.e. the sum of Cost of Sales, Administrative Expenses, Distribution
Expenses and Impairment of Financial Assets) decreased by -1,8% or -6 million € amounting to € 329.8 million from
€ 335.8 million in 2022. In particular, the cost of sales decreased by -4.2 million € (-1.9%) amounting to € 217.7 million
from € 221.9 million in 2022, as well as the Administrative Expenses that recorded a decrease of -1.7 million € (-2.2%)
and the Distribution expenses that also decreased by € -3.4 million (-8.6%).
The above developments resulted in an increase of the Company's Gross Profit Margin by -+12.3 million € (+10.1%)
standing at € 133.8 million from € 121.5 million in 2022. Gross profit margin as a percentage of turnover increased
to 38.1% from 35.4% in 2022.
Other operating income amounted to € 3.2 million from € 3.1 million in 2022, recording an increase of +1.6% or €
49 k. 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 compared to 2022 were recorded:
• Cost for raw water amounted to € 27.8 million compared to € 27.6 million in 2022
• Personnel fees and expenses decreased by € -3.4 million (-3%)
• Third party fees and expenses increased by € -2 million (-3%)
• Utilities decreased by € -12.1 million (-18%)
• Depreciation/amortization increased by € +0.4 million (+1%)
• Various provisions increased by € +12.2 million (+112%)
• Miscellaneous expenses decreased by € -0,4 million (-3%)
• Consumables decreased by € -17 k (0%)
• Self-construction cost (comprising an item that reduces the total cost) increased by € +735 k (+13%)
Third-party fees and expenses decreased by € -2 million (-3%) amounting to € 58 million from € 60 million in 2022.
Waste Treatment Plant of Psitalia decreased by € -3.386 k (-12%), Waste Treatment Plant of Metamorfosis decreased
by € -274 k (-12%), while Water Supply Network also increased by +22% or € +847 k. Finally, other organizational
units recorded an increase of € +810 k or (+3%). Depending on the type of expenses, the highest increases occurred
in the costs for support of operations € +1.580 k (+17%), in various other fees (transport and disposal services of
dried sludge as waste etc.) by € +364 k (+17%). (+52%), lawyers € +266 k (+13%), while decreases were recorded in
the categories of maintenance of contracts by € -2,994 k (-9%), security-fire safety by -661 thousand € (-14%) and
third-party fees excluding tax € -486 k (-9%).
Employees fees and expenses amounted to € 128.6 million from € 132.1 million in 2022 (-3%). Salaries and wages
decreased by € -584 k (-1%) while employer contributions decreased by € -1,500 k or -6%. In addition, provisions for
social security (€ -1,631 k) and provisions of defined benefit programs (€ -457 k) decreased. 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. It should be noted that the item Employee contributions includes a provision of € 3,058 k (€ 4,227 k in
2022) due to the need to set up a provision for a liability provided for by the CLA.
13
Utilities significantly decreased from € 68.1million in 2022 to € 55.9 million in 2023 (-18%). In particular, expenses
for electricity decreased (-26%), natural gas expenses by € -536 k (-83%), rental expenses by € - 399 k (-4%), post-
telecommunications expenses by € -346 k (-8%). On the contrary, repair and maintenance expenses increased by €
+551 k (+9%) and utilities by € +121 k (+4%).
It should be noted that miscellaneous expenses amounting to € 13.2 million from € 13.6 million in 2022, 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), stationery-printing, publication costs, travel expenses, as well
as acquisition of property, plant and equipment for own projects.
Other categories of various expenses presented decreases in promotion and advertising costs by € -780 k (-41%), and
in taxes-duties by € -195 k (-4%), donations-grants by € -190 k (-16%) and finally in consumables by € -83 k (-3%).
Transportation expenses were significantly increased by € +255 k (+32%) and other miscellaneous expenses
mentioned above by € +550 k (+34%).
As at 31/12/2023, in the context of the application of IFRS 9, the Company reviewed the provision for impairment of
receivables made on 31/12/2022 amounting to € 99,603 k. This review resulted in a decrease of the provision by € -
477 k, which is presented separately in the interim Income Statement entitled: “Impairment of financial assets “.
This change of € -477 k is analyzed as follows:
-148% due to decrease of receivables (Exposures at Default) with the same credit risk parameters as on 31/12/2022
+10% in deterioration of the credit risk parameter: Losses Given Default with the same requirements and estimated
default probabilities as at 31/12/2022
+38% in the improvement of the credit risk parameter: Probabilities of Default with the same requirements and
Losses Given Default as on 31/12/2022.
On 31/12/2023, totally, the provision for bad debts amounted to € 99,126 k. The percentage of bad debts compared
to the gross customer balance in 2022 increased to 37% from 31% in 2021
In total, various provisions (expense) during 2023 presented an increase of +12,153 k (+112%) compared to the
corresponding amount of 2022 and amounted, in total, to €+1,307 k compared to € -10,847 k in 2022. The provision
made in 2023 include: provisions for doubtful receivables (“Impairment of financial assets” € -477 k), provisions for
litigations (€ +1.992 k) and provisions for depreciation of inventories/third-party projects (€ -209 k)
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)
2019
88.206
271.563
32%
2020
99.573
278.502
36%
2021
103.306
328.877
31%
2022
99.603
269.380
37%
2023
99.126
268.980
37%
14
Provisions for litigations (expense) amounted to approximately € +1,992 k, resulting in provisions in the statement
of financial position amounting to € 39.6 million in 2023 from € 37.6 million in 2022. Overall, the company increased
the provision for labor cases by € +5,075 k, while it decreased the provision for civil cases by € -3,083 k.
Finally, in other categories of expenses, consumables decreased by € -17 k (-0%) while the cost of self-constructions
(a cost-reducing item) increased by € +735 k (+13%).
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 decrease of € -7.2 million (-68%) standing
at € 3,412 k from € 10,627 k in 2022.
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 previous period the item included an amount of
approximately Euro 8.0 million which concerned provision for impairment of other receivables due to non-
recoverability (Note 24 of the Financial Statements). The Company took into account the developments within 2023
and formed a provision of +415 k € in relation to other receivables. In other categories, the largest category is
compensations from accidents and network damage, amounting to € 2 million from €1.2 million, recording an
increase of € +805 k (+68%).
The total result of the above changes was the increase of EBITDA of the Company by € 21.8 million (+56%), which
amounted to € 60.8 million compared to € 39 million in 2022. The EBITDA margin stood at 17.3% from 11.4% in 2022.
Depreciation and amortization for the year presented an increase of +1% or € 0.4 million and amounted to € 39.3
million from € 38.9 million in 2022.
Financial expenses increased by +313% and amounted to € 11,316 k from € 2,743 k in 2022. The amount of € 9,381
k of the total financial expenses were interest on actuarial liability in 2023 compared to € 1,902 k in 2022. The residual
financial expenses are mainly related to lump-sum compensation interest (€ 714 k), client settlement costs (€ 669 k),
other bank charges (€ 415 k), financial expenses of lease liabilities (€ 69 k) and commissions of letters of guarantee
(€ 69 k).
Financial income increased by € +4.542 k (+34%) and amounted to € 17.8 million from € 13.3 million in 2022. Financial
income consists mainly of increases in post due debts of customers and interest / income on the products in which
the cash available is placed (cash management account of the Bank of Greece, the Deposit and Loan Fund and time
deposits of credit institutions). Interest-income from customers amounted to € 7.9 million from € 8.7 million in 2022,
presenting an decrease of € -753 k (-9%). On the contrary, interest on deposits changed to € 8.9 million from € 4.4
million in 2022, recording an increase of € +4.511 k (+103%).
The increase in EBITDA affected the Company’s EBIT, which increased from just € 117 k in 2022 to € 21.5 million in
2023. The EBIT margin was 6.1%, up from 0.0% in 2022.
The Company's profit (losses) before tax amounted to € 28 million from € 10.6 million in 2022, recording an increase
of +163% or € +17.4 million.
In k €
Provisions for Doubtful Receivables for the Year/
Impairment of Financial Assets
Provision for Litigations for the Year
2019
2.609
-4.479
2020
11.367
-4.268
2021
3.733
498
2022
-3.703
-7.512
2023
-477
1.992
15
Income tax amounted to € 7.7 million from € 5.6 million in 2022, as a result, the Company's profit after tax increased
by 302% to € 20.3 million from € 5 million. € in 2022. Net profit margin stood at 5.8% from 1.5% in 2022.
Net Operating Cash Inflows for the Group increased from € -60.7 million in 2022 to € +20.6 million in 2023, recording
an increase of € +81 million. Profit/loss before tax increased by € +17.4 million, while non-cash adjustments increased
by € +18.5 million and operating account adjustments changed by € +43.7 million. Customer surcharges collected
were kept at high levels (€ 8,467 k in 2023 compared to € 8,500 k in 2022).
The Group’s Net Investing Cash Flows amounted to outflow of € -14.1 million, compared to an outflow of € -18.9
million in 2022. Property, plant and equipment acquisition amounted to approximately € 44.2 million in 2023, from
€ 40 million in 2022, while in terms of interest received there was an increase, from € 4.6 million in 2023 to € 9.9
million in 2023. The collection of grants increased to € 21,049 k compared to € 17,869 k in 2022.
Finally, the Group’s Free Cash Flows to the Firm
*
amounted -€ 6.5 million from € -79.6 million in 2022.
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 need further analysis.
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
*
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)
*
2023
2022
2021
ROE
2,41%
0,61%
3,73%
Tax Burden
0,72
0,47
0,52
Interest Burden
1,30
120,57
1,28
EBIT Margin
6,12%
0,03%
12,83%
Asset Turnover
0,24
0,22
0,22
Leverage
1,75
1,91
2,01
16
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. These sizes are used without any adjustment in the Financial Statements and Notes.
Reconciliation of EBITDA
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Turnover
351.602
343.493
351.574
343.477
Cost of sales
-217.752
-221.929
-217.738
-221.929
Administrative expenses
-76.602
-78.325
-76.578
-78.281
Distribution expenses
-35.960
-39.332
-35.960
-39.332
Impairment of financial assets
477
3.703
477
3.703
Other expenses
-3.413
-10.627
-3.413
-10.627
Other operating income
3.159
3.105
3.155
3.105
Depreciation and Amortization
45.446
45.072
45.446
45.072
Grants amortization
-6.139
-6.190
-6.139
-6.190
EBITDA
60.818
38.970
60.824
38.998
• 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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Turnover
351.602
343.493
351.574
343.477
EBITDA
60.818
38.970
60.824
38.998
EBITDA margin
17,30%
11,35%
17,30%
11,35%
• 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.
17
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.
Reconciliation of EBIT
GROUP
COMPANY
Amount in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Turnover
351.602
343.493
351.574
343.477
Cost of sales
-217.752
-221.929
-217.738
-221.929
Administrative expenses
-76.602
-78.325
-76.578
-78.281
Distribution expenses
-35.960
-39.332
-35.960
-39.332
Impairment of assets
477
3.703
477
3.703
Other expenses
-3.413
-10.627
-3.413
-10.627
Other operating expenses
3.159
3.105
3.155
3.105
EBIT
21.511
88
21.517
116
• 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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Turnover
351.602
343.493
351.574
343.477
EBIT
21.511
88
21.517
116
EBIT margin
6,1%
0,0%
6,1%
0,0%
• 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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Total inflows / (outflows) from Operating Activities
20.563
-60.719
20.567
-60.682
Total inflows / (outflows) from Investing Activities
-14.050
-18.947
-14.060
-18.947
FCFF
6.513
-79.666
6.507
-79.629
• 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
18
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
By means of analysing 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.
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2021
31.12.2020
31.12.2019
Turnover
(a)
351.602
343.493
360.764
330.325
323.750
Profit after Tax
(b)
20.275
5.016
30.648
-66.100
58.068
Profit before Tax
(c)
27.992
10.610
59.382
-80.442
84.007
EBIT
(d)
21.511
88
46.280
-92.182
70.537
Total Assets
(e)
1.479.046
1.467.858
1.696.021
1.613.996
1.562.867
Average Assets at the opening and
closing period
(f)
1.473.452
1.581.940
1.655.008
1.588.432
1.548.238
Total Equity
(g)
847.259
837.379
815.167
827.812
951.140
Average Equity at the opening and
closing period
(h)
842.319
826.273
821.490
889.476
950.184
Tax Burden
=(b)/(c)
0,72
0,47
0,52
0,82
0,69
Interest Burden
=(c)/(d)
1,30
120,57
1,28
0,87
1,19
EBIT Margin
=(d)/(a)
6,12%
0,03%
12,83%
-27,91%
21,79%
Asset Turnover
=(a)/(f)
0,24
0,22
0,22
0,21
0,21
Leverage
=(f)/(h)
1,75
1,91
2,01
1,79
1,63
RΟΕ
=(b)/(h)
2,41%
0,61%
3,73%
-7,43%
6,11%
19
Reconciliation of OPEX
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Cost of sales
217.752
221.929
217.738
221.929
Administrative expenses
76.602
78.325
76.578
78.281
Distribution expenses
35.960
39.332
35.960
39.332
Impairment of financial assets
-477
-3.703
-477
-3.703
Depreciation / Amortization
-45.446
-45.072
-45.446
-45.072
Grants amortization
6.139
6.190
6.139
6.190
OPEX
290.530
297.001
290.492
296.957
• 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. 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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Turnover
351.602
343.493
351.574
343.477
Gross Profit Margin
133.850
121.564
133.836
121.548
Gross Profit Margin %
38,1%
35,4%
38,1%
35,4%
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).
20
Reconciliation of Adjusted EBITDA
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Turnover
351.602
343.493
351.574
343.477
Cost of sales
-217.752
-221.929
-217.738
-221.929
Administrative expenses
-76.602
-78.325
-76.578
-78.281
Distribution expenses
-35.960
-39.332
-35.960
-39.332
Impairment of financial assets
477
3.703
477
3.703
Other expenses
-3.413
-10.627
-3.413
-10.627
Other operating expenses
3.159
3.105
3.155
3.105
Depreciation / Amortization
45.446
45.072
45.446
45.072
Grants amortization
-6.139
-6.190
-6.139
-6.190
Revenue from Operation and Maintenance Contract of the EWS
-25.000
-25.000
-25.000
-25.000
Cost of raw water
27.785
27.624
27.785
27.624
Adjusted EBITDA
63.603
41.594
63.609
41.622
• 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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Turnover
351.602
343.493
351.574
343.477
Cost of sales
-217.752
-221.929
-217.738
-221.929
Administrative expenses
-76.602
-78.325
-76.578
-78.281
Distribution expenses
-35.960
-39.332
-35.960
-39.332
Impairment of financial assets
-3.413
-10.627
-3.413
-10.627
Other expenses
3.159
3.105
3.155
3.105
Other operating expenses
45.446
45.072
45.446
45.072
Depreciation / Amortization
-6.139
-6.190
-6.139
-6.190
Revenue from Operation and Maintenance Contract of the EWS
-25.000
-25.000
-25.000
-25.000
Cost of raw water
27.785
27.624
27.785
27.624
Adjusted EBITDA-Ι
63.126
37.891
63.132
37.919
21
ΙΙ. Operations Review – Development of water consumption and income from water supply and right-of-use
sewerage
Total consumption in 2023 remained at about the same level as in 2022, showing a slight decrease of -0.1%.
The following contributed to the formation of the consumption level, compared to the previous year:
• -0.4% reduction in the water supply aid for the areas of the Municipality of Oropos, with water pumped
from the Mavrosovala boreholes,
• by -0.3% the interruption of other water supplies of undiluted water along the External Water Supply
System, in application of the contract of Law 4812/2021, signed between the Company and the State, and
• in the opposite direction, +0.6%, increase in the outgoing quantity from the Water Treatment Plants (WTPs).
Regarding the evolution of water consumption in WTPs, which constitutes 99% of total consumption, it is noted that
until the first half of 2023, the significant decrease in consumption observed in 2022 continued, as a result of the
general economic climate that prevailed, following the decrease in the economic situation of households and the
expectations that were formed as a result of the ongoing revaluations in food and other basic necessities. The
economic climate of price increases and the high cost of energy generally affected consumer behavior, and, by
extension, consumption patterns related to water use. High energy costs have contributed to reduced water demand
during the winter months. However, despite the limited water consumption volume in the first half of the year - the
lowest in the last twenty years - the consumption level (WTPs) for the year showed a slight increase, remaining close
to the five-year average for 2018-2022, as water consumption was favored by the prolonged high temperatures
during the summer period of the year.
Although total consumption remained at the same level, invoiced consumption decreased by -5.6%, resulting in an
increase in non-invoiced consumption. Non-invoiced consumption is the difference between total and invoiced (now
free of charge) consumption. The percentage of non-invoiced consumption is the ratio of non-invoiced consumption
in the Internal Water Supply System of EYDAP SA (EWSS), to the volume of water at the exit of the Water Treatment
Units. The annual percentage of non-invoiced consumption in EWSS for the year 2023 was 25.1%, as a consequence
of the decrease in invoiced consumption, compared to 21.1% of the corresponding previous twelve months in 2022.
However, on a two-year basis, the percentage of non-invoiced consumption shows an improvement (lower).
Specifically, for the 2022-2023 period, the rate was 23.1% compared to 24.5% for the previous 2021-2022 period.
The total consumption
1
(invoiced, non-invoiced and free of charge) of the years 2021, 2022 and 2023 is presented
in the following table:
T1. Total Water Consumption (c.m.)
Invoice Category
Year
2023
Year
2022
Year
2021
Invoiced Consumption
290.801
308.068
296.539
Non-invoiced Consumption
96.922
80.071
109.848
Free of charge consumption (firefighting uses)
9
16
11
Total Consumption
387.731
388.154
406.398
The development of invoiced consumption, respectively, is presented in the following table:
1
The total water consumption is the sum of the following separate quantities:
• Output quantity from the Water Treatment Units (WTUs).
• Recorded quantity of supplied refined water of external aqueducts from rapid refineries.
• Recorded amount of raw water supplied from hydrometers, connected to the external aqueducts and related
to the Company's wells in the area of Mavrosouvala and other raw water supplies along the Mornos canal and the Yliki
aqueduct.
22
T2. Invoiced consumption (c.m.)
Invoice Category
Year
2023
Year
2022
Year
2021
General Tariff
186.073
200.050
183.305
Industrial – Business
23.816
23.660
21.271
Public services – Local Authorities
16.544
17.117
16.728
Network upgrade
62.281
61.494
65.066
Other Invoices
2
2.087
5.746
10.169
Total
290.801
308.068
296.539
The decrease of -5.6% in invoiced consumption, corresponding to 17.3 million cubic meters, is mainly due to the
General Tariff, which showed a decrease of -7.0%, corresponding to 14.0 million cubic meters. The decrease in
invoiced consumption of the General Tariff category, despite the stability of the total, is due to the increased level
of invoiced consumption and number of bills issued in the first quarter of the previous fiscal year 2022, due to the
gradual normalization of the issuance and distribution of water bills, following the restoration of the suspension
effect resulting from the inability to identify a postal service provider, which lasted until November 15, 2021.
The decrease in the quantities of invoiced consumption of the Other Invoices over time is due to the reduction of
the water supply aid for the areas of the Municipality of Oropos, as well as to the interruption of other water supplies
of unpurified water, pursuant to the relevant contract with the Greek State. The reduction in the invoiced
consumption of the Other Invoices for the year 2023, compared to the previous year, corresponds to a quantity of
3.7 million cubic meters of water. It is noted that in the previous year, the invoiced consumption of the Other Invoices
of undifferentiated water, except those related to the enhancement of the water supply of the areas of the
Municipality of Oropos, was implemented on behalf of the Public Sector (EPEYDAP), in order to facilitate the smooth
transition management of the invoicing procedures. The reported invoicing of other water supplies of unpurified
water of the previous year 2022 (outside the Municipality of Oropos), corresponds to approximately 1.1 million cubic
meters.
There was also a decrease in the invoiced consumption of the Public Sector-Local Authorities category by -3.3%,
corresponding to 0.6 million cubic meters, returning to the levels of 2021.
On the contrary, the category of Local Authority Network Upgrade, which represents the second largest customer
category, showed an increase, which amounted to +1.3%, corresponding to 0.8 million cubic meters. The suspension
of distribution and consequently the suspension of invoicing, which affected the General Tariff category, did not
have an impact on the Local Authority Network Upgrade category, whose final consumers, supplied by the local
authority networks, showed similar consumption behaviour to the general consumers, with a slight increase in water
demand during the summer period.
The Industrial - Professional Tariff category also showed an increase of +0.7%, corresponding to 0.2 million cubic
meters. Hellenic Petroleum's consumption, which represents 40% of the total consumption of the Industrial-
Professional Tariff, remained stable at the consumption level of the year 2022, which is at the maximum
consumption level observed over time.
The following table presents the development of the invoiced revenues from water sales, for the main categories
of invoices, for the years 2021, 2022 and 2023:
2
Other invoices include the following categories: Unpurified water, Vessel Supply, Charity and imputed charges (loss of water
due to third party damage to the network, arising in the course of their operations).
23
T3. Invoiced Revenues from Water Sales* (k €)
Invoice Category
Year
2023
Year
2022
Year
2021
General Tariff
147.380
156.780
145.001
Industrial – Business
19.273
19.261
17.648
Public services-Local Authorities
16.640
17.199
16.780
Network upgrade
30.480
30.097
31.843
Other Invoices
2.780
3.307
3.704
Total
216.552
226.644
214.976
*Includes water price revenues with compulsory and imputed consumption, as well as Fixed Asset revenues
The -4.5% decrease in invoiced revenues from the sale of water in 2023, corresponding to a value of € 10.1 million,
is mainly due to a -6.0% decrease in revenues from the main category, which is the General Tariff (domestic). The
decrease in the General Tariff corresponds to an amount of € 9.4 million.
The following table presents the development of the invoiced revenues from sales of right-to-use sewerage, in
relation to the main invoice categories:
T4. Invoiced revenues for sewerage (k €)
Invoice Category
Year
2023
Year
2022
Year
2021
General Tariff
81.305
87.316
81.642
Industrial – Business
7.309
7.027
6.276
Public services-Local Authorities
6.266
6.255
6.349
Network upgrade
0
0
0
Other Invoices
36
48
36
Total
94.917
100.647
94.302
Finally, the following table presents the total of the invoiced revenues from sales of water & right-of-use sewerage,
in relation to the main categories of invoices, for the years 2021. 2022 and 2023:
T5. Total Invoiced Revenues from Water Sales & Right-of-use Sewerage (k €)
Invoice Category
Year
2023
Year
2022
Year
2021
General Tariff
228.685
244.096
226.643
Industrial – Business
26.582
26.288
23.924
Public services-Local Authorities
22.907
23.454
23.129
Network upgrade
30.480
30.097
31.843
Other Invoices
2.816
3.356
3.739
Total
311.469
327.291
309.278
The decrease in invoiced revenues from the sale of water and right-of-use sewerage by -4.8% (€ 15.8 million) is a
result of the decrease in revenues from the General Tariff category, which constitutes 73% of the total invoiced
revenues of the year.
Five (5) scales of monthly consumption are applied in invoicing of water with general tariff, based on the principle of
gradual invoicing, according to which, the more water is consumed, the higher the unit sale price is, which
corresponds to the revenue per cubic meter of water. The following table presents the relative allocation (%) of the
invoiced quantity of General Tariff water, in relation to the invoicing scales.
24
The 1
st
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 supply invoices. The 2
nd
Scale corresponds to the next highest
level of sales price and the amount of cubic meters of water consumption in the water supply invoices, and so on
for the following tiers.
The 1
st
Scale has increased its share of consumption in the General Tariff category over time from 48.6% in 2021 to
50.4% in 2022 and 51.1% in 2023, with an average annual growth rate of +2.5% per year from 2021 to 2023. The 2
nd
Scale, in contrast, decreased over time from 44.4% in 2021 to 42.7% in 2022 and to 41.9% in the year 2023, with an
average percentage share decrease rate of -2.9% per annum. The 5
th
Scale, which has the highest sales price and
corresponds to a quantity of cubic meters exceeding the highest consumption threshold, increased its share over
time from 3.2% in 2021 to 3.3% in 2022 and to 3.6% in the year 2023, with an average percentage share increase
rate of +6.1% per year.
2023 USE Highlights
New Independent Regulatory Authority
On 28th 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
T6. Allocation of Invoiced quantity of Water of General Tariff in the Invoicing Scale (%)
Invoice Category
Year
2023
Year
2022
Year
2021
1
st
Scale (1-15 m
3
per three months)
51,1
50,4
48,6
2
nd
Scale (16-60 m
3
per three months)
41,9
42,7
44,4
3
rd
Scale (61-81 m
3
per three months)
2,4
2,4
2,7
4
th
Scale (82-105 m
3
per three months)
1,1
1,2
1,2
5
th
Scale (>105 m
3
per three months)
3,6
3,3
3,2
25
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.
In September 2023, the no. 119/2023 decision of R.A.W.E.W. (Government Gazette 5408/Β΄/11-9-2023) was
published, which approves the Organization of the Regulatory Authority, regarding the responsibilities of its
Departments and Services.
Decisions of the Tripartite Compliance Council of the CoS
On March 20, 2023, the 7 & 8/2023 decisions of the Tripartite Compliance Council of the Council of State were
published, by which the Council of State ruled that the executive and legislative power, with articles 114 and 115 of
Law 4964/2022 ( mentioned above), did not comply with the decisions of the General Assembly of CoS 190 &
191/2022, which ruled the unconstitutionality of the transfer of the shares of EYDAP and EYATH from the State to
the HCAP and ordered compliance by the Ministry of Finance within 8 months and the re-transfer of the majority of
the shares of EYDAP from HCAP to the Greek State
Transfer of Majority shares of EYDAP from Growthfund to the Greek State
Article 64 of Law 5045/29/7/2023 (Transfer of EYDAP and EYATH shares from the Hellenic Holdings and Property
Company to the Greek State) provided that all of the Superfund's ownership shares in EYDAP and EYATH are
transferred to the Greek State. The transfer of 53,250,001 shares (50%+1 share) was completed on 3/8/2023.
Therefore, the total percentage of voting rights (directly and indirectly) controlled by the Greek State amounts to
65,319,740 (61.33%), of which the direct voting rights concern 53,250,001 common registered shares (50% + 1
share). and the indirect voting rights concern 12,069,739 (11.33%) common registered shares. The voting rights of
the 12,069,739 common registered shares (11.33%) relate to the percentage of share capital directly held by HRAFT
in EYDAP S.A. The Greek State universally controls 100% of the "Hellenic Holdings and Property Company S.A."
(Growthfund) which, in turn, by controlling 100% of the HRAFT, indirectly controls the voting rights in question.
The total percentage of participation (direct and indirect) of the Greek State did not change
Reception of municipal networks and WWTP
On 1.9.2023, EYDAP took over the municipal water supply and sewerage networks and the Waste Water
Treatment Plant of the city of Megara, the municipal sewerage network of the city of Nea Peramos and the
municipal water supply networks of the areas of Kinetta, Vlychada (Agios Panteleimonas), Nea Zoi, Kandyli ,
Koumindriou, Lakka, Agia Triada, Iremo Kymato and Pachi with their associated facilities.
26
The entire water supply network has a length of 270 km of pipelines and supplies water to 13,500 facilities.
Accordingly, the sewerage network of the city of Megara and the area of Nea Peramos has a total length of 96
km of pipelines, which includes approximately 6,600 constructed external branches of properties.
The WWTP Megaron receives sewage through a network of sewage collectors from the city of Megaron and
Nea Peramos as well as domestic sewage from areas that lack a sewerage network.
The capacity of the constructed facility is 43,330 (I.P.) and the average daily design flow of incoming
wastewater is 8,000 m3/d. According to the agency's records, in 2023, it treated an average of 1,900m3/d of
municipal wastewater and 90m3/d of sewage.
The treated wastewater is disposed of by an underwater pipeline in the Saronic Gulf sea area, west of the
Hersonissos of Ag. Triada at the "Almyres" location and at a depth of 30 m while the stabilized dewatered
sludge, since EYDAP took over the installation, is transported to the WWTP of Psittalia for thermal drying.
The average daily design flow of incoming wastewater is 8,000 m 3 / d .
Secondary treatment with nitrogen removal and disinfection is carried out at WWTP Megaron.
In 2023, it treated an average of 1,900 m 3/ d of municipal wastewater and 90 m 3/ d of sewage.
In mid-December 2023, the management and operation of the Koropi-Peania Wastewater Treatment Center
was handed over to EYDAP.
The facility has the capacity to treat wastewater equivalent to a population equal to 99,486 i.c.
In 2023, it treated an average of 1,750 m3/d of municipal wastewater.
In the already licensed project, the waste from the following areas is or will be directed:
• Municipality of Paiana as a whole, including BIO.PA. Peanias.
• The city of Koropi and the settlement of Karellas of the Municipality of Koropia, including the BIO.PA Koropi
and Karellas and the wholesale area of Koropi.
• The areas south of the Western Regional Avenue Ymittos of the Municipality of Pallini.
• The settlement of Hamolias in the Municipality of Markopoulos - Mesogaia.
Expansion projects of the WWTP of Koropi-Peania are planned, concerning a future new treatment line (2nd
treatment line) to accommodate the additional hydraulic and pollutant load of the sewage from the coastal
areas of the Municipality of Saronikos & Kropias.
The facility carries out secondary treatment with nitrogen and phosphorus removal and disinfection. The
treated wastewater is disposed of by a submarine disposal pipeline in the sea area of Hamolia in the South
Euboean Gulf through a tunnel.
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
sewerage network, 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 breaks and breakdowns caused by the age of the network, thus eliminating even the slightest possibility
of causing a risk to public health.
Actions to reduce the carbon footprint
In the context of EYDAP SA's strategy to achieve a zero carbon footprint by 2030, in May 2023 EYDAP announced a
tender, with a total budget of 2.3 million euros, with the aim of supplying new electric vehicles with zero CO
2
emissions, as well as the their recharge infrastructure. The purpose of EYDAP is the gradual replacement of its fleet
of conventional vehicles with electric ones, with the aim of transitioning to systems with low greenhouse gas
emissions.
The tender, with a total budget of 2.3 million euros, concerns:
- supply of 16 two-wheeled vehicles,
- operational leasing of 53 electric vehicles of various categories,
27
- supply and installation of recharging infrastructure, as well as their supporting software
Also:
• the awarding of the contractor for the tender for the supply and installation of two (2) photovoltaic
stations on the ground at the MEN of Acharno and the MEN of Polydendri with a power of 999.6 kW
each ( net - metering ) was completed.
• the tender was carried out for the supply and installation of two (2) photovoltaic plants on roofs in the
MEN of Acharno with a power of 999.6 kW and 499.6 kW ( net - metering ).
• the tender was announced for the supply of electricity to the EYDAP SA facilities with the requirement
that 50% of it be with guarantees of origin from RES.
• licensing applications were submitted for the development of new photovoltaic plants at the EYDAP SA
facilities, with a total capacity of 11.6 MW
Signing of an Addendum between EYDAP, the Greek State, and "EYDAP Fixed Assets Company"
In June 2023, the tripartite signing of an Addendum to the Contract between the Greek State, the "EYDAP Fixed
Assets Company" and "E.YD.A.P. S.A." was successfully completed. The object of the agreement is the execution of
works on the closed Joint Aqueduct of Mornos - Marathon, Section Klidi - Dafnoula. This agreement promotes the
implementation of an important project for the upgrading of the external water supply system of Attica.
Extension of the EWSS operating contract
In August 2023, the EYDAP Fixed Assets Company notified EYDAP about the request for a unilateral extension of
the contract for the assignment of operation and maintenance services, of the External Water Supply System (EWS),
with the same conditions, for an additional period of six (6) months, until June 30, 2024, as provided for in the from
2/2/2022 contract between EYDAP S.A., EYDAP Fixed Assets Company and the Greek State.
Investment plan
In 2023 the absorption of the investment program amounted to 44.2 million euros, increased by 45% compared to
the absorption in 2022, which had risen to 30.45 million euros and increased by 140% compared to the absorption
in 2021 which amounted to 18.3 million euros.
The 2024-2033 investment program concerns:
• major projects in Eastern Attica (construction of sewage transport networks and pipelines, construction of
a Wastewater Treatment Center in Rafina and Marathon, construction of a network for the reuse of
recycled water from the WWTPs, management, final treatment and utilization/disposal of the biosolids
produced by the Eastern Attica WWTPs), amounting to 958 ,7 m. €.
• water supply network projects (reinforcement of the primary supply network, optimization -
modernization of the secondary network, modernization of water supply facilities, installation of 2 million
household smart meters, expansion of activities in new areas, e.g. Kinetta, Mandra Idyllias, Total
Municipalities of Eastern Attica), amounting to 681 ,6 m. €
• drainage projects (upgrading of the drainage network, restoration - upgrading of old pipelines of the central
pantororic network, reconstructions, repairs of dirty sewerage pipelines and construction of branches,
modernization of sewage network facilities, expansion of activities in new areas, e.g. Agios Stefanos,
Kallithea Pentelis, Aianteio, Thriasio , Megara, Koropi, upgrade of Triasio Wastewater Treatment Centers,
Megara, Metamorfosis, Psyttaleia), height 364.5 m. €
• building, digital governance and transformation projects (€103.8m)
50% of the project budget is financed by the EU
Customer Satisfaction Survey
In November 2023, a telephone customer satisfaction survey using a structured questionnaire was carried out in the
Attica Region. The results were particularly encouraging as the Satisfaction Index from EYDAP reaches 75% at levels
corresponding to 2019 (74%).
The Company's Net Promoter Score (NPS) is significantly positive and stands at +32, with almost 1 in 2 being
promoters of the business.
28
Also, the use of electronic services by customers and the electronic method of payment is particularly increased.
The overall satisfaction with EYDAP's services compared to other NGOs varies from 14% to 22%.
Special General Assembly
In June 2023, at the Special Meeting of Minority Shareholders, Mr. Panagiotis Skoularikis and Christos Mistriotis
were elected, with a four-year term ending on June 9, 2027.
Following the recommendation of the Remuneration and Nominations Committee, the Board of Directors of EYDAP
S.A. ascertained the suitability of Mr. Mistriotis Christou and Panagiotis Skoularikis based on the provisions of the
legislation and the applicable Nomination Policy for the Members of the Board of Directors of EYDAP S.A.
Subsequently, the Board of Directors, during the meeting of 20.6.2023, was formed into 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
Substitute CEO,
Executive member
Ekaterini Beritsi
Independent, Non-Executive Member
Alexander Nasoufis
Independent, Non-Executive Member
Michael Stavroulakis
Independent, Non-Executive Member
Angelos Amditis
Independent, Non-Executive Member
Dimitrios Konstantakopoulos
Non-Executive Member
Christos Karaplis
Non-Executive Member
Christos Mistriotis
Non-Executive Member, Representative of
minority shareholders
Panagiotis Skularikis
Non-Executive Member, Representative of
minority shareholders
Emmanuel Angelakis
Non-Executive Member, Employee
Representative
George Alexandrakis
Non-Executive Member, Employee
Representative
Ordinary General Meeting
On September 6, 2023, the 41st Annual General Meeting of the Company's Shareholders was held. The discussion
and resolution on items 4 and 5 of the Agenda of this meeting was postponed in accordance with article 141 par. 5
of Law 4548/2018, following a request submitted by the Greek State as the majority shareholder, which attended
the General Meeting with all the shares it directly holds, i.e. with 53,250,001 shares and corresponding voting rights,
i.e. 50% plus one share, thus exceeding 1/20 of the paid-up share capital of the Company.
The continuation date of this Ordinary General Meeting, following the above request, was set for September 12,
2023.
The General Assembly:
-On the first item, approved the Individual and Consolidated Annual Financial Statements of EYDAP SA, In accordance
with International Accounting Standards and International Financial Reporting Standards ("IAS/IFRS") for the
financial year 01.01.2022 to 31.12.2022, the Management Report of the Board of Directors of EYDAP SA and the
Audit Report of the Statutory Auditors of EYDAP SA thereon.
-On the second item, approved the distribution of the dividend of the profit for the financial year 2022 in the amount
of €2,130,000, i.e. a dividend of €0.02 gross per share and determined the dividend recipients and the date of
payment. After withholding tax of 5% (€0.001 per share), the net dividend payable amounts to €0.019 per share.
The cut-off date was set as September 13, 2023 and the beneficiaries were determined to be the holders of the
29
Company's shares registered in the DSS (Record date) on September 14, 2023. The dividend payment date was set
as September 20, 2023 in accordance with the procedure set out in the Athens Stock Exchange Regulations.
- On the third issue, it approved, pursuant to Articles 108 and 117 par. 1 of Law 4548/2018, the overall management
of EYDAP SA by the Board of Directors and exempted the Auditors from any liability for compensation for the
financial year 01.01.2022-31.12.2022.
- On the sixth item, it determined the type of the Audit Committee, the term of office, the number and attributes of
its Members in accordance with Article 44 par. 1(b) of Law 4449/2017, as amended by par. 4 of article 74 of Law
4706/2020, namely:
A) The Audit Committee shall be a committee of the Board of Directors, consisting exclusively of Non-Executive
Members of the Board of Directors, appointed by the Board of Directors pursuant to Article 44 par. 1(c) of Law
4449/2017, as amended.
B) The Members of the Committee shall be three (3) in number, two (2) of which shall have the status of Independent
Non-Executive Member and one (1) of them shall be a regular Non-Executive Member.
C) The term of office of the Audit Committee Members shall coincide with the term of office of the Members of the
Board of Directors, which shall be four years in accordance with Article 11 par. 6 of the Articles of Association of
EYDAP SA.
- on the seventh item, it approved with an advisory vote the Compensation Report for fiscal year 2022 pursuant to
article 112 of Law 4548/2018, which is available on the Company's official website www.eydap.gr.
-On the eighth item, approved the remuneration and expenses paid to the Members of the Board of Directors from
01.07.2022 to 31.08.2023 and the additional extraordinary variable remuneration paid to the Chief Executive Officer
and the Deputy Chief Executive Officer of EYDAP SA for the fiscal year 2022.
- On the ninth item, it elected the auditing firm "GRANT THORNTON SA" while setting its fees for: a) the audit of the
Annual Financial Statements, b) the Review Report of the Interim Summary Semi-Annual Financial Statements, c)
the granting of the Tax Certificate, d) the granting of the Independent Auditor's Report for the audit of the
completeness of the information contained in the Remuneration Report, in accordance with Article 112 of Law 4548
/2018, e) the issuance of a Verification Report by an Independent Certified Public Accountant for the inclusion of
electricity consumption of electricity suppliers in the reduced charges of the Special Tax for the Reduction of Air
Pollution Emissions, in accordance with article 14 of the Government Gazette B' 3152/30.07. 2020, g) the granting
of an Assurance Report on selected indicators for the submission of a sustainable development report, h) the
granting of an Assurance Report on the compliance of the financial statements with the provisions of the ESEF
Regulation, as applicable based on the relevant regulations on the European Single Electronic Format (ESEF) and i)
the granting of an Audit Report for the certification of scientific and technological research costs in accordance with
Article 22A of Law 4172 /2013 as amended by Law 4965/2022.
In accordance with the decision of 19.03.2010 of the Accounting Standardization and Audit Committee, the
Management of EYDAP SA within five (05) days from the date of the election, will send a written notice-instruction
to the Audit Company "GRANT THORNTON SA" and thereafter, the said Audit Firm will notify within a period of one
(01) month from the date of election, the names of the Chartered Accountants who will be responsible for the audit
and will lead the audit team.
-On the tenth item, approved the revised Remuneration Policy pursuant to Articles 110 and 111 of Law 4548/2018,
which is available on the Company's official website www.eydap.gr in the "Investor Relations" section.
On September 12, 2023, the 41st Ordinary General Meeting of the Company's Shareholders was held to discuss and
decide on items 4 and 5 of the agenda.
On the fourth item:
The Greek State, as the majority shareholder, proposed and elected the following nine (9) Members of the Board of
Directors of EYDAP SA for a four-year term of office, expiring on 6.9.2027, extending automatically until the Annual
General Meeting of Shareholders to be held after the expiry of their term of office:
30
Sachinis Charalambos of Georgios,
Giannikouris Antonios of Emmanouil,
Kaymenaki Eleni-Maria of Fotios,
Sfikas Efthimios of Iosif,
Martseki Anastasia of Michail,
Mavrommati Marina of Konstantinos,
Lambrou Marika of Evangelos,
Stergiou Georgios of Evangelos,
Karaplis Christos of Grigorios.
The above composition of the Board of Directors fulfils the requirement set out in article 3 par. 1b of Law 4706/2020
regarding adequate gender representation. It is noted, however, that due to the specificity of the status of H.Y.A.P.
SA regarding the election of Board Members, the suitability of the above nine (9) Members of the Board of Directors
of EYDAP SA is to be verified in due time by the new Remuneration and Nomination Committee that will be
established, in accordance with the requirements of the Law and the current Nomination Policy for Board Members.
On the fifth issue:
The General Assembly, upon the proposal of the Greek State as the Majority Shareholder, appointed four (4)
Independent Members of the Board of Directors of EYDAP SA as follows:
1. Sfikas Efthimios of Iosif
2. Martseki Anastasia of Michail
3. Mavrommati Marina of Konstantinos
4. Lambrou Marika of Evangelos
The nomination of these persons meets the requirement of Article 5 par. 2 of Law 4706/2020 regarding the adequate
representation of Independent Non-Executive Members in a percentage not less than 1/3 of the total number of the
Board Members.
Formation of the Board of Directors into a body
On September 14, 2023, following the election of the nine (9) new Members of the Board of Directors by the Majority
Shareholder Greek State at the adjourned 41st Annual General Meeting of September 12, 2023, the Board of
Directors of the Company met and was constituted as follows:
Full name
Capacity
George Stergiou
Chairman of the Board of Directors, non-Executive
Member
Charalambos Sachinis
CEO, Executive Member
Antonios Giannikouris
Non-Executive Member
Christos Karaplis
Non-Executive Member
Eleni-Maria Kaymenaki
Non-Executive Member
Marika Lambrou
Independent Non-Executive Member
31
Anastasia Martseki
Independent Non-Executive Member
Marina Mavrommati
Independent Non-Executive Member
Efthymios Sfikas
Independent Non-Executive Member
Christos Mistriotis
Non-Executive Member
Panagiotis Skoularikis
Non-Executive Member
Emmanuel Angelakis
Non-Executive Member
Georgios Alexandrakis
Non-Executive Member
DEVELOPMENT OF WORKS AND ACTIVITIES 2023
Water supply
Within 2023 the Company:
- took over the networks of the Municipality of Megara and the areas of Kinetta, Vlychada (Agios
Panteleimonas), Nea Zoi, Kandyli, Koumindri, Lakka, Agia Triada, Iremo Kymat and Pachi with their associated
facilities.
- began the replacement of large pipelines due to Metro line 4 works
- started the study for the supply of the beach front due to the works in Elliniko.
- proceeded with the construction of restoration projects of the Union aqueduct for the reliability and
operational safety of the External Water Supply System (ECS) of the Capital.
- We contributed to the restoration of the water supply problems that arose due to the catastrophic floods in
Volos
Wastewater services
During 2023 the Company:
- It integrated into its operation the sewerage networks and the Megareon WWTP as well as the sewerage
networks and the Koropi-Peania WWTP
- It reduced the energy consumed by WWTP Psittaleia by 17%, a percentage much higher than the Conventional
(2%), due to the implementation of the planned investments in a shorter time.
- Implemented the tenders related to the quality measurement systems of the sewage network and the
sewage reception area of WWTP Metamorfosi
- Started planning for quaternary reuse
Internal Infrastructure and operations
• Completed the plan for optimal redistribution of resources and redeployment of human resources
through workforce planning.
• The preliminary studies for the construction study of the company's new bioclimatic building were
auctioned
• The tender for the new ERP has been completed and the new CRM and Billing is underway
• Corporate IT systems were upgraded and new SCADA systems were installed to acquire real-time
data for the best and most efficient operation of EYDAP and to ensure the high level of services it
offers to the citizens of Attica
• Improved the digital experience of customers and their more complete information by upgrading
the site and adding chatbots, video calls and their multi-channel information (email, SMS, Viber,
etc.)
• Health services were reorganized and upgraded
• The company is in 4th place
among the agencies with the highest amount of signed contracts and
publication of procurement and service tenders for the year 2023
32
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 wastewater projects in the region among its operational goals.
EYDAP's planning for these important sewage 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 Centers-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, where pilot application programs will be implemented for the optimal
utilization of reclaimed water 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, Marathon, Pallini
Peania, Saroniko, Kropia and Oropou.
Eastern Attica projects investment plan
Ten-year plan 2022 = €794,046 thousand
Ten-year plan 2023 = €891,262 thousand
• The ten-year investment plan for the year 2023 appears higher than 2022.
The variance comes primarily from the more conservative estimates made for expected discounts during the
bidding process for construction contracts.
• In the contracts of the contracts there are no notable deviations in the contractual economic object.
• Regarding the progress of the projects:
✓ Regarding the schedule of the contractors
There are delays arising from the complex environment internationally/economic crisis/war in Ukraine,
material price increases, increased energy costs, lack of resources/reduced supply of available workshops at
acceptable costs, uncharted utility networks, increased rates of rocky terrain, etc.
An important factor in time deviations is also the implementation of the projects in areas of increased
archaeological interest (the entire area of eastern Attica).
Based on the knowledge gained so far, it seems that the claims of the contractors are expected to be important
during the development of the projects and until their completion.
✓ Regarding the planning of EYDAP
Possible deviations in the initial planning of the contractors have been taken into account and the projects
have been planned accordingly. ΄
The continuation of co-financing by the NSRF during the Program Period 2021-2027 has been ensured. At the
end of this period, the assessment of the completion and operation of the projects is placed.
Absorption-Progress % of the total subject of contracts in progress
In the total of contracts implemented in Eastern Attica with a contractual economic object of 142 million euros,
the implemented object amounts to approximately 27% of the total.
Progress based on approved contractors schedule
Projected progress based on approved timetables at the end of 2023 = 51.2%
Evolution of East Attica Projects in 2023
In 2023, significant progress was achieved in the implementation of sewage drainage projects in Eastern Attica.
Specifically and by project, the most important progress milestones are presented:
33
Under construction:
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 sewage network is underway through two construction contracts.
The first concerns the sewage network in the areas of Pikermio, Drafi, Agios Spyridon, Dioni of the Municipality
of Rafina - Pikermio and 36,100 m of network pipes and 360 external branches have been constructed .
The second concerns the network of dirt and dirt transport pipelines in the areas of Rafina – Pikermio and
Spata – Artemisa municipalities and 26,800 m of network pipelines, 980 m of tunnels and 1,000 external
branches have been constructed.
The sewage network in the areas of the Municipality of Spata-Artemida will be built through a third contract,
which was re-tendered in March 2023 and the tendering process is ongoing .
In January 2023, the contract for the construction of the WWTP of the Municipalities of Rafina - Pikermio and
Spata - Artemisa was re-auctioned and the tendering process is ongoing .
The project will continue during the NSRF programming period 2021-2027 and to this end EYDAP is in
collaboration with the competent agencies to complete the segmentation process of the project. The Program
Contracts between EYDAP and the two municipalities involved have been extended.
D2. "Collection, Treatment of Municipal Wastewater of the Municipality of Marathon and Disposal-Reuse of
treated effluents".
The contract for the construction of dirt networks in the Municipality of Marathon is in progress and 44,000 m
of network pipes and 1,980 external branches have been constructed.
The project is to continue during the NSRF programming period 2021-2027 and to this end EYDAP is in
collaboration with the competent agencies to complete the segmentation process of the project.
D3. "Construction of sewage works in areas of the Municipality of Pallini"
The construction of the sewage network in the areas of Gerakas, Pallini and Anthousa of the Municipality of
Pallini is in progress and 59,000 m of network pipes and 1,820 external branches have been constructed .
The project is to continue during the NSRF programming period 2021-2027 and to this end EYDAP is in
collaboration with the competent agencies to complete the segmentation process of the project.
At the stage of drawing up tender documents:
D4. "Construction of a sewage network for the freshwater area of the Municipality of Paiana"
Approximately 70% of the physical object has been constructed ( 42,500 m of network pipes and 2,067
external branches ) and the construction of the remaining physical object will be re-auctioned.
The project is to continue during the NSRF programming period 2021-2027 and to this end EYDAP is in
collaboration with the competent agencies to complete the segmentation process of the project.
D5. "Construction of an internal sewage network of the Peania settlement
The project is co-financed by the NSRF/Operational Program "Attica 2014-2020" within the framework of the
Program Agreement signed between EYDAP and the Municipality of Paiana.
The project is to continue during the NSRF programming period 2021-2027 and to this end EYDAP is in
collaboration with the competent agencies to complete the segmentation process of the project.
At the stage of a study assignment competition:
D6. "Collection and treatment of municipal wastewater from the coastal zone of Saronikos and Kropias
Municipality and Reuse - Disposal of treated effluents"
The project's Environmental Impact Study has been prepared and the process for issuing the project's EIA is
underway. The Final study of the project was included for co-financing in the NSRF/Operational Program
"Transport Infrastructures, Environment and Sustainable Development 2014-2020".
In March 2023, the tender process for the assignment of the final study of the project was announced and a
temporary contractor has been selected.
JASPERS team is ongoing for the drafting of the project's construction funding request file.
34
D7. "Drainage of Kitsi area of the Municipality of Kropias"
The Final study of the project was included for co-financing in the NSRF/Operational Program "Transport
Infrastructures, Environment and Sustainable Development 2014-2020".
In March 2023, the tender process for the assignment of the study was announced. The bidding process is
ongoing.
D13. "Construction of a sewage network in the settlement of Dau Penteli, Municipality of Penteli"
The project is co-financed by the NSRF/Operational Program "Transport Infrastructures, Environment and
Sustainable Development 2014-2020 " for the construction of a sewage drainage network in the settlement of
Dau Penteli, Municipality of Penteli, within the framework of the Program Agreement signed between EYDAP
and the Municipality of Penteli.
Under study:
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 study of the project is co-financed by the NSRF/Operational Program "Transport Infrastructures,
Environment and Sustainable Development 2014-2020". In January 2023, the contract for the preparation of
the final study was signed.
The preparation of the Final Study is in progress.
D9. "Drainage of the southern part of the Municipal Unit of Artemisa"
The preparation of the Final Study for PE 4 and PE 6-14 of the southern part of Artemis (by the Municipality of
Spata Artemis) is in progress. The Final Study has been submitted and is in the review phase.
D10. "Sewage, wastewater treatment of the Municipality of Oropos and disposal and reuse of treated effluents"
SETTLEMENTS: KAPANDRITI, APHIDNES, POLYDENDRI, MIKROCHORI
The project "Construction of a network of dirt and dirt transport pipelines in the areas of Kapandriti, Afidni,
Polydendri and Mikrohorio of the Municipality of Oropos", was included for co-financing in the
NSRF/Operational Program "Transport Infrastructures, Environment and Sustainable Development 2014-
2020" (December 2023).
SETTLEMENTS: AVLONAS, MARKOPOULO, OROPOS, NEA PALATIA, HALKOUTSI
A study is also being prepared with the title: "Study of sewage and wastewater treatment of the settlements
of Avlonos, Markopoulos, Oropos, Neo Palatia and Chalkoutsi, Municipality of Oropos".
The EIA has been submitted for the drainage project of the impure areas of Avlonos, Markopoulos, Chalkoutsi,
Neo Palatia Oropou and the issuance of the EIA is expected.
SETTLEMENTS: AGIOS APOSTOLI, KALAMOS
At the same time, the process of maturing the drainage projects in the other areas of the Municipality (Agioi
Apostoloi, Kalamos, etc.) is in progress. Specifically, the contract was awarded and a multi-criteria study is
being prepared with the aim of choosing the best solution for the drainage and treatment of the urban waste
water of the settlements in the areas of Kalamos and Agios Apostolos.
PROJECT STAGE:
Preparation of tender issues for the project "Construction of a network of dirt and dirt transport pipelines in
the areas of Kapandriti, Afidna, Polydendri and Mikrohori of the Municipality of Oropos"
In the process of issuing Decisions to approve environmental conditions: the drainage project of the
settlements of Avlonos, Markopoulou, Chalkoutsi, Neo Palation Oropou.
At feasibility/economic viability study stage:
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 to reuse the reclaimed water of the WWTP for irrigation
and peri-urban use for the benefit of agricultural cooperatives and local communities.
35
At the present stage, the drawing up of a viability study for the business activity of reusing the treated effluents
of WWTP is in progress, with the aim of collecting the necessary market mapping data (Market Mapping), for
the further maturation and development of this activity.
In the initial stage of ripening:
D12. "Management, final processing and utilization/disposal of the produced biosolids of the WWTP of Eastern
Attica"
At the construction award tender stage:
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"
In April 2023, the request for financing the construction of the project was approved by the Program "Sewerage
Network Infrastructure and Wastewater Treatment Facilities (E.E.L)" (Recovery and Resilience Fund). The
Tender Documents were drawn up and the project was auctioned in July 2023. The tender process has been
completed and the signing of the contract for the start of the works is expected.
At the stage of drawing up tender documents for the study:
D15. "Drainage of the settlement of Varnavas, Municipality of Marathon"
Project implementation milestones:
The study of the project was included for financing by the NSRF/Operational Program "Transport
Infrastructures, Environment and Sustainable Development 2014-2020".
Special Customers
During 2023 the effort continued. for the reduction of overdue debts of Municipalities and preventing the
accumulation of new ones. In addition, the actions to identify the benefits of the Municipalities were intensified, at
the same time promoting their registration on the EYDAP S.A. website. and the acceptance of their electronic
invoicing.
During 2023, the Ministry of the Interior Affairs decided to grant the Municipalities an amount of approximately
€10.2 million for the payment of their obligations to EYDAP.
Within 2023, a debt settlement agreement in the amount of 3.7 million euros was signed with the Municipality of
Markopoulos.
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 2023, through the free supply of water to the residents of the fire-affected areas of
the Municipality of Marathon and the Municipality of Rafina - Pikermi, which were affected by the fatal fire on
23/7/2018 and are still in emergency situation.
Pursuant to Decision no. 2588/11.05.2023 of the CEO of EYDAP on 15.06.2023, the new Water Supply Contract with
the Ministry of Shipping & Island Policy for the year 2023 was signed, ensuring water supply to the arid islands and
various issues of the Public Sector bodies were resolved.
On 21.12.2023, the Agreement for the Settlement of Overdue Debts and Collection of Current Debts of the
Panhellenic Gymnastics Association was signed, according to decision no. 21736/ 20.12.2023 of the Board of
Directors of EYDAP S.A.
Finally, we would like to mention that the Special Customer Service Department on 22.09.2023 renewed the ISO
9001: 2015 Certificate for Quality Management Systems – Requirements for the Provision of Special Customer
Service Services.
36
EYDAP Nison Development S.A.
In July 2011, EYDAP ISLANDS SA was established. in which EYDAP SA participates in the share capital. with a rate of
100%. At the extraordinary General Assembly of 21/9/17 it was decided to change the name to EYDAP NISON
DEVELOPMENT SA.
The purpose of the company is to provide consulting services in matters of water supply, drainage as well as a
number of activities related to the above, in the Greek territory outside the areas of competence of EYDAP S.A.
Composition of the Board of Directors, as defined by the General Assembly of May 24, 2022
with a duration until
5/25/2027
Charalambos Sahinis Chairman of the Board of Directors and CEO
Anastasios Tosios Member
Georgios Karagiannis Member
Mr. Vougiouklakis Member
Petros Matsoukis Member of the Board and General Manager
After the resignation letter of the member Mr. Anastasios Tosios dated 21/9/2023 by decision of the extraordinary
General Assembly of November 10, 2023
, the composition of the Board of Directors amended as follows:
Charalambos Sahinis Chairman of the Board of Directors and CEO
Petros Matsoukis Member of the Board of Directors and General Manager
Georgios Karagiannis Member
Mr. Vougiouklakis Member
Emmanuel Angelakis Member
In 2023
EYDAP NISSON DEVELOPMENT :
• Signed a new contract with the Municipality of Iroiki Nisos Kasos for the provision of technical support for
the Municipality's water supply projects and services for the period 11/23 to 11/24
• Signed a Contract with the Municipality of Astypalaia for a) cleaning of four sewage pumping stations and
b) cleaning of a 900 meter pipeline of the sewage network of the settlement of Astypalaia.
• As part of the cooperation of the memorandum of understanding signed on 6-5-22 between EYDAP SA and
Ministry of Agriculture, Rural Development and Environment, Nicosia Water Supply Council, Limassol
Sewerage Council, Larnaca Sewerage Council held meetings to exchange scientific and technical
information in Cyprus and Athens. The coordination between the working groups of Greece and Cyprus has
been undertaken by the General Manager of EYDAP ISLANDS DEVELOPMENT S.A.
In the context of Corporate Social Responsibility, EYDAP ISLANDS DEVELOPMENT S.A. responding to the request of
the Directorate of Technical Works of the Regional Unit of Piraeus and Islands, carried out a televised inspection of
sections of the sewage network of dirt in very narrow streets of Aegina.
ANTICIPATED COURSE AND DEVELOPMENT
EYDAP, having the exclusive right to provide water supply and distribution services and sewage services in the region
of Attica until 2040, serves 40% of the population of the Greek territory.
As the largest company providing water and sewage services 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 sewage and biological cleaning services to the population of Attica, while at the same time ensuring
the natural habitat. EYDAP ranks 1st in terms of water quality among 180 countries worldwide, according to Yale
University's Environmental Performance Index (EPI).
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.
In 2023, EYDAP continued the rationalization of operating expenses, which decreased by 1,8% mainly due to the
reduction of electricity costs by 26% (-€11.5 million) and its investment plan, increasing by 45% the absorption of
37
investment program compared to 2022. All its important financial figures showed a significant improvement
compared to 2022.
Regarding the Company's projected course in 2024, the Company expects the formation of the new tariff and the
full operation of the Regulatory Authority for Waste, Energy and Water (R.A.W.E.W), while at the same time
continuing its important investment project mainly in Eastern Attica.
With regard to the formulation of the new tariff, EYDAP expects the issuance of the new JMD which will replace the
decision of the inter-ministerial National Water Committee No. 135275/19.05.2017, annulled by the Council of State,
on water pricing rules. After the issuance of the MOU, the Company will propose to the Ministry of Environment and
Energy, since the ERA is not yet fully operational, the new tariff based on the allowed income.
Regarding the formulation of the new tariff, EYDAP is awaiting the issuance of the new which will replace the decision
of the inter-ministerial National Water Commission no. After the issuance of the MOU, the Company will propose to
the Ministry of Environment and Energy, since the ERA is not yet fully operational, the new tariff based on the
allowed income.
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.
PRINCIPAL RISKS & UNCERTAINTIES
CAPITAL MANAGEMENT
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 create 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, the forced execution of EYDAP's assets that
are used for the exercise of its activities related to the provision of water supply and sewerage services is not
permitted.
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.
38
Debt burden ratio
GROUP
COMPANY
Amounts in thousand Euros
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Loan Obligations
-
-
-
-
Cash & Equivalent
(325,795)
( 322,179 )
(324,974)
(321,363)
Total equity
848,279
837,379
848,591
837,695
Net debt to equity ratio
0
0
0
0
MANAGEMENT OF FINANCIAL RISK
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.
(1) 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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Financial Assets at fair value through other comprehensive
income
907
879
907
879
Cash and cash equivalents
325.795
322.179
324.974
321.363
Trade and other receivables and Contractual Assets
181.786
186.965
181.720
186.897
Long term requirements
15.418
11.591
15.418
11.591
Investments in subsidiaries
-
-
1.210
1.210
Total
523.906
521.614
524.229
521.940
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 use 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 thousands Euros
TIME ANALYSIS OF DUE CLAIMS
2023
Not Overdue
0-1 month
1-6 months
6 months-2
years
2 years-5
years
> 5 years
Total
INDIVIDUALS
30.213
6.117
22.219
34.010
28.681
52.349
173.589
PUBLIC
2.360
134
1.635
3.127
2.398
10.244
19.899
OTA
5.644
331
9.267
11.216
3.723
3.340
33.521
Total
38.218
6.583
33.121
48.353
34.802
65.933
227.009
39
2022
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
Total
35.353
7.493
34.327
51.130
36.923
63.931
229.156
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 the credit risk, the Forced Collections Service of the Revenue & Claims Management Directorate
examines on a continuous 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.
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.
(2) 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
2023
0-1 Month
2-3 months
3-6 Months
6-12 Months
1- 5 years
> 5 years
Total
Loan Obligations
-
-
-
-
-
-
-
Obligations for employee benefits
895
1.790
3.680
6.007
47.512
233.503
293.387
Provisions / Other long-term liabilities
-
-
-
-
-
58.939
58.939
Suppliers & Other Liabilities
16.681
39.427
10.933
400
1.012
15.472
83.926
Raw water charge
-
-
27.785
-
-
-
27.785
Liabilities from leases
69
139
209
305
1.804
503
3.022
Total
17.645
41.356
42. 608
6.713
50.327
308.437
466.969
2022
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
Crude charge forecast
-
-
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
40
(3) 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).
(4) Unsafe water supply of Attica due to failure of external aqueducts
EYDAP provides safe and uninterrupted water supply services by treating raw water supplied by the Greek State.
According to Article 7 "Obligation to Supply Raw Water" of the current contract "The State is obliged throughout the
Contract Period 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 Agreement."
Therefore, in case of failure to supply EYDAP with raw water, the financial loss is borne by the Greek State.
EYDAP 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 June 2023, the tripartite signing of the Addendum
to the 2.2.2022 Contract between the Greek State, and the companies "Etyria Pagion EYDAP" and "EYDAP" was
successfully completed. SA". The subject of the agreement is the execution of works on the closed Union Aqueduct
Mornos - Marathona, Kleidi - Dafnoula Section. With this agreement, the implementation of an important project to
upgrade the External Water Supply System of Attica is promoted. The specific projects, of which the first has already
been announced, will shield the secure water supply against very high risks of failure in the union aqueduct.
At the same time, the necessary control mechanisms that will ensure the uninterrupted supply of quality water to
EYDAP in extreme weather conditions along the entire length and facilities of the EWSS have been identified and are
the subject of discussion with all those involved.
(5) Understaffing of organizational units
The understaffing of EYDAP arises as a result of the long-term limitations of adequate recruitment through Supreme
Council for Civil Personnel Selection (ASEP) and threatens the implementation of the Company's strategic plan. The
Company assessed the risks of understaffing by recognizing the average age of its staff, the requirements for the
transfer of know-how and experience, the difficulty in formulating a succession plan in critical positions necessary
for the Company's business continuity and developed a human resources management model for the next decade,
incorporating all necessary actions of adequate and appropriate staffing. Ways of recruiting sufficient permanent
staff in a timely manner that will mitigate the risk of dependence on external partners are being explored.
(6) Safeguarding and protection of facilities
The Company manages the risks related to the vulnerability of all facilities and the protection of security by dealing
with the threats that are likely to create problems and the weaknesses of the facilities. It studies and implements
modern systems of security, fire safety and surveillance of buildings and facilities and competently trains the staff
with the aim of incorporating the desired modifications and improvements. It applies modern technologies in
shielding against threats such as floods, earthquakes, fires, external factors, power outages, communication
interruptions, unavailability of personnel, malicious acts.
(7) Water scarcity
To manage the risk of water shortages, control mechanisms are applied to ensure sufficient supply of the Water
Treatment Units with raw water, in cases where the scheduled inflows will be subject to insufficient flow. According
to the updated water resources management plan of Athens, prepared by the Civil Engineering department of the
E.M.P. in cooperation with EYDAP, based on the existing data of the reserves, around the middle of July 2024, the
use of the Materials sector will be required with the operation of the Mavrosouvala wells, with a daily flow rate of
80,000 m
3
and pumping stations of the Materials sector, with a daily flow rate of up to 150,000 m
3
.
In the event that the reserves of the Evinos-Mornos system continue to decline, it is planned to:
a) to increase the pumping of the Materials sector,
b) to activate the boreholes of the Middle River of Boeotian Kifiss which, through the Union Aqueduct of Distomo,
feed the Mornos Aqueduct with a daily discharge capacity of 150,000 m
3
41
The evaluation of the underground aquifer in the Vasilikon-Parori drilling area has been launched and maintenance
is being carried out on the Ylikis aqueduct, the floating and other pumping stations of the sector.
(8) Cybersecurity
EYDAP has set as a priority its shielding through an organized cyber security framework, always harmonized with the
current legislative provisions. In this context, he proceeded to capture a risk profile for the upgrade of security
measures, as well as a study of the implementation of individual security policies and procedures, based on
international standards and methodologies. Developed a business continuity & recovery plan for the Company's
information systems from eventual disaster. It also created the required cooperation framework, on the one hand,
for the productive use of identified vulnerabilities on recorded activities, where personal data processing is
identified, and on the other hand, for the targeted creation of clear procedures and policy in the event of a violation
incident.
The control mechanisms available to the company to detect such risks/incidents include tools for training and raising
awareness of all personnel on cyber security issues, for collecting information critical to the security of the Company
and for the early detection of threats from external sources at different levels of the Web and for the monitoring
and evaluation regarding the course of the security level of the Company's web resources in relation to the
vulnerabilities as well as the threats identified using Open Threat Intelligence techniques.
In the year 2023, immediate response services were ensured in case of detection of a cyber security incident, with
participation in the financed Cyber Security Support Service Action of ENISA (European Union Agency for
Cybersecurity) through the National Cyber Security Authority for the FEBY of the EU member states.
(9) Risks from Climate Change
EYDAP approaches climate risks as an opportunity to transition to a more sustainable future with low carbon
emissions and implements mitigation measures:
• It has integrated into its strategy the improvement of energy efficiency and the reduction of the carbon
footprint
• Implements water demand management and leakage reduction programs for rational and sustainable
management of water resources. The old water meters are replaced with new "smart" water meters of
state-of-the-art technology. The network is being cleaned up and old pipelines are being replaced with new
pipelines made of sophisticated materials compatible with the natural environment.
• It applies circular economy practices. Routes WWTP wastewater reuse projects of East Attica for irrigation
of peri-urban greenery, industrial and municipal purposes.
• It approaches the use of technologies to improve the performance of water and wastewater treatment
plants
• It highlights alternative water resources for irrigation use such as the exploitation and promotion of the
Hadrian Aqueduct
• It takes care of every possible saving of energy and resources in all its activities and actively contributes to
the reduction of greenhouse gas emissions
• It applies with zero tolerance European and Greek regulations and standards, new and existing
environmental specifications in the design of water supply and drainage projects
• It chooses materials and machines with modern environmental standards. It monitors and optimizes the
circularity of the materials used. It seeks that products and materials (including raw materials) remain in
the life cycle for as long as possible, and that waste is treated as secondary raw materials that can be
recycled for processing and reuse (circular economy).
• Electric vehicles - Seeks to replace part of its fleet with electric vehicles as far as possible to contribute to
low greenhouse gas emissions
• It upgrades and modernizes its buildings and facilities with new building materials and energy systems.
The Company takes care and plans emergency management scenarios that may arise due to climate risk. Recognizing
the way in which each of its organizational units operates, it has included in the risk register of the Business Risk
Management Framework the risks against which it must be shielded for its effective response. Regarding our last
42
year's commitment to implement the TCFD recommendations, due to the incorporation of said recommendations
into the new IFRS/ISSB international standards, the Group is in the process of revising the adoption approach
combined with the ESRS standards.
(10) Energy crisis
EYDAP has included in its strategy approaches to optimize the energy utilization of all processing products and
shields the company against any effect from fluctuations in energy prices, which have been proven to affect its
operating costs and profitability. The company is involved in a number of projects that focus on reducing energy
consumption and recycling as much as possible. To mitigate in a future phase the risk of increasing energy costs, it
strategically focuses on new technologies for sludge management and energy utilization in the management of
processing products.
It aims at a greater penetration of RES based on the best available technologies and practices to avoid impacts on
the natural environment.
It promotes electrification while striving to improve the carbon footprint of buildings and infrastructure through
building modernization and implementing energy saving approaches.
As part of EYDAP SA's strategy to achieve a zero carbon footprint by 2030:
• a tender was announced for the supply of 16 electric two-wheelers, the time lease of 53 electric vehicles
for 48 months and the supply-installation of their recharging infrastructure (H/O chargers and management
software). In December 2023, a decision of temporary contractors was issued.
• the awarding of the contractor for the tender for the supply and installation of two (2) photovoltaic plants
on the ground at the MEN of Acharno and the MEN of Polydendri with a power of 999.6kW each (net-
metering) was completed.
• the tender was carried out for the supply and installation of two (2) photovoltaic plants on roofs in the MEN
of Acharno with a power of 999.6 kW and 499.6 kW (net-metering).
• the tender was announced for the supply of electricity to the EYDAP SA facilities with the requirement that
50% of it be with guarantees of origin from RES.
• submission of licensing applications for the development of new photovoltaic plants at the facilities of
EYDAP SA, with a total capacity of 11.6MW
TRANSACTIONS WITH RELATED PARTIES (GROUP & COMPANY)
A) Transactions with Board Members
Amounts in thousands of Euros
31.12.2023
31.12.2022
Short term benefits:
- Remuneration (Chairman & Managing Director and Executive Directors)
273
311
- Fees & expenses for the representation of members of the Board of Directors.
274
263
- Social security costs
84
79
Additional facilities
25
27
Total
656
680
B) Transactions with Affiliated Members
Amounts in thousands of Euros
31.12.2023
31.12.2022
Short term benefits:
Affiliate Fees
551
551
43
Social security costs
90
90
Additional facilities
13
24
Actuarial liability
63
41
Total
717
706
With the no. 21144/ 21.12.2022 Decision of the Board of Directors, an Executive Committee was established. The
members of the aforementioned Committee are considered executives who are responsible for the planning and
control of the Company's activities, in accordance with IAS 24 and for comparability purposes the Company presents
the amounts of the previous year as well.
Formation of fees of Board Members
The President and CEO, as well as the deputy CEO, are connected to the Company with a salaried mandate
relationship 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 Remuneration Policy of EYDAP in accordance with
articles 110 and 111 of Law 4548/2018.
In September 2023 the 41st Regular General Assembly approved the revised Remuneration Policy as well as the
Remuneration Report for 2022 .
The 41st Ordinary General Meeting of the shareholders of 6.9.2023 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
01.07.2022 to 31.08.2023 as well as the additional extraordinary variable remuneration which were paid to the
Managing Director and the Deputy Managing Director of EYDAP S.A. for the 2022 fiscal year.
In particular, the following were approved:
• The gross fees paid to the Members of the Board of Directors. the time period from 01/07/2022 to
31/08/2023 for their participation: a) in the meetings of the Board of Directors, in the amount of
€181,000.00 plus employer contributions and the mixed expenses of performance and movement in the
amount of €36,947.97 plus employer contributions.
• The gross fees paid during the time period from 01/07/2022 to 31/08/2023 to the President of EYDAP
S.A., amounting to €66,500.00 plus employer contributions
• The gross fees paid during the period from 07/01/2022 to 08/31/2023 to the CEO of EYDAP S.A.,
amounting to €149,333.32 plus employer contributions and to the Deputy Managing Director of EYDAP
S.A., amounting to €105,000.00 plus employer contributions.
The additional extraordinary variable remuneration paid to the Managing Director and the Deputy Managing
Director of EYDAP S.A. for achieving goals in the year 2022, and specifically for improving the ESG scoring by one
level (gross basic remuneration of two monthly salaries): For the CEO: €21,333.33 and for the Deputy CEO:
€15,000.00.
The Remuneration Policy is posted on the EYDAP website www.eydap.gr .
C) Transactions and balances with the Greek State and OTAs
GROUP
COMPANY
Amounts in thousands of Euros
31.12.2023
31.12.2022
31.12.2023
31.12.2022
1) Transactions
- Income
81. 400
106,651
81. 400
106,651
- Expenses
27,911
27,748
27,911
27,748
2) Remainders
44
- Long-term Receivables from customers
(Arrangements of Municipalities)
3,652
1,003
3,652
1,003
- Claims from Customers (Local Authorities, Greek
Government)
52. 743
52,369
52. 743
52,369
- Demand from EYDAP NISSON DEVELOPMENT S.A.
-
4
-
4
- Long-term liabilities
-
12,500
-
12,500
- Short-term Liabilities (unrefined water surcharge provision)
34,339
65,124
34,339
65,124
The transactions with the Greek State and local authorities concern invoiced and accrued water abstraction revenues
and in particular the revenues include an amount of Euro 25,000 thousand invoiced by EYDAP SA on 27.06.2023 for
the provision of operation and maintenance services for the year 2023. The expenses mainly include the formed
estimate of raw water charge by EPEYDAP for the year 2023, amounting to Euro 27.8 million.
D) Transactions and balances with other Related parties that are consolidated with EESYP SA
The above balances include a cumulative provision in the amount of Euro 2.4 million, which mainly concerns
receivables balances formed in previous fiscal years of ETVA, Marina Zeas and ETAD Companies. Legal proceedings
are ongoing for the rest of them. Pursuant to article 64 of Law 5035/29.07.23, all of the ownership shares of the
Hellenic Holdings and Property Company (E.E.S.P. S.A.) in the Capital Water and Sewerage Company (E.Y.D. .AP S.A.)
is transferred to the Hellenic State and henceforth there are no transactions and balances that are consolidated with
EESYP S.A.
DIVIDEND POLICY
The Ordinary General Meeting of Shareholders of September 6, 2023 decided to distribute a profit dividend for the
year 2022 amounting to €2,130,000, i.e. a dividend of €0.02 per share gross
The Board of Directors of the Company at its meeting on 24.04.2024 approved the submission of a proposal to the
Ordinary General Meeting of Shareholders for the distribution of dividends, in accordance with articles 159, 160 and
161 of Law 4548/2018, in the amount of ten cents (Euro 0.10 ) per share, (total gross amount in euros 10,650
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.
Amounts in thousands of Euros
30.06.2023
31.12.2022
1) Transactions
Income
884
2,278
expenses
20,709
46,758
Dividend Payments
-
18,290
30.06.2023
31.12.2022
2) Remainders
Customers' demands
3,920
3,794
Obligations to Suppliers
5.222
7,990
45
SIGNIFICANT EVENTS AFTER THE END OF THE 2023 FINANCIAL YEAR
Consultation of the Ministry of Environment and Energy bill on climate change.
In April 2024, the Ministry of Environment and Energy put to consultation the bill "Regulations to deal with the multi-
level effects of climate change in the areas of: a) water management, b) forest management and protection, c) urban
resilience and policy , d) the fight against arbitrary construction, e) energy security" .
Articles 9-14 of the bill concern regulations for the E.YD.A.P. S.A. and E.Y.A.Th. S.A. and in particular in matters:
· implementation of rain projects,
· protection of water from pollution and contamination,
· amendments to Law 2744/99 concerning the purposes of the Company,
· maintenance and operation of the EWS
· enabling the Ministry of the Interior to approve the invoices of E.YDAPA S.A. until the fulfillment of the terms and
conditions of paragraph 5 of article 23 of Law 5037/2023.
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 N. 4548/2018 on the
reform of the law of joint-stock companies and L. 4706/2020 on corporate governance. The Company fully complies
with the relevant existing legislation.
