Response to querry by the Capital Markets Commission
In response to a question by the Greek Capital Markets Commission, J&P-AVAX SA discloses the following information regarding its operations in Cyprus:
Financial Data on J&P-AVAX Group in Cyprus
(31.12.2012, in € ‘000)
Non-Current Assets: 2,503
Current Receivables (excl. Bank Deposits): 23,036
Bank Deposits: 15,907
– Short-Term Liabilities (excl. Debt): 31,413
– Bank Debt: 350
Net Current Assets: 7,179
Partners Account (J&P-ΑVAX & ATHENA): 9,682
a) The Group’s proportional participation in the deposits of joint ventures held at Cyprus-based banks, more specifically at the Bank of Cyprus, amount to €9.2 million as of 15.03.2013, versus €15.9 million on 31.12.2012.
b) The Group and the parent Company do not own any shares, bonds or other financial products of Cypriot banks.
c) The Group’s turnover in Cyprus amounted to €69 million in 2012, representing 15% of its total turnover.
The projects executed by the Group in Cyprus in 2012 have been completed, except for two works in progress, for which it is impossible to make any estimate on the potential impact on their course of execution:
- Limassol Marina, with a total budget of €275 million in which the group participates with a 33.5% stake in the concession and 55% stake in the construction. The funding of the project by the Bank of Cyprus has been concluded, and works are currently funded by the concessionaire’s own equity according the project plan. As of 15.03.2013, the concessionaire had a total deposit balance of €8.6 million held with the bank of Cyprus (Group participation of €2.9 million), while it is still an open possibility for debt to be offset by deposits to be taxed. The value of the Group’s participation in the concessionaire amounts to €27.8 million.
- Cyprus University Library, budgeted at €30 million.
As of 31.12.2012, the participation of the Group in the work-in-hand of the two ongoing projects in Cyprus amounts to €49 million for the Limassol Marina and €25 million for the University Library, out of the Group total of signed projects and projects pending to be signed worth €1.8 billion.
d) Any capital losses for the Group arising from the taxation of its deposits, amounting to €9.2 million (including €6.7 million of ATHENA SA) as of 15.03.2013, will vary according to the tax coefficient to be set by the Cypriot government.
Marousi, March 28, 2013
THE BOARD OF DIRECTORS