AVAX S.A.

Interim Condensed Financial Reporting

for the period January 1st to June 30th , 2019

(pursuant to Article 5 of Law 3556/2007)

AVAX S.A.

Company's Number in the General Electronic Commercial Registry :913601000 (former Company's Number in the Register of Societes Anonymes: 14303/06/B/86/26)

16 Amaroussiou‐Halandriou str.,

151‐25, Marousi, Greece

A) Statements of the Board of Director's Members	3
B) Interim Report of the Board of Director's	4
C) Independent Auditor's Report on Review	20
D) Interim Condensed Financial Statements for the period 1 January to 30 June 2019	22
d.1 – Interim Statement of Financial Position	23
d.2 – Interim Income Statement	24
d.3 – Interim Statement of Comprehensive Income	25
d.4 – Interim Cash Flow Statement	26
d.5 – Interim Statement of Changes in Equity	27
E) Notes and Accounting Policies	28

The Interim Condensed Financial Statements presented through pages 1 to 71 both for the Group and the Parent Company, have been approved by the Board of Directors on 27th of September, 2019.

Chairman & Executive Director

Deputy Chairman & Executive Director

Managing Director Group CFO Chief Accountant

CHRISTOS JOANNOU KONSTANTINOS KOUVARAS

KONSTANTINOS MITZALIS I.D.No. 889746 I.D.No. ΑI 597426 I.D.No. AN033558 I.D.No. 550801 I.D.No. AI 109515

ATHENA ELIADES

GEORGE GIANNOPOULOS

STATEMENT OF MEMBERS OF THE BOARD OF DIRECTORS

(in accordance with article 5, paragraph 2 of Law 3556/2007)

In our capacity as executive members of the Board of Directors of AVAX SA (the «Company»), and according to the best of our knowledge, we,

1. Joannou Christos, Chairman & Executive Director
1. Kouvaras Constantinos, Deputy Chairman and Executive Director
1. Mitzalis Constantinos, Managing Director,

declare the following:

the financial statements for the period from 01.01.2019 to 30.06.2019, prepared under the International Financial Reporting Standards currently in effect, give a true view of the assets, liabilities, equity and financial results of the Company, as well as the businesses included in the consolidation of the Group,
the semi‐annual Report of the Board of Directors of the Company gives a true view of the evolution, the performance and the stance of the Company, as well as the businesses included in the consolidation of the Group, including an overview of the main risks and uncertainties they face, along with all other information required by article 5, paragraph 6 of Law 3556/2007.

Marousi, September 27, 2019

CHAIRMAN & EXECUTIVE DIRECTOR

DEPUTY CHAIRMAN & EXECUTIVE DIRECTOR

MANAGING DIRECTOR

JOANNOU CHRISTOS KOUVARAS CONSTANTINOS MITZALIS CONSTANTINOS ID: 889746 ID: ΑI 597426 ID: AN 033558

REPORT OF THE BOARD OF DIRECTORS

FOR THE PERIOD FROM 01.01.2019 TO 30.06.2019

(in accordance with article 5, paragraph 6 of Law 3556/2007 and Decision #8/754/14.04.2016 of Greece's Capital Markets Commission)

Dear Shareholders,

this Interim Report of the Board of Directors has been prepared in accordance with corporate and capital markets legislation and the decisions of the Capital Markets Commission to depict for the 01.01‐30.06.2019 period:

the true development and performance of Group AVAX
the main risks and uncertainties to be dealt with,
basic financial and non‐financial information,
projections for the expected course & evolution of the Group's business segments, and
information on transactions with related parties.

The Interim Report of the Board of Directors performs a complementary role to the financial statements included in the Interim Financial Report for the 01.01‐30.06.2019 period.

Main Business Segment Activity

Construction

In the first half of 2019, the Group's construction segment recorded an increase relative to the respective period of 2018, with the improvement in international markets outweighing the retreat of Group activity in the local construction market. Increased activity in international markets came on the back of two reasons: a) the gradual increase of Company participation in joint ventures where our project partner J&P (Overseas) Ltd was not able to carry out the works, and b) the addition of revenues due to a series of company acquisitions, mostly in Qatar and Libya (see section "Important Events during the First Half of 2019 & their Impact on Financial Results"). As a result, the participation of the international construction segment in the Group's total revenue mix grew to 57.4% in the first half of 2019, versus 35.3% in the respective period of 2018. Other major infrastructure projects, both in Greece and in international markets,, such as the extension of the Athens metro and the expansion of the Limassol Marina, proceed according to plans.

Energy (Power Stations & LNG)

The main energy‐related projects which the Group is working on are the design & build of a 1,500MW power plant in Iraq, the upgrading of marine infrastructure at the petrochemicals terminal in Umm Qasr, of Iraq, and the design & build of an exhaust gas desulphurization system for the 375MWe lignite‐fired unit V of the Agios Dimitrios power plant in Kozani, northern Greece.

RES Projects and Energy Trading

Regarding energy production from renewable sources, Volterra has a portfolio of 11 projects totaling around 338MW at various stages of maturity (in operation, about to start construction or under construction, ready for participating in competitive procedures, under development). All projects are developed in‐house from scratch (on a "green field" basis) using external consultants, and mostly pertain to wind farms.

During the first half of 2019, the Company struck a deal with the PPC Group to jointly develop and operate wind parks in western and central Greece totaling 69.7MW, through the sale to PPC of a 45% stake in the SPVs controlling those projects. The agreement was eventually concluded in July 2019. Following the full licensing (installation, connection, trading) of the 54MW wind park in central Greece, Volterra closed the financing side of the deal and started construction in the 3rd quarter of 2019 in line with the set time schedule. The park is expected to enter its test phase in the last quarter of 2020.

Volterra successfully participated in the competitive pricing tender procedure which took place in July 2019 by the domestic power authority, securing the feed‐in tariffs for a 12MW wind park and a 2.7MW solar park.

Concessions

With minor exceptions, Group accounts do not fully consolidate its participations in concession projects, therefore only incorporating low income from those participations. Consolidated first half 2019 results include income from associates corresponding to Group share in the profit of concession participations, such as the Athens Ring Road, the Rio‐Antirrio Bridge, the Aegean Motorway etc. Despite normal fluctuations in the income and dividends of those concessions in line with the country's economic conditions, the course of those concessions is in line with long‐term projections due to their key position in local transportation and vehicle traffic. Therefore no problems are expected in receiving dividends from those concessions. The Limassol Marina concession boasts superior prospects.

Group Financial Results for the First Half of 2019

Consolidated group turnover grew 5.4% to €315.1 million in the first half of 2019 versus €298.9 million in the year‐earlier period, due to an increase in revenues from international markets which outweighed reduced activity in the local market. It should be noted that new acquisitions outside Greece contributed aggregate revenue of €17 million in the first six months of 2019 because they were consolidated for a short time period into AVAX Group.

Gross profit for the Group in the first half of 2019 improved to €25.4 million versus €19.0 million in the year‐earlier period, with the gross profit margin widening to 8.1% in 2019 relative to 6.3% in 2018.

The Group's general administrative expenses registered a small decline to €13.5 million in the first half of 2019 from €13.8 million in the comparative period, reflecting the broader effort to curb and rationalise expenses.

Selling expenses increased to €4.2 million versus €3.3 million due to a substantial increase in participation to project tenders in Greece and in international markets, as well as due to the launch of new companies.

Income from associates improved to €16.0 million in the first half of 2019, up from €12.4 million in the respective period of 2018, in line with the broader recovery in the economy and traffic in concession‐operated motorways.

On the back of all these changes, the consolidated result at an operating level in the first half of 2019 reached €28.1 million as opposed to €16.2 million in the year‐ago period.

On a consolidated pre‐tax basis, the Group turned in a €15.2 million profit in the first six months of 2019 versus a €4.7 million profit in the year‐earlier period, with the pre‐tax profit margin widening from 1.6% in the first half of 2018 to 4.8% in the respective period of 2019.

Group earnings before tax, interest expenses, depreciation and amortisation (EBITDA) improved in the first half of 2019 compared to the respective period in 2018, reaching €36.4 million versus €21.7 million, as a result of the afore‐mentioned increased return at gross profit level.

The total net interest expense for the group increased slightly to €12.8 million in the first six months of 2019 relative to €11.6 million in the respective period of 2018, in line with the course of total net borrowing.

Consolidated net debt increased €64.9 million during the first six months of 2019, reaching €594.6 million on 30.06.2019 versus €529.7 million at the end of 2018, mainly due to the full consolidation of AVAX Middle East Ltd, the 30.06.2019 balance sheet of which included total loans amounting to €93.1 million and cash amounting to €35.0 million. More specifically, the Group's short‐term debt rose €28.0 million in the first half of 2019 reaching €147.7 million, while long‐ term liabilities from bond loans and leasing increased €86.0in the first half of 2019, amounting to €561.6 million as of 30.06.2019. At the same time, Group cash increased to €114.7 million on 30.06.2019 from €65.7 million at end‐2008. Those balance sheet items were affected by the consolidation of AVAX Middle East Ltd which includes loans amounting to €82 million. More specifically, an amount of €51 million concerns long‐term debt which is scheduled to be paid back in the period beyond one year and up to five years.

At parent company level, total debt amounted to €513.8 million on 30.06.2019, slightly lower than €521.0 million at the end of 2018. Net debt for the parent company also dropped to €437.6 million in the middle of 2019 from €464.0 million at end‐2018.

For the purpose of providing more detailed information, we note that a cumulative amount of €168.0 million earned as dividends from participations has been reclassified from "Profit carried forward" to a capital reserve from dividends, in line with article 48 of Law 4172/2013. Prior to the reclassification, the cumulative profit carried forward amounted to a €128.3 million loss versus a €296.3 million loss, while the capital reserve amount to €221.8 million versus €389.8 million, as mentioned in the statement of changes in equity.

It should also be noted that investments in concessions are valued in the accounts of the parent company at their fair value, as appraised by independent valuators. Those investments are consolidated in AVAX Group accounts using the equity method, excluding participations under 20% (Moreas Motorway and Olympia Motorway, which are also recorded at their fair values in consolidated accounts). As a result, the net fair value (calculated after deducting deferred tax) of the concession investment portfolio at 30.06.2019 amounts to €79.7 million (versus €72 million in the 31.12.2018 consolidated accounts), which is not reflected in the consolidated accounts of Group AVAX, because those investments are valued using the equity method.

Group receivables from contractual assets (construction contracts) increased substantially in the course of the first half of 2019, reaching €204.2 million on 30.06.2019 from €118.9 million at the end of 2018, due to the consolidation of AVAX Middle East Ltd (see Note 23 of the Financial Accounts).

Operating cash flow for the group was positive, amounting to €11.0 million in the first half of 2019, reversing the trend of respective periods in recent years when the group produced operating cash outflows.

Free cash flow was also positive in the first six months of 2019, with the inflow amounting to €33.4 million versus a €6.8 million outflow recorded in the year‐earlier period.

amounts in euro	Construction	Concessions	Energy	Other Activities	Total

Net Sales	253,318,874	2,557,009	52,988,384	6,220,840	315,085,107
Gross Profit	22,824,714	(381,577)	1,607,220	1,382,281	25,432,638
Operating Profit	14,054,689	14,836,858	(858,841)	23,941	28,056,647
Depreciation	6,465,951	916,889	624,344	363,415	8,370,599
EBITDA	20,520,639	15,753,748	(234,497)	363,415	36,427,246
Pre‐Tax Profit					15,180,183
Net Profit					8,865,801

The Group's financial results for the first half of 2019 are broken down by business segment as follows:

The Group's financial results for the first half of 2019 are broken down by geographic region as follows:

amounts in euro	Greece	International	Total
		Markets
Net Sales	134,297,850	180,787,258	315,085,107
Gross Profit	(221,598)	25,654,236	25,432,638
Operating Profit	12,471,022	15,585,624	28,056,647
Depreciation	5,487,483	2,883,116	8,370,599
EBITDA	17,958,505	18,468,741	36,427,246

Pre‐Tax Profit	4,443,726	10,736,457	15,180,183
Net Profit	3,279,522	5,586,280	8,865,801

Important Events during the First Half of 2019 & their Impact on Financial Results

The following are the most important events concerning the Group during the first half of 2018:

Corporate Renaming

Shareholders at the 2nd Repeat Extraordinary General meeting on 27.03.2019 decided to rename the Company from J&P‐ AVAX SA to AVAX SA. The corporate renaming is part of the broader renewal of the Group's business profile, while also arising from the need to help the investment public, banks and the construction sector avoid any misconceptions arising from the liquidation of international contractors J&P (Overseas) Ltd and the split in the business activities of the Joannou and Paraskevaides families (who are among AVAX's main shareholders).

Administrative Changes

A. Board of Directors

The 2nd Repeat Extraordinary General shareholders meeting on 27.03.2019 elected a new Board of Directors for a three‐year term ending 26.03.2022, which convened and appointed its members as follows:

1. Christos Joannou, Chairman (executive)
1. Konstantine Kouvaras, Deputy Chairman (executive)
1. Konstantine Lysarides, Vice Chairman & Director (executive)
1. Konstantine Mitzalis, Managing Director (executive)
1. Aikaterini Pistioli, Director (non executive)
1. Christos Siatis, Director (non executive‐independent)
1. Alexios Sotirakopoulos, Director (non executive‐independent)
1. Michael Hatzipavlou, Director (non executive‐independent)

It should be noted that on 08.03.2019 Mr George Demetriou resigned from his position as non‐executive director of the Company for personal reasons. The Board of Directors had decided not to replace Mr Demetriou for the time being, and continue its managerial work and representation of the Company with the remaining Board members, as per article 82 of Law 4548/2018 and article 23, paragraph 2 of the Company Charter.

B. Project Bidding Committee

In March 2019, the Board of Directors introduced a three‐member Project Bidding Committee, in line with the provisions of its Corporate Charter, article 87 of Law 4548/2018 and best practice principles and corporate governance rules. The new committee works towards the effective operation of the Company's institutional bodies and the application of all principles, technical and organizational measures and procedures adopted by the Company to comply with competition regulations. The Board of Directors granted the Project Bidding Committee all powers of administration and representation of the Company in relation with tenders for public contracts, and overall with bidding for public and private works, as specified in the Board decision. The Project Bidding Committee comprises the following Group officials:

1. Konstantine Lysarides, Vice Chairman & Executive Director
1. Athena Demetriou‐Eliades, Group Financial Officer, and
1. Zoe Lysarides, Bidding Department Director

Revision of agreements for 4 joint ventures with J&P (Overseas) Ltd in Jordan and Qatar

On 11.10.2018, it was announced that international contractor J&P (Overseas) Limited, incorporated in Guernsey, filed for liquidation to address the deficits and liquidity problems it faced. Given that the Company participated in four joint venture projects with J&P (Overseas) Limited in Jordan and Qatar, it was necessary to review the respective contracts with the clients and banks involved in these projects. The Company made, and still does, every effort to continue and complete these projects in the most technically perfect way, to ensure the Company's future presence in the construction market of the wider Arab world as well as its access to the local banking system.

[A detailed report on this matter may be found in the Report of the Board of Directors for the Annual Financial Report 2018, under the "Important post balance sheet date Developments & Events" section]

More specifically, the status of each project is as follows:

1a. Roadworks in Qatar

In Qatar, the Company participates with J&P (Overseas) Ltd in two road works ("West Corridor P010" and "New Orbital Highway and Truck Route") as well as the construction of the "Qatar Foundation Stadium" sports complex. Those projects are linked to the overall upgrade of the country's infrastructure as part of its preparation for hosting the FIFA 2022 Football World Cup.

The contracts for the road works "West Corridor P010" and "New Orbital Highway and Truck Route" were signed with Ashghal (Qatari Public Works Authority) on 01.08.2013 and 22.01.2014, respectively, with a value of €101.3 million and €192.2 million value for our Company's 25% stake in both projects. The projects have been completed.

1b. Qatar Foundation Stadium

The contract for the sports stadium was signed with state institution Qatar Foundation on 21.07.2016, representing a value of €133.7 million for our Company, corresponding to a 24% stake.

Letters of guarantee for this project were issued by J&P (Overseas) Ltd, while our Company provided corporate guarantee to the lending bank up to the percentage of its participation (24%). For the purposes of the project, the bank has provided working capital to J&P (Overseas) Ltd, which is expected to be repaid until the project is completed by the joint venture. The Company through its branch in Qatar (which is incorporated in the parent company's balance sheet) records this payable item in its liabilities according to its stake in the JV (24%) at 31.12.2018. It amounts to 32.4 million QAR or €7.5 million.

Through the consolidated accounts of AVAX Middle East, the entire amount of payables to the lender bank, ie QAR 135 million or €31.25 million, has been recognized. AVAX has not provided any guarantees towards the amount of €23.75 million recognized in the accounts of AVAX Middle East. Following the acquisition by AVAX Group of J&P (Overseas) Ltd subsidiaries which participate in the project, the novation agreement was signed between all parties involved.

Works towards the project proceed normally, with the completion percentage amounting to 68% as of 30.06.2019 (versus 50% on 31.12.2018). It should be noted that following the placement of J&P (Overseas) Ltd under liquidation, the construction joint venture in 2019 was awarded two additional contracts for the project, to erect a school building complex and assume maintenance of the entire sports and education facilities for a two‐year period, worth around €62 million and €31 million, respectively.

2. Jordan

The project concerns the upgrading of the baggage handling system at the international airport of Queen Alia in the capital city of Amman, which is effectively an extension of the oldest contract signed with the government of the country for the construction of the state‐of‐the‐art airport. The contract was signed on 12.04.2018 representing a value of €24.8 million for our Company, corresponding to a 50% stake. AVAX SA agreed to assume the continuation of the project and purchase used assets of J&P Overseas Ltd (office space and limited mechanical equipment exclusively employed in the project), according to the appraisal conducted by specialists on behalf of AVAX and the liquidator of J&P (Overseas) Ltd). Signing of the deal between the liquidators, banks and the Concession lending bank syndicate has been delayed because of the requirement to secure the consent of ARAB Bank, which had issued the letters of guarantee for the initial project contract using J&P (Overseas) Ltd credit limits with no guarantees provide by AVAX SA.

