Record investment and profitability was registered by ADMIE for the year 2023. Capital expenditures amounted to 672 million euros, a record amount in the history of the Group, with the most emblematic projects being the progress on the Attica-Crete interconnection, the 4th Phase of the Cyclades Interconnection as well as the first costs of the project of the electrical interconnection of Greece – Cyprus – Israel, Great Sea Interconnector, in which an implementation body took over at the end of the year.
Regarding the Group’s net profits, they doubled from 58.2 million euros for the 2022 financial year to 116.6 million euros in the 2023 financial year. In addition, the Company’s net profits amounted to 117.9 million euros, from of which 50%, or 58.5 million euros, will be distributed, as usual, as a dividend to its shareholders, of which the Hellenic Republic will receive 29.8 million euros, due to its 51% participation in the share capital of Admin.
The significant increase in profitability results from the development of the country’s electricity system and is mainly due to the increase in income compared to 2022. In 2022, the income was reduced by 41.8 million euros due to the non-adjustment by RAAEF of the unit usage charges Systemic. If there had not been this delay, the increase in net profits compared to 2022 would have amounted to 27.2 million euros. The Administrator’s revenues increased by 33%, which for the year 2023 amounted to 391.9 million euros, compared to 294.6 million euros in 2022, increased by 97.3 million euros (33%) .
In particular, the main change was from the transmission system rental income, which increased compared to 2022 by 95.5 million euros (35%), from 272 million euros to 367.4 million euros, as a result of the readjustment of the unit charges of System Use in September 2022 and the use of a greater amount of connection usage rights.
Operating Expenses amounted to 114.4 million euros (+13.9% compared to 2022), while comparable Operating Expenses show a smaller increase of 8.5%, as a result of the reduction in staff remuneration combined with a moderate increase in other categories of operating expenses.
Finally, earnings before taxes, interest and depreciation (EBITDA), increased by 42.9% and reached 277.5 million euros compared to 194.1 million euros in 2022. The comparable Earnings before taxes, interest and depreciation (EBITDA) increased by 46.6% to €278.1 million from €189.6 million in 2022.
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