Fy 2014 Results

ANNUALFINANCIALREPORT

ForthePeriodfromJanuary1,2014toDecember31,2014InaccordancewithIFRS&Law3556/2007

AthensWater&WastewaterServicesS.A.REG.No.G.E.M.H.121578960000

156OROPOUSTRGalatsi

AnnualFinancialReportFiscalYear01.01.201431.12.2014

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AnnualFinancialReport

ForthePeriodfromJanuary1,2014toDecember31,2014

The attachedAnnual FinancialReporthasbeen compiled according to Law3556/2007and its relevantdecisionsofCapital Market Commissionandincludes:a)StatementofmembersoftheBoardofDirectorsb)AnnualBoardofDirectorsManagementReportc)AnnualFinancialStatementsfortheperiodfromJanuary1,2014toDecember31,2014d)IndependentAuditorsReporte)Informationaccordingtoarticle10ofLaw3401/2005f)FinancialDataandInformationfortheperiodfromJanuary1,2014toDecember31,2014ItisdeclaredthattheattachedAnnualFinancialReportistheonethathasbeenapprovedbytheBoardofDirectorsofAthensWater & Wastewater Services S.A. on March 27th, 2015, and is available on the internet, at the web site addresswww.eydap.gr.


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INDEX

STATEMENTOFMEMBERSOFTHEBOARDOFDIRECTORS4ANNUALBOARDOFDIRECTORSMANAGEMENTREPORT51. ANNUALFINANCIALSTATEMENTS39

GENERALINFORMATIONFORTHECOMPANY41STATEMENTOFINCOMEFORTHEFINANCIALYEARSENDEDON31STDECEMBER2014&201342STATEMENTOFTOTALCOMPREHENSIVEINCOMEFORTHEFINANCIALYEARSENDEDON31STDECEMBER2014&201342STATEMENTOFFINANCIALPOSITIONOF31STDECEMBER2014&31STDECEMBER201343STATEMENTOFCHANGESINSHAREHOLDERSEQUITY1STJANUARY31STDECEMBER2014&201344CASHFLOWSTATEMENTSOF1STJANUARY31STDECEMBER2014&201345NOTESONTHEANNUALFINANCIALSTATEMENTSOF31STDECEMBER2014461. ESTABLISHMENT,OPERATIONSANDLEGALFRAMEWORKOFTHECOMPANY462. NEWSTANDARDS,INTERPRETATIONSANDAMENDMENTSTOEXISTINGSTANDARDS483. SIGNIFICANTACCOUNTINGPOLICIES524. CRITICALACCOUNTINGTREATMENTSANDIMPORTANTSOURCESOFESTIMATIONUNCERTAINTY625. REVENUES636. ALLOCATIONOFEXPENSESINTHEOPERATIONS637. DEPRECIATIONEXPENSES658. PERSONNELFEES&EXPENSES(GROUP&COMPANY)669. FINANCIALINCOME(GROUP&COMPANY)6610. FINANCIALEXPENSES(GROUP&COMPANY)6611. INCOMETAX6612. EARNINGSPERSHARE6713. GOODWILL6814. OTHERINTANGIBLESASSETS(GROUP&COMPANY)6815. TANGIBLEASSETS6916. INVESTMENTSINSUBSIDIARIES7017. INVESTMENTSAVAILABLEFORSALE7018. LONGTERMRECEIVABLES(GROUP&COMPANY)7019. DEFERREDTAXATION(GROUP&COMPANY)7120. MATERIALS,SPAREPARTS&CONCUMABLES(GROUP&COMPANY)7121. RECEIVABLESFROMCUSTOMERS,CONSUMERS(GROUP&COMPANY)7222. OTHERRECEIVABLES(GROUP&COMPANY)7323. CASHANDCASHEQUIVALENTS7424. SHARECAPITAL7425. RESERVES7526. RETAINEDEARNINGS7627. BANKLOANS(GROUP&COMPANY)7628. LIABILITIESFOREMPLOYEEBENEFITS(GROUP&COMPANY)7629. PROVISIONSFORPENDINGLITIGATION(GROUP&COMPANY)8430. INVESTMENTSUBSIDIESANDCUSTOMERCONTRIBUTIONS(GROUPANDCOMPANY)8431. CONSUMERSGUARANTEES8532. OPERATINGANDOTHERCURRENTLIABILITIES8533. EVENTSAFTERTHEBALANCESHEETDATE8634. COMMITMENTSANDCONTINGENTLIABILITIESASSETS8635. RELATEDPARTYTRANSACTIONS(GROUP&COMPANY)8636. AUDITORSREMUNERATION8737. EYDAPFIXEDASSETSEYDAPL.E.P.L.87


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38. RISKMANAGEMENTOFCAPITAL8839. FINANCIALRISKMANAGEMENT8840. FAIRVALUEASSESEMENT90

2. INDEPENDENTAUDITORSREPORT913. INFORMATIONACCORDINGTOARTICLE10OFLAW3401/2005934. FINANCIALDATA&INFORMATION94


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STATEMENT OF MEMBERS OF THEBOARD OF DIRECTORS

(Accordingtothearticle4par.2oftheLaw3556/2007)TheFollowingMembers:1.AntoniosVartholomaios,ChairmanoftheManagementBoardandChiefExecutiveOfficer.2.IoannisChondrogiannos,BoardMember,speciallydesignatedforthis.3.LabrosZografos,BoardMember,speciallydesignatedforthis.Accordingtowhatisspecifiedintheparagraph2ofthearticle4oftheLaw3556/2007weherebydeclarethatfromwhatweknow:a. TheAnnualFinancialStatementsoffiscalyear2014whichwereconductedaccordingtothevalidInternationalFinancial

ReportingStandardstrulyillustrateAssetsandLiabilitiesfigures,NetWorthandIncomeStatementofE.YD.A.PS.A.andallthecompaniesincludedintheconsolidationregardedastotal.

b. TheAnnualReportoftheManagementBoardtruly illustratestheevolution,positionandperformanceofE.YD.A.PS.A.

andallthecompaniesincludedintheconsolidationregardedastotal,togetherwithallrisksanduncertainties.

Athens,27March2015

TheChairmanoftheManagementBoard&theExecutiveOfficer

TheBoardMember TheBoardMember

AntoniosVartholomaiosIDno543580

IoannisChondrogiannosIDno094411

LabrosZografosIDno390968


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ANNUALBOARD OF DIRECTORS MANAGEMENT REPORT

DearShareholders,

Inaccordancewitharticle4ofLaw3556/2007, theparagraph3of thearticle107of thec.l.2190/1920,and thedelegatedresolutionsoftheHellenicCapitalCommitteeofthesameLaw,weherebysubmittheannualBoardofDirectorsReportforthefinancialyearfrom01/01/2014to31/12/2014.

Thereportpresents thedevelopment, theperformanceand thepositionof theWaterSupplyandSewerageCompanyS.A.,underthetitleEYDAPS.A.(hereinafterreferredtoasthe"Company"or"EYDAP")andtheGroup,itprovidesanoverviewofthe signifigantevents that tookplaceduring the fiscal year2014and theiraffecton the financial statementsof the sameperiod, itdescribes thepotentialrisksanduncertainties,thesignificanttransactionsbetweentheCompany,theGroupandrelatedparties,accordingtoIAS24aswellassignificanteventsaftertheendoffiscalyear2014.Moreover, the report includes theexplanatory reportofparagraph7,ofarticle4of theLaw3556/2007and theCorporateGovernanceStatement.

Thefiscalyearof2014endedwithverypositiveresultsforEYDAPastheCompanyhasreinforcedfurtheritsgrowth,reassuringits dominant position in theGreekwater supply and seweragemarket,while the companys philosophywas focused oncontemporary,targetedandrationalmanagement,onusingthebesttechnology,onthefinancialpaybackoftheprojects,onhumancentricandhencecustomerorientedmanagement,ontheimplementationofenvironmentallyfriendlyprocessesandonsupportinghouseholdsaffectedbytheeconomiccrisiswithaseriesofactionstotheirrelief.ThedrivingforceofEYDAP,isitshumanresourcesthatviatheirknowhowandtheirlovefortheCompany,theyforceEYDAPtogrowth.PERFORMANCE&FINANCIALHIGHLIGHTSFORTHEPERIODOF2013

.ReviewofOperationsProgressofwaterconsumptionandbilledincomeofwaterandsewerageusage

In2014totalwaterconsumption(billedornot) increasedby0.7%comparedto2013, inrelationtothe2.3%decrease,from2012 to 2013. Total water consumption in the years 2012, 2013 and 2014 was 422,491,445 m3, 412,703,967 m3 and415,633,652m3respectively.

In2014billedconsumption increasedby0.8%over2013,comparedwitha4.0%decrease in2013comparedto2012.Billedwaterconsumptionfortheyears2012,2013and2014was325.477.095m3,312.556.804m3and314.982.304m3respectively.

Asaresultofthelargestgrowthrateofbilledconsumptioncomparedtothegrowthrateoftotalconsumptionwastherelativereductionofthenonbilledconsumption,iethedifferencebetweentotalconsumptionandbilledconsumption.Specifically,in2014 thenonbilledconsumptiondecreasedby2.5%over thepreviousyear,while in2013 thenonbilledconsumptionwasincreasedby3.2%inrelationto2012.

During theyears2012,2013and2014 thenonbilledconsumptionwas96,996,962m3,100,137,812m3and97,626,248m3respectively.Additionally, thenonbilled to totalconsumption ratiodecreasedmarginally.Morespecifically, in2012,2013and2014 thenonbilledtototalconsumptionratiowasformedat23.0%,24.3%and23.5%respectively.

Regarding themain consumer classes, the billed consumption of the class of common consumers which represents theoverwhelmingmajorityofcustomers,andmainlyresidentialcustomers,decreasedby1.6%comparedto2013,versus5.7%fallin2013comparedto2012.Waterconsumptionofcommonconsumersintheyears2012,2013and2014was202.484.911m3,191.018.069m3and187.939.137m3respectively.

BulkWaterSupply tomunicipalnetworks,which represents thesecondbiggestcustomerclass, in2014decreasedby0.5%comparedto2013,versusa6.9%decreasein2013comparedto2012.

Billedbulkwater supply tomunicipalnetworks in theyears2012,2013and2014was69,357,487m3, 64,549,037m3 and64,201,750m3respectively.

Theindustrialconsumersclassbilledconsumptionin2014increasedby0.6%comparedto2013,versusa10.1%increasein2013comparedto2012.Theindustrialconsumersclassbilledconsumptionintheyears2012,2013and2014was19,188,857m3,21,131,244m3and21,252,816m3respectively.


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The billed consumption of the StateLocalAuthorities class in 2014 increased by 3.3% compared to 2013, versus a 3.0%decrease in2013compared to2012.TheStateLocalAuthoritiesbilledconsumption in theyears2012,2013and2014was19,811,928m3,19,227,425m3and19,859,859m3respectively.

Finally,thebilledconsumptionoftheotherconsumerclassesin2014,increasedby30.7%comparedto2013,versusa13.6%increasein2013comparedto2012.Thebilledconsumptionofotherconsumerclassesintheyears2012,2013and2014was14,633,912m3,16,631,029m3and21,728,742m3respectively.

