26 June 2003

Annual General Shareholders Meeting

The Annual General Shareholders Meeting of J&P-AVAX SA, held on Thursday June 26, 2003, approved the 2002 financial accounts and the distribution of a €0.30 dividend per share. Management informed shareholders on the Company’s financial performance so far in 2003 and disclosed its forecasts for the full year.

Shareholders approved the distribution of a €0.30 dividend per share for 2002, up from around €0.10 (35 drachmas) in the previous year.

Shareholders eligible for receiving the dividend are those on register at the end of the trading session on June 26, 2003. The shares will trade ex-dividend on the Athens Stock Exchange on Friday June 27, 2003. The Assembly authorised the Board of Directors to set and announce the dividend payment date.

Management reviewed the 2002 financial results, which improved considerably over 2001 with consolidated turnover growing to €445.5 million in 2002 from €368.6 million in the previous year and pretax earnings after minorities and tax adjustments increasing to €44.7 million in 2002 from €41.8 million.

Management also announced that the full-year forecasts published last April (consolidated pretax earnings after minorities of €51 million on turnover of €470 million) were rendered conservative, and according to latest estimates 2003 consolidated pretax earnings after minorities will reach €55 million on turnover of more than €510 million.

On a group level, the order backlog exceeds €900 million despite the sharp increase in delivered projects.

Projects signed by Group companies during 2003 include the following:

  • Terminal Railway Station at Athens Airport
  • Olympic Boxing Hall
  • Nafpaktos City Ring Road, section C
  • Olympiakos FC football ground
  • AEK FC sports complex

Management outlined the Group’s business structure which came about in 2002 in response to new legislation through the absorption of subsidiaries and the award of 7th-class (highest), 6th-class and 3rd-class pubic works certificates to the Group, allowing for tackling a wide range of projects of varying budgets and technical specifications.

Marousi, June 26, 2003

The Board of Directors