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, the Greek Code of Corporate
Governance 2021, the Code of Ethics and Professional Conduct as well as in other Regulations and Policies of the
Company which regulate its individual functions 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
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
46
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 2023 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 GCGC constitute the following:
Principles of GCGC
Explanation of Deviation and measures to
minimize deviation risks
Role and responsibilities of the Board of
Directors
Composition of the Board Appointment of
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 Chairman and
CEO may coincide with the same person. In this case,
the Board of Directors appoints an independent
Vice-Chairman, from among its independent
members. The above statutory regulation was
introduced following the adoption of the special
practice 3.3 of the Greek Corporate Governance
Code for Listed Companies issued in 2013 by the
ESSED 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
Chairman and CEO,
•
to appoint an executive
Chairman."
Taking into account the above but also that:
• in compliance with article 8 of Law 4706/2020, the
current Chairman of the Board is a non-executive
member, therefore the qualities of Chairman and
CEO do not coincide with the same person,
• the outgoing Chairman of the Board of Directors,
whose term of office ended on 12
September
2023,
had been assessed by the Board of Directors with
the assistance of a third independent consultant as
a person of high acceptance and particularly
effective in the exercise of her duties,
• September 2023 and has already been evaluated
in accordance with article 49
A
, is imminent within
the current financial year of the Rules of Procedure
of the Parliament by decision of the Committee on
Public Enterprises, Banks, Public Benefit
Organizations and Social Security Agencies as well
as
• that the work of the Board of Directors is always
conducted in the context of a constructive
dialogue based on the interests of all interested
parties and the Chairman seeks and encourages
the participation of all its members,
47
this discrepancy is estimated to have no effect on
the operation and effectiveness of the Company's
Board of Directors nor on the transparency and
effective supervision of the executive members. The
need to amend article 12 of the current Statute will
be evaluated in the context of an upcoming
amendment of the Statute that will take place to
harmonize with the provisions of Laws 5037/2023
and 5045/2023.
Succession of the Board of Directors
Board member succession plan – gradual
replacement of board members (Special
Practices 2.3.1 - 2.3.3)
Given the special regime that governs the Company
regarding the election of the majority of the
members of the Board of Directors by the Greek
State (Law 5045/2023 in conjunction with the
decision no. of the Three-Member CoS Compliance
Board), there is currently no procedure for the
advance and on a permanent basis activation her
Commission Fees and Nominations regarding the
succession of the members of the Board of
Directors. In the event that there is a need to replace
one or more members of the Board appointed by
the majority shareholder, the Remuneration and
Nominations Committee is activated in order for the
Greek State to initiate the process to find suitable
candidates for new members in accordance with the
Company's Nominations Policy.
With regard to the gradual replacement of Board
members, the practice followed by the Greek State,
which as the majority shareholder elects the
majority of Board members, is that the end of the
term of office of the outgoing members is also the
beginning of the term of the new Board members.
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
expirations of the terms of office of its members.
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 38th Ordinary
General Assembly which took
place on 26.6.2020 and last revised by a decision of
the 41st Ordinary General Assembly which took
place on 6.9.2023 includes malus & clawback
provisions regarding with the variable
remuneration of the executive members. The
provisions in question are not included
independently as terms in the indefinite-term
contract of the currently sole executive member of
the Board of Directors, already drawn up from the
year 2020, however there is an explicit provision in
it regarding the application of the currently
48
applicable Remuneration Policy. And in the current
Remuneration Policy there is an explicit provision
(par. 4.2.3) regarding the right of the Company to
use all legal means to claim the return of paid
amounts (in whole or in part) in cases of violation of
regulations or procedures, non-compliance with the
standards of fitness and reliability or other equally
serious cause which led to significant losses.
Therefore, there is no substantive question of
deviation from provision 2.4.14 of the GCGC and it
is estimated that there is no specific risk for the
interests of the Company and all interested parties.
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 Company's
progress and the implementation of its activities and ensures that the Company's values and strategic planning are
aligned with the corporate culture. The Board of Directors and senior management set the standard for the
characteristics and behaviors that shape the 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 control 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.
49
• 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 can 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 Chairman 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 relevant 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 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 Chairman 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 Chairman
According to article 12 of the Articles of Association, in case the qualities of the Chairman and the Managing Director
coincide with the same person, the Board of Directors appoints an independent Vice-Chairman, coming from its
independent members. In this case, 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-Chairman 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.
50
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 for 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.
✓ 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 who represent the minority shareholders and are elected in the manner defined in article 36
of the Articles of Association.
c) by representatives of the majority 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.
Pursuant to Article 64 of Law 5045/2023, all of the ownership shares of EESYP were transferred to the Greek State
and all the rights of the Greek State as a shareholder of EYDAP are jointly exercised by the Ministers of Finance and
Environment and Energy,
51
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 appointed 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, the term of office of the members of the Board of
Directors is four years and is automatically extended until the end of the period within which the next regular General
Assembly must be held 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 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 2023 fiscal year
According to the Decision of the Ordinary General Meeting of Shareholders dated 12.9.2023, the Board of Directors
of EYDAP consists of 13 members.
Following is a table in which its composition is depicted Administrative Council from 1 January 2023 until 12
September 2023, when 9 new members of the Board of Directors were elected by the majority shareholder (Hellenic
State), 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 12.9.2023
Charalambos Sachinis
CEO, executive member
2019 12.9.2023
Anastasios Tosios
Asst. CEO, executive member
2019 12.9.2023
Ekaterini Beritsi
Independent non-executive
member
2019 12.9.2023
Alexander Nasoufis
Independent non-executive
member
2019 12.9.2023
Michael Stavroulakis
Independent non-executive
member
First election 2015
Re-election 2019 12.9.2023
Angelos Amditis
Independent non-executive
member
2019 12.9.2023
Dimitrios
Konstantakopoulos
Non-executive member
2019 12.9.2023
Christos Karaplis
Non-executive member
2020
12.9.2023
Christos Mistriotis
Non-executive member
First election 2008
R Re-election 2023* 9.6.2027
(most recent)
Panagiotis Skoularikis
Non-executive member
First election 2010
Re-election 2023*
(the most recent) 9.6.2027
Emmanuel Angelakis
Non-executive member
First election 2009
Re-election 2022**
(the most recent) 24.06.2026
52
George Alexandrakis
Non-executive member
First election 2017
Re-election 2022**
(the most recent) 24.06.2026
* The representatives of the minority, Mr. Christos Mistriotis and Panagiotis Skoularikis were re-elected by the
Special Meeting of Minority Shareholders that took place on June 9, 2023. Following the recommendation of the
Remuneration and Nominations Committee from 16.6.2023, the Board of Directors of EYDAP S.A. with the no.
21541/20.6.2023 his decision established the suitability of Mr. Mistriotis Christou and Panagiotis Skoularikis based
on the provisions of the legislation and the applicable Nomination Policy for the Members of the Board of Directors
of EYDAP S.A. and then assembled into a body.
** The representatives of the employees on the Board of Directors etc. Emmanouil Angelakis and Georgios
Alexandrakis were re-elected in the context of the workers' elections that took place in June 2022. Then, on 6
July 2022
, the Board of Directors reconstituted itself into a body.
The following table shows the composition of the Board of Directors from September 12, 2023 to December 31,
2023, as well as the status of 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
*Georgios Stergiou
Chairman of the Board, non-
executive Member
12.9.2023 2027
*Charalambos Sahinis
CEO, Executive Member
2019
Re-election 12.9.2023 2027
Antonios Giannikouris
Non-executive Member
12.9.2023 2027
Christos Karaplis
Non-executive Member
2020
Re-election 12.9.2023 2027
Eleni-Maria K Aymenaki
Non-executive Member
12.9.2023 2027
Marika Lambrou
Independent non-executive
member
12.9.2023 2027
Anastasia Martseki
Independent non-executive
member
12.9.2023 2027
Marina Mavrommati
Independent non-executive
member
12.9.2023 2027
Efthymios Sfikas
Independent non-executive
member
12.9.2023
2027
Christos Mistriotis
Non-executive Member
First election 2008
E Re-election 9.6.2023 2027
(most recent)
Panagiotis Skularikis
Non-executive Member
First election 2010
Re-election 9.6.2023
(latest) 2027
Emmanuel Angelakis
Non-executive Member
First election 2009
Re-election 24.6.2022
(latest) 2026
George Alexandrakis
Non-executive Member
First election 2017
Re-election 24.6.2022
(latest) 2026
53
The above composition of the Board of Directors meets the condition set by article 3 par. 1b of Law 4706/2020
regarding adequate representation by gender and covers the requirement of article 5 par. 2 of Law 4706/2020
regarding adequate representation of independent non-executive Members in a percentage not less than 1/3 of the
total number of Board Members.
*According to article 49
A
of the Rules of Procedure of the Parliament, the Committee on Public Enterprises, Banks,
Public Benefit Organizations and Social Security Agencies with its decision of 13.9.2023 expressed a positive opinion
on the suitability of those proposed by the majority shareholder (Hellenic Public ) persons for the positions of the
Chairman of the Board of EYDAP and the Managing Director. Following this, the Board of Directors of EYDAP was
constituted in a body during the meeting of 14.9.2023
,
determined the qualities of its members and granted rights
of representation and commitment.
It is noted that in compliance with article 9 par. 3 of Law 4706/2020 the Board of Directors in the context of
examining 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. 21750/28.2.2024 Decision of, following a
relevant recommendation of the Remuneration and Nominations Committee, the fulfillment of the independence
criteria in the persons of the deceased as well as the existing Independent Non-Executive Members of the Board of
Directors, i.e. the deceased Mrs. Aikaterinis Beritsis, Alexandros Nasoufis, Michail Stavroulakis and Angelos Amditis
and the existing Mr. Marikas Lambrou, Anastasia Martsekis, Marinas Mavrommatis and Efthymios Sfikas for the
corporate year 2023.
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 with 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 handling suggestions accessible at any time by the members of the Board of Directors, which on the one hand 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 Chairman 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, complete 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 the 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 2023 fiscal year, the Board of Directors of EYDAP S.A. held twenty-five (25) meetings (no. 1454
n
/11.01.2023 to 1478
n
/20.12.2023).
The following table shows in detail the participations in meetings of the Board of Directors by individual:
54
1. From 01/01/2023 to 12/09/2023
Full name
Number of Board
Meetings attended
Number of Board
Meetings in which they
were represented
1
Theodora Varvarigou
17
-
2
Charalambos Sahinis
17
-
3
Anastasios Tosios
17
-
4
Ekaterini Beritsi
17
-
5
Alexander Nasoufis
17
3
6
Michael Stavroulakis
17
-
7
Angelos Amditis
17
2
8
Dimitrios Konstantakopoulos
17
2
9
Christos Karaplis
17
2
10
Christos Mistriotis
17
2
11
Panagiotis Skularikis
17
1
12
Emmanuel Angelakis
17
-
13
George Alexandrakis
17
-
2. From 12/ 09/2023 to 12/31/2023
Full name
Number of Board
Meetings attended
Number of Board
Meetings in which they
were represented
1
George Stergiou
8
-
2
Charalambos Sahinis
8
-
3
Anastasia Martseki
8
1
4
Marina Mavrommati
8
-
5
Marika Lambrou
8
1
6
Efthymios Sfikas
8
-
7
Eleni-Maria Kaymenaki
8
-
8
Antonios Giannikouris
8
-
9
Christos Karaplis
8
1
10
Christos Mistriotis
8
-
11
Panagiotis Skularikis
8
-
12
Emmanuel Angelakis
8
-
13
George Alexandrakis
8
-
1.7 Evaluation – Succession Plan – Nomination Policy – Diversity Policy
Evaluation of the Board and Board Committees
The objective of the evaluation of the Board is to provide the appropriate information regarding the suitability and
effectiveness of the Board to improve its operation, maximize the potential and highlight the areas that need further
development in order to ensure the effective operation and fulfillment of the role as the highest management body of
the Company.
The Administrative Council evaluates annually her effectiveness of, her fulfillment of duties of and of Committees of,
procedure in who 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 Chairman 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
55
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 committee Fees and Nominations may to be supported in its work by a third-party specialist consultant. In the
frame this, assigned to company consultants " Stanton Chase ', the who refers to Commission Salaries and
Nominations, the work her provision consulting support in Commission Fees and Nominations for the collective
and individual evaluation of Administrative Council her EYDAP, including of the assessment her Chairman, of CEO
and Deputy CEO, her Secretariat of Board of Directors as also and her evaluation of Committees of Administrative
Council. It is noted that for her as above assignment to the consulting company, the provisions of the Procurement and
General Services Regulation of EYDAP were applied.
The evaluation of the effectiveness of the Board and its Committees was done with the participation of the Board
members through the company's corporate governance platform " The Board Practice " and was completed in two
phases during the years 2022-2023.
The first phase of the evaluation process was completed in July 2022 and the results were presented to the Board in
August 2022. The overall performance of the Board of Directors for 2022 was captured and strategic priorities as well
as areas for improvement and development were highlighted through a questionnaire that completed online. This
evaluation showed that the Board of Directors is efficient in the performance of its duties and the Committees of the
Board of Directors are effective and are decisive support structures for the Board. It is clarified that in this first phase
the Audit Committee, the Remuneration and Nomination Committee and the Strategy and Innovation Committee
(already the Strategy, Innovation and Sustainable Development Committee) were evaluated. It is noted that the
evaluation of the Committees was done by their Members.
The Chairman of the Board of Directors was evaluated as a person of high acceptance and particularly effective in the
exercise of her duties. The Managing Director was deemed efficient in the exercise of his duties as a Board Member
and immediately available for all other Members supporting the Board in the performance of its duties. The Deputy
CEO was also judged that as a Board Member he effectively performs the duties assigned to him and is immediately
available for all other Members.
The second phase of the evaluation was completed in April 2023 and the results were presented to the Board in July
2023. The individual effectiveness of the members of the Board as well as the newly established Risk Management
Committee was captured through a self & peer - to - peer questionnaire completed online. this evaluation
demonstrated that the Board Members largely ensure the smooth conduct of the body's work.
The corresponding evaluation process of the Board of Directors and its Committees for the years 2023-2024 has been
decided by the Remuneration and Nominations Committee to be carried out in partnership with a consulting company
and is expected to be completed within the current fiscal year.
Evaluation of executive members
The Company implements an Evaluation Policy for executive members 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 heads the evaluation process. The
Remuneration and Nominations Committee is responsible for overseeing the planning and updating of the
evaluation process for executive members, 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 evaluation of the
performance of the executive members. The results of the evaluation are communicated to the CEO and taken into
account in the determination of his variable remuneration. The process of evaluating the executive members can be
done internally or with the assistance of a third-party specialist consultant, with a view to enhancing objectivity,
providing expertise and providing assistance to the Company in terms of updating its practices and procedures,
according to with the regulatory framework and corporate governance best practices. The assistance of an external
technology provider may also be requested, with a view to ensuring anonymity and providing comparable results
and information.
In July 2023, the results of the evaluation of the effectiveness and overall performance of the executive members of
the Board for the years 2022-2023, which was carried out with the support of the consulting company Stanton ,
were presented and discussed at the Board. Chase ”. The evaluation was completed in 4 phases. In the first section,
the general compliance with the regulatory requirements was assessed through the completion of a questionnaire
by the CEO, the already departed Deputy CEO and the Regulatory Compliance Officer. In the second section the
56
executive members were evaluated by the non-executive members in the light of sustainable development. In the
third section the financial and non-financial objectives were evaluated, while in the fourth section the effectiveness
of the Executive Committee was evaluated by its 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 2022 fiscal year, following the recommendation of the Remuneration and Nominations Committee, the
Board of Directors with resolution no. 21548/5.7.2023 his decision approved the payment of variable remuneration
related to short-term targeting as well as the achievement of a strategic goal For the 2023 corporate year, the above
procedure will be completed after the publication of the annual financial report.
It is noted that in accordance with the applicable Corporate Governance Code, the non-executive members of the
Board of Directors discussed the results of the evaluation of the effectiveness and overall performance of the
executive members of the Board of Directors without the presence of the latter in the context of no. 1468/5.7.2023
and 1470/2.8.2023 of Board meetings.
Executive Management Succession Plan ( Succession plan )
EYDAP, aiming to incorporate best practices to ensure the sustainability of the Company and enhance its value, has
begun to implement a continuous corporate governance program.
As part of this program, the Remuneration and Nomination Committee, wishing to establish a continuous evaluation
and development process, proceeded with the design Succession Plan of the Executive Management of EYDAP for
2023, including the General Managers and the Activity Managers, with the support of the consulting company "
Stanton Chase ” and the company’s corporate governance platform “The Board Practice”.
Through the overview of the effectiveness of the members of the Executive Management of EYDAP, the advantages
and the areas for improvement and development were recognized and one of the essential obligations of the
Company was fulfilled, that of succession planning with the aim of identifying candidates with high prospects to
assume leadership, managerial positions or specific roles and their responsibilities.
The planning process was based on the anonymous and confidential evaluation of the members of the Executive
Management, through an online questionnaire approved by the Remuneration and Nomination Committee ( EYDAP
_ CEO & ExCom Succession Planning questionnaire ) and through individual interviews, taking into account the
current legislation, the Corporate Governance Code adopted by the Company as well as global best practices in this
field.
Through this process they were trained individual effectiveness reports for each participant and conferences were
held feedback .
EYDAP aims at the continuous evaluation and development of its executives in order to identify suitable candidates
who will successfully assume leadership and other critical positions while maintaining stability in its operation and
ensuring its sustainability.
Nomination Policy
H Policy Eligibility-Candidates of members of Administrative Council her Company approved from the
Administrative Board of the Company with no. 20886/2.6.2021 Decision of later proposal her Commission Fees and
Nominations and approved from
on
the 39th Tactic General Meeting of Shareholders which took place on 25.6.2021,
according with the article 3 of Law 4706/2020 for her corporate governance and her Circular her Capital Market
Commission under no. 60/18.9.2020, was revised not at Continuity with the no. 20939/20.10.2021 Decision
Board of Directors, upon proposal of the Remuneration and Nominations Committee. The revised Nomination Policy
was approved by the 40th
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 general strategy and medium-long-term business goals of the Company, with the
aim of promoting the corporate interest.
57
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 and the Regulatory Compliance Department in the event of any data change 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 an anonymous
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.
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, the Risk Management Department, the Regulatory Compliance
Department, and the Legal Services Department) 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/ .
It is noted that with article 64 of Law 5045/2023, which was published on 29.07.2023, all of the ownership shares of
E.E.S.Y.P. in the E.Y.A.P. SA, was transferred to the Greek State. The said transfer was completed on 03.08.2023.
After the transfer, the rights of the Greek State are exercised in EYDAP S.A. jointly by the Ministers of National
Economy and Finance and Environment and Energy.
Therefore, the total percentage of voting rights controlled by the Greek State currently amounts to 61.33%, of which
the direct voting rights concern 50% +1 share of the share capital and the indirect voting rights 11.33%.
From the combination of article 64 of Law 5045/2023 and article 11, par. 2c of the Statute of EYDAP SA, it appears
that for the election of Board Members-representatives of the majority shareholder in its Board of Directors, only
the majority shareholder is present and votes. Due to the expiration of the term of office of nine (09) members of
the Board of Directors of EYDAP S.A. who had been elected by the majority shareholder, on 06/28/2023
(
which was
automatically extended until the Ordinary General Assembly was held and the relevant decision was taken), the
Greek State was invited during the meeting of 9/6/2023
to
elect nine (09 ) Members of the 13-member Board of
58
Directors of EYDAP S.A. with a four-year term. At the above meeting, the Greek State, legally represented, requested
the postponement of a decision on the issue of the election of a new Board of Directors. Following the above request,
the continuation day of the meeting of the Ordinary General Assembly was set for 12 September 2023
. The proposal
of the Greek State regarding the persons suitable for election was submitted to the EYDAP S.A. only on 11.09.2023,
which did not allow the then members of the Board of Directors and the Remuneration and Nominations Committee
to ascertain before the meeting the fulfillment of the suitability criteria (including independence criteria) set by Law
4706/2020, the Nomination Policy of E.Y.A.P. S.A. and the applicable Corporate Governance Code.
Based, however, on the information brought to the attention of the Company and in the short period of time that
the competent organizational units of EYDAP had at their disposal. S.A. conducted a relevant investigation for the
candidate independent members of the Board of Directors, from which, taking into account their Responsible
Declarations from 11.09.2023, no condition emerged that could influence their independent and objective
judgement. With the no. 21750/28.2.2024 Decision, the Board of Directors, following a relevant recommendation
of the Remuneration and Nominations Committee, found that the new independent non-executive members of the
Board of Directors meet the independence criteria of Article 9 of Law 4706/2020.
The task of evaluating the individual and collective suitability of the members of the new Board of Directors of EYDAP
is being carried out at the time of publication by the Remuneration and Nominations Committee of the Board of
Directors with the assistance of the consulting company " Egon Zehnder ".
After the election of the new members of the Board of Directors, they were given an introductory briefing by the
Corporate Secretary, during which they were informed of all the important corporate documents.
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 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.
For the defense of the above values, the Company adopted with the no. 20961/15.12.2021 Board Decision Diversity
Policy which concerns 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.
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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 2023:
• 31.90% of all regular staff are women (730) – 31.11% in 2022
• Of the 297 employees holding positions of responsibility, 162 are women (54.56%) and 135 are men (45.45%)
• Of the 161 employees who hold managerial positions (positions of responsibility other than Supervisors and
Controllers B), 85 are women (52.80%) and 76 (47.20%) are men.
• Of the 1,991 employees who do not hold positions of responsibility, 568 are women (28.52%) and 1,423 are
men (71.47%)
With regard to the adequate representation by gender on the Company's Board, the composition of the Company's
new Board (as of 12.9.2023) meets the condition set by article 3 par. 1b of Law 4706/2020 (out of the 13 members
of the Board, 4 are women). .
Furthermore, 18.4% of the positions of responsibility in the Company are covered by persons whose age ranges from
30 to 50 years. As to her age of existing members of Administrative council, exists remarkable fluctuation, from the 44
up to the 65 years age, with means term age of members the 53 years.
As to the educational record their, all the existing members of Administrative Council own titles university studies
level either from Greek either from foreign educational institutions. The 12 out of 13 members own also
postgraduates titles studies. The cognitive object of the members is characterized from diversity (sciences of various
branches of engineering, finance, administration business, legal 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.
Curriculum vitae of those who were members of the Board of Directors during the 2023 corporate year and/or who
are until the publication of this statement are listed below, and can be found updated on the Company's website:
eydap.gr/TheCompany/CorporateGovernance/Board/.
Biographies of Board members
Theodora Varvarigou, Chairman of the Board of Directors, Non-Executive Member (term expires 12.9.2023)
0-4 years
62%
5-9 years
15%
10+years
23%
Number of Members per years of participation in the Board
0-4 έτη 5-9 έτη 10+ έτη
60
Theodora Varvarigou is a professor at the Department of Electrical and Computer Engineering of the National
Technical University of Athens. Since 2015 he is a member of the Board of Directors of the Bodosakis Foundation
and a member of the Steering Committee of the Hellenic Institute of Higher Studies.
She received her BS in Electrical Engineering from NTUA in 1988, MS in Electrical Engineering (1989) and MS in
Computer Science (1991) from Stanford University in California, and her PhD also from Stanford University in 1991.
Ms. Varvarigou has extensive experience in cutting-edge technologies such as data analysis, artificial intelligence
technologies, machine learning, cloud computing, big data technologies, IoT technologies, semantic web, social
networking technologies, etc. He has published more than 500 papers in important international scientific journals,
conferences and books. He has participated and coordinated more than 60 European research projects. From
2012-2020, she participated in the European Commission's Expert Group on Cloud computing, was an evaluator of
research proposals of the European Commission, while she recently obtained certification to follow the program
"Making Corporate Boards More Effective" from Harvard Business School Executive Education. She worked as a
research manager at AT&T Bell Labs in the USA (1991-1994), as well as at the Technical University of Crete, in
Chania as an Assistant Professor (1995-1997). From 2008-2012 she was the director of the "Techno-economic
Systems" postgraduate program of the NTUA and during the period 2010-2020 she was also a regular member of
the Quality Assurance Unit of the NTUA. From June 2019 to September 2023 he was Chairman of the Board of
Directors of EYDAP S.A. In addition, he was Chairman of the Strategy and Innovation Committee, a member of the
Remuneration and Nomination Committee and a member of the Risk Management Committee.
Anastasios Tosios, Deputy CEO, Executive Member (term expires 12.9.2023)
Anastasios Tosios was 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 (term expires
12.9.2023)
She was born in 1955 in Athens.She is a graduate of the Economics Department of the School of Law of the National
and Kapodistrian University of Athens. She 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 assuming 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 the representative of the Financial Stability Fund on the Board of Directors of
EUROBANK , where she also participated in all the Board Committees. of the Corporate Governance and
Nominations Committee and Member of the Strategic Planning and Transformation Committee. From June 2019 to
September 2023, she was an independent non-executive member of the Board of Directors of EYDAP and Chairman
of the Audit and Remuneration and Nominations Committees.
61
Alexandros Nasoufis, Member of the Board of Directors – Independent Non-Executive Member (term expires
12.9.2023)
He was born in 1969. He graduated from the Mechanical Engineering Department of the National Technical
University of Athens in 1995 and holds an MBA (1997) from Manchester Business School. From 1988 to 2013 he
worked in senior management positions as a financial consultant in various international financial institutions,
including as Managing Director at HSBC, where he focused on large utilities and infrastructure companies across
Europe. From 2013 to 2015 he was a consultant in energy and financial matters. In 2015, he started at First Sentier
Investors, as a Director in the infrastructure investment department, with a fixed portfolio value of over €10 billion,
where he is also a member of the Investment Committee. Since 2015 he has been appointed as a non-executive
Member of the Board of Directors of Anglian Water Group Ltd, in which he is also a member of the Audit Committee.
In addition, in 2019 he was appointed as a non-executive Member and Chairman of the Board of Directors of OLT
Offshore LNG Toscana SpA, while in 2020 he was appointed as a non-executive Member of the Board of Directors of
Evos BV based in Amsterdam. From June 2019 to September 2023 he was an independent non-executive member
of the Board of Directors of EYDAP. He was also a member of the Remuneration and Nominations, Risk Management
and Regulatory Compliance Committees.
Angelos Amditis, Member of the Board of Directors - Independent Non-Executive Member (term expires
12.9.2023)
He was born in 1968. He is a graduate of the Department of Electrical Engineering and Computer Engineering of the
National Technical University of Athens (1992), a PhD holder from the same department (1997) and an MBA from
the University of Piraeus and NTUA (Technoeconomic Systems – 2016). He attends the INSEAD International
Directors Programme, Corporate Governance. He has taught at the Electrical Engineering Department of NTUA and
at the School of Naval Cadets. In January 2002 he founded the I-SENSE Research Group at EPISEY which is active in
scientific and research areas of intelligent systems with application in the environment (including issues of
monitoring and supporting water and water networks using sensors, networks and telematics), in transport and
logistics chain, in telecommunications, in artificial intelligence and automation. It is active in crisis and disaster
response, and intelligent integrated systems such as sensors, communications and platforms for vehicles, smart
cities, environmental and industrial applications, 5G technology and the circular economy.
He is Deputy Chairman and independent non-executive member of the Board of OASA, founding member and vice-
chairman of the Hellenic Intelligent Transport Systems Organization, ITS Hellas and the EuroXR organization. He is
the Director of Research (Researcher A') and a member of the Board of Directors at the Research University Institute
of Communication and Computer Systems (EPISEY) of NTUA. He has been and remains a scientific manager or
principal investigator in over 150 European and national research projects. He is the author of numerous journal
articles, book chapters and over 250 conference papers. He represents the Research University Institute of
Communication and Computer Systems (IRIS) in ERTICO - ITS Europe, where he is elected Chairman of its Board of
Directors and in the European Water Supply and Sanitation Technology Platform WssTP (Water Supply and
Sanitation Technology Platform). He is the National Representative of Greece in the EU in matters of Collaborative
and Automated Transports (C-ITS and CCAM). He is a member of the Greek delegation of the Horizon Europe
Program Committee (2021-2027) on Climate, Energy and Mobility and a member of the Innovation Platform of the
Hellenic Holdings & Property Company SA. (EESYP). From June 2019 to September 2023 he was a non-executive
member of the Board of Directors of EYDAP and from June 2021 independent. He also served as Chairman of the
Service and Disciplinary Council, Chairman of the Risk Management Committee and Vice-Chairman of the Strategy
and Innovation Committee of the company's Board of Directors.
Michael Stavroulakis, Member of the Board of Directors - Independent Non-Executive Member (term expires
12.9.2023)
He is an economist, accountant and first class tax technician.
He studied at T.E.I. Heraklion School of Business Administration, Department of Accounting (1981) and Business
Administration at the University of Piraeus (1986). He holds a certificate of professional qualifications in International
Accounting Standards from the Panteion University of Social and Political Sciences - Research Committee.
He has worked as an accountant-tax and financial consultant in various companies. He has experience in
international and financial transactions. From 1992 to 2010 Financial Director in a Company active in the field of
international foreign trade and shipping. He has a very good command of the English language.
From June 2015 until September 2023, he was an independent non-executive member of the Board of Directors of
EYDAP S.A. In addition, he was Chairman of the Audit Committee of the Board of Directors, a member of the Audit
Committee, as well as a member of the Remuneration & Nominations Committee.
62
Dimitrios G. Konstantakopoulos, Member of the Board of Directors - Non-Executive Member (term expires
12.9.2023)
Dimitris Konstantakopoulos was born in 1961 in Athens. He is a graduate of the School of Economics of the University
of Athens and holds a Master of Arts in Finance and Investments from Exeter University, Devon UK. He has worked
for over 30 years in the banking industry. Since 1994 he has worked for the National Bank Group (ETEBA & ETE) both
in the provision of financial advisory services related to large infrastructure projects (Athens International Airport,
Rio-Antirio Bridge, Attiki Odos, intercity highway concession projects) and PPP projects as well as in financing of long-
term concession and PPP projects working as Deputy Director in the Special Financing Department (Project Finance)
of NBG. Since 2018, he has been working at EESYP as Investments & Concessions Manager, as a portfolio manager
for EESYP's companies, EYDAP, EYATH and TAIPED and project manager for the utilization of the 23 regional airports
that EESYP has in its portfolio. He has been a non-executive member of the Board of Directors of EBIOP TEMPO
(2001-2018) and from December 2021 to August 2023 he was a non-executive member of the Board of Directors of
EYATH SA. From June 2019 to September 2023, he was a non-executive member of the Board of Directors of EYDAP.
Georgios Stergiou, Chairman of the Board of Directors, Non-Executive Member (start of term 12.9.2023)
He is a qualified Electrical Engineer and holds a master's degree in Environmental Governance and Sustainable
Development. He has 30 years of domestic and international experience covering the private and public sectors. In
his career, he has contributed from various positions to the implementation of programs to improve performance
and efficiency, to manage changes and transformations to reduce costs and achieve sustainable development in
private and public companies, and he has participated in complex initiatives with international organizations such
as the European Commission , the European Central Bank, the International Monetary Fund, the Organization for
Economic Cooperation and Development, the World Bank. Until recently he worked as an Executive Director of
Development in a technical consulting company. He is a non-executive member of a subsidiary company of an
international group specialized in the development of floating offshore wind farms. Since 1994, when he started his
career, he has worked for international companies in the Energy and Automotive industry. He was the CEO of an
urban transport company as well as a non-executive member of the boards of directors of energy and transport
market companies. He has also served as Secretary General of Industry, Consumer Affairs and as Special Secretary
of Market Supervision, at the Ministry of Development.
From September 2023, he holds the position of non-executive Chairman of the Board of Directors of EYDAP SA.
Charalambos Sahinis, CEO - Executive Member ( start of term 12.9.2023 - re-election)
Since 2019, Mr. Sahinis has been the CEO of EYDAP, the largest water cycle company in Greece. He owned the
position of the Business Development Officer at Group of Aegean Airlines. He was active in private equity firms as
Partner of Global Finance, as Operating Partner of Advent International and independently. He was Chairman and
CEO of DEPA Group where he tripled profitability, negotiated $20 billion worth of natural gas supply contracts and
helped shape alternative gas supply routes for Europe. He was CEO of McGraw-Hill's Business Information Group,
which under his leadership became one of the largest B2B information groups internationally, specializing in the
energy, construction, aviation, aerospace and defense industries.
He was previously CEO of Platts, which he developed into the largest global provider of prices and information in
energy and commodities. It also actively promoted transparency and integrity in global energy markets. He was also
Vice Chairman of Standard & Poor's Group. During his tenure he developed various businesses in the field of financial
information. He has been the Vice Chairman of ATHEXClear while he is a member of the Boards of Directors of
ENEXClear, the Atlantic Council and the Investment Committee of CNL Capital.
He holds a degree in Mechanical Engineering from the National Technical University of Athens and an MBA from
Harvard Business School.
Antonios Giannikouris, Non-executive Member (start of term 12.9.2023)
He was born in Rhodes on February 18, 1979. He comes from Kos, Symi and Kalymnos. In 2002 he graduated from
the Department of Architectural Engineering of the National Technical University of Athens (NTUA), having been
honored with three awards (Lysandros Kavtatzoglou Award, Thomaidio Award and an award from the Technical
Chamber of Greece).
In 2004 he pursued postgraduate studies at the Department of Business Administration (MBA) of EEDE, from where
he graduated in 2006. He worked in Athens until 2004 and then returned to his hometown of Rhodes, where he
maintains a technical office for private project studies and real estate services, until today.
He has been head of echelons of the Ministry of Culture, for the preservation of the morphology of the traditional
settlements of the Dodecanese, as well as a member of the organizing committee for the declaration of Patmos as
63
a UNESCO World Heritage Site. He also served at the Archaeological Institute of Aegean Studies of the Ministry of
Culture as a researcher for the very important project for our region entitled: "Unification of Archaeological Sites of
the City of Kos" and participated as a consultant, in the museological study and application study, of the Casa Romana
museum complex in Mr.
His strong interest in the public led him to participate in the elections of the Panhellenic Association of Architects
(SADAS-PEA) in 2008 and he served the Panhellenic Association of Architects from the position of First Vice Chairman
of the Central Delegation. In 2014, he was elected Municipal Councilor, assumed the duties of Secretary of the
Municipal Council in the Municipality of Rhodes and member of the Regional Union of Municipalities of N. Aegean.
In 2018 he was elected Chairman of the Technical Chamber of Dodecanese (TEE) and served until April 2023.
In 2022, by joint ministerial decision of the Ministries of Shipping & Island Policy and Environment and Energy, it is
placed in the Central Council of Architecture of the Aegean (KE.S.A.A.). He is a founding member and member of the
Board of Directors, in sports and cultural clubs, while he actively participates in volunteer activities. He is a founding
member of the Rhodes chapter of the Hellenic-American Organization AHEPA, where he was Chairman and at the
same time Vice-Chairman of Philanthropy and Vice-Chairman of Hellenism of the Hellenic Region of AHEPA. In
recognition of his contribution, he was twice named AHEPAN of the Year at the Panhellenic Conference and
International AHEPAN of the Year in the USA.
Christos Karaplis, Member of the Board of Directors - Non-Executive Member (start of term 12.9.2023 - re-
election)
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 and director in
administrative positions of the central government (Ministry of Finance, Ministry of Infrastructure and Transport
and 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.
He has been a non-executive member of the BoD of EYDAP and member of the Audit Committee from May 2020 to
September 2023.
Marika Lambrou, Independent Non-Executive Member (start of term 12.9.2023)
Marika Lambrou is a Business Consultant and Author of the book "Success Secrets for Family Businesses in the New
Era". She is a member of the Board of Directors of the companies DEPA, Entersoft, Focus Bari, TEKA and EYDAP. She
has more than 30 years of successful executive experience in Greek and multinational companies (BSH, HP,
Microsoft, SingularLogic, Intersys, KAVKAS), the last 15 years in the positions of General Manager and CEO. She has
a degree in Chemical Engineering and a master's degree in Business Administration (MBA). She is a member of WCD
( Women Corporate Directors ) Foundation, of the NED Club (Association of Non-Executive Board Members), mentor
of Endeavor and WoT (Women on Top), and member of two Advisory Committees of AUEB (Economic and Business
University of Athens). Until February 2021, she was Vice-Chairman of EASE (Society of Top Business Executives) and
a member of the Women's Committee of the Hellenic - American Chamber.
Committed to the principles of empathic leadership and healthy entrepreneurship, she has founded and runs the
consultancy CEL ( Compassionate Entrepreneurial Leadership ).
Anastasia Martseki, Independent Non-executive Member (start of term 12.9.2023)
Anastasia Martseki is a former bank executive with many years of experience in international capital markets and
stock markets. She has been Director of Foreign Institutional Clients at Alpha Finance for 19 years where she
managed the largest foreign capital investors in Greece and has worked in similar positions of responsibility in New
York, London and Zurich at Shell Oil, Citibank and Lehman Brothers.
She is a member of the Board of Directors of Hellenic Petroleum SA and an Independent Non-Executive member of
the Board of Directors of Fourlis Trade Estates and a member of the Audit and Nominations Committees. In the past,
she has been a member of the Board of Directors at Cepal Hellas, the company managing loans and credits in Greece
with a portfolio of 35 billion euros.
She is a Founding Member and Board Member of the NED Club in Greece, an organization that promotes modern
Corporate Governance practices in Greek Companies through the activation of the mechanism of Independent Non-
Executive Members.
In 2014 she founded Bright Blue, a company active in the field of tourism services.
She holds an MBA Degree from Columbia Business School where she studied as a Fulbright Foundation scholar as
well as a Bachelor's Degree in Business Administration from the Athens University of Economics and Business. She
is a graduate of Anavryta High School.
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She is a member of the Womentors Scientific Group, a member of Women on Boards UK, the Columbia Business
School Women's Circle Club and an active volunteer at Safe Water Sports. She has participated as a trainer in Board
workshops at EcoDa, as a motivational speaker at Reload Greece, as well as in numerous webinars on topics related
to Corporate Governance, female entrepreneurship, diversity and inclusion in the workplace as well as the
empowerment of women in the modern professional world reality. Her articles on Corporate Governance and ESG,
as well as the further development of women, appear in magazines of economic and tourism interest.
Marina Mavrommati, Independent Non-executive Member (start of term 12.9.2023)
Marina Mavrommati has been the Managing Director of the Printec Group since October 2015. Printec is active in
the field of electronic transaction systems in the Central and Eastern Europe region, specifically in 16 countries, and
employs over 900 people. She has extensive financial and management experience in companies such as IBM,
Procter & Gamble and Barclays Bank Plc. Before joining the Printec Group, she was Financial Director and Member
of the Board of Directors of Mechaniki SA. She holds a BSc from the University of London and an MSc from the
London School of Economics and Political Science. In addition, she has completed Executive Courses at Insead
(France) and Board courses at Harvard Business School (USA) and IMD (Switzerland).
Eleni-Maria Kaymenaki, Non-executive (start of term 12.9.2023)
Eleni-Maria Kaymenaki is an Attorney specialising in Public Law. She has a Law Degree as well as a Postgraduate
Degree in Public Law from the Athens Law School, and an LLM Degree from King’s College London - University of
London. She has extensive experience representing clients in public law cases, before Greek courts of all instances
and the European Court of Human Rights, as well as on a consulting basis. She is mostly experienced in Public
Procurement Law, Environmental Law, Public Finances and Audit Law and Human Rights Law. She is a Member of
the Editorial Board of the Law Journal «Theory and Praxis of Public Law» and has contributed in many publications
in the field of public law. She has also taught Training Seminars to candidates for the Greek School of Judges. Since
2019 she has served as Legal Advisor to the Deputy Prime Minister of the Hellenic Government as well as to the
Minister of State.
Efthymios Sphikas, Independent Non-Executive Member (start of term 12.9.2023)
He is an attorney-at- law at the Greek Supreme Court, a graduate of the Law School of the National and Kapodistrian
University of Athens and a master's degree holder from the Athens Law School and a master's degree holder from
the Law School of the University of Hamburg, where he studied with a scholarship from the EKPA.
He is the Director of the Legal Service of the Hellenic Development Bank and a partner in the Law Firm of Passas -
Sfikas and Associates. He has been a Legal Advisor and a director of legal services for various companies in the
financial sector and private sector’s enterprises in the fields of trade, tourism, and industry. He has more than thirty
years of experience in both legal consulting and litigation and focuses his interest in the areas of financial law,
acquisition law, capital market law and commercial law. He speaks English and German.
From September 2023, he holds the position of the independent, non-executive member of the Board of Directors
of EYDAP SA.
Christos Mistriotis, Member of the Board of Directors - Non-Executive Member ( start of term 9.6.2023 - re-
election)
Christos Mistriotis has more than 18 years of experience in Treasury & Financial and Investment Management. He
has been the Chief Financial Officer of one of the leading and most historic SME Groups in Greece, he was also the
head of non-shipping investments in a distinguished ship operator and owner of more than 80 ships, including a
Nasdaq listed company . It has been Group Treasurer in a world leading Group of gaming IT solution providers in 52
countries, as Chief Investment Officer of a leading multinational Group specializing in areas such as: provision of
fixed telephony services, IT solutions and services, electronic defense systems, construction and real estate. He has
also been a member of several board positions, both in non-listed and listed companies of the Athens Stock
Exchange. He graduated from Imperial College London with a Masters in Finance. From 2008 until today, he
represents the minority shareholders on the Board of Directors of EYDAP.
Panagiotis Skoularikis, Member of the Board of Directors - Non-Executive Member ( start of term 9.6.2023 - re-
election)
Panagiotis Skoularikis is a banking executive with significant experience in the financial sector in key positions of
responsibility. He has expertise in matters of strategic planning and transformation, relations with supervisory
authorities and with the investment community, while at the same time he focuses on issues of corporate
governance and internal control systems. As a member of the Board of Directors of EYDAP since 2010, he represents
the minority shareholders with participation also in the Strategy & Innovation Committee as well as the
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Remuneration and Nominations Committee. In the past, he has been a member of the Board of Directors. of ATE
Mutual Funds. He is the General Manager of Piraeus Bank with the main responsibilities of managing the relations
with the Supervisory Authorities (ECB, SSM, SRB, TöE), the Financial Stability Fund as well as the coordination of the
executive functions of the Group. He has worked at Citibank NA in London in the areas of securities and liquidity
management, while for a number of years he held various management positions at Agrotiki Bank with an emphasis
on strategic planning, organizational restructuring and relations with the investment community.
He is a graduate of the College of Athens ('89), with a degree in economics from the University of Athens ('92) and
postgraduate studies at the London School of Economics from where he received an M.Sc. in Economics/Business
Research and M.Phil. in Economics/European Studies. He also holds certification from INSEAD in Corporate
Governance & Board Decisions as a graduate of the International Directors Programme.
Emmanuel Angelakis Member of the Board of Directors - Non-Executive Member (start of term 24.6.2022 – re-
election)
Manolis Angelakis was born in 1964 in Athens. He is a graduate of the National Kapodistrian University of Athens
and speaks English, while he has participated in a series of training seminars. He has been working at EYDAP since
1993, as a scientific staff. During his long career in the Company, he has passed through positions of responsibility.
From 2014 until today he holds the position of Deputy Director of Warehouses and Transport.
The employees of EYDAP elect him as their representative on the Board . S. of the Company continuously since 2009.
Also, Mr. Angelakis has been for a number of years, among other things, Chairman of the "EYDAP Employees Union",
Member of the Board of Directors. of the Federation of Employees of EYDAP, is the Chairman of AKE EYDAP, and
from January 2021 he was also elected a Member of the Management of GSEE. Finally, he is an elected Member of
the Political Committee of the ND from 2017 until today for two terms.
Georgios Alexandrakis Member of the Board of Directors - Non-Executive Member (start of term 24.6.2022 – re-
election)
George Alexandrakis was born on 11.6.1976 in Agrinio, where he completed his primary and secondary education.
He is a Mechanical Engineer TE graduate of the School of Technological Applications (STEF) of the Technical
University of Patras and the Department of Business and Organizational Management (DEO) of the School of Social
Sciences of the Hellenic Open University. He holds a master's degree from the University of West Attica with the title
MBA - Business Administration and specialization in Digital Business.
During the years 2002-2003 he was employed at DEPA as an engineer and since then he has been working at EYDAP
SA. as a responsible Engineer of the Mechanical Department of the E/M Installations of the Sewerage Network
Directorate. He knows excellent English and is a certified adult trainer by EOPPEP. He is a graduate of the Labor
Academy of GSEE, a member of the Chamber of Commerce and holds a class B tax accountant license with AM
0119319. In 2004 he was elected for the first time as a member of the Board of Directors of the Sewerage Workers
Union and has been its former Chairman for 10 consecutive years. Also, for several years, he was elected a member
of the Board of Directors of the EYDAP Workers' Federation and of its Executive Committee. Since July 2017, he is
the Employee Representative on 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 2023 – Remuneration of the Chairman – Remuneration
of Executive Members
The Company has established a Remuneration Policy in order to implement 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 38th
Annual
General Meeting of shareholders that took place on 26.6.2020
and was revised by decision of the 39th
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 Directorate of Internal Audit of EYDAP S.A. as well as to specify the performance
indicators. The Remuneration Policy was revised again by decision of the 41st
Regular
General Meeting that took place
on September 6, 2023 and is posted on the Company's website
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https://www.eydap.gr/TheCompany/RegFramework/ . The current Remuneration Policy was approved with a
percentage of 98.54% of the votes represented at the General Meeting.
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/reviewed by the competent Remuneration and Labor Relations Department, with the appropriate
advisory support of the Legal Services Department, the Regulatory Compliance Department and the Internal Audit
Department.
The Remuneration and Nominations Committee recommends the draft Policy to the Board. The Board 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: a) for 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 Regulatory Compliance) b) for the 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,
Regulatory Compliance, Internal Audit). If its amendment is required, the relevant proposals of the Remuneration
and Nominations Committee are evaluated by the Board of Directors.
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 Assembly 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 41st Ordinary General Meeting of the shareholders of 6 September 2023 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
01.07.2022 to 31.08.2023, a total amount of 181,000.00 € plus employer contributions (gross fees) and a total
amount of €36,947.97 plus employer contributions (gross performance and movement expenses) respectively.
With the no. 21546/5.7.2023 decision of the Board of Directors, the fees of the members of the Board of Directors
for their performances in the Board of Directors for the year 2023 were determined at the same level of the year
2022.
In relationship with them compensations where they receive the members of Administrative Council for the
participation their at meetings of the Committees of Administrative Council see below at paragraphs 2.1 , 2.2 and
2.3.
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Fixed and variable remuneration
According to the Remuneration Policy, the Chairman of the Board of Directors as well as the executive members of
the Board of Directors receive fixed salaries which are paid monthly in addition to the annual flat fee for their
participation in the Board of Directors.
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 open-ended 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 related to the termination of the contracts, notice period.
The Company grants the positions of the executive members additional incentives in the form of variable
remuneration related 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).
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 goal, 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 Nomination Committee and is approved by the Board
of Directors. The additional extraordinary variable remunerations and their payment time 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
41st Ordinary General Meeting of Shareholders of 6 September
2023 approved the remuneration paid to the
Chairman and the executive members of the Board of Directors for the period from 01.07.2022 to 31.08.2023 as
follows:
• The mixed fees to the Chairman of EYDAP S.A., amounting to €66,500.00 plus employer contributions
• The gross fees to the Managing Director of EYDAP S.A., amounting to €149,333.32 plus employer
contributions and to the Deputy Managing Director of EYDAP S.A., amounting to €105,000.00 plus employer
contributions.
• The additional extraordinary variable remuneration paid to the Managing Director and the Deputy
Managing Director of EYDAP S.A. for achieving goals in the year 2022, and specifically for improving the ESG
scoring by one level (gross basic remuneration of two monthly salaries): For the CEO: €21,333.33 and for
the Deputy CEO: €15,000.00
With the no. 21546/5.7.2023 Board decision fixed the fixed salaries of the Chairman and the executive members of
the Board for the year 2023 at the same level as the year 2022.
Given that the immediate demand for the corporate years is to improve the Company's performance and results,
with the same Board of Directors decision as above, it was decided to pay the CEO and the Deputy CEO of EYDAP
S.A., additional incentive, in the form of variable mixed remunerations, dependent on short-term targets (bonuses).
According to this decision, the extraordinary fees (variable) will be given to the Managing Director and the Deputy
Managing Director of EYDAP S.A. (in each of the two) to achieve, indicatively, the following 4 equally weighted goals
in the financial year of 2023:
i. Performance Index in relation to overdue receivables: Total overdue receivables from individuals > 6
months 2023 / total receivables from individuals 2023
ii. Efficiency Index in relation to operating costs: (Operating costs 2023 (excluding proprietary
constructions) - depreciation - usage forecasts - raw material costs) / turnover 2023
iii. Growth Indicator in relation to the investment plan: Realized Amount of Investments 2023 /
Budgeted Amount of Investments 2023
68
iv. EWS water loss index by IWA plus leakages within WTP (cubic) / amount of water flowing into
connection points of WTP (cubic) 2023
The maximum variable remuneration (bonus) per executive was 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 to be made available.
The above variable gross remuneration will be paid after the publication of the Annual Financial Results 2023 and
subject to the achievement of the above specific quantitative objectives (KPI's) linked to the approved by the Board
of Directors. annual Regular Budget and the Financial results of the Company. As a condition for activating the above
variable remuneration, it was defined to be the profits before taxes of 2023, minus the extraordinary income ≥ 20
million euros.
Allowances
The benefits concern only the Chairman and the executive members of the Board of Directors (with the exception
of the liability insurance coverage of Management Executives which also concerns the non-executive members of
the Board of Directors) and are not included in the definition of variable remuneration in 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 Remuneration and Nominations Committee has the possibility, during the annual review of fixed and variable
remuneration, to redefine the granting of any benefits and to recommend other forms of benefits - apart from those
mentioned above - for the executive members and the Chairman of the Board of Directors (in light of the articles
109 - 112 of Law 4548/2018) in order to support the operation of the Company and to ensure competitiveness with
organizations of similar size in the Greek market.
The approved 2022 Remuneration Report is available on the Company's website
https://www.eydap.gr/TheCompany/RegFramework/ . In Tactic General Meeting of Shareholders where I will
received country within of the year 2024 for her approval of results of use 2023, I will submitted the Exhibition
Salaries of members of Administrative Council for them paid within her fiscal year 2023 remuneration and benefits,
in accordance with article 112 of Law 4548/2018 and the Remuneration Policy. During fiscal year 2023, no options
were granted and no share allocation program is in effect.
1.9 Conflict of Interest – Related Party Transactions
Conflict of interests
69
The members of the Board of Directors (executive, non-executive and independent non-executive), must take
special care to avoid the occurrence of conflicts of interest and respect the obligation 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 the 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 the Company's transactions falling within their duties, as well as any other conflict of
private interests with those of the Company or its affiliated businesses during the meaning 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 order to prevent and detect such situations, the members of the Board of Directors, upon assuming their duties,
submit to the Regulatory Compliance Service a declaration of conflict of interest in accordance with the relevant
Appendix of the Conflict of Interest Policy. 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.
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 whose term of office ended on 12.9.2023 have notified the Company of 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
Anastasios Tosios
Deputy CEO, Executive Member
Vice-Chairman of the Board of Directors of
E.S.S.H.I.T.
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
70
and Nominations Committee and Member
of the Strategic Planning and
Transformation Committee.
Alexander Nasoufis
Independent Non-executive
Member
M the executive member of the Board of
Evos BV and member of the Audit
Committee
M the executive member - Chairman of the
Board of OLT Offshore LNG Toscana SpA
Alternate 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
Chairman ERTICO-ITS EUROPE
Dimitrios Konstantakopoulos
Non-executive Member
Non-executive member of the Board of
Directors of EYATH SA
Investments & Concessions Manager at
EESYP SA
The existing 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
George Stergiou
Chairman of the Board, Non-
Executive Member
Non-executive member of the " Hexicon "
Board of Directors Power ”
Charalambos Sahinis
CEO, Executive Member
Chairman and CEO of EYDAP NISON,
member of the Board of Atlantic Council”
and member of the Investment Committee
of CNL Capital
Antonios Giannikouris
Non Executive Member
Member of the Central Council of Aegean
Architecture
Christos Karaplis
Non-executive Member
Eleni – Maria Kaymenaki
Non-executive Member
Cooperation with Papapolitis & Papapolitis
Law Firm
Marika Lambrou
Independent Non-executive
Member
Board member of Entersoft , DEPA of
trade, TEKA and Focus Bari
Member of WCD ( Women Corporate
Directors ) Foundation , Member of NED
Club (Association of Non-Executive Board
Members),
He founded and runs the consulting
company CEL (Compassionate
Entrepreneurial Leadership).
Anastasia Martseki
Independent Non-executive
Member
Member of the Board of Directors of
Hellenic Petroleum SA and Fourlis Trade
71
Estates , member of Audit and
Nominations Committees , Founding
Member and Board member at NED Club in
Greece ,
Marina Mavrommati
Independent Non-executive
Member
Legal representative of Printec HELLAS
S.A.E., deputy managing director –
executive Printec Payments Payment
Institution Monoprosopi S.A., member of
the Board of Directors of Sistemiki R.M
monoprosopi S.A. and member of the
Board of Directors of the Hellenic Society
for the Protection and Rehabilitation of
Disabled Persons (ELEPAP), Limited partner
in Arma EU Partners
Efthymios Sfikas
Independent Non-executive
Member
Director of the Legal Service of the Hellenic
Development Bank
Christos Mistriotis
Non-executive Member
Admin of Centrus Hellas SA
Panagiotis Skularikis
Non-executive Member
General Manager of Piraeus Bank
Emmanuel Angelakis
Non-executive Member
Deputy Director of the EYDAP Warehouse
& Transport Department
George Alexandrakis
Non-executive Member
Technologist Mechanical Engineer
(Employee EYDAP)
Based on the data listed in the above table and in accordance with the applicable Nomination Policy and none from
the members of Administrative Council her Company (executive, non executory and independently non executive)
did not own during the corporate year 2023 and does not own at the time of publication of this Statement position
in Administratively Tips 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, 2023 as follows:
FULL NAME
CAPACITY
NO. OF SHARES
SAHINIS CHARALAMPOS
CEO
1000
ANGELAKIS EMMANUEL
Non-executive member
of the Board of Directors
465
ANTIGONE OF SYNODINOU-CAMEL
General Manager of
Transformation
300
PANAGOPOULOU AKATERINI
Director of Risk
Management
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 special nature and the conditions of its execution.
72
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 Members of the Board of Directors and the top managers who participate in third companies, submit a special
declaration sent by the Secretariat Service of the Board of Directors to the Members of the Board of Directors. and
from the Director of Regulatory Compliance to senior management, at least one month before the issuance of the
half-yearly or annual financial statements. The submitted declarations are immediately forwarded to the Finance
Activities Department, in order to monitor the transactions between related parties and communicate them through
the Company's financial statements.
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:
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
73
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/ . In the
same context of compliance with the principles of sustainable development, pursuant to the no. 21295/26.4.2023
of the Board of Directors decision, the Environmental Policy of EYDAP was established, which includes its
commitments in order to minimize the impact of its activity on the environment by transitioning to a low-carbon
economy, to address the challenges of climate change and to contribute to achieving of global ESG targets .
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
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• 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. ) 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
With the no. 21268/22.3.2023 decision of the Board of Directors, the first Regulatory Compliance Committee was
established, consisting of three members of the Board of Directors. with a term commensurate with their term as
members of the Board of Directors.
During the same meeting pursuant to no. 21270/22.3.2023 of the Board of Directors' decision, the Strategy and
Innovation Committee of the Board of Directors. was renamed the Strategy, Innovation and Sustainable
Development Committee.
2.1 Audit Committee
The Audit Committee, in accordance with its current Regulation of Operation, which was updated no.
21549/5.7.2023 Decision of the Board of Directors 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 of Directors and third parties or exclusively
by 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 Ordinary General Meeting of the shareholders of September 6,
2023
, 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.
Following the election of new members of the Board of Directors by the majority shareholder on September 12,
2023
, with resolution no. 21576/20.9.2023 decision of the Board of Directors, following the 18.9.2023 recommendation
of the Remuneration and Nominations Committee a) found that the non-executive members, Mr. K. Anastasia
Martsekis and Mavrommatis Marinas, b) ascertained the fulfillment of the eligibility criteria of article 44 par. 1 of
Law 4449/2017 and of the applicable Nomination Policy of EYDAP in the persons of the non-executive members,
Board of directors
Control Committee
Remuneration and
Nomination Committee
Risk Management
Committee
Strategy, Innovation and
Sustainable Development
Committee
Regulatory Compliance
Committee
75
etc. Anastasia Martsekis, Marinas Mavrommatis and Christos Karaplis as well as that the above persons are able to
implement the responsibilities and obligations provided for in par. 3 of article 44 of Law 4449/2017 and c) then
appointed the members of the Audit Committee of Board of Directors with a term proportional to their term of
office as members of the Board of Directors, as follows:
1. Marcekis Anastasia, Independent non-executive member
2. Mavrommati Marina, Independent non-executive member
3. Christos Karapli, Non-executive member
During the meeting of September 25
,
2023, the Audit Committee was constituted as a body and by unanimous
decision of its members, Ms. Martseki Anastasia was appointed Chairman of the Committee . The above
composition remains unchanged until the date of this publication.
The composition of the Audit Committee from 1.1.2023 to 12.9.2023 was as follows:
1. Aikaterini Beritsi, Independent non-executive member, Chairman
2. Michail Stavroulakis, Independent non-executive member, Member
3. Christos Karaplis, Non-executive member, Member
The above composition resulted from the decision of the Extraordinary General Assembly dated 24.12.2021, which
determined the type of Audit Committee, the term, number and qualities of its members and ratified the appointment
of the members of the Audit Committee in accordance with the 26.6.2019 and 15.5.2020 decisions of the General
Meeting of shareholders, with a term ending on 28.6.2023, extended until the end of the period within which the
next Ordinary General Meeting must be convened (i.e. until 10.9.2023). Mrs. Aikaterini Beritsi was appointed
Chairman of the Audit Committee following a unanimous decision of the members of the Committee when it was
formed as a body on January 4, 2022.
It is noted that with the no. 21750/28. 2.2024 Decision of the Company's Board of Directors found, following a
relevant proposal of the Remuneration and Nominations Committee, that during the 2023 corporate year the
conditions of independence of Article 9 of Law 4706/2020 were met both in the persons of the existing independent
members of the Audit Committee, i.e. of Ms. Anastasia Martseki and Ms. Mavrommati Marina as well as in the
persons of the former independent members of the Audit Committee, namely Ms. Aikaterinis Beritsis and Mr.
Michael Stavroulakis.
Finally, it is noted that the Audit Committee with the above composition, in the context of its evaluation, was judged
to have the required combination and depth of knowledge, skills, abilities and experience, using its time effectively
and formulating clear recommendations to the Board. The evaluation of the work of the Audit Committee with the
present composition is expected to be completed within the current fiscal year.
Operation of Audit Committee
The frame operation her Commission Control is determined from him Regulation operation, The Any has been
updated with the no. 21549/5.7.2023 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 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 at regular intervals and on an emergency basis,
when required. The frequency and timing of the Audit Committee meetings are proportional to the extent of its
responsibilities taking into account, among other things, the activity, size, business environment and business model
of the Company. 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.
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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 company.
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 2023 fiscal year, the Audit Committee held 10 meetings on the following dates:
MEETING NO 1/2023
17/01/2023
MEETING NO 2/2023
7/02/2023
MEETING NO 3/2023
07/03/2023
MEETING NO 4/2023
21/04/2023
MEETING NO 5/2023
16/05/2023
MEETING NO 6/2023
30/06/2023
MEETING NO 7/2023
11/07/2023
MEETING NO 8/2023
25/09/2023
MEETING NO 9/2023
31/10/2023
MEETING NO 10/2023
12/12/2023
All the members of the Commission participated in all the meetings.
With reference to its actions, the issues examined by the Audit Committee during the year 2023 are summarized
as follows:
A. External Audit
• During the 2023 fiscal year, the Committee held 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 10 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 carrying out the mandatory audit of the Company's individual and
consolidated statements for the year 2022 and the first half of 2023, as well as the content of the supplementary
reports of the statutory auditor.
• It discussed with the External Auditors matters on the Audit Plan for the year 2023 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 2023 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
77
Auditors, having previously assessed potential threats to their independence, as well as the safeguards in place to
limit these risks, in accordance with with 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 Legislation. In this context, it found that the
permitted services that the GRANT THORNTON Group would provide do not exceed in total value 70% of the
average fees paid during the last three (3) consecutive financial years for the statutory audit. Based on the above,
she gave her consent unanimously.
• It confirmed the independence of the External Auditors.
• He reviewed and evaluated the process of drafting Financial Information, followed for the issuance of the
Half-Yearly and Annual Financial Statements, in terms of its correct execution and informed the Board of Directors
accordingly.
• Discussed with the Management, the Director of Financial Activities, the Director of Legal Services, the
Director of Internal Audit and the Statutory Auditors on the important issues included in the financial statements,
based on the Key Audit Matters and the other recommendations of the above.
• It was presented to the Board of Directors. on the half-yearly and annual financial statements based on the
results of the relevant audit work.
B. Internal Control Systems Procedures - Internal Control Unit
• Monitored the adequacy and effectiveness of the Internal Control System and informed the
Company's Board of Directors about the results
• He 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, he was informed at regular intervals about the course of implementation of the corrective
actions according to the timetable set by the CEO.
• Evaluated the annual audit plan for 2023, 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 of 2024 and recommended their approval to the Board
C. Sustainable Development
According to all the elements brought to the attention of the Audit Committee during its annual work, the Company's
Sustainable Development Policy is applied to the Company's operational and strategic decisions through responsible
sustainable business practices that minimize negative impacts on health, safety and the environment arising from
the Company's activities, products or services.
Much of the corporate target monitoring indicators are set with modern ESG governance standards and the
Company uses appropriate KPIs to monitor the achievement of its corporate strategy
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Regarding the impact on the environment (E), EYDAP focuses on the sustainable management of natural resources
and water sources, the protection of ecosystems and the reduction of the carbon footprint, adopting circular
economy principles.
In terms of impact on society (S), services are provided and projects are implemented that improve the quality of
life of citizens while at the same time ensuring an affordable tariff and social policies that mitigate inequalities. Local
communities are strengthened by taking a leading role in integrated local development approaches. Essential issues
are the health, safety and development of employees while ensuring equal opportunities and the right to diversity.
Regarding corporate governance (G), the essential strategic issues of EYDAP are the composition of the board of
directors in accordance with the principles of sustainable development, the fight against corruption, financial
performance and operational resilience, effective supply chain management and the protection of personal data.
Much of the Strategy's monitoring indicators are aligned with modern ESG standards and the Company has a reward
system to coordinate efforts and participate in achieving a collective result. EYDAP acts in the direction of its
adaptation to the regulatory requirements of the new Independent Regulatory Authority for Waters (R.A.W.E.W)
The Directorate of Strategy and Innovation in collaboration with the Committee of the Board of Directors for
Strategy, Innovation and Sustainable Development ensure that in the planning of the strategy, in addition to the
essential issues as derived from the materiality analysis, European and national trends and policies are taken into
account and the evolution of technology. With this aim, EYDAP actively participates in the largest relevant European
networks and in European and national consultations.
Given the Company's extensive investment plan to achieve the above, the main concern is clean water for everyone
at a fair price through a sustainable management and financing strategy model.
The Audit Committee, on the above matters of its competence, informed the Company's Board of Directors on a
case-by-case basis and at regular intervals (at least quarterly).
The Audit Committee's annual report for the 2023 corporate year will be submitted to the 42nd Annual General
Meeting of Shareholders.
For the year 2023 the Board of Directors with the no. 21546/5.7.2023 decision, in compliance with the Remuneration
Policy, 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 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 fourteen per calendar month year.
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 2023 corporate year will be
submitted to the 42nd
Ordinary
General Meeting of Shareholders.
For the year 2023 the Board of Directors with the no. 21546/5.7.2023 decision, in compliance with the Remuneration
Policy, 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 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 fourteen per calendar month 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
79
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 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 cannot 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 1 January 2023 to 12 September 2023 was
as follows:
1. Aikaterini Beritsi, Chairman (independent member) *
2. Theodora Varvarigou, Member (non-executive member)
3. Michael Stavroulakis, Member (independent member)
4. Alexandros Nasoufis, Member (independent member)
5. Panagiotis Skularikis, Member (non-executive member)
Following the election of new members of the Board of Directors by the majority shareholder on 12 September
2023, pursuant to the no. 21573/18.9.2023 of the Board of Directors' decision, the Remuneration and Nominations
Committee was established by non-executive members of the Board of Directors, the majority of whom are
independent, with a term of office commensurate with their term of office as members of the Board of Directors, as
follows:
1. Efthymios Sfikas, Independent non-executive member
2. Marika Lambrou, Independent non-executive member
3. Panagiotis Skularikis, Non-executive member
During the meeting of 18.9.2023
, the Committee was constituted in a body and unanimously elected as its
Chairman Mr. Sfikas Efthimios, judging that he can respond effectively and adequately to the duties of the position.
During the same meeting, the members established the legality of the composition of the Remuneration and
Nominations Committee in accordance with article 10 par. 3 of Law 4706/2020, as it has three members and consists
exclusively of non-executive members, the majority of whom are independent. It is recalled that the 41st
Ordinary
General Assembly of the shareholders established the independence of Mr. Sfikas Efthymios and Ms. Lambros
Marikas and then, the Board of Directors with resolution no. 21750/28. 2.2024 his decision verified that during the
2023 corporate year the above persons met the conditions of independence of article 9 of Law 4706/2020.
The above composition remains unchanged until the date of this publication.
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Operation of the Remuneration and Nomination Committee
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 2023, the Remuneration and Nomination Committee held thirteen (13) meetings on the following
dates:
32nd Session , 19.01.2023
33rd Meeting , 09.02.2023
34th Meeting , 20.03.2023
35th Meeting , 02.05.2023
36th Session , 08.05.2023
37th Session , 18.05.2023
38th Session , 16.06.2023
39th Session , 23.06.2023
40th Session , 24.07.2023
41st Meeting , 18.09.2023
42nd Session , 19.10.2023
43rd Session , 08.12.2023
44th Session , 21.12.2023
All the members of the Commission participated in all the meetings which were held through teleconference and using
electronic means. Before each meeting, the members of the Committee, on the initiative of its Chairman, received
the agenda and its accompanying material in good time.
Main actions of the Remuneration and Nominations Committee during the 2023 fiscal year:
• Formation of the Remuneration and Nominations Committee in a body and election of a Chairman from its
members.
• Evaluation of the suitability and independence of the candidate members of the Audit Committee
• Determination of fulfillment of the independence requirements of article 9 of Law 4706/2020 in the persons
of the independent non-executive members of the Board of Directors. of E.Y.A.P. S.A.
• Proposal for the achievement of a strategic goal for the year 2023
• Discussion and evaluation of the achievement of the transformation goals for the year 2022
• Finalization of the numerical indicators per quantitative target for the year 2023 for the payment of
extraordinary additional remuneration (bonus) to the executive members of the Board of Directors
• Proposal for setting indicators for the year 2023
• Discussion on the achievement of financial and non-financial indicators of the CEO and the Deputy CEO for
the year 2022
• Proposal for the payment of variable remuneration (bonus) for the achievement of the strategic goal for the
year 2022
• Recommendation to the Board of Directors for the remuneration of the Board Members for 2023, where the
KPI values for the payment of variable remuneration (bonus) 2023 should also be included
• Discussion regarding the Audit Report 11/22 on "Remuneration Policy Implementation Procedures - Legality
of Remuneration of Board Members and Executives"
• Results of overall evaluation of the CEO and Deputy CEO, according to the current framework
• Update of the Remuneration Policy and relevant recommendation to the Board of Directors and the General
Assembly
• Evaluation of the suitability of the two (2) representatives of the minority shareholders on the Board
81
• Drafting of a plan to update the Nomination Policy as well as relevant procedures for electing Board members,
drawing up a CEO succession plan
• Evaluation of the individual suitability and effectiveness of the members of the Board of Directors
Finally, it should be noted that in the context of the evaluation carried out, the Remuneration and Nominations
Committee (under its current composition until 12.9.2023) was deemed extremely efficient in the fulfillment and
execution of its duties, as well as that it uses its time effectively by having the required mix and depth knowledge,
abilities, skills and experience. The evaluation of the work of the Remuneration and Nominations Committee with
the present composition is expected to be completed within the current corporate year.
For the year 2023 the Board of Directors with the no. 21546/5.7.2023 decision, in compliance with the Remuneration
Policy, 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 Chairman and the Members of the Committee as
representation and travel expenses with a maximum number of Committee meetings of fourteen per calendar 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 its business activity and operation,
the Board of Directors with the no. 20945/17.11.2021 His decision decided on the establishment of a Risk
Management Committee of the Board of Directors of EYDAP consisting of members of the Board of Directors, 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 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. Controls 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 evolution of material risks as well as the adequacy and
effectiveness of the risk management framework through its Chairman.
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.
82
With the no. 21728/6.12.2023 decision of the Board of Directors, the Operating Regulations of the Committee were
revised and according to its provisions, the Committee has at least three members and consists of executive and
non-executive members of the Board, the majority of them non-executive. At least one of its members is
independent. The Board of Directors appoints the members and the Chairman of the Committee from among its
non-executive 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 1.1.2023 to 12.9.2023 was as follows:
1. Angelos Amditis, Chairman
2. Alexandros Nasoufis, Vice Chairman
3. Theodora Varvarigou, Member
4. Charalambos Sahinis, Member
5. Christos Mistriotis, Member
Following the election of new members of the Board of Directors by the majority shareholder on September 12,
2023, the Committee was formed by virtue of the no. 21728/ 06.12.2023 of the decision of the Board of Directors
as follows:
1. George Stergiou, Chairman
2. Marika Lambrou, Member
3. Georgios Alexandrakis, Member
4. Antonios Giannikouris, Member
5. Marina Mavrommati, Member
The above composition remains unchanged until the date of this publication.
During the year 2023, the Risk Management Committee held nine (9) meetings on the following dates:
7th Meeting , 04.01.2023
8th Session , 24.01.2023
9th Meeting , 23.02.2023
10th Meeting , 06.04.2023
11th Session , 25.04.2023
12th Session , 30.05.2023
13th Session , 29.06.2023
14th Session , 01.08.2023
15th Session , 18.12.2023
All the members of the Commission participated in all the meetings which were held through teleconference and using
electronic means. Before each meeting, the members of the Committee, on the initiative of its Chairman, received
the Agenda and its accompanying material in good time.
Issues that concerned the Risk Management Committee:
1. Risk Management Directorate Regulation & Risk Management Policy
2. Key Risk Monitoring Indicators (KRIs)
3. Vulnerability Issues
4. Energy Crisis Scenarios
5. GDPR Risks
6. Attica's safe supply risk
7. 2023 risk assessment results
8. Modernization of the management of the water resources water supply system of Athens _Presentation of
Water Management Plan. year 2022-2023
Proposals of the Risk Management Committee
• Independence of the Regulatory Compliance Service
• Elaboration of a forestry study for all EYDAP facilities
• Benchmarking with the security systems of other similar companies with critical infrastructures
• Training of staff in order to work seamlessly with the DPO
83
• Staff training in risk management and organization of preparedness exercises
• Reassessment of specific risks for which the data and risk environment have changed
• Definition of a control mechanism for cases of risks assessed with different importance by the
Organizational Units
It is noted that the effectiveness of the Risk Management Committee (under its current composition until 12.9.2023)
was evaluated during the 2023 corporate year and its results were presented to the Board of Directors in July 2023.
According to this evaluation, the Committee, among other things, ensures in very good degree that emphasis is given
to the priorities that are important for EYDAP and controls the creation of a framework and methodology for its
uninterrupted operation in crisis situations by submitting relevant proposals to a satisfactory degree. The evaluation
of the work of the Risk Management Committee with the present composition is expected to be completed within
the current corporate year.
For the year 2023 the Board of Directors with the no. 21546/5.7.2023 decision, in compliance with the Remuneration
Policy, decided to pay per meeting an amount of 400 euros plus employer contributions to the Chairman of the Risk
Management 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 Chairman and the Members of the Committee as representation and travel expenses
with a maximum number of Committee meetings of fourteen per calendar year .
2.4 Strategy, Innovation and Sustainable Development Committee
The Strategy and Innovation Committee of the Board of Directors was established by Board Decision No.
20853/05.04.2021, consisting exclusively of members of the Board of Directors of EYDAP. By virtue of No.
21270/22.3.2023 of the Board of Directors' decision, the Strategy and Innovation Committee of the Board of
Directors. was renamed the Strategy, Innovation and Sustainable Development Committee and its Operating
Regulations were amended accordingly.
The Committee is informed, analysed, evaluated 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 has the following responsibilities:
1. It is informed, evaluates, advises and expresses an opinion regarding the main long-term strategic goals of the
Company and its medium-term strategy, in harmony with the directions and goals set by the Board of Directors.
2. Is informed, evaluates, advises and gives an opinion on the strategy regarding new technologies, innovation and
transformation of the Company.
3. Is informed, assesses, advises and gives an opinion on the strategy regarding the issues of risks from digital and
new technologies, as well as cyber security issues.
4. Informs, evaluates, advises and gives an opinion on strategy regarding sustainability and circular economy issues
through the application of technology and innovative solutions.
5. Monitors the implementation of the Company's strategy on a six-monthly basis, as far as the Company's strategic
projects and innovation and digital transformation projects are concerned. Gives an opinion to the Board of Directors
in the context of drawing up the annual budget and the investment plan regarding the above.
6. It is informed, evaluates, advises and expresses an opinion regarding the adoption of best practices in the Greek
and European/international environment. In this context, it monitors the work of other international Organizations
and Agencies in Greece and abroad, observing the principle of confidentiality and competition rules.
7. Organizes, in cooperation with the Management, presentations at the invitation of the Management or the Board
of Directors or on its own initiative in order to inform the Members of the Board of Directors on the matters of its
competence.
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In accordance with the current Operating Regulations of the Commission, which were amended by Board of
Directors decision no. 21270/22.3.2023, 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 (if any). The members of the Committee are selected and appointed by the Board of Directors.
and their number always remains odd. The term of office of the members of the Committee is two years and may
be extended by decision of the Board of Directors. The Committee meets regularly every three (3) months or
exceptionally as often as required to fulfill its mission. The composition of the Committee from 1.1.2023 to 12.9.2023
was as follows:
1. Theodora Varvarigou, Chairman (non-executive member)
2. Angelos Amditis, Vice Chairman (independent member)
3. Charalambos Sahinis, Member (executive member)
4. Anastasios Tosios, Member (executive member)
5. Panagiotis Skularikis, Member (non-executive member)
Following the election of new members of the Board of Directors by the majority shareholder on September 12,
2023
, the Committee was formed by virtue of the no. 21717/ 8.11.2023 of the decision of the Board of Directors as
follows:
1. George Stergiou, Chairman
2. Marika Lambrou, Member
3. Georgios Alexandrakis, Member
4. Antonios Giannikouris, Member
5. Marina Mavrommati, Member
The above composition remains unchanged until the date of this publication.
During the year 2023, the Strategy, Innovation and Sustainable Development Committee held ten (10) meetings on
the following dates:
04.01.2023
07.02.2023
15.02.2023
20.02.2023
03.03.2023
04.03.2023
06.04.2023
21.04.2023
18.05.2023
30.11.2023
All the members of the Commission participated in all the meetings which were held through teleconference and using
electronic means. Before each meeting, the members of the Committee, on the initiative of its Chairman, received
the Agenda and its accompanying material in good time.