Theimpactofbilledconsumptionchangeineachconsumerclasstothetotalbilledconsumptionchange,whichispositiveandshapedat2,425,500m3,issummarizedinthefollowingtable:

1.Changeinbilledconsumptionfrom2013to2014ConsumerClass Change(inm3)CommonConsumers 3.078.932IndustriesCorporateCustomers 121.572StateLocalAuthorities 632.434Bulkwatersupplytolocalnetworks 347.287Other 5.097.713Totalchangeinbilledconsumption 2.425.500During2012,2013and2014thebilledconsumptionclassesabsolutebreakdownisshownbelow:

2.Billedconsumptionvolumebreakdown(inm3)ConsumerClass 2014 2013 2012CommonConsumers 187.939.137 191.018.069 202.484.911IndustriesCorporateCustomers 21.252.816 21.131.244 19.188.857StateLocalAuthorities 19.859.859 19.227.425 19.811.928Bulkwatersupplytolocalnetworks 64.201.750 64.549.037 69.357.487Other 21.728.742 16.631.029 14.633.912Total 314.982.304 312.556.804 325.477.095During2012,2013and2014thebilledconsumptionclassesratiobreakdownisshownbelow

3.BilledconsumptionvolumepercentagesConsumerClass 2014 2013 2012CommonConsumers 59,67% 61,11% 62,21%IndustriesCorporateCustomers 6,75% 6,76% 5,90%StateLocalAuthorities 6,31% 6,15% 6,09%Bulkwatersupplytolocalnetworks 20,38% 20,65% 21,3%Other 6,90% 5,32% 4,50%Total 100% 100% 100%Thefollowingtablepresentsthenominalannualbilledwatersalesrevenue ineachconsumerclassfortheyears2012,2013and2014:

4.Billedwatersalesincomebreakdown()ConsumerClass 2014 2013 2012CommonConsumers 145.668.127 148.658.184 158.865.400IndustriesCorporateCustomers 17.137.251 20.238.961 18.941.604StateLocalAuthorities 19.923.024 19.597.560 20.192.403Bulkwatersupplytolocalnetworks 31.432.971 31.631.158 33.988.101Other 5.800.207 5.703.926 5.376.844Total 219.961.580 225.829.789 237.364.352


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Thefollowingtablepresentsthenominalannualbilledwatersalesandsewerageusagerevenueineachconsumerclassfortheyears2012,2013and2014:

5.BilledwatersupplyandsewerageservicesincomebreakdownConsumerClass 2014 2013 2012CommonConsumers 227.673.815 237.573.217 254.315.452IndustriesCorporateCustomers 23.802.250 26.962.229 25.847.296StateLocalAuthorities 26.931.989 26.824.251 27.835.786Bulkwatersupplytolocalnetworks 31.432.971 31.631.158 33.988.101Other 5.853.120 5.815.446 5.505.599Total 315.694.145 328.806.301 347.492.234Thetariffbreakdowninpercentageforthecommonconsumersclassbilledconsumptionisshowninthefollowingtable:

6.TariffbreakdownattheCommonConsumersclass

BillingScale(CommonConsumersclass) 2014 2013 20121stBillingscale(115m3/quarter) 49,70% 49,21% 48,19%2ndBillingscale(1660m3/quarter) 43,86% 44,06% 44,45%3rdBillingscale(6181m3/quarter) 2,46% 2,61% 2,83%4thBillingscale(82105m3/quarter) 1,08% 1,16% 1,30%5thBillingscale(>105m3/quarter) 2,90% 2,96% 3,23%Table 6 shows that only the share of the first billing scale increasedmarginally. The shares of all other billing scales fellmarginally.Therefore,thebilledconsumptionshareofcommonconsumersclassbilledattheminimumbillingscale,that isthefirstbillingscaleprice,increased.Onthecontrary,thebilledconsumptionsharebilledatotherbillingscales,higherpricedthanthefirstone,decreased.Consequently,thechangeinthecompositionofbilledconsumptioninthecommonconsumersclass,combinedwithreducedbilledconsumptioninthesameconsumersclass(3,078,932m3seetable1),ledtoadecreaseintherevenuefromwatersupplyinthecommonconsumersclassby2,990,057or2.0%(seetable4).Finally,table7presentstheaveragerevenueperbilledcubicmetereitherforwatersupplyorforwatersupplyandsewerageservicesfortheyears2014and2013,forthemainconsumerclasses: 7.AveragebilledIncomepercubicmeter(Amountsin) 2014 2013

WatersalesWatersales

&Sewerageservices WatersalesWatersales

&SewerageservicesCommonConsumers 0,78 1,21 0,78 1,24IndustriesCorporateCustomers 0,81 1,12 0,96 1,28

StateLocalAuthorities 1,00 1,36 1,02 1,40

Bulkwatersupplytolocalnetworks 0,49 0,49 0,49 0,49

Other 0,27 0,27 0,34 0,35

Totalaverageincome 0,70 1,00 0,72 1,05Regarding2014,Itisworthnotingthatwhilethe20.38%ofthebilledwaterisbilledasBulkWaterSupplytoLocalNetworks(seetable3),thewatersalesincomefromthisparticularconsumerclasscomesupto14.29%ofthetotalwatersales(seetable4). This isduetothefactthattheaveragerevenuepercubicmeterofthebulkwatersupplytariff(0.49 seeTable7), is29.89%lowerthantheaveragerevenuepercubicmeterofwatersales(0.70see.table7).


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.PresentationoftheCompanysMajorFinancialResultsTheCompanysturnoversettledat326.4millionfrom336.2millionin2013,postingadecreaseof2.9%(9.8million).Intotal,withregardtoitsmainbusinesses(watersupplyandsewerageservices),theCompanypostedadecreaseof15.7million (4.6%),whichwasmainly due to the adoption of a lower pricing policy during the year 2014 according to the JointMinisterial Decision 3188/16122013 of the Ministers of Finance, Infrastructure, Transportation and Networks and ofEnvironment,EnergyandClimateChange.Revenues fromwatersupplyand relatedservicespostedadropby7.9million (3.5%),whereas revenues fromsewerageservicesadropby7.8million(7%).Revenuesfromthesaleofelectricenergydeclinedby1.6million(44.5%),eventhoughthe particular revenues had increased during the previous year by 1.3million due to the pricing of revenues from thehydroelectricprojectofEvinos (within the year2013) concerning salesofprevious years. If the above revenueswerenotincluded, therewouldbeadecrease from saleofelectricenergyby275 thousand (12.2%).Revenues fromconstructionworksforthirdpartiespostedanincreaseby7.5million(+107.2%).Howeveritmustbenotedthatrevenues,amountingto9.2million,fromconstructionworksforthirdpartieswerewrittenoffduringthepreviousyear,duetoasettlementthatwasbasedonthejointministerialdecisionD6/2476/3.12.2013(Gov.Gaz.3065)oftheMinistersofFinanceandofInfrastructure,Transportation and Networks.Without the above elimination, revenues from constructionworks for third partieswoulddecreaseby1.6million(76.5%).Onaggregatebasis,byexcludingtheeffectontheturnoverof2013oftheabovementionedtwoextraordinaryfactors(9.2millionand+1.3million),theturnover in2014wouldhavedeclinedby17.6millionor5.1%.TotaloperatingexpensesoftheCompanywerereducedto276.7millionfrom280.0millionin2013,postingadeclineby3.3million(1.2%)ascomparedtotheyear2013.Specifically,costofgoodssolddeclinedby5.5millionandsettledat185.0million from 190.6 million in 2013, distribution expenses were reduced by 3.9 million (11.8%), whereas theadministrativeexpensespostedanincreaseby6.1million(+10.9%).Theabovedevelopmentsresulted into thereductionof theGrossProfitof theCompanyby4.2million (2.9%)settlingat141.4millionin2014from145.6millionin2013.Thegrossprofitmarginremainedalmostunchangedto43.3%versustheyear2013(42.6%in2012).TheoperatingexpensesoftheCompany,dependingoneachcategory,postedsignificantchangessuchasinthepersonnelfeesandexpenses(34.1%),sundryprovisions(+168.7%)aswellasthirdpartyfeesandexpenses(+18.4%).More specifically,personnel fees andexpensesdeclinedby61.2million in total, settling at118.4million versus179.6millionin2013.Thelargestpartoftheabovereductionwasduetotheformation,duringthepreviousyear,ofaprovision(inthe statement of financial position) for the special lump sum indemnity to the employees hired by the Company until25/10/1999, in accordance with the Collective Employment Agreements signed on 2.7.1991, 25.5.1992, 21.06.1995,06.06.2008,amountingto60millionapproximately.It isnotedthatthearticle45ofL.4179/2013abolishedon8.8.2013themandatory coverageof theabove lump sum indemnityaccountsdeficit from theGreek State, thereforeaffecting theCompanysresultsduringtheyear2013by60.4million.Asregardstothesubcategoriesofthepersonnelfeesandexpenses,salariesandwagesdeclinedby2million(2.4%)andsettledat81.7millionfrom83.8millionin2013,whereasemployercontributionsdeclinedby1.5million(7.2%).Otheremployeebenefits (apart from the special lump sum indemnity to theemployeeshiredby theCompanyuntil25/10/1999whichaffectedtheyearwith3millionversus60.4millionlastyear)postedadecreaseof2%(or0.3million).With regard to theexpensewith the second largest change, the sundryprovisions, these settledat17.6million in2014versus 25.7million in2013.Sundryprovisions includeprovisionsfordoubtfulreceivables(15million in2014from 56.7mil.in2013),provisionsforlitigations(3millionin2014versus31.0mil.in2013)andprovisionsforobsoleteinventories(362thousandin2014versus24thousandin2013).


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Inthous. ProvisionsforDoubtfulReceivablesfortheYear ProvisionsforLitigationsfortheYear

2005 5,107 8,6992006 2,689 2,0332007 3,420 1,2182008 4,313 3292009 2,958 4262010 12,078 8,1032011 8,481 11,0212012 29,133 8,5842013 59,953 31,0252014 13,866 3,008

Asfarastheprovisionsfordoubtfulreceivablesareconcerned,theprovisionsfordoubtfulcustomers(expense)accountedfor13.9millionversus59.9millionin2013.Moreover,duringtheyear2014,theCompanyproceededwiththeeliminationofpreviousyearsprovisionsamountingto1,991thousandresultingintothesettlementofabalanceofdoubtfulcustomers(inthestatementoffinancialposition)of37.6millionversus25.7millionin2013.Itisnotedthattheprovisionof59.9millionof2013wasdue to therepaymentofobligations from localgovernmentauthoritiesandotherpublicentities forwhicharelevantprovisionhadbeenformedinthepast.

Inthous. BalanceofDoubtfulCustomers

BalanceofCustomerspriortoProvisionforDoubtful

ReceivablesShare

(1) (2) (3)=(1)/(2)2005 23,288 211,183 11%2006 25,977 256,043 10%2007 29,397 275,831 11%2008 33,900 308,748 11%2009 35,834 313,800 11%2010 48,049 339,939 14%2011 56,530 378,545 15%2012 85,663 395,705 22%2013 25,710 228,891 11%2014 37,585 240,699 16%

Theratiobalanceofdoubtfulcustomersoverbalanceofcustomerpriortoprovisionsincreasedto16%in2014from11%previously.Theprovisionsforlitigationcases(recordedasliabilityinthestatementoffinancialposition)postedanincreaseby8.2millionandamountedto34millionin2014from25.9millionin2013.ItisnotedthatwiththeexecutionoftheBoDdecisionno.18275/22.01.14,thelongtermclaimsofemployeespensionersof134millionapproximatelywerereducedviaasettlementagreementwith theCompany to64millionapproximately.Since theabovesettlementwouldmaterializewithin theyear2014,partofthetotalprovisionof99.0millionwastransferredtotheothershorttermliabilities(amountingto73.2million includingthe laborcostof9millionapproximately)whereastheremainingamountwasmaintained intheprovisionsforpending litigations (amounting to25.9million).Of the totalamountof73.2million,onlyasmallpartwasnotpaid (5.2million)andthereforethenewprovisionforlitigationcasessettled(intheresults)atonly3million.Withregardtotheothercategoriesofexpenses,thirdpartyfeesandexpensespostedan increaseby7.2million(+18.4%)mostlyduetotheincreaseoftherelevantexpensesinthePsitaliaWMC(+8.1millionor+38.2%)andsettledat46.0millionfrom38.9millionin2013.Instead,thirdpartybenefitspostedadecreaseby2.3million(5.2%)duetothelowerexpenseforelectricenergyproductionby1.9million(8.6%),suchastheconsumptionofmaterialswhichdeclinedby2.8million(28.7%).Also,thecostforselfconstructedprojects(itemthatisdeductedfromtheexpenses)postedadecreaseof3.4million(52.1%).


