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Interim Financial Report 30.06.2009

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Interim Financial Report 30.06.2009 J&P – AVAX S.A. Interim Condensed Financial Report for the six month period from 1st January to June 30th, 2009 J&P – AVAX S.A. Company Registry # 14303/06/Β/86/26 16 Amarousiou-Halandriou Street, 151 25, Marousi, Greece INDEX Pages a) Director’s review report 3 b) Interim report of directors 4 c) Auditor’s review report 11 d) Use of funds from capital increase 13 e) Interim Condensed Financial Statements a.1 – Interim Statement of Financial Position 15 a.2 – Interim Income Statement 16 a.3 – Interim Statement of Comprehensive Income 17 a.4 – Interim Cash Flow Statement 18 a.5 – Interim Statement of Changes in Equity 19 f) Notes & accounting policies 20 The Interim Condensed Financial Statements presented through pages 1 to 61 both for the Group and the Parent Company, have been approved by the Board of Directors on 27th of August, 2009. Deputy President & Managing Director Group Finance & Chief Accountant Executive Director Administrative Manager KONSTANTINOS KONSTANTINOS ATHENA GEORGE KOUVARAS MITZALIS ELIADES KANTSAS I.D.No. ΑΕ 024787 I.D.No. Ξ547337 I.D.No. 241252 I.D.No. Ν279385 WEBSITE WHERE THE COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS ARE AVAILABLE We hereby certify that this interim condensed financial report was approved by the Board of Directors of «J&P-AVAX S.A.» on 27/8/2009 and published by means of submission to the Athens Stock Exchange and the Hellenic Capital Markets Commission, as well as their upload to the corporate website (www.jp-avax.gr). It is noted that the financial statements published in the Press aim το provide their readers with a financial overview but do not fully illustrate the financial circumstances of the Company and the Group, in accordance with the International Accounting Standards. It is also noted that some items in the financial statements published in the Press have been aggregated and reclassified to facilitate their ease of use. 2 STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS (in accordance with article 5, paragraph 2 of Law 3556/2007) In our executive capacity as members of the Board of Directors of J&P-AVAX SA (the «Company»), and according to the best of our knowledge, we, 1. Kouvaras Constantinos, Deputy President and Executive Director 2. Mitzalis Constantinos, Managing Director 3. Joannou Christos, Executive Director declare the following: • the financial statements for the period from 01.01.2009 to 30.06.2009, prepared under the International Financial Reporting Standards currently in effect, give a true view of the assets, liabilities, equity and results of the Company, as well as the businesses included in the consolidation of the Group, in accordance with the provisions of article 5, paragraphs 3, 4 and 5 of Law 3556/2007, • the semi-annual report of the Board of Directors of the Company contains the true information required by article 5, paragraph 6 of Law 3556/2007. Marousi, August 27, 2009 DEPUTY PRESIDENT MANAGING DIRECTOR EXECUTIVE DIRECTOR CHAIRMAN & EXECUTIVE DIRECTOR KOUVARAS MITZALIS JOANNOU CHRISTOS CONSTANTINOS CONSTANTINOS ID: ΑΕ 024787 ID: Ξ 547337 DAA 161452 3 REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD FROM 01.01.2009 TO 30.06.2009 (in accordance with article 5 of Law 3556/2007, as well as articles 3 & 4 of Decision #7/448/11.10.2007 of Greece’s Capital Markets Commission) Dear Shareholders, the group of companies controlled by J&P-AVAX S.A. (the «Company») continued its uptrend in the first half of 2009, its financial performance improving on the comparable year-earlier period and moving in line with the positive expectations of its management for the second half and coming years. The Group maintained its work-in-hand at high levels, successfully pursuing and adding new private, public and BOT projects in Greece and abroad. Group Financial Results for the First Half of 2009 Consolidated turnover reached €459.7 million versus €432.2 million in the year-earlier period, posting a 6% growth. Construction towards concession projects at Group level (carried out by both J&P-AVAX and its subsidiaries) has started, but at the same time J&P-AVAX’s works in the Egnatia Highway are nearing their end and private building projects, also carried out by J&P-AVAX, are registering a sharp decline. Net earnings after tax and minorities in the first half of 2009 grew 24.3% to €19.3 million relative to year-earlier €15.5 million. Group gross margin widened 17% on the back of the start of works for concession projects, as well as energy and marine works outside Greece which offer superior returns. This development is reflected on pretax and net earnings. Administrative expenses grew 6% to €18.2 million versus €17.1 million in the year-earlier period, in contrast with sales expenses which eased 31% to €2.7 million from year-ago €3.9 million due to the reduction in the number of project tenders during 2009. Financial expenses amounted to €12.1 million versus €10.3 million, up 18% on increased debt levels (see below). As a result of the group investment plan for concessions, participations are up 10%. The relevant Balance Sheet item amounted to €166.1 million, versus €151.1 million on 31.12.2008. 