Financial Results 2017

According to the financial accounts of J&P-ΑVAX Group for 2017, consolidated turnover grew 24.4% to €673.1 million relative to €541.2 million in 2016. The net result after tax amounted to a €10.6 million loss in 2017 as opposed to a €43.2 million loss a year earlier.

It should be noted that 2017 results are burdened with extraordinary, non-operating charges totalling €4.7 million (versus €59.3 million in 2016), towards the write-off of €4.6 million worth of doubtful receivables and other provisions, as well as a total €0.1 million impairment of Group participations.

Excluding the extraordinary, non-operating charges, the net result after tax reached a €5.9 million loss in 2017, down from a €16.1 million profit in 2016. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the Group amounted to €49.9 million in 2017 versus €49.8 million a year earlier.

Group work-in-hand remains high, with the total of signed projects as of the end of 2017 exceeding €1.2 billion. The Group has also been prequalified and is bidding for further contracts of considerable value in international markets.

Marousi, May 02, 2018
THE BOARD OF DIRECTORS