The project has been completed and is going through its defect liability period. This responsibility has been assumed by AVAX which is also working on the additional project. Bank performance bonds and letters of guarantee for the additional works, currently amounting to €9.0 million, are issued by AVAX SA.

An agreement was reached recently for ARAB Bank's consent to the deal, which is expected to be signed soon.

Works proceed normally. On reference date 30.06.2019, the project was 33% complete, up from 11% on 31.12.2018. The contractual work schedule calls for project delivery in 2022, with the largest part of works planned for 2019 (65%) and 2020 (15%).

Share Capital Increase amounting to €20 million

The 2nd Repeat Extraordinary General Meeting of Company shareholders held on 27.03.2019 decided a share capital increase amounting to €20 million through a rights issue for all shareholders, at an issue price of €0.30 per share. The validity term of the decision expired with no capital increase taking place, which would have seen a total of 66,666,666 new shares being issued at a ratio of 0.85849971 new shares for each share outstanding. The rights issue will take place based on a newer shareholder decision (see section "Important post balance sheet date Developments & Events").

Set up of AVAX Middle East Ltd and acquisition of companies in the Persian Gulf

The Company set up AVAX Middle East Ltd ("AVAX ME") in May 2019 in Cuprys, as part of its strategic decision to focus on mechanical, electrical and plumbing (MEP) works in Qatar, the United Arab Emirates and the broader Persian Gulf region. AVAX ME is a subsidiary of AVAX International Ltd, also based in Cyprus and 100% subsidiary of AVAX SA.

In June 2019, AVAX ME acquired three companies from J&P (Overseas) Ltd which is undergoing liquidation, more specifically it acquired 100% of Conspel Construction Specialist (Isle of Man) Limited, as well as 49% of J&P Qatar WLL and Abu Dhabi J&P LLC. All three companies are fully consolidated by AVAX ME due to effective management control, arising from a contractual agreement with other shareholders.

Through AVAX ME, the AVAX Group eyes the expansion of its operations ina geographic region with a steady flow of auctions for large‐scale projects for MEP projects. The expansion through the acquisition of the three companies which are active in the Middle East and Persian Gulf area, offers AVAX Group know‐how in large‐scale MEP works as well as access and expertise in operating in those countries. AVAX ME's consolidated accounts post the acquisitions show work‐in‐hand amounting to €361 million. The accounts also show debt totalling €82 million, of which €51 million concern long‐term loans to be repaid in the period beyond one year and up to five years. There is also cash amounting to €31 million and short‐term loans amounting to €31 million, which come from the projects in progress. Short‐term loans are expected to be repaid within 12 months (until 2020) out of cash flows from those projects.

The estimated turnover for the second half of 2019 of those companies is \$200 million. At the same time, AVAX became a majority partner in the Qatar Foundation Stadium Construction Joint Venture, up from 24%. The stadium is expected to reach completion by the end of 2019; with a total size of \$650million, it is of importance to the country and the upcoming 2022 FIFA World Cup.

[More information is available on Note 23 of the Accounts]

Acquisition of Businesses in Libya and Greece

In April 2019, the Company acquired PSM Suppliers Ltd ("PSM") based in Channel Islands from "Overseas Holdings Limited" (OHL), which belongs to the J&P (Overseas) Ltd group ("JPO"), placed under liquidation since October 2018. PSM's shares were transferred along with all rights and obligations related in particular to the continuation of two separate contracts for an energy project in Libya's Faregh oil deposit, the client being WAHA Oil Company of Libya. It is noted that the project is in the final stage of completion, estimated to be completed in 2019, as the remaining works include testing & commissioning of mechanical equipment from Siemens, a subcontractor of PSM. With this transaction, the Company seeks:

• to acquire PSM's experience and project record, thereby improving its bidding capacity for similar energy projects in international markets

• to collect in the near‐term the funds withheld to guarantee the performance of the two projects, which exceed the agreed acquisition price.

Ιn April 2019, the Company also acquired J&P Energy & Industrial Works SA ("J&P Energy"), based in Greece, from J&P (Overseas) Ltd, which is in the process of liquidation. The acquisition was concluded at a token price and is aimed at further enhancing the operations of AVAX Group's energy projects department, as J&P Energy boasts considerable expertise in producing technical studies for energy‐related industrial works in international markets.

Absorption of subsidiary J&P Energy SA

The Board of Directors of the Company and «J&P Energy & Industrial Works SA», the latter company being 100% subsidiary of the former, decided to commence their merger through the absorption of J&P Energy & Industrial Works SA by AVAX SA. The merger will be based on financial statements dated 31.12.2018 and carried out in accordance with Law 4601/2019, article 54 of Law 4172/2013 and article 61 of Law 4438/2016. The Merger Plan was posted on 28.06.2019 as entry #1582313 on the General Commercial Registry of the General Secretariat of Commerce & Consumer Protection.

Addition of new projects:

1. The Company signed on 12.03.2019 a contract for the design, financing, construction, maintenance and operation on a PPP basis (Public‐Private Partnership) of a Waste Management Plant in the Ilia Prefecture of Western Greece, in a consortium with Mesogeios SA and AAGIS SA. The investment amounts to €39.5 million and the project aims to effectively manage urban solid waste produced in the prefecture, with a maximum capacity of 80,000 tons per annum. The waste management plant will be located in a rural area between the municipalities of Pyrgos and Ilida. The construction period is 22 months, including 4 months of pilot operation, to be followed by an operation term of 25 years and 2 months. The private entity of the public & private sector partnership, assumes, among others, the following obligations: a) construction, operation and maintenance of the waste management unit, b) financing of the project with own equity, debt and a financial participation by Ilida municipality, c) commercial use of by‐products (recycled material, biogas‐energy, compost, etc), d) transportation of residual waste to sanitary landfills.
1. The Company participates in a joint venture with ΤΕΡΝΑ, 100% subsidiary of GEK TERNA Group, which signed a contract with "ICR CYPRUS RESORT DEVELOPMENT CO LIMITED", of Chinese interests, for the construction of the "City of Dreams Mediterranean" integrated casino resort in Limassol, Cyprus. The joint venture is comprised of J&P‐AVAX SA (60%) and TERNA SA (40%). The contract, worth around €270 million with a 30‐month deadline, pertains to the construction of an integrated casino resort with approximately 96,000 m2 building construction area on a 37 hectare site. The resort will include a casino, restaurants, retail and commercial area, spa, a 16‐storey hotel tower with approximately 500 guest rooms, expo building, sizeable sports facilities with indoor and outdoor pools, and a an assortment of other main and auxiliary areas and facilities, as well as expansive landscaped areas.

Collaboration of subsidiary Volterra with PPC to develop wind parks totalling 69.7 MW

Volterra, 100% subsidiary of AVAX Group, signed a deal with PPC to jointly develop and operate wind parks with total capacity of 69.7MW. Specifically, PPC acquired 45% of the share capital of two Volterra SPVs, the first of which owns two wind parks of 16MW total capacity in Etoloakarnania region which are already operational at a FiP of €98/MWh, and the second which owns two wind parks under construction in Viotia region, one with capacity 42.9MW with a FiP of €98/MWh, and the other with a 10.8MW capacity with a FiP of €56.45/MWh.

Main Risks & Uncertainties for the Second Half of 2019

1. Economic & Political Developments

The government change that emerged from the July 2019 elections has rekindled the hopes of the business world, and of society at large, for an upturn in the country's economy. The announcement of a series of tax reductions, coupled with the accelerated process of implementing flagship investments, have created a climate of euphoria at the level of businesses, households and government bond markets. The anticipated increase in disposable income and the creation of many new jobs are expected to produce lasting results, creating a more favourable macroeconomic environment for the country from 2020 onwards. The business world seeks the return of the domestic banking system to its role as provider of loans and guarantees, to restore the proper functioning of businesses and to effectively pull the country out of the economic crisis.

2. Risks and Uncertainties

Group activities are subject to various risks and uncertainties pertaining to the nature of its business activities, prevailing geopolitical, credit and currency conditions, relations with clients, suppliers and subcontractors. To a large extent, the risk arising from these relations and transactions is predictable or may be dealt with the selection of the appropriate management policy due to the accumulated expertise of the Group's senior staff and official procedures. It is always desirable to limit the overall level of risk to tolerable and manageable levels for Group operations. Nevertheless, no system and risk management policy can offer absolute security against all risks, as the ever‐changing international political and economic environment may overturn any situation which was taken for granted and considered manageable in advance. The main risks and uncertainties, their management policies and their impact on Group activities, are as follows:

a. Credit Risk

The Group's Strategic Planning & Risk Management Committee has adopted a credit policy according to which the credit score of new clients is assessed individually before they are officially offered the standard terms and conditions of payment and delivery. Regarding public works, until the economic environment improves, the Group follows a policy of participating only in tenders where project financing is secured with European Union funds.

At any point in time, the Group is involved in a large number of projects in Greece and abroad, with select clients with a proven record of reliability and credit worthiness. In the local market, the Greek State has traditionally been the largest client, as the private sector historically is a small player in building facilities and infrastructure projects where the Group specializes in. Participation in self‐financed projects in the form of concessions and PPP has somewhat limited the participation of the Greek State in total Group revenues. In international markets, the group mostly deals with private‐sector clients. Under this light of clientele diversification, the Group presents a medium level of credit risk concentration.

As a result of the international practice in the construction sector, Group transactions are required to be secured to a large extent by the intervention of the banking sector and international credit security firms in issuing guarantees in all stages of a signed project contract, from participating in the bidding, to receiving an advance payment, the execution of the project in discrete phases till its final delivery.

To calculate the provision for impairment of receivables from clients and other debtors, the Group assesses the risk level of each client according to the aging breakdown of receivables in arrears and their broader credit‐worthiness, while also applying a general coefficient for doubtful receivables on the total of its receivables which depends on prevailing business conditions.

To provide a realistic view of the level of doubtful receivables in its financial accounts and keep any adverse impact in upcoming financial periods in check, the Group has in recent years been charging increased provisions for impairment of its receivables from clients and debtors, as may be seen in the following table.

The Company and the Group have implemented the simple form of IFRS 9 for the impairment of expected credit losses on the balance of commercial and other receivables on the date of first implementation.

b. Input Price Risk

The Group is exposed to volatility in input prices for raw materials and other supplies, which in most cases are internationally‐priced commodities, such as cement, metal rebars and fuel. The Group is centrally purchasing supplies for all its subsidiaries to secure economies of scale. In several cases it pre‐orders large quantities of supplies to lock in their purchase price and escape future price shifts.

c. Liquidity Risk

Liquidity risk refers to the likelihood of current assets, ie those that may be disposed off on a short‐term span, being insufficient to cover short‐term liabilities when they become due. As per the following table, the Group had positive net current assets at the end of the first half of 2019.

amounts in € '000	GROUP		COMPANY
	30.06.2019	31.12.2018	30.06.2019	31.12.2018
Current Assets, excluding cash & equivalent (Α)	715,033	462,435	459,877	430,384
Short‐term Liabilities, excluding bank debt (Β)	628,196	365,745	342,522	300,114
Net Current Assets (Α – Β)	86,837	96,690	117,355	130,270

The Group follows a policy of securing adequate cash to meet upcoming liabilities at any point in time. To this extent, the Group seeks to maintain cash in physical form or in agreed credit lines sufficing for expected payments over the period of a month. The Finance Department prepares a detailed monthly and 12‐month cash plan, as well as revising on a quarterly basis the 5‐year budget and cash flow statement.

The basic criterion in evaluating the course of cash liquidity is the aging analysis or maturity of the Group's financial liabilities, starting from balance sheet date until those liabilities are due.

d. Cash Flow Risk

The Group occasionally makes use of complex financial products in association with the banking sector to hedge the cash flow primarily to specific investments in self‐financed projects. The part of the cash flow hedge which was absolutely effective is credited directly to shareholder funds through the Table of Changes in Own Equity of concessionaires, in line with the provisions of the International Accounting Standards. The ineffective part of the gain or loss is charged directly to the income statement of the companies. Therefore, the Group books its share in its consolidated financial accounts according to the respective entries in associated companies, in line with International Accounting Standard 28.

e. Forex Risk

The Group receives a large part of its revenues from works in international markets, with a significant portion of those revenues coming from countries outside the eurozone. In cases of projects outside the eurozone, the Group makes an effort to match its receivables in foreign currency with payables in the same currency, effectively hedging part of its foreign exchange risk. The Group also carries out, partially at minimum, financial hedging of its receivables and payables in foreign currency through agreements with banking institutions.

f. Insurance Risk

The Company and its subsidiaries are covered by reputable insurance companies against basic risk arising from their business activity, relating to breakdowns and damages in their technical equipment, personnel accidents, and force majeure events. Insurance coverage is bound to usual terms for each contract and is seen adequate overall. Basic insurance provides full coverage of the undepreciated accounting value of fixed assets against catastrophic and other risks, with an emphasis on technical equipment in Greece and abroad as well as construction projects. Insurance contracts for projects also cover civil responsibility of the Company versus third parties.

g. Geopolitical Risk

Geopolitical risk is present throughout the Eastern Mediterranean region, the Middle East and Northern Africa Group due to conflicts and unrest linked to the overturning of old political regimes, the rise of new fanatic religious groups, and the conflict for control of natural resources.

The Group's international activities and expansion outside Europe has been focused on countries with limited geo‐political risk, such as Jordan, the United Arab Emirates and Qatar, however the business environment has proven positive even in countries with perceived increased risk, like Iraq.

The Group has halted works towards the construction of the 590MW thermal power plant at Deir Aamar (Phase II) near the city of Tripoli in Lebanon, and has filed a Petition for Arbitration to the International Centre for Settlement of Investment Disputes (ICSID) for its claim against the state of Lebanon. Given the continuing pursuit of an amicable settlement of the dispute between the two sides, the arbitration process has been suspended until 31.01.2020 following a joint request by both sides, which was accepted by ICSID. Based on these facts, the assessment of the recoverability of the claim as of 31.12.2018, as restricted, remains the same on 30.06.2019.

h. Financial Risk

The Group finances its fixed assets with long‐term bond loans and its operations with working capital, while also using performance bonds issued by banking institutions to participate in project tenders and guarantee their proper execution to clients. The terms and pricing of those financial products, ie interest rates and bond fees, are determined by international and local liquidity conditions beyond the control of the Group, despite the good relationship maintained with the local banking system. The recent lifting of capital controls imposed four years ago on the local banking sector is expected to have a positive impact on investment confidence, gradually improving liquidity conditions in the banking sector, with a knock‐on effect on contractors.

Total consolidated debt for the Group on 30.06.2019 amounted to €709.3 million, substantially increased from €595.4 million at end‐2018, due to the consolidation of newly acquired companies outside Greece.

Long‐term debt represents around 80% of total group debt at the end of the first half of 2019, unchanged from 31.12.2018.

Projections & Prospects for the Second Half of 2019

Group management believes that the political change in our country after the July 2019 elections is a sufficient condition for improving the domestic investment and business climate compared to the previous period. The long‐term outlook is positive in international markets, due to strong demand for design & construction by specialized contractors of infrastructure works, such as power plants and LNG facilities which the Group focuses on.

Barring any unforeseen and extraordinary events, the Group's financial results are expected to improve further in the second half of 2019 compared to the first half, both in terms of turnover and net profit. Τhe Group's total volume of operations is expected to receive a significant boost from the strategic acquisitions of the Company in the first half of the year, mainly in the Qatari market, as part of the Company management decision to specialize in MEP projects in the Persian Gulf region. It should be noted that as of the end of the first half of 2019, Group work‐in‐hand, ie the portion of signed contracts which has yet to be recorded in financial statements in terms of revenue and expenses, amounted to around €1.2 billion (versus €1.0 billion at the end of 2018). The work‐in‐hand total for the end of the first half of 2018 does not include contracts for the provision of services and sale of developed real estate, or projects pending signing in the near‐term. Projects in international markets represent more than three quarters of work‐in‐hand on 30.06.2019.

Alternative Performance Measures

This Interim Financial Report features some «Alternative Performance Measures», based on the ESMA Guidelines on Alternative Performance Measures dated 05.10.2015), besides the International Financial Reporting Standards which derive from the Group's financial statements. APMs are not a substitute for other financial figures and financial indicators of the Group which are calculated according to IFRS, rather they serve the purpose to allow the investment public to get a better understanding of the Group's financial performance.

The APMs used in the Group's Interim Financial Reports are as follows:

1. Earnings before interest, tax, depreciation and amortization (EBITDA)

amounts in € '000	GROUP		COMPANY
	6M 2019	6M 2018	6M 2019	6M 2018
Pre‐tax Earnings (Α)	15,180	4,725	13,014	23,792
Financial Results (Β)	(12,876)	(11,511)	(10,601)	(10,608)
Investment Results / Adjustments for non‐cash items (C)	0	(599)	0	0
Depreciation (D)	8,371	4,816	5,337	3,302
EBITDA (Α ‐ Β ‐ C + D)	36,427	21,650	28,952	37,703

Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) are defined and calculated according to Circular #34 of the Capital Markets Commission, as follows: Earnings before tax, financial and investment results and total depreciation (EBITDA) = Profit / (Loss) pre tax earnings +/‐ financial and investment results + Total Depreciation (of tangible and intangible assets). EBITDA is widely used by financial analysts and banks to evaluate the capacity of corporations to service their debt out of generated cash flow.

2. Capital Leverage Indicator

amounts in € '000	GROUP		COMPANY
	30.06.2019	31.12.2018	30.06.2019	31.12.2018
Total Debt (Α)	709,300	595,388	513,808	521,040
Shareholder Funds (Β)	99,845	87,827	259,761	249,322
Funds Deposited towards Rights Issue (C)	16,250	13,000	16,250	13,000
Capital Leverage [ Α / (B+C) ]	6.11	5.91	1.86	1.99

The capital leverage indicator is calculated as the ratio of the total of Short‐term and Long‐term loans at year‐end to Total Shareholder Funds at year‐end, also taking into account the funds deposited by major shareholders towards a rights issue decided by a general shareholders meeting. This indicator examines the relationship between loans and own equity to assess whether the business is adequately capitalized or exhibits excessive exposure to bank loans and borrowed capital.