4 Construction contracts amounted to €268.3 million, up 16% from €230.8 million on 31.12.2008, mostly due to delays in billing of public works nearing their completion (eg Egnatia Highway) as well as projects in their early stages. The broader economic circumstances have led to an increase in billed receivables due to postponement of payments by clients (mostly regarding public and concession projects). The relevant Balance Sheet entry amounts to €465.7 million, up 7% relative to €434.2 million on 31.12.2008. Inventories grew 15% to €40.6 million from €35.6 million on 31.12.2008, mostly due to purchases towards a new project in Poland. The afore-mentioned Balance Sheet items are financed by means of bank debt, which rose 11% to €410.6 million from €369.6 million on 31.12.2008 on a net basis, as well as by means of an increase in suppliers and other liabilities. The relevant item grew 17% to €463.3 million from €396.7 million on 31.12.2008. Other Long-Term Liabilities at consolidated level increased 46% to €39.5 million relative to €72.6 million on 31.12.2008, mostly due to reclassification of advances from clients and other liabilities to short-term liabilities, because they are payable within a 12-month period from balance sheet date. The Group’s financial results for the first half of 2009 are broken down by business segment as follows: amounts in euro Construction Concessions Real Estate & Total Other Activities Total Turnover by Division 450,008,448 12,682,032 462,690,480 Intra-Group (2,615,727) (342,569) (2,958,296) Net Sales 447,392,721 0 12,339,463 459,732,184 Gross Profit 37,279,008 2,026,592 39,305,600 Other Net Income (Expenses) 2,295,510 519,721 2,815,231 Administrative & Selling Expenses (12,160,311) (5,847,437) (2,874,803) (20,882,551) Income from Associates (581,982) 16,964,951 (349,591) 16,033,378 Operating Results (EBIT) 26,832,225 11,117,514 (678,080) 37,271,659 Financial Results (12,100,459) Pre-Tax Profit 25,171,200 Tax (5,004,924) Net Profit 20,166,276 Depreciation 11,298,040 44,360 510,064 11,852,465 5 The Group’s financial results for the first half of 2009 are broken down by geographic region as follows: amounts in euro Greece International Total Markets Total Turnover by Division 268,123,147 194,567,333 462,690,480 Intra-Group (2,958,296) 0 (2,958,296) Net Sales 265,164,851 194,567,333 459,732,184 Gross Profit 30,462,988 8,842,612 39,305,600 Other Net Income (Expenses) 785,822 2,029,409 2,815,231 Administrative & Selling Expenses (18,847,232) (2,035,318) (20,882,551) Income from Associates 16,605,312 (571,933) 16,033,378 Operating Results (EBIT) 29,006,890 8,264,769 37,271,659 Financial Results (10,201,831) (1,898,629) (12,100,459) Pre-Tax Profit 18,805,060 6,366,140 25,171,200 Tax (4,218,917) (786,007) (5,004,924) Net Profit 14,586,143 5,580,133 20,166,276 Depreciation 6,149,660 5,702,805 11,852,465 Important Events during the First Half of 2009 & their Impact on Financial Results During the first half of 2009, and up to the compilation of this report, the Group added several new projects, the most important of which are the following: • road section worth €172.7 million in Poland • new power station worth €225,1 million in Vasilliko, Cyprus, in a consortium with Hitachi Power Europe • football stadium worth €142.9 million in Poland, with a 48.5% stake • operation and maintenance of the Psyttaleia Waste management Complex near Athens, worth a total of €118 million, with a 48% stake through subsidiary ATHENA SA The addition of those projects, along with several more which are not publicised due to their small size, maintain the Group’s work-in-hand to satisfactory levels around €3.0 billion (based on both signed and pending projects for which the Group has been declared lowest bidder), despite the accelerating rate of execution of ongoing projects. In June 2009, the Board of Directors decided, and the subsequent Annual General Meeting of Shareholders approved, the amendment of the investment plan financed by proceeds of the €33.9 million reserved rights issue completed in September 2007.
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