In this F4T note we look at the historical cash flow statements of the 4 systemic banks. Specifically, the period between 2016 – 2024, i.e. right after the 2015 capital controls. Our goal is to explain the different cash amounts on the balance sheet over TLTRO funding…

EYDAP reported disappointing Η1 2024 results which, once again, showcased the need for higher tariffs. Even though water consumption increased by +7.6% yoy and overall sales grew by +7.2%, clean EBIT (adjusted for litigation provisions) stood at E1.6m compared to E2.0m last year. EYDAP will be submitting its proposals to the regulator soon. We are bracing ourselves for…

PPA reported H1 2024 results revealing a stronger run rate compared to our full year estimates and what is implied by the Red Sea disruption. The main reasons are a) higher domestic TEU traffic in Pier 1 (as in Q1); b) quite resilient…

The Greek TSO (51% owned by listed ADMIE Holdings) reported strong Q2 results reflecting higher electricity demand, and much higher interconnection revenues. Revenues/EBITDA/net income grew by +22%/+24%/+30% yoy. Capex at E143m from E127m in Q1. Operating cash flow and subsidies pushed net debt E60m lower qoq at E837m (2.5x annual.)…

What’s new? AIA reported strong H1 2024 results. Pax growth at +16% yoy combined with Jul-Aug traffic data (+6% yoy) explain why management expects full year passengers will be up by a low double-digit rate. Clean EBITDA grew by +17% yoy at E183m with net income +15% at E97m. Air revenues…