3. Net Debt

amounts in € '000	GROUP		COMPANY
	30.06.2019	31.12.2018	30.06.2019	31.12.2018
Bond Loans	(423,544)	(429,957)	(415,354)	(415,942)
Jessica Loans / EBRD (project financing)	(98,957)	(43,531)	0	0
Bond Loans – due in next 12months	0	(6,080)	0	(6,080)
Leasing	(43,406)	(5,628)	(1,049)	(602)
Short‐term Loans	(143,393)	(110,192)	(97,405)	(98,417)
Total Debt (Α)	(709,300)	(595,388)	(513,808)	(521,041)
Cash & Equivalent (Β)	114,703	65,676	76,184	57,026
Net Debt (Α + Β)	(594,597)	(529,712)	(437,624)	(464,015)

Net Debt is calculated by subtracting Cash & Equivalent from the total of Short‐term and Long‐term Loans. As a performance indicator, net debt gives an immediate view of the capacity of a business to repay all or part of its debt making use of its cash and equivalent.

4. Free Cash Flow

amounts in € '000		GROUP		COMPANY
	6M 2019	6M 2018	6M 2019	6M 2018
Pre‐Tax Earnings	15,180	4,725	13,014	23,792
Depreciation	8,371	4,816	5,337	3,302
Other Cash Flow Items	(646)	(1,315)	(6,423)	(13,167)
Change in Working Capital	(11,858)	(26,538)	(619)	(29,602)
Operating Cash Flow (Α)	11,047	(18,312)	11,309	(15,675)
Net Investment Cash Flow (Β)	22,356	11,487	15,081	12,197
Free Cash Flow (Α + Β)	33,403	(6,825)	26,391	(3,478)

Free Cash Flow is measured by deducting Net Investments from Operating Cash Flow, providing an indication of the cash generated by a business due to its operation after paying for investments in assets. Positive free cash flow allows for financing of new activities to expand the business and relax debt, while any free cash outflow must be matched by new equity injected by shareholders or borrowing from the banking system.

Applied Company Policies

The Company applies a series of policies on issues relating to Corporate Responsibility and Corporate Governance, according to pertinent legislation.

Environment

The Environmental Policy of the Company comprises a set of principles, defined as commitments, through which top management describes the long‐term direction of the Company with respect to the support and enhancement of environmental performance. The Company has developed and applies an Environmental management System according to international standard ISO 14001.

Energy Management

As part of the applied Environmental Management System, the Company has designed and applies various Programmes and Procedures in a bid to reduce energy consumption in worksites and central installations and offices. It is certified to international standard ISO‐50001/2011 for energy management.

Waste Management

The Company abides by local, national, EU and international legislation (depending on the country) in all its projects. As part of the applied Environmental Management System, the Company has designed and applies various Programmes and Procedures for Waste Management. In its effort to practice best environmental management, the Company has reached agreements with licensed firms and institutions for waste management and recycling.

Social Policy

The Company is very active in the area of social responsibility, realizing the interaction with the local communities it is active in. AVAX's contribution takes the form of financial support of cultural and sports activities of various local communities and institutions, along with a number of events focusing on humans as individuals. The Company views social responsibility as a broader notion, where the target is not only to support specific groups of people, rather it is to improve the quality of life and safety of its personnel, residents neighbouring to its work sites and users of its projects.

Labour Policy

At the end of the first half of 2019, the Group and the Company employed 2,333 and 1,784 personnel, respectively, versus 1,436 and 917 on 30.06.2018, and 1,980 and 1,484 respectively on 31.12.2018. Personnel totals do not include staff employed by joint ventures which the Company and the Group participate in.

Health & Safety of Workers

The Company has a fully operating department for managing Quality, Safety and Environment issues which supports the application of management systems for quality, safety and environmental impact through the Group's central MIS system. The Group has for many years been certified to ISO‐9001/2015 standard for quality, to ISO‐14001/2015 for the environment and OSHAS‐18001/2007 for safety, and is in the process of applying a Total Quality Management system, which is a leading move for the construction sector.

The Company has also hired a doctor, who is available to all personnel for medical recommendations and advice at its headquarters for a two‐hour period once per week.

Employee Benefits

The Group has put in place a policy of specific benefits for its employees, including:

zero‐interest loans and salary advances to meet extraordinary needs
private medical and hospital cover for employees and family members
blood bank through a voluntary donation scheme, for employees and family members
gym at the central building of its headquarters in Marousi
agreement with a psychologist to cover certain needs of employees

Training & Development of Employees

The Company invests in its human resources and applies a Training Procedure to all hierarchical levels. The purpose of the procedure is to define the conditions for the most efficient training of staff, making use of approved subsidies, with a view to increase performance and satisfaction derived from work. Training is done both in‐house and by external institutions. The procedure is applied across all personnel when need arises, for example:

- 1. in cases of newly‐hired employees, when specialized knowledge is required
- 1. when there is need for skills improvement for an existing work position
- 1. when taking up new responsibilities (promotion)
1. in the event of changes in legislation / introduction of new technologies / procedures
when needs arise for specialty skills

Respect of Human Rights

The Company incorporates in its corporate values the 17 Sustainable Development Targets of the United Nations which pertain to the protection of human and labour rights, prosperity across age groups, equality of sexes, easing of inequalities both inside and among countries. The Code of Ethics and Conduct includes the afore‐mentioned values and provides personnel with the appropriate guidelines to promote the Respect of Human Rights.

Protection of Personal Data

The Group has set as its top priority the protection of the personal data of associates and clients for all of its companies. For this reason, it has implemented a set of rules and procedures that ensure full compliance with the European and national legislative framework. The Harmonisation Plan for the General Data Protection Regulation ("GDPR", ie Regulation 2016/679 of the European Parliament and European Council of April 27, 2016) implemented by the AVAX Group is based on existing and new procedures and includes systematic scrutiny of operations, services and products of its companies, with the sole aim of achieving the most direct and smooth compliance of the companies.

Important post balance sheet date Developments & Events

Share capital increase up to €20 million

The Repeat Extraordinary General Meeting of Company shareholders held on 26.09.2019 approved a rights issue worth up to €20 million, at a price of €0.30 per share. The capital increase will be carried out with the issue of 66,666,666 new shares, entitling existing shareholders to around 0.85849971 new shares for each share held. The Information Memorandum of the Company for the rights issue has already been filed to the Greek Capital Markets Commission, pending for approval.

Cash advances by shareholders towards the approved rights issue

Three Company shareholders have deposited an aggregate amount of €16.25 million, as of 30.06.2019 and up to the date of issue of this financial report. It should be noted that according to the decision of shareholders taken on 26.09.2019, upon completion of the share capital increase, the Company may return part of the capital increase proceeds to the three shareholders of an amount for which they did not receive equivalent shares in the rights issue.

Appointment of Internal Auditor

Pursuant to the provisions of Law 3016/2002 and decision 3/347/12.07.2005 of the Hellenic Capital Market Commission, the Board of Directors of the Company decided on 25.07.2019 to appoint Mr Anastasios Tsakanikas as new Internal Auditor, replacing Mr John Papadopoulos who resigned, starting on 01.08.2019. The Company is at the final stage of recruitment of two new certified and experienced Internal Auditors and is also proceeding to appoint an Auditing Firm as external auditors of AVAX Middle East, recognising the important role of the internal auditing service for the Group.

Sale of Attica Schools PPP

The Company signed on 01.08.2019 a contract for the sale of the PPP of 10 Schools in Attica, which it had built a few years ago and undertaken their facility management in the long run. The signed agreement provides for the transfer on 01.10.2019 by the Company of all shares of the PPP company, as well as of the outstanding balance of two different series of limited bonds issued by the Company.

Important Transactions Between the Company and Related Parties

The most important transactions of the Company over the 01.01.2019‐30.06.2019 period with related parties, as per IAS 24, pertain to transactions with subsidiaries (as defined in article 42 of Law 2190/1920), are as follows:

(amounts in € '000)
Group	INCOME	EXPENSES	RECEIVABLES	PAYABLES
AGIOS NIKOLAOS CAR PARK	10		14
OLYMPIA ODOS OPERATION SA	1,686		1,577
OLYMPIA ODOS CONCESSION SA	503		120	910
GEFYRA OPERATION SA	41		23
ATTIKI ODOS SA	14		14
ATTIKA DIODIA SA		99	31	460
AEGEAN MOTORWAY SA			180
SALONICA PARK SA	1,755	1	310	233
POLISPARK SA	9		17
ELIX SA			24
ATHENS CAR PARKS SA			6
WATER & ENTERTAINMENT PARKS SA			1
METROPOLITAN ATHENS PARK SA	2		0
BIOENERGY SA			2
NEA SMYRNI CAR PARK SA	1		102
BONATTI J&P‐AVAX SRL			12,357
ILIA WASTE MANAGEMENT PPP	200
PYRAMIS SA		1,249	970	1,110
LIMASSOL MARINA LTD			9,980
J&P‐AVAX QATAR LLC			1
J&P (UK) LTD LONDON				31
5N SA			145
SC ORIOL REAL ESTATE SRL			934
ENERSYSTEM FZE		1,457
Management members and Board Directors		1,016		558
	4,221	3,822	26,805	3,301



Company	Έσοδα	Έξοδα	Απαιτήσεις	Υποχρεώσεις
ETETH SA	182	21	1,326	21
TASK J&P‐AVAX SA	7	727	1,047	3,319
J&P‐AVAX ΙΚΤΕΟ SA	‐	‐	4	17
GLAVIAM SA	2	‐	2	‐
J&P DEVELOPMENT SA	18	‐	1,075	3
ATHENA CONCESSIONS SA	1	‐	14	41
ERGONET SA	6	‐	415	1
MONDO TRAVEL SA	3	181	158	606
JPA ATTICA SCHOOLS PPP	1,021	‐	55	0
ATHENS MARINA	21	‐	1,160	‐
BONATTI J&P‐AVAX SRL			12,357
J&P AVAX CONCESSIONS SA	‐	‐	3	20
VOLTERRA SA	128	226	185	1,259
JOANNOU & PARASKEVAIDES ENERGY SA	‐	‐	2,066	‐
PSM SUPPLIERS LTD	‐	‐	‐	340
J&P AVAX INTERNATIONAL LTD	1,510	22,612	6,567	2,698
AGIOS NIKOLAOS CAR PARK SA			14
OLYMPIA ODOS OPERATION SA	1,642		1,557

OLYMPIA ODOS CONCESSION SA	496		119	910
GEFYRA OPERATION SA	41		23
GEFYRA CONCESSION SA	10		13
ATTIKI ODOS SA	14,602	88		431
ATTIKA DIODIA SA	496
AEGEAN MOTORWAY SA	1,755	1	246	233
SALONICA PARK SA	1		12
POLISPARK SA			24
ELIX SA			6
ATHENS CAR PARKS SA			1
WATER & ENTERTAINMENT PARKS SA	2		0
METROPOLITAN ATHENS PARK SA			2
BIOENERGY SA	145		102
ILIA WASTE MANAGEMENT PPP	200	‐	‐	‐
PYRAMIS SA		1,249	970	1,110
LIMASSOL MARINA LTD			9,980
J&P‐AVAX QATAR LLC			1
J&P (UK) LTD LONDON				31
JV J&P‐AVAX – J&P OVERSEAS LTD (JORDAN)	107		547	‐
CONSORTIA	1,756		30,341	5,921
Management members and Board Directors	‐	417	‐	172
	24,152	25,521	70,388	17,133

No loans have been granted to members of the Board of Directors or other senior staff of the Group, and their family members.

Marousi, 27.09.2019 On behalf of the Board of Directors of AVAX SA

Constantinos Mitzalis Managing Director

(Translation from the original text in Greek)

Independent Auditor's Report on Review

To the Board of Directors of the Company "AVAX S.A."

Report on Review of Interim Financial Information

Introduction

We have reviewed the accompanying interim condensed separate and consolidated statement of financial position of "AVAX S.A." as of June 30, 2019 and the related condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes that comprise the interim condensed financial information, which is an integral part of the six-month financial report as provided by Law 3556/2007.

Management is responsible for the preparation and presentation of this interim condensed financial information in accordance with International Financial Reporting Standards as adopted by the European Union and applied to Interim Financial Reporting (International Accounting Standard "IAS" 34). Our responsibility is to express a conclusion on this interim condensed financial information, based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, mainly of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, as incorporated into the Greek Legislation and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Consequently, we do not express an audit opinion.

Conclusion

Based on the review conducted, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information is not prepared, in all material respects, in accordance with IAS 34.

Emphasis of matter

We draw your attention to note 23 to the Interim Condensed Financial Information, where reference is made regarding the acquisition of three companies by AVAX Group through the newly established company AVAX Middle East Limited, in the context of Management's strategic choice to focus on electromechanical projects in the wider region of Persian Gulf. In addition, information is provided for the basic financial figures that raised from that acquisition.

Our conclusion is not qualified in respect of this matter.

Report on other legal and regulatory requirements

Our review has not revealed any material inconsistency or misstatement in the statements of the members of the Board of Directors and the information of the sixmonth Board of Directors Report, as defined in articles 5 and 5a of Law 3556/2007, in relation to the accompanying interim condensed financial information.

BDO Certified Public Accountants SA 449, Mesogion Ave. 153 43 Agia Paraskevi Athens Greece Reg.SOEL: 173

Agia Paraskevi, 30/09/2019 The Certified Public Accountant

Dimitrios V. Spyrakis Reg.SOEL: 34191

Interim Condensed financial reporting

WEBSITE WHERE THE COMPANY'S AND CONSOLIDATED

FINANCIAL STATEMENTS ARE AVAILABLE

We hereby certify that the attached Interim Financial Statements, which are an integral part of the semi‐ annual financial report of article 5 of Law 3556/2007, are those approved by the Board of Directors of "AVAX SA" on 27.09.2019 and have been published by posting them on the internet, at (www.jp‐avax.gr), as well as on the Athens Stock Exchange web site, where they will remain at the disposal of the investing public for at least ten (10) years from the date of their compilation and disclosure.

It is noted that the disclosed condensed financial statements and information resulting from the interim six‐month condensed financial statements are intended to provide the reader with a general overview of the Company's and the Group's financial position and results but do not provide a comprehensive view of the financial position, the Company's and the Group's financial performance and cash flows, in accordance with International Financial Reporting Standards.

AVAX S.A. STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2019 (All amounts in Euros)

		Group		Company
		30.06.2019	31.12.2018	30.06.2019	31.12.2018
ASSETS
Non‐current Assets
Property, Plant and Equipment	2	180.913.492	120.187.673	66.703.638	69.935.945
Investment Property	3	13.486.098	13.141.917	3.454.136	3.454.136
Goodwill		48.375.692	‐	‐	‐
Intangible assets	4	6.745.483	11.522.725	255.398	198.435
Investments in other companies	5	255.212.226	262.243.724	83.507.450	81.035.562
Financial assets at fair value through other
comprehensive income		121.823.523	115.900.143	509.088.351	503.929.977
Other financial assets		36.832.745	37.541.268	‐	‐
Other non‐current assets		802.844	846.017	5.971.398	6.248.763
Deferred tax assets		27.370.728	26.943.826	24.849.311	24.479.877
Total Non‐current Assets		691.562.832	588.327.293	693.829.683	689.282.695
Current Assets
Inventories		41.712.333	26.894.383	13.177.150	13.037.083
Contractual assets		204.199.048	118.930.436	95.325.211	111.969.543
Trade receivables	6	299.472.391	181.898.981	183.680.330	182.977.218
Other receivables	6	163.497.700	128.585.305	167.693.779	122.400.391

Other financial assets Cash and cash equivalents	7	6.151.235 114.703.040	6.125.997 65.676.252	‐ 76.183.742	‐ 57.025.579

Total Current Assets		829.735.747	528.111.354	536.060.212	487.409.814
Total Assets		1.521.298.579	1.116.438.647	1.229.889.895	1.176.692.509
EQUITY AND LIABLITLIES
Share capital Share	12	23.296.455 23 296 455	23.296.455 23 296 455	23.296.455 23 296 455	23.296.455 23 296 455
Share premium account	12	146.676.671	146.676.671	146.676.671	146.676.671
Other reserves	13	235.511.504	152.864.694	389.854.408	307.234.013
Translation exchange differences Retained earnings		(3.601.182) (300.858.403)	(2.267.016) (231.773.345)	(3.697.196) (296.369.126)	(2.433.961) (225.451.542)
Equity attributable to equity holders of the parent (a)		101.025.043	88.797.458	259.761.211	249.321.635

Non‐controlling interest (b)		(1.179.956)	(970.045)	‐	‐
Total Equity (c)=(a)+(b)		99.845.088	87.827.413	259.761.211	249.321.635
Non‐Current Liabilities
Debentures / Long term Loans	10	561.619.643	475.666.644	415.633.911	416.063.220
Derivative financial instruments		1.287.543	1.249.026	‐	‐
Deferred tax liabilities		35.031.403	31.501.018	82.808.273	80.098.221

Provisions for retirement benefits Other long‐term provisions		9.844.321	4.834.894	4.339.671	4.061.386
Total Non‐Current Liabilities	11	37.794.498 645.577.408	29.893.643 543.145.224	26.650.994 529.432.849	22.056.878 522.279.705

Current Liabilities
Trade and other creditors	8	604.679.851	344.024.817	327.156.669	285.347.500
Income and other tax liabilities		23.515.943	21.720.166	15.365.102	14.766.517
Bank overdrafts and loans	9	147.680.289	119.721.026	98.174.064	104.977.152
Total Current Liabilities		775.876.083	485.466.009	440.695.835	405.091.169
Total Liabilities (d)		1.421.453.491	1.028.611.233	970.128.684	927.370.874

Total Equity and Liabilities (c )+ (d)		1.521.298.579	1.116.438.647	1.229.889.895	1.176.692.509

From 1/1/2019 the Group and the Company have applied IFRS 16 using the cumulative effect method. According to this method, the comparative information is not restated, further details are provided in C15 paragraph.

