Financial Results 2016

According to the financial accounts of J&P-ΑVAX Group for 2016, consolidated turnover amounted to €541.2 million versus €456.2 million in 2015. The net result after tax from continued and discontinued operations amounted to a €43.2 million loss in 2016 as opposed to a €37.6 million loss a year earlier.

It should be noted that 2016 results are burdened with extraordinary, non-operating charges totalling €59.3 million (versus €13.5 million in 2015), towards the write-off of €30.5 million worth of doubtful receivables and other provisions, as well as a total €28.8 million impairment of Group participations.

Excluding the extraordinary, non-operating charges, the net result after tax from continued and discontinued operations reached a €16.1 million profit in 2016, up from a €24.1 million loss in 2015. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the Group amounted to €46.4 million in 2016 versus €26.4 million a year earlier.

Financial results for 2015 were restated for comparability purposes due to the discontinuation of the loss-making operation of subsidiary ATHENA SA in the United Arab Emirates’ area.

Group work-in-hand remains high, with the total of signed projects as of the end of 2016 amounting to around €2.0 billion. The Group has also been prequalified and is bidding for further contracts of considerable value in international markets.

Marousi, May 03, 2017
THE BOARD OF DIRECTORS