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Annual Bulletin 156 Oropou St. – Galatsiι & Annual Report Τ: +30 210 2144 444 F: +30 210 2144 159 E: [email protected] www.eydap.gr 2014 ANNUAL BULLETIN & REPORT 2014 Annual Bulletin & Annual Report 2014 INDEX Message from the Chairman & CEO ................................................................................................................................................. 1. Company Profile ...................................................................................................................................2 1.1 Board of Directors Profile ...........................................................................................................................................................5 1.2 Companys' Executives Profile ...................................................................................................................................................6 1.3 Background-Incorporation ...................................................................................................................................................... 11 1.4 Object-Operation ......................................................................................................................................................................... 13 1.5 Outlook .......................................................................................................................................................................................... 13 1.6 Eydap Nison S.A. ......................................................................................................................................................................... 14 1.7 Area of Service ............................................................................................................................................................................ 15 2. Corporate Governance ........................................................................................................................19 2.1 Board of Directors ...................................................................................................................................................................... 20 2.2 Shareholders ............................................................................................................................................................................... 20 2.3 Control Mechanisms .................................................................................................................................................................. 23 2.4 Risks Management .................................................................................................................................................................... 24 2.5 Tranparency and Disclosure.................................................................................................................................................... 24 2.6 Corporate Governance Code ................................................................................................................................................... 25 3. Corporate Responsibility ....................................................................................................................27 3.1 Enviroment ................................................................................................................................................................................... 28 3.2 Human resourses ...................................................................................................................................................................... 29 3.3 Society ............................................................................................................................................................................................ 29 3.4 Responsible Business Practice .............................................................................................................................................. 30 4. Key financials .....................................................................................................................................31 4.1 Key financials ............................................................................................................................................................................... 33 4.2 Consumption Evolution & Breakdown ................................................................................................................................. 36 4.3 Stock Information ....................................................................................................................................................................... 40 5. Annual Financial report ......................................................................................................................43 5.1 Statement of the Members of the Board of Directors ..................................................................................................... 47 5.2 Annual Financial report of the Board of Directors ........................................................................................................... 48 5.3 "Financial statements for the period January 1st 2013 to December 31st 2013 in accordance with the international financial reporting standards (IFRS) of the group and EYDAP SA (The Company)" .................... 84 5.4 Independent Auditors Report ................................................................................................................................................139 5.5 Information according to art. 10 of law 3401/2005........................................................................................................141 5.6 Financial data and information. ............................................................................................................................................142 1 Message from the Chairman & CEO There is no doubt that 2014 was a forceful year of growth in which we have successfully dealt with demanding challenges on multiple levels. With our highly skilled manpower, our strong know-how, and our healthy economic environment, we managed, once again, to offer our customers high quality services. As the company that manages and provides the most precious of the natural resources, that being water, EYDAP sensitively and consistently strives to meet consumers’ needs and demands while simultaneously ensures environmental protection. The aim and objective of our Company’s economic policy is to be able, to autonomously fulfill our obligations towards our employees, our shareholders, and society. And this is an objective that we have successfully achieved through 2014. With zero debt and high cash balances, along with our social responsibility actions, EYDAP continued to thrive for 2014. In this context, we managed to implement our pricing policy with reduced rates throughout past year, while at the same time maintaining -and in many cases expanding, by using new favorable to the public price adjustments - our special social tariff for financially vulnerable households, as we believe that a water and sewage company, must first and foremost “serve” the customers. We set operational efficiency as our primary objective and despite the expected revenue decrease, as a result of our social initiatives, we succeeded in gaining strong profitability. In particular, for 2014 our turnover amounts in 326.4m € earnings before taxes, interest, depreciation and amortization amounts in 87.6m € and our profit before taxes amounts in 63.5m €. This current year, will be the first year of the implementation of our new Investment and Business Framework Strategic Action Plan for 2015-2019, which was completed in November 2014 in cooperation with consultants both from Greece and abroad. This strategic action framework includes all the company’s development and modernization investments plan, along with projects of high reward and effectiveness, without committing to one-way implementation actions while at the same time giving the opportunity for evaluation, focused on towards higher quality services and further company’s efficiency improvement. Our strategy in 2015 is tracked towards Society and Environment, providing at the same time specific actions to further increase company’s profitability. Our strategy includes a series of crucial initiatives which will contribute to company upgrading with respect to the extent of its environmental performance, modernization of fixed assets under the required International and European standards, to the continuous increase of the functional and technical performance, to the further improvement of processes and finally to the customer service methods. 2 ANNUAL BULLETIN & ANNUAL REPORT 2014 We have already launched multipart actions in order to reshape company’s Operation Centre towards a more integrated, modern and customer-oriented operating model that will emerge as a strategic communication and consumer service hub. Through simple, fast and innovative procedures, we will be able to deal effectively and responsibly with our consumers’ demands as reflected in today’s society. Additionally, we launched a new investment activity in order to reduce the percentage of non-revenue water and revenue loss, mainly created due to the aged installed water meters and to the lack of coordinated business activities and investment needs. The challenges in our industry, as they emerge and shape
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