AVAX S.A. STATEMENT OF INCOME FOR THE JANUARY 1st, 2019 TO JUNE 30th, 2019 PERIOD (All amounts in Euros except per shares' number)

	GROUP		COMPANY
	1.1‐30.06.2019	1.1‐30.06.2018	1.1‐30.06.2019	1.1‐30.06.2018
Turnover Cost of sales	315.085.107 (289.652.469)	298.943.755 (279.973.853)	231.446.359 (211.977.690)	247.703.011 (226.541.855)
Gross profit	25.432.638	18.969.902	19.468.669	21.161.156
Other net operating income/(expenses) Gain/ (Losses) from property fair‐value impairment	(629.589) ‐	(137.157) (599.295)	(6.550.133) ‐	(653.807) ‐
Administrative expenses	(13.494.859)	(13.764.806)	(9.657.367)	(9.071.140)
Selling & Marketing expenses	(4.176.797)	(3.350.048)	(1.966.028)	(1.220.378)
Receipts of debt securities	4.903.323	2.717.163	5.071.044	2.956.071
Income/(Losses) from Investments in Associates	16.021.931	12.399.417	17.248.655	21.228.323
Profit/ (Loss) before tax, financial and investment results	28.056.647	16.235.176	23.614.840	34.400.225
Net financial income / (loss)	(12.876.464)	(11.510.674)	(10.600.639)	(10.608.248)
Profit/ (Loss) before tax	15.180.183	4.724.502	13.014.201	23.791.977
Tax	(6.314.381)	(4.604.595)	(5.771.021)	(6.648.860)
Profit/ (loss) after tax from operations	8.865.802	119.907	7.243.180	17.143.117
Attributable to:
Equity shareholders	9.075.706	395.578	7.243.180	17.143.117
Non‐controlling interests	(209.904)	(275.671)	‐	‐
	8.865.802	119.907	7.243.180	17.143.117
‐ Basic Profit/ (Loss) per share (in Euros)	0,1169	0,0051	0,0933	0,2208
‐ Diluted earnings/ (losses) per share (in €)	0,1169	0,0051	0,0933	0,2208
Weighted average # of shares	77.654.850	77.654.850	77.654.850	77.654.850
Profit before tax, financial and investments results and depreciation	36.427.246	21.650.002	28.952.169	37.702.589

The following notes are integral part of the Financial Statements.

AVAX S.A. STATEMENT OF COMPREHENSIVE INCOME FOR THE JANUARY 1st, 2019 TO JUNE 30th, 2019 PERIOD (All Amounts in Euros)

	GROUP		COMPANY
	1.1‐30.06.2019	1.1‐30.06.2018	1.1‐30.06.2019	1.1‐30.06.2018
Profit/ (Loss) for the Period	8.865.802	119.907	7.243.180	17.143.117
Other Comprehensive Income
Net other comprehensive income /(loss) to be reclassified to profit or loss in subsequent periods
Exchange Differences on translating foreign operations	(1.334.173)	(364.242)	(1.263.236)	(163.330)
Cash flow hedges	221.349	457.743	‐	‐
Revalutaion reserves for other assets	61.627	‐	24.905	(190.602)
Reserves for financial instruments available for sale	5.818.392	‐	5.924.460	18.667.597
Tax for other comprehensive income	(1.586.356)	(132.745)	(1.541.453)	(5.358.328)
Net other comprehensive income /(loss) not to be reclassified to profit or loss in subsequent periods
Actuarial revaluation of liabilities for personnel retirement	‐	10.597	‐	‐
Tax for other comprehensive income	‐	(3.073)	‐	‐
Total other comprehensive income from operations net of tax	3.180.840	(31.720)	3.144.676	12.955.337
Total comprehensive Income	12.046.642	88.187	10.387.856	30.098.454
Total comprehensive Income attributable to: Equity shareholders	12.256.546	363.858	10.387.856	30.098.454
Non‐controlling interests	(209.904) 12.046.642	(275.671) 88.187	‐ 10.387.856	‐ 30.098.454

The following notes are integral part of the Financial Statements.

CASH FLOW STATEMENT AS AT JUNE 30, 2019 (All amounts in Euros) AVAX S.A.

	GROUP		COMPANY
	1.1‐30.06.2019	1.1‐30.06.2018	1.1‐30.06.2019	1.1‐30.06.2018
Operating Activities
Profit/ (Loss) before tax from continuing operations	15.180.183	4.724.502	13.014.201	23.791.977
Adjustments for:
Depreciation	8.370.599	4.815.531	5.337.330	3.302.364
Provisions	4.788.380	1.105.402	4.628.609	133.126
Income from sub‐debts	(4.903.323)	(2.717.163)	(5.071.044)	(2.956.071)
Interest income	(1.492.132)	(1.734.699)	(57.827)	(170.097)
Interest expense (Gain)/ Loss from impairement of assets	14.330.079 ‐	13.345.290 ‐	10.658.467 ‐	10.778.344 ‐
Losses from financial instruments	38.517	(99.916)	‐	‐
Investment (income) / loss	(14.074.583)	(11.184.128)	(17.248.655)	(21.228.323)
Εxchange rate differences	667.170	(29.586)	667.170	275.920
Change in working capital
(Increase)/decrease in inventories	(13.049.975)	14.477.745	(140.067)	6.528.636
(Increase)/decrease in trade and other receivables	(23.450.553)	33.621.257	(36.205.287)	37.228.192
Increase/(decrease) in payables	48.836.042	(57.783.432)	50.429.499	(59.977.198)
Interest paid	(16.563.023)	(14.243.397)	(12.888.196)	(11.676.451)
Income taxes paid	(7.630.712)	(2.609.675)	(1.814.800)	(1.705.411)
Cash Flow from Operating Activities (a)	11.046.669	(18.312.267)	11.309.401	(15.674.992)
Investing Activities
Purchase of tangible and intangible assets	(5.175.772)	(9.487.855)	(2.794.847)	(1.387.766)
Proceeds from disposal of tangible and intangible assets	2.989.099	1.760.696	1.438.741	230.039
(Acquisition)/ disposal of, associates, JVs and other
investments	‐	(866.330)	(869.217)	(6.946.529)
Interest received	1.492.132	308.935	57.827	170.097
Dividends received	23.050.677	19.771.881	17.248.655	20.131.029
Cash Flow from Investing Activities (b)	22.356.136	11.487.326	15.081.159	12.196.869
Financing Activities
Proceeds from loans	(15.345.656)	7.576	(7.232.396)	(115.283)
Dividends paid	‐	‐	‐	‐
Cash Flow from Financing Activities (c)	(15.345.656)	7.576	(7.232.396)	(115.283)
Net increase / (decrease) in cash and cash equivalents
(a)+(b)+(c)	18.057.149	(6.817.366)	19.158.163	(3.593.406)
Cash and cash equivalents from subsidiary acquisition	30.969.640	‐	‐	‐
Cash and cash equivalents at the beginning of the period	65.676.251	73.509.303	57.025.579	59.385.651
Cash and cash equivalents at the end of the period	114.703.040	66.691.938	76.183.742	55.792.245

The accompanying notes form an integral part of the Financial Statements.

ANNUAL STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY AVAX S.A. FOR THE JANUARY 1st, 2019 TO JUNE 30th 2019 PERIOD (All Amounts in Euros)

Group

				Tran slati exch on ange		Shar Cap ital & e	Non ‐Con troll ing
Cha in Tota l Equi ty nges	Shar Cap ital e	Shar Prem ium e	Othe Rese r rves	diffe renc es	Reta ined ings earn	Rese rves	Inte rest s	Tota l Equi ty

Bala 31.1 2.20 17 nce	45.0 39.8 13	146. 676. 671	109. 707. 713	(1.0 76) 56.7	(190 ) .265 .651	110. 101. 769	(350 ) .408	109. 751. 361
Pub lishe d info tion ‐ Ja 1st 2018 rma nua ry	45.0 39.8 13	146. 676. 671	109. 707. 713	(1.0 76) 56.7	(190 ) .265 .651	110. 101. 769	(350 ) .408	109. 751. 361
Effec of t IFRS 9	‐	‐	(12. ) 303. 041	‐	9.50 3.04 1	(2.80 0) 0.00	‐	(2.80 0) 0.00
Adju sted figu Jan 1st 2018 res ‐ uary	45.0 39.8 13	146. 676. 671	97.4 04.6 71	(1.0 56.7 76)	(180 .762 .610 )	107. 301. 768	(350 .408 )	106. 951 .360
Net prof it for the peri od	‐	‐	‐	‐	395. 578	395. 578	(275 .671 )	119. 907
Othe preh ensi inco r com ve me	‐	‐	332. 522	(364 .242 )	‐	(31. 720)	‐	(31. 720)
Tota l preh ensi inco for the peri od com ve me	‐	‐	332. 522	(364 ) .242	395. 578	363. 858	(275 ) .671	88.1 87
sfer Tran	‐	‐	34.5 26.1 50	‐	(34. 526. 150)	‐	‐	‐
Othe nts r mov eme	‐	‐	(52.4 80)	‐	(24.7 28)	(77. 208)	(44.9 65)	(122 ) .173
Bala 30.0 6.20 18 nce	45.0 39.8 13	146. 676. 671	132. 210. 863	(1.4 19) 21.0	(214 ) .917 .910	107. 588. 418	(671 ) .044	106. 917 .374
Bala 31.1 2.20 18 nce	23.2 96.4 55	146. 676. 671	152. 864 .694	(2.2 67.0 16)	(231 .773 .345 )	88.7 97.4 58	(970 .045 )	87.8 27.4 14
Net it for the od					9.07 5.70 6	9.07 5.70 6	.904	8.86 5.80 2
prof peri Othe preh ensi inco r com ve me	‐	‐	‐ 4.51 5.01 3	‐ (1.3 34.1 66)		3.18 0.84 7	(209 ) (7)	3.18 0.84 0
	‐	‐			‐
Tota l preh ensi inco for the peri od com ve me	‐	‐	4.51 5.01 3	(1.3 66) 34.1	9.07 5.70 6	12.2 56.5 53	(209 ) .911	12.0 46.6 42
72/2 Rese from divid ends artic le of 48 L.41 013 rves	‐	‐	78.2 12.4 82	‐	(78. 212. 482 )	‐	‐	‐
Othe nts r mov eme	‐	‐	(80. 685)	‐	51.7 18	(28.9 67)	‐	(28.9 67)
B Bala l 30.0 30 06 6.20 2019 19 nce	23.2 96.4 55	146. 676. 671	235. 511. 504	(3.6 01.1 82)	(300 .858 .403 )	101. 025 .044	(1.1 79.9 56)	99.8 45.0 88
Com pany
				slati exch Tran on ange		Shar ital Cap & e	troll Non ‐Con ing
Cha l in Tota Equi ty nges	Shar ital Cap e	Shar Prem ium e	Othe Rese r rves	diffe renc es	ined Reta ings earn	Rese rves	Inte rest s	l Tota Equi ty
Bala 31.1 2.20 17 nce	45.0 39.8 13	146. 676. 671	250. 795. 809	(2.4 88) 73.0	(188 ) .754 .347	251. 284. 857	‐	251. 284. 857
Pub lishe d info tion ‐ Ja 1st 2018 rma nua ry	45.0 39.8 13	146. 676. 671	250. 795. 809	(2.4 73.0 88)	(188 .754 .347 )	251. 284. 857	‐	251. 284. 857
Effec of t IFRS 9	‐	‐	(12. ) 303. 041	‐	10.3 03.0 41	(2.00 0) 0.00	‐	(2.00 0) 0.00
Adju sted figu Jan 1st 2018 res ‐ uary	45.0 39.8 13	146. 676. 671	238. 492 .768	(2.4 88) 73.0	(178 ) .451 .306	249. 284. 857	‐	249. 284. 857
			‐		17.1 43.1 17	17.1 43.1 17		17.1 43.1 17
Net prof it for the peri od Othe preh ensi inco r com ve me	‐ ‐	‐ ‐	13.1 18.6 67	‐ (163 .330 )	‐	12.9 55.3 37	‐ ‐	12.9 55.3 37
l preh for the od Tota ensi inco peri com ve me	‐	‐	13.1 18.6 67	(163 .330 )	17.1 43.1 17	30.0 98.4 54	‐	30.0 98.4 54
Othe nts r mov eme	‐	‐	34.4 54.4 36	‐	(34.4 36) 54.4	‐	‐	‐
Bala 30.0 6.20 18
nce	45.0 39.8 13	146. 676. 671	286. 065 .871	(2.6 18) 36.4	(195 ) .762 .625	279. 383. 311	‐	279. 383. 311

Bala 31.1 2.20 18 nce	23.2 96.4 55	146. 676. 671	307. 234. 013	(2.4 60) 33.9	(225 ) .451 .542	249. 321. 636	‐	249. 321. 636
prof for the od Net it peri	‐	‐	‐	‐	7.24 3.18 0	7.24 3.18 0	‐	7.24 3.18 0
Othe preh ensi inco r com ve me	‐	‐	4.40 7.91 2	(1.2 36) 63.2	‐	3.14 4.67 6	‐	3.14 4.67 6
Tota l preh ensi inco for the peri od com ve me	‐	‐	4.40 7.91 2	63.2	7.24 3.18 0	10.3 87.8 56	‐	10.3 87.8 56
from divid ends of artic le 48 L.41 013 Rese rves	‐	‐	78.2 12.4 82	(1.2 36) ‐	(78. ) 212. 482	‐	‐	‐
72/2 Othe nts r mov eme	‐	‐	‐	‐	51.7 18	51.7 18	‐	51.7 18

For the purpose of providing more detailed information, we note that a cumulative amount of €168.082.363 earned as dividends from participations has been reclassified from "Profit carried forward" to a capital reserve from dividends, in line with article 48 of Law From 1/1/2019 the Group and the Company have applied IFRS 16 using the cumulative effect method. According to this method, the comparative information is not restated, further details are provided in C15 paragraph. TheaccompanyingnotesformanintegralpartoftheFinancialStatements. note amount € 68.08 .363 dividends Profit forward to dividends, aw4172/2013. Prior to the reclassification, the cumulative profit carried forward amounted to a €128.286.763 loss versus a €296.369.126 loss, while the capital reserve amount to €221.772.045 versus €389.854.408, as presented above.

‐

Notes and accounting policies

A. ABOUT THE COMPANY

A.1 General Information about the Company and the Group

AVAX S.A. was listed on the Athens Stock Exchange's Main Market in 1994 and is based in Marousi, in the Attica prefecture. It boasts substantial expertise spanning the entire spectrum of construction activities (infrastructure projects, civil engineering, BOTs, precast works, real estate etc) both in Greece and abroad.

In 2002, AVAX S.A. merged with its subsidiaries J&P (Hellas) S.A. and ETEK S.A. and was renamed into J&P‐AVAX S.A, whereas another 100% subsidiary unit, namely ETETH S.A., merged with its own subsidiary AIXMI S.A. The new business entities which evolved out of these mergers made use of Law 2940/2001 on contractors' certification for public works. The Group's leading company AVAX S.A. was awarded a 7th‐class public works certificate, which is the highest class available, whereas ETETH S.A. acquired a 6th‐class certificate. In the year 2007 Avax SA acquired the subsidiary Athena SA. which during 2018 was merged by absorption by the Company following the submission of an optional public offer and the exercise of the squeeze‐out right of the minority shareholders of ATHENA SA.

At the beginning of 2019, the Company was renamed to AVAX SA again in accordance with the General Meeting of Shareholders of the Company on 27/03/2019 and the Approval Decision No. 40094 / 09‐04‐ 2019 by the Ministry of Economy and Development.

A.2 Activities

Group strategy is structured around four main pillars:

• Concessions

o Intense presence in concession project tenders, to maintain a substantial backlog of projects and secure long‐term revenue streams
o Strengthening the project finance business unit and expanding our network of specialized external business partners (design consultants, financial and insurance advisors, legal firms) to enhance the Group's effectiveness in bidding for concession projects and maximize the return from their operation by means of financial risk management

• Business Activities

o Development along the lines of major international construction groups, diversifying revenue through expansion into related business areas, eg environmental projects, facility maintenance & management, waste management, maintenance of large infrastructure projects, and management of large facilities constructed towards the Athens 2004 Olympic Games
o Pursuit of synergies of various business activities on Group level
Energy
- o Emphasis on industrial projects in the energy sector, for the construction of power generation and LNG plants, specializing in EPC type projects (design and construction)
- o Careful penetration of the wholesale market of wholesale and retail electricity and gas, as well as the development of RES projects, either autonomously or in cooperation with serious business partners.

B. FINANCIAL REPORTING STANDARDS

B.1. Compliance with IFRS

AVAX S.A.'s consolidated accounts for the period running from January 1st , 2019 to June 30th , 2019 conform to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations issued by IASB's International Financial Reporting Interpretation Committee (IFRIC) which have been adopted by the European Union.

B.2. Basis of preparation of the financial statements

Consolidated and Company Financial Statements of AVAX SA have been prepared on a going concern basis and the historical cost principle as amended by adjusting specific assets and liabilities to current values except for certain financial assets and liabilities (including derivatives), valued at fair value.

The policies listed below have been consistently applied throughout the periods presented.

The preparation of financial statements in accordance with IFRSs. requires the use of estimates and judgments when applying the Company's accounting policies. Significant assumptions by management for the application of the company's accounting policies have been identified where appropriate.

C. BASIC ACCOUNTING PRINCIPLES

The Group consistently applies the following accounting principles in preparing the attached Financial Statements:

C.1. Business Combinations (I.F.R.S. 3)

Investments in Subsidiaries

All companies managed and controlled, either directly or indirectly, by another company (parent) through ownership of a majority share in the voting rights of the company in which the investment has been made. Subsidiaries are fully consolidated (full consolidation) with the purchase method starting on the date on which their control is assumed, and are excluded from consolidation as soon as their control is relinquished.