Main actions of the Strategy, Innovation and Sustainable Development Committee during the year 2023:
• Formation of the Strategy, Innovation and Sustainable Development Committee in a body and election of
a Chairman from its members.
• Strategy and Implication of it in the 2023 Investment Plan
• Key axes and strategic priorities of the Company
• Business Plan - Investment plan 2023-2032
• Actions to rationalize operating expenses
• Collective agreement
• Presentation of the Eastern Attica strategic project plan
• Strategies for immediate debt collection reduction issues
• Progress of the e-billing project and presentation of the cost-benefit analysis for the outsourcing of
envelope printing
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• Course of transformation projects
• Proposals for revising the performance indicators and the 2023 target proposals
It is pointed out that in the context of the evaluation carried out, the Strategy, Innovation and Sustainable
Development Committee (under its previous composition until 12.9.2023) was judged, among other things, to have
the required mix and depth of knowledge, abilities, skills and experience and to a large extent monitors the
implementation of the Company's strategy regarding strategic projects and innovation and digital transformation
projects. The evaluation of the work of the Strategy, Innovation and Sustainable Development Committee under the
present composition is expected to be completed within the current corporate year.
For the year 2023 the Board of Directors with the no. 21546/5.7.2023 decision, in compliance with the Remuneration
Policy, decided to pay per meeting an amount of 400 euros plus employer contributions to the Chairman of the
Strategic Innovation and Sustainable Development 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 Chairman and the Members of the Committee
as representation and travel expenses with a maximum number of Committee meetings of fourteen per calendar
year .
2.5 Regulatory Compliance Committee
In the context of ensuring the adequate and efficient operation of the Company's Internal Control System, which
aims, among other things, to monitor, evaluate and manage regulatory compliance risks, it was established by virtue
of the no. 21268/22.3.2023 of the decision of the Board of Directors Regulatory Compliance Committee consisting
of three members of the Board of Directors with a term proportional to their term of office as members of the Board
of Directors.
The purpose of the Regulatory Compliance Committee is to assist the Board of Directors in the execution of its
responsibilities regarding the Company's ongoing compliance with the statutory regulatory framework, i.e. all the
provisions of the applicable national and EU legislation, the decisions of the competent Supervisory Bodies and
Independent Principles and other rules governing the operation of the Company. Therefore, the Regulatory
Compliance Committee supervises and evaluates the design and implementation of the Regulatory Compliance
Management System as well as the Regulatory Compliance Policy adopted by the Company.
In order to fulfill the above purpose, the Regulatory Compliance Committee has indicatively the following
responsibilities:
1) Supports EYDAP's potential in forming a compliance culture as a model of corporate behavior, thus ensuring
integrity in the way the Company operates.
2) Supervises the operation and work of the Regulatory Compliance Department and oversees the coordination of
Regulatory Compliance related actions. In this context, he/she advises and supports the Director of Regulatory
Compliance, in the fulfillment of his/her responsibilities and work.
3) Ensures that the Regulatory Compliance Division is adequately staffed with human resources possessing sufficient
knowledge and appropriate skills.
4) Supports the establishment, implementation and updating of the Regulatory Compliance Policy and the
Regulatory Compliance Management System.
5) Oversees and controls the prevention and systematic management of the Company's regulatory compliance risks,
as identified and recorded by the Regulatory Compliance Department (in collaboration with the Risk Management
Department), in accordance with the applicable regulatory framework and best practices.
6) Oversees and controls the continuous information and awareness of all, the training of the Company's employees
regarding Regulatory Compliance issues.
7) Oversees and controls the implementation of the Annual Regulatory Compliance Activities Plan, prepared by the
Regulatory Compliance Department and submitted for approval by the Board of Directors.
8) Examines the reports/reports submitted to it by the Regulatory Compliance Division and assesses their
completeness and adequacy. In this context, the Committee submits annual reports to the Board of Directors
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regarding the work of the Regulatory Compliance Department (report of activities, report on the submission of
conflict of interest declarations and complaint management, in accordance with the relevant Policies).
9) Oversees and controls the investigation of cases of non-compliance and/or unethical behavior, the findings of
regulatory compliance audits as well as the proposal of appropriate corrective measures, following regulatory
compliance monitoring/audits for which the Regulatory Compliance Department is responsible.
10) Oversees and controls the full and adequate integration of Regulatory Compliance requirements into the
Company's Policies, Regulations and Procedures.
The responsibilities of the Committee are expected to crystallize upon the approval of its Operating Regulations by
the Company's Board of Directors, which will take place within the second quarter of the current fiscal year.
The composition of the Committee from 22.3.2023 to 12.9.2023 was as follows:
1. Theodora Varvarigou, non-executive member, Chairman
2. Aikaterini Beritsi, independent non-executive member, Member
3. Alexandros Nasoufis, independent non-executive member, Member
Following the election of new members of the Board of Directors by the majority shareholder on September 12,
2023
, the Regulatory Compliance Committee was established pursuant to no. 21717/18.11.2023 of the decision of the
Board of Directors as follows:
1. Eleni-Maria Kaumenaki, non-executive member, Chairman
2. Efthymios Sfikas, independent non-executive member, Member
3. Emmanuel Angelakis, non-executive member, Member
The above composition remains unchanged until the date of this publication.
During the year 2023, the Compliance Committee held one meeting in which all its members participated. During
the said meeting, the implementation of the Regulatory Compliance Management System and the Regulatory
Compliance Policy for the year 2022 as well as the Annual Regulatory Compliance Plan were reviewed:
The Regulatory Compliance Committee prioritizes the formation of a culture of regulatory compliance in EYDAP's
workforce and ensuring the integrity of the way the Company operates, the intensification of its work and actions in
the following directions:
• the coordination of CS-related actions,
• the establishment of strong SC Policies,
• the prevention and systematic management of regulatory compliance risks, in accordance with best
practices,
• the implementation of due diligence practices in matters related to sustainability and human rights;
• continuous information, awareness raising and training regarding CSR matters, in order to encourage the
Company's staff to report any unethical behaviors and cases of non-compliance and to request guidance,
• CS's commitment to investigating cases of non-compliance and/or unethical behavior, as well as proposing
appropriate corrective and management measures.
The evaluation of the work of the Regulatory Compliance Committee under the present composition is expected to
be completed within the current fiscal year.
For the year 2023 the Board of Directors with the no. 21546/5.7.2023 his decision, in compliance with the
Remuneration Policy, decided, from the date of establishment of the Committee, the payment per meeting of an
amount of 400 euros plus employer contributions to the Chairman of the Regulatory Compliance Committee and a
corresponding amount of 300 euros to each member of the Commission. 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
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to the Chairman and the Members of the Committee as representation and travel expenses with a maximum number
of Committee meetings of six per calendar year .
3. Other administrative, management or supervisory bodies or committees
3.1 Executive Committee
The Executive Committee ("EKEP") 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 Chairman of EKEP, who is responsible for planning and conducting the
meetings.
In order to fulfill its duties, EKEP takes into account the decisions of the Board of Directors. by which it is assigned
specified powers 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 tasks of EKEP 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
Biographies of Senior Executives - Members of the Executive Committee
Katerina Vlastari- General 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
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 assumed 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, he worked in the period 1988-89, fertilizer
company SYNEL as Public Relations Manager. Earlier he 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, he worked in key key 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 - General Director of Sewage
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, among which, 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 General 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-General 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.
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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 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, Sewage Treatment Centers and the 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 Operations and Water Supply Systems & Data, which have responsibility 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 has been 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-General 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 he 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 - General Manager of Customers
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 ( MP A) in Public Administration.
He 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.
From April 2023, she assumed the position of General Manager of Customers with the aim of adapting to the modern
needs of the customer, and providing him with the right service.
Georgia Stefanakou - General Manager of Major Projects
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Georgia Stefanakou was born in Athens, graduated from
the 2nd
Arsakeio Lykeio Psychikou, studied Civil Engineering
at the Aristotle University of Thessaloniki and did postgraduate studies ( MSc ) in Sanitary Engineering in Greece at
the Athens School of Hygiene and ( MSc ) in water resources and environmental engineering at the University S.
Florida, USA. He speaks English and French.
He has been working at EYDAP since 1990, where he gained significant experience in the entire range of the
company's technical activities, in the study, tendering, construction of water and sewage networks, water and
wastewater treatment plants, port projects, industrial and energy projects, operation and maintenance large
facilities, as well as in the management of EYDAP projects and facilities of any scale.
With continuous experience in positions of responsibility since 2001, he has been Head of Service at the Psittaleia
Wastewater Treatment Center (2001 – 2013) where he successfully managed the normalization of the disposal and
utilization of the produced sludge, as well as the integration of the operation of all facilities of the most important
environmental project of Greece and one of the largest in the world, at the same time she assumed Deputy Director
of Wastewater Treatment Centers (2011 – 2013) and then Infrastructure Director (2013-2014).
From 2014 at the highest level of EYDAP's management organization chart, she assumed the position of Assistant
General Manager of Networks and Facilities Operations (2014-2016) with responsibility for three technical
Directorates and the coordination of important modernization actions and reduction of the energy footprint of the
operation of the company's large facilities EYDAP, external aqueducts and dams, water treatment units and sewage
treatment centers. Subsequently, from the position of Assistant General Director of Eastern Attica Projects (2016 –
March 2021), with the responsibility of the Eastern Attica Projects Directorate, she organized the multi-level strategic
planning for the integrated management of the wastewater of the settlements of Eastern Attica, the cooperation
with the Municipalities of Eastern Attica and the implementation, with co-financing from European programs, of the
environmental drainage and wastewater treatment projects of EYDAP in Eastern Attica.
From May 2021 she is the General Manager of Major Projects with the responsibility of monitoring and coordinating
six Directorates with the aim of planning, financing and implementing the new major projects of EYDAP's investment
plan, including drainage, wastewater treatment and re-use of reclaimed water projects of Wastewater Treatment
Centers in Eastern Attica. At the same time, since January 2023 he is a member of the Executive Committee of EYDAP
SA.
Antigoni Sinodinos-Kamilou General Manager of Transformation
Ms. Antigoni Synodinou was born in Athens. He is a qualified Chemical Engineer E.M.P. with a master's degree in
Business Administration.
Ms. Synodinou started her career in a dynamic Greek industrial company in the chemicals sector in marketing, as a
product group manager. He then moved to one of the leading multinational consumer goods companies, where he
assumed positions of responsibility in production planning and logistics .
He has many years of work experience at EYDAP, where he has held positions of responsibility since 2003. In
particular, she has been Head of the Internal Prevention and Protection Service (ESYPPP), Head of the Industrial
Waste and Wastewater Service, Head and operation manager at the Polydendriou and Menidi Water Treatment
Units, Director of the Water Treatment Units and since 2016 Assistant General Director Water Supply. In April 2019,
he assumed the General Directorate of Coordination and Support Operations and from June 2021 the General
Directorate of Transformation. He speaks English and French.
Eleni Spyropoulou-Director of Finance Activities
Eleni Spyropoulou has been working at EYDAP SA since 16.02.2000. She has been performing the duties of Director
of Finance Activities since April 2021. From October 2016 to March 2021 she was Assistant General Director of
Finance and from May 2013 to September 2016 she was Director of Financial Services. From May 2008 she assumed
the duties of Head of the Central Accounting Office. From October 1994 until she was hired by EYDAP, she worked
at KIKIZAS A.E.V.E.T. "MELISSA" in the Financial Directorate.
He received his degree in the Department of Organization and Business Administration from the Athens University
of Economics and Business in 1994, his Master's degree in Finance and Banking in 2000 also from the Athens
University of Economics and Business.
Ms. Spyropoulou holds a Class 1 Accountant license from the Athens Chamber of Commerce (2001), has received
the "IFRS Learning &Assessment program" certification by ICAEW in 2016 and obtained certification for attending
the Program Diploma in IFR (DiplIFR)/ACCA program in 2017. She has participate in working groups for the design
and operation of new applications at EYDAP SA.
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Konstantina Stavroulia - Director of Supply Chain Activities
Konstantina Stavroulia is the Director of Supply Chain Activities of EYDAP S.A. since 2021, responsible for the
evaluation, optimal planning, execution, monitoring and control of the Company's supply chain activities.
He studied Civil Engineering at the National Technical University of Athens and holds a Master's degree (M.Sc.) from
the National and Kapodistrian University of Athens.
She has been for 3 years Head of the Papago Sewage Sector Service, of EYDAP SA, responsible for the operation,
maintenance and improvement of the drainage network of the Sector (North & North-Eastern Suburbs of the
Province of Attica) and Technical Consultant for the Management of Sewage Projects of EYDAP ISLANDS SA,
responsible for the recording - mapping of the existing sewage treatment facilities and sewage networks, in more
than 18 Greek islands, as well as Director of the Water Supply Network of EYDAP SA. for 7 years, responsible for the
operation, maintenance and improvement of the water supply network of Attica.
He has also worked for more than 15 years, either as an engineer-partner, or as the head of engineering teams and
departments in large technical companies and design offices, as well as as a contractor, with the object of preparing
studies and supervising a number of important public projects in Greece and in external, mostly related to hydraulic
(water supply - drainage) 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 the 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 (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,
• 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
Procurement and Projects Strategic Planning Directorate. The decisions of the Procurement Council are taken by a
majority of half plus one of the members present. In case of a tie, the vote of the Chairman 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 Chairman
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
91
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 Chairman of the EYDAP Workers' Federation
All members of the Disciplinary Councils are appointed for a two-year term with their deputies and it meets with all
members present, making decisions by majority. In case of a tie, the vote of the Chairman prevails. With the nos.
21731/6.12.2023 & 21732/6.12.2023 Board Decisions the above Disciplinary Councils were reconstituted and
reconstituted.
3.4 Other committees and bodies with an advisory, coordinating, supervisory or approval role
• Competition Committees
• Receiving Committees (Procurement, Projects, Services)
• Contract Managers
• Preselection System Registry Committee for Contractors, Scholars and Providers of Technical and Other
Related Scientific Services
• Defects assessment committee (in the context of execution of project contracts)
• Health and Safety Committee of the Workers (E.Y.A.E.)
• 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
• Promotions Councils: 1st Council, 2nd Council
• Technical Council
D. General Assembly & 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 matters:
a. For any modification of the Statute. Subject to par. 5 of art. 9 of the Articles of Association, the increase or decrease
of the company capital is also considered an amendment.
b. For the election of the members of the Board of Directors and the auditors subject to articles 11 and 13 of the
Statute.
c. For the approval of the individual and consolidated annual financial statements of the Company.
d. For the disposal of the 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 Statute.
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 Statute, 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.
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The General Assembly is in 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 being invited 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 has 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.
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 being invited 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 Convocation of the General Assembly
The General Assembly 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 (10th
)
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 may 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
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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 Meeting 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 - Rights of shareholders before the General Meeting
The invitation of 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 of the Commercial Register (G.E.MH.-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 ERMIS 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.
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
Assembly in any of the above ways.
Ten (10) days before the Ordinary General Assembly, 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 Assembly until the day of the General Assembly,
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 who appears as a shareholder in the records of the Intangible Securities System managed by the "Hellenic
Stock Exchanges AE Participations, Clearing, Settlement & Registration" in which the securities (shares ) the
company's.
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In particular, the status of the Shareholder must exist at the beginning of the fifth (5th)
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 (3rd
)
) day before the day of the adjourned or repeated General Assembly.
The 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 Depository of Securities, 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 Assembly.
Following a decision of the Company's Board of Directors, it is permitted to participate in the General Assembly
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 the persons who are entitled
to participate or be present at the General Assembly and the security of the electronic connection,
b) to provide the possibility 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 Company's Board of Directors, it is also permitted to participate in voting remotely by electronic
means or by mail, held before the Assembly. 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 Assembly of every executive of the Company's top management
deemed necessary to provide more detailed information and clarifications on the questions of the shareholders. In
the event and to the extent that the shareholders' questions on agenda items are not answered during the meeting,
the Company, as long as the relevant information is not already available on its website, submits the relevant
answers to the e-mails indicated by the Ms. Shareholders while ensuring equal access to information for all
Shareholders. In any case, for optimal preparation of the Meeting, Shareholders are given the opportunity to send
their questions in advance, in writing, to the Company's Shareholder Service and Corporate Announcements Service
via email to the email address eydap-met@eydap.gr.
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 restriction 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 Assembly meeting, of any specific event, which may be useful to the shareholders in assessing
the risk of the representative serving 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,
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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 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 the General Meeting, which has already been convened,
if the relevant request reaches the Board of Directors fifteen ( 15) at least days before the General Assembly. The
request 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 Assembly, and the draft resolutions are
made available to the shareholders, at least six (6) days before the date of the General Assembly.
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.
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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 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 Assembly of EYDAP Shareholders on important issues taken in the year 2023
Beyond of subjects competence her Tactical General Assembly, 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 2023, between
others:
• approved the distribution of profit dividend for fiscal year 2022 amounting to €2,130,000, i.e. a dividend of
€0.02 per share gross ,
• determined the type of Audit Committee, the term of office, the number and qualifications of its
Members in accordance with article 44 par. 1(b) of Law 4449/2017, as amended by par. 4 of article 74
of Law 4706 /2020,
• approved the revision of the Remuneration Policy for the members of the Board of Directors in
accordance with articles 110 and 111 of Law 4548/2018,
• elected nine (9) members of the Board of Directors as representatives of the majority shareholder and
appointed the independent non-executive members of the Board of Directors,
Finally, the Report was submitted to the Ordinary General Assembly Done her Commission Control for the year 2022
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.
On June 9, 2023
, in accordance with article 36 of the Articles of Association, the Special Meeting of the minority
shareholders took place with the sole purpose of electing two (2) representatives to the Board of Directors of EYDAP.
All the obligations deriving from the legislation and the Company's Articles of Association were strictly observed
during the convening and preparation of the meetings of the General and the Special Meeting of the Company's
shareholders held within the year 2023.
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 System Interior Control (CEE).
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"Internal Control System" is defined as the set of internal control mechanisms and procedures, including risk
management, internal control 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 System Interior Control where covers them activities her and contributes in safe and
efficient mode her. The system this supported in the internationally recognized role model COSO and consists of five
(5) basic components:
• the Control Environment (Control Environment)
• Risk Management
• Control Mechanisms and Security Valves (Control Activities)
• the Information and Communication
• Monitoring
The design of the structure and the monitoring of the S.E.E. 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 S.E.E.
The Second Line consists of 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
S.E.E.) 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 S.E.E. 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.
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 Internal Control System and Corporate Governance System
The Company, by decision of its Board of Directors, assigned to Grant Thornton SA the project "Provision of Internal
Control System Evaluation Services", with the aim of evaluating the adequacy and effectiveness of the Company's
Internal Control System ("ICS") " CAPITAL IRRIGATION AND SEWERAGE COMPANY" with a reference date of
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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 EC Board of
Directors. The assessment was carried out in accordance with the International Assurance Work Standard 3000
"Assurance Work 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 Hellenic
Accounting and Auditing Standards Oversight Board (HAASOB).
The said evaluation of the Internal Control 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 Control System .
The Conclusion of the Independent Assessor, namely Ms. Athena Moustakis, Chartered Auditor Accountant with AM
28871 and Partner of Grant Thornton which is included in the final assessment report on the adequacy and
effectiveness of the EES dated 29/03/2023 is that from the work carried out and the evidence obtained regarding
the assessment of the adequacy and effectiveness of the Company's EMS, no weaknesses were identified that could
be considered material in the Company's EMS according to the Regulatory Framework, with the exception of the
finding of insufficient gender representation on 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 resolving the issue of adequate
female representation on the Board of Directors of EYDAP during the next Ordinary General Assembly of the
Company in compliance with the provision of article 3 par. 1b of Law. 4706/2020.
After the publication of Law 5045/2023, with article 64 of which all the ownership shares of EESYP were transferred
to the Greek State, the majority shareholder in the context of the adjourned meeting of the 41st
Ordinary
General
Meeting of shareholders that took place on 12 September
2023, proposed and elected 9 new members of the Board
of Directors. The new composition of the Board of Directors meets the condition set by article 3 par. 1b of Law
4706/2020 regarding adequate representation by gender.
In addition, the Internal Audit Department, as part of a regular audit, monitors the progress of the implementation
of all corrective actions resulting from the findings of the 29/03/2023 external evaluation of the ICS.
It is noted that the conclusions of the SEE evaluation will be taken into account in the context of the first evaluation
of the Corporate Governance System that will be completed within the current fiscal year with the support of an
external evaluator.
I. Regulatory Compliance Management System
The Company's compliance with the applicable legislative and regulatory provisions is an essential obligation and its
main priority. 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, EYDAP, as an anonymous company with values listed on a regulated market, 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.
With the no. 21202/21.12.2022 Board decision approved the implemented Regulatory Compliance Management
System, which concerns the compliance of the Company's staff, management and partners with the applicable
regulatory and legislative framework, as well as with the Operating Regulations, the Code of Ethics and Professional
Conduct of Conduct, the Policies and Procedures that govern the operation of the Company in order to prevent,
identify and avoid risks of non-compliance and other legal consequences for the Company. With the same decision,
the Regulatory Compliance Policy was approved, with the aim of establishing principles and rules that are
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incorporated into the Company's Policies and Codes, in order to achieve the effective management of all types of
regulatory compliance risks, as well as to strengthen the "culture" of compliance as a model of corporate behavior.
In the same context, pursuant to No. 21269/22.3.2023 Board decision it was decided to split the Risk Management
and Regulatory Compliance Division into a) Risk Management Division with reference to the Risk Management
Committee and b) Regulatory Compliance Division with reference to the Regulatory Compliance Committee.
The Regulatory Compliance Department is responsible for the design and implementation of the Regulatory
Compliance Management System, while its effectiveness and adequacy is supervised by the Regulatory Compliance
Committee, the Audit Committee and the Board of Directors. Annually, the Regulatory Compliance Department
draws up a Regulatory Compliance Plan which is approved by a Board of Directors decision. The annual Plan 2024
was approved with no. 21761/13.3.2024 Board decision.
The main axis of the Regulatory Compliance Management System is the prevention of incidents of non-compliance
which is achieved in particular through:
a) the development of Regulatory Compliance Policies and Procedures
b) employee training
c) the personal guidance of employees in order to raise questions regarding the application of the legislative and
regulatory framework
d) the assessment of regulatory compliance risks
During the 2023 fiscal year, the necessary policies and regulations were drawn up or updated to strengthen the
Regulatory Compliance Management System. In particular, they mention:
• Establishment of EYDAP Regular Staff Benefits Policy (Board Decision 21149/11-1-2023)
• Update of the Conflict of Interest Policy (Board of Directors Decision 21159/16.2.2023)
• Update of the Report-Complaint Management Policy (Board Decision 21273/22-3-2023)
• Adoption of Regulations for the Assignment and Execution of Contracts for Projects, Studies and the
Provision of Technical and Other Related Scientific Services (Board of Directors Decision 21721/6-12-2023)
• Adoption of Operating Regulations of the Risk Management Division (Board of Directors Decision 21282/5-
4-2023)
• Establishment of Risk Management Policy (Board of Directors Decision 21282/5-4-2023).
• Adoption of the Regulations for the Operation of the EYDAP Technical Council (Board Decision
21289/26.4.2023)
• Update of the Regulation of the Audit Committee (Board of Directors Decision 21549/5.7.2023)
• Adoption of Environmental Policy (Board of Directors Decision 21295/26.4.2023)
• Establishment of Policy Information and Statement on the Protection of Personal Data of EYDAP Health
Care Insureds (Board of Directors Decision 21275/22-3-2023)
• Establishment of a Policy for the Management of Complaint Requests regarding issues of the General
Regulation of Personal Data (Board of Directors Decision 21274/22-3-2023)
Throughout the 2023 fiscal year, the Regulatory Compliance Department, in collaboration with the Legal Services
Department and the Human Resources Training Department, ensured the training of employees through the
organization of seminars on the understanding and implementation of the Policies and Procedures adopted by the
Company, in order to cultivate a "culture" of regulatory compliance. Indicatively, the training given to the staff
regarding the implementation of the Code of Ethics and Professional Conduct, the Conflict of Interest Policy and the
Policy for the prevention and combating of violence and harassment at work are mentioned.
In addition to preventive measures, the Regulatory Compliance Division identifies violations related to compliance
issues as well as cases of conflict of interest and recommends taking management measures as well as other
corrective actions. In this context, the Company implements a Whistleblowing Management Policy Policy ) so that
employees and/or third parties (e.g. customers, suppliers, partners, etc.) can report (named or anonymous) cases of
inappropriate behavior or violations of the law and regulations through the communication channels available on
the company website framework.
II .Risk Management Directorate
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EYDAP operates in the light of the principles of corporate governance in accordance with the requirements of its
institutional and regulatory framework.
A key component of the Internal Control System that the company has developed and implements is the Risk
Management Division, whose main role is to support the Management of EYDAP and the Board of Directors in the
management of risks to achieve its business goals.
COSO standards regarding the Internal Control System and ISO 31000 for the risk management system.
Business risk management seeks to enhance the knowledge and understanding in the Company about risk
management by making the interface - when possible - with its business performance. 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 a Risk Management Policy approved by the Board of Directors, which describes its approach to defining
the framework for the management of business risks.
The Risk Management Division is independent and 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.
With the risk management system that is followed, possible significant risks are recognized and their treatment
within the framework of acceptable risk-taking limits. The goal is to identify and quantify risks early and develop and
prioritize corrective actions to mitigate the risk.
The Risk Management Department examines the external and internal environment of the company and, in
cooperation with the managers of the organizational units and the risk manager, updates the risk register at least
annually. In it, he develops the risk categories by dividing them into axes:
1. functional,
2. strategic,
3. financial
4. compliance.
In each category, risks are identified that are the subject of an assessment to achieve the Mission of the Risk
Management Department, as required by its role as the second line in the three-line model of corporate governance.
Since, based on the requirements of the legislative provisions on corporate governance, the Board of Directors is
responsible for ensuring the adequate and efficient operation of the company's internal control system, a Risk
Management Committee has been established in accordance with best practice standards.
This Committee consists of members of the Board of Directors and is governed by the Operating Regulations, which
are posted, as revised, on the corporate website. The purpose of the Risk Management Committee is to assist the
Board of Directors in the performance of its responsibilities regarding the management of operational risks.
Oversees, evaluates and controls the design and implementation of the all risk management framework taking into
account the scope of frontline activities and its critical infrastructure.
EYDAP, in the context of risk-taking and risk-tolerance, sets the limits as to the level of risk it is ready to accept in
terms of the performance of its operations.
EYDAP is committed to conducting its activities with ethics, transparency and accountability, necessary for
sustainable development and the achievement of its strategy. Therefore, the Company has zero tolerance for actions
and practices that undermine the integrity of corporate governance and violate the standards of business ethics as
reflected in the Company's Code of Ethics and Professional Conduct.
EYDAP maintains a strict zero tolerance policy towards any form of non-compliance with applicable laws, regulations
and guidelines. In this direction, the Company seeks, among other things, the strict observance of the following:
• Current legislation on water quality and environmental protection.
• Fundamental principles of human rights.
• Guidelines and legislation concerning E SG and sustainable development issues.
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• National, European and international provisions on issues of health and safety in the workplace and labor
legislation.
• Legislation on the protection of personal data.
The Risk Management Directorate in 2023 recorded in the Risk Register all the Risks deriving from the legislation, its
operation and its overall activities.
The Risk Register of EYDAP S.A. it is structured under 4 types of risks (Operational, Compliance, Financial, Strategic)
and includes 27 categories of operational risks. The responsible organizational units, following meetings with the
DRC, recognized the risks that concern them and evaluated them based on the impact assessment scales, probability
and control mechanisms, established by the Risk Management Division, In each category, in cooperation with the
managers of the organizational units, they were recognized approximately 230 risks, which are distributed as a
percentage:
Functional
49%
Strategists
23%
Financiers
17%
Compliance
11%
More than 850 control mechanisms have been identified and monitored, which, under the responsibility of risk
managers, mitigate risks and act positively towards the achievement of business objectives.
By monitoring the inherent and residual risk profile the risks are assessed and categorized into three risk levels of
high, medium and low risks.
Higher risks for EYDAP were assessed the risks related to:
• The unsafe water supply of Attica due to the failure of the External Water Supply System
• The understaffing of organizational units and the lack of specialized executives
• The risk of water scarcity due to climate change
• The guarding and protection of facilities and infrastructure
• Cyber security
The Risk Management Department monitors the impact of extraordinary events on the level of risk and initiates
actions to reassess the risks associated with them.
Identifies emerging risks and monitors their evolution to facilitate timely corrective actions and mitigation of their
impact.
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 ICS.
The Audit Committee, within the framework of 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 performance 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
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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 audit and corporate governance audit, technical audit, IT systems audit.
As defined by the current legislation, the Internal Audit Department has indicatively the following responsibilities:
• Monitors, controls and evaluates: the implementation of the Operating Regulations and the Internal Control
System, in particular regarding 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 the corporate
governance legislation and the decisions of the Capital Market Commission.
• Checks the legality of the remuneration and all kinds of benefits to the members of the Management based on 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 and Nominations Committee.
• Controls the Company's relations and transactions with its affiliated companies, in the sense of the existing legal
framework and 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 market, 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 limiting, in terms of the development of
information systems, changes in information systems, security and authorized access to the systems, the daily
operation of the systems and the satisfaction of users' needs, the assurance of business continuity and restoring
systems in cases of crisis or disaster.
• In addition to the scheduled audits, it carries out extraordinary audits at the behest of the Audit Committee, the
Board of Directors and the Managing Director and the 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. The internal evaluations are carried out at least once a year by experienced executives in
internal control, while the external ones are carried out by recognized Consultants - Certified Internal Auditors, at
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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 annually communicates 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 were 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.
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 mode her Address Interior Control is described analytically to Regulation
operation of The which was updated with the no. 20855/5.4.2021 Board Decision.
The Regulation Operation approved, is set in strength and is modified with decision of Administrative Board of the
Company, following the recommendation of the Audit Committee.
The Operating 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 auditing needs, with any changes in the relevant legal and regulatory framework and in the
International Standards for the Professional Application of Internal Control.
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 the Division's Operating Regulations, the Code of Ethics and the
Management Procedures Manual, that they are committed to complying with them and that they have complied
with them in the exercise of their duties their duties the above. 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 General Directorate of Human Resources in any cases of deviation the imposition of the measures
provided for by the disciplinary company law.
IV . Main characteristics of ICS 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 the financial statements and their
analyzes are a key tool for quality control and consistency of the 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 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 planning stage of control. 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 Growth fund group {This procedure was implemented until 30/6/2023 due to the
transfer of all the shares of Growthfund to the Greek State pursuant to Law 5045/2023 (Government Gazette 136
A/29.7.2023)}
Based on the founding law of EESYP, the GROWTH FUND Group is obliged to draw up consolidated financial
statements, which include the EYDAP group using the full consolidation method. For this reason, the semi-
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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 GROWTH FUND Group. In particular, the
GROWTH FUND 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 the accounting policies of the
GROWTH FUND Group. • Intercompany transactions must be agreed with the counterparty prior to sending the
intercompany transaction file, which must be sent by the date set by the GROWTH FUND. In order to update the
record of intercompany transactions, Service Notes are sent from the Financial Services Department to the Customer
Service and Special Clients Management Departments, as well as a file with the TINs of the GROWTH FUND Group
companies, in order for the Financial Services Department to collect and transmit data for: • the total revenue billed
per customer-company of the GROWTH FUND Group for the reporting period and • the balance of each customer-
company of the GROWTH FUND Group.
Safeguarding 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 for the definition of the basic principles and their uniform observance by all the competent Services
of the Company, such as indicative Regulation of the Operation of the Funds of the Regional Centers, Policy for Video
Surveillance Systems ( CCTV ) , Fixed Advances Management Policy, Sale Regulation , etc.
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.
Treasury 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 Director of Finance Activities their placement, which is implemented after the approval of the CEO . The
Financial Services Directorate informs the Board of Directors about its work and decisions every two months.
Limits on powers to transact
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
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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 selection criteria for 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
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, paragraph 7 of Law 3556/2007, the Company publishes detailed information regarding
the following topics:
Share Capital Structure
The 39th 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), and
B) the simultaneous reduction of the share capital by €24,495,000 with a corresponding reduction of the nominal
value of the share by €0.23, i.e. setting the nominal value of each share to €0.60.
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 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 Investments, which approved the amendment of the share capital
article of the Articles of Association, was registered in the General Commercial Register with Registration Code
2595919 of the company. 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) and the
Company's Articles of Association. 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.
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Restrictions on Transfer of Company Shares
The Company's shares are intangible, freely negotiable on the Athens Stock Exchange and their transfer takes place
as stipulated by the Law. There are no restrictions on their transfer from the Articles of Association or from the
special legislative framework that governs its operation (L. 1068/1980, 2744/1999). However, according to nos.
1906/2014 and 190/2022 decisions of the Plenary Session of the CoS "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 5 and 21 par. 3 of the Constitution". Therefore, the
majority of the shares of EYDAP SA, i.e. 50% +1 share, must belong to the Greek State. Pursuant to article 64 of Law
5045/2023, all of the ownership shares of the Hellenic Holdings and Property Company (GROWTH FUND S.A.)
(53,250,001 shares) were transferred to the Greek State.
Significant direct or indirect holdings within the meaning of articles 9 to 11 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, which were known to the Company on December
31, 2023, are presented as follows:
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 TAIPED 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 Privatization (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, 2018, the Company received a relevant notification 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 Holdings and Property Company S.A."
(GROWTH FUND 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 TAIPED are held by the "Hellenic Holdings and Property Company S.A." (GROWTH FUND
S.A.), which directly controlled the voting rights of 53,250,001 shares (50%+1 share) and indirectly the voting rights
of 12,069,739 shares (11.33%) through TAIPED. Therefore, the total percentage of voting rights (directly and
indirectly) of GROWTH FUND S.A. amounted to 61.33%. The Greek State controls 100% of GROWTH FUND S.A..
Following the no. 190/2022 of the General Assembly decision as well as the no. 7/2023 of the decision of the
Tripartite Compliance Council of the Council of Ministers, Law 5045/2023 was issued (Government Gazette 136
A/29.7.2023), with article 64 of which all the ownership shares of GROWTH FUND S.A. (53,250,001 shares) was
transferred automatically and without consideration to the Greek State. On August 3, 2023, the Ministry of Finance
notified the Company of the total percentage of voting rights (indirectly and directly) controlled by the Greek State.
According to the aforementioned announcement, the total number of Greek State shares amounts to 65,319,740
(61.33%), of which the direct voting rights concern 53,250,001 common registered shares (50% + 1 share) and the
indirect rights of voting concern 12,069,739 (11.33%) common registered shares. The voting rights of the 12,069,739
common registered shares (11.33%) relate to the percentage of share capital directly held by TAIPED in EYDAP S.A.
In May 2014, the investment fund management company " Paulson & Co. " Inc. ”, announced the possession as of
4/30/2014 of 10,648,800 shares, i.e. the possession of 9.99% of the total voting rights of the Company. The above
company is controlled by Mr. John Paulson . Until the date of this publication, no change in the above percentage of
voting rights has been announced. .
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From 01.01.2023 to 31.12.2023 there has been no further significant change in direct or indirect holdings or voting
rights within the meaning of Law 3556/2007.
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 shall 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. Accordingly, from the combination
of article 64 of Law 5045/2023 and article 11, paragraph 2c of the Statute, it follows that for the election of Board
Members-representatives of the majority shareholder on its Board of Directors, only the majority shareholder.
Restrictions on the right to vote
At the special meeting of minority shareholders, the representation of the Greek State and companies whose
majority voting rights it holds directly or indirectly is excluded. Accordingly, in the matter of the General Assembly
regarding the election of the other members of the Board of Directors, the participation of minority shareholders is
excluded.
No other restrictions on the right to vote deriving from its shares are provided for in the Company's Articles of
Association.
Company shareholders' agreements on restrictions on the transfer of shares or the exercise of voting rights
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.
Rules for appointing and replacing members of the Board of Directors. and amending the statutes
According to article 11 par. 1 & 2 of the Statute, 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 majority shareholder elected by the General Assembly in accordance with the
provisions of Law 4548/2018.
According to par. 4 of article 11 of the Statute, 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 constituted and operates legally without these members, who are not counted for the formation of
the quorum and the majority. 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 of the Articles of Association, the non-election or non-appointment or non-
completion for any reason by the minority shareholders of the members representing it does not hinder the
formation and operation of the Board of Directors and the their number is not counted for the formation of the
quorum and majority.
According to article 13 of the Articles of Association, if any 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:
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(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, 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
Assembly 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 Assembly of the minority,
ceases to participate in the Board of Directors for any reason, he is replaced by his deputy and in the event of
termination, he will also be 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 its provisions do not differ
from those provided for in Law 4548/2018, as applicable.
Authority of the Board of Directors or some of its members to issue new shares / purchase the same 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, it is possible for the General Assembly to
delegate to the Board of Directors the authority to increase the Company's share capital, unless, however, such a
decision has not been taken by the General Assembly of shareholders.
For the year 2023, no stock options were granted and no stock allocation plan is in effect. No decision has been
taken by the General Assembly 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.
Material Agreements Effective, Amended or Terminated Upon a Change of Control
There are no agreements that come into force, are amended or expire in the event of a change in control of the
Company following a public proposal.
Agreements with members of the Board of Directors or Company staff
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 2023
The content of the non-financial Information has been formed taking into account the requirements of L. 4403 –
Circular 62784/2017 and the guidelines of the international standards GRI Universal Standards
(edition 2021) and SASB - Sustainability Accounting Standards Board and in particular of the Water Utility and
Services sector.
Since 2016, the Company has been publishing, on an annual basis, Sustainable Development Report, in which it
presents in detail its contribution to society and national economy as well as its environmental actions. The Report
describes the way in which it manages the Sustainable Development issues and in particular its performance
indicators in the areas of Environment – Society – Corporate Governance.
EYDAP Sustainability Reports are at the following hyperlink: https://www.eydap.gr/Investors/Presentations/?id=4
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Α. MANAGEMENT OF SUSTAINABLE DEVELOPMENT ISSUES
In the context of Sustainable Development Principles and Human Rights Protection, EYDAP adopts and applies
Sustainable Development Policy, in full compliance with corporate strategy, mission, vision and values,
incorporating in its business operation the strategic areas of Safety – Efficiency – Development.
EYDAP Sustainable Development Policy reflects its commitment to a balanced growth, taking into consideration the
middle and long term impact of its actions based on society with an emphasis on the protection of human rights,
the environment and corporate governance, for the safeguard of its responsible business continuity.
In 2023 a Materialy Analysis was conducted, in accordance to new GRI Standards (edition 2021). The Materiality
analysis was based on the 2021 stakeholder identification with an update and approval by Senior Management (CEO
& Deputy CEO). The Company identified, evaluated and prioritized the impacts of its activities, positive or negative,
actual or potential, on its external environment (impacts on the economy, the environment, people and wider
society). Through its impacts recognition process, EYDAP defined the material issues of Sustainable Development,
i.e. the issues that reflect its most important impacts on economy, environment and society
In recognition of the Principles of Corporate Governance, the Company adopts and applies Policies, reference to
which is made in section “Corporate Governance” of the same report.
EYDAP has a system of structured processes certified with ISO
ISO CERTIFICATIONS
WATER QUALITY CONTROL DEPARTMENT
ESYD, ELOT ENISO/IEC 17025/2017, Αρ.192-7, Valid until: 10-01-2025
INDUSTRIAL WASTE & EFFLUENT QUALITY CONTROL
DEPARTMENT
ΕΣΥΔ, ΕΛΟΤ EN ISO/IEC 17025/2017, Aρ. 862-3, Valid until: 03-03-2025
SWEWR LABAROTARY ANALYSIS DEPARTMENT
ΕΣΥΔ, ΕΛΟΤ ΕΝ ISO/IEC 17025, Αρ. 856-4, Valid until:: 11-06-2024
CUSTOMER SERVICE DIRECTORATE
ISO 9001 Certification Body : TUV Hellas, Valid until:: 25/05/2025
SPECIAL CUSTOMEF SERVICE DIRECTORATE
ISO 9001 Certification Body : TUV Hellas, Valid until:: 25/05/2025
CUSTOMER MANAGEMENT & CUSTOMER EXPERIENCE
DIRECTORATE
ISO 9001 Certification Body : TUV Hellas, Valid until:: 25/05/2025
HUMAN RESOURCE TRAINING DIRECTORATE
ISO 9001 Certification Body : TUV AUSTRIA, Valid until:: 25/02/2025
INTERNAL AUDIT DIRECTORATE
9001:2015 Certification Body: TUV NORD HELLAS, Valid until:: 26/11/2025
INTERNAL PROTECTION & PREVENTION DEPERTMENT
(ΕSSYP.)
9001 & 45001, Certification Body : BQC, 10/12/2023
9001 & 45001, Certification Body : BQC,
15/02/2024 RENEWAL OF ACCREDIATION - EXPIRY DATE 10/12/2026
EYDAP CERTIFICATION AS AN ORGANIZATION
At the stage of developing Quality Management System in accordance to 9001
EYDAP CERTIFICATION AS AN ORGANIZATION
At the stage of developing corporate social welfare system, in accordance to
SΑ 8000
EYDAP CERTIFICATION AS AN ORGANIZATION
At the stage of developing a system in accordance to 14001
Development and implementation of the Quality Management System according to the ISO 9001 standard
Β. SUSTAINABILITY DEVELOPMENT STRATEGY & BUSINESS MODEL
EYDAP S.A. Business Model reflects the range of the Company’s activities and incorporates major factors, such as
immediate response to market trends, maintenance of excellent relations with its partners,
adaptation of technological innovations, as well as all those elements that secure its sucessful course until today.
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EYDAP follows a SUSTAINABLE DEVELOPMENT STRATEGY
The following table contains the main strategic priorities of the Company in terms of ESG and in relation to the
strategic axes of Safety, Efficiency and Development.
EYDAP BUSINESS MODEL
Business model canvas generation by Alexander Osterwalder and Yves
Pigneur
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
Material 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
• Costumer Satisfactio Survey
• Costumer Complaints
Management
Revenue Structure
• Drinkable water & relevant
services
• Sewer & relevant services
• Electric Power sale
• Divestment
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As for its impact on the environment (E), EYDAP focuses on the sustainable management of natural resources and
water sources, on the protection of ecosystem and mitigation of carbon footprint, adopting the principle of circular
economy
As for its impact on society (S) we offer services and implement projects that improve the quality of life of citizens
and at the same time ensure an affordable tariff and social policies that mitigate inequalities. We strengthen local
communities by taking a leading role in implementing an holistic approach to local development. As material issues
are considered the health and safety of employees and consumers and the development of employees, while
ensuring equal opportunities and the right to diversity.
As for corporate governance (G) the material strategic issues of EYDAP are the composition of the B of Directors, in
accordance with the principles of sustainable development, the fight against corruption, financial performance and
operational resilience, effective management of the supply chain and the protection of personal data.
Strategy Analysis
The vision of zero burden of the ecosystem is the driving force behind all company’s activities and planning.
The new fleet, the installation of photovoltaics and the optimization of pump stations efficiency are the first line of
actions that will reduce the energy cost and greenhouse gas emissions. In the same axis, it is planned to increase the
biogas production from wastewater treatment. Our goal is energy neutrality by 2030.
In full response to current legislative framework regarding water and effluent, the Company is in preparation of
compliance with the upcoming new European requirements, regarding energy neutrality and further improvement
of effluent outflow quality of Wastewater Treatment Centers. At the same time, the Company is designing an
intergraded system for the reuse of water and other processing by-products in Attica and a risk management plan
for the possibility of prolongation of drought phenomena.
The major part of EYDAP investment program is currently dedicated to development projects that have a positive
and multiple impact on local community and the environment. Through wastewater management and water reuse
infrastructure in East Attica, that constitute the Company’s biggest development project, we upgrade the quality of
life of over 400,000 residents and contribute to the protection of our water sources, of the marine environment and
of the underground aquifer.
However, network shielding projects, pipeline maintenance and replacement projects as well as the Company’s
digital transformation are not missing from the overall operational planning. Starting in 2026, smart meters and new
digital management systems are expected to reduce operational cost and progressively contribute to the avoidance
of the waste of the precious resource and overall improve consumer’s experience.
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Policies, such as those regulating corruption and bribery issues as well as conflicts of interest, frame the way EYDAP
operates internally and manages its supply chain. Emphasis is placed on labour and human rights protection, in a
context of meritocracy and transparency that promotes equality and safe work environment
A great part of Strategy’s monitoring performance indicators are in harmony with modern ESG standards and the
Company has a reward system in order to achieve coordination of efforts and participation in reaching a collective
result. The Company has taken actions to adapt to the regulatory requirements of the new independent water
regulatory authority (RAEEY).
The Directorate of Strategy and Innovation, in conjunction with the Committee of the Board of Directors for Strategy,
Innovation and Sustainable Development ensure that in strategy planning, in addition to the material issues as
derived from the materiality analysis, European and national trends and policies and technology development are
taken into consideration. With this target, EYDAP actively participates in the largest relevant European networks and
national consultations.
Given the Company’s extended investment plan to achieve the above, our concern is clean water for everyone at a
fair price through a sustainable management and strategy financing model.
KPIS
In 2023, following the decision of EYDAP S.A. Board of Directors , the monitoring of 12 key performance indicator’s
(KPIS) was set.
These KPIS are the following:
1. Efficiency Index in relation to overdue receivables
2. Efficiency Index in relation to operating expenses
3. Growth Index in relation to investment plan
4. Performance indicator including environmental management in relation to non-revenue water
5. Profit before tax ratio (ΕΒΤ)
6. Incident Severity Index
7. Consumption Index of all electricity for the production, treatment and distribution of water per sq.m. of the
produced-refined water.
8. Consumption Index or the total energy (including self-consumption) for the transportation and treatment of
wastewater by the total of treated wastewater
9. Turnover /(Cost of IAS Staff Fees + cost of providing support services through third parties)
10. e-bill Customer growth rate
11. Number of technical complaints for the sewage network per 1,000 connections
12. Number of technical complaints for the water supply network per 1,000 connections
C. MANAGEMENT OF ISSUES AND IMPACT ASSESSMENT
The way the Company manages the issues and the evaluation of its impacts, has been grouped in three categories
ENVIRONMENT – SOCIETY – GOVERNANCE. In particular each category includes:
1. ENVIRONMENT
• SUSTAINABLE MANAGEMENT OF NATURAL RESOURCES/ WATER SUPPLY RESOURCES (section 1.1.)
material topic
• PROTECTION OF ECOSYSTEM (section 1.2.) material topic
✓ PROTECTION OF MARINE ECOSYSTEM (section 1.2.1)
✓ PROTECTION OF BIODIVERSITY (section 1.2.2)
• CLIMATE CHANGE ADAPTION (section 1.3.) material topic
✓ EMISSIONS (section 1.3.1)
✓ ENERGY (section 1.3.2)
✓ CLIMATE CHANGE MITIGATION STRATEGIES (section 1.3.3)
• CIRCURAL ECONOMY (section 1.4.) material topic
• REGULATORY & ENVIRONMENTAL COMPLIANCE (section 1.5)
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2. SOCIETY
• HEALTH & SAFETY OF EMPLOYEES & CONSUMERS (section 2.1) material topic
✓ ACCESS TO CLEAN WATER, SUPPLY & COVERAGE OF WATER SUPPLY NETWORK (section 2 .1.1)
✓ RELIABLE WATER SUPPLY NETWORK (section 2.1.2)
✓ QUALITY OF DRINKING WATER (section 2.1.3)
✓ EYDAP WASTEWATER NETWORK – WASTEWATER COLLECTION & TREATMENT –
PROJECTS IN EAST ATTICA (section 2.1.4)
✓ EMPLOYEE HEALTH &SAFETY (section 2.1.5)
✓ SECURE CUSTOMER SERVICE – AFFORDABLE TARIFF (section 2.1.6)
• DIVERSITY & EQUAL OPPORTUNITIES (section 2.2) material topic
• LABOR PRACTICES (section 2.3) material topic
• TALENT ATTRACTION & RETENTION (sectiom 2.4) material topic
• EMPLOYEE TRAINING & DEVELOPMENT(section 2.5) material topic
• SUPPLY CHAIN MANAGEMENT (section 2.6.) material topic
• LOCAL COMMUNITY (section 2.7) material topic
• CULTURAL HERITAGE MANAGEMENT (section 2.8)
3. GOVERNANCE
• CORPORATE GOVERNANCE (section 3.1.)
• NON FINANCIAL RISKS (section 3.2.)
• FIGHT AGAINST CORRUPTION (section 3.3) material issue
• PROTECTION OF PERSONAL DATA (section 3.4) material topic
• DIGITAL TRANSFORMATION (section 3.5.)
• FINANCIAL PERFORMANCE material topic – reference to Annual Financial Report 2023
D. NOTIFICATIONS RELATED TO ARTICLE 8 OF TAXONOMY REGULATION
1. ENVIRONMENT
1.1 SUSTAINABLE MANAGEMENT OF NATURAL RESOURCES/ WATER SUPPLY RESOURCES material topic
The main axis of sustainable development of EYDAP is the Sustainable management of the water cycle and the
general reduction of the Company's environmental footprint. Being responsible for providing water supply services
to approximately 40% of the Greek population and as an with a high standard of know-how i.e. the exploitation of
natural resources without burdening the environment but caring for and protecting it.
Our impacts
1. RESERVOIR SUSTAINABLE MANAGEMENT
EYDAP SA supplies raw water:
• from surface water resources owned by the Greek State,
The raw water supplied by the Greek State to EYDAP SA (at the Water Treatment Plants), comes from surface water
resources of the Marathon, Ylikis, Mornos and Evinos drainage basins. Of the reservoirs, only that of Ylikis is natural
(lake ), while the rest have been created with the construction of dams in suitable places on the riverbed of the
rivers Haradros (Marathonas dam), Evinos and Mornos.
• from underground water resources owned by EYDAP SA and the Greek State.
The water of the underground water resources can be utilized depending on their availability and their usage policy,
with the function:
➢ 20 boreholes in Mavrosouvala owned by EYDAP SA, with a total annual pumping capacity of approximately
41 million m
3
of water/year,
➢ 68 boreholes owned by the Greek State, with a total annual pumping capacity of approximately 138 million
m
3
of water/year.
Based on the current operating conditions, EYDAP's water intake sources can be separated as:
• Main water sources : Mornos, Evinos.
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• Auxiliary water sources : Marathon (for the supply of MEN Galatsiou) and Yliki (in emergency cases).
• Backup water sources : underground water resources - boreholes.
The reservoirs are managed with the main objective of the quantitative and qualitative sustainability of the
resource.
EYDAP SA ensures the protection of reservoirs by:
• the observance of strict legislation (Sanitary Decree A5/2280/1983 as in force) "for the protection of the waters
used for the water supply of the capital region from pollution and contamination" and of PD 51/2007 concerning
the definition of measures and procedures for the integrated water protection and management in compliance
with the provisions of Directive 2000/60/EC
• control of projects and activities in the protection zones of the reservoir catchments
• sample measurements regarding the water quality of the reservoirs.
The applied water resource management methods are characterized by:
• Science-based rationality,
• Efficiency: as they make optimal use of water resources
• Sustainability as they do not cause the exhaustion of water resources in the future by covering current needs
The Distribution of Withdrawal (in hm3) of water resources for the coverage of all water supply needs (EYDAP,
Municipalities, etc) for 2023 is analyzed as follows
The following distribution refers to the optimal management of water resources for the given year. Withdrawals
are measured at water intake sources with flow meters.
2023 withdrawals from reservoirs & boreholes
2. SUSTAINABLE WATER SUPPLY NETWORK & ASSETS MANAGEMENT (SMART GRID)
Guided by the Sustainability of the resource as well as the coverage of water supply needs, EYDAP manages water
demand developing leakage reduction programs (pressure management, water supply zones, immediate repair of
damages, etc).
In the context of transformation aiming at the modernization and optimization of network and assets management,
EYDAP is in the process of developing a “Smart Grid”. The Smart Grid regulates and controls production and
distribution of the resource and aims to the smart interconnection of consumers to production with the ultimate
goal of a more economical and safer network with reduced losses.
Analytical reference in section “Reliable Network” of the same report.
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3. EAST ATTICA PROJECT- Reuse of treated outflow
The holistic management of East Attica wastewater includes the reuse of treated outflows for irrigation purposes,
with the use of cutting edge technology, in full harmony with current institutional reuse framework.
Analytical reference to the East Attica Projects and their impact in section “EYDAP Sewerage Network – Collection &
Treatment of Effluent – East Attica Projects”
4. Tiered Tariff
The tiered tariff acts as a deterrent to the waste of the natural resource and makes consumers aware of its
reasonable use.
Reference to the pricing of our service in section “Secure Customer Service– AffordableTariff” of this report
5. ADREIANIO AS WATER RESOURCE – Pilot Program CULTURAL HIDRANT
The Adreianio Aqueduct is a unique multi-complex underground hydraulic and water drainage project. It passes
underground Attica, through one of the largest tunnels of the Roman era, from Parnitha to Kolonaki at a length of
23,7 km (the reinforcing aqueducts not included). It still carries water drained from the underground aquifer along
its whole length. The design, realization and its longitudinal operation makes it an important monument of ancient
hydraulic technology.
EYDAP constructs network for the use of the Adreianio Aqueducts in Chalandri, with the co-financing of EU (UIA
Cultural HID.R.A.N.T.). This is the first non-potable water network of EYDAP for the irrigation of 6 km of urban green.
This water will irrigate the surrounding area of 6 schools, 1 kindergarden and 17 parks/green areas and municipal
redevelopment as well as 45 private gardens. More than >10.000 m3 of drinking water will be saved annually and a
total amount of 45.000-90.000 m3 of water..
Total budget of European funding for Chalandri: 3.133.296 ευρώ
Monitoring of Adreianio Aqueduct Water
The control of the quantity and quality of Adreianiou water is planned to be done with a modern central digital
system. For this purpose, several on- line instruments are planned to be placed in the water tanks and in the under
construction network.
Regulatory Compliance-Adreianio
For irrigation water all specifications, controls and their periodicity, as dictated by the Greek legislation, will be
met to the fullest extent, in full harmony with the European Legislation.
Honorary Distinction for the Adreianio
1
st
prize at the award ceremony in Guangzhou, China, on the 15
th
December 2023.
The Adreianio Aqueduct and specifically then innovation European project Cultural H.ID.RA.N.T., represented by the
Municipality of Chalandri, was chosen among the most innovative city projects worldwide.
Synergies for the holistic management of the Adreianio Aqueduct- - Project Development
❖ In May 2023, a 10-year Memorandum of Cooperation was signed between the Ministry of Culture& Sports
and EYDAP with the aim to regulate and clarify the responsibilities of the 2 co-competent institutional bodies
in accordance to the law
EYDAP was recognized as the exclusive competent administrator of the water of the Adreianio Aqueduct with
ownership on the pumping facilities and water distribution networks throughout its route in Attica and the
Ministry of Culture and Sports as the competent institutional body and custodian of Cultural Heritage.
❖ Through the cooperation with the Ministry of Environment
• Water use and Water Transfer Permits were issued via a pipeline network in the Municipality of Chalandri.
• An attempt is made through the Water Dierectorate of Cecentralised Administration of Attica to officially
map all the wells of the Adreianio Aqueduct, that in future may become water intake points by the Water
Directorate
• The boundaries of the Protection Zones were determined at 200m from the monument
• A proposal was submitted in December 2023 for the inclusion of the Adreianio Aqueduct in the Watershed
Management Plan during the CONSULTATION of the 2
nd
REVIDION of the Management plan of YS 06 ATTICA
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in the water resourves of Attica for non-potable water uses, with
its under study/construction prganised irrigation network of
EYDAP for irrigation and other uses.
❖ EYDAP aiming at the full use use of the Adreianio Aqueduct
participates in the planning of an Integrated Spatial Investment
(ISP) proposal that falls under the Sustainable Urban Developent
(SUD) axis of the NSRF 2021-2027, in collaboration with the
Ministry of Culture & Sports, the Attica Region and the
Municipalities that are on its route
In April 2023 were completed
A. Preliminary Studies for the construction of irrigation networks
from the Adreian Municipalities, with water from the wells:
• Νο.45 of the Hadrian’s Aqueduct , Municipality of Psychico.
• Νο.157 of the Hadrian’s Aqueduct , Municipality Irakleiou
• Νο.192 & Νο.215 of the Hadrian’s Aqueduct , Municipality
Μetamorphosis
• Νο.137 of the Hadrian’s Aqueduct , Municipality Amarousiou,
Higher School of Pedagogical & Technological Educaation
(ΑSPETE)
• Νο.124 of the Hadrian’s Aqueduct ,within the Olympic Athletic
Centre of Athens ΟΑΚΑ, for the irrigation of certain areas of the
Municipalities of N. Filothei Amaroussiou
• Νο.224 & Νο.239 of the Hadrian’s Aqueduct , Municipality
Kifisias
• Νο.257 & Νο.289 of the Hadrian’s Aqueduct , Municipality
Acharnon
Β. Final Studies for
• The construction of an irrigation network in the Municipality
of Athens with water from the well numbered 18A of the
Hadrian’s Aqueduct
• The supply of a new irrigation tank of the Olympic Athletic
Centre of Athens ΟΑΚΑ, from well numbered 124
The total project budget for the Adreianio Aqueduct for all 8
Municipalities is estimated at 17 million euros
Project Implementation
“Use of Andrianio Aqueduct water for the irrigation of green areas of the Municipality of Chalandri”
The project was auctioned on 25.4.2023 and the contract was signed on 17.10.2023, while construction works will
start in January 2024.
Object of the project is the construction of an irrigation network for the transfer and distribution of water from the
Adreianio Aqueduct, at irrigation areas within the Municipality of Chalandri, from well Numbered 85, located in
common green area of Kodrou Street and well numbered 102, located in common green area of El Alamein. The
project includes pipeline network for the transfer and distribution of water, the electromechanical equipment for
pumping water from the wells and the electromechanical equipment of the reformation tanks.
6. SEWER MINING
The “green”” technology Sewer Mining is an innovative, flexible and energy autonomous circular economy solution,
developed by EYDAP in collaboration with the National Technical University of Athens as part of the European
Funded IMPETUS Project. According to this, sewage is extracted directly from the local sewerage network, is treated
in portable unit and high quality water is produced at the point of demand suitable for irrigation and industrial use.
A preliminary architectural study was conducted, for the construction of an innovative shell for the Sewer Mining
Unit in search of an architectural solution for the needs of:
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• installation of rooftop solar panels for the unit’s energy autonomy
• protection and aesthetic upgrading of the unit
• mitigation of carbon footprint
• highlighting of the unit as a hot spot for training and community awareness in water saving matters, circular
economy and innovative applications
• submission of a proposal for subsidy to the 2
nd
Open Tender for Innovation of ARSINOE
Reference in section “Circular Economy” of the same report
7. R&D in water resources management
• EYDAP is researching the modern application trend Nature Based Solutions (NBS) in the context of circular
economy and water reuse. The UPWATER project is in progress, developing tools and methods for the
monitoring of the quality and level of underground aquifers in specific areas of Athens, for the enrichment of
aquifer with high quality, pollutant free, reused water (https://www.upwater.eu/).
• The innovative project RHE-Mediation implements quaternary treatment photo-bioreactors at the Thriasio
Pedio Wastewater Treatment Plant. Among other, the system performance in terms of binding the so-called
“permanent chemicals” is under study (https://rhemediation.eu/). EYDAP studies the potential of reusing
wastewater from the Thriasio Pedio Wastewater Treatment Plant.
8. EXTROVERSION & DIFFUSION OF INNOVATION
In 2023, the Company after mapping the international evolutions in the world market and with the ain
to align with global sustainable development strategies , participated in 36 different conferences in Greece, Europe,
America and Asia. Conference reports and video presentations are available in digital form to Company executives.
At the same time, Research Centre of EYDAP became a water innovation information centre through the following
actions in 2023:
• July 2023. Meeting event with the research community. The event included presentations on EYDAP research
and an interactive session, where guests had the opportunity to discuss with specialized researchers on
proposals and management of European and national funded projects related to effluent treatment, drinking
water, critical infrastructure, digital transformation and cybersecurity.
• October 2023. RHE-MEDiation Workshop - as main subject, the contemporary challenges in effluent
management and the following steps of EYDAP, with guests from different departments of EYDAP, Universities
(National Technical University of Athens, National & Kapodistrian University of Athens), Research Bodies
(National Centre for Scientific Research Democritus, Hellenic Centre for Marine Research ELKETHE), Municipal
Enterprises for Water Supply & Sewerage, State Authorities, (Ministry of Environment & Energy), large Groups
from the energy sector and Private Enterprises interested in water quality remediation and improvement
technologies, based on natural environment.
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• October-November 2023. European meetings for TRINEFLEX and UPWATER in Athens
More than 60 guests from 9 different European countries were welcomed by the Research Centre of EYDAP for
the needs of the research program TRINFEFLEX. In November the partner of the project UPWATER were invited
to Athens. They were guided to the pilot project of the Kifisos basin and visited the water reuse unit through
sewer mining at the Plant Nursery of the Municipality of Athens as well as the biggest Wastewater Treatment
Plant in Europe at Psyttaleia.
1.2. PROTECTION OF ECOSYSTEMS material topic
1.2.1 PROTECTION OF MARINE ECOSYSTEM
Key concern of EYDAP is to preserve the good environmental status of the marine ecosystem. The Company, in the
context of its activities, takes all necessary measures to ensure its protection.
Our impacts
WWTPs Design & Operation
WWTPs, through the collection and treatment of urban wastewater, consist of key environmental infrastructures for
the protection of marine receptors. The treated effluent of the WWTPs discharge in the sea free of their pollutant
load at a rate of approximately 95%.
The operations at Psyttalia WWTP, beginning, in 1994, were a milestone in the improvement of the Saronic Gulf
marine ecosystem, which in previous years had dramatically downgraded due to discharge of untreated wastewater.
The treated effluents from the Psittaleia and Thriasio water treatment plants end up directly in the Saronikos and the
Elefsina Gulf respectively, while the Metamorfosi water treatment plant is discharged to Saronikos Gulf, through its
main receiver, Kifisos river.
The assessment by EYDAP of the ecological state of the marine ecosystem around the Psyttalia WWTP now also
focuses on pharmaceutical substances, within the framework of the ENVIROMED research program . The
information they will collect contributes to the company's preparation for the implementation of the upcoming new
European Directive on Wastewater Treatment. A pilot application of quaternary wastewater treatment will be
implemented in the Gulf of Elefsina, within the framework of the research project RHE - MEDIATION .
In 2023, EYDAP installed three fixed telemetry stations in the Kifissos River, which record and transmit in real time
the variation of parameters - indicators for possible pollution of this sensitive ecosystem.
In September 2023, EYDAP took over the Operation and Maintenance of the Sewage Treatment Center of Megara,
whose treated effluents are dicharged in the Saronic Gulf.
EYDAP, by designing and implementing a program to modernize its facilities, not only ensures compliance with the
effluent quality of WWTP, as provided by the DAEC, (Decision Approving Environmental conditions) but achieves even
better effluent quality.
PARTNERSHIPS WITH SCIENTIFIC BODIES AND DISCLOSURE OF THE WWTP’s PROPER FUCTIONING OUTCOMES TO
THE PUBLIC - HCMR
EYDAP has contracted with the Hellenic Centre for Marine Research for the systematic monitoring of the Saronic and
Elefsina Gulf ecosystems, which have been identified as “sensitive receivers” and show improvement over time. In
addition, environmental monitoring is systematically carried out by competent state bodies (General Secretariat of
Natural Environment and Water of the Ministry of Environment and Energy, Region of Attica, Blue Flags Program).
The good quality of the coastal waters is also proven by the fact that almost all of the coasts, with a provision for
swimming, of the Saronic Gulf have received the "Blue Flag" (award).
The effective operation of WWTP’s is monitored and controlled, systematically both with on - line instruments and
with laboratory analyses, in the intermediate stages of processing and at their outlet. The results of the monitoring
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are accessible to public, through Wastewater Treatment Plant Monitoring Database maintained by the Ministry of
Environment and Energy (https://astikalimata.ypeka.gr/)
Compliance with effluent quality limits for each parameter posted for each WWTP of EYDAP.
Compliance with wastewater discharge quality limits 2023
2023
BOD 5
5-day biochemical
oxygen demand
COD
Chemically
required oxygen
TSS
We are all floating
solids
TN
Total Nitrogen
TP
Total Phosphorus
Psyttalia WWTP
✔️
✔️
✔️
✔️
✔️
Metamorfosi
WWTP
✔️
✔️
✔️
✔️
✔️
Thriassio WWTP
✔️
✔️
✔️
✔️
✔️
During the reporting period, the Company has not identified any non-compliance with environmental
laws and/or regulations
However, it is clarified that the situation of the water receivers also depends on other factors, which are not within
the scope of the EYDAP's responsibilities
EAST ATTICA PROJECTS – Marine Environmental Protection
Upon the operation of the projects is expected the marine environment to be protected, water quality and
swimming beaches to be upgraded.
EYDAP has contracted with the Hellenic Center for Marine Research (HCMR) to monitor the marine ecosystem of
the South Euboean Gulf in order to document its current state and assess the impact of the Wastewater Treatment
Plants.
Regarding the current situation of the region (2022-2023), the following are summarized:
• The concentrations of dissolved oxygen, soluble organic carbon and other parameters were determined
at normal levels.
• The stations in the examined area of the Euboean Gulf were in a GOOD trophic state (eutrophication index
E.I.)
• The ecological quality ratio of chlorophyll shows that the stations are generally characterized from
"Moderate" to "High" Environmental Status .
• The South Euboean ecosystem can be characterized as healthy and stable due to the presence of many
species and high biodiversity values.
• Microbiological control: none of the faecal contamination indicator micro-organisms have been recorded
at levels indicating unfitness of waters in the South Euboean Gulf
• It is deemed necessary to continue the monitoring program of the Southern Euboean Gulf in order to
assess the evolution of the ecosystem and the effect of the operation of the new WWTP in East Attica in
accordance with the obligations of the National and European legislation and the Decision Approving
Environmental conditions.
After the completion of the recording of the existing situation, HCMR will continue to monitor the marine ecosystem
during the operation of the new Wastewater Treatment Centers (WWTP’s) and the expected upgrade of the
ecosystem, due to the operation of the integrated wastewater management infrastructures
1.2.2 PROTECTION OF BIODIVERSITY
The basic parameter in the sustainable management of water resources is the preservation of biodiversity. Through
the management of the water cycle, EYDAP protects the aquatic ecosystems in the areas in which it exercises its
activities.
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Our impacts
Due to the fact that human activities are strictly regulated, lakes are developing into significant wetland ecosystems
which support protected avifauna species, interesting fish fauna and unique lakeside vegetation.
The main role of EYDAP reservoirs is to store water for the water supply of the capital however they also constitute
significant wetlands:
• The natural lake Yliki, Source of water abstraction for the Water Supply System of Attica, forms part of the Natura
2000 network of protected areas.
• The artificial lake of Marathon is the first reservoir of the water supply system of Attica and an important
wetland.
• The reservoir of Mornos and the reservoir of Evinos are important wetland ecosystems.
WATER FOR THE ECOSYSTEM - "ECOLOGICAL SUPPLY"
To maintain the continuity of wetland ecosystems, EYDAP SA investigated 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 conditions and modern international trends in environmental reservoirs
management.
EYDAP SA implemented a Technical Environmental Study for the Mornos and Marathon dam.
According to the Technical Environmental Study for the Marathon Dam, it was estimated that a flow rate of 25 l/sec
downstream of the dam is required to achieve the above mentioned purpose, which was implemented.
The river ecosystem downstream of the Mornos Dam is in good condition, due to continuous flow of surface water
in the river bed. EYDAP has completed the systematic monitoring of the ecological and chemical state of the river
ecosystem, implementing a three-year program of hydromorphological , physicochemical, biological and chemical
measurements, in accordance with the specifications of the Water Framework Directive 2000/60/EU and the Water
Management Plan YD04 which predicted 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 chemical
condition.
An “ecological flow” of 1m3/sec has been estimated for the Evinos river, which is the newest reservoir.
Consequently, the riparian ecosystems downstream of the dam maintain their physiognomy and their significant
biodiversity.
EAST ATTICA projects – Ecosystem upgrade
The collection and treatment of the urban wastewater of the settlements is an environmental infrastructure project
that protects the surface and coastal water ecosystems.
Especially in areas of protected wetlands of Natura 2000 areas such as the National Park of Schinias , Special
Ecological Assessment (SEA) studies are prepared in the context of the Environmental Impact Studies of the drainage
projects, with the aim of maintaining the ecological integrity of the areas and achieving the protection objectives (
SSCO ) of species and their habitats .
1.3. CLIMATE CHANGE ADAPTATION material impact
1.3.1 EMISSIONS
ANNUAL EMISSIONS AND THEIR SOURCES
The infrastructure of EYDAP include:
• Four (4) Water Treatment Plants (Acharnai WTP, Galatsi WTP, Aspropyrgos WTP and Polydendri WTP)
• Three (3) Wastewater Treatment Plants (Psyttalia WWTP, Metamorphosis WWTP and Thriasio WWTP)
• The Water Supply Network
• The Sewerage Network
121
• Mavrosouvala boreholes
• Small hydroelectric power stations (SHPSs) along the length of the External Aqueduct System
• Thivai Regional Control Center & its 4 associated pumping stations
• Buildings, both owned and rented, as well as a fleet of privately owned vehicles and machinery
EYDAP SA under the current Contract is responsible for the operation and maintenance of the External Aqueduct
System on behalf of EYDAP Fixed Assets NPDD. EYDAP Fixed Assets Company owns the dams, reservoirs, external
aqueducts and pumping stations as well as other facilities that ensure the secure transport of the water until it enters
the EYDAP facilities, where it is processed for conversion into drinking water .
Reference is made in the section “Access to Clean Water” in this report.
Carbon Footprint Calculation
The gases that have been measured are: a) carbon dioxide (CO2), b) methane (CH4) and c) nitrous oxide (N2O),
which are the main greenhouse gases and account for most of the emissions produced. In addition, HFCs are also
measured, which are among the ozone depleting substances (ODS). The other measurable greenhouse gases listed
in the Kyoto Protocol (NOx, SOx, PM) are not recorded because according to the initial carbon footprint reports
(years 2019-2020) they represent a very small percentage based on the Company's field of activity and in the official
platform of the Ministry of Environment and Energy, notified to us in October 2023, their calculation is not required.
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 for the calculation of the carbon footprint of EYDAP 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).
In May 2023, EYDAP, in order to better depict the carbon footprint data, changed the calculation boundaries and
recalculated SCOPE 1, 2, 3, using with its own calculation tool and classifying the processes that take place within
the External Aqueduct System as indirect emissions of EYDAP, thus recording a deviation from the published data in
the Annual Report 2022. Subsequently, in October 2023, a calculation tool was posted by the Ministry of
Environment and Energy on the basis of which EYDAP recalculated the CO2 emissions for the year 2022. The
verification of the 2022 Carbon Footprint Report was performed by an external verifier and the agreed level of
assurance was set as reasonable.
Given the above, the reference year for the calculation of the carbon footprint of EYDAP S.A. is 2022, as defined in the Climate
Law 4936/2022 as the year of obligation to submit a verified report to the online database of N.E.C.C.A. which is supervised
by the Ministry of Environment and Energy. It is noted that since the 2022 Report onwards, methane (CH4) and nitrous oxide
(N2O) emissions from the use of biogas within the EYDAP facilities are included.
Annual tCO2e equivalent emissions of EYDAP:
Year
2022
2023
GHG Emissions (tCO
2
e)
254,297.30
245,648.7
122
Change in equivalent emissions per Scope for the years 2022 & 2023.
Total CO2 equivalent emissions of EYDAP S.A. for the years 2022 & 2023
Modifications to Scope 1 and Scope 2 carbon footprint calculation of 2022.
In the year 2021
• The calculation of the Carbon Footprint was based on the calculation tool of EYDAP
• The External Aqueduct System was included in the total emissions of EYDAP as direct emissions (Scope 1)
• Emissions from the biogas used on-site were not included, which emissions are calculated for the first time
since 2022.
For the year 2022 (reference year)
• Scope 1 and Scope 2: Emissions were originally calculated based on the EYDAP calculation tool, and the
corresponding figures were provided in the non-financial report for 2022. Subsequently, in October 2023,
following the obligation to use the platform of the Ministry of Environment and Energy, SCOPE 1 and SCOPE 2
emissions were recalculated for the year 2022.
123
• Scope 3: There is no provision for the calculation of Scope 3 emissions in the calculation tool of the Ministry of
Environment and Energy, which remains optional. The calculation of Scope 3 emissions was carried through the
use of EYDAP S.A. calculation tool. It is noted that, since 2022, the External Aqueduct System is included in the
indirect emissions of SCOPE 3.
Distribution of equivalent emissions (tCO
2
e) in 2023
From the processing of the data and the calculation of the carbon footprint of EYDAP for the year 2023, the following
results are obtained:
SCOPE 1 (Category 1):
In 2023, the equivalent emissions corresponding to SCOPE 1 amount to 149,628.77 tCO
2
e.
The processes taking place in the Wastewater Treatment Plants (fugitive emissions) (147,931.85 tCO2e), which are
direct emissions, have the largest contribution to GHGs emissions of EYDAP. Other emissions included SCOPE 1 are
the following:
• Stationary combustion sources with natural gas: 203.95 tCO
2
e
• Mobile oil combustion sources: 1,030.96 tCO
2
e
• Stationary oil combustion sources: 246.40 tCO
2
e
• Mobile combustion sources with gasoline: 177.44 tCO
2
e
• Stationary combustion sources with the use of biogas: 38.20 tCO
2
e
SCOPE 2 (Category 2):
In 2023, the equivalent emissions corresponding to SCOPE 2 (electricity consumption – location based) amount to
76,940.312 tCO
2
e.
Electricity consumption - location based reflects the average GHG emission intensity of the electricity network on
which the electricity consumption takes place, and grid weighted emission factor data are used to calculate
emissions. The electricity consumption of all EYDAP facilities is the second most important source of GHG emissions
in EYDAP. The largest indirect GHG emissions due to electricity consumption are observed:
• At the Psyttalia WWTP where emissions amount to 33,052.40 tCO
2
e
• At the Water Supply Network where emissions amount to 25,884.67 tCO
2
e
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The carbon dioxide emission index for the EYDAP buildings is 49,815 kg CO2/m2 of building surface area, most of
which belongs to SCOPE 2 (electricity consumption – location based).
Of the total water treatment emission indicators, the lowest emission indicator per m
3
of water is displayed at the
Galatsi WWTP (0.0078 kg CO2/m
3
) and the highest at the Polydendri WWTP (0.018 kgCO2/m
3
) due to the pumping
requirement for raising the level of the undiluted water.
SCOPE 3 (Categories 3 & 4):
In 2023, the equivalent emissions corresponding to SCOPE 3 amount to 19,079.62 tCO2e.
From the set of SCOPE 3 categories, based only on the availability of the relevant data, the following are calculated
for EYDAP:
• The disposal of effluents from the WWTPs to the aquatic ecosystem: 7,839.89 tCO2e
• Energy consumption in the External Aqueduct System facilities: 5,860.07 tCO2e
• The use of chemicals: 3,259.63 tCO2e
• Employee transport. The questionnaire was answered by 308 employees (~ 1/6 of the company's employees).