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Otherexpensesdeclinedsignificantlyby45%(2.1million)settlingat2.6millionin2014versus4.7millionin2013.Theseexpensesincludevariousotherexpensesnonclassifiedintotheoperations,suchasindemnitiesfornetworkdamages,varioustaxcharges,othersurchargesandfines,impairmentofinterestsinassociates,etc.Theabovechangesresultedintotheimprovementoftheearningsbeforeinterest,taxes,depreciation&amortization(EBITDA)oftheCompany.EBITDA increasedby4.0million(+4.8%)andsettledat87.6millionfrom83.6million in2013.EBITDAmarginincreasedfrom24.9%in2013to26.9%in2014.Depreciationchargesfortheyearpostedanincreaseby27.4%or8.2millionandsettledat38.2millionfrom30millionin2013.Theincreasewasattributedtothehigherdepreciationandamortizationofassetsby4.3millionandtothedecreaseoftheamortizationofgrantsandcustomercontributionsby3.9million.Thesignificant increaseofdepreciationandamortizationaffected theCompanysearningsbefore interestand taxes (EBIT),whichdeclinedby4.2million(7.8%)andsettledat49.4millionfrom53.6millionin2013.EBITmarginsettledat15.1%from15.9%in2013.Thefinancialexpensespostedadecreaseof93.4%andsettledat0.6millionfrom8.5million in2013,whereasfinancialincomedecreasedby1.5milliondroppingto14.7millionfrom16.2millionin2013.ProfitbeforetaxesfortheCompanyaccountedfor63.5millionversus61.3millionin2013postinganincreaseof3.7%.Duringtheyear2013,the increaseofthetaxratefrom20%to26%resulted intothesignificant increaseofthedeferredtaxreceivablesettlingtheincometaxto16.4million,thusgeneratingataxbenefit.Duringtheyear2014,theincometaxsettledat21.6millionresultingintoanincreaseby231%oftheincometaxversusthepreviousyear.Asresult,theCompanysnetprofitaftertaxessettledat42.0millionversus77.7millionin2013,postingadecreaseby46%.Netprofitmargindroppedto12.9%in2014versus23.1%in2013.NetoperatingcashinflowsfortheGroupcontractedsignificantlyandsettledat46.4millionin2014from497.7millionin2013.ThenetinvestingcashoutflowsoftheGroupincreasedto13.3millionin2014from10.3millionin2013.Finally,FreeCashFlowstotheFirmsettledfortheGroupat59.7millionfrom495.6millionin2012.

AnalysisoftheReturnonEquityin5factors(fortheGroup) 2014 2013 2012

ROE 4.48% 8.71% 6.25%TaxBurden 0.66 1.27 0.76

InterestBurden 1.29 1.14 0.85EBITMargin 15.13% 16.08% 22.63%

AssetTurnover 0.20 0.20 0.21Leverage 1.71 1.86 2.02

ROE=Profitaftertaxes/AverageShareholdersEquityTaxBurden=ProfitafterTaxes/ProfitbeforeTaxesInterestBurden=ProfitbeforeTaxes/EBITMargin=EBIT/TurnoverAssetTurnover=Turnover/AverageAssetsLeverage=AverageAssets/AverageShareholdersEquity

Theeffectofthesubsidiaryandassociatecompanyintheconsolidateditemsisnegligibleandnofurtheranalysisisrequired.


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BUSINESSHIGHLIGHTSDURINGFISCALYEAR2014PrivateSettlementAgreementofLegalCasesEYDAPSA,sincetheendof2013,hasstartedanefforttoreconcilelegalcasesofcivilactionspendingforseveralyears,whichwere forcing the company to formulate predictions about large sums of money to cover them. A Private SettlementAgreementwassignedon16/01/2014,accordingtowhich,thependingforseveralyearscategoriesofcivilactionsbroughtbyemployeesandretiredemployeesabout2,500casesforwhichfavorabledecisionshavebeenissued,manyofwhichhavebecomefinalandirrevocable,amountingto134million,finallyreconciledtotheamountof64million.On31.12.2013,theCompanyhasmadeaprovisionwithavalueofapproximately73millionofwhich9millionforapproximatelyassociatedcosts.Fromtheaforementionedamountof73million,the68millionhavealreadybeenpaidresultingtothecompletionoftheoutofcourtagreementbyapproximately95%.LocalAuthoritiesDuring 2014, the Company continuedwith undiminished intensity its efforts for a second year, to strictly implement thedecisions18227/11.13.2013and18294/01.29.2014 takenby theBoardofDirectorsofEYDAPSA,combinedalwayswithpreviousdecisionstakenbytheCompanysuchustocategorizeoverduedebts(16926/07.14.2010),approvingoftheplanforthenetworkmanagementcontract(17909/02.06.13)andthepayment infulloftheoutstandingdebtofmunicipalitiesandwithoutsettingofftheseoverduedebts(18045/30.04.2013).TheseeffortsresultedinthecontainingoftheincreasesinMunicipalitiesoverdueliabilitiestoEYDAPSA,despitethefactthat2014wasanelectionyearforthemunicipalities,resultingtothereplacingofmorethan60%ofMayors,creatingagapperiodbetween the beginning of themunicipal elections and the inauguration of the new administration since 09.01.2014. TheCompanyreattemptedtoinformthenewmunicipalauthoritiesfortheirdebts.EYDAP S.A., via BoD decision no 18448/2492014, transferred thewater supply jurisdiction ofmunicipalities and PublicEntitieslocatedoutsidethegeographicalareaofservicealongtheexteriorwatersupplysystem,exceptfortheCampMaxairasandtheHellenicAerospace Industry,toEYDAPFixedAssets(PublicEntity).Thesemunicipalitiesare:Delphi,Livadia,Thebes,Tanagra,Halkida,DistomoArachova. It isnoted that the correspondingannual income for2013,amounted to3millionapproximately.EYDAPwillbeentitled to10%of thebilledvalue (before taxes) fromEYDAPFixedAssets,plus the costofmaterialsandenergy.TheoverduedebtsoftheMunicipalitiesat31.12.2014,amountedto25.7mil.euro,ofwhichanamountof5.1millioneuroisina regulatory regimeandanamountof3.0mil.euro regards thedebtof sixmunicipalities,which, from01.10.2014,aremanagedbythepublicentity"EYDAPFixedAssetsCompany".ThreeMunicipalities(Megara,FiliandSalamina)haveoverduedebtsamountingto10.7mil.eurocorrespondingto41.5%oftotaldebt.During2014,a legislative intervention ledtotheenactmentofLaw4313(GovernmentGazetteA261/17.12.2014, inwhichArticle68amendedArticle8ofLaw.2744/1999,namely:a) EYDAPispermittedtoexpanditsactivitiesintheMunicipalitiesofAtticaRegionasdefinedinsectionhofparagraph3of

Article3ofLaw.3852/2010exceptfortheMunicipalitiesofAegina,Trizinia,Kythira,Agistri,Spetses,HydraandPorosoftheRegionalUnityIslandsofAtticaRegion.

b) ItisenvisagedthatviathecontractthatwillbereachedbetweenEYDAPandtheconcernedlocalauthoritywhichiswithinthejurisdictionareaofparagraph1ofArticle68ofLaw.4313/2014,anocostpossessionofalreadyconstructednetworkeitherownedormanagedbytheEYDAPmaybeagreed.ThemanagementofthenetworkdoesnotobligeEYDAPtoinvestonthenetworkwhichremainspropertyoftheMunicipality.

Aspartof thedevelopmentof relationswith the localauthoritiesand the furtherexpansionof theactivitiesofEYDAP, thefollowingtookplace:c) TheadministrationofEYDAPwith theno.18490 /26.11.2014decision,accepted the concessionbyownershipwithout

paymentof fee from theMunicipalityofMaroussiof themunicipalnetworkof sitesAgiosThomas, LabourResidences,PolydrosoandSoros,consistingofabout610watermeters.

d) TheCourtofAppealswiththedecisionno.1210/25.02.2014,rejectedtheappealofMaroussiMunicipalityandrecognizedtheownershipinEYDAPofthewatersupplyofSismanogleiouareas(NewMaroussi)andPsalidi,consistingofabout1,500watermeters.


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e) ThemunicipalityofMegaraandEYDAPsignedacontractfortheexpansionofEYDAPsactivityinthefollowingregions:AgiaTriada, Iremo Kima, Perama, Koumindri, Kandili, and AnoGlyfada ofMunicipalUnit ofMegara of theMunicipality ofMegara.

f) TheBoardof theMunicipalityof Salamina (decisionno.6 /24.1.2014)approved the conclusionofaprogram contractbetweentheCityandEYDAPfortheconstructionandmanagementofSewageWorksinAbelakiaandSelinia.AlsotheBoDofEYDAP (decisionno.18319 /27.02.2014) approved theprogram contractwith theMunicipalityof Salamina, for themanagementoftheMunicipalWaterSupplyNetwork.

g) TheBoDofEYDAP(decisionno.18370/14.05.2014),approvedtheconcessionbyownershipandwithoutpaymentoffeefromtheAspropyrgosMunicipalityofmunicipalwatersupplyareasofAgiosGeorgiosandMavriOra.TherelativecontractofthenetworkconcessiontoEYDAPwassignedonJuly10,2014.

OrdinaryGeneralShareholdersMeetingThe 32ndAnnualGeneral ShareholdersMeeting convened on 30April 2014 in a centralAthens hotel.Among others, theMeetingapprovedthedistributionofadividendtotheshareholdersforyear2013equivalentwith50%ofthenetearningsofthesameyear,amountingtoEuro38million(orEuro0.36pershareongrossbasis)aswellasthedistributionofreservesfromtax free revenues amounting to Euro 2million (or Euro 0.02 per share). The total dividend distributed to the CompanysshareholdersamountedtoEuro40.5million(orEuro0.38pershareongrossbasis).SocialTariffEYDAP,duetotheunfavorableeconomicconditionsthathaveaffectedtheGreekhouseholds,aftertheunanimousdecisionoftheBoDandwithin itssocialresponsibilitypolicyandcontinuingsocialcontribution,decided the anextensionof thesocialtariffuntilSeptember2015.Specifically,forspecificsocialgroups,familieswithmanychildren,singleparentfamilies,elderlieswithlowincome,adiscountupto60%onwaterseweragebillsisset.ChangesinVotingRightsPiraeusBankannouncedtoEYDAP,on02/05/2014,thatthepercentageofvotingrightsheldbytheBankintheCompanyon30/04/2014 settledbelow theminimum threshold,whereason29April2014 thepercentageofdirect and indirect votingrightshadaccountedfor9.9989%and0.0368%respectively.Furthermore,on6/05/2014 Paulson&Co. Inc.announced toEYDAP that from30.04.2014 itheld (indirectly)10,648,800votingrightscorrespondingtoanequivalentnumberofcommonregisteredsharesoftheCompany(9.99%oftheCompanystotalvotingrights),whereasonthesamedateMr.JohnPaulsonannouncedtoEYDAPthatfrom30.04.2014heheld(indirectly)10,648,800votingrightscorrespondingtoanequivalentnumberofcommonregisteredsharesoftheCompany(9.99%oftheCompanystotalvotingrights)Mr.JohnPaulsoncontrolsPaulson&Co. Inc.which isanassetmanagementcompany.Undersuchcapacity,thecompanyexercisesitsvotingrightsinEYDAPSA.AllshareswhicharethesubjectofthecurrentdisclosureareheldbyinvestmentfundsadministeredandcontrolledbyPaulson&Co.Inc..On23May2014,thedecisionno.1906/2014ofthePlenarySessionoftheCouncilofStatewasreleased,accordingtowhichthe Council of State accepted the cancellation request of the decision of the Interministerial Committee for AssetRestructuring206/25.04.2012 (GOV.GAZ. 1363/26.04.2012) regarding the sectionof thedecisionwithwhich36,245,240sharesofEYDAPSA(percentageof34.033%ofitssharecapital)weretransferredfromtheGreekStatetotheHellenicRepublicAssetDevelopmentFundS.A.(HRADF).HRADFannouncedtoEYDAPon24/6/2014thatthepercentageofvotingrightsheldbyHRADF in the Company had settled on 23/6/2014 to 27,3% (29,074,500 direct voting rights) from 61,333% previously(65,319,740directvotingrights).The above change in the voting rights was implemented via an overthecounter transaction which did not include anyconsideration.TarifffixingofEYDAPLaw4258/2014For theperiod2000up to2014 the tariffsofwatersupplyandsewerageservicesweredefined throughcommondecisionsmadebytheMinistryofInfrastructure,TransportationandNetworksandtheMinistryofFinance,andaftertakingintoaccountthepropositionmadebytheCompanysBoardofDirectors.


