28 November 2014

Nine-month 2014 Financial Results

According to the nine-month financial results of the J&P-AVAX Group, consolidated turnover reached €336.3 million versus €272.3 million in the respective period of 2013. Group EBITDA for the nine months of 2014 amounted to €31.6 million, versus €24.1 million in 2013.

The Group pre-tax result, before provisions totaling €27 million, was a €5.0 million loss in the nine-months of 2014, versus a €17.0 million loss in the year-earlier period.

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

  1. write-off of doubtful receivables totaling €14.7 million, of which the amount of €9.7 million concerns subsidiary ATHENA’s international operations
  2. impairment of the total value of Group participations by €12.3 million, with the amount of €9.0 million accounted for by the impairment of subsidiary ATHENA’s goodwill in international markets, and a further €3.3 million by other participations in the local market.

Taking those extraordinary charges into account, the Group turned in a €32.0 million pre-tax loss in the first nine months of 2014, versus a €18.4 million loss a year earlier, while the net result after tax and non-controlling interests was a €31.4 million loss in the nine-month period of 2014 versus a €19.5 million loss in 2013.

The loss recorded in the first nine months of 2014 is burdened by the impairment of the value of participations of subsidiary ATHENA in international markets, as well as by additional provisions mainly concerning foreign markets, and is expected by management to be reversed in 2015.

Group work-in-hand on 30.09.2014 is at historic high levels, with signed projects amounting to €2.1 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 to pre-crisis levels, and stabilize on a long-term horizon with the help of its concession portfolio income stream.

Marousi, November 28, 2014