Financial Results and Proposed Dividend for 2009
J&P-AVAX SA announces that according to its 2009 financial accounts, net profit for the Group after minorities grew 28.8% to €27.1 million in 2009 versus €21.0 million in 2008, including an exceptional €0.6 million tax charge imposed by the government.
Consolidated turnover eased 4.6% in 2009 to €945.7 million compared to €991.1 million in the previous year. Earnings before tax and minorities rose 23.4% to €34.9 million in 2009 from €28.3 million a year earlier.
Work-in-hand for the Group, including both signed and pending projects, amounted to €2.6 billion at the end of 2009.
Management will propose to shareholders at the Annual General Meeting scheduled for 30.06.2010 the distribution of a €0.04 dividend per share for fiscal 2009.
J&P-AVAX SA participated with a 48.52% stake in the joint venture which signed a contract worth a total of €142.9 million in April 2009 for the construction of a football stadium in Wroclaw in Poland. During the construction, the consortium came into disagreements with the project owner; negotiations resulted in a friendly settlement in which the two parties jointly decided to dissolve the contract.
The dissolution of the contract resulted in an accounting loss of €1.5 million for J&P-AVAX SA which was recorded in Q4 2009 results. The friendly settlement paved the way for the immediate payment of all works delivered so far, the return of performance bonds to the consortium and removed any indemnities for J&P-AVAX SA.
Marousi, March 31, 2010
THE BOARD OF DIRECTORS