The responses were extrapolated to the total number of company employees and the emissions amount to
2,120.03 tCO2e. The table below shows the breakdown by emission source:
Emissions Source
CO2 (t)
CH4 (t)
N2O (t)
CO2e (t)
Α. Cars
1,948.6
0.00298
0.00619
1,950.3
B. Two wheelers
92.15
0.00145
0.00048
92.31
C. Taxi
0.0
0.0
0.0
0.0
D. Underground/Tram
25.77
0.000067
0.00014
25.81
Ε. Bus
51.57
0.000015
0.000094
51.60
Total Emissions
2,118.1
0.005
0.007
2,120.0
Indirect emissions from employee transport
Below is a summary table with the equivalent CO2 emissions of EYDAP for the year 2023 by SCOPE and category:
SCOPE
CATEGORY
tCO2e
SCOPE 1
Category 1 – Direct Emissions
149,628.77
SCOPE 2
Category 2 - Indirect Emissions
76,940.31
SCOPE 3
Category 3 – Indirect Emissions from
employee transport
2,120.00
Category 3 - Indirect Emissions from External
Aqueduct System
5,860.07
Category 4 - Indirect Emissions
11,099.50
Total CO2 equivalent emissions per SCOPE – Category
The graph below shows the percentage distribution of 2023 equivalent emissions per category based on ISO 14064:
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Total equivalent emissions per category for 2023
GHG EMISSIONS INTENSITY BY SCOPE:
✓ GHG EMISSIONS INTENSITY SCOPE 1: 149,628.77 / 311.47 = 480.40 (tCO
2
e /million €)
✓ GHG EMISSIONS INTENSITY SCOPE 2: 76,940.31 / 311.47 =247.02 tCO
2
e / million €)
✓ GHG EMISSIONS INTENSITY SCOPE 3: 19,079.62 / 311.47 = 61.26 (tCO
2
e / million €)
GHG EMISSIONS INTENSITY PER CUBIC METER:
245,648.70 / 387,731,192 (December Statistical Bulletin) Tariffed cubic meters for 2023 = 0.00063 (tCO
2
e /m
3
)
GREENHOUSE GAS EMISSION INTENSITY IN RELATION TO ELECTRICITY PRODUCED:
245,648.70 / 46.28 = 5,307.88 (tCO
2
e /GWh)
The Climate Law 4936/2022 (Government Gazette 105/Α΄/27-5-2022) defines the institutional framework for the
gradual reduction of anthropogenic greenhouse gas emissions with the aim of achieving climate neutrality in 2050
as well as adaptation to climate change. Essentially, this is the Road Map that the country will adopt in order to
achieve the goal of climate neutrality by 2050.
Since 2022, EYDAP has been obliged to submit its carbon footprint report on the online database of N.E.C.C.A.
which is supervised by the Ministry of Environment and Energy.
INCLUSION OF THE PSYTTALIA WASTEWATER TREATMENT PLANT IN THE GREENHOUSE GAS EMISSION
ALLOWANCE TRADING SCHEME (EU-ETS)
According to the legislation, the Psyttalia WWTP, has been included in the above system for more than a decade.
Every year, reports are drawn up and verified by an independent certified body and submitted to the competent
National Authority (Ministry of Environment and Energy), while the corresponding emission allowances for the year
in question are delivered (returned) to the relevant European Union Registry.
It should be noted that until 2022, biogas was considered as pure biomass under the EU-ETS (European Union
Emissions Trading Scheme) and therefore its combustion did not contribute to GHG emissions.
However, since 2023, there is a regulatory obligation to identify the non-biogenic (fossil) and biogenic carbon
fraction in biogas, which will result in GHG emissions from the combustion of biogas to be reported under the ETS.
Due to the objective difficulty in identifying the mineral and biogenic carbon fraction in biogas, a conservative
estimate is made by analysing the sludge, which results in increased emissions (total 10,535 tn). At the same time,
an accurate determination of emissions is sought by analysing the biogas itself.
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The graph below shows the annual emissions under the system in place until 2022 due to the use of natural gas
and oil.
Both in 2022 and much more so in 2023, gas and oil emissions are sharply reduced compared to previous years,
due to a number of targeted management options, namely:
• Natural gas use reduction and its substitution with biogenic biogas produced on site from sludge
treatment.
• Projects implementation through which the production of biogas increased.
• The installation of an integrated automatic power and energy management system, which allows for the
most rational management of energy resources.
However, since 2023 and onwards the non-biogenic (fossil) emissions of biogas (i.e. the fraction of fossil carbon in
biogas) are also taken into account, therefore it is noted that an increase in biogas production implies an increase
in the emissions of the installation, but not to the same extent as through the natural gas that is substituted, which
is 100% of fossil origin. Since 2023 and onwards, the CO2 emission diagram will include the non-biogenic (fossil)
emissions of biogas.
1.3.2 ENERGY
At a time of intense economic and geopolitical crisis, the cost of energy as a key regulator of industrial processes has
created an unfavourable cost condition along the supply chain, with an impact on environmental and economic
sustainability.
The current energy crisis and the risks associated with it require a holistic approach. In order to strengthen its
corporate resilience and with a view to its environmental footprint, EYDAP has designed a specific Corporate Strategy
that aims to:
• Energy saving in the production process
• Production of energy from renewable energy sources (PV, SHPSs) at the company's facilities
• Electricity supply contracts with 50% of electricity from green sources
127
contributing to the achievement of the national objective of increasing the production of energy from Renewable
Energy Sources.
ENERGY PRODUCTION FROM RENEWABLE ENERGY SOURCES AT EYDAP S.A.
In the context of optimising its energy balance and the utilisation of renewable energy sources, EYDAP has
developed:
1. PHOTOVOLTAIC STATION OF ACHARNAI
The company installed a photovoltaic (PV) station with a capacity of 1.9712 MW at its premises in the Municipality
of Acharnai and it was put into operation on 03/10/2019. In 2023 (January - December), the energy production
amounted to 3,131,958 kWh, on the same level as in 2022.
2. SMALL HYDROELECTRIC POWER STATIONS (SHPSs)
Along the external aqueducts (External Aqueduct System) that transfer water from the reservoirs to the refineries,
small hydroelectric plants operate, which are owned by EYDAP and whose energy is sold from EYDAP S.A. and
compensated by the Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP SA). The water from the
aqueducts is diverted to a side canal, where, with the operation of a hydro turbine, the hydraulic energy is converted
into mechanical energy and then, through a generator, into electricity. The water is then reintroduced into the main
aqueduct, where it continues to flow.
Specifically, the operating SHPSs are:
• Elikonas SHPS with a power capacity of 650 kW
• Evinos SHPS with a power capacity of 820 kW
• Kithaironas SHPS with a power capacity of 1200 kW
• Kirfi SHPS with a power capacity of 760 kW
• Mandra SHPS with a power capacity of 630 kW
In 2023, the total energy production from the above SHPSs will amount to 19,154,888 KWh, approximately 1% higher
than in 2022 (18,972,099 kWh).
The energy produced by the SHPS is totally dependent on the range of the PPC (Public Power Corporation) grid
instabilities, as well as on the weather conditions and the resulting failures of the electromechanical equipment of
the plants.
3. SMALL HYDROELECTRIC POWER STATION IN THE PSYTTALIA WWTP
In Psyttalia, there is a small hydroelectric plant installed in the outflow pipeline (489 kW), operating since 2015,
whose own electricity production amounts to 2,154,998 kWh in 2023, 2,180,239 kWh in 2022, which is consumed
on-site by the Company. The variation of the electricity production from this plant in the outflow of the Psyttalia
WWTP is due to the annual variation of the wastewater flow rate.
Total annual energy production of the 5 SHPSs
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4. BIOGAS
The biogas produced in the digesters of the Psyttalia WWTP is used as fuel:
• In the thermal drying unit of the dehydrated sludge
• In the boiler room of the digestion unit for heating the sludge
• In the steam generating unit for steam production (for the thermal hydrolysis unit of the sludge).
• In internal combustion engines for combined heat and power generation (CHP)
• In regenerative thermal oxidizers (RTO) for the treatment of exhaust gas from the drying plant
At the Metamorphosis WWTP, the digester biogas is currently used only as thermal energy, but the installation of
a combined heat and power (CHP) generation plant is planned, in order to enable full use of the biogas produced.
The electricity produced at Psyttalia WWTP in the CHP/High-Efficiency CHP was 22,514 ΜWh (22.514 GWh ) in 2022
and 23,869 MWh (23.869 GWh ) in 2023.
The recovered thermal energy of the Psyttalia WWTP biogas in 2023 amounted to 130,000 MWh and the recovered
thermal energy of the Metamorphosis WWTP amounted to 2,745 MWh.
ENERGY BALANCE
In 2023, EYDAP S.A. displays the following values in the key energy indicators, for its total operations including
the operation of the External Aqueduct System:
1. Total energy consumption of EYDAP S.A. & External Aqueduct System: 321.93 GWh/1,158.96TJ
2. Electricity purchased EYDAP S.A. & External Aqueduct System: 155 GWh / 558.1 TJ
3. Diesel – Petrol purchased: 7 GWh /25.2 ΤJ
4. Natural gas purchased: 1.1 GWh / 3.96 TJ
5. Energy production from PV Station: 3.13 GWh/11.27 TJ
6. Energy production from SHPSs: 21.3 GWh/ 76.68 TJ
7. Total energy production from CHP/High-Efficiency CHP: 156.61 GWh /563.8 TJ
8. Consumption of electricity on-site by the company (from SHPS at the Psyttalia WWTP & CHP/ High-Efficiency
CHP): 26.03 GWh/93.7 TJ
9. Total energy consumption originated from RES at the Psyttalia WWTP: 158.77 GWh / 571.57 TJ
Total on-site energy consumption amounts to 158,769.00 MWh and is originates from the SHPS at the exit of
the Psyttalia WWTP and the combustion of the biogas produced in the CHP of the Psyttalia WWTP. Specifically,
the on-site consumption of the energy quantity from the Psyttalia SHPS amounts to 2,155 GWh and the quantity
consumed on-site from the combustion of the biogas produced in the CHP of Psyttalia amounts to 156.614 GWh
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(Electricity on-site consumption from CHP: 23.869 GWh + Thermal energy on-site consumption from CHP:
132.745 GWh).
10. Total energy production from RES: 181.056 GWh / 651.80 TJ
11. Total energy production (RES & Electricity from Natural Gas of the Psyttalia WWTP): 181.059 GWh/651.82 TJ
12. Total sale of energy produced: 22.29 GWh / 80.23 TJ
13. Total energy consumption for heat: 134.58 GWh / 484.50 TJ
14. Consumption of energy from non-RES: 163.16 GWh / 587.39 TJ
15. Total electricity consumption from RES: 26.02 GWh / 93.69 TJ
Percentage of electricity consumed {[2]/[1]}: 48.15%
Percentage of electricity consumed and originates from RES {[9]/[1]}: 49.32%
Percentage of electricity produced from RES {[10]/[11]}: 99.99%
Percentage of electricity consumed from RES to total energy consumption within the organisation {[8]/[1]}: 8.08%
It is noted that in 2023, the External Aqueduct System (from reservoirs to the intake of the WTPs) displays the
following values in the key energy indicators:
11. Energy consumption of the External Aqueduct System: 11.06 GWh / 39.80 TJ
12. Electricity purchased for the External Aqueduct System: 10.96 GWh / 39.45 TJ
Percentage of electricity consumed {[12]/[11]}: 99.12%
Percentage share of energy production by RES category to total energy production from RES in 2023
ENERGY INTENSITY OF EYDAP S.A.
• Electricity consumption for the production and distribution of water per invoiced m
3
: 57,786.301 / 387,731,192
(December Statistical Bulletin) = 0.00015 (MWh/m
3
)
• Electricity consumption for wastewater treatment & wastewater transfer / Billed consumption: 109,294.98 /
387,731,192 (December Statistical bulletin) = 0.00028 (MWh/m
3
).
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1.3.3 CLIMATE CHANGE MITIGATION STRATEGIES
ACTIONS AIMING TO DECREASE CARBON & ENERGY FOOTPRINT OF EYDAP S.A.
The Company, with environmental responsibility, is integrating transformation actions in its operations, aiming to
reduce its carbon footprint (Net Zero).
The Strategy for improving energy efficiency and reducing the carbon footprint by 2030 through 3 action axes, was
drawn up:
Α. Energy saving throughout the production process
Β. Energy production from renewable energy sources (PV, SHPSs) at the company's facilities
Γ. Electricity supply contracts
Under axis A, regarding the actions for energy saving in the production process:
WWTPs
1. In April 2022, the new 5-year operation and maintenance contract of the Psyttalia WWTP started, which
provides, for each contract year, a specific percentage of guaranteed energy optimization (through the
execution of works related to the supply and installation of new equipment and operational adjustments on
existing and planned new facilities and equipment units).
Overall, an overall reduction of 34.78% (at a minimum) in the energy consumption of the Psyttalia WWTP is
expected in the 5th contract year.
2. Projects aiming at further energy utilisation of the biogas produced at the Metamorphosis WWTP, with the
installation of a combined heat and power (CHP) unit, have been included in the investment programme.
WTPs
3. The Polydendri WTP has a nominal refining capacity of 200,000 m³/d. The two pumping stations for untreated
and refined water were built in the 1970s and have been operating continuously since then with the same
pumping units with very low efficiency, resulting in high energy consumption. In the context of reducing energy
consumption and ensuring the safety of the operation of the water treatment plant for the uninterrupted water
supply of the capital city, the design of the project "ENERGY UPGRADE AND CONSTRUCTION OF NEW PUMPING
FACILITIES OF THE POLYDENDRI WTP" has been completed and its tender is expected in the 3rd quarter of 2024.
The project among others includes:
✓ the replacement of pumps with new modern high efficiency pumps and low loss motors,
✓ the construction of a new refined water pumping station building
✓ the replacement of Medium Voltage Substations with very low loss substations in accordance with the
latest EU directive.
✓ the installation of a modern distribution network and motor control systems.
131
The project is scheduled for completion in 2027.
4. The Acharnai WTP has a total nominal refining capacity of 850,000 m³/d. The Old Unit of the WTP has a nominal
refining capacity of 600,000 m³/d and the New Unit has a nominal refining capacity of 250,000 m³/d. The treated
water backwashing pump station and the sixteen double-clutch refining filters were built in the 1970s and have
been operating continuously since then with the same pump units and the same air and water distribution
network, with very low efficiency, resulting in significant consumption. In order to reduce energy consumption
and ensure the safety of the WTP’s operation and the uninterrupted supply of water to the capital city, the
energy upgrade of the refining and backwashing system was completed with the construction of a new pumping
station and a new water and air network. Specifically, the project included:
✓ the replacement of the pumps with new modern pumps of high efficiency and low energy consumption
✓ the replacement of the existing backwashing and air network with new modern, low energy consumption
pneumatic valves
✓ an automatic control system for the operation of the backwashing pump station with the installation of a
new SCADA
✓ installation of an (alternative) gravity backwashing network.
5. In 2023, major actions were put into action at the WTPs, which are expected to be completed in 2024, through
which, in addition to safety and functionality, further reduction of energy consumption will be achieved. In
particular, the following will be implemented:
✓ The replacement of sixty-six (66) low energy consumption electric servo motors to replace the pneumatic
valves of the refining filters of the New Unit of the Acharnai WWTP, which have been operating
continuously since 1992.
✓ The supply of thirty (30) new low energy consumption dosing pumps for sodium hypochlorite,
polyelectrolyte and liquid aluminium sulphate.
✓ The supply of new modern vertical pump units of high efficiency and low energy consumption for the
Recovery Unit of the Aspropyrgos WTP.
✓ The replacement of one hundred (100) new low energy consumption electric servo drives for the full
automation of all the processes in the final stage of the water treatment of the WTPs.
✓ The replacement of twelve (12) modern air compressors with low energy consumption.
✓ The replacement of nine (9) modern low energy consumption blowers.
The continuous energy saving actions in the WTPs yielded an electricity reduction by 476,820 kWh (-10%) in 2022
compared to 2021 and 519,956 kWh (-11%) in 2023 compared to 2022. The above actions are expected to further
reduce energy consumption by approximately 200,000 kWh compared to 2023.
132
Change in
electricity consumption per year in the 4 WTPs
Change in
the total annual electricity consumption per year in the WTPs
Under the axis B, regarding the actions for the production of energy from RES:
Photovoltaics
6. The tender for the supply and installation of 2 photovoltaic stations on the ground at the Acharnai and
Polydendri WTPs with a total capacity of 2 MW with net-metering was completed.
7. The tender for the supply and installation of 2 roof-mounted photovoltaic stations at the Acharnai WTP with a
total capacity of 1.5 MW with net-metering was carried out.
133
8. Licensing applications were filed for the development of new photovoltaic stations at the EYDAP S.A. facilities,
with a total capacity of 11.6MW
9. Gradual transition to electrification
Approval of the replacement of 69 vehicles and 16 two-wheelers with electric vehicles and the installation of
the network for their charging. Total estimated carbon footprint reduction : 348 tCO
2
e in their 4 years of use (if
the cars are charged from existing facilities) and 470 tCO
2
e
through charging by 50% from "green" energy.
New Bioclimatic Building
10. With the aim of utilizing the real estate of EYDAP, saving resources and reducing operating costs, the open
tender for the preliminary studies and tender documents for the construction of a new bioclimatic building
complex for the company's services on its own land in Galatsi, which will be implemented on the basis of the
1
st
prize of the Architectural Ideas Competition completed by EYDAP SA, was approved.
Low consumption lighting lamps
11. The installation of low consumption street lighting lamps in eight outdoor areas of EYDAP was completed
(Acharnai WTP, Galatsi WTP, Polydendri WTP, Aspropyrgos WTP, Metamorphosis WWTP, Psyttaleia WWTP,
Thriasio WWTP, around Marathon Lake).
12. Energy upgrade of existing buildings by replacing conventional lighting with energy-saving lamps.
Energy Upgrade of KEREFYT
13. The Research Centre of EYDAP (KEREFYT) is on its way to annihilate its electricity purchase and pollutants.
Thermo-photovoltaic panels (ATPV System) with a self-generation capacity of 72.8 MWh have already been
installed for cogeneration of electricity and thermal energy while LED technology lamps were installed and
obsolete fan-coils were rehabilitated. The energy upgrade of KEREFYT started in December 2022 and is expected
to be completed and delivered before June 2023.
Hydroelectric and PV plants along the Mornos waterway
14. Preparation of reconnaissance studies for the identification and exploitation of any escaped hydrodynamics
at the locations of the Hydroelectric projects located along the Mornos waterway, as well as the possibility
of installing new PV plants at the EYDAP facilities.
Total estimated increase the generation from RES from the rationalization/upgrade of all existing SHPSs (Kirfi,
Elikonas, Kithaironas and Mandra) : 17 GWh / year, and estimated energy production from the development of
new PVs on EYDAP owned sites : 41.5 GWh / year.
Under the axis C, regarding the actions for electricity supply contracts
15. The tender for the electricity supply to EYDAP S.A. facilities has been completed and is in the process of signing
the contract, with a requirement that 50% of it shall be with guarantees of origin from RES.
Optimization of transport management
16. It concerns a project of three interconnected phases, which will form the overall framework of transport needs,
including its leased vehicles and machinery:
• Redesign of the Target Operating Model- TOM of the Transport Services
• Development of Fleet Management specifications
• Strategic Allocation Design of Transport Services Requirements
The project started in 2021. In 2022, the needs for the renewal of the company's owned fleet and the lease of electric
vehicles were updated, while the process of drafting technical specifications for environmentally friendly (low
emission or electric) vehicles was started.
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Environmental Fuel Additive
17. Within the framework for a more rational and environmentally friendly management of vehicles and machinery,
EYDAP proceeded in the pilot application of an innovative material, the Environmental Fuel Additive, which is
derived from the fossil fuel technology sector, to reduce the carbon footprint from internal combustion engines.
The use of the Environmental Fuel Additive reduces:
• Drastically the Black Carbon (PM, CO, HC), i.e. the second largest anthropogenic contributor to Climate
Change which bears 2/3 of the climate impact of CO2. It, also, reduces the consumption of liquid fossil fuels
and, to the same extent, the emissions of carbon dioxide (CO2) and nitrogen oxides (NOx) and
• the fuel consumption, resulting in a further percentage reduction in pollutant values, including CO2
(Carbon Dioxide) and NOx (Nitrogen Oxides), without increasing the concentration (ppm) in the volume of
residual combustion products and without creating new ones.
Following the outcome of the pilot application, it was found:
• 60% improvement in pollutants and exhaust emissions
• 15% fuel reduction
• reduction of operating costs
In order to manage the fleet of vehicles and machinery more efficiently, its use was extended to all gas stations
and all vehicles and machinery of EYDAP.
R&D Actions
1. European co-funded programme "Urban Innovative Action" (UIA) 05-255 CULTURAL HID.R.A.N.T.
Facing the growing urban heat island, EYDAP participates in the European co-funded programme "Urban Innovative
Action" (UIA) 05-255 CULTURAL HID.R.A.N.T. coordinated by the Municipality of Halandri for the utilization of water
from the Hadrian aqueduct and the green regeneration of public spaces that it will irrigate in Halandri. This is a pilot
project, useful for the development of a strategy towards an integrated spatial investment (ISI) along the entire
length of the Hadrian Aqueduct in the basin (24 km). EYDAP is preparing the above strategy.
2. TRINEFLEX Research Project (https://trineflex.eu/)
The TRINEFLEX research project is developing an integrated service to manage the energy consumption of large
facilities and their transition to more flexible and sustainable operation. The project is implemented at the
Metamorphosis WWTP. A digital process twin and a model to reduce energy consumption and carbon footprint will
be developed to improve the energy efficiency of the selected processes by >7%, the energy costs by >12% and the
emissions by >20%.
1.4. CIRCULAR ECONOMY material topic
Our impacts
A. Circular Economy in Water Resources Management & Sludge Management
In the Water Treatment Plants, integrated water management includes:
• the adoption of good practices , with the aim of reducing the consumption of water used for its treatment.
The water used in all stages of water treatment (emptying of the flocculation-settling tanks, cleaning-sweeping
of these tanks, backwashing of filters) is not discarded, but is recycled and reintroduced into the production
process.
• the construction of projects for the treatment of sludge in the WTP, with which the reuse of the water
resulting from the centrifugation of the sludge resulting from the water purification process is achieved. This
water is added to the quantities of water used for washing the filters of the refineries, all of which returns to
the entrance of the MEN, to be processed again.
EYDAP SA in all Water Treatment Plants and in the context of the sustainable management of water resources,
invests in their upgrading, Proceeds in the construction of the necessary additional projects and technical processes
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in order to optimize the treatment and manage the sludge produced as waste, according to the water treatment
process.
Sludge Treatment in WTP
The sludge produced from the water treatment is further processed, the solid waste is separated from the water,
and then the water enters the entrance of each WTP, for further treatment. The produced solid, now sludge, is
collected and transported to licensed areas.
The quantities of solid sludge produced, as they result from its treatment:
• are recorded on an annual basis
1
in the online platform for the collection and processing of waste production
and management data (HMA), in accordance with the relevant legislation and,
• are collected by licensed companies for further utilization, as a soil conditioner, for various crops in cases of
tree planting , for the cement industry and coke ceramics.
Quantities of dehydrated sludge in the WTPs of Acharnai, Polydendri and Aspropyrgos
1
In 2023, the WTPs of Acharnai, Aspropyrgos and Polydendri treated 13,670.75 tons of dehydrated sludge .
Total quantity of dehydrated sludge of WTPs
136
Αt Polydendri, Aspropyrgos and Acharnai WTPs, while at Galatsi WTP, the play construction of the sludge
management unit is expected to be completed in the 2nd
half
of 2024.
B. Circular Economy in Wastewater Management
New Projects of East Attica
The integrated management of East Attica's wastewater is a strategic goal of EYDAP. The design includes the reuse
of treated effluents, using cutting edge technology and in full compliance with the current institutional framework
for reuse.
Detailed reference to the subject in the "EYDAP Wastewater Network - Wastewater Collection & Treatment - Projects
in East Attica " section of the same Report.
Wastewater Treatment Plants (WWTPs)
During the treatment of wastewater, solid waste is produced, which basically consists of the by-products of pre-
treatment of wastewater 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, close to the WWTP, taking into account
their large annual quantities.
At the WWTP
• The solid waste resulting from the pre-treatment stage of the wastewater (screening water, sand and
heavy solids), as well as from the treatment of the primary treated sludge (fine screening sludge ) is
landfilled.
• The dehydrated sludge , produced by all three Wastewater Treatment Plants, is dried at the Psyttalia WWTP.
All the quantity of the dried product produced is thermally utilized in cement factories, as an alternative fuel,
based on a licensed process, applying a technologically modern, environmentally acceptable and sustainable
management solution. The process of characterizing the dried sludge produced at WWTPs as an alternative fuel
is in progress.
• The biogas produced at the phase of sludge refinement at Psyttalia and Metamorfosi WWTPS is utilized for
energy production. Specifically:
✓ in Psittaleia WWTP all the biogas produced is self-consumed and utilized within the facilities for the
production of electricity and thermal energy.
✓ in Metamorfosi WWTP 70 % of the biogas produced is self-consumed and utilized within the facilities for
the production of thermal energy.
Further energy utilization of the biogas produced in Metamorphosis WWTP is planned, with the installation of a
cogeneration of electrical and thermal energy plant (CHP).
• units of electricity and thermal energy are operating in the Psyttalia WWTP, burning biogas and natural gas.
The electricity produced is self-consumed at Psyttalia WWTP, while any excess is exported to the to the HEDNO
(Hellenic Electricity Distribution Network Operator) power grid.
• Reuse of treated effluents, in Psyttalia WWTP and Metamorphosis WWTP
Solid waste from wastewater treatment at WWTPs
SCREENING WASTE AND SAND
Total amount of screening waste and grit landfilled
( tn )
2021
7,329
2022
7,693
2023
9807
The total amount of screening waste and grit landfilled in 2023 is increased by 30% compared to 2022 is shown
marginally increased by 4.7% compared to 2021, decreased by 9.99% compared to 2020, decreased by 16.99% from
the corresponding quantity of 2019 and reduced by 34.49% from the corresponding quantity of 2018. It is noted that
in 2018 the quantities of grit generated by Metamorfosi WWTP were particularly increased, due to the evaquation
and cleaning of the digester (tank) at this facility.
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DRIED SLUDGE
Production of Dried Sludge at Psyttalia WWTP ( tn / yr )
2021
39,424
2022
34,891
2023
37,055
From the above, there is an increase in the amount of dried sludge in Psyttalia WWTP by 6.2% in 2023 compared to
the value of 2022, in 2022 there is a decrease in the amount of dried sludge of Psyttalia WWTP, by 11.50% compared
to the value of 2021. in 2021 there is a decrease in the amount of dried sludge of Psyttalia WWTP, by 7.7% compared
to the value of 2020, in 2020 there is a decrease in the amount of dried sludge of Psyttalia WWTP, by 13.1%
compared to the value of 2019 and 2029 a decrease of 21.13 is observed.
BIOGAS PRODUCTION
All of the biogas produced at the Psittaleia WWTP and 70% of the biogas produced at the Metamorfosi WWTP was
used for energy
Total Biogas Production at the Psittaleia and Metamorfosi
WWTPs ( m
3
/ yr )
2021
31,735,071
2022
26,906,117
2023
27,022,742
Metropolitan Pole of Ellinikon
has been completed and implementation is underway for the on-site treatment - in a compact unit - of part of the
incoming sewage in a pumping station of the Central Coastal Collector and the reuse of the treated outflow for
irrigation of Ellinikon Park.
In 2022, a Memorandum of Cooperation and Understanding was signed with "Elliniko SA". EYDAP, with its expertise,
will review and approve the waste management studies (sewerage networks and wastewater treatment plant for
the production of irrigation water) of the Ellinikon - Agios Kosmas metropolitan pole
C. Reclaimed Water of WWTP- Reused Water of WTP
Saving water in WTP
With the completion of the sludge treatment units at WTP in Acharna, Polydendri and Aspropyrgos, in 2023 the total
water savings amounted to 2,893,560 m
3
.
With the completion of the sludge management unit of the Galatsi WTP, the total water saving from all 4 WTPs is
expected to rise in 2024 to 5,400,000 m3 .
In 2023 the total water savings achieved, by adopting good practices (washing sedimentation-flocculation tanks,
washing filters) and from the treatment of sludge at EYDAP SA, is given in the table below.
Annual water recycling (m
3
)
2018
11,517,632
2019
10,347,634
2020
11,477,299
2021
12,680,478
2022
12,138,225
2023
11,094,144
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Reuse of Reclaimed Water from Wastewater Treatment at WWTPs
Part of the treated effluent (disinfected water and non-disinfected industrial water) of the Psyttalia Wastewater
Treatment Plant and disinfected water of the Metamorfosi WWTP is used within facilities, to serve water needs (e.g.
irrigation, equipment cooling, washing and other uses)
Amount of reclaimed water (m
3
/ yr ) from the treated effluent that was reused
2018
2019
2020
2021
2022
2023
Total Quantity (m
3
/ yr )
5,370,792
4,789,043
5,313,221
5,297,221
4,538,051
4,537,318
Daily reuse (industrial water m
3
/day)
14,714
13,120
14,557
15,513
12,433
12,431
D. Recycling of Materials
Paper Recycling ( kg )
The quantities of paper used in Company are collected by a licensed operator . Then the amount of paper collected
goes through all the processing stages (shredding – baling – regeneration) and is forwarded to industries for the
production of new products.
In 2023, a total of 15,210 kg of paper was collected.
2018
2019
2020
2021
2022
2023
34,456 kg
28,741 kg
29,962 kg
17,320 kg
19,560 kg
15,210 kg
According to the data in the above table, there is a decrease in the amount of recyclable paper (reference year 2018)
at a rate of 55.9% from the corresponding value of 2018.
2,339 Trees!
The total amounts of paper recycled in the last five years reach 145,249 kg of paper, which corresponds to pulp produced
from approximately 2,339 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 (AFIS
Recycling).
In 2023, 194 kg of batteries were collected in EYDAP buildings.
2018
2019
2020
2021
2022
2023
256 kg
338 kg
221 kg
524 kg
305 kg
194 kg
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OVER 1.83 tn BATTERIES!
2017 (programme start year) to 2023: were recycled in total 1,838 kg .
Recycling Of Electrical and Electronic Equipment
The Company’s recyclable electrical and electronic equipment is collected by an organization approved the Hellenic
Recycling Organization (Collective System for the Alternative Management of Waste Electrical and Electronic
Equipment).
Recycling of Plastic and Aluminum
The quantities of plastic and aluminum packaging used are collected in special recycling bins located in the
Company's buildings and facilities, from where they are collected by a licensed operator holding exclusive
permission for the management of solid waste intended for recycling.
PLASTIC
2022
2023
CHANGE %
85.10 kg
92 kg
8.1%
ALUMINIUM
2022
2023
CHANGE %
28.30 kg
48.40 kg
71%
Sale of EYDAP'S SURPLUS OR OBSOLETE MATERIAL
Since December 2020, a new Regulation applies, with the aim of improving inventory management and it is applied
in cases of sales of all kinds of excess or obsolete material, movable assets and consumables of the Company. Our
basic rationale is that the above is not a useless burden but a valuable resource, which, if properly utilized, can
provide multiple benefits with a positive economic and environmental impact.In 2023, 2 new centralized Public
Tenders were held, one for the sale of aged timber – following the tender of 2022 which was deemed Barren (budget
€15,725.42) and one for the sale of brass (budget €718,708.20) and their awards are awaited.
It is clarified that the contractors of the sales tenders are obliged to manage the materials based on the legislation
on alternative waste management and are certified or cooperate with certified bodies. The method of calculating
the value of the contracts is based on the values of the units of measurement, depending on the sold material.
E. EXCAVATOR DEMOLITION WASTE MANAGEMENT EAST ATTICA PROJECTS
According to the Contract Documents of the projects, the possibility of backfilling the sewage network installation
trenches with suitable excavation products is foreseen.
Target 2024
• Development and implementation of an Environmental Management System throughout the Company
according to EN ISO 14001:2015. The start date of the project in question is estimated at 05/2024. The time
of implementation and certification for the company according to ΕΝ ISO 14001 corresponds to 24 months.
• Development of Waste management policy.
ELECTRICAL AND ELECTRONIC EQUIPMENT
2022
2023
CHANGE %
11,301 kg
16,523.00 kg
46.2%
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During the reporting period, no fine or other non-monetary sanction was imposed against EYDAP for incidents of
non-compliance with environmental legislation and environmental regulations, which are related to the
management and final disposal of liquid and solid waste.
1.5. REGULATORY & ENVIRONMENTAL COMPLIANCE EYDAP
EYDAP operates in compliance with environmental legislation
✓ Complies with the approved environmental conditions for all its facilities (Wastewater Treatment Plants,
Water Treatment Plants, External Aqueduct System etc.)
✓ The relevant environmental licensing procedure is followed for each new project or modification of the
existing ones
✓ A Decision of Environmental Conditions Approval Permit has been issued for each Wastewater Treatment
Plant (WWTP) and Water Treatment Plant (WTP) with their accompanying projects. The same applies to all
the facilities of the External Aqueduct System
✓ The P/V Station of the Acharnai WTP has an Environmental Conditions Approval Permit (EPA)
For all the Company's projects and activities there are valid Environmental Conditions Approval Permits or
requests for their renewal or modification have been submitted in due time.
2. SOCIETY
2.1. HEALTH & SAFETY OF EMPLOYEES & CONSUMERS material topic
2.1.1. ACCESS TO CLEAN WATER, SUPPLY & COVERAGE OF WATER SUPPLY NETWORK
The Greek State, with the new Contract concluded between the Greek State, the Asset Company EYDAP and EYDAP
SA, undertakes the obligation, throughout the duration of the Contract, to supply EYDAP SA with untreated water
of sufficient quantity to cover the needs of its consumers and quality in accordance with the requirements of the
legislation. The Greek State is also obliged to upgrade the External Aqueduct System to ensure uninterrupted supply
of untreated water to the inlet of the Water Treatment Plants (WTP).
EYDAP SA, for its part, has the exclusive responsibility - a non-transferable right - for the treatment of water, its
distribution, as well as the operation and maintenance of the proprietary water supply network, in order to cover
the water supply needs of all consumers, indiscriminately, with water of quality in accordance with the requirements
of the legislation on drinking water.
COMMITMENT
The Company manages water as a precious natural resource and as a valuable and vital commodity for the residents
of Attica (mainly).
For 2023, EYDAP SA provided:
• 384,147,775 m
3
of drinking water throughout its area of competence, as well as to some islands of the South
Aegean Region (Cyclades) and the Argosaronic (Municipality of Agistri through water-bearing ships), but also to
Aegina through the new submarine pipeline connection that starts from Salamina and ends in Aegina, as well
as to cruise ships and boats in the ports of Attica, etc::
➢ minimum daily consumption 845,293 m3 (April 2023)
➢ maximum daily consumption 1,285,164 m3 (July 2023)
➢ average daily consumption year 2023 1,052,460 m3
• 2,381,795 m3 of drinking water in municipalities and municipal units located in areas outside EYDAP SA's
competence, which are supplied by EYDAP SA, after refining through 10 small rapid refining units of untreated
water taken from corresponding points of the Mornos-Evinos aqueduct.
In total in 2023, EYDAP SA distributed 386,529,570 m3 of drinking water.
RISKS
Any blockage in the supply of water resources and in the ability to transport and distribute them (External
Aqueducts - Drinking Water Supply Network, etc.) would have a significant impact on consumers (water shortage),
141
but also on the Company itself (damage to its image, reduction of revenues, etc.), scaled proportionally according
to the size of the problem that may arise.
WATER TRANSPORT - EXTERNAL AQUEDUCT SYSTEM
Water is transported from the water abstraction sources to the water treatment plants through aqueducts and
interconnecting aqueducts, with a total length of 495 km.
The external aqueduct network is defined as all the pipelines and other works (such as pumping stations, etc.) from
the outlet of the reservoirs to the water treatment plants (WTPs).
The External Aqueduct System is illustrated in the map below.
Despite the great distance of the main water sources (Mornos, Evinos) from Attica, most of the water is transported
through the aqueducts by the force of gravity, without the economic and environmental burden of energy-intensive
pumping, which is only used in cases of emergency, thus actively contributing to the reduction of the environmental
footprint.
PROTECTION OF THE TRANSPORT OF UNTREATED WATER - EWS PROJECTS
In order to ensure the security of the capital's water supply, the implementation of four important critical projects
in the External Aqueduct System System (EWS) has been planned and launched, on the one hand to support and
secure the existing critical infrastructure of the EWS and thus ensure its fuller operation, and on the other hand to
provide an alternative water supply for the entire basin from Lake Yliki. The projects involve:
1. The restoration of the Unitic Aqueduct F1800 Mornos - Marathon, section Klidi - Dafnoula
Section: Klidi - Dafnoula" was approved by the Decision of the Board of Directors of EYDAP SA No.
21556/26.07.2023 with a tender budget of 22.063.672,92 plus revision and VAT. The project, with Contract Code
E-907 and ESIDIS A/N 203122, was put out to tender on 30.08.2023 and the tender process is ongoing.
2. Securing the infrastructure for the transfer of untreated water from the Kithairon canal to the wider Kokkinio
area
The study titled "Final Design for the Securing of Raw Water Transport Infrastructure of the Kithairon Canal in
the wider area of Kokkinio, from 4+015 to 5+915 and preparation of the Tender Documents" M-199, has been
completed and its approval and final acceptance is expected within the second quarter of 2024.
142
3. The completion of the interventions in the Thiva Canal of the Mornos Aqueduct
The study titled "Final Design for the Completion of Interventions in the Thiva Canal of the Mornos Aqueduct
and Preparation of Tender Documents", completed in April 2023, was approved and received definitively by the
"Final Design for the Completion of Interventions in the Mornos Aqueduct", No. 2783/29.09.2023 Decision of
the CEO of EYDAP SA and submitted on 10.10.2023 to the Water Supply, Sewerage & Wastewater Treatment
Projects Directorate (D18) of the Ministry of Environment and Energy.
4. The construction of a supplementary F2000 cross-sectional water pipeline of the Mornos Aqueduct
downstream of Kithairon.
The design and preparation of the tender documents for the project have been completed and the approval
and final acceptance of the project is expected within the second quarter of 2024. For the construction of the
project, reforestation lifting and intervention approval from the relevant Forestry Department is required for a
section of the new pipeline under construction.
In August 2022, the Ministry of Infrastructure and Transportation awarded the implementation of the projects (1, 2
& 4) to EYDAP SA, which will arise after the completion of the respective studies..
5. At the same time, the Ministry of Infrastructure and Transportation assigned to EYDAP SA the
implementation of the project for the protection of the Mornos aqueduct from rock falls in the Kithairona
canal. The project study was prepared by the EYDAP Asset Company and submitted to EYDAP SA. The project
is expected to be put out to tender within the 3rd quarter of 2024.
6. By the 02.02. 2022 signed Contract for Operation and Maintenance of the External Water Supply System of the
Capital Region, between the Greek State, the Asset Company EYDAP LEPL and EYDAP SA, EYDAP SA undertook
to prepare and submit for approval to the Ministry of Infrastructure and Transport, a proposal for the design of
the installation of an integrated system of cutting-edge technologies for the safety and monitoring of the
operation of the EWS (SCADA, Geographical Information System, Hydraulic Model, security cameras, fiber
optics, etc.).
EYDAP SA has completed the design of the above project, which consists of:
i. Proprietary Telecommunication Network based on optical fibers
ii. Monitoring and Control System of the EWS
iii. Hydraulic Model and Automatic Operation
iv. Integrated Information Technology System for the supervision and control of the EWS
The Design Proposal for the Installation of an Integrated Cutting Edge Technology System for the Safety and
Monitoring of the External Aqueduct System was presented by EYDAP SA and submitted for approval to the
Water Supply, Sewerage & Wastewater Treatment Projects Directorate (D18) of the Ministry of Environment
and Energy, in accordance with the provisions of Article 5.2 of the Operation & Maintenance Contract of the
EWS of EYDAP SA with the Greek State.
MANAGEMENT OF THE WATER SUPPLY SYSTEM
The ways and methodologies of managing the water supply system are prioritized into:
• the operation of the existing water supply system,
• the regulation of the flow downstream of the reservoirs,
• the distribution of water abstraction by main, secondary or reserve source,
• the transfer of water through the external aqueduct network,
• additional works to reinforce and secure the water supply system, where necessary.
The objective of the Management Plan is the study of rational, efficient and sustainable ways and methods of
management of the External Aqueduct System, aiming at the quantitatively reliable, qualitatively and
environmentally safe and economically feasible coverage of the demand for water supply in the area under
EYDAP's competence, through the appropriate use of the water resources available for the coverage of that
demand.
The management of the water resources system consists in determining the quantities that can be withdrawn
from reservoirs and aquifers and the way they can be channeled (shared) to the network of external aqueducts, in
order to ensure the long-term adequacy of the water supply resources of the water supply area under EYDAP's
143
competence at the lowest possible cost. It also consists of additional works to reinforce the water supply system, if
necessary.
The Decision Support System, which is used operationally on a daily basis by EYDAP for the supervision and
management of the water supply system, includes the following components (subsystems):
a) Geographical Information System for the visualisation and monitoring of the water supply system,
b) A system for measuring the water resources of Athens' water supply,
c) System for estimating and forecasting the water resources of Athens' water supply,
d) A system to support the management of the water resources of Athens' water supply.
Further technical, quantitative and qualitative data can be obtained from the corporate website eydap.gr in the
section "The Company/Water Supply".
LEAKAGE REDUCTION
EYDAP manages the demand for water by developing LEAK REDUCTION programs (pressure management - water
zones, immediate repair of damages - broken pipes of the water supply network, rehabilitation and replacement of
water supply networks), aiming not only to serve customers, but also to protect against waste of the natural
resource.
Aiming at the economically optimal identification of water loss management strategies, EYDAP SA collaborates
with a specialized scientific team of the School of Civil Engineering of the NTUA through a contract from 2021, in
order to develop computational tools, tailored to the needs of the network, which will support the Company at the
operational level.
The operational tools to be developed will focus on the optimal prioritization of the replacement of the network's
pipelines, as well as on the optimal management of pressures, in order to reduce the actual water losses of the water
supply network of EYDAP SA.
In addition, these innovative decision support applications will be integrated with the existing software and systems
of the Company, as well as with the simulation model of the primary and secondary network.
In order to implement the operational tools in the entire water supply network, EYDAP SA has already started to
update the existing simulation model of the main supply pipelines, as well as to create the mathematical simulations
of the networks of the piezometric zones.
The modelling of the water supply network is particularly important, as it allows the simulation of different operating
scenarios. Through the simulations and the direct monitoring and evaluation of the results, EYDAP SA can take
decisions on network optimisation, operation, extension or reinforcement.
Moreover, with the development of the mathematical simulations of the water supply network, the Company is
laying the foundations for the future infrastructure of the Digital Twin of the water supply network and its
communication with other operational tools, in order to monitor the operation of the network in real time, as well
as to make optimal decisions for the management of the network.
WATER SUPPLY TO NEW AREAS AND REINFORCEMENT OF EXISTING AREAS
Today, EYDAP SA provides excellent quality drinking water, in the necessary quantity and pressure, regardless of
whether the Company is responsible for the management of the distribution networks primarily or whether this
is carried out by the local municipalities.
For the few areas that are not supplied with water by EYDAP but by boreholes, mainly in Western Attica, EYDAP SA
has launched a series of interventions and actions, in cooperation with the local authorities, so that in a short period
of time they will be included in the total number of areas that will receive water from EYDAP.
➢ In this direction, the implementation of the project "Water supply to the Kinetta Settlement of Megara -
Phase A" was launched, which includes the construction of a new steel supply pipeline F500, approximately
15km long, as well as a water reservoir, through which the area of Kinetta will be supplied with water,
which until now is not supplied with water by EYDAP.
144
➢ In October 2023, the Board of Directors approved the launch of a new public e-tender for the completion
of the implementation of the project "Completion of the remaining works for the water supply of the
settlement of Kinetta Megara, Phase A: 1) External water supply pipeline, 2) Central reservoir".
➢ In addition, the implementation of the project " Feeder Pipeline of Perama Reservoirs from Schistos
Avenue", for the construction of a new steel feeder pipeline, cross-section F300-F600 and a length of
approximately 4km, which will supply the existing reservoirs of the Municipality of Perama, without the
help of the boosters that are currently used for the water supply of the area, thus reducing to a minimum
the current consumption of electricity. The project is currently underway and is expected to be completed
within 2024.
➢ In October 2023, the Board of Directors approved the launch of a new public e-tender for the
implementation of the project "Reinforcement of the central water supply network of EYDAP SA in West
Attica - Construction of a new supply pipeline of cross-section F1000", in order to meet the increasing
demand requirements of the wider area in West Attica and the islands of Salamis and Aegina, with a total
length of 15,440m.
➢ In July 2023, the Board approved. the launch of a new public e-tender for the implementation of the project
"Replacement of the water supply pipeline of cross-section F1300: Section Kiourka - Pumping Station of
Agios Stefanos", for the replacement of the existing discharge pipeline of prestressed concrete, diameter
F1300, with a new steel pipeline of the same diameter, in an area of 3120m between the pumping stations
of Polydendri and Agios Stefanos. The tender procedure is currently underway.
➢ In the framework of the approved investment program of the General Directorate of Water Supply of EYDAP
SA, the project " Works to strengthen the central water supply network of EYDAP SA, in the South Sector
of Athens" was launched, which was deemed necessary to meet the increased demand requirements, with
the inclusion of the new metropolitan pole Elliniko-Ag. Kosmas, in the supply network of EYDAP SA. The
final design and tender documents for the project are expected to be completed within the 2nd quarter of
2024.
2.1.2 RELIABLE WATER SUPPLY NETWORK
For EYDAP, ensuring throughout the water supply system sufficient quantities of high quality drinking water at
acceptable pressure conditions, while protecting the natural resource, is a key priority.
The design, construction, operation, maintenance and continuous development of the water supply network is a
complex multi-factorial process, requiring a high level of expertise.
A region's water supply system, which ensures the supply of drinking water to the region, comprises a system of
reservoirs, supply (main) pipelines, distribution pipelines and water supplies.
The term 'water supply network' refers to all the pipelines carrying treated water from the local water treatment
plants to the water meters of the consumers. It is the main part of the entire water supply company's facilities, most
of which is underground. The water supply network provides pressurised water suitable for human consumption, in
accordance with the Greek legislation in force.
The size of the area supplied with water, the morphology of the land, the density of the population and the estimated
change as well as its geographical distribution, the height of the buildings, the expected consumption by calculating
the average daily consumption - low and high - are some of the factors that determine the quantity of drinking water
supplied, the pressure of the supply and thus the rational design of the network.
The water supply network consists of approximately 14,500 km of supply pipelines and distribution network.
The main supply network (primary network) is about 1,300 km long and consists of pipes with diameters ranging
from F300 mm to F2000 mm.
The distribution network is approximately 13,200 km long and consists of the secondary and tertiary networks,
which have a total length of approximately 9,000 and 4,200 km respectively.
The distribution network consists of pipelines with a diameter of less than F300 mm, which transport drinking water
to consumers.
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The water supply network has:
• Reservoirs: 53
• Pumping stations: 77 (total installed capacity of 33,200 HP)
• Pressure reducing valves: 622 ("F80-F600")
• Isolation valves: approximately 90,000
• Remote monitoring points (Scada): 108
• Telemetry stations (GPRS): 1510 (25 new stations added in 2023)
• Flowmeters: 195 (15 new ones added in 2023)
• Water quality monitoring points: 1000 (700 for chlorine measurements and 300 combined for chlorine
measurements and other parameters as required by legislation).
Our impacts
MONITORING AND IMPROVEMENT OF WATER SYSTEM OPERATION (demand monitoring, pressure monitoring,
pressure zone modifications, etc.).
Attica is characterised by its rugged terrain. EYDAP SA supplies water to areas with ground elevations from 0 to 600
metres above sea level. In order to better control the pressure of the pipelines, pressure zones have been created,
i.e. ground areas with a specific pressure every 30 to 40 metres of altitude difference. The range of pressures within
the hydraulic zones varies from 2 to 12 atm with the vast majority ranging from 4 to 6 atm. The water supply network
is monitored on a 24-hour basis by a remote control - remote management system (SCADA).
NETWORK MAINTENANCE - PREVENTIVE AND EMERGENCY (maintenance of pumping stations, fire hydrants,
cleaning of reservoirs, repairs of leaking pipes - supplies etc.).
Preventive maintenance of the water supply network infrastructure (pumping stations, tanks, special manholes and
large valves, fire hydrants, etc.) is carried out in accordance with programs prepared by the competent services of
the water supply network.
In addition to the above, the resulting daily failures of the water supply network that cause leaks or breaks in the
network, are collected in the telephone center for failures - complaints of EYDAP (1022) and the portal of Water
Supply and are routed for repair to the competent technicians of the Water Supply Sectors. Their repair, where they
cause water supply deprivation areas is implemented immediately, so as to minimize the nuisance caused to
consumers - customers and to restore the normal water supply of areas where the network is damaged.
In 2023, the total number of leaks - breakages, both of pipelines and valves in all the networks operated by EYDAP,
whether or not they caused water supply deprivation, amounted to 6,237. These leaks were repaired in their entirety
immediately by the services of the General Directorate of Water Supply.
Non-revenue water (NRW) for 2023 was calculated at 23.70 % (reduced compared to 2022 NRW-23.96 and 2021 -
NRW: 24.75 %). Of the percentage of the non-revenue water for 2023, the percentage of actual losses amounts to
approximately 15%.
Actual water loss is the difference between total water losses and apparent losses (unauthorised consumption and
meter and measurement errors).
EXTENSION, REPLACEMENT AND REHABILITATION OF EXISTING PIPELINES AND WATER SUPPLIES OF PROPERTIES
The existing network of EYDAP SA consists of pipelines of different cross-sections and different materials, which have
been installed over the years to serve the increased water supply needs of the residents of Attica.
Many of these pipelines have been in operation for many years, and due to the original conditions of their installation
and due to the development of the city and the successive reconfigurations of roads and other public spaces,
combined with other nuisances (traffic, other external factors), they have been subjected to significant stresses
leading to frequent breakages. Similarly, the water courses of the properties supplied by these pipelines are of the
same age and are subject to similar stresses as the pipelines. The operating conditions of these pipelines are assessed
by EYDAP and then programs are defined and implemented to replace them with new pipelines and water mains
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made of the most modern materials.
In 2023, EYDAP replaced, installed new and relocated a total of 79,268.36 m of pipelines. In detail, the following
were carried out:
• Replacement of existing pipelines: 71.783,20 m of pipelines of cross section F63, F90, F110, F160, F200, F250,
F300, F315
• Laying of new pipelines: 7.485,16 m
Of the total new pipeline installations (7,485.16 m of pipelines), 5,499.80 m related to paid extensions of
pipelines of the water supply network by customers-consumers, in order to achieve the installation of
waterfalls in front of their properties and 1,985.36 m related to pipeline extensions resulting from the general
planning of new pipeline installations of the General Directorate of Water Supply.
• Displacements of existing pipelines: 1.311,2 m
In the context of works carried out by third parties, EYDAP is invited to intervene in its network to facilitate the
execution of new works taking place on the city's streets. In this context, in 2023, 1,311.20 m of pipelines were
laid either to replace existing ones (822.20 m) or to meet new water supply needs arising from third party
interventions in the city (489 m) (indicatively, Metro line 4, ERGOSE undergrounding projects, etc.).
• Water mains rehabilitation: 12,125 water mains of properties were replaced/rehabilitated
• In 2023, a project was launched to repair 46 cathodic protection stations on water supply mains. "Provision of
services for the rehabilitation of 46 cathodic protection stations of EYDAP SA, the supply, installation and
commissioning of an integrated telemetry system as well as technical support, maintenance of these for a
period of 5 years". The tender of the project is expected to be completed in the 3rd quarter of 2024.
• 15,299 water meters were replaced in 2023
By the Decision of the Board of Directors of EYDAP SA No. 21720/8-11-2023, a project entitled "Projects for the
implementation of technical actions of the Water Supply Network Directorate" was approved, through which,
among other things, the replacement of approximately 180,000 mechanical water meters will be completed in
approximately 3 years, within the framework of the implementation of corresponding technical actions issued by
relevant reports of the metering crews of EYDAP SA. The project is expected to be put out to tender in the 2nd
quarter of 2024.
The General Directorate of Water Supply, in the context of its modernization effort and recognizing the need to
develop a new, modern software for the management of the technical actions implemented by its Services, piloted
the integration of the "ATLAS Technical Services Software" platform in the daily execution of technical actions for
the replacement of water meters, with provision for the implementation of all types of Technical Actions, through
appropriate configuration.
NEW WATER SUPPLIES: EYDAP continues to install new common water supplies and special supplies to properties,
upon request and as long as they are approved in accordance with the provisions of the Water Supply Networks
Operation Regulation.
The water supplies connected to the water mains are divided into:
Water supply, fire-fighting, common areas of properties, irrigation of public or municipal areas, temporary for
construction or other use.
In 2023, EYDAP installed approximately 8,615 residential, special and firefighting supplies (about 427 more than in
2022), a number that confirms the continuation of the intense construction activity in the city.
FIRE HYDRANTS: in 2023, having as a priority the prevention, preparedness and protection of life, health and the
environment from fires, EYDAP, in cooperation with the Fire Service, carried out the inspection of the good
functioning of all the installed Fire Hydrants. The checks carried out revealed the need to intervene in a total of 212
fire hydrants, as follows:
• Repair: 170
• Replacement: 31 non-operational
• Installation of new ones: 11
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TANKS: in order to ensure the good quality of the water supplied to the consumer, EYDAP carries out periodic
cleaning of the water storage tanks every three years. Based on this schedule, 16 water storage tanks in the water
supply network were cleaned in 2023. In 2024, the implementation of a renovation and modernisation project in a
significant number of tanks in the water supply network is planned.
TAKEOVERS OF NEW NETWORKS
EYDAP takes over water supply networks within its area of competence, which are managed by the local municipality
concerned. The acceptance of these networks, currently mainly concentrated in East and West Attica, is a strategic
objective for EYDAP.
The takeover of the Municipal Water Supply Networks by EYDAP is not done unilaterally. The key prerequisite for
this is the positive decision of the Municipal Council of the Municipality.
• In 2021, the contract for the transfer and delivery to EYDAP SA of the municipal water supply and sewage
network and the Wastewater Treatment Plant of the city of Megara, the municipal sewage network of the city
of Nea Peramos was signed, the municipal water supply networks of the areas of Kinetta, Vlychada (Agios
Panteleimonas), Nea Zoi, Kandylio, Koumindrio, Lakka, Agia Triada, Iremo Kima and Pachi of the Municipality
of Megara and the acknowledgement of debts of the Municipality of Megara to EYDAP SA. On 1/9/2023 the
relevant delivery and acceptance protocol was signed and now EYDAP SA has been installed in the Municipality
and has taken over the management of the network. From December 2023, a new Customer Service Center
will be operating in the area, to better serve the citizens.
• As part of the interventions launched by EYDAP SA for the improvement, replacement and modernization of
received municipal networks, a project of extensions, improvements and replacements of pipelines, water
mains and other installations of the water supply network of the island of Salamina is underway, which EYDAP
SA took over in its entirety in 2021. According to the design of the project, the replacement of approximately
75 km of secondary and tertiary network, as well as the rehabilitation of approximately 5500 water supplies of
properties with their respective water meters is anticipated.
The operation of the water supply network is determined by the Water Supply Network Operation Regulation
(WSNOR) (Government Gazette 552/B’/26-03-2009).
OPTIMISATION OF THE WATER SUPPLY NETWORK
The Company has included the following in its strategic actions for the optimal management of its network:
• The application of modern technologies of advanced pressure management in the water supply network, which
results in avoiding unnecessary stress on the network's pipelines from excessive pressures and, consequently,
avoiding network breakages, thus achieving an increase in service life over a long length of the network with
significant economic benefits.
• Reliable and organised data collection from faults, operation, etc. in order to achieve further processing and
statistical analysis of the collected data through structured and cooperative applications.
• The identification of the frequency of occurrence of faults, the speed and quality of repairs, the determination
of their geographical distribution, the cause of their occurrence, etc. in order to draw up a comprehensive and
systematic maintenance schedule for the water supply network.
In order to implement the above strategies, EYDAP SA has included in its five-year investment program:
• The implementation of a targeted program of massive network replacement in identified hydraulic zones of
the water supply network. For this program, the tendering procedures have been completed and projects are
expected to start in all sectors of EYDAP SA, which include 480 km of secondary and tertiary network pipelines
and the corresponding rehabilitation - replacement of more than 111,000 water meters of properties.
• The implementation of a targeted program, with substantiated priority of water supply network replacement,
which includes works for extensions, improvements and replacements of water supply network pipelines in
EYDAP SA's Sectors (Athens, Piraeus, Heraklion and West Attica), which include replacements of approximately
380km of secondary and tertiary network pipelines.
Through the aforementioned interventions, EYDAP SA has initiated the annual replacement of meters of the water
supply network, which corresponds to approximately 1.5% of the total length of the network, following and
complying with international best practices.
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With the above, in combination with the other actions and interventions that have already been launched (massive
replacements of water meters, interventions in supply pipelines, maintenance and renovation of existing
infrastructure such as pumping stations, water supply wells and valves, launching operational interventions in the
network through modern software and modernization of existing operating structures), is estimated to achieve more
efficient operation of the water supply network, consistent reliable and uninterrupted water supply, improved level
of service to consumers, further reduction of Non-Revenue Water and ultimately improved overall corporate image
regarding the performance of its services.
“SMART GRID”
Aiming at the Sustainability of the resource alongside modernization and optimization of network and asset
management, the Company is in the process of developing a "Smart Grid".
The "Smart Grid":
• Includes information and communication technologies in the distribution infrastructure and throughout its
operation. The advantage of "smart meters" is that they calculate the relevant measurements at a more
advanced level, communicate with the latest technologies and send information for monitoring, prevention,
resource conservation and better billing purposes
• contribute to the implementation of water saving works (reduction of losses, optimization and automation of
water resource management)
• can meet future demand growth, enhance the efficiency of network operation and integrate smart devices to
improve service and customer interaction
• regulates and controls the distribution of the resource and aims at smart connection of consumers and
production
• contribute to ensuring a more economic and secure network with reduced losses and meeting demand in real
time.
Through these, EYDAP can now:
• collect detailed data on the status of each specific supply with a remotely scheduled rate of data collection
and transmission to a central infrastructure (Operations Center)
• provide consumption and supply information in detail and in graphical form to its special customers online.
EYDAP SA up until 31/12/23:
• Has replaced 1,118 (28 new ones within 2023) special supply old mechanical water meters of 2-inch to 6-inch
diameter with the installation of corresponding smart meters with the same number of dataloggers.
• has already implemented (years 2017-2018) two pilot applications with the installation of 83,500 electronic
household water meters in the Municipalities of Halandri & P. Faliro, at the Varvakeios Market and the streets
around it.
"Multiutility" Pilot Project
Since December 2023, EYDAP SA in cooperation with DEDIE, has launched the "Multiutility" pilot project in order to
use the infrastructure of DEDIE's new smart electronic meters for the implementation of a wireless communication
network to receive data from meters of other operators, including EYDAP SA. This pilot project is being developed
in an area of the Municipality of Palaio Faliro and in particular in a part of a pressure management area (DMA). The
duration of the pilot project is 7 months and during this period there will be:
• installation of electrometers (electronic smart electricity meters) in selected buildings
• coupling these with EYDAP SA's electronic water meters in this area
• wireless transmission of data to a special platform already allocated to EYDAP for the purposes of the pilot
project.
In the first phase of the project, 40 electrometers will be installed and about 200 water meters will be paired.
In the second phase 560 electrometers will be installed and all the water meters in the zone, about 2500, will be
connected. At the end of this phase, a dense communication network will have been established to collect
consumption data from all the water meters with time breakdown, so that, together with the monitoring of the
consumption of the flow meter at the inlet of this zone, continuous monitoring of the water balance will be possible.
In 2023, the procedures for the tender for the replacement of the remaining mechanical water meters of special
supplies with the installation of new electronic water meters were launched and are expected to be completed in
2024, with the aim of fully covering the special supplies (water meter cross-section ≥2") with electronic water meters
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and the replacement of the remaining water meters of 1.5" cross-section with new mechanical water meters.
EYDAP has included in its investment program the installation of new household smart meters to replace existing
older technology ones in order to transition to the smart water network and modern technologies.
For the successful implementation of the project, EYDAP has launched a tender procedure for the provision of
services:
• The preparation of the detailed business plan with a detailed assessment of the capital, operational and
financial requirements of the investment
• The formulation of EYDAP's procurement strategy for the supply and installation of smart meters and their
information and telecommunications infrastructure
• The design of the strategy and key principles of the project implementation and operation model
EYDAP's objective in the Water Sector is the steady and targeted transition to new technologies by monitoring
and exploiting all the current trends of the technologically advanced international water market.
In this direction, EYDAP executives follow the actions of international water organizations and international water-
related exhibitions, visit large factories producing materials and equipment and are in constant consultation with
other advanced water companies and international practices that have incorporated or have started to incorporate
new technologies in order to transition to the smart water network.
PARTNERSHIPS - Digital Innovation Challenge
An original, open competition of technological innovations, announced in November 2020 in collaboration with
HCAP Innovation Network and MIT Enterprise Forum Greece; start-ups, teams of scientists, university research
centers, etc. were invited to offer innovative solutions. The winner of the call for "finding the defective meters" was
WINGS, with whom a contract was signed for the implementation and application of the algorithm for the detection
of defective meters, which is currently in progress.
2.1.3 QUALITY OF DRINKING WATER
EYDAP, as the largest provider of water supply services, aware of its responsibility towards millions of consumers,
ensures the excellent quality of drinking water. Through continuous investment in infrastructure, technology and
training of its human capital, EYDAP ensures drinking water quality, among the highest in Europe, always in
compliance with the applicable regulations.
INTERNATIONAL ASSESSMENTS
In the annual international assessment of water companies issued in 2023 by the European Benchmarking Co-
operation, EYDAP's water quality was rated 99.6%, higher than the average score achieved by the European
companies that participated.
Water quality is ranked 1st out of 180 countries worldwide, with a score of 100%, according to Yale University's
Environmental Performance Index (EPI).
COMMITMENT
To provide drinking water of high quality and low cost to more and more citizens and to return it to the environment
clean, through the efficient management of all available resources, with social sensitivity and with a view to
contributing to social well-being.
WTPs - WATER TREATMENT STAGES
Water Treatment Plants (WTPs) are absolutely crucial for the water we drink, making it potable of excellent quality,
with a cumulative maximum refining capacity of 1,800,000 m3 of water per day.
The 4 WTPs are located in Galatsi, Acharnes (Menidi), Polidendri (Kiourka), Mandra in Aspropyrgos.
The surface water that arrives untreated at the WTPs is subjected to 5 treatment steps (pre-chlorination,
flocculation, sedimentation, filtration and post-chlorination).
In the pre-chlorination and post-chlorination stages, water disinfection is achieved by applying chlorine gas and now
sodium hypochlorite. Already three of the four WTPs of EYDAP SA carry out water disinfection with sodium
hypochlorite, while the fourth WTP (Polydendri) is expected to fully implement sodium hypochlorite by the 2nd
quarter of 2024. With the attempted change of the disinfectant, EYDAP SA achieves a significant transition in terms
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of water disinfection from chlorine gas to sodium hypochlorite, after a period of more than 80 years since the
application of chlorine gas as the main disinfectant. Furthermore, by changing the disinfectant, the Company is also
relieved of the safety data and obligations that arose due to the Seveso Treaty (CMD 172058/2016 "Determination
of measures and conditions for the response to the risks of large-scale accidents in establishments or plants due to
the presence of dangerous substances, and specifically for chlorine gas WTPs").
Through disinfection, water reaches consumers free of microorganisms and parasites and becomes healthy and safe.
In Water Treatment Plants, water is made potable by the most environmentally friendly and natural resource-
friendly methods.
More information is available on the corporate website eydap.gr in the section "The Company/Water Supply/Water
Treatment Plants".
WATER QUALITY CONTROL
EYDAP has put in place an appropriate framework of controls to ensure that the water supplied to consumers is
healthy and safe.
The water quality monitoring program has been developed to exceed the legislative requirements and includes:
• daily quality checks on samples of raw and drinking water, 7 days a week,
• close monitoring of the water quality of the four reservoirs, Mornos, Evinos, Marathon and Yliki, with on-site
visits, sampling and analyses at least eight (8) times/year,
• daily sampling and analysis of drinking water samples from the water supply network, in order to monitor and
document the excellent quality and address any problem that may arise promptly.
• sophisticated on-line systems, installed at key locations of the untreated water transport aqueducts to the water
supply network and the water treatment plants, which continuously record measurements of critical water
quality parameters.
The checks carried out, particularly on 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 legislation.
WATER QUALITY TESTING LABORATORIES
For water quality testing, EYDAP has ISO 17025 accredited laboratories in Galatsi and Acharne.
Samples are analyzed in the water quality control laboratories according to an appropriate program that defines the
parameters and frequency of testing:
• untreated water from the reservoir-lakes, EYDAP's boreholes, the aqueduct and the entrances of the WTPs
• drinking water from Water Treatment Plants, and
• from the Company's water supply network.
EYDAP has additional laboratories for the control of the intermediate stages of water treatment, installed in each
of the four Water Treatment Plants.
Through the laboratory analyses, the Water Quality Control Department of EYDAP systematically monitors and
records, in accordance with the provisions of its ISO 17025 Quality Assurance System, not only the parameters-
materials provided for by the current legislation but also international trends in regulatory issues, which may
constitute future legislative requirements or stakeholder requirements. As a result of this action, the list of
substances monitored is continuously enriched.
For this purpose, the most modern analytical methods are applied in EYDAP's laboratories in order to achieve high
sensitivity and accuracy of measurements. Among the analytical techniques applied are UHPLC-HRMS q-TOF liquid
chromatography, gas chromatography with MS/MS "triple quadrupole", ECD, FID and olfactometry detectors, ICP-
MS and ICP-OES plasma spectroscopy, automatic photometric analysis, ion chromatography, HPLC liquid
chromatography with fluorescence and UV detectors, toxicity testing with Daphnia organisms, and many others.
As part of the continuous improvement of quality control mechanisms, our laboratories are constantly upgraded
with state-of-the-art analytical equipment, as well as equipment designed to automate and optimize laboratory
work.
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In this direction, within 2023, procurement procedures have been initiated and are underway for laboratory
equipment for water quality testing, including a new GC-MS/MS gas chromatography - sequential mass spectrometry
system, a new ion chromatography anion system, a new total organic carbon system, etc.
SYSTEMS FOR CONTINUOUS MONITORING OF QUALITATIVE PARAMETERS IN THE EXTERNAL AQUEDUCT SYSTEM
(EWS)
Sophisticated systems for on-line monitoring of critical quality parameters in raw water are installed since 2017 in
12 nodal locations in the external aqueducts, which send real-time results with telemetry and timely alerts in case
of extreme values.
As part of the continuous improvement of quality control mechanisms, the network of continuous monitoring
systems was expanded in 2023 to more key locations and with additional sensors. With this new supply, the tender
process for which was completed in 2023, it is now possible to continuously measure and record on-line turbidity,
temperature, conductivity and organic load (TOCeq) in the water, in 22 in total, including the existing, nodal
locations along the Mornos and Yliki branches, the Marathon waterworks and the entrances of the four Water
Treatment Plants.
Through the EWS stations, it is possible to be immediately informed about incidents related to the quality of the
incoming untreated water in the water treatment plants and therefore to take timely measures to deal with the
phenomena, so as not to create problems in water treatment in the water treatment plants, the impact of which
may affect the water to be consumed in the water supply network.
CRUCIAL QUALITY PARAMETERS MONITORED ON-LINE AND IN DRINKING WATER
The use of on-line measurements helps to reduce the need for physical human presence for taking samples,
reduces the cost of sampling and gives for some critical quality parameters the advantage of monitoring them in
the actual conditions of the water supply network and in real time.
Residual chlorine is perhaps the most critical parameter, as its presence in drinking water ensures that
microbiological risks are minimized. To this end, 53 new on-line instruments for continuous monitoring of residual
chlorine will be installed in 2024 in all the drinking water tanks of the EYDAP Water Supply Network in various
locations in Attica. The relevant tender procedures were completed in 2023 and the implementation of the Contract
is expected by the 3rd quarter of 2024.
EYDAP systematically monitors and investigates technological developments in this area. In 2018, two systems for
continuous monitoring of quality parameters were also installed in the drinking water network. In 2019 they were
enriched with additional sensors and capabilities, according to the requirements of EYDAP. In 2020 these two
systems were further developed with the possibility of returning the sampling water to avoid water losses, as well
as the possibility of energy supply from solar panels and/or hydro turbines. One is installed within the urban area
and close to the Galatsi Water Treatment Plant, while the second is located in the area of Sounio (the extremity of
the network). Thus, EYDAP now has two "smart", energy autonomous and environmentally friendly systems for real-
time monitoring of quality parameters in the water supply network, as well as early warning and prevention of
potential problems.
During 2023, two more "smart" systems for the on-line monitoring of a number of critical parameters were tested
at EYDAP's facilities (sub. Chlorine, trihalomethanes, turbidity, conductivity, pH, nitrate & nitrite ions, hexavalent
chromium, copper, iron, and other undesirable organic substances). The purpose of the pilot tests is to investigate
the evolving market in this area so that targeted investments can be initiated and EYDAP can remain a leader in
water quality testing.
COLLABORATIONS WITH SCIENTIFIC INSTITUTIONS
For the investigation of specialized water quality issues, EYDAP often collaborates with Greek Educational and
Research Institutions (NTUA, University of Patras, University of Thessaly, NCSR Demokritos, Hellenic Atomic Energy
Commission, etc.), which are among the pioneers in their field in Europe.
The results of the collaboration with the Laboratory of Analytical Chemistry of the University of Athens constitute
the first extensive study on the detection of emerging contaminants in reservoirs intended for drinking water. This
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has resulted in both important documentation of the good chemical status of the reservoirs of EYDAP and a list of
substances that need to be monitored. The cooperation is continuing with the study of samples from the inlet and
outlet of the four Water Treatment Plants (WTPs) of EYDAP to provide data for risk assessment in the treatment
part of the water supply system.
These data will be used in the risk assessment study of the water supply system from the water intake to the meter,
required by the forthcoming legislation, and contribute to the optimization of EYDAP's water quality monitoring
program.
Very important in 2023 was also the cooperation with the University of Patras (Laboratory of Hygiene and
Environmental Microbiology of the Medical School) in terms of scientific support, training and development of the
staff of the microbiology laboratory on water microbiology issues.
CERTIFICATIONS
The Chemical Laboratories of Galatsi and Acharne, as well as the Microbiological Laboratory are accredited
according to ELOT EN ISO 17025 already since 2005, by the National Accreditation System (ESYD), for the
performance of tests for the determination of chemical and microbiological parameters in untreated and drinking
water (Certificate No. 192).
In 2023, in order to maintain accreditation as well as to extend the scope of accreditation, an inspection of our
laboratory activities was carried out by three ESYD assessors.
As judged by the evaluators, the performance of the WQCS laboratories is highly satisfactory and reflects the high
level of its staff and as a result, it was granted:
• Maintenance of accreditation
• Expansion of the Official Scope of Accreditation with two new methods for the determination of 33 additional
compounds
EYDAP's water laboratories are now accredited for more than 110 total types of tests/parameters for drinking and
surface water, as well as for sampling. International developments and trends in the field of water analysis are
systematically monitored. The continuous development and improvement of their operation is reflected in the
continuous expansion of the scope of laboratory accreditation, i.e. the continuous increase in the number of
substances identified using accredited methods.
COMPLAINT MANAGEMENT - CONSUMER INFORMATION
EYDAP gives particular priority to ensuring a high level of consumer satisfaction.
The Company has established a telephone hotline (1022) for the registration and rapid response to all quality issues
that may be reported by the consumer public.
In 2023, there was no incident of a consumer request not being satisfied or an incident of a fine or compensation
for water quality issues.
Reference to the "Customer Service with Security - Affordable Tariff" section of the same Report.
CONSUMER INFORMATION
EYDAP systematically ensures that consumers are informed about water quality in the following ways:
• on an annual basis, the average values of all the parameters identified are extracted. These values are posted
on the Company's website so that they can be accessed by any interested party.
• responds in writing by providing up-to-date information on water quality to any consumer request. In the
majority of these cases, the responses include reports of sample results taken from plumbing receptors within
the property of the parties concerned.
• water quality data of EYDAP’s water supply network are systematically sent to the Ministry of Health. The
data for the three-year period 2020 - 2022 were sent in March 2023 to the Ministry of Health and the Ministry
of Environment. The Ministry of Health sends the data received from all water operators to the European
Commission and also posts them on its own website for public information.
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NEW LEGISLATION ON THE QUALITY OF WATER INTENDED FOR HUMAN CONSUMPTION
In 2023, the publication of the no. D1 (d)/GP oik. 27829/15-5-2023 CMD (Government Gazette 3525/B/25-5-2023),
concerning the "Quality of water for human consumption in compliance with the provisions of Directive (EU)
2020/2184 of the European Parliament and of the Council of 16 December 2020 (L435/1, 23.12.2020)".
The aim of the new CMD is to protect human health from the adverse effects of contamination of water for human
consumption by ensuring that it is healthy and clean, and to improve access to water for human consumption.
The main additions/modifications to the new CMD, compared to the previous corresponding one that is being
repealed (C1(d)/GP οικ.67322/6.9.2017), are briefly listed below:
• Drinking water parameters and limits are updated based on the latest scientific data and World Health
Organization guidelines.
• Water safety risk assessment is introduced as the key driver for the development of quality monitoring programs.
• Measures are foreseen to assess and mitigate water loss.
• Measures are introduced to increase access to drinking water.
• Water operators are required to provide consumers with adequate, up-to-date information on water for human
consumption,
• Rules for "operational" monitoring are established to check more systematically the effectiveness of water
treatment.
• Provision is made for rules on materials in contact with drinking water and treatment media.
Selected EYDAP executives, due to their expertise and experience, participated both in the consultation for the
adoption of the EU 2020/2184 Directive and in the Working Group of the Ministry of Health for the harmonization
of Greek legislation and the adoption of the CMD.
It is also noted that EYDAP, with all the actions mentioned above, has ensured the strict compliance with the new
CMD from the first day of its implementation.
COMPLIANCE WITH CONTRACTUAL OBLIGATIONS WITH THE GREEK STATE
In order to comply with the obligations of the new Contract of Law 4812/2021 between the Greek State, the EYDAP
Asset Company and EYDAP SA, the raw water quality data and the data on the quality of water for human
consumption are now systematically sent to the Ministry of Environment.
RECOGNITION
As documented by the results of about 170,000 determinations on about 10,000 drinking water samples and 2,000
untreated water samples per year, EYDAP continuously certifies that Athens' water is of excellent quality and one
of the best in Europe.
The results of the analyses certify that the quality of the drinking water of EYDAP meets the legislative
requirements of CMD D1 (d)/GP oik. 27829/15-5-2023 (Government Gazette 3525/B/25-5-2023), concerning the
"Quality of water for human consumption in compliance with the provisions of Directive (EU) 2020/2184".