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Withthearticle33ofLaw4258/2014,theparagraphs1and2ofarticle3ofLaw2744/1999werereplaced.Insynopsis,untiltheendofJune2015,thepricingpolicywithregardtothewatersupplyandsewerageservicesareundertheapprovaloftheMinisterofFinancefollowingarelevantproposalfromtheSpecialSecretariatforWater.From1stJuly2015,thepricingpolicywith regard towater supply and sewerage services areplacedunder thedecisionsof the Special Secretariat forWater inconsultationwith theMinisterofFinanceandotherpertinentbodies.Moreover, thedecisions related to theabovepricingpolicyforthedifferentcategoriesofconsumersandusersareineffectforfiveyearsandareissuedattheendofeachperiodforthefollowingfiveyearperiod.WiththedecisionoftheBoardofDirectorsofEYDAPS.A.,whichisapprovedbytheMinisterof Finance following a relevantproposal from the Special Secretariat forWater, specialpricing rates forwater supply andsewerageservicescanbedefined,addressingtheneedsofinhabitants,companiesandgeneralusersthatareservicedbytheirownwatersupplyandsewagenetwork,independentlyoftheCompanysunifiedwatersupplyandsewagenetwork.DevelopmentofBusinessandInvestmentFrameworkofStrategicInitiativesBasedonacontestprocessaccordingtotheInvitationAnnouncementno.2369,theBoardofDirectorsofEYDAPSAappointedthe GeneralBankofGreece SA jointlywith the law firm BahasGrammatidis andpartners and the technical companyBattusAssociatesLimitedasBusinessStrategicAdvisorfortheprovisionofconsultingservicestotheBoardofDirectorsofEYDAPSAwith regard tovarious complicated, importantand/or strategicdecisionsonbusiness techniquesand specializedregulatoryandfinancialissues.TheBusinessand InvestmentFrameworkofStrategic Initiatives fortheperiod20152019,wascompleted inNovemberandapprovedbytheBoardofDirectors,atitsmeetingon26.11.2014.Aspartofdevelopingthisproject,allaspectswereconsideredaswellasthefinancial,technicaland legalparametersoftheinitiativestobeundertakenbyEYDAP,soastomeetthechallengesthatwillfacethenextfiveyears,whichwillenabletheCompany to succeedwith an efficient and functionallybalancedway itsmission, alongwith thedemanding financial andqualityobjectivesinherentinthestrategy.Duringthedraftingofthebusinessandinvestmentplan,internationalpracticesofothersimilarcompaniesweretakenintoaccount,ontherecommendationofconsultants.Themainresultsofthispioneeringwork,undertakenforthefirsttimesince1999,aresummarizedbelow:Projectsandoperationalinitiativesofstrategicimportancetobeimplementedinthenextfiveyearswereestablished,thatwillcontributetotheupgradingofthecompanyaimingto:

Increasetheadaptabilityandoperationalsafety. Improvetheenvironmentalperformance. Increasetheoperationalandtechnicalperformanceandefficiency. Improvecustomerservice Upgradeassetstothestandardsrequired. Developandstrengthenthefinancialstabilityandoperationalperformance

TheCompany identified itsfundingneedsandopportunitiesforextraordinarydistributionofprofitstotheshareholdersandascertainedthatforthe implementationofvarious investmentscenarios,corporate lending isnotrequired,while incaseofmajorinvestmentopportunitiesthereisthepossibilityofraisinglongtermdebtcapital.Theframeworkofaseriesofstrategicgrowthinitiativeswasset,whichwillgraduallybetakenoverforthenextfiveyearsinorder forEYDAP toplayawidernational role (EYDAPNISON,geographicexpansion, industrialwastemanagement,energyproduction,etc.).EYDAPdetermined theactionsofmodernization thatwillneed tobepursued, in themanagementofhuman resources,bypromotingand reclaiming theconsiderableskillsof theexistingstaffandby investing in recruitingqualifiedpersonnelwithhigh education and training so as to continue its progresswith efficiencywith the objective ofmaximum contribution tosociety.Finally,itwasascertained,onceagain,thatthestrengthoftheCompanystechnicalbackgroundanditspeoplecontinuetobethedrivingforceforthesuccessfuloperationalandfinancialeffectiveness,whereas inconjunctionwiththecurrentfinancialstrengthitisproventhattheCompanyisabletocopewithcontemporarytechnicalandenvironmentalchallenges,toimprovefurther its efficiency in all sectors, to undertake strategic initiatives and potentially play a key role at national level,contributingtosavingresourcesandthedevelopmentofGreekeconomy


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Amendmentofarticle8Law2744/1999Article68ofN.4313/2014(GovernmentGazetteA261/17.12.2014)amendedtheArticle8ofLaw.2744/1999,sothatEYDAPcanexpanditsactivityinallmunicipalitiesoftheAtticaRegion,exceptforthemunicipalitiesofAegina,Trizina,Kythira,Agistri,Spetses,Hydra and Poros, aswell as inmunicipalities of other regionswith the approval of the competentministers. Inaddition, itcouldbeconcededwithoutanycost inEYDAPanyalreadyconstructedmunicipalitynetwork intheAtticaregion,eitherbyownershiporbymanagement,except for the above excludingmunicipalities. The concessionof thenetworkbymanagementfromEYDAP,doesnot implyanyobligationfor investmentsonthenetworkwhichremainsthepropertyoftheLocalAuthorities.Theseweragenetworksthatwillbeconstructed inthemunicipalitiesoftheAtticaRegion,apart fromtheaboveexcludingmunicipalities,followingtheenforcementofLaw4313/2014,areautomaticallybecomingassetsoftheEYDAP.Finally,EYDAPcan invest in theseconcedednetworksoutsideof theAttica regionwithprivateandown funding.The tariffpolicytosuchnetworkswillbeagreedineachcontract.EYDAPNisonS.A.The scope of EYDAPNISON S.A. is to provide consulting services in the areas ofwater services, sewerage and rainwatercollectionaswellasavarietyofactivitiesrelatedtotheabove,intheGreekislandsterritory.Thecompanycompleteditsdevelopmentstudy,concerningthestrategicplanthatwillbeapplied.Theformingofthepricingmethodologyofservicesprovided,isdefinedasnextaction.DetailedactionsofEYDAPNISONduring2014arepresentedbelow:ANDROSISLAND.AftervisitingandmeetingwiththeMayorofAndros,thefollowingneedswereidentified:1.Consolidationstudyoftheelectromechanicalsewerageinstallationsoftheisland.2.WatersupplystudyofGavrio.NAXOSISLAND.EYDAPNISONconductedavisitinNaxosIsland,whereameetingwasheldwiththeMayorandDeputyMayors.Followingtheirrequest,atechnicalandfinancialofferfortheelaborationofapricingpolicystudyforNaxos&M.Kykladeswassubjected.MILOSISLAND.During2014andfollowingtherequestofthemunicipalitytosolvechronicproblems,theCompanyappointedaspecialteamforthecleaningandremoteinspectionofasewagenetworkoftotallengthof1,800meterswithawaterrecyclingtruckSuper2000and thecleaningof three (3)sewagepump tanks. Alsoastudy for the installationofWastewaterTreatmentPlant inPolloniaofMilosisconsidered.SIKINOSISLANDAttherequestoftheMunicipalityofSikinos,theneedforastudyconcerningtheinstallmentofWastewaterTreatmentPlantinthetownofSikinos,wasrevealed.KEAISLAND.TheMayorandDeputyMayorofFinanceofKeaisland,hadameetingattheheadquartersofEYDAPNISONandsubmittedthefollowingdemandsinordertofulfillchronicneeds:1.Provisionofconsultantservicesforwater&wastewatertreatment(desalination,drilling,biologicalcompact).2.Reviewofthestudyconcerningtheconstructionofwastewatertreatmentplant.3.PlanningofwastewaterworksattheestatesofOtziasandKoundouros.4.Reviewofstudiesconcerningseweragenetworkandwastewatertreatmentplant,inordertoensurethefinancialoperationoftheproject.5.Editingandsubmissionoftenderforcounselingforthesubsequentreviewofwastewatertreatmentplantstudy.POROSISLAND.AmeetingwasheldwiththedeputydistrictcommissionerofAtticaIslandsinorderforEYDAPISLANDStoassistwithitsknowhow in solving seriousproblems in the seweragenetworkand in thewastewater treatmentplantofPoros.Moreover, thedeputydistrictcommissionerproposedtheconductofaprogramcontractbetweenEYDAPISLANDS&RegionalUnityofAtticaIslands.CHIOSISLANDEYDAPNISON,followingtherequestofthemunicipalityofChios island,appointedaspecialteamthatwillproceedwiththeremoteinspectionoftherainwatercollectionnetworkintheportofChiosandcleaningoffive(5)pumpingsewagetankswithsuitablemachinerytoresolvechronicproblemsmainlyattheshorespartofthecityofChios.Also,theCompanysignedanongoingworkstudyforthecreatingofpressurezonesinwatersupplynetworkofthecityofChios.


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Finally,inameetingwiththeSecretaryGeneraloftheAegeanandIslandPolicy,mr.Zoidi,theneedtoreformandenrichwithbindingconditionsandimplementationproceduresofthecontractofthememorandumframeworkforcooperationwiththeMinistryofMercantileMarineandIslandPolicy,wasinvestigated.ShareCapitalIncreaseISLANDSEYDAPSAOn29January2014,EYDAPSAfollowingthedecisionno.18290ofitsBoardofDirectors,approvedthepaymentincashofthesharecapitalincreaseofEYDAPNISONS.A.byanamountofeuro150,000.00,whichinturnwasapprovedviaavotingprocessbytheExtraordinaryShareholdersMeetingofEYDAPNISONS.A.on7February2014.OnOctober22,2014 ,EYDAPSA, following thedecisionof theBoardofDirectors (18460/22.10.14 ),approved thesharecapitalincreaseforEYDAPNISONS.Aby1.000.000euro,throughpaymentincashintwoequalinstallmentsof500,000euro,atNovember1st,2014and July1st,2015.Thesharecapital increaseby500.000,wasratified intheExtraordinaryGeneralMeetingofEYDAPNISONS.A.onOktober31st2014.AlsoinOctoberof2014,theBusinessPlanofEYDAPNISONSAwascompleted.CompositionoftheBoardofDirectorsOnJuly11th,2014,theBoardtheEYDAPNISONSAwasasfollows:1.AntoniosVartholomaiosChairmanoftheBoardandCEOofthecompany.2.KonstantinosVougiouklakis,Member.3.GeorgiosKaragiannis,Member.4.GeorgiosChavakis,MemberandDeputyChairmanoftheBoard5.PetrosMatsoukis,MemberMr.MatsoukisPeter,sinceFebruary2014,actsalsoasExecutiveDirectorofEYDAPNISONS.A.I. ModernizationoftheOperationSectorsWithin 2014 the Company continued the implementation of the actions that had been undertaken the previous yearsregardingtothemodernizationofitsoperation,havingasanuppergoaltheincreaseofefficiencyandtheimprovementofthequalityofservicesprovidedtothecustomers.Analytically,suchactionsarementionedbellowpersector:DevelopmentofNewActivities AmendmentofArticle8 theN.2744 /99 for theextentionof the jurisdictionofEYDAP tomunicipalitiesof theAttica

RegionandforthecontractsthatEYDAPmayconcludewiththelocalauthorities FollowingtheamendmentofArticle8ofN.2744/99,theproceduresfortheconcessionofthewatersupplynetworkof

theMunicipalUnityMagoulaatElefsinaMunicipalitytoEYDAPareexpectedtobecompleted. MunicipalityofAspropyrgossignedthecontractfortransferingandhandingovertoEYDAPthewatersupplynetworkin

theareasofAgiosGeorgiosandMavriOra. MaroussiMunicipalitycompletedandsigned thecontract for transferingandhandingover toEYDAP thewatersupply

networkintheareas"AgiosThomas","LabourResidences","Soros"and"Polydroso". EYDAPcontinuesthenegotiationsforthereceiptbyownershipandatnocost,ofpartsofthewatersupplynetworkofthe

MunicipalityVariVoulasVouliagmenisandtheMunicipalityofMegara. Under the responsibility of the Attica Perfecture and themunicipalities involved, the implementation of sewerage

projects isprogressing,accordingtotheplanningofEYDAP, inareasofnorthernandeasternAtticaasDionysos,KoropiandPeaniaandthelicensingfortheimplementationofprojectsattheareasofPalliniandtheSaronicGulfispromoted.In the implementation phase are the works of sewerage networks in the areas of Abelakia, Selinia and AianteioSalaminas.Theseprojectshavea totalbudgetofapproximately350mil.euroandare fully fundedby theEUand thestate.Thesenetworks,asmentioned inArticle8of Law.2744/99,areplaceddirectlyunder theownershipofEYDAPfollowingtheircompletion.

EYDAPsignedacontractwithEYDAPFixedAssetsCompany,whichprovidesforthedeterminationofrentattherateof7.50% and 1.50% of undefined revenue from electricity sales, plus VAT, for the existing small hydroelectric plants,operatingformorethanten(10)yearsandlessthanten(10)yearsrespectively,aswellasfortheleaseofinstallationandoperatingpremisesunderthesameterms,ofallnewenergyprojects,whichEYDAPwillselect inthefutureandwillbeconstructedatthepropertyofEYDAPFixedAssetsCompany.