Acquisitions of subsidiaries by the Group are entered according to the purchase method. Subsidiary acquisition cost is the fair value of all assets transferred, of all shares issued and all liabilities at the acquisition date, plus any costs directly related to the transaction. The specific assets, liabilities and contingent liabilities acquired through a business combination are accounted for at their fair values irrespective of the percentage of participation. The acquisition cost in excess of the fair value of the acquired net assets is entered as goodwill. Should the total acquisition cost fall short of the fair value of the acquired net assets, the difference is directly entered in the Income Statement.

Intragroup sales, balances and un‐realised profits from transactions among Group companies are omitted. Losses among Group companies (un‐realised on a Group level) are also eliminated, except when the transaction provides evidence of impairment of the transferred asset. The accounting principles of subsidiaries have been amended for uniformity purposes relative to those adopted by the Group.

At the Company's balance sheet, investment in subsidiaries is stated at cost less loss from impairment, if any. IAS 36 "Impairment of Assets" requires an impairment test if there is any indication that an asset is impaired.

Investments in Associates:

All companies which the Group may influence significantly but do not qualify for subsidiary or Joint Venture status. The Group's assumptions call for ownership between 20% and 50% of a company's voting rights to have significant influence on it. Investments in associates are initially entered in the Company's books at cost and subsequently consolidated using the equity method.

The Group's share into the profit or loss of associates following the acquisition is recognised into the Income Statement, whereas the share into changes in capital reserves following the acquisition is recognised into the reserves. Accumulated changes affect the book value of investments in associates. When the Group's participation into the financial loss of an associate is equal to or exceeds its participation in the associate, inclusive of provisions for bad debts, the Group does not recognise any further losses, except when covering liabilities or making payments on behalf of the associate, or taking other actions as part of its shareholder relationship.

Unrealised profits from transactions between the Group and its associates are omitted according to the participation of the group into those associates. Unrealised gains are omitted, unless the transactions suggest impairment of the transferred assets. Accounting principles of associates have been amended for uniformity purposes relative to those adopted by the Group.

Intragroup balances and transactions, along with Group profits arising from intragroup transactions which have yet to be concluded on a Group level, are eliminated in the consolidated Financial Statements.

Joint Arrangements IFRS 11.

IFRS 11 replaces IAS 31. The IFRS 11 provides a more realistic approach to joint agreements by focusing on rights and obligations rather than on their legal form.

A common agreement has the following basic features:

The parties are bound by a contractual agreement
The contractual agreement confers on two or more of the parties joint control

The IFRS classifies joint arrangements into two types—joint operations and joint ventures.

• A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (ie joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement.

• A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (ie joint venturers) have rights to the net assets of the arrangement.

An entity determines the type of joint arrangement in which it is involved by considering its rights and obligations. An entity assesses its rights and obligations by considering the structure and legal form of the arrangement, the contractual terms agreed to by the parties to the arrangement and, when relevant, other facts and circumstances. Τhe factors that the Group tests to determine that joint arrangements are under common control include the structure, legal form, contractual arrangement and other facts and circumstances.

The IFRS requires to recognize and to account for a joint arrangement using similar to IAS 31 proportionate consolidation – the party's share of assets, liabilities, income and expenses of a jointly controlled entity was combined line‐by‐line with similar items in the companies' financial statements.

Also, the party to a joint venture shall account for the above data relating to its participation in the joint venture under the relevant IFRS.

Group Structure: AVAX Group consists of the following subsidiaries, which are consolidated with the full consolidation method. Their annual financial statements will be posted on the parent company's website (www.jp‐avax.gr) in accordance with the provisions in force:

Company	% of AVAX's SA	Fiscal Years not tax
	participation	audited
AVAX S.A., Athens	Parent	2013‐2019
ΕΤΕTH S.A., Salonica	100%	2013‐2019
ELVIEX Ltd, Ioannina	60%	2013‐2019
J&P DEVELOPMENT S.A., Athens	100%	2013‐2019
TASK J&P‐AVAX S.A., Athens	100%	2013‐2019
CONCURRENT REAL INVESTMENΤS SRL, Romania	95%	2005‐2019
SC BUPRA DEVELOPMENT SRL, Romania	99,93%	2005‐2019
SOPRA AD, Bulgaria	99,99%	2005‐2019
J&P‐AVAX IKTEO S.A., Athens	94%	2013‐2019
SC FAETHON DEVELOPMENTS SRL, Romania	100%	2006‐2019
MONDO TRAVEL (ex.TERRA FIRMA S.A.), Athens	99,999%	2013‐2019
J&P AVAX CONCESSIONS S.A. (ex. EVIA REAL ESTATE), Athens	99,967%	2013‐2019
ATHENS MARINA S.A., Athens	86,3951%	2013‐2019
J&P AVAX POLSKA, Poland	100%	2009‐2019
JPA ATTICA SCHOOLS PPP, Athens	100%	2016‐2019
J&P AVAX INTERNATIONAL LTD, Cyprus	100%	2016‐2019
J&P AVAX INTERNATIONAL DWC‐LLC, United Arab	100%	‐
Emirates
AVAX MIDDLE EAST LTD, Cyprus	100%	‐
GAS AND POWER TECH DMCC, United Arab Emirates*	100%	‐
CONSPEL CONSTRUCTIONS SPECIALIST LTD, Isle of Man	100%	2019
CONSPEL QATAR WWL, Qatar	49%	2019
CONSPEL EMIRATES LLC, United Arab Emirates	49%	2019
J&P QATAR WLL, Qatar	49%	2019
ABU DHABI J&PP LLC, Abu Dhabi	49%	2019
GLAVIAM HELLAS SINGLE MEMBERED COMPANY
LTD	100%	2016‐2019
VOLTERRA SA, Athens	100%	2013‐2019
VOLTERRA K‐R SA, Athens	100%	2014‐2019
ILIOPHANIA SA, Athens	100%	2014‐2019
VOLTERRA LYKOVOUNI S.A, Athens	100%	2017‐2019
VOLTERRA L‐S SA, Athens	100%	2017‐2019
ATHENA LIBYA COMPANY, Libya	65%	‐
ATHENA CONCESSIONS S.A., Athens	99%	2014 & 2019
ERGONET SA, Athens	51,52%	2016 & 2019
ENERGY, Athens	100%	2013‐2019
P.S.M. SUPPLIERS LTD, Libya	100%	2019

In the first half of 2019, the Company made a series of acquisitions of companies in the Persian Gulf, Libya and Greece, which were divested by J&P (Overseas) Ltd. The acquisitions in the Persian Gulf were made by AVAX Middle East Ltd, a newly established 100% subsidiary (indirect shareholding) of the Company based in Cyprus, while acquisitions in Libya and Greece were made directly by the parent Company. Detailed information is set out in the notes to the interim condensed Financial Statements.

* Gas and Power Tech DMCC is newly established in Dubai's Special Economic Zones and has not yet grown. Its purpose is to facilitate the operation of other Group companies operating in the Persian Gulf region.

For fiscal years 2011, 2012 and 2013, the parent Company and its subsidiaries have been subjected to tax auditing from an auditor in accordance with article 82 paragraph 5 of Law 2238/1994 and have received a "Tax Compliance Certification" with an unqualified opinion. It is noted that according to the tax provisions applicable on 31/12/2018, the uses up to 2012 are considered to be drawn.

For the fiscal years 2014, 2015, 2016 & 2017, the parent Company and its subsidiaries that are tax audited in Greece have been subjected to tax auditing from an auditor in accordance with article 65A para 1 of Law 4174/2013 and have received a "Tax Compliance Certification" with an unqualified opinion. It should also be noted that for the fiscal years 2016 onwards, the tax audit and the issuance of a Certificate of Tax Compliance by the statutory auditors are optional. The Group and the Company have opted for continued audit by the statutory auditors.

For the fiscal year 2018, the parent Company and its subsidiaries that are tax audited in Greece have been subjected to tax auditing from an auditor in accordance with Law 4174/2013 article 65A as it is amended and still in force . This control is in progress and the related tax certificate is projected to be provided after the publication of the interim condensed financial statements of first half of 2019. The Group's management believes that upon completion of the tax audit no additional tax liabilities will be occur that will have substantial impact beyond those recognized and reported in the financial statements.

The Group consolidates the following associates using the equity method:

ATHENS CAR PARKS S.A., Athens 25,32% ATTICA DIODIA S.A., Athens 34,22% ATTIKI ODOS S.A., Athens 34,21% POLISPARK S.A., Athens 28,76% 3G S.A., Athens 50,00% CAR PARK Ν.SMIRNI S.A., Athens 20,00% LEISURE PARKS S.A.(ΚΑΝΟΕ‐KAYAK), Athens 29,70% CYCLADES ENERGY CENTER S.A., Athens 45,00% SC ORIOL REAL ESTATE SRL, Romania 50,00% SALONICA PARK S.A., Athens 24,70% AEGEAN MOTORWAY S.A., Larissa 23,61% GEFYRA OPERATION S.A., Athens 21,55% GEFYRA S.A., Athens 20,53% PIRAEUS ST.NICOLAS CAR PARK S.A., Athens 48,62% MARINA LIMASSOL S.A., Limassol 33,50% METROPOLITAN ATHENS PARK S.A., Athens 22,91% STARWARE ENTERPRISES LTD, Cyprus 50,00% ELIX S.A., Athens 31,97% VAKON SA, Greece 25,00% VIOENERGEIA S.A., Greece 45,00% ILIA WASTE MANAGEMENT PPP, Greece 33,33% ILIA WASTE MANAGEMENT OPERATION, Greece 33,33%	5Ν S.A., Athens	45,00%

In 2019, the companies "Ilia Waste Management PPP" and "Ilia Waste Management Operation" were established for the purpose of waste management and which as of 30/06/2019 have not yet developed any activity.

Joint arrangements (construction consortia or companies) which the parent Company or its subsidiaries participate in, are consolidated with the method of proportional consolidations in the financial statements of the parent Company, or its subsidiaries respectively. The total participations in joint arrangements (construction consortia) are as follows:

Proportionate consolidation

1.	J/V J&P – AVAX S.A. – ETETH S.A., Athens (SMAEK)	100.00%
2.	J/V J&P – AVAX S.A. – ETETH S.A., Athens (Suburban Railway)	100.00%
3.	J/V J&P‐AVAX S.A. – "J/V IMPREGILO SpA –J&P‐AVAX S.A.‐ EMPEDOS S.A.", Athens	66.50%
4.	J/V AKTOR S.A. – J&P – AVAX S.A. – ALTE S.A. – ΑΤΤΙΚΑΤ S.A. ‐ ETETH S.A. – PANTECHNIKI S.A. – EMPEDOS S.A., Athens	30.84%
5.	J/V J&P‐AVAXS.A. – EKTER Α.Ε – KORONIS S.A., Athens	36.00%
6.	J/V J&P‐AVAX S.A.‐ VIOTER S.A., Athens	50.00%
7.	J/V J&P AVAX S.A. – INTL TAPESTRY CENTRE, Athens	99.90%
8.	J/V ETETH S.A. – J&P‐AVAX S.A. – TERNA S.A. – PANTECHNIKI S.A., Athens	47.00%
9.	J/V TOMES S.A. – ETETH S.A., Chania	50.00%
10.	J/V AKTOR Α.Τ.Ε – AEGEK S.A. – J&P‐AVAX S.A. – SELI S.p.A, Athens	20.00%
11.	J/V "J/V AKTOR SA – DOMOTEXNIKH S.A. THEMELIODOMI S.A." – TERNA S.A – ETETH S.A., Salonica	25.00%
12.	J/V J&P AVAX S.A. – FCC CONSTRUCCION S.A, Athens	49.99%
13.	J/V ETETH SA – GANTZOULAS SA – VIOTER SA, Athens	40.00%
14.	J/V APION KLEOS (ELEFSINA‐PATRA), Elefsina	21.00%
15.	J/V J&P AVAX SA – EKTER SA, Athens	50.00%
16.	J/V CONSTRUCTION MALIAKOS – KLEIDI, Larissa	20.70%
17.	J/V MAINTENANCE ATT.ODOS, Athens	30.84%
18.	J/V SUBURBAN RAILWAY, SKA PIRAEUS, PHASE B', Athens	33.33%
19.	J/V ERGOTEM ATEVE – ASTOR S.A. – ETETH S.A., Athens	15.00%
20.	J/V AKTOR – J&P‐AVAX OTE NETWORKS, Athens	50,00%
21.	J/V AKTOR – J&P‐AVAX – INTRAKAT (Road Line Tripoli‐Kalamata‐Moreas), Athens	15,00%
22.	J/V AKTOR – J&P‐AVAX, Athens (Maintenance of National Natural Gas Network)	50,00%
23.	J/V AKTOR – J&P‐AVAX, Athens (Technical Support of Public Natural Gas Co)	50,00%
24.	J/V J&P‐AVAX – GHELLA SpA, Piraeus	60,00%
25.	J/V AKTOR SA – J&P‐AVAX SA., Athens (New Maintenance of Attiki Odos)	34,22%
26.	J/V AKTOR SA – J&P‐AVAX SA., Achaia (Panagopoula)	33,91%
27.	J/V AKTOR SA – J&P‐AVAX SA – TERNA SA, Athens (Tithorea‐Domokos)	33,33%

28.	J/V AKTOR SA – J&P‐AVAX SA – TERNA SA, Athens (Tithorea‐Domokos‐Sub
	Project D, Bridge)	31,00%
29.	J/V AKTOR SA – J&P‐AVAX SA (Technical Support DEPA – 2) , Athens	50,00%
30.	J/V AKTOR SA – J&P‐AVAX SA (Construction of Gas Networks), Athens	50,00%
31.	J/V AKTOR SA – J&P‐AVAX SA (Attica Gas Networks & Pipelines), Attica	60,00%
32.	J/V AKTOR SA – J&P‐AVAX SA (White Regions), Athens	50,00%
33.	J/V J&P‐AVAX SA – TERNA SA – AKTOR ATE – INTRAKAT SA (Mosque), Athens	25,00%
34.	J/V J&P‐AVAX SA – TASK J&P‐AVAX SA (ISP), Athens	100,00%
35.	J/V AKTOR SA‐ATHENA SA (D‐1618), Psitallia	30,00%
36.	J/V AVAX SA – AKTOR SA (Gas Projects, PUBLIC GAS NETWORK OPERATION)	50,00%
37.	J/V AVAX SA – MESOGEIOS SA‐AAGIS SA (ILIA WASTE TREATMENT)	33,33%
38.	BONATTI J&P‐AVAX Srl, Italy	45,00%
39.	J/V J&P – AND J&P – AVAX GERMASOGEIA, Cyprus	75.00%
40.	J/V J&P AVAX S.A – J&P Ltd (Vassilikos), Cyprus	75.00%
41.	J&P AND J&P AVAX J/V – QATAR BUILDING, Cyprus	45.00%
42.	AVAX‐J&P LTD‐CYBARCO MARINA LIMASSOL J/V, Cyprus	55,00%
43.	J/V QUEEN ALIA AIRPORT, Jordan	50.00%
44.	AVAX SA – TERNA J/V MEDITERRANEAN CITY OF DREAMS	60,00%
45.	J/V ATHENA SA – AKTOR ("MACEDONIA" AIRPORT), Thessaloniki	70,00%
46.	J/V ATHENA SA‐FCC SA , Igoumenitsa	50,00%
47.	J/V ATHENA SA – THEMELIODOMI SA‐ATTIKAT SA (HERMES), Athens	33,33%
48.	J/V MICHANIKI SA – ATHENA SA (MPC), Athens	50,00%
49.	J/V PROODEUTIKI SA‐ATHENA SA (CRAIOVA), Romania	35,00%
50.	J/V AKTOR SA – ATHENA SA – GOLIOPOULOS (A‐440), Psytallia	48,00%
51.	J/V ARCHIRODON – ERGONET (indirect participation), Athens	22.95%
52.	J/V TSO‐ARCHIRODON ‐ ERGONET (indirect participation), Athens	25.50%
53.	J/V D.SIRDARIS & CO – ERGONET (indirect participation), Athens	15.30%
54.	J/V PROET SA – ERGONET SA (indirect participation), Athens	25.50%
55.	J/V ERGONET SA – PROET SA (KOS) (indirect participation), Athens	25,50%
56.	J/V EURARCO SA – ERGONET SA (SPERCHEIOS) (indirect participation), Athens	7,65%

The following Joint Arrangements are not included in current period's financial statements in comparison with those of previous one because the projects are now completed:

J/V AKTOR – J&P‐AVAX, Athens (Attica Natural Gas Network) 50,00%

C.2a. Property, Plant & Equipment, Investment Property (I.A.S. 16)

Group Management has utilised the basic valuation method (at acquisition cost, less accumulated amortisation and impairments), as per IAS 16, for classifying operating fixed assets (Technical Equipment, Vehicles, Furniture and other Equipment).

The revaluation method was chosen by management for classifying land and fixtures.

Revaluation Model

Upon recognition as an asset, a fixed asset whose fair value may be estimated reliably may be revalued, to reflect the fair value at recognition date less any subsequent accumulated impairment of value.

The fair value of land and buildings is usually appraised by auditor‐valuators. The fair value of equipment and fixtures is usually their acquisition price.

When tangible fixed assets are revalued, the entire class of similar assets should be revalued.

When the book value of a fixed asset increases as a result of revaluation, the increase is credited directly into the Equity as a Revaluation Surplus.

Increases in value due to revaluation will be recognised through the Income Statement to the extend it reverses an earlier impairment of the same asset, charged in the Income Statement.

Should the book value of an asset be reduced as a result of a revaluation, the decrease in value should be charged in the Income Statement. If a revaluation surplus for that asset exists in Equity, the decrease will be charged directly into Equity up to the value of that surplus. Revaluation surpluses in Equity are transferred to Retained Earnings as soon as the fixed assets are sold or derecognized. Tax effects on the revaluation of tangible fixed assets are recognised and disclosed according to IAS 12 Income Tax.

The initial implementation of a tangible fixed asset revaluation policy is treated as a revaluation according to IAS 16, not IAS 8.

While applying I.A.S. 36 (on Impairment of Assets), on each reference date Group management effectively estimates whether its asset base shows signs of impairment, comparing the residual value for each asset against its book value.

Subsequent expenditure on fixed assets already appearing on the Company's books are added to that asset's book value only if they increase its future economic benefits. All expenditure (maintenance, survey etc.) for assets not increasing their future economic benefits are realised as expenses in the financial period incurred.