COMPLIANCE WITH REGULATIONS AND STANDARDS
During the reporting period, no incidents of non-compliance with regulations and rules related to water quality
and negative impacts on CONSUMER HEALTH and SAFETY were identified.
The drinking water quality control data from the water supply network of EYDAP SA is available on the corporate
website eydap.gr in the section "The Company/Water Supply/Raw Water Quality Control".
R&D Actions in the context of ensuring the quality of drinking water.
The ToDrinq project (https://todrinq.eu/) is underway and will deliver to the Polydendri Water Treatment Plant an
integrated pilot system for the control of quality parameters that could not previously be controlled by
conventional means. In addition, it delivers an inter-functional decision-making tool, which will act as an advisory
tool to the operators and designers of the Water Treatment Plant.
In 2023, EYDAP carried out a complete upgrade of its 2 autonomous robotic vessels (USV) to monitor the quality
characteristics of water reservoirs for human consumption. Now the vessels will be able in a minimum of time to
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act operationally throughout the reservoirs, identifying in time potential pollutant inflow points. The vessels were
deployed in 2023 as part of the company's research projects.
2.1.4 EYDAP WASTEWATER NETWORK – WASTEWATER COLLECTON & TREATMENT – PROECTS IN EAST ATTICA
Attica's Sustainable Development is closely linked to the responsible and effective management of wastewater.
EYDAP today, as the largest company in Greece operating in the water cycle, takes care of the collection and
treatment of wastewater and returns to the environment treated water free of pollutant load, applying the most
modern international practices.
We are committed to a continuous and dynamic presence in this sector, through our undeniable high level of
expertise and with the main objective of protecting natural resources, using modern methods of circular economy
and the continuous upgrading of the quality of life of citizens.
EYDAP's operation and especially the disposal and treatment of residential, institutional, factory and other
installations is based on the regulatory provisions of Greek and European legislation and corporate initiatives.
RISKS: the recognition, assessment and control of potential risks are very critical and important factors that the
Company manages with particular attention through the preparation of a specific Business Plan, being aware of
their economic, social and environmental impact. The main risks related to sanitation issues are:
• environmental degradation in areas where there is no sewerage network
• wastewater inflow into properties or escape into the environment (roads, streams) due to overflows or
blockages of pipes
• problems in the operation of wastewater treatment plants due to discharge into the network of inappropriate
for treatment effluent
• pollution of marine ecosystem in the event of inadequate treatment of effluent.
• impact of climate change (extreme weather events, fires, etc.)
The adoption of preventive measures, the revision of operating procedures and the continuous modernization of
systems aims to ensure the uninterrupted and safe operation of the wastewater network and wastewater treatment
facilities, while reducing the Company's environmental footprint through the reduction of energy consumption, the
strengthening of the circular economy and the reduction of the carbon footprint.
Our impacts
Α. SEWERAGE NETWORK
EYDAP is responsible for the construction, operation and maintenance of the sewerage network in its area of
competence, as defined by article 8 of Law 2744/99 as in force today.
The population served is approximately 3,695,000 inhabitants.
The total length of the sewerage network under our competence in 2021 was 8,438 km and in 2022 8,598 km.
The incorporation of the wastewater network of the city of Megara and Nea Peramos on the 1.9.2023 rose the total
length of the wastewater network to 8,716 klm . So our network extends from Agios Stefanos to Salamina and
from Varkiza to Megara and Nea Peramo.
Our aim is to expand the network to areas lacking sewerage.
The term "sewerage network" in the area under EYDAP's competence, for which EYDAP is responsible, refers to the
sewage pipelines, the all-flow pipelines (the old mixed network in Athens city center), the pumping stations, the
pressure pipelines, the overflow shafts and generally any project that aims to the collection and transportation of
sewage to the final recipients.
Pipelines and external branches of sewage systems constructed by third parties are incorporated in the final
sewerage network after acceptance by EYDAP.
Attica's sewerage collection is carried out by rainwater and sewage pipelines. The system is divided (effluent - storm
water pipelines), except from the central area of the city of Athens, where the system is combined (common system
for effluent and storm water).
155
On the 3
rd
.2.2023 a Planning Agreement was signed between the Municipality of Athens and EYDAP, under which
EYDAP is assigned with the responsibility to construct sewage pipelines of less than 300 mm in cross-section, as well
as branches for the connections of properties to EYDAP network. This Planning Contract will have a duration of ten
years
According to current legal framework, the responsibility for storm water drainage and flood protection projects, as
well as for the cleaning of drainage shafts, belongs to the Region of Attica and the local municipalities.
Sewers are usually gravity pipelines, but where necessary there are also pressurized pipelines.
Attica's sewerage system after the incorporation of the sewerage pipeline system of the city of Megara and Nea
Peramos includes: 59 pumping stations, mainly along the coastal line of Piraeus and the coast of Saronikos and
Salamina, 3 pumping stations in Thriasio Field, 1 pumping station in the Municipality of Stamata, 1 pumping station
in Adames 8 ay Nea Peramos and 7 at Megara, while new pumping stations are constantly being added from the
secondary sewage networks, the construction of which is under the responsibility of the Municipalities, which are
received by EYDAP.
EYDAP closely monitors the proximity of its installations, especially of the pumping stations to the natural recipients,
in order to intervene timely and prevent cases of environmental pollution from potential overflows.
Wastewater is discharged via the main collectors to the Wastewater Treatment Plants.
Α.1 SEWERAGE NETWORK INSPECTION AND MAINTENANCE
Network maintenance and fault restoration is carried out with continuous and immediate interventions, by highly
trained personnel and the use of appropriate equipment that is constantly modernized and the extensive use of
modern information systems. The prevention and effective treatment of problems is achieved through the use of
modern equipment and the extensive use of modern information systems. More details at eydap.gr.en in section
“Company/Sewerage and wastewater treatment/SewageNetwork”
Α.2 . MONITORING OF BREAKDOWNS IN THE SEWERAGE NETWORK
Damage to sewerage network is caused by blockages due to the discharge of unfit materials into the network, such
as rubble, grease and oil and other objects, as well as by the entry of roots from adjacent trees.
Α.3 DIGITAL IMAGING OF ABOUT 80% of the NETWORK which contributes to the rapid response to the problems
encountered.
Α.4 CONTINUOUS MODERNISATION OF EQUIPMENT
In 2023, we received:
✓ 3 suction and high-pressure water tanker trucks from wastewater recycling.
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✓ 2 high-pressure water and waste water suction tanker trucks.
Α.5 INSPECTION OF SEWAGE EFFLUENTS FROM INDUSTRIAL AND MANUFACTURING SITES
The specific obligations of professional, industrial and craft activities to discharge wastewater into the sewerage
network in the areas under EYDAP's competence are regulated by the Special Sewerage Network Operation
Regulation in conjunction with the relevant CMDs. EYDAP authorizes the companies, that produce liquid waste in
the context of their production activities, to its legal disposal in the sewerage network and conducts systematic
sampling and tests of the waste entering the network.
Laboratory analyses of the samples are carried out in our accredited laboratories in Akrokerimos and Metamorfosi.
Sanctions are imposed, in case set limits of parametric values are exceeded, as these are defined in the Special
Sewerage Network Operating Regulation.
In 2023, a contract was tendered for the installation of a quality monitoring system for urban and industrial sewage
entering Metamorpfosis WWTP.
Α.6 DEVELOPMENT OF SEWERAGE WORKS
In order to ensure the drainage of all areas under EYDAP's competence, and are currently deprived of sewerage,
EYDAP, in cooperation with the Municipalities, is proceeding with the planning and design of the required
sewerage projects in Attica.
In this context:
• Construction of sewerage pipelines in certain areas of EYDAP's competence.
In progress
• Construction of connections to properties and secondary sewerage network with the required
manholes in the areas of competence in the North-East and South-East sectors.
In progress
• Reconstruction of pressure pipelines in the South-East sector.
In progress
• Reconstruction of sewerage network, manholes and property connections in the South-West and
North-West areas of competence.
In the process of contract signature.
The tendering procedures of the projects are particularly lengthy, due to constant amendments to the law and
litigation. As a result, the appointment of the contractor and the signing of the relevant contract takes place after
a long period of time - more than a year in many cases - from the publication of the tender documents.
Β. 5 WASTEWATER TREATMENT PLANTS (5 WWTPs)
The treatment of effluent of EYDAP area of competence, that currently have a sewerage network is carried out at
the 3 Wastewater Treatment Plants (WWTPs) at Metamorfosi Attica (WWTPM), at the Psyttalia Island (WWTPP)
and at the Thriasio Field (WWTPTF).
Since September 2023, EYDAP took under its jurisdiction the operation and maintenance the Megara Wastewater
Treatment Plant and in mid-December 2023 took over the management and the operation of the Koropi-Paiania
Wastewater treatment Plant.
EYDAP's main concern is:
• compliance with the environmental conditions in force.
• the optimal and uninterrupted operation of the WWTPs, with continuous and proper maintenance.
• the continuous modernization of the facilities.
• the management of treatment by-products using the most modern methods
• compliance with the required outflow quality limits.
• compliance with the principles of circular economy and application of sustainable management (production
of biogas and management of the sludge produced as an alternative fuel).
For a detailed reference on this subject, see the 'Circular economy' section of the same report.
In accordance to the published maps of the Ministry of Natural Resources that the Psyttaleia, Metamorfosis and
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Thriasio WWTPs are not located in flood risk areas with a recovery period of 100 years; while the Megara WWTP is
located in flood risk area with a recovery period of 100years.
Β.1 Psyttaleia Wastewater Treatment Plant (Psyttaleia WWTP)
It is one of the largest WWTPs in Europe and worldwide, with a treatment capacity (average design flow) of
1,000,000 m
3
/day of wastewater.
In 2023
• the total inflow of sewage was in the order of 240,000,000m
3
• the average inflow of sewage is in the order of 660,000 m
3
/day.
Urban wastewater and pre-treated industrial wastewater are discharged into the Psyttaleia WWTP from
• the wider area of the Attica basin, except for certain areas where urban waste water is treated at the
Metamorfosis WasteWater Treatment Plant
• the island of Salamina.
At Psyttaleia WWTP biological treatment (secondary treatment with nitrogen removal) and drying of the
produced dehydrated sludge is carried out.
The efficiency of the plant, in terms of removal of the total pollutant load, is of the order of 95% or more for
certain pollutants.
The treated outflow from the Psyttaleia WWTP end up directly into the Saronic Gulf.
Psyttalia WWTP ENVIRONMENTAL FOOTPRINT
The energy optimization of the Psyttaleia WWTP and energy saving has been one of the most important objectives
of EYDAP. For this reason, the operation and maintenance contracts attempt to make a special contribution in this
direction.
Detailed reference to this issue in the section ' Climate Change Mitigation Strategies ' of the same Report.
The sludge treatment process produces biogas, which is used as a fuel in the sludge drying plant, instead of natural
gas, while any surplus is used as fuel in engines for the co-production of electricity and thermal energy to meet the
corresponding energy needs of the Facility.
The dried sludge produced is made available as an alternative fuel to cement industries. On average, approximately
40,000 tn are produced annually. The upgrading of the facilities aims at the overall improvement of the operational
processes and the further improvement of energy self-sufficiency of the centre through the increase the biogas
production.
A detailed report on the subject is given in the section " Circular Economy" of the same Report
UPGRADING OF PSYTTALEIA WWTP FACILITIES
In the context of upgrading the facilities, further optimizing the operation of the Plant and in full compliance with
environmental conditions, the following projects are planned to be implemented within the next five years:
• Construction of a building for the temporary storage of pre-treatment product bins at Akrokeramos.
• Equipment and commissioning of the two inactive dredging tunnels.
• Improvement of the overflow pipe at Acrokeramos and landscaping.
• Improvement of the collection and treatment of fats and oils in primary sedimentation.
• Anaerobic treatment of fats and oils through the construction of two new digesters
NON-STANDARD URBAN WASTEWATER INFLOW
In the context of addressing incidents related to the inflow of wastewater of non-standard urban composition in the
WWTP of Psyttaleia, in 2020, an internationally recognized professor of the Faculty of Civil Engineering of the
University of Patras was assigned to carry out a research project on "Collection, Processing and Analysis of Time
Series of Qualitative and Quantitative Parameters at the Entrance and Exit of Psyttaleia WWTP for the Detection
and Probabilistic Modeling of Emergency Charging Incidents".
158
The objective was to understand and quantify the influence of extraordinary loading incidents on the smooth
operation of the plant. The work was completed in January 2022.
ENVIRONMENTAL CONDITIONS
The treatment of the wastewater of the Psyttaleia WWTP, in terms of the requirements resulting from the
Environmental Conditions (EC), has been, over time, completely successful, which is confirmed by the results
announced and posted annually on the official website of the Ministry Of Environment And Energy, as required by
law.
There is, however, a deviation in compliance with the condition relating to the chlorination of the treated outflow
(non-compliance with the provisions of the MD No. Eiv221/1965). This is included for the first time in the 2009
renewal of the Environmental Authorisation Decision of the Psyttaleia WWTP. It should be noted that neither the
studies, nor the corresponding EADs, nor the construction of the Psyttaleia WWTP (A and B Phase) by the Greek
State provided for the construction of a chlorination plant.
On the subject, studies by reputable public University bodies and scientific institutions show that chlorination of the
outflow of treated effluent from the Psyttaleia WWTP to the aquatic environment is not advisable.
In particular they state:
• A study by the National Technical University on the issue of chlorination of treated effluent has proved that
"chlorination of the wastewater of Psyttalia is not advisable but should be avoided". This study also showed
that the quality of the bathing waters is of excellent quality.
• Reports by the Hellenic Center for Marine Research (HCMR), concerning the results of the monitoring of the
ecosystems of the inner Saronic Gulf and the Gulf of Elefsina, document that there is no impact on the marine
recipient from the operation of the Psyttaleia and Thriassio WWTPs.
• The study of the School of Chemistry of the National Kapodistrian University of Athens (NKUA), the Laboratory
of Analytical Chemistry of the Department of Chemistry regarding the issue of the possible addition of chlorine
to the treated wastewater of the WWTPP, concluded that: "the addition of the extra chlorination stage is not
proposed as a strategy for the treatment of the outgoing wastewater of the WWTP of Psyttaleia before its
discharge into the aquatic ecosystem".
In view of all the above, EYDAP has submitted a request to the Ministry of Environment & Energy for the removal,
from the EAD of the WWTP of Psyttaleia, of the clause concerning the obligation to add chlorine to the treated
wastewater of the WWTP of Psyttaleia, in order to formally eliminate this apparently regulatory deviation.
Β.2 Metamorfosis Wastewater Treatment Plant (Metamorfosis WWTP)
It is the oldest wastewater treatment plant and is a reception and co-treatment facility of
• urban effluent through a network of sewage collectors and
• domestic sewage from areas of Attica that lack a sewerage network
In addition, pre-treated biodegradable industrial waste is disposed at the Industrial Waste Sump of the
Metamorfosis WWTP, which ends up for treatment at the Psyttaleia WWTP.
The WWTP has a treatment capacity (average design flow) of 44,000 m
3
/day of wastewater (20,000 m
3
/day of
urban wastewater and 24,000 m
3
/day of urban sewage).
In 2023
• the average inflow of sewage is in the order of 24,000 m
3/
day
(effluent 14,000 m
3/
day and sewage 10,000 m
3
/day)
• the total inflow of sewage was in the order of 8,040,000 m
3
(effluent 4,760,000 m
3
και sewage 3,280,000 m
3
).
At the WWTP urban wastewater and sewage are co-treated (secondary treatment) with chlorination of
the treated outflow and treatment and dehydration of sludge.
The pollutant load removal rate, in terms of organic load, is over 99%
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The final recipient of the WWTP outflow is the Pyrnas stream, which ends in Kifissos
WWTPM ENVIRONMENTAL FOOTPRINT
The dehydrated sludge is transported to the Psyttaleia WWTP for drying
reference on the subject, in section "Circular Economy”.
The use of the produced biogas, which is a renewable energy source, for heating the sludge of the digestion tanks
and the buildings of the Metamorfosis WWTP, leads to the withdrawal from the use of fossil fuels (e.g. oil) and to
the reduction of electricity consumption for heating buildings. The total energy saving from heating buildings is
estimated at 63 MWh/year.
Our aim is to optimize the operation with:
• projects to improve the existing treatment facilities and the facilities at the Tanker Truck Discharge Area
• implementation of the particularly important for the region and the residents, in addition to the existing,
deodorization projects
• projects for the treatment of biodegradable industrial waste.
• projects for further energy utilization of the biogas produced, through the installation of an electricity and
thermal energy cogeneration unit. The implementation period of the projects is estimated at 2 years from the
signing of the Contract, that means, in 2026
As part of the monitoring system and the faster service of the tanker trucks transporting urban and industrial
wastewater entering the Metamorfosis WWTP, an electronic control system (e-pass) was installed in 2018. Vehicles
enter the WWTPM using a prepaid card.
Also in 2023, the installation of an integrated quality control system for all urban and industrial sewage disposed at
the Metamorfosis WWTP was put out to tender, in order to avoid the disposal of unsuitable sewage and to protect
the biological processes of the plant.
Β.3 Thriasio Pedio Wastewater Treatment Plant (Thriasio WWTP)
The Thriasio Pedio WWTP has been operating since 2012 and is the most modern WWTP. It is an integrated solution
to a chronic problem of the inhabitants of the Thriassio Pedio area, thus contributing to the restoration of the
balance of the ecosystem of the Gulf of Elefsina, which has been identified as a sensitive recipient.
The Thriasio Pedio WWTP serves the areas of Elefsina, Aspropyrgos, Mandra and Magoula, with a treatment capacity
(average design flow) of 21,000 m
3
/day of wastewater.
At Thriasio WWTP secondary treatment is carried out with phosphorus and nitrogen removal and disinfection
The removal of the pollutant load is achieved at a rate of more than 95%.
Treated outflow from the Thriasio WWTP ends up directly to Elefsina Gulf.
Measurement of incoming flow at the Thriassio WWTP
Following the actions taken by EYDAP in the Thriassio area, a continuous increase of inflow to the WWTP is observed.
Specifically, according to previous years data : In 2015 the average daily inflow was 2,100 m
3
/day, in 2016 it was
2,400 m
3
/day, in 2017 it was 4,000 m
3
/day, in 2018 it was 4,500 m
3
/day, in 2019 it was 5,500 m
3
/day, in 2020 it
reached 6,000 m
3
/day ,in 2022 it was 6,330 m
3
/day and in 2023 is in the order of 6.300 m
3
/day.
In 2023, the total inflow of sewage was in the order of 2,300,000 m
3
m
3
.
Pipelines, 130 km long, for the transfer of sewage to the WWTP, and 3 pumping stations were constructed as part
of the sewerage works in the Thriasio area to comply with Directive 91/271/EEC on urban wastewater treatment.
ENVIRONMENTAL FOOTPRINT OF THE THRIASIO WWTP
The operation of the WWTPT will lead to the elimination of cesspools and the eventual discharge of untreated waste
water into the environment. The dehydrated sludge produced in the WWTPT is transported for thermal drying to
the Psyttaleia WWTPT.
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INCREASE IN PROPERTY CONNECTIONS
In order to increase the number of property connections, EYDAP
• implemented a program to provide financial incentives to residents of the areas whose wastewater is expected
to be sent to the Thriasio WWTP. This Program was implemented from mid-2014 until 30.6.2019
• strengthened, even with financial incentives, the construction of connections in the Municipalities of Elefsina,
Mandra-Eidyllia and Aspropyrgos (2017 and 2018).
As a result of the above actions, combined with parallel actions taken by local Municipalities for the construction of
connections, the service rate of residents increased significantly, estimated at 93.8% (second half of 2022).
The total outflow of treated wastewater for the year cumulatively for all 3 WWTPs is considered equal to the
inflow. For 2023 is 250,259,022 m
3
(685,641 m3/ημέρα).
Β.4 Megara Wastewater Treatment Plant (Megara WWtP)
Recently, in September 2023, EYDAP took under its jurisdiction the operation and the maintenance of Megara
Wastewater Treatment Plant, which was in the ownership of the Municipality of Megara.
The facility is located East-NorthEast of the city of Megara at the location “Shinea Pigadi”. The WWTP receives
sewage through a network of sewage collectors from the city of Megara and New Peramo as well as household
sewage from areas that lack a sewerage network.
Treated effluent are guided through an under-sea pipeline to the aquatic area of the Saronic Gulf, west of Hesonisos
of Ag. Triada at the “Almyre” location and at a depth of 30m. The stabilized dehydrated sludge, since EYDAP got in
charge of the installation, is transported to the Psyttaleia WWTP for thermal drying.
The average daily design effluent inflow is 8,000 m
3
/d.
At Megara WWTP secondary treatment is carried out with nitrogen removal and disinfection.
In 2023 the WWTPM treated in average 1, 900m
3
/d effluent and 90m
3
/d sewage.
Β.5 Koropi-Paiania Wastewater Treatment Plant
In mid-December 2023, the management and the operation of the Wastewater Treatment Plant of Koropi-Paiania
came under the jurisdiction of EYDAP.
The facility has the capacity to treat wastewater equivalent to a population of 99,486 i.c.
In 2023 treated in average 1,750 m3/d of urban effluent
To the already licensed facility is directed or is tto be directed the sewage from the following areas:
• Municipality of Paiania as a whole, including Industrial Park of Paiania
• the town of Koropi and the settlement of Karellas of the Municipality of Koropi, the Industrial Park of Koropi and
Karella and the Koropi wholesale park included
• the southern areas of the Western Regional Ymmittos Avenue of the Municipality of Pallini
• the settlement Chamolias of the Municipality of Markopoulo-Mesogaia
Expansion projects of the Koropi-Paiania WWTP are planned, concerning a future new treatment line (2
nd
treatment
line) for the reception of the additional hydraulic and pollutant load of the sewage from the coastal areas of the
Municipalities of Saronikos & Kroppia.
At the WWTP secondary treatment is carried out with phosphorus and nitrogen removal and disinfection.
The treated effluent are directed through an under-sea pipeline to the aquatic area of Chamolia in the Southern
Evoiko Gulf through a tunnel.
C. LABORATORIES FOR CHEMICAL ANALYSIS OF WASTE WATER
Our laboratories are accredited by the National Accreditation System (NSAS) in accordance with ISO 17025 -
Certificate numbers 862-3 ("Akrokeramos Sewage Laboratory") and 856-4 ("Metamorphosis Laboratories").
These tests are carried out on samples of effluent ,wastewater and sludge from:
• the WWTPs
• sewers of the sewerage network
• businesses- industries, connected to the network
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• tanker trucks transporting sewage to the Metamorphosis WWTP
• properties where damage has occurred
• the Environmental Inspectors on matters within their competence relating to pollution of the aquatic
environment
In the case of businesses- industries, the parameters examined, their limits and the frequency of sampling are
determined by the relevant legislative framework and the corresponding environmental conditions concerning the
WWTPs.
In 2023, the number of samples analyzed by the laboratories of the Dpt of Laboratory Analysis of Wastewater
amounts to 11,500 with the corresponding analyses reaching 65,000.
Results of industrial wastewater testing through sampling at EYDAP laboratories
Taking into account the results of the inspections and the large number of business using the sewerage network
(over 10,000), it is concluded that, in general, business comply with the requirements of the legislation. It should be
noted that the sanctions imposed are minimal. For the years up to 2020 we refer to 10 companies.
For 2021 the sanctions imposed were 12, while for 2022 the relevant number is 15.
Data for 2023 is not yet available
D. TRAINING OF STAFF
Sewerage personnel working in particularly adverse and unhealthy conditions (inside manholes and pipelines with
the release of gases dangerous to health, etc.) is constantly trained in order to respond to their duties in the safest
and optimal way.
Ε. ASSESSMENT OF THE EFFECTIVENESS OF OPERATION AND MANAGEMENT OF THE WASTEWATER SYSTEM
This is done by developing the following applications and practices, some of which are important innovations in the
operation of the system:
Ε.1. Monitoring of the marine ecosystem of the Saronic Gulf and the Gulf of Elefsina and evaluation of the results,
in collaboration with an independent research organization (HELLENIC CENTRE FOR MARINE RESEARCH -HCMR).
The Hellenic Centre for Marine Research (HCMR), based on contractual agreement with EYDAP, is monitoring the
quality of the ecosystem of the Inner Saronic Gulf and of the Gulf of Elefsina and of the Keratsini Bay, as affected by
the Psyttaleia Wastewater Treatment Plant and the Thriasio Field Wastewater Treatment Plant.
Monitoring started in 2005 and continues to date. The results show a continuous improvement of the ecological
status of the Inner Saronic Gulf and the Gulf of Elefsina, especially at the discharge points of the WWTPs.
Detailed reference to this issue in section "Protection of Marine Environment " of the same report
Ε.2. Publication of the results of wastewater treatment in the National Database of the Ministry of Environment,
Energy and Climate Change.
Quantitative and qualitative characteristics of the inflows and outflows of Wastewater Treatment Plants are
published in the electronic database http://astikalimata.ypeka.gr/ of the Special Secretariat for Water.
The characteristics published are as follows:
• Average annual effluent inflow.
• Average annual inflow load BOD5.
• Annual quantity of dried sludge produced (tn).
• Annual quantity of Dry Solids (tn).
• Daily values (mg/l) of the parameters: BOD5, COD, TSS, T-N, NH
4
-N, T-P
Access to the database is free for all citizens.
Over time, as can be seen from the results posted in the electronic database of the Ministry of Environment
and Energy, the quality of outflow of EYDAP's Wastewater Treatment Plants is always within the limits set
by the approved Operational Environmental Conditions.
Ε.3 MONITORING OF INFLOWS AND OUTFLOWS at WWTPS BY CONTINUOUS SAMPLING AND MICROBIOLOGICAL
ANALYSIS IN EYDAP LABORATORIES
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Systematic sampling of wastewater, according to needs and in compliance with the legislation in force, at the inlet
and outlet of the WWTPs, as well as at intermediate stages of treatment, for chemical and microbiological analyses.
The results of the analyses confirm that the limits set by the environmental conditions of the WWTPs are respected.
F. INFORMATION SYSTEMS USE
EYDAP's high requirements in terms of information systems, led the Company to a continuous improvement of the
existing IT applications concerning the SewerageService and the installation of new ones.
G. OVERFLOWS
Wastewater overflow due to heavy rainfall is allowed by the relevant article (clause d.5 par. 5.2, 5.3) of the
environmental conditions of operation of the WWTPP. Based on the data on wastewater flows to be treated at the
Psyttaleia WWTP and on the capacity of the pumping station at the Akrokeramos inlet, it is estimated that the
overflow in 2023, due to flooding, was 2.5* 10
6
m
3
(0% recovery)
H. CIRCULAR ECONOMY - ACTIONS
Reference to this topic in the "Circular Economy" section of the same report.
Ι. SOCIAL ASSISTANCE INITIATIVES
Reference to the section “Local Community - Environmental awareness” of the same Report
J. ACTIONS UNDER PLANNING CONTRACTS
In cases that Municipalities are unable to construct the secondary sewage pipelines, EYDAP undertakes their
construction as well as the construction of the connections to the properties, following the signing of a planning
contract with the Municipality concerned.
In 2023, planning contracts were signed with the Municipality of Athens (3.2.2023), Salamina (25.4.2023) and
Elefsina (25.4.2023) for the construction of the secondary pipeline network and the connections to properties in
the area of their competence.
COMPLIANCE WITH REGULATIONS
During the reporting period, there were no incidents of non-compliance with regulations related to the impact
of EYDAP services on the health and safety of citizens
EYDAP'S PLANNING FOR SEWERAGE IN AREAS OF EAST ATTICA 2023
EYDAP planning for the drainage in the regions of East Attica has direct and potential impact on the environment
and on the local community and indirect on the economic and cultural development.
As the company responsible for the provision of water supply and sewerage services in the Attica region, EYDAP
SA has taken substantial action to solve the problem of non-integrated wastewater management, which for many
years has led to environmental degradation, sub-optimal management of the valuable resource of water and the
imposition of fines for non-compliance with European Directive 91/271EEC, regading the urban wastewater
treatment.
EUDAP’s crucial drainage projects built have been designed to operate with state-of-the-art technology, ensuring
the reuse of the treated outflows, in full compliance with the current institutional framework for reuse.
An Environmental Awareness and Information Center will be operating in the premises of the Municipalities of
Rafina-Pikermi and Spata-Artemis, where pilot programs will be implemented for the optimal use of reclaimed
water as well as environmental information and education activities.
The projects are co-financed by the Cohesion Fund and the European Regional Development Fund, through the
NSRF Operational Programs 2014-2020, as well as by the Recovery and Resilience Fund. The financing of the
projects also includes the construction of the external branches, which would burden, based on the current
legislative framework, the owners of the properties that will be served by the new drainage projects.
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EYDAP, in accordance to the terms and conditions as come from the decisions for co-financed projects, has
developed on its corporate website a section referring to its co-financed projects and where all required data is listed
for the information of the interested parties
In addition the Company developed a specialized website katharonero.eydap.gr under the corporate website
eydap.gr, for the continuous information of citizens on the important Sewerage Projects of East Attica and the
environmental benefits of the projects.
Α. SEWERAGE WORKS IN EAST ATTICA
1. Collection, treatment of urban waste water of the Municipalities of Rafina-Pikermi and Spata-Artemis and
reuse-disposal of treated effluents
2. Collection, Treatment of Urban Wastewater of the Municipality of Marathon and Disposal Reuse of treated
effluents
3. Construction of sewage works in areas of the Municipality of Pallini
4. Construction of a sewerage network for the area of Glyka Nera in the Municipality of Peania
5. Construction of internal sewage drainage system for the settlement of Paiania.
6. Collection, treatment of urban waste water from the coastal zone of the Municipality of Saronikos and the
Municipality of Kropia and reuse-disposal of treated effluents
7. Sewage drainage in the area of Kitsi of the Municipality of Kropia.
8. Sewage drainage of the areas of Leontariou-Kantza, Kato Balana and Ag. Nikolaos, Municipality of Pallini
9. Sewage drainage of the southern part of the Municipal Unit of Artemis.
10. Sewerage, wastewater treatment and disposal of treated effluents in the Municipality of Oropos
11. Re-use of treated outflow from the Waste Water Treatment Plants (WWTPs) of East Attica
12. Management, final treatment and utilisation/disposal of the biosolids produced by the East Attica WWTPs
13. Construction of a sewerage network in the settlement of Daou Penteli
14. Construction of a sewage network in the settlements of Grammatiko, Ano Souli, Kaletzi and Agios Panteleimon
(part of the settlement) of the Municipality of Marathon
15. Sewerage of the settlement of Varnavas, Municipality of Marathon
Β. ENVIROMENTAL BENEFITS FROM THE IMPLEMENTATION OF THE PROJECTS
According to the plan, in the next few years, approximately 400,000 inhabitants of East Attica will be connected to
the sewerage network
• The Wastewater Treatment Plants (WWTPs) to be operated by EYDAP S.A. in East Attica (Rafina-Pikermi &
Artemida-Spata WWTP, Marathon WWTP, Koropi-Peania WWTP) will have a reclaimed water production
capacity of about 48,000 m
3
/day.
• This capacity can be increased in 20 years (2040) with the construction of the necessary expansion works of
the WWTPs to 75,000 m
3
/day
• The annual production capacity of reclaimed water for the irrigation season (April-September) will rise to
8,800,000 m
3
/year in the construction stage, while for a 20-year period (2040) the corresponding capacity
may be increased to 14,000,000 m
3
/year.
• Under the assumption that annual irrigation water needs of arable land adjacent to the WWTPs are in the
range of 500-600 m
3
/acre/year - as recorded in the "General Plan for the reuse of the treated effluents of the
WWTPs of East Attica" (EYDAP S.A. E, 2016) - it is possible to irrigate
o at the initial stage around 16,000 hectares of arable land
o in 20 years (2040) about 25,000 hectares
Based on the conclusions drawn from the updating of the above Reuse Master Plan of the East Attica WWTPs and
from the preparation of a “Viability Study of the Management Body for Reclaimed Water of East Attica Region" in
cooperation with the Jaspers Group of the EU, the projects that will be launched in the next period will specify on
the unlimited irrigation of agricultural land in East Attica and necessary technical studies will be prepared.
Β1. Protection of the water resource
The reuse of WWTPs treated effluents is a strategic choice for EYDAP in the design and implementation of these
projects with a significant impact on the remediation and enrichment of the groundwater aquifer and the
conservation of the valuable resource of water.
The maturing actions of the project for the reuse of WWTPs recovered water for irrigation and peri-urban use for
164
the benefit of the agricultural cooperative and local societies are in progress.
Informative/awareness actions for local farmers, as the main potential users of recovered water are planned and
have been launched.
The preparation of a viability study for the business plan of the reuse of the treated Outflow of WWTP is in progress
In the context of the Viability Study, the first working meetings were held between EYDAP and local farmers with
particular success. Three meetings were held, at Spata with the representatives of the Agricultural Cooperatives of
Spata, at the Town Hall of Kropia, with the Agricultural Cooperatives of Paiania-Koropi-Markopoulo and at
Marathona eith the representatives of the Agricultural Cooperative of Marathona
The interest parties had the chance to get informed on the recovered water, the technical specifications and quality
controls that the body will carry out, as well as for the potentials and the benefits of the availability of this important
resource.
Discussion was made on the opportunities opened by the possibility of using recycled water for crop irrigation.
Partnerships with the Agricultural University- Pilot Irrigation Application
In the framework of the Company’s strategy for the development of the possibility of irrigation through the reuse of
treated effluents, EYDAP in collaboration with the Agricultural University of Athens developed a pilot application of
irrigation with treated effluents in an experimental field of the University in the area of Mesogeion.
In the pilot application were caarried out
• 5,000 analyses related to the determination of physicochemical propertied of soils and
• 1,000 analyses related to the determination of the biometric and biochemical characteristics of wine
and olive plan tissue
The conclusion, after monitoring an irrigation season was particularly encouraging, as it showed that irrigation with
treated effluent under strict quality characteristics, as determined by the legislation, is completely safe and
recommended without indications for avoiding the long term use.
The cooperation between EYDAP and the Agricultural University is to be continued with relevant pilot and research
projects.
Β2. Reducing the energy footprint of projects
The significant reduction of GHG emissions in the region is valued as a major result of the implementation and
operation of the projects.
Provision has been made for the:
• Reduction of energy consumption, through the application of new technologies and high-level automation
systems, allowing ther detailed control and optimal regulation of processes, with a positive impact on the
operating costs. The design of the WWTPs provides for the possibility of regulating the operation of the
basic equipment and the continuous monitoring of the operation through a modern remote control -
remote management system (SCADA) in order to reduce energy consumption.
• Use of RES to cover part of the energy consumption of the Rafina-Pikermio and Spata-Artemis WWTPs.The
utilization of the produced biogas is planned as well as the installation of photovoltaic systems on the free
surfaces of the WWTP.
• Installation of a Small Hydroelectric Station for energy production at the Marathona WWTP
The future WWTPs in East Attica, when in full operation at their manufacturing capacity levels (Rafina-Pikermi &
Artemida-Spata, Marathon & Koropi-Peania WWTPs) and in combination with the above energy saving measures, a
significant reduction of greenhouse gases (GHG) of 20,000 tn CO2/year can be achieved, compared to the existing
situation, i.e. compared to the management of wastewater with private septic/absorption trench systems and the
transfer of the sewage to the Metamorphosis WWTP for co-treatment with urban effluent.
Β3. Remediation of underground aquifer
According to the strategic choice of EYDAP, the treated outflows of the Koropi-Peania WWTP will be reused both
for the irrigation of crops and peri-urban green areas (irrigation of communal municipal areas) and for the
enrichment of the underground aquifer through existing wells and boreholes.
165
According to the Watershed Management Plans (Directive 2000/60) and EYDAP studies as well as of other bodies, it
has been established that the underground aquifers in the area of Central Mesogeion (area of the Koropi-Paiania
WWTP) are locally under intensive exploitation and preset strong annual drop in water level (well waterlogging)
seepage phenomena but also nitrate pollution.
EYDAP projects in the area (WWTPS, projects for water reuse, enrichment of the aquifer) have been designed with
the aim to protect and upgrade the underground acquirer
With the realization of the projects, a drastic reduction will be achieved:
• In the use of cesspools, most of which are absorptive and to this day burden the groundwater with a significant
pollution load
• Pumping from the underground aquifer, thus limiting the risk of salinization of the underground hydraulic
system
Β4. Ecosystem upgrading – Protection of Biodiversity
Collection and treatment of communities urban effluent consists of an environmental infrastructure project, aiming
to protect the surface and coastal aquatic ecosystems
Reference is made in section “Protection of Biodiversity” of the same report
C. STRATEGY FOR EXECUTING THE PROJECTS
EYDAP, in the context of the actions for the speedy operation of the sewerage projects in East Attica and the
avoidance of problems and delays resulting from the dispersion of the responsibilities for the construction of the
sewerage projects
• adopts a holistic approach to the construction of all seperate parts of the projects,
• undertakes the simultaneous construction of the secondary sewerage network and the corresponding
external branches to connect the properties, the responsibility of which, under existing legislation, belongs
to the municipalities,
• plans actions, in cooperation with the municipalities involved, to speed up the connection of properties to
the sewerage network with the completion of the construction of the projects,
• establishes, in cooperation with the Municipalities, customer service centres for property owners in the
respective areas to provide information and receive applications - with the required documents - for the
construction of external branches to connect their properties to the sewerage network of EYDAP, when this
is in progress.
Customer service centres are already operating in the Municipalities of Peania, Rafina-Pikermi , Pallini, and
Marathona, to facilitate the process of connection to the sewerage network.
D. PROGRESS OF THE WORKS
In 2023 significant progress was made in the implementation of the sewerage projects in East Attica.
Specifically and by project, the milestones of progress are presented:
D1. "Collection, Treatment of Urban Wastewater of the Municipalities of Rafina-Pikermi and Spata-Artemis and
Reuse-Disposal of treated effluents"
STAGE: CONSTRUCTION
D2. "Collection, Treatment of Urban Wastewater of the Municipality of Marathon and Disposal-Reuse of treated
effluents".
STAGE: CONSTRUCTION
D3. "Construction of wastewater drainage projects in areas of the Municipality of Pallini"
STAGE: CONSTRUCTION
D4. "Construction of a sewerage system for the area of Glyka Nera in the Municipality of Piaania"
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STAGE: CLEARANCE OF CONTRACT A-454 & COMPILATION OF TENDER ISSUES
D.5 “Construction of internal sewage network of the Paiania settlement”
STAGE : COMPILATION OF TENDER ISSUES
D6. "Collection and treatment of urban wastewater from the coastal zone of the Municipality of Saronikos and the
Municipality of Kropia and Reuse - Disposal of treated effluents “
STAGE: STUDY ASSIGNMENT COMPETITION
D.7. “Sewerage drainage of the area Kitsi of the Municipality of Kropias”
STAGE: STUDY ASSIGNMENT COMPETITION
D.8. «Sewage drainage of the areas of Leontario-Kantza, Kato Balana and Ag. Nikolaos of the Municipality of Pallini,
with the Peania-Koropi WWTP as the recipient"
The preparation of the final Study is in progress.
STAGE: STUDY
D.9 “Sewerage drainage of the south part of the Municipal Unit of Artemida”
STAGE: STUDY
D.10. “Sewerage drainage, effluent treatment of the Municipality of Oropos and disposal, reuse of treated outflow”
SETTLEMENTS: KAPANDRITI, AFIDNES, POLYSENDRI, MIKROCHORI,
STAGE: IN THE PROCESS OF ISSUANCE OF DECISION ON THE APPROVAL OF ENVIRONMENTAL TERMS (AEPO)
Sewerage works at the settlements of Avlona, Markopoulou, Chalkoutsiou, Neon Palation Oropou
D.11. "Re-use of treated outflows of East Attica Wastewater Treatment Plants (WWTP)"
STAGE: FEASIBILITY/FINANCIAL SUSTAINABILITY STUDY
D.12. “Management, final treatment and utilization/disposal of the produced biosolids of the East Attica WWTPS”
STAGE: AT THE INITIAL STAGE OF MATURITY
D13. "Construction of a sewerage network in the settlement of Daou Penteli, Municipality of Penteli"
The project is co-financed by the NSRF/Operational Program “Transport Infrastructures, Environment and
Sustainable Development 2014-2020” for the construction of a sewage network in the settlement of Dau Penteli,
Municipality of Penteli, in the framework of the Program Agreement signed between EYDAP and the Municipality of
Penteli.
STAGE: COMPILATION OF TENDER ISSUES
D14. "Construction of a sewerage network for the settlements of Grammatiko, Ano Souli, Kaletzi and Agios
Panteleimon (part of the settlement) of the Municipality of Marathon"
STAGE: CONSTRUCTION ASSIGNMENT TENDER
D15. "Sewerage drainage of the settlement of Varnavas, Municipality of Marathon"
STAGE: COMPILATION OF TENDER ISSUES OF THE STUDY
Extended reference to the projects to the relevant section in the Annual Report
SYNERGY WITH LOCAL COMMUNITY: EYDAP is in constant communication with the local community with
environmental awareness actions.
REGULATORY – ENVIRONMENTAL COMPLIANCE
Environmental Licensing of East Attica Projects
The important environmental infrastructure projects are implemented after the preparation of the necessary
environmental Impact Studies and the relevant approval of Environmental Conditions.
Accordingly, during the implementation of the projects the Technical Environmental Studies, as required by the
legislation, are prepared for the licensing of the construction sites
167
2.1.5 EMPLOYEE HEALTH & SAFETY material topic
For EYDAP, in the context of Sustainable Development and the protection of Human Rights, ensuring the physical
and mental health of its human resources is a long-standing moral commitment, as well as an integral part of its
general policy, in accordance with the most recent Health and Safety Policy Statement of EYDAP, which has been
strictly followed since 2014.
The main risks that the Company is called upon to address, with regard to the Health & Safety of its Employees, are
due to the diversity and specificities of the workplaces (administrative services, external workshops, construction
sites, refineries, wastewater treatment plants, etc.), the use of various machinery and tools for a very wide range of
technical work, but also unforeseeable situations such as extreme weather conditions, natural disasters (e.g. fires),
the COVID-19 pandemic, etc.
Our impacts
INTERNAL PROTECTION & PREVENTION DEPARTMENT OF EYDAP (IPPD)
The Employee Health & Safety Management System is determined by the regulatory provisions and internal policies
and regulations as formulated after the identification of potential risks. In accordance with the legislation in force
(Presidential Decree 17/96, Law 3850/2010), EYDAP has established and organized an Internal Protection &
Prevention Department, which is a direct advisor to the Management on health and safety issues.
The Company's Occupational Safety Doctors and Safety Technicians all have an employment contract with a direct
employer, EYDAP, and are not from an External Prevention and Protection Agency. .
CERTIFICATIONS
In 2021, IPPS was certified for ISO 9001:2015 "Quality Management System" and ISO 45001:2018 "Occupational
Health and Safety" (replacing the ELOT 1801:2008 / OHSAS 18001:2007 standard, which was in force until then).
During 2023, IPPD successfully passed the audit by the certification body, without any observations.
TASKS AND RESPONSIBILITIES OF IPPD
▪ Complies with legislative requirements, standards and internal guidelines
▪ Communicates openly and transparently with all stakeholders so that potential risks are identified and
addressed as soon as possible.
▪ Ensures that a culture of health and safety at work is reinforced through messaging, continuous and targeted
training for all employees.
▪ Prepares written Occupational Risk Assessments for each job performed.
▪ Carries out measurements of harmful factors in the workplace.
▪ Prepares specifications for Personal Protective Equipment & Group Protection Equipment.
▪ Records and investigates accidents at work and encourages workers to report near misses to enable preventive
action to be taken to avoid them. To this end, a near miss reporting form has been posted on EYDAP's intranet
'Thalassa', accessible to all employees for completion. It draws up an annual activity report, which records the
observations of the Safety Technicians by activity, as well as the recommendations of the IPPS, for the
improvement of procedures.
▪ Develops a program for the issuance by Occupational Physicians of a Certificate of Fitness to each worker
according to his/her job
▪ Develops a vaccination program for employees.
▪ The risks at work are identified and then through reports of the safety technicians and occupational physicians
in the suggestion books of work technicians and safety physicians that exist in all the facilities of IPPD, the
proposals of IPPD to the management for the prevention of occupational accidents and occupational diseases
are recorded (Law 3850/2010).
POLICY ON HEALTH AND SAFETY OF EYDAP
EYDAP has adopted and applies EYDAP's Policy on Health and Safety (posted on the corporate website eydap.gr)
which sets specific objectives, for which it is committed to making every effort to achieve them, while at the same
time it considers that each employee should also make every effort to fulfil his/her own responsibilities and
obligations, responding to this commitment of the Management.
The Policy on Health and Safety of EYDAP applies to all employees of EYDAP’s facilities without exception,
regardless of the employment relationship under which they are employed.
168
WORKERS' HEALTH AND SAFETY COMMITTEE (WHSC)
WORKERS' PARTICIPATION IN THE PREVENTION OF OCCUPATIONAL HAZARDS
Direct employees of the EYDAP who consider that their work poses a risk to their safety should address their elected
body, where, among other things, anonymity is respected, in order to avoid reprisals. In particular, in accordance
with the legislation in force (Presidential Decree 17/1996, Law 3850/2010), a Health and Safety Committee of
Employees has been established by the employees, an advisory body composed of elected representatives of the
employees, with the power to identify occupational hazards. In the event of a serious occupational accident, it
proposes measures to prevent its recurrence and, in the event of an immediate and serious risk, calls on the
Management to take the necessary measures, including the shutdown of machinery/installation/production process
Quarterly tripartite meetings are held between the Management, the representatives of the Workers' Health and
Safety Committee (WHSC) and the Internal Protection & Prevention Department (IPPD), in the presence of a Safety
Technician and Safety Doctor. The company encourages open consultation between management and employees
on Health and Safety issues, recognizing that their participation in the process is a fundamental human right, in
accordance with the relevant Human Rights Policy.
WRITTEN OCCUPATIONAL RISK ASSESSMENTS
The Written Occupational Risk Assessment is a basic requirement of the legislation (Law 3850/2010, article 43) for
the prevention of incidents (occupational accidents and/or occupational diseases). The quantification of the risk and
the prioritization of prevention and response measures are carried out according to the methodological guide of the
Hellenic Institute of Hygiene & Safety. The identification of risks is achieved through continuous and targeted
inspections by Safety Technicians and Occupational Doctors.
An update of the Written Occupational Risk Assessment is required whenever a change in the way of work is
observed by the Safety Technicians or indicated by the workers. From 2020, the revision of the Written Occupational
Risk Assessment will be carried out using new, upgraded software, which has been specially developed for this
purpose, offering, among other things, the possibility of full retrieval of the history of versions.
PERSONAL & GROUP PROTECTIVE EQUIPMENT (PPE & GPE)
The updating of the PPE & GPE specifications is done when necessary by the safety technicians and safety doctors
in order to meet the latest European standards.
INSPECTIONS OF WORK AREAS
As every year, in 2023, an annual program has been drawn up by the Internal Protection & Prevention Department
(IPPD) and submitted to the Hellenic Labor Inspectorate for approval, in which a specific number of visits per
establishment by the Occupational Doctors/Safety Technicians, depending on the number of workers employed in
the establishment, is provided for. The main objective of the inspections is generally to provide advice on safety at
work, to suggest unsafe conditions, to investigate occupational or nearoccupational accidents, and to measure
harmful factors (noise, humidity, temperature, radiation, with appropriately calibrated instruments, etc.).
In accordance with the legislation in force, the observations of the Occupational Doctors and Safety Technicians
must in principle be submitted manually in the book approved by the Hellenic Labor Inspectorate, which is kept in
each individual establishment for this purpose. In addition, on the initiative of the Internal Protection & Prevention
Department (IPPD), the reports of the Occupational Doctors and Safety Technicians are also sent to the
Administration in aggregated form at the end of each month, in the form of electronic files, including photographic
material, if appropriate. The evaluation of the reports of the Occupational Doctors and Safety Technicians is also
carried out by their scientific supervisors in the Internal Protection & Prevention Department (IPPD), who also have
the capacity to carry out ad hoc inspections of the workplaces. Also, at the end of each year, an annual report is
prepared by the IPPD and sent to the Administration, summarizing the main findings of the Occupational Doctors
and Safety Technicians
INVESTIGATION OF INCIDENTS
All notifications of occupational accidents are also communicated within 24 hours to the Internal Protection &
Prevention Department (IPPD) (apart from Hellenic Labor Inspectorate), so that the latter can immediately
investigate each incident. The actions taken by the Internal Protection & Prevention Department (IPPD) include,
inter alia: an autopsy at the place where the incident took place,interviews with the parties involved, preparation of
a report by the competent Safety Technician, analysing the the causes of the accident, sending the written report to
the management, proposal of measures to avoid the occurrence in the future
A detailed record is also kept by Internal Protection & Prevention Department for each industrial accident, based on
both the ISO 9001:2015 and ISO 45001:2018 quality standards, while the data in this record is also subjected to
statistical processing, in order to determine, among other things, quantitative parameters relating to health and
safety performance. .
169
OCCUPATIONAL MEDICINE
In 2023 it was established by EYDAP
• a specific procedure which allows for a change of working environment, voluntarily by workers, if there are
health reasons. The procedure also involves the active participation of the Internal Protection & Prevention
Department and, in particular, the Occupational Doctors who receive the request of the employee wishing to
transfer for health reasons and give their opinion on it, without however disclosing specific health reasons and,
more generally, any medical information that constitutes potentially sensitive personal data.
• A full eye examination was carried out on all employees of EYDAP, with the speciality of driver, as well as on
those employees who hold a licence for occasional driving, in order to update their medical certificates of
fitness for this activity.
• the Internal Protection & Prevention Department planned and initiated the performance of specialized medical
examinations of those workers (water and sewerage) who may have been exposed to asbestos, in order to
prove as an occupational disease in EYDAP The results of these examinations revealed a number of pulmonary
and other pathological findings (at a rate commensurate with the generally high average age of workers in
EYDAP), but none of these were associated with occupational disease.
• were updated (after the expiry of three years, as required by law) and new certificates of suitability were issued
for a total of 625 employees of EYDAP
• the digitisation of the certificates of fitness and individual medical certificates of all water and sanitation
workers was carried out.
• as many vaccinations as indicated by the Occupational Doctors were carried out (72 in total. New recruits 10
and old employees 62 of which 12 tetanus and 60 Hepatitis).
OCCUPATIONAL DISEASES
During 2023, specialised medical examinations were scheduled by Internal Protection & Prevention Department and
carried out for those workers who may have been exposed to asbestos. The results of these examinations revealed
certain pulmonary and other pathological findings (at a rate commensurate with the generally high average age of
the employees at EYDAP), but none of these were related to an occupational disease caused by the asbestos to
which they were exposed as a result of their work.
EMPLOYEE SAFETY TRAINING
In 2023, it was carried out by the Internal Protection & Prevention Department
• the health and safety training program for workers, in person.
• educational leaflets were distributed
• targeted messages were sent to employees, via e-mail, on critical issues (such as unsafe conditions in specific
workplaces, prevention of heat stress, during the summer period, etc.),
• every effort was made to instill a corporate culture of health and safety
• A detailed record is also kept by Internal Protection & Prevention Department , with details of the employees
who took part in each individual training activity, in accordance with the requirements of the ISO 9001:2015,
and ISO 45001:2018 quality standards.
EMPLOYEE HEALTH COVERAGE
EYDAP provides full health coverage to its employees through a self-sufficient Service, which is staffed by doctors
and paramedical staff of various specialties.
Detailed reference is made to the section on "Labor Practices" of the same Report
ACCIDENTS AT WORK
According to the legislation, an industrial accident is defined as the death or incapacity for work of the insured
person, caused by a violent incident that occurred during or because of the performance of work (during the
employee's transit to the place of work and during his/her return to his/her place of residence). Accidents at work
of contractor personnel are excluded from the count, as they are counted to the employers with whom these
workers have signed contracts.
COUNTING OF ACCIDENTS AT WORK
2022
2023
Number of fatal accidents at work
0
1
170
Number of accidents at work with
severe consequences
0
5
Number of serious accidents at work
6
9
Total number of accidents at work
16
14
Total number of working hours
4,603,862
4,542,098
Frequency index
0.521
0.616
Severity index
19.8
65.5
Clarifications:
• The frequency ratios of occupational accidents have been calculated by assuming the total number of man-
hours worked to be equal to 200,000.
• The numerical data in the Table are derived from the record of occupational accidents kept at the Internal
Protection & Prevention Department, in accordance with both ISO 9001:2015, and ISO 45001:2018 quality
standards.
• The criterion for classifying an occupational accident as serious has been taken as the absence of a worker from
work for a period of 15 days or more
• A severe consequences accident at work is one that results in a serious injury from which the worker cannot or
cannot be expected to fully recover to his or her original state of health before at least 6 months have elapsed
• The total number of accidents at work shall include road accidents caused during journeys on official business,
as well as road accidents occurring when workers are going to or leaving their place of work, and within a period
of 1 hour of the start or end of their working hours respectively.
• The results of the table refer to all employees (permanent employees, part-time cleaning contractors, 8-month
contract employees, 6-month and 2-month contract students, trainee lawyers, NSRF students) with an
employment contract in which EYDAP S.A. is designated as the employer.
• In 2023 there is one death of a direct employee within his/her working hours and within the workplace of
EYDAP, and it is pending classification by the Single institution for social security.
2.1.6 SECURE CUSTOMER SERVICE
AFFORDABLE TARIFF
For EYDAP, continuing to provide high quality water supply and wastewater services at an affordable price for
consumers, serving customers through structured and digital processes, is part of our business continuity and
growth.
RISKS: customer debts, customer economic capacity, reduction of available resource due to climate change, loss of
resource due to network failures, with a concomitant loss of customer confidence.
Our impacts
The Company's efforts to ensure uninterrupted access to the Water Supply / Sewerage Services in order to provide
the necessary goods to the customer and ensure the Company's business resilience are continuous. The existence
of a tiered tariff helps to limit the wasteful use of water and safeguard the resource in order to ensure our company's
uninterrupted operation. Moreover, it helps to reduce our environmental footprint.
Α. CUSTOMERS
In 2023, we refer to a total of 2,257,414 water connections.
Of this total, 2,237,495 connections are active and relate to water and/or wastewater services 0.42%.
The number of common/commercial-industrial connections served: 2,220,449
2023
2022
Change (%)
Water connections
127,287
134,037
-5.04%
Sewerage connections
45,244
44,933
0.69%
171
Water/sewerage connections
2,084,883
2,068,945
0.77%
Total connections
2,257,414
2,247,915
0.42%
Note: The decrease in water connections is due to the change in the classification of connections from "water " to
"water/sewerage".
Connection identification (with valid owner or tenant TAN) : Of the total of 2,237,495 connections, 1,714,792 are
identified: 77.25%. Our intention is to continuously increase the number of identified connections until the entirety
is identified.
Focus on SPECIAL CUSTOMERS
Recognizing the needs and requirements of the different Customer Groups, in 2016 EYDAP created a separate
administrative unit to manage all issues related to this special group of consumers including Local Authorities, Public
Services and Large Customers.
In 2023, the effort continued towards
• reduction of their arrears.
• preventing the accumulation of new
Β. PRICING OF OUR SERVICES
The Company's water supply and sewerage tariff is determined on the basis of the Government Gazette
3188B/16.12.2013 and is available on the company's website eydap.gr in the section "Useful information / Tariff".
The Company's tariff policy through tiered tariffs, special tariffs, management of customer outstanding debts aim,
on the one hand, to largely meet the actual needs of households and businesses and, on the other hand, to ensure
EYDAP's resilience and financial stability.
The existence of affordable rates reflects in practice the support of society, ensures the mitigation of social
inequalities and protects vulnerable social groups from being deprived of the basic social good, water.
The tiered tariff acts as a deterrent to the waste of this natural resource.
EYDAP's tariff is divided into: Household & Special Tariffs.
Household tariff is applied to the majority of consumers: 2,218,433 connections - increase from 2022: 0.51%.
Special Tariffs - with data up to 31.12.2023
2023
2022
Percentage Change
Special Tariffs
2,827
4,628
-38.92%
1. Industrial / Business Tariff
2,016
3,812
-47.11%
2. Charity Tariff
Provided not only to institutions and societies within the purview
of Law 1111 of 8/11.2.72 and Law 4182/2013, but by decision of
the Board of Directors and other institutions - bodies carrying
out charitable - welfare work.
324
331
-2.11%
3. Tariff for "Strengthening Networks of Municipalities
- Water Supply of the Islands"
Additionally, they involve Water Supply outside of planned areas
and Water Supply with treated water which is transported by
ships, through special connections located in the port of Lavrio
to the islands of the South Aegean Region (Cyclades etc.).
425
423
0.47%
4. Tariff for "Ship Supply"
This refers to the special connections installed for the supply of
drinking water to OLP, to the Greek Refineries Aspropyrgos
62
62
0%
172
S.A., to Natural or Legal Entities under Public or Private Law
for the supply of ships..
General Tariff:
• Average price of priced revenue per cubic meter for the General Tariff (€/m3): 1.23€
• Average price of payable quarterly bill for the General Tariff (including VAT) (€): approximately €32.70 and
€10.9 to €32.7/3/month
Industrial - Business Tariff: Average invoiced revenue per cubic meter (€/m3): €1.12
C. CUSTOMER SERVICE
1. DIGITAL SERVICES
Modern and easy-to-use digital services through multiple channels of communication with our customers.
Digital service is available for all our customers' requests.
❖ THROUGH OUR CORPORATE WEBSITE www.eydap.gr (24/7)
• By registering in eEYDAP, the consumer has the option of integrated management of bills, entering the
water meter reading, receiving updates via sms and mail as well as processing a variety of requests.
Detailed information on digital service requests can be found on the corporate website eydap.gr
• 1022@eydap.gr
134,703 e-mails received by 1022. A decrease of 21.88%. 87% of these were answered promptly.
• Click2Call-CallBack
In 2023, 12,836 Click2call and 1,715 CallBack calls were made.
• Video calls
In 2023, 41 video calls were made to our customers.
• Requests for appointments
10,367 electronic requests for appointments. A 64.73% decrease (not required for customer
service).
❖ EydApp -Mobile app for bill payment, reporting a fault, notification of water supply interruptions due to a
fault, direct contact with 1022, finding the nearest Regional Center.
❖ 1022 (24/7) – telephone call
In 2023, 585,288 telephone calls were made to 1022. (449,409 for information on connections, bills, etc.
and 135,879 for technical issues). A reduction rate of 11.85%.
88.83% of these were answered in a waiting time of <120΄΄. In a time less than 120΄΄ the percentage
increase in answered calls was 21.81%.
❖ Electronic notifications to identified customers
For the year 2023
o Total electronic notifications amounted to 977,158. An increase of 12.70%. The electronic
notifications relate to: Bill Issues, Credit Issuing, Impending Credit Cancellations, Credit Cancellations,
Instalment Requests by Committee (review), Large Consumption, Impending Cancellation of
Settlement due to overdue instalments, Standing Order, Impending Interruption.
o Campaigns were conducted to urge already identified customers as to the option of receiving an
Electronic Bill (eBILL). 113,827 texts/emails were sent.
o Through a multi-channel communication platform (texting, mail), notifications were sent to identified
customers for extensive faults and their repair planning. 2,744 mails and 4,220 text messages were
sent.
❖ The open tender for the provision of services for the creation, production, printing, enveloping and digital
imaging of EYDAP's customer bills has been completed. The contract was signed in September 2023 and the
contractor has started providing services.
173
❖ Aiming at encouraging customers to switch to electronic bill sending (eBill), a study was completed and a
set of specific steps were delivered to EYDAP, which the company will have to undertake immediately.
In 2023, 24,767 connections were first enrolled in the e-bill. An increase of 63% from 2022.
ENHANCING DIGITAL SERVICES THROUGH CORPORATE WEBSITE
In 2023, digital services to the Company's external customers were significantly enhanced.
• Extension of the option to download a bill in pdf to identified customers, in addition to registered customers
• Addition of a form for self-employed persons to declare business use supplies (10,500 submissions in 8
months)
• Ensuring the validity of the email entered in the forms of the site by sending a four-digit code (OTP). The
forms in question are: Registration, Data update, change of contact details of a registered person, Form for
self-employed persons to declare business use supplies
• Addition of the "Forgot my username" function for registered users (12,600 submissions in 11 months)
• Prompt to activate ebill and stop issuing a printout in the following ways:
✓ Add the option to mass activate eBill and printout discontinuation for all customer benefits with one
click when enrolling in eEYDAP (65% of new sign-ups take advantage of the new feature and choose to
discontinue the printout on at least one supply)
✓ Upon completion of Data Update, adding a personalized message to the confirmation email suggesting
printout termination or registration and printout termination, depending on whether the customer is
registered or not
✓ Display of a banner at the bottom of the most important submission forms of the site
• Automatic notification sending to the previous owner/tenant to terminate a standing order, in case of
change of owner/tenant and if there is a standing order for repayment, after the completion of the Data Update
(1,400 notifications in 11 months in 2023)
Option to attach additional legal documents to the Legal Entity Data Update (3,200 submissions in 9 months
in 2023)
• Option to log in to the eEYDAP using a Google account (6,000 activations via Google in 7 months in 2023)
• Option to download a zip file containing the current bills in pdf of all the supplies of a client. This feature
mainly concerns customers with a large number of supplies, such as municipalities.
2. SUBMISSION AND MANAGEMENT OF CUSTOMER REQUESTS
All requests are registered on a digital platform to ensure fair and transparent treatment of our customers.
In 2023, 209,950 requests were made in BCC (Billing & Customer Care). A reduction of 20.34%.
• 49,435 requests through the website. A decrease of 18.81%.
• 160,515 requests to the Regional Centers. Decrease of 20,79%.
• 626 requests for video calls. Service launched in November 2022.
• Calls to 1022 for Water Supply Disconnection-Reconnection issues, Bills, Metering, Debt, Connection Data
that generate corresponding digital messages to the Regional Centers. In 2023, 19,851 messages were
registered to Regional Centers of which 19,398 (97.72%) were completed.
Customer requests from any source are handled by the Regional Centers.
3. COMPLAINT MANAGEMENT engagement channels:
❖ EYDAP Regional Centers
❖ 1022 (24/7)
❖ eydap.gr
o 1022@eydap.gr (24/7)
o Click2Call serves 7.00-23.00 (also Saturday - Sunday & holidays)
o CallBack serves 10.00-14.00 (except Saturday & Sunday & holidays)
Complaint calls to 1022
• Water supply network: (internal leakage, work on the supply, removal of debris, pavement asphalt
rehabilitation, third party works, manhole covers, water in basement, water in street, water in meter hole,
water quality, pressure and water supply disconnection.)
In 2023, 80,881 water supply complaint calls were registered of which 75,842 (93.77%) were resolved
• Sewerage network: (sewer blocking, sewer manhole covers and pavement-asphalt rehabilitation.)
In 2023, 31,428 Sewerage complaint calls were registered of which 31,127 (99.04%) were resolved
174
Management is updated on a monthly basis through the Statistics Bulletin of the General Directorate of Customer
Service. The report records the incoming 1022 calls, by Department.
Calls are listed by month in key categories. It indicates how many were recorded and how many were completed and
the time intervals of completion (within 6 hours, 1 day, 2,5,10,20,30 days).
Water Supply
Network
Division
Sewerage
Network
Division
Customer
Service Division
Registered
80,881
31,428
19,851
Resolved
75,842
31,127
19,398
% Resolved
93.77%
99.04%
97.72%
Resolution in under 6 Hours
6,930
15,815
5,883
% Resolution in under 6 Hours of all
registered
8.57%
50.32%
29.64%
Resolution in under 24 hours
20,568
27,502
10,643
% Resolution in under 24 hours of all
registered
25.43%
87.51%
53.61%
Resolution in under 48 hours
31,876
29,823
13,361
% Resolution in under 48 hours of all
registered
39.41%
94.89%
67.31%
Resolution in under 120 hours
45,348
30,848
16,976
% Resolution in under 120 hours of all
registered
56.07%
98.15%
85.52%
Resolution in under 240 hours
56.269
31.044
18.397
% Resolution in under 240 hours of all
registered
69.57%
98.78%
92.68%
Resolution in under 480 hours
60,124
31,087
18,955
% Resolution in under 480 hours of all
registered
80.02%
98.91%
95.49%
Resolution in under 720 hours
68,268
31,091
19,098
% Resolution in under 720 hours of all
registered
84.41%
98.93%
96.21%
Note: Each category includes the previous one. A difference in the completion rate of calls up to 100% means that
the remaining calls have been completed in a period longer than 720 hours.
Whistleblowing procedure- A detailed discussion of the issue is provided in the "Corporate Governance" section of
the same report
MANAGEMENT OF WATER QUALITY COMPLAINTS VIA THE 1022 HOTLINE
In 88.5 % of the cases the response of EYDAP is immediate and at most within 24 hours.
In 2023
• 60.5 % of the complaints made were resolved by telephone
• the remaining 39.5% were investigated through sampling and laboratory analysis.
• technical actions were required in 3.5% of the quality complaints reported to 1022
• 100% of the complaints for which a need for intervention by EYDAP had arisen were resolved.
175
In 2023 there was no incident of non-fulfilment of a consumer request nor an incident of imposition of a fine or
compensation for water quality issues.
Reference to the section "Quality of Drinking Water" of the same Report
4. CUSTOMER DEBTS
Reference to consumer debts is made in the corresponding section of the Annual Financial Report
Payment of Bills/Settlement Instalments
• Digitally from the EYDAP website using a debit, credit or prepaid card of the respective cooperating Banks
and redirecting to the payment system environment of DIAS SA (also valid for non-identified customers)
• In regional EYDAP customer service centers
• At ELTA offices in the region of Attica
• In bank branches over the counter (in automatic payment machines, with a standing order to the bank)
• Online via customer bank (web banking).
• Online via the EydApp application
EYDAP, putting into practice its social sensitivity, implements a discount policy, takes preventive measures to avoid
the increase of debts and applies debt repayment facilitation through procedures approved by the Board of
Directors, as specified in the Revenue and Customer Claims Management Policy of EYDAP SA (Decision 21010/2022
of the Board of Directors).
In 2023, the Company's main proactive actions to minimize, as far as possible, outstanding debts are as follows:
• Registered customers are immediately informed about the issuance of their bill, choosing the way they wish
to be informed (sms, mail)
• Customers who have settled their debts are digitally informed of the timely payment of instalments due
and of the cancellation of credit as well as of an impending water supply interruption either due to debts or
due to breakdowns.
• All customers are informed of increased consumption by affixing a special form at the entrance of the
property during the metering of their supply.
• Printed information to consumers on debt issues.
In 2023 84,540 were sent. Reduction of 22.74% compared to 2022
In 2023, 159,273 notifications (of impending disconnection, debts and cancelled settlements) were sent to
consumers in total of which 46.9% were in digital format (74,733).
In 2023, the Company's main remedial actions to minimize, as far as possible, the debts are as follows:
• Settlement of debts based on specific and institutionalized procedures. In 2023, the number of debt
settlement requests filed either at the Regional Offices (13,430) or through the website (2,343) totalled
15,773, a decrease of 46.88% compared to 2022 (29,656).
• Disconnection of water supply to the property due to outstanding debts / Removal of the water meter /
application of the KEDE, is carried out if the conditions are met and always in accordance with the Regulation
of Water Supply Network Operation
Water supply disconnection due to outstanding debts in 2023 was made in 50,514 water supplies, while in 2022 a
corresponding water supply disconnection was made in 90,001 water supplies. Reduction rate 43.87%.
Within 30 days 79.72% were reconnected while in 2022 the corresponding rate was 62%.
5. CHARTER OF OBLIGATIONS TO THE COSSTUMER
With a view to providing excellent customer service and focusing on people, EYDAP is committed to the consumer
for prompt and efficient service of his/her requests, as specified in the "Charter of Obligations to the Consumer".
The purpose of EYDAP S.A., the obligations undertaken by EYDAP for the resolution of Consumer Requests as well
as any compensation for consumers in cases where their requests are not satisfied within the time frame stipulated.
D. CERTIFICATION OF PROCEDURES
The entire General Directorate of Customer Services (except for the Market Development Directorate) is certified
with ISO 9001:2015 quality management system for the provision of Telephone, Digital and face-to-face Customer
176
Services, Customer Request Management, Water Supply Management and Water and Sewerage Bill Collection with
initial certification in 2010 (ISO 9001:2008) which is renewed annually.
Ε. SUPPORT TO SOCIETY
Α) EYDAP in the context of inclusion implements pioneering actions.
1. Modern and easy-to-use digital services through multiple channels of communication with our customers.
Digital service is available for all the requests we receive, with the exception of New Connections.
2. Accessibility for visually impaired people through specially designed services
• since 2017 provides the option of sending special readable bills (in Braille, large fonts, sending sms, email)
Customers served: 7.
• summary of the Sustainable Development Report 2021 and 2022 in audio file format
• subtitling of videos posted on the corporate website concerning consumers
• the accessibility score of the corporate website to visually impaired people was determined to be 76/100
using the Lighthouse v.100.0.0.0.0 accessibility checker tool for the Google Chrome browser. The corporate
website development team is working to improve accessibility and is committed to adopting the tool's key
recommendations to the extent possible. The EYDAP website uses the userway add-on specifically for
disabled users. There is a posted Accessibility Statement on the corporate website.
• Elaboration of the option to provide remote interpretation services for the hearing impaired (deaf/hard of
hearing).
Β) EYDAP undertakes important initiatives within the framework of its tariff policy to support vulnerable social
groups, recognizing the difficult economic situation experienced by Greek society.
Supporting socially vulnerable groups: through decisions of the Company's Board of Directors, a discount is offered
on their bills:
DISCOUNT ON BILLS
2022
2023
RATE OF CHANGE %
Exceptional Special Rate
3,640
4,138
13.68%.
Discount for large families
8,304
7,617
-8.27%.
Senior Citizens
572
264
-53.85%.
C) EYDAP's ASSISTANCE in dealing with emergency events
Extensive reference to the "Local Community" section of the same Report.
DISCOUNTS ON HIGH BILLS
The Company, taking into account social and income criteria and applying regulatory procedures, makes discounts
on high consumption bills as well as on illegal water abstraction bills.
2021
2022
2023
RATE OF
CHANGE
(2022-
2023) %
Number of requests received for bill
reductions
6,655
9,086
6,145
-32.37%
Number of requests granted
6,549
8,725
5,954
-31.76%
Satisfaction rate of requests for bill
reductions * (from hidden leaks,
water theft, etc.)
98%
96%
97%
177
Value of bills to be examined
11,057,904.06
15,968,290.44
10,246,095.81
-35.83%
Value of discount
6,246,893.57
8,558,684.46
5,749,331.85
-32.82%
In 2023 the value of the discount granted amounts to 56% of the value of the bills under consideration.
*"Satisfaction of requests for bill reductions" indicator, with the denominator being the number of requests
submitted annually for bill reductions and the numerator being the number of corresponding requests satisfied by
the Company.
F. CONSUMER DATA PROTECTION
EYDAP, as a Data Controller, places particular emphasis on the protection of its customers' personal data both
during collection - and this applies to all physical or electronic sources - and during processing and keeping thereof.
It takes particular care to implement the technical and organizational measures provided for by the current
legislative framework and invests in the appropriate training of its human resources by area of specialization.
In order to inform consumers on Data Protection issues, EYDAP updates and publishes the Consumer Data
Protection Policy, through the bill (printed or electronic form), the official corporate website www. www.eydap.gr,
the applications and directly when a request is made. In cases of use of electronic applications of EYDAP or the
electronic services provided through its website, further specific information is provided to the user through simple
and clear terms of use and specific updates - Privacy Policies regarding the processing of his/her data. All personal
data processed by EYDAP have been brought to its knowledge by the Subject or a person authorized by the Subject
or are obtained from manifestly published data or Public Authorities to which the Company has legal access and
limited to the service of the water supply contract and consumer information.
Where applicable and in the context of serving the Company's legal obligations, data may be disclosed to public
authorities (e.g. the Hellenic Tax Authority, judicial or judicial investigative authorities), which process the data as
third party and independent Data Controllers for a specific and sole purpose, as defined by the legal framework.
In case of the necessity to issue statistical data and for the general optimization of the services provided by the
Company, the competent Services of the Company will ensure the anonymization of personal data, thus ensuring
that the Subjects are informed beforehand.
EYDAP evaluates, examines and answers and, where appropriate, satisfies any query submitted to it with a particular
sense of responsibility and respect towards the consumer, in compliance with the relevant Policies and Procedures,
which in principle it applies within the legal timeframes set by the regulatory framework.
Reference is also made to this issue in the "Personal Data Protection" section of the same Report
G. CUSTOMER SATISFACTION SURVEY:
In 2023, a telephone customer satisfaction survey using a structured questionnaire was conducted in the Region of
Attica. 602 customers participated in the survey based on a random selection of telephone numbers. The survey was
conducted by a market research company, member of the Greek and European Association of Market Research
Companies and the World Association of Public Opinion Research Companies (WAPOR).
The EYDAP Satisfaction Index stands at 75%, at a level similar to 2019 (74%).
The Company's Net Promoter Score (NPS) is significantly positive at +32, with almost 1 in 2 being promoters of the
company.
GOALS for 2023
• Adoption of new technologies in the Regional Centers (digital customer signature, etc.)
• Front-back office
178
2.2. DIVERSITY & EQUAL OPPORTUNITIES material topic
Protection of Human Rights
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 behaviour against one's personality or
social exclusion or unfair treatment for any reason. More specifically, the Company's concern is focused on
working conditions, health, safety of persons and facilities, as well as corporate social responsibility, protection
of local communities and the environment.
RULES OF CONDUCT
The Company ensures the development of a "culture" of regulatory compliance, to inform its Personnel and
Executives on the content and implementation of the Company's Policies and Regulations and to ensure
compliance with them.
All employees are required to comply with the Rules of Conduct, which define the relations between themselves,
with the Company, with external partners and customers and reflect the Company's policies. There is full
compliance with the Regulatory Framework in force (EYDAP's Staff Internal Regulations, the Company's Operating
Regulations and the Code of Conduct which are revised according to business needs and changes).
A new Code of Ethics and Professional Conduct came into force as of November 2022, which clearly sets out the
ethical principles and values as well as internal rules of conduct that must be observed by all those who have an
employment or cooperation relationship with EYDAP SA. The Code is based on international standards and best
practice methods and aligned with relevant regulatory requirements.
RESPONSIBILITY FOR THE APPLICATION of the code lies with the heads of the Company's organisational units, who
ensure that all employees of their organisational units and external partners have fully understood the Code and
behave in accordance with it. The Code is posted on the corporate website eydap.gr to section
«Company/Regulatory Framework».
The Company encourages its executives, employees and partners to immediately report cases of violations and
inappropriate behavior in order to be able to take any corrective action required. The Director of Regulatory
Compliance has the authority to receive reports.
The Company takes all reports of potential misconduct seriously, ensuring in all cases that the confidentiality of
reports is ensured and that an investigation is conducted to determine any violation. For each violation, the
necessary corrective measures and sanctions are taken.
Communication to employees: the Code was communicated to employees with an obligation for them to provide
written proof that they were aware of it. Failure to read the Code and/or to sign the "Personal Commitment" does
not release employees from the obligation to comply with the Code.
The Company has adopted and applies:
• Human Rights Policy
• Conflict of Interest Policy
• Code of Ethics and Professional Conduct
• Whistleblowing Policy
• Policy to prevent and combat 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.