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TheFinancialControlCommitteeof theMinistryofFinance /GeneralStateAccountingOffice /GeneralFiscalDivision(EDEL) concluded theauditson29/09/2014at thepremisesof theDivisionof InfrastructureofEYDAP firstly andon01/10/2014and2/10 /2014 theonsiteauditsonprojectsexecutedbyEYDAPatThriasio,with contractworksA431A431N (mainsewagecollectorsat thewest sectorofThriasio),A432 (main sewagecollectorsat theeastern sectorofThriasio)andA433 (treatmentplantsandsewagedisposalatThriasio).Theconclusionof theaudits (619/16.12.2014Report)results:BasedontheresultsoftheauditworkperformedbyEDEL,itisascairtenedthattheauditedproject"Basiccollectorsandtreatmentplantsandsewagedisposal inThriassio"hasbeencompletedasdescribed inthecofinancingrequestand inthe approval decision, in which the specific requirements are met, it is fully functional and serves its objectives.Furthermore itwas ascertained that the project of EYDAP SA and the project of the RegionalUnity ofWest Attica(sewerage at eastern and western sector of Thriasio) is fully connected, fully functional and form an integral andfunctionalwhole.

Implementationofanenergyprogramthatfocusesontwo(2)lines: ReduceofelectricityconsumptiononthepremisesofEYDAP Productionanddistributionofelectricity

AsfarastheIT&Technologyareconcerned,EYDAPin2014hasproceededintheimplementationofthefollowingactivities:1.InBusinessandFinanceSector InOctober 2014 started the gradual operation of the newHuman ResourcesManagement System (SAPHR). The new

system includes several functions of existing softwareORAMAHR aswell as newwithout replacing all the necessaryfunctionstoreplacetheprevioussystem.Thenewinformationsystemincludesfunctionssuchas:ManagementofpersonaldataofemployeesManagementofgradeandsalaryevolutionofemployeesFollowupofthequalificationsofemployeesManagementofallemployeesactivities(recruitment,positionchange,withdrawal,etc.).

Alsotheprojectincludestheinterconnectionwiththeexistingsystemofhealthcare(SAP/R3)inordertosynchronizethetwosystems. Theobjective isto integrateallthenecessaryoperationsofhumanresources intothenewsystem(SAPHR)within2015,inordertoreplacetheexistingsystem"ORAMAHR". InSeptember2014EYDAPbegan the implementationof thenewpayrollsystem thatwill replace theexisting"ORAMA

PAYROLL". ThenewsystemwillbeintegratedintotheplatformofSAPBusinessOne. TheprojectincludesalongwiththereportingofpayrollforEYDAPemployees,alsoconnectionsusedinordertosynchronizedatawiththefollowingsystems: CentralERP Humanresourcessystem SecretarialandextraordinarypaymentssystemsThenewsoftwareisalreadyoperatingsince26.01.2015andthenextpayrollwillbeissuedbythenew"SAPBusinessOnePayroll"

SinceNovember2014, thedevelopmentprocessbegan for functionalityof the IAS (InternationalAccountingStandards)throughtheplatformofSAPBusinessOneinordertobecompletedintheearlymonthsof2015.

OnDecember2014theprocedureforreplacingthesecretarialsystemandextraordinarypayments(ORAMAGRAM)began.ThenewsoftwarewillbeintegratedintotheplatformofSAPBusinessOneandinterconnectedwiththesystemsofPayrollandHumanResourcesManagement(HR).Thenewsystemisexpectedtobeoperationalwithin2015

2.CustomerApplications Sincethebeginningof2014thenewtariffsofwaterandseweragewereimplemented,effectivesince25.12.2013. ThedecisionoftheBoD1829429/01/2014wasimplemented,whichincludesdebtmanagementofLocalAuthorities. ThereweresignificantimprovementsintheinterconnectionofBCCsystems(customerservicesystem)andGIS The arrangements for payment in various cases were implemented, the message to the accounts for water supply

disconnectionwasabolishedwhilstallowingthepaymenttoallcollectioncanals.


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The information systems of the Company were aligned to Regulation 260/2012 of the European Parliament on theexchangewayofdirectdebitaccountsofWaterandSeweragetoandfromBanks

Theupgradeofcustomer service system (BCC)wascompleted,with regard to thedisplayof thenecessarydataon theregionalbranchesscreens

ThedecisionoftheBoD184192014wasimplementedfortheprovisionoffinancialincentivestoresidentsofThriasio. Thenecessaryadjustmentsweremade,sothatthenewregionalbranchinSalaminawilloperate. TheupgradeofthesoftwarePRINTBOSSfortheformattingoftheinvoices,tookplace. TheBoDdecision18138wasimplemented,forestablishingFeeforQualityOverride3.Inthesectorofinfrastructure&technology heteleconferencesysteminLaodikiasbuildingwasinstalledinthemeetingroomoftheBoD The new central storage system Storage was installed, while formating and transitioning of applications and data,

ensuringuninterruptedoperation. ThedatacenterinPerissoswasupgraded,viatheacquisitionofnewnetworkequipment(centralswitch,toprackswitches) Thenewversionofthecompanyswebsitewww.eydap.grwasimplemented. Anewapplicationformobileandtablets(mobileapplicationEydApp)wascarriedout,offeringinformationandservicesto

consumers Anintegratedsolutionforkeepingbasicinfrastructurebackup(ExchangeServer,Portal)wasimplemented TheMicrosoft'sSCOMandSCCMtechnologieswere integratedforpropercentralmonitoringoftheoperationofservers

andforthepossibilityofmassdistributionandupdatestodecentralizedusers Astudyfornetworkextensionwithwirelessnodesandintegrationofcloudapplicationwasconducted NewBackuppoliciesweredevelopedforallsupportedinfrastructure TheITequipmentmaintenanceserviceswereupgraded,viaavailableonlinesubmissionoffailurestatementsthroughthe

portalofEYDAP.4.Inthetelecommunicationssector Therewas a full transitionof themeanof communicationof theWater SupplyNetworkRemoteControl System from

leasedcircuitsM1020toSDSmessagesvianetworkTETRA,resultinginareductionofoperatingexpensesto1/5oftheold. Asoftwareupgradeforfourmajortelecommunicationhubsofthecompany'sintegratednetwork(affectingmorethanhalf

ofthecompanysusers). TheapplicationVoicePortalwasimplemented.

5.GeographicInformationSystem(GIS)Sector: Anapplicationforthecalculationnetworkslength(waterandsewerage)alongthetheroadnetworkwasdeveloped Theexistingapplication WaterIncidenswasexpanded. AnSMSapplicationtoinformcustomersregardingtheprogressofwatersupplyworkswasdeveloped. Theformationadaptationenrichmentoftheapplication"IntroductionofDetailsSketchofPipelines"wasimplemented,

inordertocovertherequirementsoftherelatedworkofthedepartmentoftechnicalstudiesprinciplesandstandards,butalsothedailyworkoftherelevantdepartmentsofWaterDivisions.

Anewfunctionalitycofferdamdetectionwasadded intheapplicationfornetworkanalysis insewerage,buildingsandconsumption

AnapplicationprovidingmapservicesthroughtheProtocolWMSwasimplemented.TheapplicationsgoalistosupporttheimplementationoftheEmergencyResponseVehiclesManagement.

AnapplicationforaWebServiceproviderwasimplemented,inordertonormalizethedatabaseofSewerageDivision,withthatoftheBCCandGIS.TheGSSprogramwasboughttosupportWebServices.

AnapplicationfortheconnectionandlocatingofbuildingsbearingmanySeweragefailures(fromthecallsof1022)fortheperiodfrom1/1/2008totheendof2013wasdeveloped.

An application for the searching of buildings per construction section in sewerage,was implemented for the seweragedivision.

AGISapplicationontabletswasdeveloped,fortheseweragestudies.AllfunctionalitiesofthebasicapplicationsofGISareofferedforthetablets


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Anapplicationwasdevelopedforimportingscannedseweragedesignsscale1:500fortheDepartmentofPiraeus Anapplicationwasdeveloped for importingscannedseweragedesignsscale1:2000,bygeoreference for the technical

studiesdepartmentRegardingcustomerservice,theservicesprovidedarefullyalignednotonlywiththeexcellentquality,thecustomerdemands,the processing time ofwork and the optimal financial results for the company, but alsowith our internal and externalcustomers.Themaingoalfor2014aswell,wasthefulfillmentofthethreemaindimensionsofmarketsuccess:quality,time,cost.Morespecifically,theDivisionofCustomerService: Utilisesallthe informationsystemsavailable intheCompany focusingontheBillingSystemandBasicCustomerQueries

Management(BCC),inordertoachievethereductionoftimeneededtomeetcustomerdemands. LeveragestheelectroniccommunicationchannelwithcustomersforinformationregardingtheservicesprovidedbyEYDAP,

theprocessingofcustomerdemands,aswellasissuesrelatingtotheirwatersupplymeter. Ensuresthe implementationofalternativewaterseweragebillcollection.Arecentexample isthe launchofAutomatic

PaymentSystems (APS), thecooperationwith theAssociationofProfessionalLotteryAgentsand the installationofwebapplicationtoagencyoffices.

ContinuesthecooperationwiththeCitizenServiceCentres(KEP),whichareanadditionalchannelforcustomerrequests. UtilisesCollectionsSystemforliquidationofcustomerdebts. EnsurestheconfigurationofafriendlyenvironmentattheCustomerServiceCenter(srecentexample istheopeningofa

newCustomerServiceCenteratSalamina). Continuestoworkeffectivelywiththeauthorities"GreekOmbudsman"and"Consumer'sCounsel".Finally,itisworthnotingthattheCustomerServiceDepartmentsatisfiestherequirementsofproceduresstandardization,assetintheISO9001:2008certificateofTVHELLASSAcertificationbody.TheOperationsCenter1022consistsof:a)Thecallcenter1022,b)The"TechnologyandDocumentationOffice",c)he"OperationsCenterSupervisorsBody".1022TheOperationCenter1022includestwocustomerservicephases,basicserviceandspecializedservice.Thepurposeofthebasicserviceistorecordcustomers'requestsanddirectsthemtotheappropriatesectorofEYDAP.Thebasicserviceaimsatoffering polite, complete and accurate services. The second phase (Specialized service) refers to more complicatedoccasions.Inaddition,theagentsofthespecializedservices: Monitor the qualitative/quantitative performance of the telephone operators and train them in compliancewith the

Protocolservice nsure that telephone operators are constantly and fully informed (digital) for the daily feedback / interventions the

Athensnetwork,operatingeventsthatcancausecomplaints,orchangesinprocedures/regulations Constantlysupplytheconsumersupdatingtools(IVRandwebsite)whicharerenovatedsince2013(digitalmapsforwater

supplydeprivationinthewebsiteetc.) Constantlysupportthedepartments,byidentifyingtheextensiveandfrequentcomplaintsorrequests,thedelayedrepair

works,andbyclassifyingasurgent somecomplaintsbasedon specificcriteria (i.e.waterdeprivationatahospital,orappearanceofwateratthestreetclosetoasignificantfunctionalarm)bygivingmapsandstatisticsthroughemail,etc.

TheabovementionedfourjobactivitieswereintensifiedsinceJune2013,afterthecompletionofdigitalupgrades,disengagingEYDAP employees from the reception phase which is now being taken over almost completely (90%) by the externalassociateMEDIATEL. In thisway, theDepartmentmadeadetermined investmenton theexperienceofEYDAPsemployeesaimingatincreasingthequalityoftheservicesprovidedby1022totheexternalandinternal(technicaldivisions)customers.


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SinceMarch2014,1022 tookover the telephoneservices regardingbills issues,whichuntil thenwereperformed from theelevencustomercentersofEYDAP(nowtwelve).Employeesof1022(EYDAPandMEDIATEL)aretrainedtomeetthenewtasksandareconstantlyupdated.TechnologyandDocumentationOfficeoftheOperationalCentreWithin2014theTechnologyandDocumentationOfficeconsistentlypursuedtheoperationsof improvingdigitaltoolsoftheOperationCentre.ThesetoolshavebeenusedalreadyeitherbytheEngineersoftheOperationalCentreandthequalifiedagentsof1022,usuallywhen theEngineersof theOperationalCentreareabsents,or/andby thepersonnelof the relevant technicaldepartments(theyhavebeensuppliedwiththetoolsandtheyhavereceivedtrainingforusingthem).Specifically, the Technology and Documentation Office of the Operational Centremonitors and continually updates thefollowingdigitaltools: DynamicmappingclassificationofisolatedroadsintheGIS,automaticarchivingofinterventions(closingvalves)neededto

bedone(sothattheycanbeeasilyrepeated) Dynamicweb"dailyreport"ofthemaineventsinwatersupplyandsewerage(operationalcentralhomepage) DynamicwebTop10ofthemainoperationalproblemsofwatersupply(accountablygraphics) Processmonitoringtool"hawkeye"intheGIS(overviewofallcomplaints,alarmsandactionsofthecrewsofwatersupply

fromabovethemapwithmoreinformationandlinkstoreportsandgraphsasit"zoomsin") VideoManufacturingofdriversfortheabovetools ContinuousupdatingandpostingofdigitalworkinstructionsoftheOperationalCentreengineers. Daily Update of the relevant departments (via email) for instruments failure andmistakes in limits in telemetry (via

OperationalCentreengineersand/orSupervisors1022).InthiswayandwiththeexcellentcooperationoftheDivisionofWaterSupplyNetwork,thelimitsofSCADAwerefullycorrectedwhileworkingwithAKLformonitoringSMStools.