Expenditures incurred for a major repair or survey of a fixed asset are realised as expenses in the financial period in which they are incurred, except when increasing the future economic benefits of the fixed asset, in which case they are added to the book value of the asset.

Depreciation of tangible fixed assets (excluding land which is not depreciated) is calculated on a straight‐ line basis according to their useful lives. The main depreciation rates are as follows:

Operating	Property	3%
(buildings)
Machinery		5.3% ‐ 20%
Vehicles		7.5% ‐ 20%
Other equipment		15% ‐ 20%

Residual values and useful lives of tangible fixed assets are subject to revision on balance sheet date. When the book value of fixed tangibles exceeds their recoverable value, the difference (impairment loss) is directly charged as an expense item in the Income Statement.

When disposing of tangible fixed assets, the difference between the revenue from the sale and the book value of the assets is realised as profit or loss in the Income Statement.

Own‐produced fixed tangibles constitute an addition to the acquisition cost of the assets in the form of direct cost of personnel participating in their production (including related employer's social security contributions), cost of materials and other general expenses.

C.2b. Investment Property (IAS 40)

For investment property, management has opted to apply the method of revaluation (fair values), based on IAS 40.

Management believes that the use of fair values in appraising investment property provides reliable and more pertinent information, because it is based on updated prices.

C.3. Intangible Assets (I.A.S. 38)

These expenses should be amortised during the financial period in which they are incurred. Only expenses meeting the criteria of I.A.S. 38.18 are capitalized, such as expenses for computer software and licences. Long‐term expenses not meeting the criteria of I.A.S. 38.18 are written off in applying IFRS. Intangible assets include software licences.

C.4. Impairment of Assets (I.A.S. 36)

i) Goodwill

Goodwill represents the additional price paid by the Group for the acquisition of new subsidiaries, joint ventures, and associates. It arises from the comparison of the price paid for the acquisition of a new company with the proportion of the group share to the fair value of the net assets, during the acquisition date. The arisen goodwill from the acquisition of the new subsidiaries and joint ventures is recognized to intangible assets. Every year impairment test for the goodwill is conducted, which decreases the original amount as it is recognized in the balance sheet. During the calculation of profit or loss arisen from participation disposal, the relevant (if any) goodwill is taken under consideration of the disposed company.

For an easier processing of impairment tests, goodwill is allocated to Cash Generating Units (CGU's). The CGU is the smallest identifiable unit of assets which creates independent cash flows and represents the level at which the Group collects and presents the financial data for reasons of internal information. The impairment for the goodwill, is determined from the calculation of the recoverable amount of the CGU's with which the goodwill is connected. Impairment loss which is related with goodwill cannot be reversed in future periods. The Group conducts the annual test for goodwill impairment at 31 December of each accounting period.

In case that the fair value of net assets of a company during the acquisition date is higher than the price paid for the acquisition, negative goodwill is recognized (income), which goes directly in the Income Statement.

I.A.S. 36 applies for the impairment of subsidiaries acquisition or I.A.S. 39 for participation to associates, and other participating interest companies.

ii) Other Assets

Assets with an infinite useful life are not depreciated and are subject to annual review for impairment, whenever events take place showing their book value is not recoverable. Assets being depreciated are subject to review of their value impairment when there are indications that their book value shall not be recovered.

Net Selling Price (NSP) is the amount obtainable from the sale of an asset in an arm's length transaction between knowledgeable willing parties, less the costs of disposal. Value in use is the present value of

estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. At each balance sheet date, management assess whether there is an indication of impairment as required by I.A.S. 36, requiring that the book value of assets does not exceed their recoverable amount. Recoverable amount is the highest between Net Selling Price and Value in Use.

This evaluation also takes into account all available information, either from internal or external sources. Impairment review is applied on all assets except for inventories, construction contracts, deferred tax receivables, financial assets falling under I.A.S. 39, investment property and non‐current assets classified as being held for disposal.

Impairment losses are charged in the Income Statement.

C.5. Inventories (I.A.S. 2)

On Balance Sheet date, inventories are valued at the lowest between cost and Net Realisable Value (NRV). NRV is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated costs necessary to make the sale. Inventory cost does not include financial expenses.

C.6. Financial Instruments: Presentation (IAS 32)

The principles in this Standard complement the principles for recognising and measuring financial assets and financial liabilities in IAS 39 Financial Instruments: Recognition and Measurement.

This Standard is concerned with the classification of financial instruments into financial assets, financial liabilities and equity instruments, as well as the classification of related interest, dividends, losses and gains, and the circumstances in which financial assets and financial liabilities should be offset.

A financial instrument is any contract that simultaneously gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

C.7. Financial Instruments: Disclosures (IFRS 7)

IFRS 7 refers to all risks arising from all financial instruments, except those instruments specifically excluded (e.g. interests in subsidiaries, associates and joint ventures, etc.). The objective of the disclosures is to provide an overview of the Group's use of financial instruments and its exposure to risks they create. The extent of the disclosure required depends on the extent of the Company's use of financial instruments and its exposure to risk. The Group and Company apply IFRS 7 from January 1st, 2007.

C.8. Provisions, Contingent Liabilities and Contingent Assets (I.A.S. 37)

Provisions are recognized when the Group faces legal or substantiated liabilities resulting from past events, their settlement may result in an outflow of resources and the amount of the liability can be reliably estimated. Provisions are reviewed on Balance Sheet date and adjusted to reflect the present value of the expense estimated for settling the liability. Contingent liabilities are not recognized in the financial statements but nevertheless are disclosed in the accompanying notes, except when the probability of an outflow of resources is minimal. Contingent assets are not recognized in the financial statements, but are disclosed in the notes, provided an inflow of economic benefits is probable.

C.9. Accounting for Government Grants and disclosure of Government Assistance (I.A.S. 20)

The Group recognizes government grants (subsidies) only when there is reasonable assurance that:

a) the enterprise will comply with any conditions attached to the grants,
b) the grant is likely to be received.

Subsidies are entered in the company's books at their fair value and recognized on a consistent basis as revenue, in accordance with the principle of matching the receipts of subsidies with the related expenses.

Subsidies on assets are included in long‐term liabilities as deferred income and recognized on a consistent basis as revenues over the expected useful life of the assets.

C.10. The effects of changes in Foreign Exchange Rates (I.A.S. 21)

The financial statements of all Group companies are prepared using the currency of the economic area which the Group mainly operates in (operating currency). Consolidated financial reports are denominated in euros, the operating and presentation currency of the parent Company and its subsidiaries.

Transactions in foreign currency are converted in the operating currency according to the going foreign exchange rates on the date on which transactions take place.

Profit and losses from foreign exchange differences arising from settlement of transactions in foreign currency during the financial reporting period and the conversion of monetary items denominated in foreign currency according to the going exchange rates on balance sheet date are recognised in the Income Statement. Foreign exchange adjustments for non‐monetary items valued at fair value are considered part of the fair value and are therefore treated as differences in fair value.

C.11. Earnings per share (I.A.S. 33)

Expenses incurred due to the issue of new shares appear below the deduction of related income tax, reducing the net proceeds from the issue. Expenses incurred due to the issue of new shares to finance the acquisition of another company are included in the target company's total acquisition cost.

C.12 Dividend Distribution (I.A.S. 10)

Dividend distribution to the parent's shareholders is recognized as a liability in the consolidated financial statements at the date that the distribution is approved by the General Meeting of Shareholders.

C.13. Income Taxes & Deferred Tax (I.A.S. 12)

Income tax expenses appearing in the Income Statement include both tax for the period and deferred tax, which correspond to tax charges or tax returns arising from benefits realized within the reporting period in question but booked by the tax authorities in earlier or later reporting periods. Income tax is recognized in the Income Statement for the reporting period, except for tax relating to transactions directly charged against shareholders' funds; in that case, income tax is similarly charged directly against shareholders' funds.

Current income tax includes short‐term liabilities and/or receivables from the tax authorities related to payable tax on the taxable income of the reporting period, as well as any additional income tax from earlier reporting periods.

Current tax is calculated according to the tax rates and fiscal legislation applied on each reporting period involved, based on the taxable income for the year. All changes in short‐term tax items listed on either side of the balance sheet are recognized as part of the tax expense in the Income Statement.

Deferred income tax is calculated by means of the liability arising from the temporary difference between book value and the tax base of asset and liabilities. No deferred income tax is entered when arising from the initial recognition of assets or liabilities in a transaction, excluding corporate mergers, which did not affect the reported or taxable profit / loss at that time.

Deferred tax income and liabilities are valued according to the tax rates expected to apply in the reporting period in which the receipt or payment will be settled, taking into account the tax rates (and fiscal laws) introduced or in effect until the reporting date. The tax rate in effect on the day following the reporting date is used whenever the timing of reversal of temporary differences cannot be accurately determined.

Deferred tax receivables are recognized to the extent in which taxable profits will arise in the future while making use of the temporary difference which gives rise to the deferred tax receivable.

Deferred income tax is recognized for the temporary differences arising from investments in subsidiaries and affiliates, excluding those cases where de‐recognition of temporary differences is controlled by the Group and temporary differences are not expected to be derecognized in the foreseeable future.

Most changes in deferred tax receivables or liabilities are recognised as tax expenses in the Income Statement. Only changes in assets or liabilities affecting temporary differences (e.g. asset revaluations) which are recognized directly against the Group's shareholders' funds do result in changes in deferred tax receivables or liabilities being charged against the relevant revaluation reserve.

C.14. Personnel Benefits (I.A.S. 19)

Short‐term benefits:

Short‐term benefits to personnel (excluding termination benefits) in money and in kind are recognized as an expense when deemed payable. Portions of the benefit yet unpaid are classified as a liability, whereas if the amount already paid exceeds the benefit then the company recognizes the excess amount as an asset (prepaid expenses) only to the extent to which the prepayment will result in a reduction in future payments or to a fund return.

Retirement benefits:

Benefits at retirement from service include a defined contribution plan as well as a defined benefit plan.

Defined Contribution Plan:

According to the plan, the company's legal liability is limited to the amount agreed for contribution to the institution (social security fund) managing employer contributions and handing out benefits (pensions, medical plans etc).

The accrued cost of defined contribution plans is classified as an expense in the corresponding financial reporting period.

Defined Benefit Plan:

The Company has legal liability for personnel benefits due to lay‐offs ahead of retirement date or benefits upon retirement from service, in accordance with pertinent legislation.

The Projected Unit Credit Method is used to calculate the present value of defined benefit obligations, the related current cost of services and the cost of services rendered which is the accrued services method, according to which benefits are paid at the financial periods in which the retirement benefit liability is founded. Liabilities arise while employees provide services qualifying for retirement benefits.

The Projected Unit Credit Method therefore requires that benefits are paid in both the current reporting period (to calculate the current cost of services) and in the current and past reporting periods (to calculate the present value of defined benefit obligations).

Despite the fact that remaining in service with the Company is a prerequisite for receiving benefits (ie benefits cannot be taken for granted by employees), liabilities are calculated using actuarial methods as follows:

Demographic Assumptions: Personnel Turnover (Staff Resignations / Staff Lay‐offs), and

Financial Assumptions: discount rate, future salary levels (calculated using government bond yield of equal maturities) and estimated future changes in state benefits affecting payable benefits.

C.15. Leases (I.A.S. 17)

Leases (operating and financial) are recognized in the Statement of Financial Position as a right to use an asset and a lease obligation on the date that the leased asset becomes available for use. Each lease is divided between the lease liability and the interest, which is charged to the results throughout the term of the lease, in order to obtain a fixed interest rate on the balance of the financial liability in each period.

Subsequent measurement

Subsequent measurement of asset use right

After the lease date commencement, the Group measures the right to use the asset in the cost model: (a) less any accumulated depreciation and impairment losses, and (b) adjusted for any subsequent lease measurement, applies the requirements of IAS 16 regarding the depreciation of the right to use an asset, which it examines for impairment.

Subsequent measurement of the lease liability

Following the effective date of the lease period, the Group measures the lease liability as follows: (a) increasing the carrying amount to reflect the financial cost of the lease; (b) reducing the carrying amount to reflect the lease. and (c) remeasuring the carrying amount to reflect any revaluation or modification of the lease. The financial cost of a lease liability is allocated during the lease period in such a way as to give a fixed periodic rate of interest on the outstanding balance of the liability. After the effective date of the lease period, the Group recognizes profit or loss (unless costs are included in the carrying amount of another asset for which other relevant Standards are applied) and the following two elements: (a) the financial cost of the lease obligation; and (b) variable lease payments that are not included in the measurement of the lease liability during the period in which the event that triggers those payments is made.

C.16. Borrowing Cost (I.A.S. 23)

Borrowing cost refers to interest charged on debt, as well as other expenses incurred by the company in securing that debt.

Included in borrowing costs are:

‐ Interest expenses on short‐term and long‐term bank loans, as well as overdraft interest charges
‐ Amortisation of par discount arising from bond loan issues
‐ Amortisation of additional expenses incurred in securing a loan
‐ Financial expenses from financial leases, as defined in I.A.S. 17
‐ Foreign exchange adjustments, to the extent that they constitute a financial expense

Borrowing costs that can be allocated directly in acquisition, construction or production of an asset which fulfils the requirements should be capitalized.

C.17. Operating Segments (I.F.R.S. 8)

The Group recognises the sectors of constructions, concessions, energy and other activities as its primary business operating segments. It also recognizes Greece and international markets as its secondary operating geographic segments. Those operating segments are used by Management for internal purposes and strategic decisions are taken on the basis of the adjusted operating results of each segment, which are used to measure their performance.

C.18. Related Party Disclosures (I.A.S. 24)

Related party disclosures are governed by I.A.S. 24 and refer to transactions between a company reporting its financial statements and other related parties. The main issue is the economic substance of transactions, as opposed to their legal form.

A company is considered a related party to a reporting company if:

a) It is directly or indirectly via intermediaries in control, or controlled by or under joint control of the reporting company
b) It controls an equity stake in the reporting company which grants substantial control, or joint control of the reporting company
c) It is an associate, as defined in IAS 28
d) It is a joint venture, as defined in IAS 31
e) It is a key member of the top management team (Board of Directors) of the reporting company or its parent firm
f) It is closely related family‐wise to any person matching the first and fourth case noted above
g) It is a company controlled (or under joint control or under substantial influence) by a person matching the fourth and fifth case noted above
h) It is has an employee defined benefit plan in place, where those eligible for receiving the benefits are either the reporting company or the employees of the reporting company

Related party transaction is any transfer of resources, services or liabilities between related parties, irrespective of the payment of a price in return.

C.19. Revenue from contracts with customers (IFRS 15)

The standard establishes a five‐step model for determining revenue from customer contracts.

Identify the contract with the client.
1. Determination of enforcement obligations.
1. Determination of the transaction price.
1. Allocation of the transaction price to the contractual obligations.
1. Recognition of revenue when or when an entity fulfills its obligation to execute.

In accordance with IFRS 15, revenue is recognized at the amount that an entity expects to be entitled to in return for the transfer of goods or services to a customer. The standard also specifies the accounting for the additional costs of obtaining a contract and the direct costs required to complete the contract.

Revenue is the amount that an entity expects to be entitled to in return for the goods or services it has transferred to a customer, excluding amounts collected on behalf of third parties (value added tax, other sales taxes). Variable amounts are included in the price and are calculated either by the "expected value" method or the "most probable amount" method.

An entity recognizes revenue when (or as it) satisfies a contractual obligation by transferring the goods or services promised to the customer. The customer acquires control of the good or service if he is able

to direct the use and derive substantially all the financial benefits from that good or service. The control is transferred over a period or at a specific time.

Revenue from the sale of goods is recognized when control of the good is transferred to the customer, usually upon delivery, and there is no unfulfilled obligation that could affect the customer's acceptance of the good.

Revenue from the provision of services is recognized in the accounting period in which the services are provided and measured according to the nature of the services provided, using either out put methods or in put methods.

A customer's receivable is recognized when there is an unconditional right for the entity to receive the consideration for the contractual obligations to the customer. A contractual asset is recognized when the Group and the Company have satisfied its obligations to the customer before the customer pays or the payment becomes due, for example when the goods or services are transferred to the customer prior to the Group's right to invoicing.

A contractual liability is recognized when the Company and the Group receive a payment from the customer (prepayment) or when they retain a right that is unconditional (deferred income) before the performance of the contract obligations and the transfer of the goods or services. The contractual liability is derecognised when the obligations of the contract are executed and the income is recorded in the income statement.

The Group is active in the fields of Construction, Concessions, Energy Trading and Real Estate Investments. In the context of assessing the impact of applying IFRS. 15, the Group divided its revenues into revenues from construction and maintenance contracts, revenues from the sale of goods, revenues from electricity trading and other income.

C.20. Significant accounting estimates and judgments

The preparation of the financial statements requires management to make estimations and judgments that affect the reported disclosures. On an ongoing basis, management evaluates its estimates, the most important of which are presented below. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. These management's estimation and assumptions form the bases for making judgments about the carrying value of assets and liabilities that are not readily available from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

C.20.1 Impairment of goodwill and other non‐financial assets

Management tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in paragraph C.4.i. The recoverable amounts of cash‐generating units have been determined based on value‐in‐use calculations. The basic assumptions that are used in the calculations are explained further in note 12. These calculations require the use of estimates which mainly relate to future earnings and discount rates. Non‐financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, in accordance with the accounting policy stated in paragraph C.6.

C.20.2 Income taxes

Group entities are subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such

differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

C.20.3 Deferred tax assets

Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. Further details on taxes are disclosed in note 19.

C.20.4 Asset lives and residual values

Property, plant and equipment (PPE) are depreciated over their estimated useful lives. The actual lives of the assets are assessed annually and may vary depending on a number of factors.

C.20.5 Allowance for net realizable value of inventory

The allowance for net realizable value of inventory, in accordance with the accounting policy as stated in paragraph C.5, represents management's best estimate, based on historic sales trends and its assessment on quality and volume, of the extent to which the stock on hand at the reporting date will be sold below cost.

