Avax S A : Group 2023 Financial Results

AVAX Group

12Μ 2023

Financial Results

29.04.2024

Important Events in 2023

Signed an EPC contract with Mass Group Holding for a 1,750 ΜW power plant in Romania

Signed contract with the "Global Health Initiative" of the Stavros Niarchos Foundation who sponsor the

construction of a New Paediatric Hospital in Salonica and two New General Hospitals in Komotini and Sparta in Greece

Signed agreement with Mytilineos Group to sell 100% subsidiary Volterra SA

Appointment of Optima Bank since 04.09.2023 to act as Market Maker on Company shares, joining Eurobank Equities and Piraeus Securities

The valuation of Group participations in concessions and PPPs in the 31.12.2023 consolidated accounts does not include fair value worth €129 million due to different accounting treatment (book value consolidation)

The Group's Work-in-Hand based on signed contracts amounted to €3,047 million on 31.12.2023 (versus €1,861m on 31.12.2022, and €2,733m on 30.06.2023).

• new contracts totaling €1,443 million were signed in 2023 (versus €875m in 2022)
• only low value contracts have been signed so far in 2024
• contracts worth a total of €243 million are currently pending to be signed

Taking all this into account, and excluding any execution of projects in 2024, the Group's Work-in-Hand currently amounts to €3,293 million. Out of this total, private projects and PPPs account for 54%, with public projects contributing the balance of 46%. In terms of geographic distribution, Greece accounts for 78% of the total, with international projects making up 22% of the total.

2

Important Post-Balance Sheet Events

The Company issued 4,000,000 new shares which were distributed as a bonus to 5 executive Board members and 47 senior managers and other personnel of the Group, implementing a decision taken by the Annual General Meeting of Company shareholders in June 2021 to provide incentives and reward. Out of the total 2.7% bonus share issue, sales have so far amounted to 0.076% of the Company's total share capital.

The Company was officially declared lowest bidder on a provisional basis for the Ioannina-Kakavia road section in North-Western Greece, worth €234 million. The auction took place in December 2023.

The Competition Commission approved, as per the EU's Merger Regulation, the transfer of 100% subsidiary Volterra SA to Mytilineos Group. The relevant PPA was signed in August 2023.

The International Centre for Settlement of Investment Disputes (ICSID) on 11.04.2024 declared the closure of proceeding regarding the Company's €370.6 million claim from the Republic of Lebanon regarding the signed contract for the construction of the Deir Aamar (Phase II) power station. Announcement on the final ruling is expected during 2024.

Construction works towards the PPP-based Salonica Flyover were temporarily halted due to petitions filed on environmental grounds. The petitions were dismissed by the State Council on 24.04.2024. Construction works proceed normally.

3

Financial Results, continuing operations

				GROUP
amounts in € '000	2023	% of	2022	% of	2023/22
		sales		sales	change
Turnover	453,547			402,709		12.6%
Cost of Sales	(416,770)			(381,838)
Gross Profit	36,776	8.1		20,872	5.2
Other Net Income / (Expenses)	(1,339)			11,887
Impairments / Write-Offs	(5,065)	-1.1		(6,537)	-1.6
Administrative Expenses	(25,365)	-5.6		(27,974)	-6.9
Selling Expenses	(6,495)	-1.4		(12,986)	-3.2
Income from Securities	6,557			6,588
Income from Associates	32,445			47,439		-31.6%
Operating Profit / (Loss)	37,513	8.3		39,287	9.8
Financial Expenses	(20,827)	-4.6		(20,744)	-5.2	0.4%
Profit / (Loss) before tax	16,687	3,7		18,543	4.6
Taxes	(6,661)			(5,627)
Profit / (Loss) after tax,	10,026	2.2		12,916	3.2
continuing operations
- discontinued operations	382			26,966
- continuing + discontinued	10,408			39,883
EBITDA	60,764	13.4		58,228	14.5

	PARENT COMPANY
2023	% of	2022	% of	2023/22
	sales		sales	change
405,174			361,396		12.1%
(376,484)			(345,976)
28,690	7.1		15,420	4.3
(4,049)			39,348
(5,065)	-1.3		(6,537)	-1.8
(17,633)	-4.4		(21,400)	-5.9
(5,140)	-1.3		(12,446)	-3.4
9,375			2,903
28,106			57,336		-51.0%
34,284	8.5		74,624	20.6
(18,870)	-4.6		(18,648)	-5.2	1.2%
15,504	3.8		55,975	15.5
(6,713)			(5,136)
8,791	2.2		50,839	14.1
0			0
8,791			50,839
53,273	13.1		89,289	24.7

4

Group Results, continuing operations

5

Construction Segment Results

6

Group Turnover / EBITDA

per business segment and geographic region

amounts in € million		Turnover
	2023	2022	change
Business Segment
Construction	427.8	375.4	13.,9%
Concessions	4.0	4.8	-16.1%
Other Activities	21.7	22.5	-3.4%
Total	453.5	402.7
12.6%
Discontinued Operations	183.0	394.2
Geographic Region
Greece	401.1	267.6	49.9%
International Markets	52.5	135.1	-61.2%
Total	453.5	402.7
12.6%
Discontinued Operations	183.0	394.2

EBITDA

2023	2022	change

26.7	17.6	51.8%

30.6 38.7 -20.9%

3.5	1.9	79.1%
60.8	58.2
4.4%

1.8 27.7

87.9 103.1 -14.8%

(27.1)	(44.9)	39.5%
60.8	58.2
4.4%
1.8	27.7

7

Group Results per Business Segment

				Group Total	Discontinued
amounts in € million	Construction	Concessions	Other	(continuing
Operations
				operations)
2023
Turnover	427.8	4.0	21.7	453.5	183.0
Gross Profit	31.6	0.6	4.6	36.8	7.0
Share in Pre-Tax Earnings of Associates *	1.0	31.4	0.0	32.4	0.0
Pre-Tax Earnings				16.7	0.4
EBITDA	26.7	30.6	3.5	60.8	1.8
2022
Turnover	375.4	4.8	22.5	402.7	394.2
Gross Profit	15.5	1.7	3.7	20.9	12.5
Share in Pre-Tax Earnings of Associates *	10.5	37.1	(0.2)	47.4	(15.0)
Pre-Tax Earnings				18.5	27.8
EBITDA	17.6	38.7	1.9	58.2	27.7

• in consolidated accounts this item refers to the share in pre-tax earnings from participations in concessions, whereas in parent company accounts it refers to post tax dividends from concessions

8

Group Results per Geographic Region

amounts in € million	Greece	International	Group Total	Discontinued
Markets	(continuing	Operations
		operations)
2023
Turnover	401.1	52.5	453.5	183.0
Gross Profit	64.7	(28.0)	36.8	7.0
Share in Pre-Tax Earnings of Associates *	27.2	5.2	32.4	0.0
Pre-Tax Earnings	49.6	(32.9)	16.7	0.4
EBITDA	87.9	(27.1)	60.8	1.8
2022
Turnover	267.6	135.1	402.7	394.2
Gross Profit	64.6	(43.7)	20.9	12.5
Share in Pre-Tax Earnings of Associates *	41.8	5.6	47.4	(15.0)
Pre-Tax Earnings	71.9	(53.3)	18.5	27.8
EBITDA	103.1	(44.9)	58.2	27.7

• in consolidated accounts this item refers to the share in pre-tax earnings from participations in concessions, whereas in parent company accounts it refers to post tax dividends from concessions

9

Group Results per Business Segment

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