Creationofportalforwatersupplyinthalassaforeasy,centralizedandpermanentaccessto:o Activealarmso Alarmsrecordo Recordofwaterisolationso Recordofcomplaintso Usefulmaps(besidesGIS)o Manualso Legislationo UsefulnumbersinsideoroutsideofEYDAPo Instructionsandvideoapplications(createdinourdepartment)

Organizing office for sewerage customer service by creating a calendar page on thalassa "callback" (which solved thecommunicationproblemsofSewerage1022).

CreatewebreportsandchartsfortheexternalaquaductofMornosEngineersShiftsforMonitoringOperationTheEngineersShiftsforMonitoringOperationwereformedtosupportthefaultrepairdepartmentswith24alertengineersanalysisontheeventandtheassociatedoperationaldatabyusingthedigitaltoolsoftheOperationCentre.During2014thedepartmentoperated inamorningandafternoonshiftonholidays tosupport theoperationofwatersupplyandseweragesectors.IntergratedOperationsCentreEYDAP, within the framework of its development and modernization, has scheduled specific actions aiming at thetransformationofthecurrentOperationalCentre&1022toanIntegratedOperationalCenter(OperationCenter),inordertoconvertittoastrategicjunctionforthemanagementofitsoperations.ThestrategyofthenewOperationCenterfocuses:


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Ontheactualandfunctionalupgradeoftheexistingunittoacoordinationbodywithadvisoryroleandresponsibleforthemanagementofnetworksandfacilities

Onadelimitedcooperationwitheveryoperationunitthateitherdirectlymanagescompanysnetworksandfacilitiesorinteractswithcustomers.

Thebasicguidelinesthatwillleadtotherealizationofthevisionare: Efficientresourcemanagement,withrespecttotheprinciplesofSustainableDevelopment Highdegreeofsatisfactionderivingfromthe immediaterespondtotheneedsanddemandsofbothexternal(citizens)

andinternal(companysemployees)customers ApplicationofinnovativeInformationandCommunicationTechnologies Systematicexploitationoftheexpertiseofthecompany'sexecutivesThestrategicobjectivesoftheOperationCenter,asdefined,are: Improvingtheorganizationandfunctionoftheoperationalunitsmanagingnetworksandfacilities Improving the decisionmaking procedures followed by the senior executives staff and the implementation of such

decisionsbytheoperationalmechanism Improvingthequalityandquantityofdeliveredservices Documentingtheinternalorganizationalandoperationalsystem UsingnewsystemsandapplicationsforimprovingcompanyoperationBestpracticesexploitation DevelopingHumanresource EfficientresourcemanagementTheoperationalmodelofthedevelopingIntegratedOperationalCentreconsistsofthefollowingkeycomponents: Focusingoncustomers (orconsumerorcitizen)needsanddemands inorder tocontinuously improve thequalityand

efficiencyofdeliveredservices Creatinganintegratedstructureforallcommunicationchannelswiththeconsumers Supportingeveryphase in theprocedureof confronting aproblem and/or a crisiswhich consistsof three stages: (a)

prevention(beforetheeventofanincident),(b)treatment(whentheincidentoccurred)and(c)consequencesrecordingandrehabilitation(aftertheeventoftheincident)

Realtimemonitoringoftheactionprogressintheeventofincidents,inordertosupportbothcoordinatorsconstructors(developingbusinessplans,efficientuseof theavailable forces,estimationofcrisisevolutionandexpansion,etc.)andworkers(optimaltransitionroutingfrompointtopoint,visualizationofthepositionofothercrews involved intacklingthe incident, visualization of the action plan and forecastedmoves as designed by the coordinator, etc.). Collection,organizationandcombinedmanagementofmultilevelgeographicaldataanddetailed informationtosupportdecisionmakingprocessformanagingincidentsandcrises.

Focusingonpreventingand/orachievingamorefinancialefficientwayofoperationthroughanintegratednetworkandfacilitiesmanagementsystem

Documentingtheinternalorganizationalandoperationalsystemandfocusingontheefficientmanagementoftechnicalpersonnel.

Integratedmanagingtheapplicationsandsystemsandadaptingmodernsoftwaretechnologies.EGovernmentEYDAP,withintheframeworkofitscustomercenteredstrategy,hasclearlydefineditsobjectivesinthefieldofegovernment,whichare: Customerserviceprovisionthroughtheuseofonlineserviceswiththeestablishmentofelectronictransactions CompleteexploitationofICTinordertoreducedrasticallybureaucracy Simplificationoftheproceduresandminimizationoftherequireddocuments Improvement ofworking conditions for employeeswhile increasing their efficiency and achieving the triple goal of

flexibility,speedandqualityensuringsafetyinEYDAPsinternalcommunicationandfunction.EYDAP,withcompletecommitmenttotheaboveobjectives,hasproceededduringthelasttwoyearsintargetedactions,like:


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thewebsiteupgradethroughwhichcustomersmayhaveonlineaccesstoarangeofservicesoffered, Creationofaspecialmobileapplication(eydaApp),sothatEYDAPscustomersmaybeservIcedfreeofchargeviatheir

mobile,wherevertheyare,easilyandsafely, Automationofbasicinternalproceduresbyusinginformationtechnologies(especiallyinthefieldofCustomerService) RestructuringofHumanResourceManagementSystem(HRMS), ERPProjects Integrationofthedigitalsignature, Electronicproductionofcorporatedocumentmodels, Electronicdistributionandmanagementofcorporatedocuments Creationofdigitaldatabasesandcorporatedocumentsinordertoensuretheoptimallevelofinternalcommunicationby

reducingitscosts.AlthoughEYDAPmaybeproudof theworkalreadydone in the fieldofegovernment itcannotbecomplacent.A teamofqualified executives, with expertise and experience, plan and implement restructuring projects in managing customerrequirements,inorganizingandmonitoringLegalAffairs,increatingnetworkmappingsystemsandapplicationsforcustomersremoteaccesstoservicesand information(mobileapplications)andmanyother importantprojectsfortheoperationoftheCompany.Whereasdevelopmentsintechnologyarise,EYDAPsobligationisnotonlytofollowthembutalsotopredicttheminordertomeetcustomershighrequirements.EYDAPsstrategicplanningconsistsmainlyoftheadoptionofinnovativeandflexibleapplicationsandofafurtherdevelopmentoftheegovernmentprinciples.EYDAPmovesdynamicallytoeverynecessaryadministrativeandtechnologicalreforminordertorespondalways,inthebestpossibleway,tothedemandsofmodernformsofadministration.FUTUREOUTLOOKHavingtheexclusiverighttoprovideservicesofwatersupplyanddistributionaswellassewerageservicesintheAtticaregion,EYDAPserves40%oftheGreekpopulation.ThenaturalsupplyofwaterinGreeceisabundantandtheexistinginfrastructure,whichcollectandsuppliestheAtticaregionwithwaterofhighquality,ensure theexceedingneedsof thepopulation served.Additionally, theexcellent knowhowofEYDAPof the integratedmanagementof thewatercycle, incombinationwith theexistingexpansionopportunitiesbothbygeographicexpansion(Greek islandsandneighboringareasoftheregion)andbyenteringnewmarketsandcomplementaryactivities (liquidwastewatermanagement,environmental recoveryofaquifers through integratedmanagementof faultingwatersystems,etc. )canprovidesignificantbenefits for theCompany'sgrowthandsustainabilityandenhancementof thehydrologicalcycle.EYDAPremainscommittedtotheoptimalcustomersatisfactionbymaintainingexcellentqualityofthesuppliedwaterandbyprovidinghighqualityservicesandalsocommittedtoundertakecontinuousinitiativesandactionstoprotecttheenvironment.Thehighcash flowofEYDAP,whichwasa resultofpending financial settlementandcollectionofoverduedebts from theGreek State and local authorities, in conjunctionwith the strategicoptions formore effective and efficientoperation, forutilizationoftechnology,knowhowandhumanresources,aswellasmodernizationthroughimplementationofinnovativeandnewactivities,theCompanyprovidestheperspectiveofsustainabledevelopmentandsetsthebaseforcontinuousgrowthandprofitabilityaimingtotheprotectionoftheinterestsofbothshareholdersandcustomers.RISKSANDUNCERTAINTIESAs a resultof itsoperation, theCompany isnot exposed to anyparticular financial risks such asMarket risks (changes inexchangerateparities,interestratesormarketprices),creditriskandliquidityrisk.TheCompanysfinancialriskmanagementplanisfocusedontheminimizationoftheirprobablenegativeeffectsovertheCompanysfinancialposition.


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Riskmanagement isprocessedby theCompanys central financial servicesdepartmentwhichoperatesunder certain ruleswhichhavebeenapprovedbytheBoardofDirectors.TheBoardofDirectorsprovidesguidanceanddirectionsforthegeneralandmanagementofspecificriskssuchastheexchangerisk,theinterestratesriskandthecreditrisk.(a)CreditRiskTheCompanysexposurewithrespecttothecreditriskitiseliminatedtothefinancialassetswhichatthereportingdateoftheFinancialStatementsareanalyzedasfollows:

GROUP COMPANYFinancialAssetscategories 31/12/2014 31/12/2013 31/12/2014 31/12/2013Availableforsalefinancialassets 691 1,369 691 1,369Cashandcashequivalents 233,314 331,967 232,664 331,941Tradeandotherreceivables 220,109 221,553 220,123 221,552Longtermreceivables 6,135 5,407 6,124 5,407Investmentsinsubsidiaries 0 0 710 60Total 460,249 560,296 460,312 560,329

TheCompanyreviewsitsreceivablesonconstantbasiseitherindividuallyorbygroup(codeofinvoice,customercategory)andincorporatestherespectiveinformationinthecreditcontrolprocedures.Cashandcashequivalentsdonotbearcreditriskbecausetheymainlyrefertodepositsinbankswithadequatecreditrating.Tradeandotherreceivables includereceivables fromprivatecustomerswhichcarryarelatively low levelof lossriskmainlybecauseoftheextensivedispersionofclaims,whileforthereceivablesfromLocalGovernments(OTA),theCompanyexaminesthe possibility of collecting the respective due amounts through contract agreements (management of networks andsettlements)orbasedonlegislativearrangements.NoneoftheCompanys financialassets is insuredbymortgageoranyother formofcredit insurance.Theavailable forsalefinancial itemsareassessed in their fair valuewhich is their stockmarket valueand thus thereare categorizedat level1,accordingtotheclausesofIFRS7,par.27B.BelowitisdisplayedthetimetableoftheCompanysoverdueclaimsbasedontheirmaturity:AmountsinthousandsTIMEANALYSISOFOVERDUECLAIMS2014 Notdue 01month 16months 6months2years 2years5years >5years Total

PRIVATECUSTOMERS 19,207 11,011 28,558 37,130 25,193 19,236 140,335STATE 2,358 1,146 1,966 1,936 1,806 3,093 12,305LOCALGOVERNMENT 8,135 2,831 8,583 12,555 820 790 33,714Total 29,700 14,988 39,107 51,621 27,819 23,119 186,354 2013 Notdue 01month 16months 6months2years 2years5years >5years Total

PRIVATECUSTOMERS 23,396 11,540 29,374 30,190 23,585 16,658 134,743STATE 2,704 1,304 3,199 1,537 1,850 2,896 13,490LOCALGOVERNMENT 7,150 3,518 13,266 1,690 1,259 1,262 28,145Total 33,250 16,362 45,839 33,417 26,694 20,816 176,378

Withregardtocreditriskmanagement,theDepartmentofCollectionEnforcementoftheLegalServicesDivisionreviewsonconstant basis and settles via judicial procedures (LD 356/1974 Code for the Collection of Public Revenues) overduereceivables concerning water supply, utilization rights and property connection rights from retail customers and localgovernmentauthorities(OTA).