C.20.6 Allowance for doubtful accounts receivable

The Group's management periodically reassess the adequately of the allowance for doubtful accounts receivable using parameters such as its credit policy, reports from its legal counsel on recent developments of the cases they are handling, and its judgment/estimate about the impact of other factors affecting the recoverability of the receivables.

C.20.7 Provision for staff leaving indemnities

The cost for the staff leaving indemnities is determined based on actuarial valuations. The actuarial valuation requires management making assumptions about future salary increases, discount rates, mortality rates, etc. Management, at each reporting date when the provision is re‐examined, tries to give its best estimate regarding the above mentioned parameters.

C.20.8 Contingent liabilities

The existence of contingent liabilities requires from management making assumptions and estimates continuously related to the possibility that future events may or may not occur as well as the effects that those events may have on the activities of the Group.

C.20.9 Revenue from Contracts with Customers (IFRS 15)

Whenever the financial result of a contract may be estimated with reliability, the income and expenses of the contract are recognized during the life of the contract respectively as income and expenses. Income is only recognized to the extent that the cost arising from the contract may be recovered, while that cost is recognized as an expense in the period in which it arose.

C.20.10 Joint Arrangements (IFRS 11)

The factors examined by the Group to assess whether a company is a joint arrangement, include the structure, the legal form, the contractual agreement and other facts and conditions.

C.20.11 Fair Value measurement (IFRS 13)

A number of assets and liabilities included in the Group's financial statements require measurement at, and / or disclosure of, fair value. The Group measures a number of items at fair value (see Note 40):

* Tangible Fixed Assets & Property for Investment
* Financial Assets available for Sale
* Long‐Term and Short‐Term Loans
* Derivative Financial Instruments

C.20.12 Derivative financial instruments and hedging activities

Group Companies consider, as applicable, entering into derivative financial instrument contracts with the aim of hedging their exposure to interest rate risk deriving from long‐term loan agreements. The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. This procedure includes linking all derivatives defined as hedging instruments to specific asset and liability items or to specific commitments or forecast transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Any changes in the value of the derivative that does not meet the recognition criteria as a hedging instrument are recognized in the income statement. The estimated fair value is calculated on the basis of current prices. The total fair value of hedging derivatives is classified as equity.

Cash flow hedge

Derivative assets are initially recognized at fair value as of the date of the relevant agreement. The portion of change to the derivative's fair value considered effective and meeting the cash flow hedging criteria is recognized in other comprehensive income. Profit or loss associated with the non‐effective portion of change is directly recognized in the Income Statement, under "Finance income" or "Finance cost ). Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects the profit or loss of the period. Profit or loss associated with the effective portion of the hedging of floating interest rate swaps is recognized in the Income Statement under "Finance income" or "Finance cost". However, when a prospective transaction to be hedged results in the recognition of a non‐financial asset (such as inventory or PPE), then profit or losses previously recognized in equity are transferred from Equity and are accounted for at the initial cost of such asset. The deferred amounts are ultimately recognized in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or it is sold, or when a hedging relation no longer meets the criteria of hedge accounting, the cumulative profit or loss recorded to that time under Equity remain in Equity and are recognized when the prospective transaction is ultimately recognized in the Income Statement. When a prospective transaction is no longer expected to occur, the cumulative profit or loss recognized in Equity is directly transferred to the Income Statement under "Other operating profit/(loss)".

D. Significant Accounting Policies

The Group and the Company applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2018 annual financial statements, except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2019.

However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's and the Company's financial position and performance since the last annual financial statements.

IFRS	IASB Effective Date
IFRS 16 Leases	1 January 2019
IFRIC 23 Uncertainty over Income Tax Treatments	1 January 2019
IFRS 9 (2014) Financial Instruments (Amendment – Prepayment Features with Negative Compensation and Modification of Financial Liabilities)	1 January 2019
IAS 28 Investments in Associates and Joint Ventures (Amendment – Long‐term	1 January 2019

New and amended standards adopted by the Group

Interests in Associates and Joint Ventures)
Annual Improvements to IFRSs 2015 – 2017 Cycle	1 January 2019
IAS 19 Employee Benefits (Amendment – Plan Amendment, Curtailment or Settlement)	1 January 2019

Only the application of IFRS 16 resulted in the accounting changing applied by the Group and the Company. Details of the impact IFRS 16 have had are given below. Other new and amended standards and Interpretations issued by the IASB that will apply for the first time in the next annual financial statements are not expected to impact the Group and the Company as they are either not relevant to the activities or require accounting which is consistent with the current accounting policies.

Changes in accounting policies

IFRS 16 Leases

IFRS 16 has replaced IAS 17 Leases and IFRIC 4 Determining whether an Arrangement Contains a Lease. IFRS 16 provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, together with options to exclude leases where the lease term is 12 months or less, or where the underlying asset is of low value. IFRS 16 substantially carries forward the lessor accounting in IAS 17, with the distinction between operating leases and finance leases being retained. The Group and the Company does not have significant leasing activities acting as a lessor.

Transition Method and Practical Expedients Utilised

The Group and the Company adopted IFRS 16 using the modified retrospective approach, with recognition of transitional adjustments on the date of initial application (1 January 2019), without restatement of comparative figures.

The Group and the Company elected to apply the practical expedient to not reassess whether a contract is, or contains a lease at the date of initial application. Contracts entered into before the transition date that were not identified as leases under IAS 17 and IFRIC 4 were not reassessed. The definition of a lease under IFRS 16 was applied only to contracts entered into or changed on or after 1 January 2019.

IFRS 16 provides for certain optional practical expedients, including those related to the initial adoption of the standard. The Group and the Company applied the following practical expedients when applying IFRS 16 to leases previously classified as operating leases under IAS 17:

Apply a single discount rate to a portfolio of leases with reasonably similar characteristics;
Exclude initial direct costs from the measurement of right‐of‐use assets at the date of initial application for leases where the right‐of‐use asset was determined as if IFRS 16 had been applied since the commencement date;
Reliance on previous assessments on whether leases are onerous as opposed to preparing an impairment review under IAS 36 as at the date of initial application; and
Applied the exemption not to recognise right‐of‐use assets and liabilities for leases with less than 12 months of lease term remaining as of the date of initial application.

As a lessee, The Group and the Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Group and the Company recognize right‐of‐use assets and lease liabilities for most leases. However, The Group and the Company have elected not to recognise right‐of‐use assets and lease liabilities for some leases of low value assets based on the value of the underlying asset when new or for short‐term leases with a lease term of 12 months or less.

On adoption of IFRS 16, the Group recognised right‐of‐use assets and lease liabilities in relation to leases of Fields‐Lots, Buildings and Αutomobiles, which had previously been classified as operating leases.

The lease liabilities were measured at the present value of the remaining lease payments, discounted using the Group's incremental borrowing rate as at 1 January 2019. The Group's incremental borrowing rate is the rate at which a similar borrowing could be obtained from an independent creditor under comparable terms and conditions. The weighted‐average rate applied was in the range between 4% ‐ 5%.

The following table presents the impact of adopting IFRS 16 on the statement of financial position as at 1 January 2019:

	Group
	31.12.2018	IFRS 16	IFRS 16	01.01.2019
	Published	Recognition	Reclassification	Restated
ASSETS
Property, Plant and Equipment	120.187.673	43.821.890	5.000.000	169.009.563
Intangible assets	11.522.725		(5.000.000)	6.522.725
Total Non‐current Assets	588.327.293	43.821.890		632.149.183
Total Assets	1.116.438.647	43.821.890		1.160.260.537

	Company
	31.12.2018	IFRS 16	01.01.2019
	Published	Recognition	Restated
ASSETS
Property, Plant and Equipment	69.935.945	805.667	70.741.612
Total Non‐current Assets	689.282.695	805.667	690.088.362
Total Assets	1.176.692.509	805.667	1.177.498.176

	Group
	31.12.2018	IFRS 16	01.01.2019
	Published	Recognition	Restated
Non‐Current Liabilities
Debentures / Long term Loans	475.666.644	39.932.338	515.598.982
Total Non‐Current Liabilities	543.145.224	39.932.338	583.077.562

Current Liabilities
Bank overdrafts and loans	119.721.026	3.889.552	123.610.578
Total Current Liabilities	485.466.009 3.889.552		489.355.561
Total Liabilities	1.028.611.233	43.821.890	1.072.433.123

	Company
	31.12.2018	IFRS 16	01.01.2019
	Published	Recognition	Restated
Non‐Current Liabilities

Debentures / Long term Loans 416.063.220 305.181 416.368.401

Reconciliation of Lease liabilities recognized on 01.01.2019 and Operating Lease commitments disclosed on 31.12.2018:

	Group	Company
Operating lease commitments disclosed on 31.12.2018	74.479.487	851.352
Discounted using the lessee's incremental borrowing rate on 1.1.2019	30.657.597	45.685
Lease liability recognized on 1.1.2019	43.821.890	805.667

Long Term Lease liability	39.932.338	305.181
Short Term Lease liability	3.889.552	500.486
Lease liability recognized on 1.1.2019	43.821.890	805.667

From the application of IFRS 16 in the statement of changes in equity the Group and the Company had no impact.

The recognised right‐of‐use assets relate to the following types of assets:

	Group
	30.06.2019	1.1.2019
Fields‐Lots	41.626.347	42.690.419
Buildings	281.506	299.807
Αutomobiles	705.717 831.664
	42.613.570	43.821.890

	Company
	30.06.2019	1.1.2019
Fields‐Lots	419.343	488.831
Αutomobiles	257.636	316.835
	676.979	805.667

Amortisation of right‐of‐use assets included in the statement of income for the period is € 1.343.861 for the Group and € 230.330 for the Company and finance expense on lease liabilities is € 1.086.473 for the Group and € 19.224 for the Company, respectively.

Significant Accounting Policies subsequent to Transition

All leases are accounted for by recognising a right‐of‐use asset and a lease liability except for:

Leases of low value assets; and
Leases with a term of 12 months or less.

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes:

amounts expected to be payable under any residual value guarantee;
the exercise price of any purchase option granted in favour of the group if it is reasonable certain to assess that option;
any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.

Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

lease payments made at or before commencement of the lease;
initial direct costs incurred; and
the amount of any provision recognised where the group is contractually required to dismantle, remove or restore the leased asset.

Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right‐of‐use assets are amortised on a straight‐line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate or when there is a change in the assessment of the term of any lease.

New standards, amendments to standards and interpretations issued not yet effective, nor early adopted

Mandatorily effective for periods beginning on or after 1 January 2020	Mandatorily effective for periods beginning on or after 1 January 2021
IFRS 3 Business Combinations (Amendment – Definition of Business)	IFRS 17 Insurance Contracts*
IAS 1 Presentation of Financial Statements and IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors
(Amendment – Definition of Material)
Conceptual Framework for Financial Reporting (Amendments to

References to the Conceptual Framework in the IFRS Standards)

*In June 2019, the IASB issued an exposure draft to amend IFRS 17, including a deferral of its effective date to 1 January 2022.

The Group and the Company do not believe these standards and interpretations will have a material impact on the financial statements once adopted.

Use of estimates and judgements

There have been no material revisions to the nature and amount of estimates of amounts reported in prior periods except where the implementation of IFRS 16 discussed above requires a different approach to the accounting previously applied. Significant estimates and judgements that have been required for the implementation of these new standard are:

The determination of whether an arrangement contains a lease.
The determination of lease term for some lease contracts in which the Group and the Company are a lessee that include renewal options and termination options and the determination whether the Group and the Company are reasonably certain to exercise such option.
The determination of the incremental borrowing rate used to measure lease liabilities.

1α. Segment Reporting Primary reporting format ‐ business segments

The Group is active in 4 main business segments:

‐ Construction
‐ Concessions
‐ Energy

‐ Other activities (Real estate development and other activities)

The figures per business segments for the period from January 1st to June 30th 2019 are as follows:

	Construction	Concessions	Energy	Other activities	Total
Total gross sales per segment	279.470.617	2.557.009	53.534.469	7.535.168	343.097.263
Inter‐segment sales	(26.151.743)	‐	(546.085)	(1.314.328)	(28.012.155)
Net Sales	253.318.874	2.557.009	52.988.384	6.220.840	315.085.107
Gross Profit/ (Loss)	22.824.714	(381.577)	1.607.220	1.382.281	25.432.638
Other net operating income/(expenses) Impairment of investments/participations &	(354.839)	(311.749)	(41.897)	78.897	(629.588)
Write‐off of doubtful receivables & other provisions Administrative expenses / Selling &	‐	‐	‐	‐	‐
Marketing expenses	(8.864.482)	(4.945.774)	(2.424.164)	(1.437.237)	(17.671.657)
Income from sub‐debt	‐	4.903.323	‐	‐	4.903.323
Income/(Losses) from Investments in Associates	449.296	15.572.635	‐	‐	16.021.931
Profit/ (Loss) from operations	14.054.689	14.836.858	(858.841)	23.941	28.056.647
Profit/ (Loss) of other financial instruments Interest					(38.517) (12.837.947)
Profit/ (Loss) before tax					15.180.183
Tax					(6.314.381)
Profit/ (Loss) after tax					8.865.802
Depreciation	6.465.951	916.889	624.344	363.415	8.370.599
EBITDA	20.520.63 9	15.753.748	(234.497)	387.356	36.427.246
The figures per business segments for the period from January 1st to June 30th 2018 are as follows:
	Construction	Concessions	Energy	Other activities	Total
Total gross sales per segment	296.778.833	2.544.296	36.222.797	8.120.098	343.666.024
Inter‐segment sales	(42.109.680)	‐	(506.751)	(2.105.839)	(44.722.270)
Net Sales	254.669.152	2.544.296	35.716.046	6.014.259	298.943.755
Gross Profit/ (Loss)	15.781.858	(421.614)	2.122.270	1.487.387	18.969.902
Other net operating income/(expenses) Impairment of investments/participations &	(716.253)	(6.797)	92.534	493.360	(137.157)
Write‐off of doubtful receivables & other provisions	(544.515)	‐	(54.781)	‐	(599.295)
Administrative expenses / Selling & Marketing expenses	(10.607.393)	(2.916.732)	(2.060.498)	(1.530.231)	(17.114.854)
Income from sub‐debt	‐	2.717.163	‐	‐	2.717.163
Income/(Losses) from Investments in Associates	56.122	12.305.461	‐	37.834	12.399.417
Profit/ (Loss) from operations	3.969.820	11.677.481	99.525	488.350	16.235.176
Other financial results					99.917
Interests					(11.610.591)
Profit/ (Loss) before tax					4.724.502
Tax					(4.604.595)
Profit/ (Loss) after tax					119.907

Depreciation 4.504.829 102.655 20.000 188.047 4.815.531

EBITDA 9.019.163 11.780.136 174.306 676.397 21.650.002

The assets and liabilities of the business segment at 30 June 2019 are as follows:

	Construction	Concessions	Energy	Other activities	Total
Assets (excluding investments in associates)	993.259.818	51.571.004	61.626.396	37.805.606	1.144.262.824
Investments in associates	373.229.741	21.000	‐	3.785.008	377.035.749
Investments in tangible fixed assets, intangible and investment property	247.158.237	48.167.109	‐	19.201.732	314.527.078
Total assets	1.366.489.559	51.592.004	61.626.396	41.590.614	1.521.298.573
Liabilities	(1.281.120.432)	(61.853.312)	(51.929.214)	(26.550.530)	(1.421.453.488)
Debentures / Long term Loans	(643.562.801)	(35.432.148)	(15.925.082)	(14.379.901)	(709.299.932)
Cash and cash equivalents	110.467.865	457.389	1.191.437	2.586.350	114.703.041
Net Debt / Available cash and cash equivalents	(533.094.936)	(34.974.759)	(14.733.645)	(11.793.551)	(594.596.891)

The assets and liabilities of the business segment at 30 June 2018 are as follows:

	Construction	Concessions	Energy	Other activities	Total
A tsses ( l di excluding investments it in associates)	683.526.123	55.661.614	47.350.738	44.249.028	830.787.503
Investments in associates	349.373.250	21.000	‐	410.354	349.804.604
Investments in tangible fixed assets, intangible and investment property	162.090.442	5.100.010	27.113.973	21.975.513	216.279.938
Total assets	1.032.899.373	55.682.614	47.350.738	44.659.382	1.180.592.107
Liabilities	(939.749.474)	(63.572.851)	(41.347.225)	(29.005.183)	(1.073.674.733)
Debentures / Long term Loans	(518.532.932)	(42.984.016)	(14.280.370)	(17.320.632)	(593.117.950)
Cash and cash equivalents	61.818.702	1.660.815	1.644.765	1.567.656	66.691.938
Net Debt / Available cash and cash
equivalents	(456.714.230)	(41.323.201)	(12.635.605)	(15.752.976)	(526.426.012)

1b. Secondary reporting format ‐ Geographical segments

The group is active in 2 main Geographical segments

‐ Greece

‐ International Markets

The figures per segment for the period from January 1st to June 30th 2019 are as follows:

	International
	Greece	Markets	Total
Total gross sales per segment	138.159.670	204.937.593	343.097.263
Inter‐segment sales	(3.861.820)	(24.150.335)	(28.012.155)
Net Sales	134.297.850	180.787.258	315.085.108
Gross Profit/ (Loss)	(221.598)	25.654.236	25.432.638
Other net operating income/(expenses)	(700.494)	70.905	(629.589)
Impairment of investments/participations & Write‐ off of doubtful receivables & other provisions	‐	‐	‐
Administrative expenses / Selling & Marketing expenses	(7.532.141)	(10.139.516)	(17.671.656)
Income from sub‐debt	4.903.323	‐	4.903.323
Income/(Losses) from Investments in Associates	16.021.931	‐	16.021.931
Profit/ (Loss) from operations	12.471.022	15.585.625	28.056.647
Profit/ (Loss) of other financial instruments	(38.517)	‐	(38.517)
Interest	(7.988.780)	(4.849.167)	(12.837.947)
Profit/ (Loss) before tax	4.443.725	10.736.458	15.180.183
Tax	(1.164.204)	(5.150.178)	(6.314.381)
P Profit/ (Loss) after tax fit/ (L ) ft t	3.279.521	5.586.280	8.865.802
Depreciation	5.487.483	2.883.116	8.370.599
EBITDA	17.958.50 5	18.468.741	36.427.246