Detailed reference to the Policies in the "Corporate Governance" section of the same Report
HUMAN RIGHTS POLICY
In November 2022, the Human Rights Policy came into force, by Board Decision, which is based on the fundamental
principles of the Greek Constitution, the Principles of the United Nations Universal Declaration of Human Rights,
as well as a number of other International Conventions clearly outlined in the Policy.
The Company, in its operation, is committed to the protection of human rights, taking preventive actions in order
to avoid acts and/or omissions.
179
The Policy applies to the Company as well as to any existing or future subsidiary, and its scope binds the Company's
personnel with a dependent employment contract, personnel with a contract for services or otherwise
independent, members of the Company's Board of Directors, other partners (contractors, suppliers, service
providers, etc.).
Monitoring and evaluation of the implementation of the Policy: The Company shall ensure that it identifies and
prevents situations that endanger human rights by informing and training all its staff and other partners
appropriately. The Risk Management and Regulatory Compliance Department is responsible for the compliance
and effective implementation of this Policy.
Reporting violations of the Policy: The Company's Policy must be strictly adhered to by all without exception. No
violation will be tolerated and in fact, in case of violation of its principles, the procedure for imposing legal
sanctions will be activated. In the event that a human rights related principle is indeed violated or there is a
reasonable suspicion of such a violation, then the relevant report/complaint should be submitted to the Company
in accordance with the Whistleblowing Policy, the Policy for the Prevention and Combating of Violence and
Harassment at Work and the Human Rights Policy.
Approval and review of the Policy: Under the responsibility of the General Directorate of Human Resources, the
Policy is communicated to the Company's employees and posted on the Company's website The Policy is approved
by the Board of Directors, reviewed annually by the Risk Management and Compliance Department and revised if
and when required. The Risk Management and Compliance Division is responsible for preparing and proposing the
revision for approval.
The Human Rights Policy is posted on the corporate website eydap.gr to section «Company/Regulatory
Framework».
Protection of Human Rights in the Supply Chain: Reference is made to the topic in the “Supply Chain Management”
section of the same report.
COLLECTIVE AGREEMENT OF EMPLOYMENT: The rights of workers, on equality and safe working conditions, are
guaranteed through Collective Agreements of Employment, compliance with the legislation on the existence of an
Internal Protection and Prevention Service (IPPS) and a Health & Safety Committee (HSC).
(The issue of Employee Health and Safety is discussed in the corresponding section).
98.02% of EYDAP employees are covered by Operational Collective Labor Agreements.
Just 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, regardless of the type of employment, work fulltime.
EQUAL OPPORTUNITIES
In application of the provisions of Law 1648/1986 (Law 2643/98) concerning people with disabilities, large families,
children of war invalids, etc., EYDAP has integrated 266 employees (11.62%), of whom 78 are disabled.
CATEGORIES
MEN
WOMEN
<30
years
30-50
years
>50
years
TOTAL
PERSONS WITH SPECIAL NEEDS
55
23
1
34
43
78
LARGE FAMILIES (PARENTS &
CHILDREN)
40
52
0
28
64
92
CHILDREN OF WAR INVALIDS
9
9
0
0
18
18
CHILDREN OF FIGHTERS
13
13
0
0
26
26
PERSONS WITH A CHILD, WIFE OR
BROTHER WITH DISABILITY OF 67%
17
15
0
15
17
32
OTHER DEPENDANTS UNDER LAW
1648/86
8
12
0
16
4
20
TOTAL
266
180
EQUAL SALARIES: All employees, irrespective of gender, are paid the same salary, varying only according to
qualifications, years of service, job description and position of responsibility, if held.
EMPLOYEE DEVELOPMENT:
The Company supports all employees equally employees to develop their skills and is supportive in every aspect of
their work. individual and corporate development efforts. All employees have the opportunity and are encouraged
to participate in training and education programs. Detailed reference is made to "Employee Training & Development"
in the same Report.
RIGHT TO UNIONIZE:
The constitutional right to unionize is exercised by EYDAP Employees' Federation, which was founded in 1979, is a
Secondary Trade Union and represents the Company's employees. Its composition is formed on a proportional basis
by elected representatives of the thirteen Primary Unions.
The purpose of the OME - EYDAP is the study, protection and promotion of the trade union, economic, professional,
ethical, insurance and social interests of its members, the protection of the environment, the realization of the
principle of gender equality and the safeguarding of corporate responsibility.
The aim is to claim the improvement of the working conditions of employees using dialogue and cooperation with
the Company's management, always within the framework of the rules of corporate social responsibility.
The objective is to claim the improvement of the working conditions of the employees using dialogue and
cooperation with the Company's Management, always within the framework of the rules of corporate social
responsibility and the Trade Union Law 1264/1982.
In order to achieve its objectives, the Federation negotiates for the resolution of its members' problems with any
competent body or person and ensures that the Company Collective Labor Agreements are drawn up. The
Federation also participates actively in the Service Councils, Disciplinary Councils and any other organ or body
represented. 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 amount to 2,183
rate: 94.91%.
PROTECTION OF PERSONAL DATA:
Reference is made in the sections "Labor Practices" "Employee Training & Development", "Corporate Governance"
"Protection of Personal Data”.
Presence of women in EYDAP
In 2023, of all permanent employees:
• 31.90% are women (730) – 31.11% in 2022
• Of the 297 employees in position of responsibilities, 162 are women (54.56%) and 135 are men (45.45%)
• Of the 161 employees in managerial positions (i.e. positions of responsibility other than Supervisors and
Auditors B), 85 are women (52.80%) and 76 are men (47.20%).
• Of the 1.991 employees who do not hold positions of responsibility, 568 are women (28.52%) and 1.423 are
men (71.47%)
• Of the 13 members of the Board of Directors, 4 are women (30.76%).
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
• there has never been child or forced labour and free expression has always been encouraged. All
employees are treated equally, without any discrimination.
ACCESSIBILITY
In the context of social inclusion, EYDAP implements pioneering actions:
• modern and easy-to-use digital services through multiple channels of communication with our customers
• accessibility to our services for visually impaired people through specially designed services
• working on the possibility of serving the hearing impaired
Reference to the section "Secure Customer Service – Affordable Tariff” of the same Report
Uninhibitted accessibility for disabled persons and persons with disabilities
181
To facilitate and protect people with disabilities, the following are provided: 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 move around in safety.
In the same consistent manner, our aim is to further improve the existing infrastructure and at the same time
create new ones, so that the building facilities become disabled-friendly (customers and employees) to the
maximum extent possible, in compliance with the existing provisions of the legislation.
2.3. LABOR PRACTICES material topic
EYDAP is the largest water cycle management company in Greece. The high level of know-how, the continuous
monitoring of new knowledge with parallel personal development of the executives contributes decisively to the
long-term provision of high quality services.
Commitment
Throughout its activities, EYDAP is committed to operating in accordance with the rules of business ethics and
the applicable legal and regulatory framework.
Risks: loss of know-how, psychosomatic health of employees, compliance with the working framework of staff
rights and obligations
Our impacts
CORPORATE CULTURE
The continuous strengthening of the corporate identity and culture is a long-standing objective for the Company.
Integrity, diversity, inclusion, respect, operational excellence and credibility are values embedded in EYDAP's
corporate culture.
Important factors in this direction are:
• The internal corporate website (portal) - a communication and information channel with free access to all
employees
• "I Pigi mas". The weekly e-magazine with corporate news, innovation issues , promotion of the work
of the Company's Directorates and other issues of general interest.
In 2023 was held
• The 1
st
Executive Conference with emphasis on Development - Efficiency - Security, the three axes on which
EYDAP S.A.
OPTIMISATION ACTIONS
Development of a strategic plan for the Company's Human Resources (strategic workforce planning)
In the context of our strategy for monitoring and planning human resources needs with a 10-year plan, an application
was created with the possibility of entering data of all personnel, both direct and indirect employees of the Company.
The aim is to automatically update not only the annual staffing needs but also in a 10-year plan and even by
prioritization in order to avoid any risk to the Company's operation.
The updating of staff data will be carried out on a quarterly basis.
At the same time, staff due to retire are given a questionnaire
• to record their level of job satisfaction
• for the submission of proposals to improve the operation of EYDAP
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 of the Company.
WORKING HOURS: All employees, regardless of the type of employment contract, work full time.
182
Labor peace is a key concern of the Company. This is achieved through constant care to ensure proper working
conditions, enforcement of laws and constant awareness to minimize workplace accidents, improvement of
methods and techniques, adoption of new ones, as well as enhancing job security of employees
NUMBER OF PERMANENT & FIXED-TERM EPMPLOYEES (DIRECT EMPLOYEES)
EYDAP has and staffs facilities (regional centers, technical sectors, refineries, aqueducts, etc.) throughout the
Attica basin and in the Prefectures of Boeotia, Fokida and Aitoloakarnania
Men
Women
Total
Percentage
2022
2023
2022
2023
2022
2023
2023
Attica
Permanent
1.498
1,455
714
721
2,212
2,176
95.10%
Fixed-term
50
25
44
21
94
46
100%
Total
1,548
1,480
758
742
2,306
2,222
95.20%
Fokida, Viotia &
Aitoloakarnania
Permanent
106
103
10
9
116
112
4.89%
Fixed-term
0
0
0
0
0
0
0%
Total
106
103
10
9
116
112
4.90%
TOTAL
1,654
1,583
768
751
2,422
2,334
100%
Notes:
• Data with a validity date of 31.12.2023
• Temporary workers include workers with service vouchers such as lawyers, doctors, engineers.
RECRUITMENT
The recruitment process to meet the Company's needs is always carried out on the basis of the relevant legal
framework through the Public Recruitment Service. The restriction of recruitment due to Law no. 3833/2010,
has resulted in a constantly decreasing number of employees due to retirement.
In order to reduce the risk of difficulty in meeting the Company's growing needs, two (2) tenders (1K/2018 and
4K/2018) were announced for the recruitment of 300 people of various specialties
with an open-ended contract. The process resulted in a number of resignations and the ASEP was requested to
make a replacement for those who resigned.
In 2023, 6 persons were recruited with an open-ended contract from the above notices.
The need for new specialized knowledge, the expansion of the Company's field of activity (integration of new
areas into the water supply and sewerage network, construction of new projects in East Attica), made even more
urgent the need for immediate further strengthening of the existing staff. In 2021, the Ministry of Interior
approved the Company's request for the recruitment of 145 persons (30 workers and 115 of various specialties)
from the shortlists of the 1K/2018 and 4K/2018 Competitive Calls of High Staff Selection Board. In 2023, the
recruitment lists of 30 posts of the category of Labourers, 33 posts of Secondary Education of various
branches/specialties and 72 posts of the category of University Education and Technological Education of various
branches/specialties, respectively, were published in the Official Gazette from the runners-up of the above
mentioned notices, on a first-come-first-served basis.
Thus, in 2023, 30 workers were recruited from the 4K/2018 runners-up and 20 people of various skills from the
1K/2018 runners-up.
183
Notes:
*Data with a validity date of 31.12.2023.
**Of the departed, 3 were employees of the Company's facilities in the prefecture of Viotia and 1 was an employee
of the Company's facilities in the prefecture of Fokida, while the rest were from the prefecture of Attica.
EMPLOYEE MOBILITY INDEX: Of the total of 97 employees of the Company who left during 2023, there were no
cases of involuntary separation. All cases involved forms of voluntary separation (4.23% of all employees). Also,
4 of the leavers (2 men and 2 women) held positions of responsibility (Head & Deputy Director)
DIRECT EMPLOYEES as of 31/12/2023:
Breakdown of contract of employment/gender & type of employment/ gender
2023
Total
CONTRACT OF EMPLOYMENT
PERMANENT
WOMEN
730
2,288 (100%)
MEN
1,558
FIXED-TERM (PROVISION OF SERVICES)
WOMEN
21
46 (100%)
MEN
25
TYPE OF EMPLOYMENT
FULL-TIME
RECRUIMENT (NEW HIRES) OF PERMANENT EMPLOYEES 2023*
ANALYSIS/GENDER
PERCENTAGE
Men
34
60.70%
Women
22
39.30%
TOTAL
56
100%
ANALYSIS/AGE CATEGORY
M
W
PERCENTAGE
<30 years
2
0
3.57%
30 – 50 years
30
20
89.29%
>50 years
2
2
7.14%
TOTAL
34
22
100%
DEPARTURES OF PERMANENT EMPLOYEES 2023**
ANALYSIS/GENDER
PERCENTAGE
Men
80
82.47%
Women
17
17.53%
TOTAL
97
100%
ANALYSIS/AGE CATEGORY
M
W
PERCENTAGE
<30 years
0
0
0%
30 - 50 years
4
2
6.19%
>50 years
76
15
93.81%
TOTAL
80
17
100%
184
WOMEN
751
2,334 (100%)
MEN
1,583
PART-TIME
WOMEN
0
0
MEN
0
AGE DISTRIBUTION OF MEMBERS OF THE BOARD OF DIRECTORS
1. For the period 01/01/2023-12/09/2023:
<30 years
30-50 years
>50 years
GENERAL
TOTAL
WOMEN
0
0
2
2
MEN
0
3
8
11
TOTAL
0
3
10
13
2. For the period 14/09/2023-31/12/2023:
ANALYSIS OF EMPLOYEES WITH A POSITION OF RESPONSIBILITY * (31.12.2023)
*The positions of responsibility are for Heads of Services, Deputy Director, Directors, Auditors A & B, Business
Partners, the Data Protection Officer (DPO), Directors of Activities, Executive Directors,Legal Management Board,
Consultants to Management and Executive Directors.
2023
PERCENTAGE
MIDDLE MANAGEMENT
(HEADS, DEPUTY DIRECTORS, DIRECTORS, BUSINESS PARTNERS,
DPO, AUDITORS, CONSULTANTS)
WOMEN
154
53.29%
MEN
135
46.71%
TOTAL
289
100%
SENIOR MANAGEMENT
(EXECUTIVE DIRECTORS, DIRECTORS OF ACTIVITIES)
WOMEN
8
80%
MEN
2
20%
TOTAL
10
100%
<30 years
30-50 years
>50 years
GENERAL
TOTAL
WOMEN
0
0
4
4
MEN
0
4
5
9
TOTAL
0
4
9
13
<30 years
30-50 years
>50 years
GENERAL
TOTAL
WOMEN
0
35
127
162
MEN
0
20
117
137
TOTAL
0
55
244
299
185
Percentage breakdown by gender of STEM Positions
(technology, science, engineering)
Gender
STEM Positions
% of STEM Positions
Men
178
54.9%
Women
146
45.1%
Total*
324
100%
*Includes employees with degrees from Higher and Technological Educational InstitutionsUniversities in Science
(Physics, Chemistry, Biology), Technology (information Τechnology and computers Science), Engineering and
Mathematics.
Women in management positions in revenue generating function
MIDDLE & SENIOR MANAGEMENT
(HEADS, DEPUTY DIRECTORS, DIRECTORS,
EXECUTIVE DIRECTORS)
PERCENTAGE
WOMEN
19
65.51%
MEN
10
34.49%
TOTAL
29
100%
DIRECT & INDIRECT EMPLOYEES
2022
2023
DIRECT EMPLOYEES
2422
2334
INDIRECT EMPLOYEES *
429
496
TOTAL
2851
2830
*Indirect employees are defined as employees who work at the EYDAP premises and whose work is supervised by
EYDAP but whose direct employer is a contractor. Currently the number of indirect employees refers to all those
who are employed and provide administrative services.
The recording of personnel data is as of 31/12/2023 and fluctuations are not included in the total number of staff.
SELECTION CRITERIA FOR EXECUTIVE OFFICERS: The selection of executives will be based on merit, skills, ethics
and experience without regard to gender, color, race, nationality, disability, age, religion, sexual orientation,
political beliefs or any other unfair criteria.
EMPLOYEE ASSESSMENT: An evaluation is carried out annually for permanent employees in order to improve
their performance and the more efficient operation of the company. In accordance with the Personal Data
Regulation, the appraisee is provided with the appraisal sheet, if he/she submits a request, in order to enable
him/her to improve his/her performance in cooperation with his/her supervisors - reviewers.
POSITIONING AND SALARY PROMOTION of permanent epmloyees is done through the annual evaluation of
employees, through the Assessment Sheets, and is provided for by EYDAP's Personnel Regulation, by expertise,
training and individual skills. Since 14/2/2012, however, and in application of Law no. 4046/2012, no salary
promotions (maturities) are made due to their suspension, except for a salary increase in July 2022, as explicitly
provided for in the 2021 Collective Labour Agreement. By Law 5053/2023, it was decided to lift the suspension
of the suspension of salary advancements as of 01-01-2024, subject to the conditions of granting the relevant
Law.
186
INTERNAL STAFFING OF THE ORGANIΖATIONAL STRUCTURE
As of 2021, a new procedure has been established for the staffing of the Company's organizational structure. All
vacancies in the organizational structure (Positions of Responsibility) are advertised internally and the positions are
filled through internal procedures in which the Company's permanent employees, who meet the requirements set
out in each advertisement, are eligible to participate. The procedure involves the completion of a psychometric test
by the candidates followed by skills exploration stage conducted by a team of internal interviewers trained in this
regard. Employees who participate in the process are placed on the Staff Register to fill vacancies for positions of
responsibility in the organizational structure.
In parallel with this work and in order for all the Company's executives to be included in the Staff Register, the same
internal skills screening process is also carried out for the Heads of all Executive General Divisions and Independent
Departments, who have not participated as candidates in any of the internal calls.
In 2023, a total of seven (7) positions of responsibility for various Divisions and Departments were advertised. After
internal procedures were implemented, only five (5) positions were filled, leaving two (2) vacancies. Four (4) Head
positions were filled by executives who for the first time took on a position of responsibility and one (1) Director
position was filled by an executive who previously held a Head of Department position.
SALARY SYSTEM: For all permanent employees, there is no gender or age discrimination with regard to the basic
salary and benefits, which are determined by Collective Agreement. A lump sum is provided for within the
remuneration framework, which is received on retirement from the Company.
• The total amount of remuneration of a senior executive as of 31/12/2023 is 46,223.24€ and applies to both
men and women, without any discrimination.
• Upon their departure, senior executives are included in the General Rules for the granting of a lump- sum
allowance applicable to all staff, minus their position allowance
PROPORTION OF THE SALARY OF THE CHIEF EXECUTIVE OFFICER
The ratio between the salary of EYDAP's Chief Executive Officer and the Average Salary of Employees is determined
to be 1/3.0809. More specifically:
CEO's annual salary / average of total employee remuneration:
147,580.88
= 3.0809
47,901.85
Percentage increase: For the year 2023 there was no salary change based on predetermined increases (Collective
Labor Agreement). Any monthly staff salary changes are for exceptional pay such as overtime, overtime hours or
driving hours.
SPECIALISED TRAINING
The smooth and modern operation of the Company requires highly educated and skilled personnel. The figures
refers to permanent employees
35.35% of employees (809) are graduates Higher & Technological Education Institutions.
Specifically:
• 517 (63.90%) employees are University Graduates (holders 1, and/or 2 degrees, and/or postgraduate
degrees and doctorate)
• 292 (36.10%) are graduates of Technological Educational Institutions (holders 1, and/or 2 degrees,
and/or postgraduate degrees).
Note: These figures have been derived on the basis of the 30% scientific allowance or the 20% SSE allowance and not
on the basis of the employee's category, i.e. employees who do not belong to the AT (ATT1, ATT2, ATM1, ATDO1,
ATY1, HN) or AP (ART3, APM2, APDO2, APY2) category but have a
university or higher education degree are also counted.
In addition, if a person has both an HEI and a TEI degree, he/she receives the higher allowance, i.e. 30% scientific.
BENEFITS FOR PERMANENT EMPLOYEES
The Company, in the context of labor peace and stability, in addition to the statutory benefits to its employees,
has additionally instituted benefits such as:
187
• Health Service, which provides primary health care services to employees and their insured family members
and manages their medical and pharmaceutical coverage
• Private insurance for employees and their children
• Pension insurance for doctors, engineers and lawyers (at their request)
• Ownership of shares
• Provision of expenses for children's camps, undergraduate or postgraduate studies for employees, etc.
• Educational cash prizes for excellence for the children of employees' children who have passed through
higher education institutions
• Granting of interest-free loans to cover employees' emergency needs
• Granting of low-interest loans, the amount of which is determined on the basis of years of service
EYDAP's initiative for permanent staff the family protection:
• 9-month parental leave instead of the reduced hours required by law. In 2023 and in the context of family
protection and in application of Law 4342/23-12- 2015, such leave was granted to 25 employees of the
Company (10 Men and 15 Women). 100% of the employees who were granted leave and whose leave
expired in 2023, returned to work after it expired.
• 8 days of leave per year, instead of the 5 required by law, due to illness of their child, aged up to 16 years
old and not up to 12 years old as again required by law
• After exhausting their statutory maternity leave, to take leave to raise their child at half pay until the child
is 2 years of age
• and 4 days off for each child to update working parents on their school progress, a benefit that applies to
children aged 5-18 years.
• unpaid leave of more than three (3) months for family reasons or for studies: 6 employees received (2 men
and 4 women)
• The right for the children of employees to participate in summer camps. Specifically for the year 2023, 298
employee children participated in the camp program.
• Use of the nursery school voucher coverage benefit by 79 employees for 96 children.
• Use of the Foreign Language Tuition Fee Coverage benefit by 468 employees for 719 children
WORKPLACE ENVIRONMENT
EYDAP applies what is defined by labour legislation and works systematically to meet every requirement.
In 2023, there was no complaint of a violation of the Labour Law, nor was any incident recorded regarding the non-
payment of required overtime, or non-payment of statutory wages, or inconsistency in meeting the required
insurance coverage.
However, during the inspections carried out by the Labour Inspectorate during the year, 3 breaches of labour
legislation were recorded, for which fines were imposed. It should be noted that all corrective actions required by
the reports of the Labour Inspectorate were completed immediately.
MANAGEMENT OF EMPLOYEES' COMPLAINTS & GRIEVANCES
Under the Whistleblowing Policy, the internal reporting mechanism concerns violations of the Company's Policies
and/or the legislative and regulatory framework governing its operation. Reports are evaluated by the Reporting
Evaluation Committee headed by the Director of Regulatory Compliance, who is also responsible for the entire
process of the internal reporting system. At the same time, for grievances, the prescribed procedures for their
resolution are followed within the services of the respective Directorates. For the above issues, in addition to the
written and electronic information provided to the Staff, appropriate training seminars have been provided.
SUPPORT FOR YOUNG PEOPLE
• STUDENT EMPLOYMENT: In 2023, as part of the mandatory internship for students of higher
educationinstitutions, 54 students of Technological Education either started or completed their
internship in Company's Services, gaining substantial knowledge and training in their field of study.
• EMPLOYMENT THROUGH NSRF: In 2023 were employed for a two-month period at the Company's facilities
and in their field of study, 17 students. These institutions have been implemented for a number of years and
have provided valuable knowledge and high quality experience and internship to a large number of students.
Also for the purpose of development and improvement of EYDAP, the students are given a questionnaire to
fill in, from the results of which safe results are extracted as to whether they are satisfied with the Company
and whether they consider it a potential employer for the future.
188
VOLUNTEER EMPLOYEE ACTIVITIES with an environmental focus Reference is made in the section «Local
Community»of the same Report.
PROTECTION OF HUMAN RESOURCES PERSONAL DATA
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 are a key category of data processing
subjects.
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-declarations to ensure that they are
informed.
This information is updated as appropriate in proportion to changes in the Company's activities.
In the context of promoting respect for privacy in the workplace and protecting the right to 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 system or relate to complaints related to the
prevention and combating Violence and Harassment at work.
The same respect extends to staff provided by EYDAP's partners and contractors.
Our human resources personal data is protected by:
• Taking the necessary technical and organizational security measures in the facilities and systems where data
are kept
• Establishment of Restricted Access Policies and Procedures, Information Systems Security and Confidentiality
Clauses.
Staff is facilitated in exercising any relevant rights by establishing simple and clear procedures for processing,
evaluating and fulfilling requests. This process is filtered and regularly re-evaluated by the Data Protection Officer.
EMPLOYEES' PERSONAL HEALTH DATA
Our human resources' and pensioners' special categories of data ( health-related data ) are protected by:
• taking technical and organizational security measures in the facilities and systems where the data are kept
• establishing Limited Access, Information Systems Security and Confidentiality Policies and Procedures.
• In addition, medical staff are bound by medical confidentiality and partners are bound by strict contractual
obligations for any outsourced processing of special categories of data.
• Clear policies are in place to inform the Subjects.
Policyholders are facilitated in the exercise of any relevant rights, by establishing simple and clear procedures related
to the processing, evaluation and satisfaction of requests, as reflected in the Policyholder Information and Privacy
Statement and the Policy for the Management of Complaint Requests on issues of the General Data Protection
Regulation. The procedures are updated and reassessed by the organizational units responsible for this purpose.
Further reference to Data Protection issues is made in the sections: "Corporate Governance" "Labor Practices"
"Secure Customer Service-Affordable Tariff"
2.4. TALENT ATTRACTION & RETENTION material topic
The framework of recruitment, which the Company undertakes from time to time, is in full compliance with the
applicable legislation and is carried out either through the High Staff Selection Board (ASEP) or through fixed-term
contracts. The aim is to attract new talent and to highlight their skills.
Important factors that contribute significantly to attracting new talent and the proper management of existing
skilled and talented staff areΣ
• Collective labor agreement
• Equal salaries
• Recruitment process with clear definition of formal & substantive qualifications
• internal staffing of the organizational structure
• Ρegular staff evaluation
• Initiatives for family protection
• Benefits for permanent employees
• Full working hours
• Financial incentives for further education and training (lifelong learning)
189
• Free training seminars
• Participation in conferences
Further reference to the sections "Diversity & Equal Opportunities", "Labor Practices", " Employee Training &
Development" of the same Report
2.5. EMPLOYEE TRAINING & DEVELOPMNET material topic
In line with its corporate strategy and business objectives, EYDAP invests in the training and development of
employees' skills both at professional and personal level, as they are its most valuable asset, either by implementing
training programs or by encouraging participation in seminars/ conferences outside the Company.
In an era of rapid economic and technological changes, it is imperative to equip human resources with the necessary
knowledge, skills and abilities to effectively meet job requirements, enhance knowledge dissemination and ensure
corporate continuity. In this context, the training program of the HR Training Department is aligned with the
Company's strategic priorities.
The Department is certified with ISO 9001:2015 Quality Management System in the design and implementation
of training programs.
TRAINING PROGRAMS 2023
During 2023, 813* employees attended, both face-to-face and remotely, 145 seminars in 68 subjects** related to
the subjects: Research, Sustainable Development & Innovation, Regulatory Compliance and Policies, Organization,
Management & Economics, IT & Monitoring Systems, Occupational Health & Safety, Foreign Languages:
* An employee may attend more than one seminar. Therefore, the individual number of trainees in the
different modules is not the same as the total unique number of trainees
** An object can consist of several seminars - sections.
TRAINING SUBJECTS:
1. RESEARCH, SUSTAINABLE DEVELOPMENT & INNOVATION: seminars 7 - trainees 131 – training hours 92
2. ORGANIZATION, MANAGEMENT & ECONOMICS: seminars 33 - trainees 818 – training hours 531
3. IT & MONITORING SYSTEMS: seminars 10 - trainees 257 – training hours 450
4. FOREIGN LANGUAGES: seminars 5 – trainees 108 – training hours 281
More specifically on the subjects:
1. REGULATORY COMPLIANCE AND POLICIES
COURSE TITLE
TRAINEES
TRAINING
HOURS
General Data Protection Regulation
58
48
Code of Ethics and Professional Conduct
62
12
Human Rights Policy
46
12
Whistleblowing Policy
79
20
Conflict of Interest Policy
80
24
Policy to prevent and comabt violence and harassment at work
62
24
Training and Certification in Public Procurement / Services
(preparation and execution of public contracts under Law 4412)
23
80
Total
410
220
Training - Corruption
On anti-corruption issues, 2 seminars were held for a total of 142 employees: 34 employees with
190
a position of responsibility and 108 employees without a position of responsibility
In particular:
1. Code of Ethics and Professional Conduct
11 employees with a position of responsibility -51 employees without a position of responsibility
2. Conflict of Interest Policy
23 with a position of responsibility -57 employees without a position of responsibility
2. OCCUPATIONAL HEALTH & SAFETY
COURSE TITLE
TRAINEES
TRAINING
HOURS
Safe working in a confined space
49
52
Facility Safety and Fire Protection
25
20
Confined Space Entry and Work Advanced
8
28
Internal emergency and risk management plans. WTP operation
scenarios
21
10
Operation and Maintenance of E/M Facilities, equipment for
Chlorine Unit, Sodium Hypochlorite and Chemical Processing (
Polyelectrolyte, Aluminium)
28
10
First Aid Hands On Course
104
50
Fire detection - Fire protection - Fire extinguishing
31
12
Total
266
182
HUMAN RESOURCES TRAINING ON THE PROTECTION OF PERSONAL DATA
For EYDAP, the Protection of Personal Data, in addition to the obligation to establish Policies and Procedures, is
important since it concerns all its employees, as bearers of the Company's guidelines.
Since the implementation of the General Data Protection Regulation, targeted education programs have been
organized, in person or remotely.
In 2023, staff training and education was carried out by continuing to develop and promote informative material
via e-mails with tips: on topics such as data protection, malware, social engineering and phishing, mobile devices,
use of e-mail, visiting websites, protection of equipment during leave or in the case of working remotely, with the
aim of establishing desirable user behaviors. In addition, where detailed information was required, specialized
information material was sent out
Also in 2023
• DPO Office staff participated as speakers in training workshops for managers in positions of responsibility
• the DPO Office organised a two-day specialised training workshop for employees. 18 participants took part in
the two-day workshop
The next objective, for 2024, is to continue the interactive training process of staff through targeted e-learning
programs in order to assess their alertness and understanding of the established policies and procedures that the
company has incorporated in its regulatory compliance framework.
HUMAN RESOURCES TRAINING IN CYBER SECURITY
through a specialised training platform and targeted information graphics
In 2023, 3 human resources trainings were conducted through the specialized platform and 5 targeted informational
graphics were sent to all staff.
TRAINING IN MANAGEMENT OF SUPPLY CHAIN
In 2023, training was provided on topics mainly concerning in:
• the application of Law 4412/2016 following amendments to Law 4605/2019 and subsequent laws
• the Procurement and General Services Regulation of EYDAP
191
• public supply/service contracts,
• the drafting of Tender Notices for the award of Public Procurement Contracts for Supplies and Services
• the General Data Protection Regulation,
• the Conflict of Interest Policy και the Procedure for the electronic opening of tenders in tendering
procedures for works, designs, Provision of Technical and other Scientific Services through Hellenic
Republic Procurement Authority “HSPPA”
AVERAGE NUMBER OF HUMAN RESOURCES TRAINING HOURS BY EMPLOYEE CATEGORY/GENDER
TOTAL NUMBER OF EMPLOYEES TRAINED
as of 31/12/2023
MAN-HOURS OF
TRAINING
AVERAGE TRAINING
HOURS
Total employees trained
813
21,418.5
7.57
Man
345
8,516.5
4.77
Women
468
12,902
12.35
HEADS-DIRECTORS
151
4,568.5
15.28
Men
57
1,483
10.82
Women
94
3,085.5
19.05
EMPLOYEES WITHOUT
POSITION OF RESPONSIBILITY
662
16,850
6.66
Men
288
7,033.5
4.27
Women
374
9.816,5
11,12
Average hours of human resources training by level
TOTAL TRAINING HOURS
21,418.5
Average hours of all employees
7.57
Average hours of employees with a position of responsibility
15.28
Average hours of employees without a position of responsibility
6.66
The calculation has been made on the basis of the total number 2.830 (direct employees: permanent employees
and fixed-term employees (provision of services) and indirect employees: employees from external partner) as of
31/12/2023.
SENIOR MANAGEMENT TRAINING
• Throughout the year, the company's senior executives participated in conferences, exhibitions and
workshops that take place in Greece and abroad in order to be informed about new developments and
technologies in their field of activity.
• They attended trainings organized annually by EYDAP, such as the Corporate Governance workshop and the
two-day seminar on Cybersecurity, Resource Planning, Asset Maintenance and Management, ESG Challenges
(Taxonomy, TCFD etc.).
EVALUATION OF THE TRAINING PROGRAM
• on the last day of each seminar by the participants and the facilitator
• at the end of each six-month training period, using an open and closed questionnaire, by the Company's
organisational units involved.
• at the end of the training period, the organisational units evaluate the effectiveness of the seminars they have
proposed. Based on the feedback received, we update and incorporate the comments of the organizational
units in the next training programme.
• In particular in 2023 an evaluation was carried out, with very positive feedback
✓ In the first semester: in 60 seminars and
✓ In the second semester: in 26 seminars
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✓ As shown by the corresponding ISO 9001:2015 Quality System evaluation form, the average number of
evaluations completed by the trainees is 9.35 for the first semester and 9.71 for the second
semester.
LIFE-LONG LEARNING: EYDAP S.A. provides the opportunity for its permanent employees to obtain a degree or a
postgraduate degree or a specialization from Higher and Technological Educational Institutions, covering most of
their tuition fees by providing the student leaves provided by law (14 or 20 days per year).
In 2023, the Company supported the undergraduate studies of 8 employees and the postgraduate studies of 27
employees. Their costs amounted to €60,841.67
PARTICIPATION IN SEMINARS AND CONFERENCES ORGANIZED BY EXTERNAL PARTNERS:
All the employees are encouraged to attend events, exhibitions or conferences, domestic or international, with full
coverage of costs, in order to keep abreast of new technologies and new data in various scientific fields related to
the scope of the respective organizational units.
TRAINING COST 2023
Cost of seminars of the Human Resources Training Division*
107.260.88 €
Cost of undergraduate/postgraduate studies
60,841.67 €
Cost of external seminars and specialised certifications
101,984.40 €
Total training cost
270,086.95 €
* For the implementation of programs by the Training Division of EYDAP in 2023, the Company utilized the subsidy
of 268,629.59 euros from the OAED/LAEK 0.24% program as a refund of employer's contributions of employees.
PARTNERSHIPS:
The Training Division collaborated with
• the Hellenic Open University in the framework of the Summer School on Liquid and Biosolid Waste
Management in which twelve (12) engineers participated in order to adopt best practices in waste
management
• the National Kapodistrian University of Athens on sustainable development issues. Specifically, two (2)
employees, certified adult educators, taught a sustainable development seminar addressed to professionals
and postgraduate students.
• Panteion University in the framework of the programme "Adult Educators' Training", which will lead to the
certification of the participants after their participation in the examinations of the National Organization for
the Certification of Qualifications and Vocational Guidance (E.O.P.P.E.P.). Their certification will allow them to
join the National Register of Certified Adult Educators and will enable them to teach both within the Company
and outside the Company.
The Division also participates, as an Associated Partner, in the following Erasmus+ programmes:
• (CATALIST) "European VET Excellence Center for Leading Sustainable Systems and Business
Transformation". The aim is to create six VET centres of excellence, united by a digital platform for training,
collaboration and networking
• EntrePubl - ENTREpreneurial skills in the PUBLIC sector: a digital approach. The aim is to develop the digital
skills of employees in the wider public sector and to enhance entrepreneurial thinking.
WITH A POSITION OF
RESPONSIBILITY
WITHOUT A POSITION OF
RESPONSIBILITY
INDIRECT EMPLOYEES
WITH A FIXED-TERM
CONTRACT (ΜΕ ΠΑΡΟΧΗ
ΥΠΗΡΕΣΙΩΝ)
MEN
WOMEN
MEN
WOMEN
MEN
WOMEN
MEN
WOMEN
44
70
2
4
3
12
0
3
Total employees trained in 2023 : 138
193
2.6. SUPPLY CHAIN MANAGEMENT material topic
For EYDAP, the management of the supply chain is directly intertwined with the formulation and execution of all
actions and activities related to the procurement, production and distribution processes as well as the full
coordination of the parties involved in all stages of material flow, with the adoption of sustainable strategies.
Taking into account the direct and indirect effects of global conditions due to climate change as well as the short-
term/long-term instabilities in the local and international markets (such as the recent energy crisis), EYDAP examines
the potential operational risks mainly financial, operational and reputation adopts and implements sustainable
practices and an integrated approach to identify, assess and minimize them through appropriate controls, so as to
manage and control series of reactions because of any prolonged adverse circumstances.
The logistics network is about the following processes:
1. procurement, storage, ensuring adequacy, handling and disposal of materials
2. transport administration with the management, planning and maintenance of vehicles and machinery
3. receiving the required services
The orderly supervision is carried out through an ERP information system (SAP B1) that covers the following main
activities: Accounting and Operations, Reporting, Logistics, Warehouse Management, Planning, Budgeting and
Forecasting, Procurement,Vehicles Management.
Our impacts
REGULATORY FRAMEWORK – Implementation of National and EU Procurement Legislation
The supply chain needs are met both by the domestic and the international market, but also in full compliance with
the National Legal Framework on Public Procurement, as defined by Law 4412/2016, as amended and in force
(Government Gazette A ' 147/08-08-2016), the Public Contracts for Works, Supplies and Services (adaptation to
Directives 2014/24/EU and 2014/25/EU), the secondary institutional framework as well as the New Procurement
and General Services Regulation of EYDAP, as valid from 01.07.21.
In addition, it should be noted that with the Board of Directors Decision 21721/06.12.23, the Regulation on the
Assignment and Execution of Contracts for Projects, Studies and the Provision of Technical and Other Related
Scientific Services was approved, with an effective date of January the 1
st
, 2024.
An equally serious challenge and an imposed requirement by law concerns the monitoring of the compliance of the
cooperating suppliers/service providers with the definitions of Law 4412/2016.
The legal and contractual obligations, as well as the internal regulations governing the operation of EYDAP require
the strict compliance with the Law on the minimum requirements for the public solicitation of suppliers/service
providers, their equal treatment, the procedures and criteria for the appointment of the Contractor, the supervision,
remedial measures and the management of complaints/objections and the confidentiality of sensitive information
and data concerning the Company and the suppliers/service providers, as defined in the relevant law "on
confidentiality".
TENDER PROCEDURE - ATTRACTION OF NEW ECONOMIC ENTITIES
The terms of the contracts are publicly accessible elements of the declarations through public postings both
Nationally (Regionally) in digital networks such as
• the Electronic Online Repository of Administrative Acts Transparency Portal (DIAVGEIA),
• the Central Electronic Register of Public Contracts
• the National Electronic Public Procurement System,
as well as European
• the Publications Annex of the Declarations of the Official Journal of the European Union and also on the website
of the EYDAP SA
194
Both during the invitation and selection of the contracting parties and during the implementation of the contract,
the communication procedures with the contracting parties provided for by the legislation on Public Contracts and
the terms of each contract are observed and they are checked for their compliance with the conditions by competent
to the subject of the contract committees both during their selection based on submitted evidence (certificates or
declarations of quality and environmental management), and during the execution of the contracts for its proper
execution.
INCORPORATING SUSTAINABILITY PRINCIPLES - HUMAN RIGHTS PROTECTION
In November 2022, EYDAP adopted a Human Rights Policy which also binds the Company's partners (contractors,
suppliers, service providers, etc.) To the extent that the National Legal Framework on Public Contracts allows, EYDAP
SA has incorporated, and faithfully implements in its supply chain contracting processes the terms of compliance of
Suppliers/Service Providers with the Principles of the UN Universal Compact in the areas of Human Rights, Labour,
Environment and Corruption, ensuring that all Supply Chain Suppliers/Service Providers implement practices that
promote respect for human rights and are in line 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 Union law, national law, collective agreements or international provisions of
environmental, social and labor law, which are listed in Annex XIV of Appendix B of the 4412/2016 and depending
on the object, contractors provide evidence such as certifications for quality, environmental, labor, energy
management (ISO 90001, FCS, ISO 14001, 45001, 50001).
In April 2023, EYDAP, with Board of Directors Decision 21295/26.04.23), adopted the Environmental Policy. The
Policy is posted on the official corporate website eydap.gr according to this the Procurement and Projects
Management Department, in the context of carrying out its activities, undertakes to inform the suppliers and
contractors who cooperate with it on the establishment of its Environmental Policy and to ensure their compliance
with it.
ONGOING SUPPLY CHAIN OPTIMIZATION PROJECTS
The optimization projects concern, with a more general redesign of the supply chain at the level of organization,
operations, warehouse network, transport and stocks, the optimization of operational costs, increase in efficiency
and acceleration of processes.
these include
• Designing a new supply chain operating model
• Network and warehouse redesign
• Transport/fleet management
• Procurement model optimization program and reduction of procured items
with the main objective of increasing efficiency and speeding up processes
LONG TERM AGREEMENTS:
Regarding long-term agreements, it is noted that they are compatible with the principles of free competition ,
subject to the following conditions:
• to have been concluded following competitive procedures,
• the technical specifications of the products or services are clear and detailed,
• be governed by mutual obligations and rights of the contracting parties and
• be checked periodically to see if they remain competitive.
TENDER PROCEDURES OF HIGH IMPORTANCE
In tender procedures of high importance and with a high financial object, EYDAP carries out tenders published at
European level, in order to ensure the participation of important suppliers, active both in the domestic and European
business arena, thus ensuring the development of healthy competition.
Examples are the following recent Tender Procedures:
• Supply, transport and distribution of natural gas at the facilities of the Psittalia wastewater treatment plant.
In 2023, a contract was signed for a total amount of €1,988,644.14 plus VAT. duration of one year.
195
• Provision of Services for the civil liability insurance coverage of E.Y.D.A.P. S.A. against third parties. In 2023,
a contract was signed for a total amount of €1,417,458.91 plus VAT. duration of sixteen (16) months.
• Provision of Security Services for the facilities - buildings of EYDAP SA. In 2023, a contract was signed for a
total amount of €4,676,455.57 plus VAT. duration of two years, with the right of extension for one (1)
additional year in the amount of 2 . 338 . 227 , 79 € plus VAT and option up to the amount of € 2,104,405.01
, plus VAT Total amount in case of activation of extension and option rights up to the amount of
€9,119,088.37, plus VAT.
• Supply of Water Supply Network Materials – Manholes, Fire Hydrants, Protection Filters and Check
Valves (D7505). In 2023, a contract was signed for a total amount of €2,218,277.50 plus VAT, for a period
of eighteen (18) months.
PHYSICAL AND FINANCIAL OBJECT IN 2023
In 2023, they signed:
• 360 Contracts between EYDAP and suppliers/service providers , with a total value of approximately 58
million euros, plus VAT, of which 53 related to Supplies and 307 to Services.
• 162 Private Amendment Agreements or Contract Solutions.
• 10 Project Contracts , with a total value of 41,910,150.10 euros plus VAT.
• 1 Study Contract , with a total value of 109,710.00 euros plus VAT.
• 16 Contracts Provision of Technical and Other Related Scientific Services (PTLEY), with a total value of
867,289.85 euros, plus VAT.
COMPLIANCE BY SUPPLIERS
In 2023, with regard to compliance with public legislation by suppliers/service providers, there was one (1) incident
of breach of the terms of the contract due to inability to perform the contractual obligations. A performance bond
was forfeited.
There were no other cases of relapse, default or violation of labor and insurance legislation and, therefore,
termination and forced termination of contract.
In addition, with the implementation of the Whistleblowing Policy which includes a system for raising concerns, it
ensures the operation with professionalism, and the prevention even for suspicions of any unfair practices or
corruption or conditions of unfair activity.
EDUCATION AND STAFF TRAINING
to more fully respond to the ever-expanding and changing modern institutional framework, which governs the
procurement and service contracting procedures.
The consistent adaptation to the continuous amendments of the provisions of Law 4412/2016, of the New
Procurement and General Services Regulation of EYDAP SA, compliance with article 344 of Law 4412/2016 (as
amended by Law 4782/2021, article 133) "Training and Certification of staff of Contracting Authorities/Contracting
Bodies" is dealt with by the company with the continuous training of its staff, ensuring the reliability of the process
and giving a competitive advantage to the Company.
From 2016, the year of implementation of Law 4412 until today, the Company has implemented a series of
specialized seminars and training programs so that the staff of the respective service units have certification in the
Procedures for the Preparation, Conclusion and Execution of Public Contracts, in accordance with Book II of the
Law 4412/2016 applied by EYDAP .
Reference to the section “Employee Training & Development” of the same Report.
REGULATORY COMPLIANCE
In 2023, there were no cases of non-compliance by EYDAP, as the contracting entity, during the process of carrying
out tender procedures for supplies and services.
During the same year, from the control of the respective committees, no incident of violation of the provisions
concerning:
• child labour,
196
• forced labor,
• participation in a criminal organization,
• bribery and corruption,
• scam,
• committing terrorist crimes or more generally committing crimes associated with terrorist organizations,
• environmental legislation and climate change
• money laundering by suppliers
2.7. LOCAL COMMUNITY material topic
ENVIRONMENTAL AWARENESS
EYDAP, in line with its three strategic goals of safety, efficiency and growth and aligned with ESG criteria, especially
in the area of society and attempting to create increased social value, is actively contributing to the environmental
awakening of citizens, the strengthening of society and the cultivation of environmental culture. In 2023, it continues
to develop programs and activities to enhance its social footprint.
SUPPORT FOR VULNERABLE SOCIAL GROUPS
In recognition of the need to support vulnerable social groups, EYDAP has undertaken important initiatives,
beyond those defined by the relevant Regulatory Framework, through its Tariff Policy.
Detailed reference is made in the section "Secure Customer Service - Affordable Tariff" of the same Report.
SOCIAL ASSISTANCE INITIATIVES
EYDAP, recognising its responsibility to actively contribute to the empowerment of society, continues to develop
programmes and actions to enhance its social footprint.
Α. EYDAP, in order to protect the health of citizens, intervenes
• even in areas outside its competence
• in cases of emergencies by providing equipment and human resources
EYDAP's contribution to the cases of the Daniel and Elias storms, which hit the wider region of Thessaly EYDAP's
contribution to the cases of the Daniel and Elias storms, which hit the wider region of Thessaly in September
2023 and caused huge disasters and public health issues, is considered crucial.
As part of its contribution to the Municipality of Volos, EYDAP SA:
o assisted with human technical staff for the rehabilitation of the network and the construction of a speed
refinery in the city,
o sent consumables to the area of South Pelion as a donation,
o executives of EYDAP participated in the interdisciplinary Coordination Group that coordinated the actions
of all stakeholders for the management of public health issues caused by the floods in the Region of
Thessaly, throughout the period from September to December 2023, in order to provide expertise in
assessing the suitability of water in the affected water supply networks.
o Entered into a programmatic contract with DEYAM Volos for the preparation of studies for the
implementation of water supply network rehabilitation projects in the area.
• By providing free drinking water to Municipal Units of Nea Makri and Rafina and up to the amount of 300.000
€ per semester.
• By SETTLING BILLS SETTLEMENT OF FIRE VICTIMS: concerns the provision of fire-affected areas of 2023 (Agia
Paraskevi and Agios Ioannis Rossos of the Municipality of Acharnon and areas of the Municipality of Aspropyrgos
and Elefsina) for which a Large Consumption Bulletin was issued and consists in billing consumption based on
the corresponding consumption of last year.
• with the support of the Navy with the systematic provision of laboratory analysis services for ship water
• EYDAP NISSON ANAPTYXIAKI S.A. responding to the request of the Technical Works Department of the Regional
Unit of Piraeus and Islands conducted a video inspection of parts of the sewage network in very narrow streets
of Aegina.
Β. EYDAP in the framework of Social Inclusion implements pioneering actions:
• provides accessibility to our services through the corporate website for visually impaired people through
specially designed services
• is working on the possibility to serve the hearing impaired (deaf/hard of hearing) through remote interpretation
• created audio files of the Sustainable Development Report for the years 2021 and 2022, ensuring equal
access to information for visually impaired and totally blind people. The files are available on the corporate
197
website eydap.gr
Reference to the " Secure Customer Service- Affordable Tariff”" section of the same Report
SPONSORSHIP POLICY EYDAP
In 2020, by decision of its Board of Directors, EYDAP adopted a Sponsorship Policy which defines the basic principles
of sponsorships, as derived from the Company's Strategy and priorities.
The sponsorship program supports important actions in areas directly linked to
a) its corporate culture and growth strategy
b) the broader impact of its business activities,
c) its substantial contribution to social well-being
d) the Global Sustainable Development Goals.
PONSORSHIP PROGRAM 2023
The total amount spent in 2023 by the Company through its sponsorship program amounted to 176,625 €
• 52 % for scientific & business conferences (91,800 €)
• 24 % for financial support for institutions with a recognized social and environmental work ( 41,800 €)
• 24% to support actions and initiatives of local communities with a significant social, environmental and
cultural impact (43,025 €)
DONATIONS
EYDAP made the following donations for 2023:
• Five vehicles (5) at the DEYA Sitia.
• Three vehicles (3) in the Municipality of Galatsi.
• Water supply network materials in the Municipality of Volos after the flood.
• Water supply network materials in Sitia after the earthquake.
SUPPORT FOR YOUNG PEOPLE
Α. EYDAP SCHOLARSHIPS - 2 scholarships per year to PhD level students
In 2020, the Company established 2 scholarships per year to PhD level students who are implementing their doctoral
thesis at universities within Greece and in subjects related to water and wastewater management. The scholarships
are awarded in cooperation with the State Scholarship Foundation.
The subjects of the doctoral theses are
1
st
Cycle
1. "Experimental Investigation and Optimal Control of an Energy Autonomous Electrofiltration Process for the
Removal of Nitrate Ions from Aquifers"
52%
24%
24%
SPONSORSHIP PROGRAM 2023
Conferences
Society
Local Communities
198
2. "Study of Advanced Oxidation Processes for the Removal of Organic Microrobacteria from Water"
2
nd
Cycle
In June 2023, the Call for the 2nd Cycle of the State Scholarship Foundation-EYDAP Scholarship Program for the
academic year 2023-24 was posted.
The subects of the doctoral theses of the 2nd cycle (academic year 2023-24) are the following:
1. "Study of the microbiome in water intended for water supply in the municipalities of Elassona and Almyros
and comparison with natural mineral waters of trade".
2. "Demand management and pricing models for utilities".
Checking the progress of doctoral theses of scholarship holders
Progress check completed
• of the 1
ο
year of the 1st Cycle
• of the 1st Quarterly Progress Report 1/9/2023 - 30/11/23 for
a) the 2nd year of 1
st
Cycle and
b) for the 1st year of the 2
nd
Cycle
Β. PARTNERSHIPS- Digital Innovation Competition
After the completion of the 2020 open competition for technological innovations, in cooperation with the
Innovation Network of HCAP and MIT Enterprise Forum Greece, in which start-ups, teams of scientists, university
research centers participated, a contract was signed with the winner of the call (WINGS) for the implementation
and application of the algorithm for detecting faulty meters.
Reference to the section "Reliable Water Supply Network" of the same Report.
C. FINANCIAL AWARDS FOR EXCELLENCE for the children of employees who are successful in higher education
institutions
PARTNERSHIPS
• For the exploration of specialized water quality issues, EYDAP often collaborates with Greek Educational and
Research Institutions (NKUA, NKEFE Demokritos, Hellenic Atomic Energy Commission, etc.), which are among
the pioneers in their field in Europe
Reference to the section "Reliable Water Supply Network" of the same Report.
• with the Ministry of Culture and Sports, the Region of Attica and the municipalities concerned, for the
promotion of Hadrian's Aqueduct
Reference to the section «Sustainable Management of Natural Resources/Water Supply Resources» of the
same Report
• As part of the continuous training of its employees, EYDAP collaborated with the Hellenic Open University, the
National Kapodistrian University of Athens and the Panteion University
Reference to the section «Employee Training & Development» of the same Report.
• with the Department of Conservation of Antiquities & Works of Art of the School of Applied Arts and
Civilization of the University of West Attica
o with the Department's Metal Objects Conservation Laboratory, the conservation of 50 tools of historical
importance from the museum of EIDAP in Marathon, by students. These tools are related to the
construction of the dam.
o 3 degree projects concerning the conservation of industrial objects of the Museum and 2 more
are planned,
o providing material of historical significance to support students' postgraduate and doctoral
theses, whenever required.
• With the French Institute of Greece he participated in the 1st Science Festival. This year's
celebration, organized by the French Institute of Greece - under the auspices of the French Ministry
of Higher Education and Research, had as its main theme "Water in the vortex of climate change".
Within this framework, 2 actions were carried out:
•
o On Saturday 11 November 2023, about 100 people followed the flow of the Adrian
199
Aqueduct, from the Olympic Village to the Kolonaki Tank, on a special tour by EYDAP, with
simultaneous translation into French.
o on Sunday 19 November, a tour of about 60 scientists and stakeholders at the EYDAP
Museum and the Marathon Dam.
• EYDAP also participated in the round table of the French Institute entitled "Water: natural
heritage and culture of Athens", where Company presented the potential for the utilization of
the Adrianion Aqueduct, the Hellenic Society for the Environment & Environment of Athens,
and the Hellenic Society for the Environment & Environment of Athens Culture.
ENVIRONMENTAL AWARENESS ACTIONS
• Continuous enhancement of our digital services, with the aim of reducing our environmental footprint
• Continuation of the action "Together we will make oxygen out of paper" in cooperation with WE4ALL: for every
5 paper bills that are cancelled, a tree is planted
VOLUNTEER EMPLOYEE ACTIVITIES WITH AN ENVIRONMENTAL FOCUS
• Tree planting in cooperation with WeforAll, with the participation of local stakeholders
o February 2023 in Peania
o December 2023 in Drafi
• Organising an internal campaign for resource and energy saving throughout 2023
• Adoption of the beaches of Marikes, Kokkino Limanaki and Blue Limanaki in the Municipality of Rafina-
Pikermio for the entire summer season (June-September 2023), within the framework of Project PARALIES, in
order to ensure their daily cleaning, waste collection and recycling and the relevant information/awareness
of bathers.
In July 2023, the beach "Marikes" in Rafina was cleaned with the participation of the local community.
The recycling of the collected quantities of recyclable waste corresponds to the carbon benefit resulting from
a forest of 8.93 acres.
ENVIRONMENTAL EDUCATION PROGRAMS
EYDAP successfully conducts environmental education programs at its facilities, aiming to inform and raise
awareness of the new generation on sustainable water management and environmental protection.
In 2023, the programs were attended by a total of 7,392 people
• 6,438 students from 142 schools
• 292 students from 8 University Departments
• 157 students from the Technical University of Darmstadt, the University of Valencia and the participating
Universities abroad in the framework of the research project "Underwater" in which EYDAP participates.
• 505 people from 18 associations.
The education programs take place:
• In the Water Treatment Plants (WTP) in Galatsi. The educational program "Stagonoulis' Journey" has been
awarded the gold prize in the Environmental Leadership category at the Environmental Awards and is
addressed to primary and secondary school students.
• At the Marathon Dam. The educational program takes place in a renovated stone building from 1926.
• The Wastewater Treatment Plant of Psyttalia, which is one of the most modern Wastewater Treatment Plants
in Europe, receives visits from students, scientific teams and delegations from Greece and abroad.
• At the Aspropyrgos Water Treatment Plant, the educational program is addressed to young people of all
educational levels, as well as other stakeholders, who are guided through the Company's facilities and are
mainly informed about the water refining process.
CORPORATE CULTURE
Integrity, diversity, inclusion, respect, cooperation, operational excellence and credibility are values embedded
in EYDAP's corporate culture.
Important factors in this direction are:
• The internal corporate website (portal) - a communication and information channel with free access to all
employees
200
• "I Pigi mas". The weekly e-magazine with corporate news, innovation issues , promotion of the work of the
Company's Directorates, as well as significant achievements of employees, environmental awareness, history
of the Company, culture, empowerment, entertainment.
• Monthly Newsletter with Company News sent electronically to the Company's retirees, with the aim of
maintaining the connection and communication with retired employees. Our core message "You will always be
a valued member of our team".
• Workshop at the Concert Hall for the Company's senior executives on Corporate Governance issues.
• Workshop at Kamini Municipality of Galatsi for all executives of the Company, on Corporate Governance
issues.
• Internal campaign for resource and energy saving, with the creation of various visual actions in all the
Company's buildings.
• Participation of our runners in the Authentic Marathon, in support of the aims of the road magazine "Schedia".
• Participation of our employees in the Race for the Cure for breast cancer.
• Collection of books by the workers for the old bookshop for the homeless
• Voluntary participation of EYDAP employees in environmental awareness actions
Reference to the same section of the same Report.
2.8 CULTURAL HERITAGE MANAGEMENT
HISTORICAL ARCHIVE OF EYDAP
EYDAP, in the context of corporate social responsibility, seeks to raise awareness of society on issues relating to
the preservation and exploitation of cultural heritage, through its activities in the field of culture.
The establishment of a Historical Archive Management Policy in 2018 reflects the Company's commitment to the
unified management of this important heritage, with the ultimate goal of preserving, promoting and utilizing
historical documents.
The Historical Archive of EYDAP consists of documents that record the history of the Company and the people who
make up the Company, namely photographic material, audiovisual material, paper material, documents and
objects.
Some of the themes that make up the archival material of historical importance also come from the Adrianion
Aqueduct, the construction projects of the water supply system of Athens-Piraeus and Surroundings (1925-1931),
and the construction projects of the works of Yliki and Mornos.
EYDAP CULTURAL NETWORK
The Network, through the adoption and development of a single policy, implements actions that highlight the
Company's cultural contribution.
In 2023, EYDAP
• At the invitation of the Hellenic Archival Society and the Hellenic Society of Economic History, he
participated in the conference entitled: "Business Archives in Greece. Availability and prospects", at the
National Research Foundation.
• He became a member of the Greek section of TICCIH, the International Committee for the
Conservation of Industrial Heritage
• Completed phase A of the project of the unified management of the historical archive of EYDAP and
captured all the archival series and subseries with data such as size, date, organizational unit, building. In
total, the historical archive material of EYDAP now amounts to 1500 current meters.
• A photographic and audiovisual archive was created to record all the activity and work carried out in the
framework of the project and a large number of photographs and audiovisual material was collected and
incorporated into the archive.
• A suitable space was created for the placement and display of objects of historical importance such as
tools, furniture, electronic material. Each object was marked and documented. In the same area, students
of the P.D.A. did a diploma thesis on the conservation of a printing machine of historical importance.
• The historical archive was enriched with digitizations and processing of records originating either from
donations by retirees or from those involved with the Company, based on international standards,
seeking to preserve and properly store their original physical form.
• The list of executives, employees and workers who will complete the historical archive with oral testimonies
was completed, in order to preserve the economic, technological and social history of the company.
201
• He proceeded to digitize 700 drawings and diagrams of the historical archive from 1925 to 1970. This
was followed by import into a records management application and associated documentation.
• 1600 photographs of historical content from 1947 to 1977 were incorporated into the historical archive after
evaluation and conservation by a special conservator of photographic material.
• An agreement was signed with the Film Archive of Greece for the storage and concession of audiovisual
material depicting important aspects of the history of the Company, for its digitization in modern
analysis.
DONATION OF HISTORICAL MATERIAL 2023
EYDAP realised:
• Provision of extensive historical material to the curators of the Greek pavilion of the 18th International
Architecture Exhibition, Biennale di Venezia on the theme "Bodies of Water", which took place from
May 2023 to November 2023.
• Provision of photographic and audiovisual material for use in a two-hour special on the history of water
in Attica in the broadcast MACHINE OF THE TIME entitled "The projects that unraveled Athens" produced
by PRODUCTIONS OE of OTE SA - COSMOTE HISTORY. Retired employees and executives of the Company
participated in the broadcast.
• Provision of historical material to the School of Architecture of NTUA for presentation in the context of
the course "Design of Outdoor Public Spaces in Urban and Natural Landscape" of the 8th semester of the
School of Architecture of NTUA.
• Granting of material for inclusion in an article entitled "The Sterna through the Seferis Archive: the
"Emotion-Desert Land" in interwar Athens" published in the scientific journal Palimpseston in the Autumn
issue
• for presentation in the NSRF programme "Virtual Road Museum - Innovative Techniques, Methods and
Tools for Documentation, Protection and Promotion of Cultural Heritage", which is implemented in the
framework of the OPEN ACTION FOR CULTURE.
• Provision of historical material to a publishing house on behalf of the Region of Attica, for the publication
of a book dedicated to the history of the areas included in the Region of Attica.
Goals for 2024
• Implementation of part of the 2nd phase of the organisation and management of the Historical Archives
which will include:
(a) The classification of the material in the 15 archival series that have already been created (approximately
1500 m² of archival material).
(b) the compilation of research tools for the historical archival material and the organisation of the historical
archival material, in order to ensure its preservation in perpetuity on the one hand and to enable its access
and use by historical research on the other.
• Implementation of the part of the contract concerning the taking of oral testimonies of executives,
employees and workers of the Company and incorporation into the historical archive of both the
audiovisual material and the material that will be provided.
• Digitisation, documentation and input of the historical material into appropriate software to be installed
in the Service.
HADRIAN’S AQUEDUCT as a Cultural Heritage Monument
Our goal is to continuously promote the monument as a cultural heritage that brings sustainability solutions to the
modern urban field.
GUIDED TOURS - AWARENESS-RAISING ACTIVITIES
1. EYDAP, as every year, participated in the summer festival organized by the Municipality of Halandri for the
Adrianio Aqueduct, in the framework of the European project Cultural HIDRANT, entitled HIDRANT FESTIVAL.
In this context, the Company organized a guided tour of the Adrianio Aqueduct on July 2, 2023, with the
participation of approximately 150 people, in collaboration with archaeologists from the Ephorates of East
and Western Attica and with the cooperation of the Ministry of Culture.
2. In the framework of the Cultural H.ID.RA.N.T. urban innovation programme, the actions of the 3rd
HIDRANT FESTIVAL in Halandri continued. EYDAP participated in the historical walk organized along the
Chalandarai branch of the Hadrianic Aqueduct, on September 23, 2023.
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3. Guided tour of approximately 100 people from EYDAP, throughout the Adrianio Aqueduct at the 1st Science
Festival on "Water in the Climate Change Vortex", in November 2023, by guests of the French Institute. The
Society also participated in the round table entitled "Water: natural heritage and culture of Athens", where
the possibilities of utilization of the Adrianion Aqueduct were presented, at the Hellenic Society for the
Environment & Environment of Athens, at the Hellenic Society for the Environment & Environment of Athens,
at the Hellenic Parliamentary Assembly. Culture.
4. In September 2023, EYDAP participated in a documentary on Global Warming for the BBC Earth TV channel.
Part of the documentary is the rare Roman monument of the Hadrianic Aqueduct. In the documentary,
company executives had the opportunity to talk about EYDAP's strategy towards climate change and
elaborate on the rare features of the Hadrianic Aqueduct, which offers important solutions for reducing
urban heat island and the city's environmental footprint. The video, entitled "Our Planet Earth - Urban
Desert", will be broadcast by UK public broadcaster BBC Earth on its digital platforms to promote the Planet
Earth III documentary TV series in the autumn of 2024, ahead of the upcoming UN climate change
conference COP28.
5. The popular American Smithsonian Magazine will publish an article on the architectural structures of
yesterday that speak to today, in an article dedicated exclusively to Athens. The journalist who represented
the prestigious international publication focused on the cultural part of the city, and was particularly
interested in taking a guided tour of the Adrianion Aqueduct.
6. As a guest of the Hellenic Centre for Marine Research, EYDAP presented to the European partners of the
iMermaid project, the history of water supply of the city of Athens, as well as the Adrianio Aqueduct, on 14
November 2023, at the Ionic Centre in Plaka
CONNECTION WITH THE ACADEMIC COMMUNITY
In October 2023, EYDAP received the final work of the students of the School of Architecture of the National
Technical University of Athens for the revitalization and reuse of the Adrian Aqueduct and the redevelopment
of the Luizia Riancour. The work was carried out in the framework of the course "Design of Outdoor Public Spaces
in Urban and Natural Landscape".
DEVELOPMENT OF A CORPORATE SOCIAL RESPONSIBILITY SYSTEM ACCORDING TO THE SA 8000 MODEL
EYDAP is in the process of developing a SA8000 corporate social responsibility system, with the aim to certify
EYDAP according to the most recognized international standard SA 8000, strengthening its social identity and
improving the performance and image of corporate social responsibility.
3. GOVERNANCE
3.1. CORPORATE GOVERNANCE
EYDAP with the no. 20905/7.7.2021 Board decision adopted the Greek Corporate Governance Code of the Hellenic
Corporate Governance Council in accordance with article 17 of Law 4706/2020 and the no. 2/905/03.03.2021
decision of the Capital Market Commission. The Company's Board of Directors defines and supervises the
implementation of the corporate governance system and ensures the adequate and efficient operation of all internal
control mechanisms and procedures, including risk management and regulatory compliance, thus ensuring its safe
and efficient operation.
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 essential risks associated with
its business activity and operation.
The Company adopts on an annual basis a Regulatory Compliance plan drawn up by the Regulatory Compliance
Division as well as an Internal Audit Division control plan, which are approved by the Board of Directors and are
aligned with the Company's strategy and annual business goals.
Internal Control System (
The Company has adequate and effective Internal Control System, in terms of financial and non-financial
information, in order to effectively manage operational risks that arise during the exercise of its activities, as well as
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from changes in the regulatory and legal framework that govern its operation and may result in legal penalties and
fines for non-compliance . The SEE reference model includes the control environment, risk management, control
mechanisms and security valves, system of information, communication and monitoring of the SEE, through a set of
Principles, Regulations, Policies, procedures, security valves and organizational structures, which has designed to
provide reasonable assurance as to the accuracy and reliability of accounting and business data. The design of the
structure and monitoring of the EMS is based on the adoption of the Three Lines Model, defining roles and
responsibilities in different areas and the relationship between them. A detailed description of the SEE is provided
in the Annual Financial Report.
Governance structure and composition, Nomination and selection process for Board members
General Meeting of Shareholders
The General Assembly of the Company's Shareholders is its supreme body and is entitled to decide on every matter
concerning the Company. In accordance with current legislation, the Company discloses all information related to
the General Meeting of Shareholders in a way that ensures easy and equal access to all Shareholders. The powers
and mode of operation of the General Assembly are analyzed in the Company's Operating Regulations and in the
Annual Financial Report
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. It adopts and implements the
Sustainable Development Policy, which is fully aligned with its business strategy, its mission, its vision and its values.
The Board of Directors ensures the realization of the purpose of the Company.
Composition of the Board of Directors:
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. The Board of Directors approved with resolution no.
20960/15.12.2021 Regulation of Operation , in accordance with the principles of the Corporate Governance Code it
has adopted.
Appointment of Board 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. The number of its members is redundant and cannot exceed thirteen
(13) members or be less than seven (7).
The Board of Directors is composed as defined in the statute:
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.
The independent non-executive members do not fall short of one third (1/3) of the total number of members of the
Board of Directors. and, in any case, they are not less than two (2).
In this Board of Directors the independent non-executive members are four (4), i.e. a percentage of 30.76%. of all
the members of the Board of Directors.
Term of office
The term of office of the members of the Board of Directors is four years and is automatically extended until the end
of the period within which the next regular General Assembly 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.
Number of Board Members
13
Term of office of the Board of Directors
4 years
Chairman of the Board
Non-Executive Member
Number of Executive Board Members
1 (from 12-9-2023, date of election of new Board of
Directors)
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The percentage of non-executive members of the Board of Directors amounts to 92.31%.
The percentage of female members of the Board of Directors amounts to 30.76%.
Diversity of Board Members : The Company through the Diversity Policy (Board of Directors Decision 20961/2021)
recognizes the importance of promoting the Principle of Diversity in the composition of its Board of Directors, in the
potential of its top executives, as well as in all of its employees with key parameters, among others, gender, age,
experience, skills and knowledge, and ensures that there is no exclusion due to discrimination based on sex, race,
colour, ethnic or social origin, religion or belief, property, disability, age or sexual orientation. The Company
recognizes that the promotion of diversity in its administrative, management and supervisory bodies is important
for its further business development as it can multiply the possibilities of access to a greater variety of solutions in
matters concerning its activity.
The Policy is posted on the official company website eydap .gr
Adequacy of Board Members
The current Nomination Policy for the Members of the Board of Directors was approved by the decision of the
General Meeting of the Company's Shareholders dated 3-8-2022. The individual suitability of the members of the
Board of Directors is assessed according to the required knowledge, skills and experience for the performance of
their duties in the context of each role and position. The level and type of education (field of study and specialization)
is taken into account. Experience covers both practical and professional experience, as well as theoretical knowledge
acquired. A member of the Board of Directors is presumed to be of good reputation, honesty and integrity, unless
there are objective and proven reasons to suggest otherwise . The Remuneration and Nominations Committee
continuously monitors the individual and collective suitability of the members of the Board of Directors.
The Biographies of the Board Members are posted on the corporate website eydap .gr
Chairman of the Board of Directors Composition of the Board of Directors - The position of the Chairman of the
Board of Directors.
The Chairman of the Board of Directors heads the work of the Board of Directors. The Chairman of the Board of
Directors is not an Executive Member, however, according to article 12 of the Company's Articles of Association, the
qualities of Chairman and CEO may coincide with the same person. In this case, the Board of Directors appoints a
Vice-President, from among its independent members.
The role of the President consists in organizing and coordinating the work of the Board of Directors
• is responsible for the overall effective and efficient operation and organization of its meetings,
• determines the agenda items
• summons the members of the Board of Directors to a meeting, writes items on the agenda, at the request
of the CEO and directs its meetings
• promotes a culture of open spirit and constructive dialogue during the conduct of the work of the Board of
Directors, ensuring the provision of timely, complete and correct information to its members.
• ensures that the Board of Directors as a whole has a satisfactory understanding of the views of the
shareholders and takes care of effective communication with the 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.
• heads the evaluation process of the Board of Directors in cooperation with the Remuneration and
Nominations Committee
• is evaluated by the Board of Directors. with regard to the exercise of his duties, in the context of a procedure
in which he chairs the Remuneration and Nominations Committee.
Number of non-Executive Board Members
12 (from 12-9-2023, date of election of a new Board of
Directors)
Number of independent non-Executive Board
Members
4
Average age of existing Board Members
53
Average age of past Board Members
55
Number of female members of the Board of Directors
4 (from 12-9-2023, date of election of a new Board of
Directors)
Voting system
Majority
Number of meetings of the Board of Directors
25
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Role of the Board in strategy formulation and impact management oversight
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 goals related to sustainable development issues.
In the context of the Sustainability Policy, the Board of Directors identifies in the Annual Management Report the
non-financial issues that are considered essential for the implementation of its vision and strategy, taking into
account the requirements of its interested parties. In the Report, reference is made to the way they are managed
but also to the evaluation of these actions based on recognized international standards.
The Board of Directors is assisted by the Strategy, Innovation and Sustainable Development Committee in all its
above responsibilities.
Board Committees
Audit Committee (at least 3 Members)
YES
Percentage of Independent Members in the composition of the Audit
Committee
66.66%
Remuneration and Nominations Committee (at least 3 Members)
YES
Percentage of Independent Members in the composition of the Remuneration
and Nomination Committee
66.66%
Risk Management Committee
YES
Strategy and Innovation and Sustainable Development Committee
YES
Regulatory Compliance Committee
YES
Strategy, Innovation & Sustainable Development Committee of the Board
Shapes the Company's Strategy, setting the Company's strategic priorities and goals in the context of Sustainable
Development
It informs, analyzes, 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,
of digital transformation, cyber security and sustainability, through innovative technologies.
The responsibilities of all Committees are detailed in the Annual Financial Report.
Oversight of impact management - role of Senior Executives in shaping strategy and impact management
According to article 21 of the Statute, the Board of Directors may delegate some of its powers or duties to the
Executive Committee (EKEP) which is established by its decision.
In application of the above statutory provision, by decision of the Board of Directors, an Executive Committee was
formed and operates, which consists of the Managing Director, the General Managers and the Managers of Finance
and Supply Chain Activities (until filled of the position of General Manager of Finance and Supply Chain). The CEO
was appointed as President of EKEP. In order to fulfill its duties, EKEP takes into account the decisions of the Board
of Directors. by which it is assigned specified powers 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. EKEP monitors, among other things, the
implementation of corporate transformation and the adoption of ESG criteria . The tasks of EKEP 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
Senior Executives in the performance of their duties:
(a) are in charge of independent areas of activity & report directly to the CEO, are designated by a Decision of the
Board of Directors, following a proposal by the CEO in which the responsibilities of each are specified,
(b) attend the meetings of the Board of Directors, without the right to vote and may propose the matters to be
discussed within their competence, following a proposal by the Managing Director,
(c) support the formulation of the Company's strategy and coordinate, direct and control the work of their
organizational units of responsibility,
(d) coordinate, monitor, direct and control the work of their organizational units of responsibility, set up Working
Groups with people under their responsibility, for special matters of their responsibility and monitor their work,
cooperate with each other to achieve corporate goals.
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The monitoring by the Board of the corporate effects is implemented on a 3-month, 6-month, 9-month and 12-
month basis. The Company's annual and six-monthly performance is published after an audit by independent
chartered accountants. In 2022, performance indicators were presented to the Board 4 times.
Role of the Board of Directors in Disclosure of non-financial information
The annual non-financial information is an integral part of the Annual Financial Report, which is approved by the
Board of Directors. The Board of Directors is also actively involved in the recognition-grading of the essential issues
of Sustainable Development. The Strategy, Innovation and Sustainable Development Committee of the Board of
Directors examines and approves the process of defining the essential issues of Sustainable Development, validating,
whenever deemed appropriate, its results, which constitute the structure of the annual Sustainable Development
Report, the content of which it approves. The Committee is informed and approves the content of the Company's
annual Sustainable Development Report.
Sustainable Development Policy
EYDAP adopts and implements a Sustainable Development Policy, approved by its Board of Directors.
The Policy is posted on the corporate website eydap .gr
Conflict of interests
The Company has Conflict of Interest Policy which is posted on the official company website eydap .gr and includes
all measures to prevent/deal with Conflict of Interest incidents.
The members of the Board of Directors and any third person, to whom their responsibilities have been delegated,
fall under the covered persons defined in the Conflict of Interest Policy of EYDAP. In order to prevent and identify
situations of conflict of interest, the members of the Board of Directors submit the declarations provided by the
Policy upon assuming their duties and on an annual basis. Conflict of interest incidents are managed in accordance
with the specific provisions of the Conflict of Interest Policy .
Collective knowledge of the Board
The Company has an Education Policy for Board Members. which is posted on the company website eydap .gr
The continuing education program for the members of the Board of Directors is decided on an annual or biannual
basis, depending on the needs of the Company, the needs of the Board of Directors as a whole or of its individual
members and developments in the markets and the legislative framework, as well as the findings of the reports of
the evaluations of the Board of Directors. The Company's Remuneration and Nominations Committee is responsible
for drawing up the training program in question.
Training is divided into introductory and continuous. The subject of the training can be varied and/or shaped
according to the needs of the trainees, taking into account, among other things, the results of the evaluation of the
Board of Directors.
Reference to the education of the 2023 Board of Directors members is made in the "Education" section of the
same Report
Board evaluation
The Board annually evaluates its effectiveness, the fulfillment of its duties as well as that of its Committees, in the
framework of a process chaired by the Chairman of the Board in cooperation with the Remuneration and
Nominations Committee. The evaluation, at least every three years, is carried out by an external consultant. The
Remuneration and Nominations Committee is in charge of the evaluation of the Chairman of the Board regarding
the performance of his duties.