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(b)LiquidityRiskTheliquidityriskisbeenmanagedbythepreservationofsufficientcashavailablefortheassuranceofbankcreditsforuse.Theexistingavailable,unusedandapprovedbankcreditoftheCompanyareadequateinordertoconfrontantpotentialshortageofcash.ThefollowingtableanalysestheCompanysfinancialliabilitieswhichareclassifiedingroupsaccordingtotheirexpirationdatewhicharecalculatedaccordingtothetimebalancefromthebalancesheetdateuntilthecontractualarrangementexpirationdateinnondiscountedfigures.AmountsinthousandsTIMEANALYSISOFLIABILITIES

2014 01Month 23Months 36Months 612Months 15years >5years Total

Debtliabilities Suppliersandotherliabilities 34,172 20,722 8,319 1,913 41,110 313,624 419,860Total 34,172 20,722 8,319 1,913 41,110 313,624 419,860

2013 01Month 23Months 36Months 612Months 15years >5years Total

Debtliabilities 3,142 3,142Suppliersandotherliabilities 76,193 92,762 6,928 15,167 71,482 230,212 492,744Total 76,193 92,762 6,928 18,309 71,482 230,212 495,886

RELATEDPARTYTRANSACTIONS)TransactionswithMembersoftheBoard

Amountsinthousands 31/12/2014 31/12/2013Fees(Chairman&CEO,andExecutiveDirectors) 57 57Fees&attendanceexpensesofBoDmembers 78 79Total 135 136

)TransactionsandamountsoutstandingwiththeGreekStateandtheMunicipalities

GROUP COMPANY

Amountsinthousands 31/12/2014 31/12/2013 31/12/2014 31/12/20131)Transactions

Income 55,661 66,151 55,661 66,151CostofGoodsSold(costofconstructionworks) (505) (2,147) (505) (2,147)Incomefromnonutilizedprovisions/(Variousprovisions) 59,396 59,396

2)Outstandingamounts Longtermreceivables(ProjectsfortheGreekState) 2,652 2,147 2,652 2,147Tradereceivables(Localauthorities,GreekState) 48,107 40,931 48,107 40,931Otherreceivables(fromtheGreekStateforcoverageofdeficitconcerningstaffindemnities) 258 258 258 258

The transactionswith theGreek State and LocalGovernmentAuthorities concern revenuesofwater supply, invoiced andaccrued,aswellasaccruedincomefromtheconstructioncostfortheaccountofMinistryofEconomy,Infrastructure,ShippingandTourism,andofEYDAPFixedAssetsLEPL.


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DIVIDENDPOLICYTheBoardofDirectorsoftheCompanyinitsconvectiononMarch27th2015approvedthesubmittingoftheproposaltotheAnnualOrdinaryGeneralShareholdersMeeting,ofadividend,Article45oftheCode.Law2190/1920,oftheamountoftwentycents(0.20)pershare(atotalgrossamountofEuro21,300million)fortheyear2014.ThedividendissubjecttoapprovalbytheAnnualGeneralMeetingofShareholdersandisincludedintheaccount"Retainedearnings".HUMANRSOURCESEYDAP, being a company thatmanageswater, themost precious natural resource, adopts and applies the principles ofCorporate Social Responsibility for the development and the welfare of the society. EYDAPs philosophy has ananthropocentriccharacterwhichleadstoacustomercenteredplanningthatwillhavethegreatestcontributiontothesociety.ThebasicphilosophyofEYDAPistoprovideKnowledgethatwillenhancethecapabilitiesofEYDAPshumanresourcesothat,throughtheintercompanyoptimization,thedegreeofcustomersatisfactionwillincrease.In this framework, the Division of Professional Training and School Academy aims to provide learning opportunities thatrespond to theobjectivesandexpectationsof the traineesaimingnotonly to theenrichmentof theirknowledgeand thedevelopmentoftheirskillsbutalsotothereinforcementoftheirloyaltytothecompanybringingaddedvaluebothtotheemployeesandtothecompany.TheeducationalprogramcoversboththeAdministrativeandtheTechnicalSector.Within2014manyprogramsthatenabledalargenumberoftheemployeestobecertifiedintheuseofcomputersfromaspecifiedbodywereimplemented,aswellaseGovernmentprograms.Inaddition,programsoflearningofspecializedtermsinEnglish,adjustedtotherequirementsoftheCompany were realized, such as programs of technical terms, IT terms etc. A large number of programs to meet theeducationalproposalsandneedsofthedifferentoperatingsectorsofthecompanywereimplementedaswell.Theeducationalprogram issupportedbydistinguished trainers, internalandexternal, thathaveadeepknowledgeof theirtopic thatallow them tocovereven themostspecifiededucationalneeds,while its implementation is fullysupportedbyamodernITapplicationentitlededucation.Thenumberofprogramsconductedbyexternalpartnersroseto131whilethoseconductedbyinternalpartnerswere2.Thetotalnumberofprogramsrealized in2014was138.Thetotalmanhoursoftrainingroseto41,538andthetotalnumberoftraineeswas958.Inconclusion,theeducationalsectorofEYDAPin2014,expressesthecompanyswilltoenhancetraining,aimingatachievingdirectand tangible results,whicheveryeducationand trainingprogramattributes,andalsoatknowing that the resultsofthese actions are long term and impressive. Thus, by developing its human resource, EYDAPwill be able to facemarketcompetition.ENVIRONMENTEversince1999EYDAPhas taken initiatives toreduce itsenvironmental footprintand togetherwith thosealreadyrealized,newinitiativesareplannedandimplemented.Therealized initiativesrefertoa)theexploitationofbiogasproducedatWastewaterTreatmentPlantsfortheproductionofelectricalandthermalenergy,b)theexploitationofhydraulicenergywhich isconverted intoelectricity insmallhydropowerstationsalongtheaqueducts,c)the investments in theelectromechanical installationsofEYDAP forefficientoperationandthereforelessenergyconsumption,d)thereplacementofoilsystemswithnaturalgassystemsande)theconductingofenergyinspectionsinbuildingsandthesubmissionofconcreteproposals.The planned initiatives refer to a) the implementation of part or all of the submitted proposals of energy inspections inbuildings, ie actions in lighting and/or installing building and electromechanical energy saving devices, b) detailed energysaving actions (more effective lubrication and preventive maintenance) in pumping stations and Water Treatment &WastewaterFacilities),c)theinstallmentofenergymeteringsystemsineverynecessarybuildingorfacility.


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EYDAP also contributes to theprotectionof themarine environment through theoperationof thewastewater treatmentplantsandthecontrolsofthedischargesmadeintosewers,specificallybytheindustries,conducted.Atthesametime,EYDAPmodernizeitsnetworksandfacilitiessoastominimizeanyleakages,whilerunningtheCentralManagementSystemofWaterResourcesandtheGeographicInformationSystem&NetworkAdministrationfortheirpreventivemaintenanceandeffectivetreatmentofdamagesandleaks.EquallyimportantisthecontributionoftheCompanyingrowingenvironmentalconsciousnessandpublicawareness,withtheeducationalprogramthatapproximately20,000studentsattendperyear.RESEARCH&DEVELOPMENTResearchandDevelopmentactivitiesofEYDAPfor2014:Waterandsewageserviceproviders,shouldidentifythechallengesthatarelikelytofaceoverthenext1020yearsandtakeactionstoexploittheopportunitiesinparticular,thosepresentedbynewtechnologicalpossibilities.Oneofthekeyactionstomodernizeawaterandsewageserviceproviderisinvesting(withitsownfundingand/orpubliccofinancing)inresearchactivities,technologicaldevelopmentandinnovation.TheResearchandDevelopmentDepartment(R&D),createdinearly2011,consistsofEYDAPshighlycompetentscientists,andhasasaprimaryandmainpurposethedevelopmentanddisseminationofknowhow,innovationaswellastheconsolidationofanextrovertperspective.TheaimoftheR&Ddepartmentistheenhancementoftheappliedresearch,inordertoimproveandresolveissuesthatconcerntheoperationofthecompanywhilepromotingproposalsfor: Acquiringnewknowledgewhichcanbeintegratedintocorporateproductivefunctions. Servicequalityimprovementthroughnewtechnologyutilizatione.g.environmentalandenergyfootprintreduction. Developmentandprovisionofnewservicesthatbenefitconsumersandentrepreneurship. Utilizationoftoolsandmethodologiesderivedfromopeninnovation. Operationalcostreduction(e.g.throughprocedureautomation). ResearchCenterinfrastructuredevelopment(e.g.modernizationandlaboratoryaccreditation). Establishment of hard copy and digital research archiveswith access to the company Intranet that enable scientific

knowledgedissemination.

TheR&DDepartmentpavesthewayforasubstantialcontributiontothecompanysresearchanddevelopmentneedsinordertomaintainahighlevelofexpertiseandimplementinnovativeideasandcuttingedgetechnologies.During2014,EYDAPtookthefollowingstepsregardingR&D:1. Researchactivity: SearchingforEUfundedresearchproposals(HORIZON2020,NSRF20142020)andinternalresearchprojects. ParticipatinginthefollowingfundedresearchprojectswithintheframeworkoftheSeventhEuropeanFundingProgram

(FP7):I. DESSINproject, intended todemonstratenew technologies for the implementationof theWaterFrameworkDirective

(60/2000).TheAthenspilotplantisoneofthefivepilotapplicationsimplementedinGermany,Norway,theNetherlandsand Spain where innovative technologies for water reuse aimed mainly to irrigation of green urban areas aredemonstrated.

In thisway,EYDAPcontributes tooneof themainobjectivesofDESSIN, theeffectivedemonstrationof technologies inpracticenotreferringto"theoreticalsolutions"but immediatelyapplicablepractices,providingadditionalmotivationandreasoningfortheirmarketacceptability.Aprojectmeetingof theDESSINpartners tookplaceatEYDAP facilities,on3and4November2014.ThemeetingwasattendedbyrepresentativesfromsevenEuropeancountriesfromatotalof20distinguishedprojectpartners(6researchinstitutes,11SMEsandthreewaterseweragecompanies).Theaimoftheseminarwas:


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a)Thepresentationoftheprogressachievedineachofthefivepilotsitesandtheexchangeofknowledgeandexperiencewhich have been acquired since January 2014, ten months from the official launch of the project.b)Theparticipantsguided tour to theproject infrastructuresite (EYDAP facilitiesatKEREFYT)and theirbriefingon theoperationandthecapabilitiesoftheautomatedcompactsewagetreatmentplantthathavebeendevelopedthere.

II. MARSOLproject intended todemonstrate theenrichmentofaquiferswith treatedwastewaterand thehaltingof seawater inflow. Intheproject,fouruniversities,fourresearch institutes,sixSMEs,three localauthoritiesandfourwaterseweragecompaniesfromvariousEuropeancountriesparticipate.Thepilotapplicationsinclude:a) Replenishmentofoverexploitedaquifers(Lavrio,ArenalesSpain,LlobregatSpain,BrentaItaly).b)Interceptionofseawaterintrusion(Lavrio,SouthMalta).c) Improvementof theecological and chemical statusof groundwater aquifers (Campinade FaroPortugal, LlobregatSpain,BrentaItaly).d)Treatmentofwaterthroughthesoilpenetration(Lavrio,ArenalesSpain).e)Temporarystorageandrecoveryofsurpluswater(MenasheIsrael).Asforherroleintheproject,EYDAPhasundertakenthefollowing:a)SupplyofinfiltrationbasinsintheTechnologicalParkofLavriowithtreatedwastewaterfromKELM.b)PilotsimulationoflithostromaticcolumnsinKEREFYTfacilities.c)UtilizationofexistingKEREFYTfacilities(Takingadvantageofpartoftheexistinginstallationinordertoimplementtheproject).

III. DAIADproject,concerningtheinnovativeapproachtowatermanagementthroughhouseholdconsumptionmonitoring

inrealtime.IntheDAIADprojectthreeresearch institutes,oneconsultingcompany,oneSMEandonewatersupplyandseweragecompanyareparticipating.

IV. Participation in the COST project and specifically in the action ES1105 / CYANOCOST based on addressing the algaegrowthinreservoirs.Morethan40scientificinstitutionsandcompaniesareparticipating.

Participation in the TRUST program that aims at the development of studies and proposals about optimizing themanagement of all activities related to the "urban water". The program involves thirty scientific institutions andcompanies.

Running of two selffunded research projects related to the study of alternativewater treatmentmethods and toimprovingtheefficiencyofitsstages.

