First Half 2016 Financial Results

According to the consolidated financial accounts of J&P-AVAX for the first half of 2016, group turnover reached €270.6 million versus €232.0 million in the respective period of 2015. Group earnings before tax, interest expenses, depreciation and amortisation (EBITDA) in the first half of 2016 amounted to €40.1 million versus €26.4 million in the year-earlier period.

It is noted that financial results for the first half of 2015 have been re-stated for comparability purposes due to permanent discontinuation of subsidiary ATHENA SA’s loss-making activities in the United Arab Emirates. The transfer of ATHENA SA’s activities in the UAE was rendered necessary following the imposition of capital controls in Greece, due to the incapacitation of the company to secure working capital and bank letters of credit to execute ongoing projects and bid for new ones.

First half 2016 results are burdened by a €7.8 million loss in the investment portfolio. Net profit after tax for the first six months of 2016 amounted to €21.0 million versus a €2.8 million loss in the respective period of 2015.

Group work-in-hand remains high. As of the end of June 2016, the backlog of signed projects amounted to around €2.0 billion, with international projects accounting for 32% of the total. The Group is also close to adding new projects of significant value outside Greece.

Marousi, September 30, 2016
THE BOARD OF DIRECTORS