31 March 2015

Financial Results 2014

According to the financial results of the J&P-AVAX Group for 2014, consolidated turnover reached €518.1 million versus €410.7 million in 2013. Group EBITDA for the nine months of 2014 grew to €49.7 million profit from a €6.0 million loss in 2013.

Group results in 2014 were burdened by the following extraordinary and non-operating charges:

  1. write-off of doubtful receivables totaling €16.7 million, of which the amount of €11.3 million concerns subsidiary ATHENA’s operations, mostly in international markets
  2. impairment of the total value of Group participations by €39.0 million, with the amount of €36.0 million accounted for by the impairment of subsidiary ATHENA’s goodwill, and a further €3.0 million by other participations in the local market.

Taking those extraordinary charges into account, the Group turned in a €40.5 million loss net of taxes in 2014, versus a €72.9 million loss a year earlier.

After tax and before provisions, the Group produced a €15.2 million profit in 2014, versus a €56.2 million loss in 2013.

Group work-in-hand on 31.12.2014 remains high, with signed projects amounting to €1.9 billion and a further €0.2 billion worth of projects pending to be signed.

The Group continues to pursue important projects both in the local and international markets, and expects turnover and profitability from 2015 onwards to recover and stabilize on a long-term horizon with the help of its concession portfolio income stream.

Marousi, March 31, 2015