27 June 2013

Shareholder briefing on Group prospects

J&P-AVAX group management informed shareholders at the annual general meeting held on 27.06.2013 of the 2012 financial results and the prospects according to latest developments.

Management reported that the net result after taxation and minority rights in 2012 was a €10.6 million loss versus a €1.0 million loss in 2011, while turnover fell 31.8% to €473.37 million from €694.8 million in 2011.

First quarter 2013 results show a turnaround, with the net result after taxation and minority rights recording a €1.2 million profit versus a €1.7 million loss in the year-earlier quarter.

The improvement registered in the first quarter of the year is expected to continue, based on the group’s work-in-hand.

More specifically, management reported an approximate €2.0 billion work-in-hand based on signed projects for the current period, as well as projects amounting to €310 million for which the Group has been officially declared lowest bidder and the signing of the relevant contracts is pending.

Subsidiary company ATHENA SA is also at the final stage of negotiations for the signing of projects totalling €180 million in the United Arab Emirates, while the Group is also pursuing at various stages of the tender process several more projects of substantial value in Greece and international markets.

Group work-in-hand is currently exhibiting a qualitative difference compared to the past, as more industrial and international projects are being added.

Marousi, June 27, 2013