2. UpgradingofEYDAPresearchcenterinKEREFYT: Completionofthebuildinginfrastructurerenovationwhichwasnecessaryforthemodernizationoftheresearchcenter

inorder to transform it intoademonstration center thatwilloperate through ICT systems.The renovated facilitiesinclude:I. Pilottestingbuilding.II. Researchprojectarchivesbuilding.

3. ManagementofEUfundedresearchprojectsThe year2014marked thebeginningof the FP7EU fundedprojects inwhichEYDAPparticipates.Thebasicneedwas therecruitmentandsupportoftheseprojectswithtechnicalandadministrativefinancialstaff.Tothisend,closecooperationwithseveraldepartmentsofEYDAPwasdevelopedandspecialeffortwasmadeinordertoharmonizetheprocessesofmonitoringtheEUproceduresthroughthecosting,accounting,budgetingandremunerationsystemofEYDAP.4. R&DDepartmentLaboratories Extensionoftheaccreditationfieldaccordingto IS017025.Theaccreditationof laboratoriesensuresthereliabilityand

validityoftheanalyses. Morethan25,000determinationsofphysicochemical,microbiologicalandbiologicalparameterswereperformedinthe

researchcenterlaboratoriesduring2014.Theanalyseswerecarriedoutfor:a. InternalneedsoftheCompany(OperationsDivisions).


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b. External agencies (Environmental Inspectors,EARTH /MinistryofEnvironment,EnergyandClimateChange, andRegionalDivisions),actingasreferencelaboratories.

c. OngoingEYDAPresearchprojects.

5. Objectivesandplannedactivities Successfulimplementationoftheongoingresearchprojects. Preparation and submission of targeted project proposals fundedwithin the framework of EU programs (HORIZON

2020,NSRFetc.). Developmentofinternalnetworkprocessestablishment,utilizingtheemployeesscientificknowledgeandexperience,

withaviewtoevaluatingtheneedsofEYDAPregardingitsparticipationinR&Dplansandtheexploitationofinnovativeideasandstateofthearttechnologies.

Enrichment of research archives with scientific material related to new company activities and establishment ofelectronicaccesstotheaforementionedarchivesforknowledgesharingpurposes.

Bridgingresearchandentrepreneurshipthroughprojectsthatare implementedbyEYDAP incollaborationwithyoungstudentsandscientistsfromUniversities

POSTBALANCESHEETEVENTSThereisnootherimportanteventfromtheendoffiscalyear2014uptothedateofthisreport.STATEMENTOFCORPORATEGOVERNANCEThisStatementcoversalloftheprinciplesandpracticesadoptedbytheCompanyinordertoensureitsefficiency,theinterestsofshareholdersandallotherinterestedparties.ThestructureofthisStatementofCorporateGovernancefocusesonthefollowingtopics:CodeofCorporateGovernancei. InternalRulesofCorporateGevernanceandOperationii. BoardofDirectorsandAuditCommitteeiii. ShareholdersMeetingandRightsiv. InternalAuditandRiskManagementv. Othermanagerial,supervisorybodiesorCommitteesoftheCompanyA.CodeofCorporateGovernanceEYDAPhascompiledaCorporateGovernanceCode,whichhasbeemembedded in the InternalRulesofOperation, formingfrom23/10/2013aunifiedtextnamedas InternalRulesofCorporateGevernanceandOperationofEYDAPS.A..Thistext, isavailable to thepublicat theCompanysHeadquarters,Shareholderand InvestorRelationsDepartment,at156Oropou strGalatsiandattheCompanysoffices,CorporateAnnouncemetnsDepartment,at9Ilisionstr,Ilisia.TheCompanydoesnotapplyanypracticesbeyondtheprovisionoftheLaw.B.BoardofDirectors&AuditCommitteeTheCompanyismanagedbytheBoardofDirectors,havinganoddnumberofmemberswhichmaynotexceedthirteen(13)membersorbe less thanseven (7)members. TheBoardofDirectorscomprisesexecutive,nonexecutiveand independentnonexecutivemembersaspertheprovisionsofarticles3and4ofLaw3016/2002asapplicablefromtimetotime.TheGeneralMeetingofShareholdershasauthoritytodeterminethenumberofmembersoftheBoardofDirectorsaswellastoincreaseordecreasesuchnumber,alwayswithinthelimitsspecifiedintheCompanysArticlesofAssociation.TheBoardofDirectorsiscomposedof:a. Two (2) representativesofCompanyemployeeselected (alongwithanequalnumberofalternate representatives)by

directanduniversalvote;


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b. Two(2)membersrepresentingminorityshareholders,electedasprovidedfor inarticle36oftheCompanysArticlesofAssociation;

c. Shareholderrepresentatives,electedbytheGeneralMeeting.ThetermofofficeoftheBoardofDirectors'members isfiveyearsand isextendeduntilthenominationorelectionofnewdirectors.Suchtermextensionmaynotbelongerthanoneyear.ThemembersoftheBoardofDirectorscanbefreelyrecalled.Suchrecallandsubstitutionisdonebythosehavingtherighttoelectornominate.TheGeneralMeetingmaysubstituteanyofthemembersoftheBoardofDirectorselectedbeforetheendoftheirtermofoffice.ThemembersoftheBoardofDirectorsmaybeappointedaneworreelectedwithoutlimitationandmayberecalledwithoutlimitation.ThemembersoftheBoardofDirectorsmaynotberelatedbybloodormarriage,uptothethirddegreeofrelation,andmaynotbecontractorsorsuppliersoftheCompanyormembersoftheBoardofDirectorsoremployeesofanundertakingdoingbusinesswiththeCompany.Themembersof theBoardofDirectorsmay,however,bemembersof theBoardofDirectorsoremployeesofanundertakingassociatedwiththeCompany,aspertheprovisionsofarticle42eofC.L.2190/1920.ConvocationoftheBoardofDirectorsTheBoardofDirectorsiscalledbyitsChairmanortheChairman'slegaldeputy,pursuanttotheprovisionsoftheCompanysArticlesofAssociation,andholdsitsmeetingsattheregisteredofficeoftheCompany.TheagendaispresentedtotheBoardofDirectorsbytheManagingDirector.The Board of Directors holds ordinarymeetings twice each calendarmonth, and also holds extraordinarymeetings if sodeemednecessarybytheChairman.TheagendaoftheBoardofDirectors'meetingsisestablishedbytheChairmanandtheagendaitemsareincludedinthenoticetothemeetingsenttothedirectors.ThenoticetothemeetingisadvisedtothemembersoftheBoardofDirectorsatleasttwo(2)businessdayspriortothedayofthemeetingandshallclearlyindicatetheagendaitems;otherwise,decisionsmaybeadoptedonlyifallmembersarepresentorrepresentedatthemeetingandnooneobjectstothepassingofdecisions.Astotherest,theprovisionsofarticle20ofC.L.2190/1920,asapplicable,shallapply.QuorumMajorityRepresentationofMembersTheBoardofDirectorsisinquorumandmayvalidlytransactitsbusinesswhenonehalfplusonedirectorarepresent,subjectto the provisions of paragraphs 4, 4a and 5 of article 11 of the Companys Articles of Association. To find the numberconstitutingaquorum,anyresultingfraction isomitted.Atnotimecanthenumberofdirectorsattending inpersonbe lessthanthree.ThedecisionsoftheBoardofDirectorsarepassedbyabsolutemajorityofthememberspresent.Incaseofatie,theChairmanoftheBoardofDirectorsdoesnothaveacastingvote.IncasetheChairmanisabsentorpreventedfromacting,themeetingispresidedoverbytheChairman'sdeputy.ThemeetingsoftheBoardofDirectorsmaybeattendedbyscientificadvisors,legalorotherwise,andexperts,withouttherighttovote,aswellasbytheDirectoroftheLegalDepartmentoftheCompany,ifinvitedtoattendbytheChairmanortheBoardofDirectors,andiftheDirectoroftheLegalDepartmentisabsentorpreventedfromactingbyanotherlawyerasinstructedbytheChairmanoftheBoardofDirectors.Allthedirectorshavetheright tobe advised inwriting,by theChairman and theManagingDirector,on themanagementof theCompany and thecourseof thecorporateaffairs ingeneral. Adirectorwho isabsentmaybe representedbyanotherdirector,bymeansofwrittenauthorizationtothiseffect.Eachdirectormayrepresentonlyoneabsentdirector.MinutesarekeptforeachmeetingoftheBoardofDirectors;suchminutesareratifiedatthesameorthenextmeeting.Copiesor extracts of theMinutes are attested by the Chairman or his deputy or by anothermember of the Board ofDirectorsauthorizedtothiseffectunderadecisionoftheBoardofDirectors. TheMinutesoftheBoardofDirectorsareentered inadedicatedbookkeptinamanualorcomputerizedsystemandaresignedbytheChairmanandthedirectorswhoattendedthemeeting.Any refusalbyadirector to sign theMinutes isentered in theminutes.Alldirectorshave the right tohave theiropinionenteredintheMinutes.AuthorityandpowersoftheBoardofDirectorsTheBoardofDirectors is thesupremeadministrativebodyof theCompany thatprimarily formulates thecorporategrowthpolicyandstrategywhilesupervisingandoverseeingthemanagementofthecorporateproperty.


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TheBoardofDirectorshasauthoritytodecideonallmatterswithrespecttothemanagementofthecorporateproperty,theadministrationandrepresentationof theCompanyandthecorporatebusiness ingeneral,andproceedswithallactionanddecisionsaimedatthefulfillmentoftheCorporateobject;theBoardofDirectorsalsomonitorsthecourseoftheCompanyandthe implementationof itsactivities.Excepted are those issues andmatterswhich,under theprovisionsof the Lawor thepresentArticlesofAssociation,fallwithintheexclusiveauthorityoftheGeneralMeeting.DelegationofpowerbytheBoardofDirectorsTheBoardofDirectors,undertherestrictionsstipulatedbyLawandtheArticlesofAssociation,maydecidetodelegatetheexerciseofitspowersorauthoritiesinparttotheChairmanortheManagingDirectororamemberormembersoftheBoardofDirectorsorCompanyManagersoremployeesorthirdparties.InformationconcerningthemembersoftheBoardofDirectorsThemembersoftheBoardofDirectorsfortheperiodfrom01/01/2014to31/12/2014wereasfollows:

MembersoftheBoardofDirectorsAntoniosVartholomeos,Chairman&CEO,executiveMemberEvaggelosPalaiologos,DeputyChairman,nonexecutiveMemberLambrosZografos,IndependentnonexecutiveMemberEleftheriaKarahaliou,nonexecutiveMemberGrigoriosZafeiropoulos,nonexecutiveMemberPanteleimonKamas,nonexecutiveMemberEpameinondasSklavenitis,nonexecutiveMemberAnastasiosKourtis,nonexecutiveMemberPanagiotisSkoularikis,nonexecutiveMemberChristosMistriotis,nonexecutiveMemberEmmanouilAggelakis,nonexecutiveMemberEvagelosMoutafis,nonexecutiveMemberIoannisHondrogiannos,nonexecutiveMember

ResolutionsofGeneralMeetingandBoDfortheelectionofBoDMembers

Thecompositionof theabovementionedBoardofDirectorsof theCompany resulted from the following resolutionsofGeneralMeetingsandBoardofDirectorsMeetings:

ResolutionsofGeneralMeetings 31st Ordinary General Meeting of 28th/06/13, election of Antonios Vartholomeos, Evaggelos Palaiologos, Lambros

Zografos (independent Member), Eleftheria Karahaliou, Panteleimon Kamas, Anastasios Kourtis, EpameinondasSklavenitis,GrigoriosZafeiropoulosandIoannisHondrogiannos.

SpecialGeneralMeetingof28th/06/13,electionofPanagiotisSkoularikisandChristosMistriotis.ResolutionsofBoD 18104/28.06.2013electionofAntoniosVartholomeosasChairmanoftheBoDandCEO. 18105/28.06.2013electionofEvaggelosPalaiologosasDeputyBoDChairman.NumberofBoDmeetingsfrom01/01/2014to31/12/2014DuringtheabovementionedtimeperiodtheBoDheldthirtytwo(24)meetings(1123/15.01.2014to1146/17.12.2014)C.ShareholdersGeneralMeeting&RightsOperationandPowersoftheGeneralMeetingTheGeneralMeetingofshareholdersoftheCompany isthesupremebodyoftheCompany,beingentitledtodecideonanymatter inconnectionwith theCompany; its resolutions,passedasprescribedby law,arebindingonallshareholders,evenabsentordissentingones.SoletheGeneralMeetinghasauthoritytodecideonth

Documents

Fy 2014 Results