Reference to the evaluation of the members of the Board of Directors for 2023 is made extensively in the Annual
Financial Report
Procedure for determining the fees of Board Members
The Company has established Remuneration Policy in order to implement basic principles and rules regarding the
remuneration of the Board Members.
The members of the Board of Directors are entitled to receive remuneration or other benefits, in accordance with
the law, as defined in the Statute and the Remuneration Policy of EYDAP. Remuneration or benefit granted to a
member of the Board of Directors and not regulated by law and the Articles of Association, shall be borne by the
Company, only if approved by a special decision of the General Assembly, subject to the provisions of articles 110 to
112 of Law 4548/2018.
Since the immediate requirement for the Company is to improve its performance and results, the Company grants
executive members additional incentives in the form of variable remuneration linked to short-term and/or medium-
term corporate goals. The Remuneration and Nominations Committee annually recommends to the Board the
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establishment and revision (when required) of Performance Measurement Indicators (KPIs), the objectives that
should be achieved and the percentage of the amount of variable remuneration in the event of their achievement
(the amount of variable remuneration granted does not should exceed 15% of the fixed remuneration of the
executive members – see Appendix In addition to the annual goals, it is possible to establish additional long-term
goals, the evaluation of which will be done over time, e.g. 3 years. The above are approved by the Board of Directors
and receive final approval from the General Meeting of Shareholders.
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 Nomination Committee and is approved by
the Board of Directors. The additional extraordinary variable remunerations and their payment time are proposed
by the Remuneration and Nominations Committee, approved by the Board of Directors and receive final approval
by the General Meeting of Shareholders.
Reference to the Dtos salary ratio is made in the "Labor Practices" section of the same Report.
Senior Management Remuneration
The Senior Management consists of the executives who, through an evaluation process, occupied the positions of
General Managers and Independent Directors. The salaries of the executives as well as the rest of the employees
are determined in accordance with the applicable legislative provisions and the Collective Labor Agreements. A
related reference to the subject and to the benefits to employees beyond the Regulatory Framework is made in the
"Employees" section of this report and in the "Obligations for staff benefits" section (amount of one-off benefit,
retirement, health coverage, personal reason for leaving the service) which is included in the Annual Financial
Report.
Company Policies and Commitments - Incorporation of Company Policies
Policies and Regulations
Within the framework of the Compliance Management System and the application of best practices, the Company
establishes, implements and updates Policies and Procedures. The Policies reflect the corporate commitment to
protect the interests of the interested parties and the smooth operation of the Company, as a preventive means of
reducing its negative effects, and bind the members of the Board of Directors, all employees and partners of the
company The Policies are approved by the Board of Directors of the Company, are communicated to the employees
through trainings and updates and are posted on the corporate website and internal website. In the context of
ensuring that employees are informed about important policies, a written declaration ("Personal Commitment") is
requested that they have been informed of them.
The Regulatory Compliance Department ensures continuous information, sensitizes executives and staff on
regulatory compliance issues and implements training programs with the aim of forming and nurturing a compliance
culture. The heads of each organizational unit have increased responsibility for meeting the commitments
incorporated in the Company's regulatory framework.
3.2. NON-FINANCIAL RISKS
EYDAP operates in the light of the principles of corporate governance in accordance with the requirements of its
institutional and regulatory framework.
A key component of the Internal Control System that the company has developed and implements is the Risk
Management Division, whose main role is to support the Management of EYDAP and the Board of Directors in the
management of risks to achieve its operational goals.
COSO standards regarding the Internal Control System and ISO 31000 for the risk management system.
EYDAP has a Risk Management Policy approved by the Board of Directors, which describes its approach to defining
the framework for the management of business risks.
With the risk management system that is followed, possible significant risks are recognized and their treatment
within the framework of acceptable risk limits. The goal is to identify and quantify risks early and develop and
prioritize corrective actions to mitigate the risk.
The Risk Management Department examines the external and internal environment of the company and, in
cooperation with the managers of the organizational units and the risk manager, updates the risk register at least
annually. In it, he develops the risk categories by dividing them into axes:
1. functional,
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2. strategic,
3. financial
4. compliance
In each category, risks are identified that are the subject of an assessment to achieve the Mission of the Risk
Management Department, as required by its role as the second line in the three-line model of corporate
governance.
Since, based on the requirements of the legislative provisions for corporate governance, the Board of Directors is
responsible for ensuring the adequate and efficient operation of the company's internal control system, a Risk
Management Committee has been established in accordance with best practice standards.
This Committee consists of members of the Board of Directors and is governed by the Operating Regulations, which
are posted, as revised, on the corporate website. The purpose of the Risk Management Committee is to assist the
Board of Directors in the performance of its responsibilities regarding the management of operational risks.
Oversees, evaluates and controls the design and implementation of the all risk management framework taking into
account the scope of frontline activities and its critical infrastructure.
EYDAP, in the context of risk-taking and risk-tolerance, sets the limits as to the level of risk it is ready to accept in
terms of the performance of its operations.
EYDAP is committed to conducting its activities with ethics, transparency and accountability, necessary for
sustainable development and the achievement of its strategy. Therefore, the Company has zero tolerance for actions
and practices that undermine the integrity of corporate governance and violate the standards of business ethics as
reflected in the Company's Code of Ethics and Professional Conduct.
EYDAP maintains a strict zero tolerance policy towards any form of non-compliance with applicable laws, regulations
and guidelines. In this direction, the Company seeks, among other things, the strict observance of the following:
• Current legislation on water quality and environmental protection.
• Fundamental principles of human rights.
• Guidelines and legislation concerning E SG and sustainable development issues.
• National, European and international provisions on issues of health and safety in the workplace and labor
legislation.
• Legislation regarding the protection of personal data.
The Risk Management Directorate in 2023 recorded in the Risk Register all the Risks deriving from the legislation, its
operation and its overall activities.
The Register Risks her EYDAP S.A. he's got formed below from 4 types risks (Operators, compliance, financiers,
strategists) and includes 27 categories operational risks. The responsible organizational units, following meetings
with the DRC, recognized the risks that concern them and evaluated them based on the impact assessment scales,
probability and control mechanisms, established by the Risk Management Directorate, In each category, in
cooperation with the managers of the organizational units, they were recognized approximately 230 risks, which are
distributed as a percentage:
Functional
49%
Strategists
23%
Financiers
17%
Compliance
11%
More than 850 control mechanisms have been identified and monitored, which, under the responsibility of risk
managers, mitigate risks and act positively towards the achievement of business objectives.
By monitoring the inherent and residual risk profile the risks are assessed and categorized into three risk levels of
high, medium and low risks.
The percentage of high risks is around 28% of the total.
Higher risks for EYDAP were assessed the risks related to:
• The unsafe water supply of Attica due to the failure of the External Aqueduct System
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• The understaffing of organizational units and the lack of specialized executives
• The risk of water scarcity due to climate change
• The guarding and protection of facilities and infrastructure
• Cyber security
An extensive reference to the preventive measures to deal with the risks is made in the corresponding section of
the same Report
The Risk Management Department monitors the impact of extraordinary events on the level of risk and initiates the
actions to reassess the risks related to them.
Identifies emerging risks and monitors their evolution to facilitate timely corrective actions and mitigation of their
impact.
3.3. FIGHT AGAINST CORRUPTION material topic
EYDAP recognizes that the phenomena of corruption and bribery undermine the moral environment of every
business and are a complex problem with economic, social, environmental and political ramifications.
adopting an Anti-Corruption and Bribery Policy in line with European Policy and the Greek Action Plan to combat it,
the Company is committed to conducting its entire range of activities with transparency, ethics, integrity and respect
for society and the environment , implementing a zero-tolerance Policy against Corruption and Bribery.
Management-Coping Tactics
The planning of preventive actions against corruption reduces the risk of fraud and enhances the value of the
Company, since it constitutes a practical commitment to effective corporate governance and corporate social
responsibility.
• In the context of the " Anti-Corruption and Bribery Policy ", which was drawn up in accordance with the best
international business practices but also the specific needs and corporate culture of EYDAP:
✓ Covered persons are encouraged to disclose any issue or suspected wrongdoing as soon as it comes to their
attention and in the case of a good faith report are protected from any acts of retaliation regarding their
position and progress. The reported incidents are investigated by the Company in an appropriate manner
and if confirmed, corrective measures are taken.
• The control mechanisms , which are found in all corporate functions and concern all personnel, consist of a
system of policies, procedures and practices and are applied in relation to the management of existing risks,
taking into account the relationship of costs and benefits. These mechanisms concern, among other things, the
standardization of the operation and the reduction of exposure to operational risks. Control mechanisms
applied to information systems also play an important role. This position is based on the non-negotiable
principle of complying with the requirements of the law as well as the commitments that the Company has
voluntarily undertaken based on the quality and operational standards that it has adopted and the best
corporate practices . The strengthening of the Internal Control System is a further strengthening of the
company's position and its credibility.
• Conflict of Interest Policy : The Company adopts a Conflict of Interest Policy to prevent, identify, manage and
address existing and potential conflict of interest situations, in compliance with applicable corporate governance
and public procurement law.
• Sponsorship Policy : EYDAP has established and implements a Sponsorship Policy, which defines the basic
principles of its sponsorship activity, as derived from the Strategy and its priorities, the characteristics that should
govern the sponsored actions and recipients, as well as the process that should be followed until the final stage
of their implementation.
• Regulations for the Operation of Funds , by which a Funds Control Group is established, in order to ensure
compliance with the relevant instructions and procedures described in the Regulations as well as the security of
transactions. Also, the Company adopts a "Policy for the management of fixed advances - Small Funds EYDAP
SA", which defines the procedures that must be followed by each Service Unit of the Company.
• Enhancing transparency by implementing the relevant procedures deriving from the current institutional
framework and in particular from the stock market legislation, such as the procedure for disclosure of regulated
information, valid and timely information to the investing public, procedure for the disclosure of transactions by
the persons exercising managerial duties in the Company, procedure to avoid abuse of privileged information
and publication of important corporate information on the Company's website, publication of its financial
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statements on the web portal of the Capital Market Commission, submission and publication of the statement
"who is concerned" by the obliged persons.
• Code of Ethics and Professional Conduct and Internal Staff Regulation , which reflect principles of ethics and
professional conduct.
• In the field of public procurement, the regulations of N are faithfully applied . 4412/2016 "on public works
contracts, supplies and services". In this context, the Company applies the Procurement and General Services
Regulation , "Regulation on the Assignment and Execution of Contracts for Projects, Studies and the Provision of
Technical and other Scientific Services" and the more specific provisions of the applicable Conflict of Interest
Policy for public contracts.
• Ensuring the security of the collection of Personal Data of employees and customers. Transparency in the
mechanisms for managing personal information
The Company with respect and responsibility for compliance with the regulatory framework on Personal Data
Protection has created Mechanisms, Policies and compliance control procedures.
Reference to the Policies and Regulations is made in the "Personal Data Protection" section of the same Report
The Company's appropriately trained staff in matters of personal data management, in order to limit the risk of
voluntary or involuntary disclosure of information, takes care before processing the data to check the legality of
the process, with the assistance of the Office of Data Protection Officer
✓ adopting special Information Policies, respecting the principles of legality, transparency and
confidentiality of information
✓ taking the necessary technical and organizational measures
Determinants of risk mitigation
✓ the continuous updating of the Company's Activity File
✓ the immediacy of communication to address related issues
✓ the immediate service of the requests of trading entities and the public
✓ the regular control through specific data recording questionnaires and the technical security measures
that the external partners of the Company are required to comply with strict responsibility and
accountability control clauses when entrusting them with the processing of personal data of natural
persons dealing with the Company
✓ vigilance to prevent detection of vulnerability, in order to limit the risk by strengthening data protection
measures and safeguards
• Digital governance ( e - eydap ): Through the digital expansion of its services, EYDAP reduces the chances of
illegal transaction and corruption phenomena. The provision of services is depersonalized, the consumer is
identified electronically and the processing procedures are recorded in detail so that it is possible to check their
quality and legality.
• Updating the recording and assessment of the risks faced by each organizational structure of the Company, in
order to properly manage them and effectively deal with them, in order to prevent, among other things, incidents
of corruption and bribery.
• Establishment of an independent Risk Management Division and an independent Regulatory Compliance
Division (reference to the subject is made at the beginning of the same section)
• Creation of a "Whistleblowing " System: The Report-Complaint Management Policy provides for the operation
of a mechanism for raising reports and their management process, guided by the principle of confidentiality and
the assurance of non-retaliation. The Policy describes how to submit a complaint (via email ( whistleblowing @
eydap . gr ), or by post to EYDAP S.A. – Regulatory Compliance Service) as well as the process of receiving and
evaluating them by Report Evaluation Committee.
• Updating Regulations and Policies with the aim of continuous compliance with current legislation and best
international practices.
Our most important actions, within 2023, in this direction were the following:
➢ Establishment of EYDAP Regular Staff Benefits Policy (Board Decision 21149/11-1-2023)
➢ Update of the Conflict of Interest Policy (Board of Directors Decision 21159/16.2.2023)
➢ Update of the Report-Complaint Management Policy (Board Decision 21273/22-3-2023)
211
➢ Approval of the Regulation on the Assignment and Execution of Contracts for Projects, Studies and the Provision
of Technical and Other Related Scientific Services (Board of Directors Decision 21721/6-12-2023)
➢ Adoption of Operating Regulations of the Risk Management Directorate (Board of Directors Decision 21282/5-4-
2023).
➢ Establishment of Risk Management Policy (Board of Directors Decision 21282/5-4-2023).
➢ Adoption of the Regulations for the Operation of the EYDAP Technical Council (Board Decision 21289/26.4.2023)
➢ Update of the Regulation of the Audit Committee (Board of Directors Decision 21549/5.7.2023)
➢ Adoption of Environmental Policy (Board of Directors Decision 21295/26.4.2023)
➢ Establishment of Policy Information and Statement on the Protection of Personal Data of EYDAP Health Care
Insureds (Board Decision 21275/22-3-2023)
➢ Establishment of a Policy for the Management of Complaint Requests regarding issues of the General Regulation
of Personal Data (Board of Directors Decision 21274/22-3-2023)
In the context of the continuous training and development of EYDAP executives involved in the internal control
system, the Regulatory Compliance Director, during 2023, completed the certified training program entitled
"CERTIFIED COMPLIANCE OFFICER" carried out by the Education Department of the Law Library and was certified
as a "Compliance Officer" according to the ISO/IEC 17024 accredited Professional Category Certification Scheme of
TÜV AUSTRIA Hellas for a period of 5 years.
OBJECTIVES OF CORPORATE GOVERNANCE 2024
➢ Adoption of the Operating Regulations of the Regulatory Compliance Committee of the Board of Directors.
➢ Establishment of Regulation of Operation of the Regulatory Compliance Directorate
➢ Whistleblowing Policy Update
➢ Conflict of Interest Policy Update
➢ Update of the Policy to prevent and combat violence and harassment at work.
➢ Update of the Anti-Corruption and Bribery Policy
➢ Code of Ethics and Professional Conduct Update
➢ Update of the Regulation of Operation of EYDAP
➢ Establishment of Travel Policy
➢ Establishment of Supplier Policy
➢ Establishment of a Gifts and Business Gifts Policy
➢ Recording of procedures and development of mechanisms aimed at facilitating the communication of the
shareholders and ensuring the accuracy and correctness of the information that the shareholders receive from
the Company.
CONFIRMED INCIDENTS OF CORRUPTION 2023
A. Total number and nature of corruption incidents
It concerns an employee, who breached the Company's
service desk and made photocopies of a folder with
official documents. The penalty imposed on him by the
Primary Disciplinary Council is the penalty of a written
reprimand, according to K.P./EYDAP.
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
0
212
EYDAP S.A., in the context of preventing similar situations, informs its employees about the Policies and Codes in
force, through emails and postings on the Company's internal website ( portal ).
LEGAL AND REGULATORY COMPLIANCE
Adherence to the applicable legislation, as well as the implementation of control valves for compliance with the
regulatory framework governing the operation of the Company, resulted in the absence - for 2023 - of significant
incidents of non-compliance with the legislation and significant impacts at a social, environmental and economic
level .
3.4.PERSONAL DATA PROTECTION material issue
EYDAP handles the issue of Personal Data Protection with a view to the compliance of the Company with the
provisions of the General Data Protection Regulation EU2016/679 and the current legislative framework (law
4624/2019, law 3471/2006), the Guidelines of the Working Group of the European Data Protection Supervisor No.
29 (WP29), the European Data Protection Board ("EDPB"), 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 individuals with expertise and knowledge of internal Company procedures in order to ensure
continuous and secure compliance.
Our impacts
In order to safeguard the collection and management of the personal data of individuals with whom it deals
(employees, customers, suppliers, contractors, shareholders) and transparency in the mechanisms for the
management of personal information, EYDAP adopts the following Policies, which it updates from time to time, such
as: Code of Conduct, Equipment Management Policy, EYDAP Employees' Personal Data Protection Policy, Consumer
Data Protection Policy, Personal Data Protection Policy for the Award and Execution of Public Contracts, Video
Surveillance Systems Policy, Website Users' Privacy Policy, Shareholders' Data Protection Policy, Whistleblowing
Policy, Information Security Policy, Whistleblowing Policy.
In 2023 the company also established a Whistleblowing Management Policy for issues of the General Data Protection
Regulation.
In specific cases of tendering, it has created a clear and specific procedure for transparent information of the Subject
regarding the processing of his/her data by the competent Services of EYDAP by checking from the design of an
activity/procedure the lawfulness of the processing.
These Policies are posted on the corporate website, and on the intranet portal, depending on the recipients of the
information.
The plan of the DPO office for the year 2023 was formulated so as to enable the Company to continue to respond
to the special circumstances created in previous years, on issues related to additional measures to inform staff,
customers and to strengthen its security. On the other hand, it continued to place emphasis on ensuring the
Company's adaptation and continuous compliance with the provisions of the current legislative framework for the
protection of personal data.
With specific reference to 2023, the Data Protection Officer, as an advisory agent of the Company, in cooperation
with the relevant service agents, took the following actions:
1. Continuous updating of the Activity Log in coordinated cooperation and communication with EYDAP
executives.
2. Recommendations for vulnerabilities fixes.
3. Update-completion of relevant forms, official Company documents, recommendations, Annexes, contracts,
existing Policies.
D. Legal cases related to corruption matters brought
against the Company or its employees during the
reporting period
0
213
4. Providing opinions to the organisational units in relation to current legislative developments and on issues
that have arisen.
5. In the context of entering into partnerships with third parties, where they have the role of the Executor, an
audit of their role and the declared technical and organisational measures they take to safeguard personal
data was carried out before the signing of the respective contract.
6. Management of customer/worker complaints/claims under a specific policy and procedure.
7. Enhancement of the content of the EYDAP website privacy policy, consumer privacy policy, website terms
of use, cookies policy, shareholder policy
8. Establishment, together with the Cybersecurity Directorate, of a procedure and policy for dealing with
incidents of personal data file breaches
9. Participation in workshops for executives on regulatory compliance issues
10. Focused employee trainings on the General Data Protection Regulation
11. Creation of a DPO office procedures manual for coordinated monitoring of processes and activities related
to the processing of personal data
12. Formulation of opinions and guidelines on strengthening physical and technical security, limiting access to
certain activities and data minimization in processes and forms involving personal data of customers.
13. Provision of clear instructions and guidance to managers and staff on the proper collection of customer
data and the management of potential breaches.
(Reference is made to the management of employees' personal data in section D.6.a, and of customers in
section D.5 of the same Report).
14. Involvement of the DPO in the design of new activities to ensure compliance with the GDPR.
15. Briefing of Senior Management on the activities of the DPO office
• Monthly report to the CEO and, where applicable, to the Risk Management Committee
• Annual Activities Report
16. Establishment of internal compliance monitoring mechanisms for the organizational units by the DPO
office.
The training of our human resources on personal data protection issues is an ongoing process (this issue is discussed
in the "Training & Education" section E.3 of the same Report)
Management of customer/employee complaints/claims
The Company has a Complaints /Claims Management Policy on issues related to the Privacy Regulation. Η Πολιτική
είναι αναρτημένη στο portal
During the reporting period (2023) there were few requests-complaints from EYDAP's customers, the management
of which was swift and adequate with positive comments from some of the customers. It should be noted that the
final outcome of the 2022 incident of a breach of customers' Personal Data by an external partner, namely by ELTA,
is still pending. It is noted that in December 2023 a transient technical malfunction was recorded in the records of
recorded calls kept by the contractor company Cosmote e-value, which was assessed as a breach incident, due to
the unavailability of part of the recorded calls. The necessary notification actions were taken to the Data Protection
Authority. In any case, it was assessed that EYDAP maintains security safeguards and the information is significantly
feasible to be provided to anyone who requests it, except for the recording.
Objective for the year 2024
The objective for the year 2024 is to enhance the office's collaboration with the Cybersecurity Directorate, the Data
Governance Directorate, the Risk Management Directorate, the Compliance Directorate in the direction of
strengthening the framework for the proper and lawful management of data, so that data can generate value both
for the company and for the individual, with full respect for their privacy and confidentiality.
Further reference to Data Protection issues is made in the sections: "Training & Education", "Corporate Governance"
3.5. DIGITAL TRANSFORMATION
Digital transformation is part of EYDAP's priorities, as a modern company that follows best practices focusing on the
efficiency of our services.
Our goal is to offer user-friendly digital services oriented to the needs of citizens and the correct and safer operation
of the company.
214
Our impacts
MATURITY IN CYBER SECURITY ISSUES
The Company, taking into account the Community and national legislative provisions, has set as a priority to ensure
the secure and continuous operation of its information and network systems, in the context of protecting the digital
ecosystem and enhancing digital transformation.
Implemented in 2023
• Regular assessment of the Company's cyber security capability - maturity level in terms of policy, organizational
and technical security measures, in relation to current national regulatory and statutory obligations.
• Participation in the funded Action for the provision of Cybersecurity Support Services by ENISA (European
Union Agency for Cybersecurity) through the National Cybersecurity Authority for Basic Service Providers of EU
Member States and obtaining the following:
✓ Risk Analysis and Threat Assessment (Threat Landscape) based on the ISO 27001 standard, to identify
deviations in security measures and identify areas for improvement.
✓ Mapping of digital web assets (Web Asset Registry) and vulnerability analysis of the Organization's
external environment.
✓ Ensuring immediate response services in case of detection of a cyber security incident.
• Participation in the consultation work of the National Cybersecurity Authority of the Ministry of Digital
Governance for the incorporation of the European NIS II Directive into national legislation.
• Study of the alignment of EYDAP S.A.'s Information Security Policy, individual security policies and procedures
with international standards and methodologies (ISO27001, ISO22301, NIST CSF, NIS, NIS II).
• Implementation of technical security solutions to monitor and enhance the resilience of digital applications
against external threats.
• Certification of the Company for the security of electronic transactions processed through cards (credit and
debit) according to the PCI-DSS Security Standard (SAQ Type A, Level 4).
• Installation of special Web Application Firewall software to protect all corporate web-based applications
against cyber-attacks. This action of EYDAP was awarded at the 2024 Cybersecurity Awards.
• Upgrade of the network security arrangements in Perissos and 10 other EYDAP facilities with the purchase &
installation of new more modern Firewalls
• Procurement of security operations center, information management and security incident management
(SOC/SIEM) services for EYDAP S.A.'s Information and Operational Systems.
UPGRADING OF CORE TELECOMMUNICATIONS SYSTEMS
In 2023
the functional upgrade was completed
• of the CITRIX system, through which various critical applications are securely available to corporate users
• the Health Services and Correspondence Handling application (Papyrus) and
• the application of the regional branch cash registers
Also
• extension of the digital circulation of recommendations beyond the Board (to the Procurement Council,
the Executive Committee and the Project Council).
• activation of the new Ticketing system for digital monitoring of internal requests (IT helpdesk, fire safety
and building maintenance)
• activation of the new Electronic Invoicing measure, which required the interconnection of various
Company information systems with the AADE for the electronic issuance through AADE of water bills,
service invoices to third parties and the receipt of electronic bills from third parties.
• continued configuration of MyData system based on new instructions from AADE
UPGRADING OF THE OPERATIONAL RESOURCE MANAGEMENT SYSTEM (ERP)
The Company, by adopting best practices in accordance with operational needs, redesigns its operating model and
processes aiming at more effective and efficient operation, increasing productivity, saving operating costs and
improving information while ensuring an effective control environment, gaining:
• Data security and classified access to information.
• Improved resource management (e.g. inventory, vehicle fleet, etc.).
215
• Improved information - Timely receipt of reliable data at a common point (single source of truth).
• Access to relevant information, anytime and anywhere
In 2023:
• A public electronic tender was announced for the design, supply, installation of a new ERP and the upgrade
and optimization of business processes. The tender is in its final stage and the contract is about to be signed.
• At the same time, an open public tender was approved and is in progress for the provision of support and
quality assurance services for the design, supply and installation of the ERP information system of EYDAP.
DIGITIZATION - AUTOMATION OF PROCESSES WITH A POSITIVE IMPACT ON REDUCING OPERATIONAL COSTS,
PROCESSING TIME AND ENHANCING TRANSPARENCY
The changes adopted to exploit the benefits of the Internet, digital media and new technologies are part of the
Digital Transformation process. Our aim is to continuously cultivate a new corporate culture with a positive impact
at environmental, economic and governance levels.
For reference:
• Continuous updating of office technological equipment.
• Intensification of the process of issuing and using digital signatures, so that by the end of 2023, 601 of our
executives will have this digital tool
• Electronic circulation of documents through the "Papyros" application & electronic circulation of
proposals: In this way, a key business process of the Company becomes fully digital (paperless), significantly
reducing the processing time of cases. (In 2023, approximately 80,410 documents were moved digitally
through the Papyros application and 261 proposals through the Electronic Proposal Handling Application).
• Completed the commissioning of the printing - enveloping of water bills to an external partner (out-
sourcing) which will result in a significant reduction in the cost of issuing and distributing bills.
The new circumstances have led a significant part of the staff to adopt a new professional culture using new working
practices with impacts, both at environmental, economic and governance level.
UPGRADE AND EXTENSION OF NETWORK & FACILITIES OPERATION SYSTEMS
• the installation of new data and telephony network infrastructure was completed in new EYDAP facilities
in Salamina, Megara and East Attica
• WIFI installation was extended in the Company's office buildings & other facilities.
• radical upgrade and expansion of the existing SCADA network and facility monitoring systems, for the timely
and accurate collection of operational data and for more efficient infrastructure management:
the upgrade of the Thriassio WWTP's SCADA system was completed and the installation of new SCADA
systems for the rapidrefining facilities along the EWS, the Mavrosouvala Boreholes was awarded.
Important works were also carried out for the installation of SCADA systems at the new water supply &
sewerage facilities in Megara & Salamina. In addition, the study for the complete upgrade of the SCADA
systems of the water supply & sewerage networks is underway.
Reference to the section " Access to Clean Water,Water Supply & Water Network Coverage" of the same Report.
LARGE-SCALE DATA TECHNOLOGIES FOR DETECTING FAULTY METERS
EYDAP, as a transparent and responsible company, places particular emphasis on the development of innovative
solutions, in order to improve the quality of services provided and to promote EYDAP as a pioneer and development
agency.
In this context, a pioneering pilot project is being implemented for the analysis of selected datasets and the
application of large-scale data technologies and artificial intelligence to detect faulty meters. The analysis concerns
counting data for over 500,000 meters.
DATA GOVERNANCE
EYDAP is establishing an integrated system of governance for the data that constitute its assets. This system
comprises of procedures, policies and standards for the management and control of data.
216
The benefits of Data Governance are linked to:
• Confidence in data quality and availability
• Data Security
• Compliance with the legal and institutional framework relating to data (e.g. GDPR)
• Support in decision-making
• New capabilities in customer service processes
• New capabilities in the support of corporate processes
For a better analysis of existing data, in 2023 there were studies for the creation of a central Data warehouse – Data
lake.
EYDAP’S OPEN DATA HUB
EYDAP now operates its own open data platform (Open Data Hub https://opendata.eydap.gr/)
The platform
• includes a wide range of data, including information on water quality, consumption, wastewater discharges,
etc.
• constitutes a central open access point to data on water and wastewater management
• enables everyone to explore, analyze and benefit from information that promotes sustainable development
and efficient management of water resources
• demonstrates EYDAP's commitment to ensuring transparency, community participation and innovation in
developing solutions meeting the challenges of the 21st century.
MACHINE LEARNING TECHNIQUES FOR THE DETECTION AND PREVENTION OF WATER LEAKAGE IN PUBLIC
SCHOOLS
The " Archimedes Center for Research in Artificial Intelligence - Archimedes", in collaboration with EYDAP, and with
funding from the Commission "Greece 2021", developed a prototype application based on machine learning
algorithms for the detection and prevention of water leakage in public schools in Attica.
The model was "trained" with water consumption data available to EYDAP from digital and analogue meters for
selected schools in Attica, which are already available from EYDAP through the open data platform
(opendata.eydap.gr).
The creation of a permanent mechanism to monitor water consumption has a significant impact on water saving
efforts. This action highlights the value of open data and the impact of advanced technologies in the management
of the precious resource of water.
DIGITAL SERVICES VIA CORPORATE WEBSITE
In 2023, strategic corporate initiatives were implemented to facilitate the transition of our customer base to e-bill.
This initiative will continue with intensity into 2024.
Reference to the section "Secure Customer Service - Affordable Tariff" of the same Report.
RESEARCH PROJECT TESTUDO
The company, through the TESTUDO research project, is testing advanced unmanned vehicles for the protection of
Critical Infrastructures as well as cutting-edge technologies for detection, prevention and prediction of physical and
cyber security risks. (https:// testudo-project.eu/).
D. NOTIFICATIONS RELATED TO ARTICLE 8 OF TAXONOMY REGULATION
EU Taxonomy Regulation
The EU Taxonomy Regulation 2020/852 is one of the tools established, based on the European Green Deal, which
aims to transform the European Union into a modern, efficient, competitive and climate-neutral economy by 2050,
in a fair manner.
217
The Regulation establishes the technical screening criteria for determining whether an eligible economic activity
qualifies as environmentally sustainable (Taxonomy aligned). Consequently, the Regulation sets a common
classification system which can be used by all investors, when seeking to invest in economic activities that have a
significant positive impact on the climate, the environment and the society. For an economic activity to qualify as
environmentally sustainable i.e., Taxonomy-aligned, the activity is required to meet all the following requirements:
• It is an eligible economic activity, i.e., it is included in the EU Taxonomy Delegated Regulations with the
corresponding technical screening criteria
• Contributes substantially to one, or more, of the six (6) environmental objectives of the Regulation
• Does Not Significantly Harm (DNSH) any of the other five (5) environmental objectives
• Complies with the minimum social safeguards
• Complies with the technical screening criteria as set by the Commission
The environmental objectives set by EU Taxonomy Regulation are the following:
• Climate Change Mitigation (CCM)
• Climate Change Adaptation (CCA)
• Sustainable use and protection of water and marine resources (WTR)
• Transition to a circular economy (CE)
• Pollution prevention and control (PPC)
• Protection and restoration of biodiversity and ecosystems (BIO)
Based on Delegated Regulations 2021/2139, 2022/1214, 2023/2485 και 2023/2486 technical screening criteria have
been established for all 6 objectives mentioned above.
Disclosure requirements of EU Taxonomy Regulation
According to Article 8, paragraph 1, of EU Taxonomy Regulation 2020/852, undertakings that are subject to an
obligation to publish non-financial information (according to article 19a and 29a of Directive 2013/34/EU), shall
disclose in their Annual Management Report information on the extent that their activities a) are covered by the EU
Taxonomy (Taxonomy-eligible) and b) comply with the technical screening criteria set in the Taxonomy Delegated
acts (Taxonomy-aligned). The content and the presentation of the required information is defined by the Delegated
Regulation (EU) 2021/2178
3
, as amended.
Specifically, for disclosures that are published during 2024, concerning the financial year 2023, non-financial
undertakings should disclose the following Key Performance Indicators (KPIs):
- The proportion of their turnover, capital expenditure (CapEx) and operating expenditure (OpEx), derived
from products or services associated with taxonomy-eligible and taxonomy-non eligible economic activities
for all 6 environmental objectives.
- The proportion of their turnover, capital expenditure (CapEx) and operating expenditure (OpEx), derived
from products or services associated with Taxonomy-eligible and Taxonomy- aligned economic activities
for climate change mitigation and climate change adaptation environmental objectives
1
.
EU Taxonomy Reporting
For the determination of the key performance indicators (KPIs) of EYDAP, the following methodology was followed:
1. Identification of eligible economic activities
1 New economic activities included in Delegated Regulation 2021/2485 concerning the environmental objective of climate change mitigation
and adaptation are excluded and for which the percentages mentioned in this paragraph will be published in 2025 for the financial year 2024.
218
2. Alignment assessment of eligible economic activities, based on:
2.1 Substantial contribution to climate change mitigation and climate change adaptation objectives
2.2 Do No Significant Harm (DNSH) to the remaining objectives
3. Compliance with minimum social safeguards, at company level
4. Calculation of key performance indicators (KPIs)
The methodology applied, was based on the EU Taxonomy Regulation 2020/852, its Delegated Acts, as well as any
additional guidance released:
- The Climate Delegated Regulations 2021/2139, 2022/1214, 2023/2485 και 2023/2486:
These regulations establish the eligible activities and the technical screening criteria (TSC) for determining
the conditions under which an economic activity meets the criteria of substantial contribution and do no
significant harm (DNSH), for all six environmental objectives.
- Delegated Regulation 2021/2178: This Regulation sets out the content and the presentation of the
information to be disclosed, regarding the environmentally sustainable economic activities.
- Final Report on Minimum Social Safeguards: This Report, which is published by the Platform on Sustainable
Finance, includes guidance on the implementation of minimum social safeguards.
1. Identification of eligible economic activities
The determination of the eligible economic activities of EYDAP was conducted based on the description of its
activities in accordance with the Regulation for the financial year 2023.
Economic activities were also identified based on whether they are classified as being enabling or transitional.
The economic activities of EYDAP for the financial year 2023 that were recognized as eligible, are the following:
Economic
Activity
Description
Taxonomy’s
Environmental
Objective
Electricity
generation using
solar
photovoltaic
technology
Construction or operation of electricity generation facilities that
produce electricity using solar photovoltaic (PV) technology.
EYDAP has installed and produces electricity from a photovoltaic
power station with a capacity of 1,97 MW in the Water
Treatment Plant (WTP) in Acharnai.
This is a revenue generating activity.
Climate Change
Mitigation – (CCM 4.1)
/ Climate Change
Adaptation (CCA 4.1)
Electricity
generation from
hydropower
Construction or operation of electricity generation facilities that
produce electricity from hydropower.
Along the external aqueducts that carry water from the
reservoirs to the refineries, Small Hydroelectric Plants (SHPP)
operate. Specifically, EYDAP operates the following SHPPs:
1. Elikonas, with a capacity of 650 kW
2. Evinos, with a capacity of 820 kW
3. Kithaironas, with a capacity of 1,200 kW
4. Kirfi, with a capacity of 760 kW
5. Mandras, with a capacity of 630 kW
This is a revenue generating activity.
Climate Change
Mitigation – (CCM 4.5)
/ Climate Change
Adaptation – (CCA 4.5)
219
Economic
Activity
Description
Taxonomy’s
Environmental
Objective
Construction,
extension and
operation of
water collection,
treatment and
supply systems
Construction, extension and operation of water collection,
treatment and supply systems.
EYDAP has installed and operates four Water Treatment Plants
(WTP) with a total refinery capacity of 1,800,000 m3/day in the
areas of Galatsi, Acharnai, Polydendri and Aspropyrgos.
The water supply network includes 14,500 km of water supply
piping.
In addition, EYDAP. maintains ten fast water refineries with a
capacity range of 4 m3/hr – 360m3/hr.
This is a revenue generating activity.
Climate Change
Mitigation – (CCM 5.1)
/ Climate Change
Adaptation (CCA 5.1)
Water supply
Construction, extension, operation, and renewal of water
collection, treatment and supply systems intended for human
consumption based on the abstraction of natural resources of
water from surface or ground water sources.
The water supply facilities of EYDAP are those referred to in the
above activity 5.1.
This is a revenue generating activity.
Sustainable use and
protection of
water and marine
resources - (WTR 2.1)
Construction,
extension and
operation of
wastewater
collection and
treatment
Construction, extension and operation of centralized
wastewater systems including collection (sewer network) and
treatment.
EYDAP has 5 existing Wastewater Treatment Plants (WWTP) of
Psittalia (WWTP-P), Thriasio (WWTP-T), Metamorfosi (WWTP-
M), the WWTP of the Municipality of Kropia and the WWTP of
the Municipality of Megara, namely:
• WWTP-P has a wastewater treatment capacity of
1,000,000m3/d and an average incoming wastewater supply
capacity of 660,000 m3/d.
• WWTP-M has a wastewater treatment capacity of 44,000 m3/d
and an average incoming wastewater supply capacity of 24,000
m3/d.
• WWTP-T has a wastewater treatment capacity of 21,000 m3/d
and an average incoming wastewater supply capacity of 6,300
m3/d.
• WWTP of Kropia has a wastewater treatment capacity of
18,000 m3/d. In 2023, it treated an average of 1,750 m3/d urban
wastewater.
Climate Change
Mitigation – (CCM 5.3)
/ Climate Change
Adaptation – (CCA 5.3)
220
Economic
Activity
Description
Taxonomy’s
Environmental
Objective
• WWTP of Megara has a wastewater treatment capacity of
8,000 m3/d. In 2023, it treated an average of 1,900 m3/d urban
wastewater and 90 m3/d septic sewage.
In addition, it is noted that 2 Wastewater Treatment Plants
are under development.
• WWTPs of the Municipalities of Rafina, Pikermi & Artemida-
Spata with a treatment capacity of 23,646 m3/d.
• WWTP of the Municipality of Marathon, with a treatment
capacity of 9,885 m3/d.
This is a revenue generating activity.
Urban waste
water treatment
Construction, extension, upgrade, operation and renewal of
urban wastewater infrastructure, including treatment plants,
sewer networks, connections to the wastewater infrastructure
and discharge structures for treated effluent.
EYDAP’s urban wastewater treatment plants are those
mentioned in the above activity 5.3.
This is a revenue generating activity.
Sustainable Use and
Protection of
Water and Marine
Resources - (WTR 2.2)
Transport by
motorbikes,
passenger cars
and commercial
vehicles
Purchase, financing, leasing and operation of vehicles.
EYDAP owns and leases vehicles for use by employees.
The company has purchased output from Taxonomy-eligible
economic activity (CapEx c category).
Climate Change
Mitigation – (CCM 6.5
Transitional) / Climate
Change Adaptation –
(CCA 6.5)
Acquisition and
ownership of
buildings
Buying real estate and exercising ownership of that real estate.
EYDAP owns and exercises the ownership of 49 properties that
house the administrative services.
The company has CapEx associated with this economic activity.
Climate Change
Mitigation – (CCM 7.7)
/ Climate Change
Adaptation – (CCA 7.7)
In addition to the above activities, part of EYDAP's energy needs in Wastewater Treatment Plants (WWTPs of Psittalia
and Metamorfosi) is covered by the energy utilization of biogas produced by anaerobic digestion of sewage slit. As
this activity is considered part of the operation of the 2 WWTPs, and is also not revenue generating, it is not reflected
as a separate economic activity in the above table. The capital expenditure (CapEx) as well as the operating
expenditure (OpEx) of this activity are incorporated in the corresponding indicators of economic activity 5.3
“Construction, extension and operation of wastewater collection and treatment”.
At this point, it is worth mentioning that activities under the new environmental objectives have been recognized as
eligible as follows:
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• Production of alternative water resources for purposes other than human consumption (Transition to a
circular economy – CE 2.2) as the Psittalia WTP produces reclaimed water for industrial use.
• Use of concrete in civil engineering (Transition to a circular economy - CE 3.5) as well as during the
construction of pumping stations, sewerage pipes, etc. the use of concrete is carried out as defined by the
activity.
The capital expenditure related to these economic activities is incorporated in the relevant key performance
indicator (CapEx) of activity 5.3 "Construction, extension and operation of wastewater collection and treatment", as
currently there is no possibility for their allocation. For this reason, they have not been presented as distinct
economic activities in the tables of key performance indicators (Table 1-3).
2. Alignment assessment based on substantial contribution and Do No Significant Harm (DNSH) technical
screening criteria
EYDAP proceeded with the assessment of its eligible economic activities, operating or under development-facilities,
in relation to:
1. The Technical Screening Criteria regarding the substantial contribution to climate change mitigation and
climate change adaptation.
2. The technical screening criteria regarding Do No Significant Harm (DNSH)
The purpose of this assessment was the determination of the level of alignment of the EYDAP’s eligible economic
activities with the criteria and the requirements of Taxonomy Regulation, as well as the identification of any potential
gaps, in order the company to develop a specific action plan to align its eligible economic activities with the
Taxonomy Regulation, in the following years. More specifically:
The results of the alignment’s assessment against the substantial contribution and Do No Significant Harm (DNSH)
technical screening criteria, regarding each eligible economic activity, are presented below.
Electricity generation using solar photovoltaic technology (4.1)
EYDAP has installed and produces electricity from a photovoltaic power station of 1,97MW in Water Treatment Plant
of Acharnai.
Substantial contribution to climate change mitigation
The activity is by default aligned with the substantial contribution criteria, as electricity is generated using solar
photovoltaic technology.
Substantial contribution to climate change adaptation
The required physical climate risk assessment study for the photovoltaic power station has not been completed, in
order the activity to be considered aligned. In addition, the activity is not classified as enabling. Therefore, the activity
is not eligible under the climate change adaptation objective and thus, no further assessment against that objective
is conducted.
Do No Significant Harm (DNSH)
The assessment was based on the DNSH criteria described in activity 4.1 (for climate change mitigation objective)
and is related to:
• The assessment of physical climate risks
• The utilization of equipment and construction elements of high strength and recyclability
• The completion of the Environmental Impact Assessment (EIA) and the implementation of the required
mitigation and compensation measures for the protection of the environment
Do No Significant Harm (DNSH) to climate change adaptation
The activity is not aligned with this criterion, as described above.
Do No Significant Harm (DNSH) in the transition to a circular economy
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Photovoltaic panels mainly consist of recyclable materials and the equipment has a durability of at least 10 years. It
is foreseen that the relevant market best practices for the recycling of equipment shall be followed, where is
technically feasible and in accordance with the relevant legislation. Therefore, the activity complies with the
technical screening criteria related to the transition to a circular economy.
Do No Significant Harm (DNSH) to the protection and restoration of biodiversity and ecosystems
During the Plant’s operation, the required mitigation measures are applied for the protection of biodiversity and the
corresponding ecosystems, proposed in the respective Environmental Impact Assessment (EIA) and in the
Environmental Terms Approval Decisions.Therefore, the activity complies with the technical screening criteria
related to the restoration of biodiversity and ecosystems.
Based on the above, the economic activity is not aligned with all technical screening criteria.
Electricity generation from hydropower (4.5)
Along the external aqueducts that carry water from the reservoirs to the water refineries, Small Hydroelectric Power
Plants operation, while the plants’s energy is being sold by EYDAP. The water of the aqueducts is diverted to a side
canal, where through the water turbine’s operation, the hydraulic energy is converted into mechanical and then,
through a generator, into electricity. Subsequently, the water is channeled again to the central aqueduct, continuing
its flow.
Specifically, the Small Hydroelectric Power Plants in-operation are the following:
1. Elikonas, with a capacity of 650 kW and a projected annual energy production of 5,000,000 kWh.
2. Evinos, with a capacity of 820 kW and a projected annual energy production of 4,000,000 kWh.
3. Kithaironas, with a capacity of 1,200 kW and a projected annual energy production of 5,730,000 kWh.
4. Kirfi, with a capacity of 760 kW and a projected annual energy production of 5,860,000 kWh.
5. Mandras, with a capacity of 630 kW and a projected annual energy production of 4,900,000 kWh.
Finally, it is worth mentioning that in Psittalia a small hydroelectric plant is installed in the outflow pipeline, which
has been operating since 2015 and the produced energy is self-consumed. For the year 2023 the energy produced
amounts to 2,154,998 kWh. This plant does not generate revenue for the company.
Substantial contribution to climate change mitigation
The assessment of the substantial contribution to climate change mitigation was based on compliance with one of
the following criteria:
• The electricity-generating facility is a run-off-river plant and does not have an artificial reservoir
• The power density of the electricity-generating facility exceeds 5 W/m2
• Life cycle greenhouse gas emissions from hydropower electricity generation are less than 100g
CO2e/kWh.
For EYDAP’s Small Hydroelectric Power Plants, the evaluation concluded that all of them meet the first technical
criterion for the substantial contribution to climate change mitigation, as they are run-off-river plants and do not
have an artificial reservoir.
Substantial contribution to climate change adaptation
The required, by Regulation, physical climate risk assessment studies for the Small Hydroelectric Power Plants have
not been completed, in order the activity to be considered aligned. In addition, the activity is not classified as
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enabling. Therefore, the activity is not eligible under the climate change adaptation objective and thus, no further
assessment against that objective is conducted.
Do No Significant Harm (DNSH)
The assessment was based on the DNSH criteria described in activity 4.5 (for Climate Change Mitigation Objective)
and is relate to:
• The assessment of physical climate risks
• The assessment of the impact on water, in accordance with the requirements of Directive 2000/60/EC
and the relevant river basin management plans, as well as the adoption of specific mitigation measures,
where necessary, as well as their monitoring
• The completion of the Environmental Impact Assessments (EIA) and the implementation of the required
mitigation and compensation measures for the protection of the environment
Do No Significant Harm (DNSH) to climate change adaptation
The activity is not aligned with this criterion, as described above.
Do No Significant Harm (DNSH) to the sustainable use and protection of water and marine resources
All Hydroelectric Power Plants are installed in aqueducts and thus, the Directive 2000/60/ΕC is not applicable.
Therefore, the activity complies with the technical screening criteria related to the sustainable use and protection
of water and marine resources.
Do No Significant Harm (DNSH) to the protection and restoration of biodiversity and ecosystems
The Environmental Impact Assessment studies for all Hydroelectric Power Plants have been prepared and approved.
During their operation, the required mitigation measures for the protection of biodiversity and the corresponding
ecosystems, that are proposed in the respective Environmental Impact Assessment (EIA) and in the Environmental
Terms Approval Decisions , are also applied. Therefore, the activity complies with the technical screening criteria
related to the restoration of biodiversity and ecosystems.
Based on the above, economic activity is not aligned with all technical screening criteria.
Construction, extension and operation of water collection, treatment and supply systems (5.1)
EYDAP has installed and operates four Water Treatment Plants with a total refining capacity of 1,800,000 m3/day
namely in the areas of Galatsi , Acharnai , Polydendri and Aspropyrgos.
EYDAP also maintains ten fast water refineries, which are the following:
1. Thiva potable water refinery with a total refining capacity of 360 m3/hr supplying the areas of Erythres-
Plataeas-Oinoi-Villia-Profitis Ilias
2. Kaprelio potable water refinery with a total refining capacity of 100 m3/hr supplying the areas of Kaparelli-
Melisochori-Loutoufi-Agios Vasilios
3. Lefktron potable water refinery with a total refining capacity of 70 m3/hr supplying the area of Lefktron
4. Ellopia potable water refinery with a total refining capacity of 35 m3/hr supplying the areas of Ellopia –
Xeronomi
5. Dombrena potable water refinery with a total refining capacity of 35 m3/hr supplying the areas of
Dombrena - Thisvi
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6. Prodromou potable water refinery with a total refining capacity of 45 m3/hr supplying the areas of Saranti
– Prodromou
7. Panagia Kalamiotissa potable water refinery with a total refining capacity of 22 m3/hr supplying the area
of Karachaliou
8. Tarsos - Karyotis potable water refinery with a total refining capacity of 4 m3/hr supplying the areas of
Tarsos – Karyotis
9. Kyriaki potable water refinery with a total refining capacity of 35 m3/hr supplying the area of Kyriaki
10. Distomo potable water refinery with a total refining capacity of 70 m3/hr supplying the area of Distomo
Also, EYDAP's activities include the water supply network that includes 14,500 km of water supply piping.
Substantial contribution to climate change mitigation
The assessment regarding the substantial contribution to climate change mitigation was based on the compliance
of the water supply system with one of the following criteria:
a) the net average energy consumption for pumping and treatment shall not exceed 0,5 kWh per cubic meter of
water supply produced.
b) the leakage level shall be calculated either using the Infrastructure Leakage Indicator (ILI) rating method and
the threshold value equals to or is lower than 1,5, or calculating using another appropriate method and the
limit value is established in accordance with Article 4 of Directive (EU) 2020/2184.
For all EYDAP’s Water Treatment Plants and the water supply network, the net average energy consumption for
pumping and treatment is below 0,5 kWh per cubic meter of water produced. Therefore, the activity is aligned with
the first criterion of substantial contribution to climate change mitigation.
Substantial contribution to climate change adaptation
The required, by Regulation, physical climate risk assessment study for the Water Treatment Plants and the
distribution network, has not been implemented in order the activity to be considered aligned. In addition, the
activity is not classified as enabling. Therefore, the activity is not eligible under the climate change adaptation
objective and thus, no further assessment against that objective is conducted.
Do No Significant Harm (DNSH)
The assessment was based on the DNSH criteria described in activity 5.1 (for Climate Change Mitigation Objective)
and is relate to:
• The assessment of physical climate risks
• The impacts assessment on water, in accordance with the requirements of Directive 2000/60/EC.
• The completion of the Environmental Impact Assessments (EIA) and the implementation of the required mitigation
and compensation measures for the protection of the environment
Do No Significant Harm (DNSH) to climate change adaptation
The activity is not aligned with this criterion, as described above.
Do No Significant Harm (DNSH) to the sustainable use and protection of water and marine resources
Environmental Impact Assessments (EIA), which include an assessment of the impact on water in accordance with
the Directive 2000/60/EC, have been implemented for all Water Treatment Plants. All water treatment plants apply
the mitigation measures proposed in the respective EIA for the protection of water resources, both during
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construction and operation. Therefore, the activity complies with the technical screening criteria related to the
sustainable use and protection of water and marine resources.
Do No Significant Harm (DNSH) to the protection and restoration of biodiversity and ecosystems
The Environmental Impact Assessment studies for all Water Treatment Plants (WTP) have been prepared and
approved. During their construction and operation, the required mitigation measures for the protection of
biodiversity and the corresponding ecosystems that are proposed in the respective Environmental Impact
Assessment (EIA) are also applied. Therefore, the activity complies with the technical screening criteria related to
the restoration of biodiversity and ecosystems.
Based on the above, the economic activity is not aligned with all technical screening criteria.
Construction, extension and operation of wastewater collection and treatment (5.3)
EYDAP operates five Wastewater Treatment Plants (WWTP) for the treatment of wastewater in areas under its
jurisdiction:
1. On the Psittalia island (WWTP-P) with a total capacity of 1,000,000 m3/day and an average daily incoming
wastewater flow of 660,000 m3/day
2. 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
3. In Thriasio (WWTP-T) with a total capacity of 21,000 m3/day and an average daily incoming wastewater flow
of 6,300 m3/day
4. In Kropia (WWTP) with a treatment capacity of 18,000 m3/day
5. In Megara (WWTP) with a treatment capacity of 8,000 m3/day
At the same time, EYDAP proceeds with the development of two Wastewater Treatment Plants for sewerage
projects in Eastern Attica, which are:
1. The WWTP of the Municipalities of Rafina - Pikermi & Artemida – 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
Substantial contribution to climate change mitigation
The assessment regarding the substantial contribution to climate change mitigation was based on the following
criteria:
1. The net energy consumption of the wastewater treatment plant shall be at most:
a) 35 kWh per population equivalent (PE) per year, for a treatment plant capacity below 10,000 p.e
b) 25 kWh per population equivalent (PE) per year, for a treatment plant capacity between 10,000 and
100,000 p.e·
c) 20 kWh per population equivalent (PE) per year, for a treatment plant capacity over 100,000 p.e·
2. For the construction and extension of a wastewater treatment plant or a wastewater treatment plant with a
collection system, which are substituting more GHG-intensive treatment systems (such as septic tanks, anaerobic
lagoons), an assessment of the direct GHG emissions is performed. The results are disclosed to investors and clients
on demand.
The evaluation concluded:
Existing wastewater treatment plants
For two out of five plants (Psittalia and Metamorfosi Wastewater Treatment Plants with a treatment capacity above
100,000 PE each), the net average energy consumption for treatment is below 20 kWh per year per population
equivalent (PE). Therefore, two of the WWTPs are aligned with the criteria for substantial contribution to climate
change mitigation.
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Wastewater treatment plants under development
Due to unavailable information on plants under development, it was not possible to verify the alignment of the
activity with the above criteria.
Substantial contribution to climate change adaptation
EYDAP has implemented physical climate risk assessment studies for one of the seven WWTPs in accordance with
the requirements of the Regulation. More specifically, the study was carried out for the Koropi-Paiania WWTPs based
on the EU Communication, regarding "Technical guidance on strengthening the resilience of infrastructure to climate
change in the period 2021-2027" (2021/C 373/01) and the IPCC RCP 4.5/8.5 scenarios were used.
The physical climate risk analysis concluded that the climate risks for the Koropi-Paiania WWTP range from low to
moderate. EYDAP already takes into consideration the potential impacts of these risks and implements measures
and actions to address them and reduce the magnitude of the impact. In line with the European Commission's
Communication "Technical guidance on infrastructure proofing for the period 2021-2027" and the Appendix A of
Regulation 2021/2139, targeted adaptation measures are only required for each material risk identified. The physical
climate risk analysis concluded that there are no significant climate risks for the activities that have been assessed.
Therefore, the Koropi-Paiania WWTP is aligned with the criterion of significant contribution to adaptation to Climate
Change.
Do No Significant Harm (DNSH)
The assessment was based on the DNSH criteria described in activity 5.3 (for both Climate Change Mitigation and
Climate Change Adaptation Objectives) and is relate to:
• The assessment of direct greenhouse gas emissions from the central wastewater system, including
collection (sewerage) and treatment
• The assessment of physical climate risks
• The impact assessment on the water, in accordance with the Directive 2000/60/EC, as well as when
wastewater is treated to a suitable level for its reuse in agricultural irrigation, the required risk management
actions shall be determined and implemented, in order the negative environmental impacts to be avoided
• Discharges to receiving waters comply with the requirements of Directive 91/271/EEC and measures are
being implemented to avoid and mitigate excessive stormwater overflows, as well as the sewage sludge is
used in accordance with Council Directive 86/278/EEC or as required by national legislation
• The completion of the Environmental Impact Assessments (EIA) and the implementation of the required
mitigation and compensation measures for the protection of the environment.
Do No Significant Harm (DNSH) to climate change mitigation
Due to unavailable information on Wastewater Treatment Plants, it was not possible to verify the alignment of the
activity with the criterion related to climate change mitigation.
Do No Significant Harm (DNSH) to climate change adaptation
The Physical Climate Risk Assessment study regarding the Wastewater Treatment Plant (WWTM) of Koropi-Paiania,
also meets the DNSH criteria.
Do No Significant Harm (DNSH) to the sustainable use and protection of water and marine resources
The Environmental Impact Assessment studies for all Wastewater Treatment Plants (WWTP) have been prepared
and approved. During their construction and operation, the required mitigation measures for the protection of
biodiversity and the corresponding ecosystems that are proposed in the respective Environmental Impact
Assessment (EIA) are also applied. Therefore, the activity complies with the technical screening criteria related to
the sustainable use and protection of water and marine resources.
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Do No Significant Harm (DNSH) to Pollution Prevention and Control
The evaluation concluded that for existing and new WWTPs, discharges to receiving waters meet the requirements
of Directive 91/271/EEC and measures are in place to avoid and mitigate excessive stormwater overflows, so the
activity complies with the criterion related to pollution prevention and control.
Given that the sewage sludge is not used for agriculture purposes, this criterion of Directive 86/278/EEC is not
applicable.
Do No Significant Harm (DNSH) to the protection and restoration of biodiversity and ecosystems
The Environmental Impact Assessment studies for all Wastewater Treatment Plants (WWTP) have been prepared
and approved. During their construction and operation, the required mitigation measures for the protection of
biodiversity and the corresponding ecosystems that are proposed in the respective Environmental Impact
Assessment (EIA) and in the Environmental Terms Approval Decisions (ETAD) of Plants, are also applied. Therefore,
the activity complies with the technical screening criteria related to the restoration of biodiversity and ecosystems.
Based on the above, the economic activity is not aligned with the objectives of climate change mitigation and climate
change adaptation.
Transport by motorbikes, passenger cars and commercial vehicles (6.5)
EYDAP owns and leases vehicles for use by employees.
Substantial contribution to climate change mitigation
This activity contributes substantially to climate change mitigation to the extent that vehicles of categories M1 and
N1 have CO2 emissions of less than 50 gCO2/km and for L-category vehicles to have zero emissions.
EYDAP's vehicle fleet consists of a total of 322 vehicles (138 category M1, 177 category N1, 7 category L), of which
309 are classified as conventional vehicles with internal combustion engine. Regarding the remaining 14 vehicles, 3
of them are battery electric vehicles (BEVs), 8 are hybrid vehicles and 3 are plug-in hybrid vehicles (PHEVs). Electric
vehicles are by default substantially contributing to climate change mitigation.
Vehicles of category M1/N1/L
The alignment assessment regarding the emissions of vehicles of categories M1, N1, L is ongoing.
Substantial contribution to climate change adaptation
The required, by Regulation, physical climate risk assessment studies for this activity have not been implemented.
In addition, the activity is not classified as enabling. Therefore, the activity is not eligible under the climate change
adaptation objective and thus, no further assessment against that objective is conducted.
As this activity does not meet the criteria of significant contribution, it was not assessed against the Do No Significant
Harm (DNSH) criteria.
Acquisition and ownership of buildings (7.7)
EYDAP owns and exercises the ownership of 49 office buildings that house the administrative services.
Substantial contribution to climate change mitigation
The activity has been assessed based on the substantial contribution criteria, related to the energy performance of
buildings, as well as the monitoring and evaluation of their energy performance. As buildings do not have an Energy
Performance Certificate class A, the activity was not considered aligned with the criterion of substantial contribution.
Substantial contribution to climate change adaptation
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The required, by Regulation, physical climate risk assessment studies for buildings have not been implemented, in
order the activity to be considered aligned. In addition, the activity is not classified as enabling. Therefore, the activity
is not eligible under the climate change adaptation objective and no further assessment is conducted related to this
objective.
As this activity does not meet the criteria of significant contribution, it was not assessed against the Do No Significant
Harm (DNSH) criteria.
3. Minimum Social Safeguards
EYDAP was assessed against the requirements of the minimum social safeguards, as set out in Article 18 of the EU
Taxonomy Regulation 2020/852. 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
2. The UN Guiding Principles on Business and Human Rights
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
people who have been proven track record of human rights violations. In this direction, since 2022, EYDAP
implements 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 UN 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 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
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• International Standard on Social Accountability 8000 (SA 8000)
The main pillars of the Policy are labor rights and social human rights. More information about the “Human Rights
Policy” of EYDAP can be found in the section "D2. DIVERSITY & EQUAL OPPORTUNITIES" of this Report.
Consumer interests
EYDAP places primary emphasis on the protection of its consumers' rights.
Consumers can be informed about the water tariff and the application of general cost accounting rules on the
Company’s website (https://www.eydap.gr/en/CustomerSupport/normalrates/) . In addition, for citizens who fall
under the Social Solidarity Income program, EYDAP provides the possibility of granting an Extraordinary Special Tariff
with more favorable pricing, recognizing the necessity of water as a subsistence commodity.
For customers education, EYDAP offers informative articles and videos, through its website and social media, such
as the program "Learn about water that covers issues for easy and quick reading of EYDAP’s bill, registration on the
online store, locating the water meter and understanding its indications, as well as ways to check possible leaks.
Furthermore, EYDAP is a member of the Hellenic Advertisers Association, which acts to defend and promote the
rights of advertisers and consumers.
In addition, in the framework of human rights initiatives, since 2017, and with the aim to ensure equal access to its
services, EYDAP has implemented specially designed, accessible, services, for people with visibility problems,
providing the delivery of bills in larger fonts or in Braille format or even by message or email.
In order to address any situations that may arise to consumers, EYDAP provides three communication channels for
the submission of requests and complaints: a) through a physical store, b) through the telephone line 1022 and c)
by e-mail to 1022@eydap.gr. EYDAP is bound through the Charter of Obligations to the Consumer, to respond to
requests/complaints within a time frame of 15 to 30 working days, depending on the specifications of each
complaint.
Corruption & Bribery
Integrity is a fundamental principle for EYDAP. To this end, EYDAP has developed the Code of Ethics & Professional
Conduct, which defines acceptable behaviors 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 Bribery Policy in line with the European Policy and the
Greek Anti-Corruption Action Plan and through this Policy, remains 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 on bribery and corruption issues.
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, anonymously or not, 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. Reports can be
submitted by mail to the address Oropou 156, 111 46 GALATSI, EYDAP, by email to
whistleblowing@eydap.gr or by using the electronic form on the organization's website
(https://www.eydap.gr/Investors/CorporateGovernance/WhistleblowingApp/). Information on complaint /
request management for 2023 in the section "Management of customer / employee complaints/requests"
of the same Report.
Taxation
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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 Clearance Certificate" as well as the "Tax Audit Certificate".
The Company's Management and Finance Department are responsible for ensuring compliance with the tax
legislation.
In addition, 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 and reports to the Risk Management Committee of EYDAP’s the Board of Directors.
Fair competition
EYDAP is not subjected to the Greek and EU competition law as per the dedicated legislative provision of article 114
of the Greek Law 4812/2021 (and before its entry into force as per the provision of article 2 of Law 2744/1999),
EYDAP provides water supply and sewerage services with monopolization in its area of activity, namely in the greater
area of Attica. In addition, EYDAP's pricing policy is exercised through the application of the general rules of costing
and pricing of water services determined by ministerial decision, in accordance with the provisions of article 12 of
the Greek Law 3199/2003, while water service tariffs for the various categories of consumers and users are approved
by decision of the independent Regulatory Authority for Εnergy, Waste and Water (RAEWW.), in accordance with
article 12A of the Greek Law 4001/2011. Therefore, EYDAP does not conduct its activity according to laws of the free
market.
Furthermore, with respect to awarding and execution of contracts for works, services, supplies, etc., EYDAP operates
with economic operators equally based on transparency and the protection of competition. In particular, in the
framework of application and observance of the principles of article 253 of the Greek Law 4412/2016, EYDAP takes
all necessary measures to ensure equal treatment of tenderers in all phases of the contract award process,
promoting the development of healthy and effective competition. In this direction, it has adopted and applies a
Policy for the Award and Execution of Public Contracts for Works, Studies and Provision of Technical and Other
Related Scientific Services as well as a Procurement and General Services Regulation. Information on EYDAP's
compliance with the procurement and services tendering procedure in the "REGULATORY COMPLIANCE" section of
the same Report.
With regards to fair competition, EYDAP always provides on time and completely, any data and information
requested by the Hellenic Competition Commission and promptly responds to any request of the Independent
Authority, abided by the deadlines and conditions set by the Greek Law 3959/2011, as applicable.
To inform and train employees on competition issues, EYDAP includes as subjects in its biannually training programs,
the application of public procurement legislation, including any amendments, the application of the Regulations it
has established on the procedures for the award and execution of contracts, aiming at promoting the principle of
non-discrimination, objectivity, impartiality and the protection of competition.
4. Accounting policy for the determination of key performance indicators (KPIs)
a. Key performance indicator related to turnover (turnover KPI)
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, including intangibles, 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 1126/20082.
2 Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with
Regulation (EC) No 1126/2008; Regulation as last amended by Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ
L 320, 29.11.2008, p. 1).
231
The KPI referred to in the first subparagraph excludes from its numerator the part of the net turnover derived from
products and services associated with economic activities that have been adapted to climate change in line with
Article 11(1), point (a) of Regulation (EU) 2020/852 and in accordance with Annex II to Delegated Regulation (EU)
2021/2139, unless those activities:
(a) qualify as enabling activities in accordance with Article 11(1), point (b) of Regulation (EU) 2020/852 or
(b) are themselves Taxonomy-eligible and aligned.
b. Key performance indicator related to capital expenditure (CapEx KPI)
The proportion of CapEx 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 1.1.2.1 and 1.1.2.2 of Annex I of the Delegated
Regulation (EU) 2021/2178, as amended.
Denominator
The denominator covers additions to tangible and intangible assets during the financial year considered before
depreciation and any re-measurements, including those resulting from revaluations and impairments, for the
relevant financial year and excluding fair value changes.
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);
c) IFRS 16 Leases, paragraph 53, point (h).
Leases that do not lead to the recognition of a right-of-use over the asset are not counted as CapEx.
Denominator
The denominator covers additions to tangible and intangible assets during the financial year considered
before depreciation and any re-measurements, including those resulting from revaluations and
impairments, for the relevant financial year and excluding fair value changes.
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);
c) IFRS 16 Leases, paragraph 53, point (h).
Leases that do not lead to the recognition of a right-of-use over the asset are not 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 this point.
c) related to the purchase of output from Taxonomy-aligned economic activities and individual
measures enabling the target activities to become low-carbon or to lead to greenhouse gas reductions,
notably activities listed in points 7.3 to 7.6 of Annex I to the Climate Delegated Act, as well as other
economic activities listed in the Delegated acts adopted pursuant to Article 10(3), Article 11(3), Article
232
12(2), Article 13(2), Article 14(2) and Article 15(2) of Regulation (EU) 2020/852 and provided that such
measures are implemented and operational within 18 months.
The numerator contains the part of CapEx referred to in the first paragraph of this point that
contributes substantially to any of the environmental objectives. The numerator provides for a
breakdown for the part of CapEx allocated to substantial contribution to each environmental objective.
4.3 Key performance indicator related to operating expenditure (OpEx KPI)
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, as amended.
Denominator
The denominator covers direct non-capitalized costs that relate to 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) related to the purchase of output from Taxonomy-aligned economic activities and to individual
measures enabling the target activities to become low-carbon or to lead to greenhouse gas reductions
as well as individual building renovation measures as identified in the Delegated acts adopted pursuant
to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article 14(2) or Article 15(2) of Regulation (EU)
2020/852 and provided that such measures are implemented and operational within 18 months.
Where the operational expenditure is not material for the business model of non-financial
undertakings, those undertakings shall:
a) be exempted from the calculation of the numerator of the OpEx KPI in accordance with point 1.1.3.2
of the Annex I of the Delegated Regulation 2021/2178 EU and disclose that numerator as being equal
to zero,
b) disclose the total value of the OpEx denominator, as calculated above,
c) explain the absence of materiality of operational expenditure in their business model.
The numerator includes the part of OpEx referred to in the first paragraph of this point that contributes
substantially to any of the environmental objectives. The numerator provides for a breakdown for the
part of the OpEx allocated to substantial contribution to each environmental objective.
4.4 Key Performance Indicators 2023
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 2023, are presented,
according to the results of the alignment assessment of the economic activities of EYDAP.
233
Table 1. Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year financial year 2023
Financial Year
2023
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
Proportion of Taxonomy aligned
(A.1) or eligible (A.2) Tu
rnover for
2022
Category (Enabling activity)
Category (Transitional activity)
€’000
%
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
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-
aligned activities (A.1)
0
0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Of which Enabling
0
0%
-
-
-
-
-
-
-
-
E
Of which Transitional
0
0%
-
-
-
-
-
-
-
-
T
A.2 Taxonomy-non-aligned activities
Electricity generation using solar
photovoltaic technology
CCM 4.1
223
0.06%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.07%
Electricity generation from
hydropower
CCM 4.5
1,707
0.49 %
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.48%
Construction, extension and
operation of water collection,
treatment and supply systems
CCM 5.1 /
WTR 2.1
247,918
70.52%
EL
N/EL
EL
N/EL
N/EL
N/EL
71.07%
Construction, extension and
operation of waste water collection
and treatment
CCM 5.3 /
WTR 2.2
101,605
28.90%
EL
N/EL
EL
N/EL
N/EL
N/EL
28.36%
234
Transport by motorbikes,
passenger cars and commercial
vehicles
CCM 6.5
0
0 %
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
Acquisition and ownership of
buildings
CCM 7.7
0
0 %
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
Total Turnover from taxonomy-not aligned
activities (A.2)
351,454
99.97%
99.97
%
0%
0%
0%
0%
0%
99.98%
Total Taxonomy-eligible Turnover (A.1 + A.2)
351,454
99.97%
99.97
%
0%
0%
0%
0%
0%
99.98%
B. Taxonomy-Non-Eligible Activities
Total Turnover from Taxonomy-non-eligible
activities (B)
120
0.03%
Total Turnover (A+B)
351,574
100%
Y - Yes, Taxonomy- eligible and Taxonomy-aligned activity with the relevant environmental objective
N - No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - Not eligible. Taxonomy-non-eligible activity for the relevant environmental objective
235
Proportion of turnover/Total turnover
Taxonomy-aligned per
objective
Taxonomy-eligible per
objective
CCM
0%
99.97%
CCA
0%
0%
WTR
0%
99.42%
CE
0%
0%
PPC
0%
0%
BIO
0%
0%
236
Table 2. Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering financial year 2023
Financial Year
2023
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
Proportion of Taxonomy aligned
(A.1) or eligible (A.2) Turnover f
or
2022
Category (Enabling activity)
Category (Transitional activity)
€’000
%
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
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-
aligned activities (A.1)
0
0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Of which Enabling
0
0%
-
-
-
-
-
-
-
-
-
-
-
-
-
Y
E
Of which Transitional
0
0%
-
-
-
-
-
-
-
-
Y
T
A.2 Taxonomy-non-aligned activities
Electricity generation using solar
photovoltaic technology
CCM 4.1
0
0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
0%
Electricity generation from
hydropower
CCM 4.5
0
0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
0%
Construction, extension and
operation of water collection,
treatment and supply systems
CCM 5.1 /
WTR 2.1
15,286
32.54%
EL
N/EL
EL
N/EL
N/EL
N/EL
0%
38
.5
9%
38.59%
Construction, extension and
operation of waste water
collection and treatment
CCM 5.3 /
WTR 2.2
30,730
65.42%
EL
N/EL
EL
N/EL
N/EL
N/EL
N/
EL
0%
61
,4
1%
61.41%
237
Transport by motorbikes,
passenger cars and commercial
vehicles
CCM 6.5
8
0.02%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
0%
Acquisition and ownership of
buildings
CCM 7.7
13
0.03%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
0%
Total CapEx from taxonomy-not aligned
activities (A.2)
46,037
98.01%
98.01
%
0%
0%
0%
0%
0%
100%
0
%
Total Taxonomy-eligible CapEx (A.1 + A.2)
46,037
98.01%
98.01
%
0%
0%
0%
0%
0%
100%
0
%
B. Taxonomy-Non-Eligible Activities
Total CapEx from Taxonomy-non-eligible
activities (B)
937
1.99%
Total CapEx (A+B)
46,974
100%
Y - Yes, Taxonomy- eligible and Taxonomy-aligned activity with the relevant environmental objective
N - No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - Not eligible. Taxonomy-non-eligible activity for the relevant environmental objective
238
Proportion of CapEx /Total CapEx
Taxonomy-aligned per objective
Taxonomy-eligible per
objective
CCM
0%
98.01%
CCA
0%
0%
WTR
0%
97.96%
CE
0%
0%
PPC
0%
0%
BIO
0%
0%
239
Table 3. Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering financial year 2023
Financial Year
2023
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
Proportion of Taxonomy aligned
(A.1) or eligible (A.2) Turnover
for 2022
Category (Enabling activity)
Category (Transitional activity)
€’000
%
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
Y,N,N/
EL
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-aligned
activities (A.1)
0
0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Of which Enabling
0
0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
E
Of which Transitional
0
0%
-
-
-
-
-
-
-
-
T
A.2 Taxonomy-non-aligned activities
Electricity generation using solar
photovoltaic technology
CCM 4.1
318
0.10%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
Electricity generation from
hydropower
CCM 4.5
1,133
0.38%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
Construction, extension and
operation of water collection,
treatment and supply systems
CCM 5.1
/ WTR
2.1
162,28
0
55.14
%
EL
N/EL
EL
N/EL
N/EL
N/EL
57.00%
0%
Construction, extension and
operation of waste water collection
and treatment
CCM 5.3
/ WTR
2.2
116,12
0
39.45
%
EL
N/EL
EL
N/EL
N/EL
N/EL
42.36%
0%
240
Transport by motorbikes, passenger
cars and commercial vehicles
CCM 6.5
5,619
1.91%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
Acquisition and ownership of
buildings
CCM 7.7
8,847
3.01%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
Total OpEx from taxonomy-not aligned activities
(A.2)
294,31
7
100%
100%
0%
0%
0%
0%
0%
%
100%
10
0%
Total Taxonomy-eligible OpEx (A.1 + A.2)
294,31
7
100%
100%
0%
0%
0%
0%
0%
%
100%
10
0%
B. Taxonomy-Non-Eligible Activities
Total OpEx from Taxonomy-non-eligible
activities (B)
0
0%
Total OpEx (A+B)
294,31
7
100%
Y - Yes, Taxonomy- eligible and Taxonomy-aligned activity with the relevant environmental objective
N - No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective
EL - Taxonomy-eligible activity for the relevant objective
N/EL - Not eligible-Taxonomy-non-eligible activity for the relevant environmental objective
241
Proportion of OpEx /Total OpEx
Taxonomy-aligned per objective
Taxonomy-eligible per
objective
CCM
0%
100%
CCA
0%
0%
WTR
0%
94.59%
CE
0%
0%
PPC
0%
0%
BIO
0%
0%
242
Galatsi, April 24, 2024
The members of the Board of Directors
Full Name
Capacity
George Stergiou
Chairman of the Board of Directors, non-Executive Member
Charalambos Sachinis
CEO, Executive Member
Antonios Giannikouris
Non-Executive Member
Christos Karaplis
Non-Executive Member
Eleni-Maria Kaymenaki
Non-Executive Member
Marika Lambrou
Independent Non-Executive Member
Anastasia Martseki
Independent Non-Executive Member
Marina Mavrommati
Independent Non-Executive Member
Efthymios Sfikas
Independent Non-Executive Member
Christos Mistriotis
Non-Executive Member
Panagiotis Skoularikis
Non-Executive Member
Emmanuel Angelakis
Non-Executive Member
Georgios Alexandrakis
Non-Executive Member
Exact Copy from No.1483
Minutes of the Board of Directors of April 24, 2024 "Approval of Individual and Consolidated Annual Financial Statements of EYDAP
S.A. in accordance with the InternationalAccounting Standards and the International Financial Reporting Standards (IFRS) of the
2023 Corporate Year and the Management Report of the Board of Directors of EYDAP SA."
The CEO
Charalampos Sahinis
243
1. ANNUAL FINANCIAL STATEMENTS
FOR THE FY 1 JANUARY 2023 TO 31 DECEMBER 2023
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
244
The present Financial Statements of the Company, pages 243 - 308, were approved by the Board of Directors on 24 April, 2024, 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, 24 April 2024
The Chairman of the Board of
Directors
The Chief Executive Officer
The Director of Financial
Services
The Head of Accounting
Department
Georgios Stergiou
ID No. ΑΕ 525749
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 31
st
December 2023 & 2022
• Statement of Total Comprehensive Income for the Financial Years ended on 31
st
December 2023 & 2022
• Statement of Financial Position as of 31
st
December 2023 & 2022
• Statement of Changes in Equity as of 1
st
January – 31
st
December 2023 & 2022
• Statements of Cash Flows as of 1
st
January – 31
st
December 2023 & 2022
• Notes to the Annual Financial Statements for the period ended on 31
st
December 2023
245
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:
G. Stergiou, Ch. Sahinis, Euth. Sfikas, An. Martski,
M. Mavrommati, M. Lambrou, E. Kaimenaki, A. Yiannikouris,
Chr. Karaplis, Chr. Mistriotis, P. Skoularikis, Em. Aggelakis,
G. Alexandrakis
Ending Date of the Current Period:
31 December 2023
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):
24 April 2024
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
246
INCOME STATEMENT FOR THE FINANCIAL YEARS ENDED ON 31
ST
DECEMBER 2023 & 2022
GROUP
COMPANY
Amounts in k Euro
Note
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Turnover
5
Cost of sales
6
(217.752 )
(221.929 )
(217.738 )
(221.929 )
Gross Profit
Other Operating Income
5
General and Administrative Expenses
6
(76.602 )
(78.325 )
(76.578 )
(78.281 )
Distribution and Selling Expenses
6
(35.960 )
(39.332 )
(35.960 )
(39.332 )
Other expenses
9
(3.413 )
(10.627 )
(3.413 )
(10.627 )
Impairment of Financial Assets
23
Operating Profit
Financial Income
10
Financial Expenses
11
(11.335 )
(2.743 )
(11.335 )
(2.743 )
Profit before Tax
Income Tax
12
(7.716 )
(5.594 )
(7.716 )
(5.594 )
Profit / (Loss) after tax
Earnings per share (in Euro)
13
Proposed dividend (in Euro)
STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEARS ENDED ON 31
ST
DECEMBER 2023
& 2022
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Net profit (Loss) for the year
Valuation of financial assets at fair value through other
comprehensive income
(363 )
(363 )
Actuarial profit-losses of defined benefit plans – Other income non
transferrable to following years’ results
(8.292 )
(8.292 )
Total Comprehensive Income (Expense) after Taxes
The Notes on pages 246 – 307 form an integral part of these Financial Statements
247
STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31
ST
2023 & 2022
GROUP
COMPANY
Amounts in k Euro
NOTES
31.12.2023
31.12.2022
31.12.2023
31.12.2022
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
Current tax obligations
12
Liabilities from Leases
17
Other Short Term Liabilities
34
Total Short-Term Liabilities
Total Liabilities
The Notes on pages 246 – 307 form an integral part of these Financial Statements
248
STATEMENT OF CHANGES IN EQUITY AS AT JANUARY 1
ST
– DECEMBER 31
ST
2023 & 2022
GROUP
2023
Amounts in k Euro
Share Capital
Share Premium
Legal Reserve
Other Reserves
Securities’
Reserves
Results (profit)
carried forward
Total Equity
Balance at
31st December 2022
(14.405 )
Net Profit/ (Loss) for the Period
Net income recorded directly in
Equity
(8.292 )
(8.265 )
Dividends
(2.130 )
(2.130 )
Balance at
31st December 2023
(14.378 )
2022
Amounts in k Euro
Share
Capital
Share Premium
Legal
Reserve
Other Reserves
Securities’
Reserves
Results
(profit)
carried
forward
Total Equity
Balance at
31st December 2021
(14.042 )
Net Profit/ (Loss) for the Period
Net income recorded directly in
Equity
(363 )
Dividends
(29.820 )
(29.820 )
Balance at
31st December 2022
(14.405 )
COMPANY
2023
Amounts in k Euro
Share Capital
Share Premium
Legal Reserve
Other Reserves
Securities’
Reserves
Results (profit)
carried forward
Total Equity
Balance at
31st December 2022
(14.405 )
Net Profit/ (Loss) for the Period
Net income recorded directly in
Equity
(8.292 )
(8.265 )
Dividends
(2.130 )
(2.130 )
Balance at
31st December 2023
(14.378 )
2022
Amounts in k Euro
Share Capital
Share Premium
Legal Reserve
Other Reserves
Securities’
Reserves
Results (profit)
carried forward
Total Equity
Balance at
31st December 2021
(14.042 )
Net Profit/ (Loss) for the Period
Net income recorded directly in
Equity
(363 )
Dividends
(29.820 )
(29.820 )
Balance at
31st December 2022
(14.405 )
The Notes on pages 246 – 307 form an integral part of these Financial Statements
249
STATEMENT OF CASH FLOWS AS AT JANUARY 1
ST
– DECEMBER 31
ST
2023 & 2022
GROUP
COMPANY
Amounts in k Euro
1.1-31.12.2023
1.1-31.12.2022
1.1-31.12.2023
1.1-31.12.2022
Cash Flows from operating activities
Profit/ (Loss) before tax
Plus/less adjustments for:
Depreciation and amortization
Amortization of investment subsidies and customer contributions
(6.139 )
(6.190 )
(6.139 )
(6.190 )
Amortization of right-of-use assets
Disposals/ Transfers of tangible and intangible assets
(185 )
(185 )
Income from securities
(58 )
(58 )
Provisions for Personnel Benefits
(1.611 )
(3.639 )
(1.611 )
(3.639 )
Other Provisions
(10.847 )
(10.847 )
Interest and related income
(17.816 )
(13.206 )
(17.806 )
(13.206 )
Interest and related expense
Plus/less adjustments for changes in working capital accounts or related to
operating activities:
(Increase) Decrease
Trade receivables & Contractual Assets
(2.549 )
(2.554 )
Materials and spare parts
(3.197 )
(2.514 )
(3.197 )
(2.514 )
Increase (Decrease)
Liabilities
(41.689 )
(178.404 )
(41.687 )
(178.408 )
Customers’ guarantees
Employee contribution for indemnity
Plus:
Incremental increases on customer receivables
Less:
Interest and related expenses paid
(484 )
(479 )
(484 )
(479 )
Income tax paid
(2.540 )
(4.285 )
(2.540 )
(4.285 )
Total Cash Inflows / (Outflows) from Operating Activities (a)
(60.719 )
(60.682 )
Cash flows from investing activities
Purchases of tangible assets
(44.215 )
(40.019 )
(44.215 )
(40.019 )
Purchases of intangible assets
(806 )
(1.414 )
(806 )
(1.414 )
Proceeds from subsidies
Interest and related income received
Dividends received
Total inflows / (outflows) from Investing Activities (b)
(14.050 )
(18.947 )
(14.060 )
(18.947 )
Cash flows from financing activities
Payments of liabilities from Leases
(777 )
(452 )
(777 )
(452 )
Dividends paid
(2.120 )
(29.437 )
(2.120 )
(29.437 )
Total inflows / (outflows) from Financing Activities (c)
(2.897 )
(29.889 )
(2.897 )
(29.889 )
Net increase / (decrease) in cash and cash equivalents for the period
(a) + (b) + (c)
(109.555 )
(109.518 )
Cash and Cash Equivalents at the beginning of period
Cash and Cash Equivalents at the end of period
The Notes on pages 246 – 307 form an integral part of these Financial Statements
250
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF 31
ST
DECEMBER 2023
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.
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. The decision of the Board of Directors of EYDAP Fixed Asset Company No.
17/8.8.2023 approved the extension of the SLA as of 2.2.2022, under the same terms, for a period of 6 months, i.e. until
30 June, 2024.
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).
The Notes on pages 246 – 307 form an integral part of these Financial Statements
251
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.
• Article 64 of Law 5045/2023 transferred the shares owned by HCAP to the Greek State and made provisions for the
exercise of the relevant rights of the State jointly by the Ministers of Finance and Environment and Energy. The said self-
righteous and free transfer was completed on 3.8.2023 in accordance with the relevant notification of the Ministry of
National Economy and Finance.
Following the above, the total percentage of indirect and direct voting rights controlled by the Greek State in EYDAP stands at
65,319,740 (61.33%), of which the direct voting rights concern 53,250,001 common registered shares (50 % +1 share) and
indirectly - 12,069,739 (11.33%) common registered shares.
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
252
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".
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.
In 2021, the delivery of the water supply network built by OAED in the Municipality of Elefsina for the water supply of workers'
homes was implemented. In September 2023, EYDAP undertook the municipal water supply network of the city of Megara and
the municipal water supply networks of the areas of Kinetta, Vlychada (Agios Panteleimonas), Nea Zoi, Kandyli, Koumindri, Lakkas,
Agia Triada, Iremos Kymat and Pachi of the Municipality of Megara. The new sewerage network has a total length of 270 kilometers
and services 13,500 households.
The sewerage network has a total length of 8,716 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 5 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 WMC of Megara undertaken from the Municipality of Megara in September 2023 has a processing capacity (average
design flow) of 8,000 m3 / day of sewage and the capacity of the constructed facility is 43,330.
• The WMC of Paiania-Koropi undertaken from the Prefecture of Attica in December 2023 has a capacity to treat
wastewater of a population equivalent of 99.486 h.
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 2023, significant progress was made in the implementation of sewage projects in
The Notes on pages 246 – 307 form an integral part of these Financial Statements
253
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.
In 2021, EYDAP launched the special website katharonero.eydap.gr to continuously inform citizens about significant sewage
projects in Eastern Attica and the respective environmental benefits.
In the context of optimizing its energy balance and utilizing renewable energy sources, EYDAP: (a) has installed and operates five
small hydroelectric power stations in the locations of Kirfi, Eliconas, Kithaironas, Mandra of the Mandra of Mornos Aqueduct, and
the small hydroelectric power station in Evinos; and (b) has 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.
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 01/01/2023.
• 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 amendments do not affect the consolidated Financial Statements. 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 amendments do not affect the consolidated Financial Statements.
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)
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 amendments do not affect the consolidated Financial
Statements. 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 amendments do not affect the consolidated Financial Statements. The above have been
adopted by the European Union with effective date of 01/01/2023.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
254
• 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
amendments do not affect the consolidated Financial Statements. The above have been adopted by the European Union with
effective date of 01/01/2023.
• Amendments to IAS 12 “Income taxes”: International Tax Reform – Pillar Two Model Rules (effective
immediately and for annual periods starting on or after 01/01/2023)
In May 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 12 “Income Taxes”: International
Tax Reform—Pillar Two Model Rules. The amendments introduced a) a temporary exception to the requirements to recognise
and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes and b) targeted disclosure
requirements for affected entities. Companies may apply the temperorary exception immediately, but disclosure requirements
are required for annual periods commencing on or after 1 January 2023. The amendments do not affect the consolidated Financial
Statements. The above have been adopted by the European Union with effective date of 01/01/2023.
• 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 been adopted by the European Union with
effective date of 01/01/2024.
• 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 been adopted by the European Union with effective date of 01/01/2024.
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 Notes on pages 246 – 307 form an integral part of these Financial Statements
255
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.
• Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures”:
Supplier Finance Arrangements (effective for annual periods starting on or after 01/01/2024)
In May 2023, the International Accounting Standards Board (IASB) issued Supplier Finance Arrangements, which amended IAS 7
Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures. The IASB issued Supplier Finance Arrangements to require
an entity to provide additional disclosures about its supplier finance arrangements. The amendments require additional
disclosures that complement the existing disclosures in these two standards. They require entities to provide users of financial
statements with information that enable them a) to assess how supplier finance arrangements affect an entity’s liabilities and
cash flows and to understand the effect of supplier finance arrangements on an entity’s exposure to liquidity risk and how the
entity might be affected if the arrangements were no longer available to it. The amendments to IAS 7 and IFRS 7 are effective for
accounting periods on or after 1 January 2024. 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 IAS 21 “The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
(effective for annual periods starting on or after 01/01/2025)
In August 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates that require entities to provide more useful information in their financial statements when a currency
cannot be exchanged into another currency. The amendments introduce a definition of currency exchangeability and the process
by which an entity should assess this exchangeability. In addition, the amendments provide guidance on how an entity should
estimate a spot exchange rate in cases where a currency is not exchangeable and require additional disclosures in cases where
an entity has estimated a spot exchange rate due to a lack of exchangeability. The amendments to IAS 21 are effective for
accounting periods on or after 1 January 2025. 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.
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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
256
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.
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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
257
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 Company
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
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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
258
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.
• 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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
259
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:
• 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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
260
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 systematic and 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.
For the non-monetary government grants (networks delivery, Psitalia island, emission allowances) the Company has chosen as its
accounting policy recognition of both the grants and the related tangible and intangible assets at nominal value (instead of fair
value). In particular, for emission allowances, which the Company receives free of charge, the net liability method is applied, under
which a liability for emissions is recognized in the financial statements when emissions of pollutants occur in excess of the related
allowances granted to the Company. At the reporting date, there has been no reason to reassess a related liability.
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.
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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
261
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.
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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
262
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.
Subsequent to initial recognition, internally generated intangible assets are carried at cost less accumulated amortization and
accumulated impairment losses on the same basis as separately acquired intangible assets.
Intangible assets acquired in a business combination
Intangible assets acquired in a business combination are identified and disclosed separately from goodwill when they meet the
requirements of the definition of an intangible asset and their fair value can be measured reliably. The cost of such intangible
assets is their fair value at the date of acquisition.
Subsequent to initial measurement, intangible assets acquired in a business combination are carried 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
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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
263
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.
Receivables ( Miscellaneous advances)
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.
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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
264
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
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 Notes on pages 246 – 307 form an integral part of these Financial Statements
265
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.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
266
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
memorandum of understanding was signed on 27.04.2022 which clarified Article 10 of the Contract of L.4812 / 2021 ( Exclusive
The Notes on pages 246 – 307 form an integral part of these Financial Statements
267
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 2023 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.
It is noted that, by virtue of the decision of the Board of Directors of EYDAP Fixed Assets No. 17/8.8.2023, the extension of the the
EWSS operation and maintenance service assignment agreement (SLA) was approved, with the same terms, for a period of 6
months, i.e. until June 30, 2024.
The Company’s revenues are analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
REVENUES
Revenues from water supply and related services
222.918
219.115
222.918
219.099
Revenues from sewerage services
101.634
97.412
101.606
97.412
Revenues from electric power sale
1.931
1.879
1.931
1.879
Revenues from EWS Operation and Maintenance Contract
25.000
25.000
25.000
25.000
Inventory disposal
120
87
120
87
Total Turnover
351.602
343.493
351.574
343.477
Other Operating Revenues
3.159
3.105
3.155
3.105
Financial Income
17.816
13.265
17.806
13.264
Total Revenues
373.169
359.863
372.536
359.846
The change in turnover is mainly due to:
· the increase in consumption by 0.6%, i.e. an increase in water and sewerage revenue by approximately € 6.5 million and the
positive effect of the reduction of revenue cancellations by approximately € 2.5 million compared to the same period last year
· the decrease in water and sewerage revenues of approximately € 1.0 million
· the slight increase in revenues from sale of electricity of approximately € 52 k and in other revenues of approximately € 33 k.
Financial income increased by approximately € 4.5 million (note 10). The Company's financial income as of 31 December 2023
amounted to € 17,806 k compared to € 13,264 k in the same period last year. This change of € 4.5 k is mainly due to the increase
in interest income from bank deposits.
Other operating income, which mainly includes income from legal expenses, income from the deposit of letters of guarantee and
other other miscellaneous income, did not show a significant change and amounted to € 3.1 million, the same as in the
corresponding period of the previous year.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
268
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
31.12.2023
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
215.410
7.536
215.410
7.508
Revenues from sewerage services
99.077
2.528
99.077
2.528
Revenues from electric power sale
1.931
-
1.931
-
Revenues from Operation and Maintenance Contract of the EYS
25.000
-
25.000
-
Inventory disposal
120
-
120
-
Total
341.538
10.064
341.538
10.036
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
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
31.12.2023
Amounts in k Euro
Cost of Sales
Distribution
Expenses
Administrative
Expenses
Impairment of Financial Assets
Total
Third-party expenses and fees
74.938
5.121
15.299
-
95.358
Cost of Self-Constructed Assets
(37.319)
-
-
-
(37.319)
Total Α
37.619
5.121
15.299
-
58.039
Personnel Fees & Expenses
65.737
22.082
40.803
-
128.621
Utilities
39.817
4.530
11.573
-
55.920
Depreciation and amortization
34.472
625
4.210
-
39.307
Provision for costs of raw water
27.785
-
-
-
27.785
Various Provisions
1.784
-
-
(477)
1.307
Various Expenses
6.410
3.134
3.640
-
13.185
Raw materials and consumables
10.718
468
1.078
-
12.264
Cost of Self-Constructed Assets
(6.590)
-
-
-
(6.590)
Total Β
180.133
30.839
61.304
(477)
271.798
Total (Α + Β)
217.752
35.960
76.602
(477)
329.838
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
269
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
COMPANY
31.12.2023
Amounts in k Euro
Cost of Sales
Distributio
n Expenses
Administrativ
e Expenses
Impairment of Financial Assets
Total
Third-party expenses and fees
74.930
5.121
15.277
-
95.329
Cost of Self-Constructed Assets
(37.319)
-
-
-
(37.319)
Total Α
37.611
5.121
15.277
-
58.010
Personnel Fees & Expenses
65.738
22.082
40.800
-
128.620
Utilities
39.817
4.530
11.572
-
55.919
Depreciation and amortization
34.472
625
4.210
-
39.307
Provision for costs of raw water
27.785
-
-
-
27.785
Various Provisions
1.784
-
-
(477)
1.307
Various Expenses
6.404
3.134
3.641
-
13.180
Raw materials and consumables
10.718
468
1.078
-
12.264
Cost of Self-Constructed Assets
(6.590)
-
-
-
(6.590)
Total Β
180.128
30.839
61.301
(477)
271.792
Total (Α + Β)
217.739
35.960
76.578
(477)
329.800
31.12.2022
Amounts in k Euro
Cost of Sales
Distributio
n Expenses
Administrativ
e 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))
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
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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Electric Power
32.873
44.409
32.873
44.409
Natural Gas
107
644
107
644
Expenses concerning short-term leases
7.694
7.964
7.694
7.964
Expenses concerning payments of variable leases which are not included in
the measurement of liabilities from leases
124
122
124
122
Expenses from leases concerning contracts that were “silently” renewed
914
1.045
914
1.045
The Notes on pages 246 – 307 form an integral part of these Financial Statements
270
Telecommunication – Postal Expenses
4.261
4.607
4.261
4.607
Repairs and maintenance
6.820
6.268
6.820
6.268
Other utilities
3.127
3.005
3.126
3.005
Total (Note 6)
55.920
68.064
55.919
68.064
b. MISCELLANEOUS EXPENSES (GROUP & COMPANY)
The account is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Taxes - Duties
4.703
4.895
4.700
4.895
Materials for Immediate Consumption
3130
3.213
3130
3.213
Promotion and Advertising Expenses
1.125
1.905
1.125
1.905
Transport Expenses
1.045
790
1.045
790
Sponsoring Expenses - Grants
1.021
1.211
1.021
1.211
Other Expenses
2.160
1.609
2.158
1.609
Total (Note 6)
13.185
13.623
13.180
13.623
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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Fees of Sub-contractors of Psitalia WTP
25.358
28.744
25.358
28.744
Fees of Sub-contractors of Mornos WTP
1.977
2.251
1.977
2.251
Fees of Water Supply Network Sub-contractors
4.736
3.888
4.736
3.888
Other Third Party Fees
25.968
25.171
25.939
25.129
Total (Note 6)
58.039
60.055
58.010
60.013
d. VARIOUS PROVISIONS (GROUP & COMPANY)
The account is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Provisions for Impairment of Receivables
(477)
(3.703)
(477)
(3.703)
Provisions for Litigations Cases
1.992
(7.512)
1.992
(7.512)
Provisions for Obsolete Inventories
(208)
369
(208)
369
Total (Note 6)
1.307
(10.846)
1.307
(10.846)
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
271
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 2023 amounted to Euro 27, 785 k. In the corresponding period last
year, the cost for the Company 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
25-35 years
Secondary Water Supply Pipelines
25-50 years
Distribution Networks, External and Internal Pumping Stations
10-50 years
Storage tanks – Water Treatment Plants
20-50 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
25-50 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
5-7 years
Machinery
6-10 years
Buildings
20 years
The amounts recorded in the financial statements are analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Depreciation of tangible assets
39.623
39.238
39.623
39.238
Amortization of intangible assets
710
1.043
710
1.043
Amortization of the exclusive right
4.375
4.375
4.375
4.375
Amortization of investment subsidies
(6.139)
(6.190)
(6.139)
(6.190)
Expenses related to the depreciation of right-of-use assets
738
416
738
416
Total (Note 6)
39.307
38.882
39.307
38.882
The Notes on pages 246 – 307 form an integral part of these Financial Statements
272
8. PERSONNEL FEES & EXPENSES (GROUP & COMPANY)
Amounts in k Euro
31.12.2023
31.12.2022
Salaries and Wages
94.797
95.381
Social Security Contributions
22.045
23.545
Provision for staff indemnity Law 2112 (note 29a)
1.303
1.412
Provision for Special One-Off Indemnity for employees hired up to the date 25/10/1999 (note 29.d)
1.223
1.332
Provision for Special One-Off Indemnity for employees hired after the date 25/10/1999 (note 29.c)
113
352
Provisions for Healthcare Beneficiaries (note 29.b)
1.983
3.615
Other Provisions
7.156
6.417
Total (Note 6)
128.620
132.054
9. OTHER EXPENSES (GROUP & COMPANY)
Other expenses include accident-related compensations, inventory deficit differences, extraordinary losses totaling Euro 2,916 k
for the current period and Euro 2,606 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).
10. FINANCIAL INCOME (GROUP & COMPANY)
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Interest from Customers
8.709
8.838
8.709
8.838
Dividends
-
58
-
58
Interest earned on times deposits
8.881
4.360
8.871
4.360
Other Income
226
9
226
8
Total (Note 5)
17.816
13.265
17.806
13.264
The Company’s financial income amounted to Euro 17,806 k and Euro 13,264 k as at 31 December 2023 and 2022 respectively.
This change of Euro 4.5 million is mainly due to the increase in interest income from bank deposits.
11. FINANCIAL EXPENSES (GROUP & COMPANY)
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Interest of leases – IFRS 16
88
34
88
34
Interest costs on the actuarial liability
9.381
1.902
9.381
1.902
Other expenses
1.866
807
1.866
807
Total
11.335
2.743
11.335
2.743
The Company's financial expenses as of 31 December, 2023 amounted to Euro 11,316 k versus Euro 2,743 k in the corresponding
period of the previous year. This change of Euro 8.6 million is due to the increase in interest from the change in interest rates on
the actuarial liability of the Company's defined benefit plans in accordance with IAS 19 (Note 29).
The Notes on pages 246 – 307 form an integral part of these Financial Statements
273
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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Corresponding Income Tax
8.556
4.143
8.556
4.143
Tax settlement differences
12
686
12
686
Deferred Taxation
(852)
765
(852)
765
Total
7.716
5.594
7.716
5.594
The following income tax has arisen for the current period:
Amounts in k Euro
GROUP
COMPANY
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Earnings before tax
27.992
10.638
27.988
10.638
Income tax calculated with the tax rate in effect (22%)
6.158
2.340
6.158
2.340
Income tax settlement differences
12
686
12
686
Tax on permanent differences and non tax-deductible expenses
1.546
2.568
1.546
2.568
Total
7.716
5.594
7.716
5.594
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 2023, the total tax obligation amounts to Euro 6.017 k and is analyzed as follows:
Amounts in k Euro
Current Income Tax of FY 2023
8.556
Withheld Taxes – Income tax advance – Obligation for Income Tax 2023
(2.539)
Total current tax obligations as at 31.12.2023
6.017
The tax obligations of the Company for the years from 2015 to 2023 have not been examined by the tax authorities. Therefore,
the tax results of the aforementioned years have not been finalized.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
274
For the fiscal years 2011 to 2023, 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, 2021 and 2022 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 2023, 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 2023.
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
31.12.2023
31.12.2022
Earnings/(Losses) corresponding to the shareholders (in k Euro)
20.275
5.016
Weighted average number of shares in circulation
106.500.000
106.500.000
Earnings/(Losses) per share – Basic in Euro
0,19
0,05
At its meeting held on 24.04.2024, the Company’s Board of Directors approved submitting a proposal to the Regular General
Meeting of Shareholders regarding distribution of a dividend, pursuant to Articles 159, 160 and 161 of Law 4548/2018, amounting
to cents (Euro 0.10) per share, (total gross amount Euro 10,650 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
arisen from the impairment test, conducted by the Financial Analysis & Investors Relations Department of the Company in
December 2023.
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
275
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 2022
123.311
Additions
805
Balance on 31st December 2023
124.116
DEPRECIATION
31
st
December 2022
(43.347)
Depreciation for the Year
(5.085)
Reductions / Transfers
-
Total Depreciation on 31
st
December 2023
(48.432)
Net Value
31
st
December 2022
79.964
31
st
December 2023
75.684
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.
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
276
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 74,375 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 2023 and 2022 are presented in the table below as follows:
2023
Water Supply
Sewerage
Prepayments
Machinery &
Motor
Land &
Network &
Networks &
&
Mechanical
Vehicles &
Total
Buildings
consumption
Biological
Constructions
Equipment
Furniture
Amounts in k Euro
meters
Treatment
in Progress
Non-Depreciated Value on 1
st
January
253.197
2.082
207.755
266.346
18.930
30.673
778.980
2023
Additions
378
915
8.882
7.133
1.608
25.658
44.574
Reductions/Transfers
-
-
-
-
(359)
-
(359)
Deprecation Reverse Entry
-
-
-
-
185
-
185
Depreciation of the Year
(2.493)
(548)
(16.110)
(15.163)
(5.309)
-
(39.623)
Non-Depreciated Value on 31/12/2023
251.081
2.449
200.527
258.315
15.054
56.331
783.758
01.01.2023:
253.197
2.082
207.755
266.346
18.930
30.673
778.980
Cost
306.440
27.383
555.929
569.211
86.428
30.673
1.576.061
Accumulated Depreciation
(53.243)
(25.301)
(348.174)
(302.866)
(67.497)
0
(797.081)
Net Non-Depreciated Value
253.197
2.082
207.755
266.346
18.930
30.673
778.980
31.12.2023
Cost
306.818
28.298
564.811
576.345
87.677
56.331
1.620.276
Accumulated Depreciation
(55.736)
(25.849)
(364.283)
(318.029)
(72.621)
0
(836.519)
Net Non-Depreciated Value
251.081
2.449
200.527
258.315
15.056
56.331
783.758
Water Supply
Sewerage
Prepayments
Machinery &
Motor
2022
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 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
-
-
-
-
-
-
-
Deprecation Reverse Entry
-
-
-
-
-
-
-
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)
-
(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
Accumulated Depreciation
(53.244)
(25.300)
(348.174)
(302.866)
(67.498)
-
(797.082)
Net Non-Depreciated Value
253.196
2.083
207.755
266.345
18.928
30.673
778.980
Additions standing at Euro 25,658 k to the item "Prepayments & Constructions in Progress" for FY 2023 include:
• an amount of Euro 43,909 k for constructions in progress,
• an amount of Euro (2,236) k for prepayments from acquisition of vehicles – machinery, and
• an amount of Euro (16,015) k for consolidations of the year (Euro 8,882) k for water supply network & consumption
meters and Euro (7,133) k for Sewerage Network - Biological treatment.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
277
The Notes on pages 246 – 307 form an integral part of these Financial Statements
278
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 2023
1.006
Net book value 31
st
December 2023
2.949
Depreciation charges for the year ended on 31
st
December 2023
738
Additions of Euro 2.682 k were made to ROU assets in FY 2023 made for the Group and the Company due to singing a new lease
agreement for a building in the area of East Attica, a land plot in Aspropyrgos and agreements regarding the existing implied leases
in the area of Glyfada and Kifissia, as well as due to readjustments to lease payments given the change in the Consumer Price
Index (CPI).
Lease liabilities
(Amounts in k Euro)
31.12.2023
31.12.2022
Long-term
2.327
558
Short-term
812
499
Total lease liabilities
3.049
1.057
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 5-10 years.
The total cash outflow in 2023 for leases amounted to approximately € 815 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 31.12.2023 and the difference that emerged due to the change of fair
value was recorded in equity through the Statement of Total Comprehensive Income.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
279
• 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,
measured at fair value according to the official price of the Athens Stock Exchange as at 31.12.2023 and the difference
(gain) resulting from the change in fair value was recorded in equity through the statement of other comprehensive
income.
Following the above, the Company’s portfolio was formed as follows:
Amounts in k Euro
Number of
Shares
Acquisition
Cost
Valuation on
31.12.2023
Valuation on
31.12.2022
Thessaloniki Water Supply & Sewerage Co. (EYATH)
264.880
485
901
874
Attica Bank SA
522
20.000
6
5
Total
265.402
20.485
907
879
20. LONG-TERM RECEIVABLES (GROUP & COMPANY)
The account is analyzed in the financial statements as follows:
Amounts in k Euro
GROUP
COMPANY
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Personnel Loans (Note 24)
5.332
4.246
5.332
4.246
Settlement of overdue amounts from Municipalities
2.740
761
2.740
761
Advances for compensation of expropriated lands
6.652
5.841
6.652
5.841
Guarantees (Public Power Corp., Real Estate)
618
591
618
591
Other long term receivables
76
152
76
152
Total
15.418
11.591
15.418
11.591
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
280
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
expenses for the aforementioned receivables stands at approximately (0.7) million Euro.
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 31.12.2023, 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 31.12.2023 and 2022, respectively, have been calculated based on the applicable taxation
framework.
Deferred tax assets (obligations) are analyzed below as follows:
The Notes on pages 246 – 307 form an integral part of these Financial Statements
281
Amounts in k
Euro
Description
Closing Balance
31.12.2021
(Burden)/ Benefit
from change in tax
rate
(Burden)/
Benefit in the
Income
Statement
Closing Balance
(Burden)/
Benefit in the
Income
Statement
Burden)/
Benefit in
Equity
Closing Balance
31.12.2022
31.12.2023
Expensing of
intangible assets
8
-
-
8
8
Inventory
impairment
552
81
-
633
(46)
587
Obligation for
employee benefits
51.270
(801)
(13.363)
37.106
(245)
2.339
39.200
Provisions for
doubtful
receivables
4.051
-
-
4.051
4.051
Other provisions
for risks and
expenses
8.222
(1.652)
-
6.570
438
7.008
Customer and
municipalities
contributions
Amortization
difference
between
accounting and tax
basis
4.471
86
-
4.557
(41)
4.516
Deferred tax in
Tax Reserve due
to revaluation of
real estate assets
Expensing of
intangible assets
(8.862)
(1.831)
-
(10.693)
(1.886)
(12.579)
Inventory
impairment
6.828
-
-
6.828
6.828
Impairment of
securities
4.397
-
1
4.398
4.398
Other deferred
taxation items
9.037
3.353
-
12.389
2.633
15.022
79.974
(765)
(13.362)
65.847
853
2.339
69.039
As at 31.12.2023, deferred tax asset amounts to approximately Euro 69.0 million. The respective tax asset as at 31.12.2022 was
approximately Euro 65.8 million.
22. MATERIALS, SPARE PARTS & CONSUMABLES (GROUP & COMPANY)
The account in the financial statements is analyzed as follows:
Amounts in k Euro
31.12.2023
31.12.2022
Consumables and Spare Parts
23.024
19.827
Provision for Impairment
(2.670)
(2.879)
Total
20.354
16.948
The Notes on pages 246 – 307 form an integral part of these Financial Statements
282
Inventories are utilized in the Company’s networks (maintenance and expansion). Inventories amounting to approximately € 9.7
million are expected to be recovered after 12 months (versus an amount of approximately € 7 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
31.12.2023
31.12.2022
Opening balance
2.879
2.510
Provision for the year
(209)
369
Closing balance
2.670
2.879
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 € 269.0
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 01.01.2023
99.602
Provision for the year’s impairment of receivables on 31.12.2023
(477)
Provision for impairment of receivables on 31.12.2023
99.125
Therefore, the balance of trade receivables and contractual assets impaired after the provision for impairment, has been settled
at approximately € 169.9 million in the current period.
As of 31.12.2023, in order to effectively manage its credit risk, the Company made a provision for impairment of receivables for a
total amount of approximately € 99.1 million.
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
31.12.2023
31.12.2022
Retail Customer Receivables
162.051
166.404
Provision for doubtful retail customer receivables
(71.737)
(73.474)
Municipalities (OTA), Greek State, Public Utilities (DEKO)
57.946
58.685
The Notes on pages 246 – 307 form an integral part of these Financial Statements
283
Provision for doubtful Trade Receivables of Municipalities (OTA), Greek State, Public
Utilities (DEKO)
(24.266)
(23.387)
Balance of Customer Receivables after the provision for doubtful items
123.993
128.227
Accrued, non-invoiced income
Contractual Assets
48.983
44.291
Provision for doubtful contractual assets
(3.122)
(2.741)
Balance of Contractual Assets after the provision for doubtful items
45.861
41.550
Total Customer Receivables and Contractual Assets
169.854
169.777
Due to the large number of customers (approximately 2,084,879 as of 31.12.2023), 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 4978/2022), the Company calculates the
relevant interest charged on the overdue amounts at the time of their payment.
The interest rate for calculating interest has been fixed by No. ΔΠΕΙΣ 1198598 ΕΞ 31.12.2013 Decision of the Minister of Finance,
as amended and in force by No. A. 1121/3.8.2023 Decision of the Minister of National Economy and Finance (Government Gazette
5009B'/09.08.2023). In addition to the above, it charges interest at a rate of 3% and 6% to NPAs, the State and local authorities in
accordance with the effective provisions (Law 4607/2019, N, 3463/2006), as applicable.
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 2023 and 31
st
December 2022 was determined as follows:
31.12.2023
Retail Customer Receivables – Non settled
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
8,6 %
8,6%
8,6%
8,6%
60,9%
44,2%
Receivable prior to impairment
29.543
5.681
6.590
4.214
97.968
143.995
Provision for impairment
2.529
486
564
361
59.704
63.644
Retail Customer Receivables – Settled
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
0,5%
0,5%
0,5%
0,5%
13,2%
10,5%
Receivable prior to impairment
108
439
738
724
7.242
9.250
Provision for impairment
1
2
4
4
959
970
Retail Customer Receivables excluding water
supply and sewerage services
Non-overdue
0-30
30-60
60-90
90+
Total
Possibility of Default (%)
9,4%
9,4%
9,4%
82,7%
80,9%
Receivable prior to impairment
67
44
106
8.588
8.805
Provision for impairment
6
4
10
7.103
7.123
Municipalities (OTA), Greek State, Public
Utilities (DEKO)
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
7,3%
7,3%
7,3%
7,3%
51,2%
43,5%
Receivable prior to impairment
6.549
423
2.563
2750
45.661
57.947
Provision for impairment
477
31
187
200
23.372
24.266
The Notes on pages 246 – 307 form an integral part of these Financial Statements
284
Contractual Assets
Non-overdue
0-30
30-60
60-90
90+
Total
Expected credit losses (%)
6,4%
6,4%
Receivable prior to impairment
48.983
48.983
Provision for impairment
3.122
3.122
Total Receivables from Customers and
Contractual Assets
Non-overdue
0-30
30-60
60-90
90+
Total
Receivable prior to impairment
85.183
6.610
9.935
7.793
159.459
268.980
Provision for impairment
6.129
526
759
575
91.138
99.126
169.854
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
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
162.422
269.380
Provision for impairment
4.804
482
614
470
93.233
99.603
169.777
24. OTHER RECEIVABLES (GROUP & COMPANY)
The item is analyzed as follows:
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Loans and advances to Personnel
4.579
4.594
4.579
4.594
Receivable concerning Greek State’s participation in the mandatory coverage of the deficit of the
special lump sum account
258
258
258
258
The Notes on pages 246 – 307 form an integral part of these Financial Statements
285
Miscellaneous advance payments
8.543
8.073
8.543
8.073
Transfer to Long-term Receivables
(6.652)
(5.842)
(6.652)
(5.842)
Receivable concerning income from Bank of Greece
3.605
1.478
3.605
1.478
Receivables due to Personnel’s Training Programs
1.459
2.193
1.459
2.193
Receivables from employees according to the BoD decision 19389/25,10,2017
3.185
3.472
3.185
3.472
Receivables from the Greek State concerning healthcare contributions from new-entry employees
(from 1/1/1993) to the Social Security Fund (IKA)
4.732
4.272
4.732
4.272
Other receivables
657
606
591
544
Receivables concerning retention amounts from pensioners’ health care contributions
-
(115)
-
(115)
Receivables from the Greek State 2015-2020 under JMD 352462/08-12-2021/Partial Tax Audit of
FY 2021
-
6.212
-
6.212
Total
20.366
25.201
20.300
25.139
Provision for impairment of Other Receivables
(8.434)
(8.019)
(8.434)
(8.019)
11.932
17.182
11.866
17.120
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 € 4,579 k concerns the short-term part of the loans granted to personnel. The long-
term part which as of 31.12.2023 amounted to € 5,332 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). Considering the passage of time, the Company made an equal provision for impairment.
Miscellaneous advances:
The item " Miscellaneous Advances" mainly includes advances for compensation of expropriated land plots, totaling € 7.5 million,
following the issuance of a Decision of the Ministry of Infrastructure and Transport (Government Gazette). From the amount of
Euro 7.5 million, the amount of approximately Euro 6.7 million was transferred to the item "Long-term Receivables" (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.
The accumulated provision for doubtful receivables amounts to € 746 k. The corresponding provision formed last year amounted
to € 805 k.
Receivables 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 578 k versus Euro 795 last
year.
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 Notes on pages 246 – 307 form an integral part of these Financial Statements
286
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. According to the above decision of the
Board of Directors, the amount of approximately Euro 497 k was recovered in 2023 (with the reimbursement of the amounts due
from 19 employees).
Taking into account the relative outcome of the case, the provision for impairment amounted to approximately Euro 1.5 million
versus approximately Euro 1.8 million last year.
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 an equal provision.
The amount of the accumulated provision for impairment as at 31.12.2023 stands at Euro 8.434 k from approximately Euro 8,019
k as at 31.12.2023, as analyzed above.
25. CASH AND CASH EQUIVALENTS
The account is analyzed as follows:
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Cash at hand
936
870
115
54
Sight and time deposits
324.859
321.309
324.859
321.309
Total
325.795
322.179
324.974
321.363
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 € 158 k and € 127 k of overdue check payables
on 31.12.2023 and 2022 respectively, which have been recorded in the account of other short-term liabilities (Note 34). Interest
income from bank deposits is recognized via the principle of accrued income and is included in the financial income.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
287
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.
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
31.12.2023
31.12.2022
Legal reserve
22.207
22.207
Special Non-Taxable Reserve of Law 2744/99
352.078
352.078
28. RETAINED EARNINGS
The account in the financial statements is analyzed as follows:
Amounts in k Euro
GROUP
COMPANY
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
Balance at 01.01.2023
393.905
394.221
Dividends Paid
(2.130)
( 2.130)
Net Profit for the Year 2023
20.275
20.272
Net Income directly recorded in Equity
(8.292)
(8.292)
Balance at 31.12.2023
403.758
404.070
The Notes on pages 246 – 307 form an integral part of these Financial Statements
288
Reserve from Specially Taxed Income
3.687
3.687
Other reserves
(1.551)
(1.578)
Adjustment due to adoption of IFRS 9 (01.01.2018)
(12.827)
(12.827)
Total
363.594
363.567
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.
• 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”.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
289
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). The benefit is also paid in cases of disability and death.
EYDAP Lump Sum Provision Distribution Method
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:
The Notes on pages 246 – 307 form an integral part of these Financial Statements
290
Amounts in k Euro
31.12.2023
31.12.2022
Provision for staff indemnity due to retirement
38.455
37.898
Healthcare coverage of personnel
149.185
135.060
Special one-off indemnity (personnel hired prior to and after 25-10-1999)
105.747
109.332
Total
293.387
282.342
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 2023 and 2022 are as
follows:
PERIOD
01.01 - 31.12.2023
01.01 - 31.12.2022
Amounts recognized in the balance sheet
Present value of liabilities
38.455
37.898
Fair value of the plan’s assets
-
-
Net liability recognized in the balance sheet
38.455
37.898
Amounts recognized in the results
Cost of current employment
1.303
1.412
Net interest on the liability / (asset)
1.279
218
Total admin. cost recognized in the account of results
-
-
Ordinary expense in the account of results
2.582
1.630
Recognition of prior service cost
-
Cost of curtailment / settlements / service termination
-
-
Total expense in the account of results
2.582
1.630
Change in the present value of the liability
Present value of liability at the beginning of period
37.898
39.225
Cost of current employment
1.303
1.412
Interest cost
1.279
218
Employee contributions
-
-
Benefits paid from the plan
-
Benefits paid from the employer
(2.312)
(1.474)
Cost of curtailment / settlements / service termination
-
-
Cost of prior service at the period
-
-
Actuarial loss / (profit) – financial assumptions
33
(6.086)
Actuarial loss / (profit) – demographic assumptions
149
-
Actuarial loss / (profit) – evidence from the period
105
4.604
Present value of liability at the end of period
38.455
37.898
The Notes on pages 246 – 307 form an integral part of these Financial Statements
291
Adjustments
Adjustments in liabilities due to change of assumptions
(182)
6.086
Empirical adjustments in liabilities
(105)
(4.604)
Empirical adjustments in assets
-
-
Total actuarial gain / (loss) in the Equity
(287)
1.482
Changes in the Net Liability recognized in Balance Sheet
Net Liability at beginning of period
37.898
39.225
Contributions from Employer
-
-
Benefits paid by the employer
(2.312)
(1.474)
Total expenditure recognized in the results
2.582
1.630
Change in Equity
287
(1.482)
Net Liability at the end of year
38.455
37.898
The expected benefits (not discounted) from the plan over the following year are estimated at € 8,680k.
The major actuarial assumptions utilized for the calculation of the relevant provisions for employees’ end of service indemnity are
the following:
Actuarial assumptions
2023
2022
Discount rate
3,15%
3,75%
Inflation
2,10%
2,64%
Future salary increases
2,10%
2,64%
Duration of obligations
5,09
5,52
b. Medical and Healthcare Plan
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 2023 and 2022.
Changes in the provision for medical and healthcare benefits during the financial years 2023 and 2022 are as follows:
PERIOD
01.01 - 31.12.2023
01.01 - 31.12.2022
Amounts recognized in the balance sheet
Present value of liabilities
149.185
135.060
Fair value of the plan’s assets
-
-
Net liability recognized in the balance sheet
149.185
135.060
Amounts recognized in the results
Cost of current employment
1.983
3.615
Net interest on the liability / (asset)
4.955
1.132
Total admin. cost recognized in the account of results
-
-
The Notes on pages 246 – 307 form an integral part of these Financial Statements
292
Ordinary expense in the account of results
6.939
4.747
Recognition of prior service cost
-
-
Cost of curtailment / settlements / service termination
-
-
Total expense in the account of results
6.939
4.747
Change in the present value of the liability
Present value of liability at the beginning of period
135.060
182.000
Cost of current employment
1.983
3.615
Interest cost
4.955
1.132
Employee contributions
-
-
Benefits paid from the plan
-
-
Benefits paid from the employer
(6.225)
(6.114)
Cost of curtailment / settlements / service termination
-
-
Cost of prior service at the period
-
-
Actuarial loss / (profit) – financial assumptions
2.912
(41.922)
Actuarial loss / (profit) – demographic assumptions
12.057
(6.803)
Actuarial loss / (profit) – evidence from the period
(1.558)
3.152
Present value of liability at the end of period
149.185
135.060
Adjustments
Adjustments in liabilities due to change of assumptions
(14.969)
48.725
Empirical adjustments in liabilities
1.558
(3.152)
Empirical adjustments in assets
-
-
Total actuarial gain / (loss) in the Equity
(13.411)
45.573
Changes in the Net Liability recognized in Balance Sheet
Net Liability at beginning of period
135.060
182.000
Contributions from Employer
-
-
Benefits paid by the employer
(6.225)
(6.114)
Total expenditure recognized in the results
6.939
4.747
Change in Equity
13.411
(45.573)
Net Liability at the end of year
149.185
135.060
The expected benefits (not discounted) from the plan over the following year are estimated at € 6,573 k.
The major actuarial assumptions applied under calculating the relevant provisions for the medical and healthcare benefits are the
following:
Actuarial assumptions
2023
2022
Discount rate
3,30%
3,76%
Inflation
2,15%
2,45%
Future salary increases
2,15%
2,45%
Medical Care Inflation
2,15%
2,45%
The Notes on pages 246 – 307 form an integral part of these Financial Statements
293
Duration of obligations
13,78
13,42
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 - 31.12.2023
01.01 - 31.12.2022
Amounts recognized in the balance sheet
Present value of liabilities
13.932
12.797
Fair value of the plan’s assets
(11.685)
(10.548)
Net liability recognized in the balance sheet
2.247
2.249
Amounts recognized in the results
-
Cost of current employment
113
351
Net interest on the liability / (asset)
69
32
Total admin. cost recognized in the account of results
-
-
Ordinary expense in the account of results
-
-
Recognition of prior service cost
181
384
Cost of curtailment / settlements / service termination
-
-
Total expense in the account of results
-
-
Cost of current employment
181
384
Change in the present value of the liability
Amounts recognized in the balance sheet
12.797
15.542
Present value of liability at the beginning of period
113
352
Cost of current employment
469
92
Interest cost
809
752
Employee contributions
(36)
(159)
Benefits paid from the plan
-
-
Benefits paid from the employer
-
-
Cost of curtailment / settlements / service termination
-
-
Cost of prior service at the period
28
(3.767)
Actuarial loss / (profit) – financial assumptions
92
-
Actuarial loss / (profit) – demographic assumptions
(339)
(15)
Actuarial loss / (profit) – evidence from the period
13.932
12.797
Change in the value of assets
Value of plan’s assets at beginning of period
10.548
9.678
Expected return on assets
400
60
Contributions from the employer
23
121
Contributions from employees
809
752
Benefits paid from the plan
(36)
(159)
Expenses
(60)
-
The Notes on pages 246 – 307 form an integral part of these Financial Statements
294
Asset adjustment (via Equity)
-
-
Actuarial (loss) / gain
-
95
Value of plan’s assets at the end of the period
11.685
10.548
It is to be noted that the fair value of the plan’s assets noted above, amounted to € 11,685 k and € 10,548 k on 31.12.2023 and
31.12.2022 respectively.
PERIOD
01.01 - 31.12.2023
01.01 - 31.12.2022
Adjustments
Adjustments in liabilities due to change of assumptions
(120)
3.767
Empirical adjustments in liabilities
339
15
Empirical adjustments in assets
(60)
95
Total actuarial gain / (loss) in the Equity
159
3.878
Changes in the Net Liability recognized in Balance Sheet
Net Liability at beginning of period
2.249
5.864
Contributions from Employer
(23)
(121)
Benefits paid by the employer
-
-
Total expenditure recognized in the results
181
384
Change in Equity
(159)
(3.878)
Net Liability at the end of year
2.247
2.249
The expected contributions from the plan over the following year are estimated at € 1,312 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
2023
2022
Discount rate
3,15%
3,75%
Inflation
2,10%
2,64%
Future salary increases
2,10%
2,64%
Duration of obligations
8,44
9,16
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 - 31.12.2023
01.01 - 31.12.2022
Amounts recognized in the balance sheet
Present value of liabilities
91.815
96.535
Fair value of the plan’s assets
(12.672)
(11.732)
Net liability recognized in the balance sheet
79.142
84.803
Amounts recognized in the results
The Notes on pages 246 – 307 form an integral part of these Financial Statements
295
Cost of current employment
1.223
1.332
Net interest on the liability / (asset)
3.077
519
Profit or Loss under settlement
-
-
Total administrative expenses recognized in the income statement
-
-
Ordinary expenses in the income statement
4.300
1.851
Precious service cost
-
-
Cost of curtailment / settlements / service termination
-
-
Total expense in the income statement
4.300
1.851
Change in the present value of the liability
Present value of liability at the beginning of period
96.535
107.933
Cost of current employment
1.223
1.332
Interest cost
3.143
584
Employee contributions
1.269
1.312
Benefits paid from the plan
(7.756)
(4.925)
Benefits paid from the employer
-
-
Cost of curtailment / settlements / service termination
-
-
Cost of prior service at the period
-
-
221
Actuarial loss / (profit) – financial assumptions
221
(11.978)
Actuarial loss / (profit) – demographic assumptions
265
-
Actuarial loss / (profit) – evidence from the period
(3.086)
2.277
Present value of liability at the end of period
91.815
96.535
Change in the value of assets
01.01 - 31.12.2023
01.01 - 31.12.2022
Value of plan’s assets at beginning of period
11.732
10.630
Expected return on assets
65
65
Benefits from the employer
7.054
4.542
Contributions from employees
1.269
1.312
Benefits paid from the plan
(7.756)
(4.925)
Expense
-
-
Asset adjustment (via Equity)
-
-
Actuarial (loss) / gain
308
108
Value of plan’s assets at the end of the period
12.672
11.732
It is to be noted that the fair value of the plan’s assets recorded above, amounted to € 12,672 k and € 11,732 k on 31.12.2023 and
31.12.2022 respectively.
PERIOD
01.01 - 31.12.2023
01.01 - 31.12.2022
Adjustments
Adjustments in liabilities due to change of assumptions
(486)
11.978
Empirical adjustments in liabilities
3.086
(2.277)
Empirical adjustments in assets
308
108
Total actuarial gain / (loss) in the Equity
2.908
9.809
The Notes on pages 246 – 307 form an integral part of these Financial Statements
296
Сhanges in the Net Liability recognized in Balance Sheet
Net Liability at beginning of period
84.804
97.303
Contributions from Employer
(7.054)
(4.542)
Benefits paid by the employer
-
-
Total expenditure recognized in the results
4.300
1.851
Change in Equity
(2.908)
(9.809)
Net Liability at the end of year
79.142
84.803
The expected contributions from the plan over the following year are estimated at € 24,021 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
2023
2022
Discount rate
3,15%
3,75%
Inflation
2,10%
2,64%
Future salary increases
2,10%
2,64%
Duration of obligations
5,09
4,42
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)
Scenario
Law 2112/20
Special Account
Health Care
Special Provision
Discount rate +0.5%
37.511.188
13.372.178
139.502.312
90.032.255
Discount rate -0.5%
39.447.592
14.529.567
159.996.288
93.669.574
Inflation +0.5%
39.453.405
14.519.008
160.028.960
93.553.109
Inflation -0.5%
37.496.806
13.377.194
139.379.888
90.128.586
Remuneration increase +0.5%
38.518.020
14.786.352
-
94.221.149
Remuneration increase -0.5%
38.364.256
13.150.796
-
89.487.533
Life expectancy +1 year
38.479.874
13.929.219
154.764.999
91.895.521
Life expectancy -1 year
38.428.322
13.935.052
143.803.548
91.726.107
Incidence of a disease +0,5%
-
-
161.235.378
-
Incidence of a disease -0,5%
-
-
138.123.159
-
The Notes on pages 246 – 307 form an integral part of these Financial Statements
297
DBO (change)
Scenario
Law 2112/20
Special Account
Health Care
Special Provision
Discount rate +0.5%
-2,50%
-4,00%
-6,50%
-1,90%
Discount rate -0.5%
2,60%
4,30%
7,20%
2,00%
Inflation +0.5%
2,60%
4,20%
7,30%
1,90%
Inflation -0.5%
-2,50%
-4,00%
-6,60%
-1,80%
Remuneration increase +0.5%
0,20%
6,10%
Ν/Α
2,60%
Remuneration increase -0.5%
-0,20%
-5,60%
Ν/Α
-2,50%
Life expectancy +1 year
0,10%
0,00%
3,70%
0,10%
Life expectancy -1 year
-0,10%
0,00%
-3,60%
-0,10%
Incidence of a disease +0,5%
Ν/Α
Ν/Α
8,10%
Ν/Α
Incidence of a disease -0,5%
Ν/Α
Ν/Α
-7,40%
Ν/Α
30. PROVISIONS FOR PENDING LITIGATIONS (GROUP & COMPANY)
The account in analyzed as follows:
Amounts in k Euro
31.12.2023
31.12.2022
Provisions for pending litigations with employees - pensioners
23.154
18.079
Provisions for civil litigations
16.475
19.556
Total
39.628
37.636
As of 31.12.2023, lawsuits for civil cases against the Company accounted for approximately € 68.3 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 € 91 million.
The total amount of the provisions that the Company has made accounts for approximately Euro 39 million at 31.12.2023 (an
amount of approximately Euro 37.6 million as at 31.12.2022).
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).
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
31.12.2023
31.12.2022
Opening Value:
Investment Subsidies
282.876
261.917
Income from sewage network rights 22%
37.805
37.715
The Notes on pages 246 – 307 form an integral part of these Financial Statements
298
320.681
299.632
Accumulated Depreciation
Investment Subsidies
(137.665)
(132.471)
Income from sewage network rights 22%
(18.187)
(17.243)
(155.852)
(149.714)
Net (Non Depreciated) Value
Investment Subsidies
145.211
129.446
Income from sewage network rights 22%
19.618
20.472
164.829
149.918
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 € 19,312 k on 31.12.2023 and of € 19,109 k on 31.12.2022 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
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 the period 2021-2023, 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 93,000 k. As a consequence, the amount of this
obligation is set at Euro 15,500 k on 31.12.2023. The relative liability was transferred and included in the suppliers item of
operating short-term liabilities at 31.12.2023.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
299
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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Suppliers
64.389
89.857
64.389
89.857
Withheld Taxes Payable
6.948
6.800
6.948
6.800
Social Security Contributions and Other Items
2.286
2.593
2.286
2.593
Contractual Obligations
7.224
7.268
7.224
7.268
Dividends Payable
345
371
345
371
Operating Short-Term Liabilities
81.192
106.889
81.192
106.889
Operating short-term liabilities of the Company decreased in the current period by Euro 25.7 million in relation to those recorded
on 31.12.2022 and amounted to approximately Euro 81.2 million on 31.12.2023. This change is mainly due to suppliers item arising
from the payment of liability to EPEYDAP.
b. Other Short-term Liabilities
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Pending litigations with employees - pensioners
2.056
2.055
2.056
2.055
Checks Payable
158
127
158
127
Collections for Third Parties
1.012
1.009
1.012
1.009
Collective Labor Agreement Obligation
7.321
4.227
7.321
4.227
Personnel Compensation
643
1.019
643
1.019
Other Short-Term Liabilities
7.097
6.592
7.109
6.602
Short-Term Customer Guarantees
6.086
5.999
6.086
5.999
Other Short-Term Liabilities
24.373
21.028
24.385
21.038
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 2023 stands at Euro 8.1 million.
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 € 272 million approximately on 31.12.2023 and for € 288
million approximately on 31.12.2022.
The Notes on pages 246 – 307 form an integral part of these Financial Statements
300
2. Letters of Guarantee
The Company has issued letters of guarantee for liability insurance of € 4.164 k on 31.12.2023.
3. Pending Litigations
Pending litigations are analyzed as follows:
Amounts in k Euro
Amount Demanded
Provision
Contingent Liability
Labor Issues
90.835
25.210
65.625
Law of obligations
68.348
16.474
51.874
Total
159.183
41.684
117.499
The provision amount of € 41.7 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
31.12.2023
31.12.2022
Short-term benefits:
- Fees (Chairman & CEO, and Executive Directors)
273
311
- Fees & attendance expenses of BoD members
274
263
- Social insurance cost
84
79
Additional benefits
25
27
Total
656
680
Β) Transactions with Related Parties
Amounts in k Euro
31.12.2023
31.12.2022
Short-term benefits:
Related parties fees
551
551
Social insurance cost
90
90
Additional benefits
13
24
Actuarial obligation
63
41
Total
717
706
The Executive Committee was established following the BoD Decision Num. 21144/ 21.12.2022.
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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
1) Transactions
- Income
81.400
106.651
81.400
106.651
- Expenses
27.911
27.748
27.911
27.748
The Notes on pages 246 – 307 form an integral part of these Financial Statements
301
2) Outstanding amounts
- Long-term receivables (Projects for the Greek State)
3.652
1.003
3.652
1.003
- Trade receivables (Local authorities, Greek State)
52.743
52.369
52.743
52.369
- Receivables from NISON DEVELOPMENT SEWERAGE SOCIETY
ANONYME
-
4
-
4
- Long-term liabilities
-
12.500
-
12.500
- Short-term Liabilities (provisions for raw water costs)
34.339
65.124
34.339
65.124
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 27.06.2023 for the provision of operation
and maintenance services in 2023. Expenses mainly include the provision for raw water supply of EPEYDAP in 2023 amounting to
Euro 27.8 million.
D) Transactions and balances with other Related parties consolidated with HCAP SA
Amounts in k Euro
30.06.2023
31.12.2022
1) Transactions
Income
884
2.278
Expenses
20.709
46.758
Dividend payments
-
18.290
30.06.2023
31.12.2022
2) Balances
Trade receivables
3.920
3.794
Liabilities towards suppliers
5.222
7.990
The above balances include a cumulative provision of the amount of Euro 2,4 million, mainly related to balances of receivables
formed in previous years by ETVA, Marina Zeas and HPP. Legal proceedings are in progress for these balances. According to article
64 of Law 5035/29.07.23, all shares of ownership of HCAP in EYDAP SA are transferred to the Greek State and therefore there are
no transactions and balances consolidated with HCAP SA from now on.
37. AUDITORS’ FEES
GROUP
COMPANY
Amounts in k Euro
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Auditors remuneration for auditing the annual accounts
64
58
61
55
Auditors remuneration for the Tax Compliance Report
14
16
14
16
Other fees
46
49
46
49
Total fees
124
123
121
120
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 Notes on pages 246 – 307 form an integral part of these Financial Statements
302
• 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.
5. An Addendum was signed between EYDAP, the Greek State, and EYDAP Fixed Assets
In June 2023, the tripartite Addendum to as of 2.2.2022 Agreement was signed between EYDAP, the Greek State, and EYDAP
Fixed Assets. The agreement defines performing works on the Aqueduct Mornos - Marathonas, Kleidi - Dafnoula Section.
Under this agreement, the implementation of an important project to upgrade the External Water Supply System of Attica is
promoted.
6. In its letter no. 1170/08.08.2023, EPEYDAP informed EYDAP SA of the unilateral extension of the contract for the operation
and maintenance of the External Water Supply System (EWS) under the same terms, for an additional period of six (6) months,
until 30 June 2024.
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.
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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Borrowings
-
-
-
-
The Notes on pages 246 – 307 form an integral part of these Financial Statements
303
Cash and cash equivalents
(325.795)
(322.179)
(324.974)
(321.363)
Total Equity
847.259
837.379
847.571
837.695
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
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Financial assets at fair value through the other comprehensive income
907
879
907
879
Cash and cash equivalents
325.795
322.179
324.974
321.363
Trade and other receivables and contractual assets
181.786
186.965
181.720
186.897
Long-term receivables
15.418
11.591
15.418
11.591
Investments in subsidiaries
-
-
1.210
1.210
Total
523.906
521.614
524.229
521.940
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 use 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
TIME ANALYSIS OF OVERDUE RECEIVABLES
2023
Non overdue
0-1 month
1-6 months
6 months -2
years
2 years -5
years
> 5 years
Total
PRIVATE
CUSTOMERS
30.213
6.117
22.219
34.010
28.681
52.349
173.589
STATE
2.360
134
1.635
3.127
2.398
10.244
19.899
LOCAL
GOVERNMENT
5.644
331
9.267
11.216
3.723
3.340
33.521
Total
38.218
6.583
33.121
48.353
34.802
65.933
227.009
The Notes on pages 246 – 307 form an integral part of these Financial Statements
304
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
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.
ANALYSIS OF MATURITY OF LIABILITIES
2023
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
895
1.790
3.680
6.007
47.512
233.503
293.387
Provisions / Other long-term liabilities
-
-
-
-
-
58.939
58.939
Suppliers and other liabilities
16.681
39.310
10.933
400
1.012
15.472
83.809
Provision for raw water costs
-
-
27.785
-
-
-
27.785
Liabilities from leases
69
139
209
305
1.804
523
3.049
Total
17.645
41.239
42. 608
6.713
50.327
308.437
466.969
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
305
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
(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) Risk of Climate Change
EYDAP addresses climate risks as an opportunity to transition to a more sustainable, low-carbon future and implements mitigation
measures:
• Formulation of a strategy to improve energy efficiency and reduce the carbon footprint
• Implementation of water demand management and leakage reduction programmes to ensure rational and sustainable
management of water resources. Replacing old water meters with new 'smart' water meters of state-of-the-art
technology. Network rehabilitation and replacement of old pipelines with new pipelines made of advanced materials
compatible with the natural environment.
• Circular economy practices, launching wastewater reuse projects at the East Attica Wastewater Treatment Plant for
irrigation of peri-urban green areas, industrial and municipal purposes.
• Use of technologies to improve the efficiency of water and wastewater treatment plants
• Alternative water resources for irrigation use such as exploitation and development of the Adrian Aqueduct
• Ensuring that every effort is made to save energy and resources in all its operations, actively contributing to the reduction
of greenhouse gas emissions
• Implementation of zero tolerance European and Greek regulations and standards, new and existing environmental
specifications in the design of water supply and sewerage projects
• Selecting materials and machinery with modern environmental standards. Monitoring and optimizing the cyclicality of
the materials used. Keeping products and materials (including raw materials) in the life cycle for as long as possible, and
treating waste as a secondary raw material that can be recycled for processing and reuse (circular economy).
• Electric vehicles – extending the potential to replace part of its fleet with electric vehicles to contribute to low greenhouse
gas emissions
• Upgrading and modernizing its buildings and facilities with new building materials and energy systems.
The Company ensures and plans contingency management scenarios that may arise due to climate risk. It recognizes the way
each of its organizational units operates, and has included in the risk register of the Risk Management Framework the risks against
which it must be shielded to effectively respond.
In relation to the last year's commitment to apply the TCFD recommendations, due to the incorporation of these recommendations
into the new IFRS/ISSB international standards, the Group is in the process of reviewing the adoption approach in combination
with ESRS.
(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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
306
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.
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 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. SIGNIFICANT 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" .
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).
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
The Notes on pages 246 – 307 form an integral part of these Financial Statements
307
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.
308
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, 2023, 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, 2023, 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.
309
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.
Key Audit Matter
Audit Approach
Revenue recognition
The turnover of the Company and the Group
amounted for the year ended 31/12/2023 to €
351,6 mil., (€343,3 mil. for the year ended
31/12/2022).
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.
310
Recoverability of trade receivables
As at 31/12/2023 the trade receivables of the
Company and the Group amounted to €
169.9 mil. including accumulated impairment
loss allowance of € 99.1 mil. (€ 169,8 mil.
and € 99,6 mil. as at 31/12/2022).
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.
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.
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.
• 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
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
311
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 € 293,4 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.
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 31/12/2023.
• 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 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.
312
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.
• 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.
313
• 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.
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 31/12/2023.
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
314
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 2023 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, 2023, in XHTML format (213800SA1M6NZ4YSQU91-2023-12-31-el.xhtml), as well as
the provided XBRL file (213800SA1M6NZ4YSQU91-2023-12-31-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 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.
315
- 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, 2023, 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, 2023, in XHTML format
(213800SA1M6NZ4YSQU91-2023-12-31-el.xhtml), as well as the provided XBRL file
316
(213800SA1M6NZ4YSQU91-2023-12-31-el.zip) with the appropriate mark-up on the above consolidated
financial statements, including other explanatory information ,have been prepared, in all material respects,
in accordance with the requirements of the ESEF Regulatory Framework.
Athens, 25 April 2024
The Certified Public Accountant
Panagiotis Christopoulos
Registry Number SOEL 28481
3. CORPORATE ANNOUNCEMENTS- RELEASES
The following announcements / releases have been sent to the Daily Price Bulletin and are posted on the website of the Athens
317
Stock Exchange and on the website of the Company www.eydap.gr.
31/1/2023
2023 FINANCIAL CALENDAR
24/3/2023
Executives appointment
20/4/2023
AMENDMENT TO 2023 FINANCIAL CALENDAR
25/4/2023
Update of 2022 Financial Results Analysts
27/4/2023
Financial Results 2022
27/4/2023
Presentation of 2022 Financial Results to the Capital Market Representatives
15/5/2023
Invitation to a Special Meeting
16/5/2023
Call for nominations for the election of two representatives of the Minority Shareholders to the Board of Directors
of EYDAP S.A.
30/5/2023
Nominations for the election of two representatives of the Minority Shareholders to the Board of Directors of
EYDAP S.A.
9/6/2023
VOTING RESULTS OF THE SPECIAL MEETING OF MINORITY SHAREHOLDERS OF EUDAP S.A. 9/6/2023
9/6/2023
RESOLUTIONS OF THE SPECIAL MEETING OF MINORITY SHAREHOLDERS 2023
22/6/2023
BoD FORMAITON
24/7/2023
AMENDMENT TO 2023 FINANCIAL CALENDAR
28/7/2023
Executives appointment
4/8/2023
REGULATED INFORMATION under Law 3556/2007: disclosure of change in the percentage of shareholders at
the level of voting rights
10/8/2023
Invitation to the 41st Regular General Meeting
6/9/2023
RESOLUTIONS OF THE ANNUAL GENERAL MEETING SEPTEMBER 2023
6/9/2023
VOTING RESULTS OF THE GENERAL MEETING OF EYDAP S.A. 06/09/2023
6/9/2023
DISTRIBUTION OF DIVIDEND FOR THE YEAR 2022
12/9/2023
RESOLUTIONS OF THE 41st ANNUAL GENERAL MEETING AT THE ADJOURNED MEETING OF 12 SEPTEMBER 2023
12/9/2023
VOTING RESULTS OF THE 41st ANNUAL GENERAL MEETING AT THE SIXTH ADJOURNED MEETING OF 12
SEPTEMBER 2023
14/9/2023
BoD FORMAITON
20/9/2023
AMENDMENT TO 2023 FINANCIAL CALENDAR
26/9/2023
Update of 2023-06 Financial Results Analysts
28/9/2023
FINANCIAL RESULTS OF THE FIRST HALF 2023
28/9/2023
PRESENTATION OF FINANCIAL RESULTS OF THE FIRST HALF 2023 TO REPRESENTATIVES OF THE CAPITAL
MARKET
29/9/2023
Audit Committee formation
18/12/2023
Completion of Statutory Tax Audit for Fiscal year 2022 and Tax Certificate Issuance
4. DATA AND INFORMATION
318
Ministerial Authority: Ministry of Environment & Energy
Corporate Web Site: www.eydap.gr
Composition of Board of Directors: G. Stergiou, Ch. Sahinis, Efth. Sfikas, An. Martseki, Μ. Mavrommati, Μ. Lambrou, E. Kaymenaki, Α. Giannikouris, Chr. Karaplis, Ch. Mistriotis, P. Skoularikis, Emman. Aggelakis, G. Alexandrakis
Date of Approval of Financial Statements:
from the Board of Directors: 24 April 2024
Chartered Auditors Accountants: Panagiotis Christopoulos (SOEL Reg. No. 28481)
Auditing Company: GRANT THORNTON S.A. (SOEL Reg. No. 127)
Type of Independent Auditor's Report Unqualified Opinion
Amounts expressed in thousand €
31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022
ASSETS
Tangible assets 783.757 778.980 783.757 778.980 Equity balance at the beginning of the period (01.01.2023 and 01.01.2022 respectively) 837.379 815.167 837.695 815.455
Intangible assets 75.684 79.964 75.684 79.964 Profit/(loss) of the year, after tax 20.275 5.016 20.272 5.044
Right-of-use assets 2.949 1.006 2.949 1.006 Net income directly recorded to equity (8.265) 47.016 (8.265) 47.016
Other non-current assets 88.720 81.674 89.930 82.884 Total comprehensive income / expenses after tax 12.010 52.032 12.007 52.060
Inventories 20.354 16.948 20.354 16.948 Dividends Distributed (2.130) (29.820) (2.130) (29.820)
Trade Receivables & Contractual Assets 169.854 169.783 169.854 169.777 Equity balance at the end of the period (31.12.2023 and 31.12.2022 respectively) 847.259 837.379 847.571 837.695
Other current assets 337.728 339.503 336.841 338.625
TOTAL ASSETS 1.479.046 1.467.858 1.479.369 1.468.184
EQUITY AND LIABILITIES
Share capital
63.900 63.900 63.900 63.900
Other Equity Items 783.359 773.479 783.671 773.795
Total Equity 847.259 837.379 847.571 837.695 31.12.2023 31.12.2022 31.12.2023 31.12.2022
Liabilities for employee benefits 293.387 282.342 293.387 282.342
Operating activities
Investment subsidies 164.829 149.918 164.829 149.918
Profit/(Loss) before tax (continuing operations)
27.991 10.610 27.988 10.638
Provisions/Other long-term liabilities 61.177 69.803 61.177 69.803 Plus / less adjustments for:
Other Short- term liabilities 112.394 128.416 112.405 128.426 Depreciation/Amortization 44.708 44.655 44.708 44.655
Total liabilities 631.787 630.479 631.798 630.489 Amortization of subsidies (6.139) (6.190) (6.139) (6.190)
TOTAL EQUITY AND LIABILITIES 1.479.046 1.467.858 1.479.369 1.468.184
Depreciation of right-of-use assets 738 416 738 416
Decrease/Transfers of tangible and intangible assets (185) 0 (185) 0
Income from securities 0 (58) 0 (58)
Provisions for personnel compensation (1.611) (3.639) (1.611) (3.639)
Other Provisions 1.306 (10.847) 1.306 (10.847)
Amounts expressed in thousand €
GROUP Credit interest and related income (17.816) (13.206) (17.806) (13.206)
1.01-31.12.2023 1.01-31.12.2022 Debit interest and related expenses 11.335 2.743 11.335 2.743
Turnover 351.602 343.493
Gross profit 133.850 121.564
Profit / (Loss) before tax, financial and
investment results 21.511 89 (Increase) Decrease in:
Profit / (Loss) before tax 27.991 10.610 Receivables & Contractual Assets (2.549) 89.758 (2.554) 89.771
Profit / (Loss) after tax (Α) 20.275 5.016 Spare parts & consumables (3.197) (2.514) (3.197) (2.514)
Other comprehensive income / expenses after tax (Β) (8.265) 47.016 Increase (Decrease) in:
Total comprehensive income / ex penses after tax (Α)+(Β) 12.010 52.032 Liabilities (41.689) (178.404) (41.687) (178.408)
Attributable to: Consumers' guarantees 203 198 203 198
Company Shareholders 20.275 5.016 Employee contribution for indemnity 2.025 2.023 2.025 2.023
Profit/(Loss) after tax per share – basic (in €) 0,19 0,05
Plus:
Profit / (Loss) before Tax, Interest Surcharges of trade receivables 8.467 8.500 8.467 8.500
Depreciation and Amortization 60.818 38.969
Less:
Debit interest and related expenses paid
(484) (479) (484) (479)
Tax paid (2.540) (4.285) (2.540) (4.285)
Total cash inflows / (outflows) from operating activities (a)
20.563 (60.719) 20.567 (60.682)
Amounts expressed in thousand €
COMPANY
1.01-31.12.2023 1.01-31.12.2022
Turnover 351.574 343.477 Investing activities
Gross profit 133.836 121.548 Purchase of tangible assets (44.215) (40.019) (44.215) (40.019)
Profit / (Loss) before tax, financial and Purchase of intangible assets (806) (1.414) (806) (1.414)
investment results 21.517 117 Proceeds from subsidies 21.049 17.869 21.049 17.869
Profit / (Loss) before tax 27.988 10.638 Interest income received 9.922 4.559 9.912 4.559
Profit / (Loss) after tax (Α) 20.272 5.044 Dividends Received - 58 - 58
Other comprehensive income / expenses after tax (Β) (8.265) 47.016 Net cash inflows / (outflows) from investing activities (b) (14.050) (18.947) (14.060) (18.947)
Total comprehensive income / ex penses after tax (Α)+(Β) 12.007 52.060
Attributable to:
Company Shareholders 20.272 5.044
Financing activities
Proposed dividend per share in euro 0,10 0,02
Payments of lease liabilities
(777) (452) (777) (452)
Profit / (Loss) before Tax, Interest
Dividends paid
(2.120) (29.437) (2.120) (29.437)
Depreciation and Amortization 60.828 38.998
Total cash inflows / (outflows) from financing activities (c)
(2.897) (29.889) (2.897) (29.889)
Net (decrease) / increase in cash and cash equivalents (a) + (b) + (c) 3.616 (109.555) 3.611 (109.518)
Cash and cash equivalents, at the beginning of the period
322.179 431.734 321.363 430.881
Cash and cash equivalents, at the end of the period
325.795 322.179 324.974 321.363
1. The number of employees of the Group and the Company as of 31 December 2023 was 2.286 and as of 31 December 2022 was 2.328
2023 2022 2023 2022
i ) Income 82.284 108.929 82.284 108.929
ii) Expenses 48.620 74.506 48.620 74.506
iii) Dividends payments - 18.290 - 18.290
iv) Receivables 60.315 57.170 60.315 57.170
v) Liabilities 39.561 85.614 39.561 85.614
vi) Fees and indemnities to Executives and members of Management 656 680 656 680
vii) Fees and indemnities to Related Parties 717 706 717 706
THE CHAIRMAN OF THE BOD THE DIRECTOR OF THE ECONOMIC DEPARTMENT
GEORGIOS EVAG. STERGIOU
ID No ΑΕ 525749
Ec.Chamber of Greece Acc. Lic. Reg. No. Α/112285
Economic Chamber of Greece Accounting Licence Reg. No. A/17806
THE CHIEF EXECUTIVE OFFICER
ID No ΑΟ 568292
CHARALAMBOS GEORG. SAHINIS
THE CHIEF ACCOUNTANT SUPERVISOR
ID No ΑΒ 253061
LEMONIA MARK. SKYLAKI
ID No ΑΟ 010837
DIMITRA VAS. ZARKADOULA
COMPANY
Amounts expressed in thousand €
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 2023 to 31 December 2023
COMPANY
GROUP
COMPANY
STATEMENT OF COMPREHENSIVE INCOME
Plus/less adjustments for changes in accounts or working capital related to operating activities:
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)
Athens, 24 April 2024
7. The Management significant 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, 2023.
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 31.12.2023 until the date of approval of the financial statements by the Company's Board of
Directors
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 income amounting to Euro 27 k concerning the change in fair value of financial assets (Note 19) and b) actuarial profit after tax amounting to Euro 8,292 k from defined benefit plans in accordance with the amended IAS
19 (Note 29)
2. The provisions made by the Company until December 31, 2023 pertain to: a) Litigations for civil cases that have been filed against the Company amounting to approximately Euro 68.3 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 91 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 39.6
million as at 31 December 2023 compared to Euro 37.6 million as at 31 December 2022, which are estimated to be sufficient. c) Taxes for non-inspected fiscal years Euro 2.4 million as at December 31, 2023 as well as at December 31, 2022 (note 12). d) Other provisions for doubtful receivables (customers, contractual
assets and debtors) and obsolete inventory amounting to 115 million as at December 31, 2023 compared to Euro 108 million as at December 31, 2022.
GROUP
GROUP
Amounts expressed in thousand €
COMPANY
GROUP
STATEMENT OF FINANCIAL POSITION
6. The consolidated financial statements, except for EYDAP, include EYDAP NISON DEVELOPMENT S.A. 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