The figures per segment for the period from January 1st to June 30th 2018 are as follows:

	International
	Greece	Markets	Total
Total gross sales per segment	204.475.145	139.190.879	343.666.024
Inter‐segment sales	(11.081.559)	(33.640.711)	(44.722.270)
Net Sales	193.393.587	105.550.168	298.943.755
Gross Profit/ (Loss)	10.099.363	8.870.539	18.969.902
Other net operating income/(expenses)	51.415	(188.572)	(137.157)
Impairment of investments/participations & Write‐
off of doubtful receivables & other provisions	(599.295)	‐	(599.295)
Administrative expenses / Selling & Marketing
expenses	(11.622.431)	(5.492.423)	(17.114.854)
Income from sub‐debt	2.717.163	‐	2.717.163
Income/(Losses) from Investments in Associates	12.399.417	‐	12.399.417
Profit/ (Loss) from operations	13.045.632	3.189.544	16.235.176
Profit/ (Loss) of other financial instruments	99.917	‐	99.917
Interest	(9.288.429)	(2.322.162)	(11.610.591)
Profit/ (Loss) before tax	3.857.120	867.382	4.724.502
Tax	(5.489.334)	884.739	(4.604.595)
Profit/ (Loss) after tax	(1.632.214)	1.752.121	119.907
Depreciation	4.041.32 4 041 327	774 204 774.204	4 815 531 4.815.531
EBITDA	17.686.254	3.963.748	21.650.002

The assets and liabilities of the business segment at 30 June 2019 are as follows:

	Greece	Other European countries	Gulf and Middle East countries	Consolidated data
Turnover excluding intra‐company transactions	134.297.850	9.966.106	170.821.152	315.085.107
Non‐current assets (other than deferred tax and financial assets)	415.045.336	4.140.433	86.350.068	505.535.837
Capital expenses	1.243.529	240.155	702.989	2.186.673

The assets and liabilities of the business segment at 30 June 2018 are as follows:

	Greece	Other European countries	Gulf and Middle East countries	Consolidated data
Turnover excluding intra‐company transactions	193.393.587	6.933.947	98.616.221	298.943.755
Non‐current assets (other than deferred tax and financial assets)	363.335.428	3.900.277	15.467.989	382.703.694
Capital expenses	8.593.489	‐	‐	8.593.489

2. Property, Plant and Equipment

Group

			hin & Ma c ery		rni & Fu tur e	As de set s un r	l i b le To ta Ta ng
Co st	Lan d	l Bu i din gs	Eq uip nt me	hic les Ve	Fit tin gs	tio nst co ruc n	As set s
lan Ba 31 .12 .20 18 ce S 16 do tio .20 19 IFR 1.1 a p n on :	22 .64 9.9 69	55 .82 1.7 75	12 7.9 91 .08 6	30 .79 7.8 48	10 .96 9.9 81	39 9.5 08	24 8.6 30 .16 6
f Rig ht Us nit ion ets o e ass rec og	49 .69 0.4 19	29 9.8 07	‐	83 1.6 64	‐	‐	50 .82 1.8 90
d inc lu din S 16 .20 19 Re sta te t IFR 1.1 cos g on	72 .34 0.3 88	56 .12 82 1.5	12 7.9 91 .08 6	31 .62 9.5 12	10 .96 9.9 81	39 9.5 08	29 9.4 52 .05 6
Ac isit ion du rin he 1.1 ‐30 .06 .20 19 t qu s g
rio d pe	99 .80 3	9.5 91	1.9 20 .72 2	36 8.5 37	47 0.9 09	17 6.9 75	3.0 46 .53 8
bsi dia Su uis itio ry acq n	55 .26 5	2.8 50 .53 3	17 .67 4.5 30	3.4 36 .09 2	1.3 23 .15 8	‐	25 .33 9.5 78
for eig ha di f fer Ne t n cu rre ncy exc nge en ces	‐	‐	19 0	30	18 7	‐	40 7
Dis ls du rin he rio d 1.1 ‐30 .06 .20 19 t po sa g pe	‐	45 .40 7	1.1 10 .41 4	3.7 97 .45 5	1.2 41 6 .77	‐	6.1 95 .05 3
lan 30 .06 .20 19 Ba ce	72 .49 56 5.4	58 .93 6.2 99	6.4 76 14 .11 5	31 .63 6.7 17	.52 2.4 58 11	6.4 83 57	32 1.6 43 .52 6
lat d Ac De cia tio cu mu e pre n

lan Ba 31 .12 .20 18 ce	‐	22 .28 7.5 01	77 .78 9.9 84	20 .13 7.2 43	8.2 24 .09 1	3.6 75	12 8.4 42 .49 3
do IFR S 16 tio 1.1 .20 19 a p n on : ht f Rig Us nit ion ets o e ass rec og	2.0 00 .00 0	‐	‐	‐	‐	‐	2.0 00 .00 0
d lat d de Re cia tio sta te acc um u e pre n lu din inc IFR S 16 1.1 .20 19 on	2.0 00 .00 0	22 .28 7.5 01	77 .78 9.9 84	20 .13 7.2 43	8.2 24 .09 1	3.6 75	13 0.4 42 .49 3
g ha du he De cia tio rin 1.1
t pre n c rge g ‐ d 30 .06 .20 19 rio pe	1.2 31 .67 9	90 7.4 60	4.9 11 .05 7	94 3.1 36	31 0.0 74	‐	8.3 03 .40 6
Su bsi dia uis itio ry acq n	‐	1.8 .58 0 77	3.0 67 .72 4	69 9.7 47	1.0 91 .58 0	‐	6.7 36 .63 1

for f fer Ne eig ha di t n cu rre ncy exc nge en ces	‐	‐	( ) 28 4	22	( ) 2.2 96	‐	( ) 2.5 58
ls he Dis du rin 1.1 ‐30 .06 .20 19 rio d t po sa g pe	‐	34 .35 8	52 8.5 92	3.3 69 .36 5	81 7.6 23	‐	4.7 49 .93 8
lan Ba 30 .06 .20 19 ce	3.2 31 .67 9	25 .03 8.1 84	85 .23 9.8 89	18 .41 0.7 83	8.8 05 .82 5	3.6 75	14 0.7 30 .03 4

Ne k Va lue t Bo o
lan Ba 30 .06 .20 19 ce	69 .26 3.7 77	33 .89 8.1 15	61 .23 6.2 26	13 .22 5.9 33	2.7 16 .63 3	57 2.8 08	18 0.9 13 .49 2
Ba lan 31 .12 .20 18 ce	22 .64 9.9 69	33 .53 4.2 74	50 .20 1.1 03	10 .66 0.6 05	2.7 45 .89 0	39 5.8 33	54 12 0.1 87 .67 3

Company

			hin & Ma c ery		rni & Fu tur e	de As set s un r	l i b le To Ta ta ng
Co st	d Lan	i l din Bu gs	uip Eq nt me	hic les Ve	Fit tin gs	tio nst co ruc n	As set s
lan Ba 31 .12 .20 18 ce	19 .26 4.3 55	32 .83 1.6 43	90 .62 1.1 98	24 .47 8.8 93	10 .36 6.5 64	13 7.5 92	17 7.7 00 .24 6
do IFR S 16 tio 1.1 .20 19 a p n on :
Rig ht f nit ion Us ets o e ass rec og	48 8.8 31	‐	‐	31 6.8 35	‐	‐	80 5.6 66
d inc lu din Re IFR S 16 1.1 .20 19 sta te t cos g on	19 .75 3.1 86	32 .83 1.6 43	90 .62 1.1 98	24 .79 5.7 28	10 .36 6.5 64	13 7.5 92	17 8.5 05 .91 2
du he Ac isit ion rin 1.1 ‐30 .06 .20 19 t qu s g
rio d pe	87 .36 2	9.0 91	1.8 56 .60 9	33 1.8 06	41 5.7 74	3.6 50	2.7 04 .29 2
for f fer Ne eig ha di t n cu rre ncy exc nge en ces	‐	‐	20 9	‐	( ) 33	‐	17 6
ls du he d Dis rin 1.1 ‐30 .06 .20 19 rio t po sa g pe	‐	30 .09 7	1.0 93 .68 7	3.7 97 .45 5	1.2 40 .34 2	‐	6.1 61 .58 1
lan Ba 30 .06 .20 19 ce	19 .84 0.5 48	32 .81 0.6 37	91 .38 4.3 29	21 .33 0.0 79	9.5 41 .96 3	14 1.2 42	17 5.0 48 .79 9
lat d cia tio Ac De cu mu e pre n
lan Ba 31 .12 .20 18 ce	‐	12 .73 9.3 95	67 .65 1.1 24	19 .57 7.4 19	7.7 96 .36 1	‐	10 7.7 64 .30 1
cia tio ha du rin he 1.1 De t pre n c rge g ‐
30 .06 .20 19 rio d pe	15 6.8 50	53 3.1 59	3.7 36 .02 8	60 4.0 70	27 3.6 31	‐	5.3 03 .73 8
for ha di f fer Ne eig t n cu rre ncy exc nge en ces	‐	‐	14 8	‐	( ) 18 7	‐	( ) 39
Dis ls du rin he rio d 1.1 ‐30 .06 .20 19 t po sa g pe	‐	25 .33 7	1.8 13 51	3.3 69 .36 1	81 6.3 28	‐	22 .83 9 4.7
lan Ba 30 .06 .20 19 ce	15 6.8 50	13 .24 7.2 17	70 .87 5.4 87	16 .81 2.1 28	7.2 53 .47 7	‐	10 8.3 45 .16 1
k lue Ne Bo Va t o
lan 30 .06 .20 19 Ba ce	19 .68 3.6 98	19 .56 3.4 21	20 .50 8.8 43	4.5 17 .95 1	2.2 88 .48 6	14 1.2 42	66 .70 3.6 38
lan Ba 31 .12 .20 18 ce	19 .26 4.3 55	20 .09 2.2 49	22 .97 0.0 75	4.9 01 .47 4	2.5 70 .20 3	13 7.5 92	69 .93 5.9 45

3. Investment Property

	GROUP		COMPANY
	Land	Buildings	Total	Land	Buildings	Total
Cost
Balance 31.12.2018	10.962.459	2.179.457	13.141.916	3.199.685	254.450	3.454.136
Additions during the 1.1‐30.06.2019 period	669.615	1.218.551	1.888.166	‐	‐	‐
Disposals during the 1.1‐30.06.2019 period	465.502	1.078.482	1.543.984	‐	‐	‐
Balance 30.06.2019	11.166.572	2.319.526	13.486.098	3.199.685	254.450	3.454.136
Balance 31.12.2018	10.962.459	2.179.457	13.141.916	3.199.685	254.450	3.454.136

4. Intangible Assets

Group

		Other intangible	Licence for power
Cost	Software	Assets	stations	Total
Balance 31.12.2018	3.416.605	7.026.200	6.210.638	16.653.443
IFRS 16 adoption on 1.1.2019:
Right of Use assets recognition	‐	(7.000.000)	‐	(7.000.000)
Restated cost including IFRS 16 on 1.1.2019	3.416.605	26.200	6.210.638	9.653.443
Acquisitions during the 1.1‐30.06.2019 period	99.506	‐	569.846	669.352
Subsidiary acquisition	453.280	‐	‐	453.280
Transfers	‐	‐	(428.284)	(428.284)
Balance 30.06.2019	3.969.391	26.200	6.352.200	10.347.791
Accumulated Depreciation
Balance 31.12.2018	3.121.831	2.008.886	‐	5.130.717
IFRS 16 adoption on 1.1.2019:
Right of Use assets recognition	‐	(2.000.000)	‐	(2.000.000)
Restated accumulated depreciation including IFRS 16 on
1.1.2019	3.121.831	8.886	0	3.130.717
Amortisation charge for the 1.1‐30.06.2019 period	66.669	524	‐	67.193
Subsidiary acquisition	404.418	‐	‐	404.418
Net foreign currency exchange differences	(21)	‐	‐	(21)
Balance 30.06.2019	3.592.897	9.410	‐	3.602.307
Net Book Value
Balance 30.06.2019	376.492	16.790	6.352.200	6.745.483
Balance 31.12.2018	294.773	5.017.314	6.210.638	11.522.725

Company

	Other intangible
Cost	Software	Assets	Total
Balance 31.12.2018	3.346.494	‐	3.346.494
Acquisitions during the 1.1‐30.06.2019 period	90.555	‐	90.555
Net foreign currency exchange differences	(46)	‐	(46)
Balance 30.06.2019	3.437.003	‐	3.437.003
Accumulated Depreciation
Balance 31.12.2018	3.148.060	‐	3.148.060
Amortisation charge for the 1.1‐30.06.2019 period	33.591	‐	33.591
Net foreign currency exchange differences	(46)	‐	(46)
Balance 30.06.2019	3.181.605	‐	3.181.605
Net Book Value
Balance 30.06.2019	255.398	‐	255.398
Balance 31.12.2018	198.434	‐	198.434

5. Concession value difference between the group and the company balance sheet

In the balance sheet of the parent company AVAX S.A., for analytical purposes, it is stated that the valuation of investments in concessions is carried on their fair value as indicated by the reports of third party Certified Auditors. In the AVAX Group balance sheet , these investments are consolidated using the equity method, minus the equities of less than 20% (Moreas Motorway and Olympia Odos, which are also depicted in the consolidated balance sheet at fair value). Therefore, the net fair value (after deduction of deferred tax) of the Concessions investment portfolio as of 30/06/2019 is equal to €79,7 mil (and €72 mil in the consolidated balance sheet as of 31/12/2018, accordingly) which is not depicted in the AVAX Group balance sheet, due to the fact that these investments are consolidated using the equity method.

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018
Investment in Concession at Fair Value	121.823.523	115.900.143	509.088.351	503.929.977
Deferred Tax	(15.285.756)	(14.133.334)	(67.967.042)	(68.164.691)
Concessions with the equity method	254.815.521	261.534.341	‐	‐
Investment in Concessions at Net Value	361.353.288	363.301.150	441.121.308	435.765.286

6. Clients and other receivables

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018
Receivables from clients	299.472.391	181.898.981	183.680.330	182.977.218
Other receivables	163.497.700	128.585.305	167.693.779	122.400.391
	462.970.091	310.484.286	351.374.109	305.377.609

Receivables from clients for both group and the company include an invoiced amount of € 43.8 mil which is due for over three years and relates to part of invoiced amount for an energy project in Lebanon. A request for arbitration has been submitted for the total amount to the International Centre for Settlement of Investment Disputes (ICSID). Given the ongoing examination by the parties for the possibility of an amicable settlement of the dispute, the process relied on ICSID has been postponed until 31.01.2020. The estimate for the recoverability of the receivable amount on 30.06.2019 has not been changed compare to the respective estimate on 31.12.2018.

Other Debtors / Ongoing litigation

Regarding the pending court cases of the Company on 30.06.2019, arbitration decision 21/2005, which had obliged the parties to pay the Company €16.3 million plus interest for the equity deficit of "TECHNICAL UNION SA" which was absorbed by the Company, under the Decision of the Court of First Instance of Athens #2752/2010 was ordered to suspend the execution of the arbitration decision under article 938 of the Criminal Law Code until a decision is taken on the ordinary opposition that challenges the validity of the enforcement procedure, which was tried in March 2013. This decision of suspension is incorrect because it accepted that the Company misused its right to enforcement, which was repeatedly raised by the defendants and was dismissed, covered by the "res judicata".

The Company on 30.03.2011 requested the Court of First Instance of Athens to revoke this decision, reopening the road of enforcement, but this revocation application was rejected, and the progress of the enforcement would therefore be delayed by the March 2013 hearing, as part of the regular opposition. The case was adjudicated and a decision was issued by the First Instance Court of Athens, which also dismissed the objection of the Protopapas "family", so that the decision to suspend (5752/10) lost its validity and progress in enforcement is now possible.

Within the framework of this last possibility, after two suspensions at the Athens Peace Court, on 06.10.2015, ATHENA SA requested permission to sell by auction the shares of the Protopapas family members to satisfy its claim. At the same time, the Protopapas family house located in Kefalari, Kifissia (Pentelis 39 Street), has been seized, the Court having determined the value of this property at €5,000,000 and cleared it for auctioning.

A decision was taken by the Athens Court of Appeal (7/2016), which allowed the public auctioning of the shares and appointed a public notary to perform the auction (in the hands of the ATHEX as a third party). A lawsuit dated 08.01.2016 was notified to the Company for the recognition of the non‐existence of the Arbitration Decision 21/2005, which was scheduled to be heard on 03.11.2016 at the Athens Court of Appeal, but ultimately resigned from it.

The option to abandon the public auction of the shares was finally approved, due to the significant dilution of the stake of Athanasios Protopapas and Amalia Protopapas on the back of share capital increases which they did not participate in. Subsequently, a second action was filed to certify the recognition of non‐existence (not invalidity) of arbitration decision #21/2005, of similar content to the request of the first action, the application of which was resigned. The second action was discussed before the Athens Court of Appeal on 21.09.2017 and is reasonably expected to be rejected. Prior to this second lawsuit, ATHENA SA removed the existing foreclosure of the Athanasios Protopapas residence because there was a fear of being overthrown due to the fact that a year had passed since its imposition without being auctioned. To this extent, it imposed a new foreclosure, the relevant auction being set for 24.01.2018. An objection was brought against this foreclosure, which was tried on 13.03.2018 without, so far, any sign of application for suspension of the execution of the enforcement procedure, which implies that there is no obstacle to its enforcement. Though no official documents are available, it is speculated that Athanasios and Amalia Protopapas appealed against the decision of the Lower Court of Athens, which rejected their first action. However, this action was aimed at invalidating an enforcement which is no longer pursued, since ATHENA SA removed its application for foreclosure, therefore rendering this action groundless. We are awaiting the decisions on the second action against the foreclosure which was tried on 21.09.2018, as well as the appeal against the non‐existence of the arbitration decision which was tried on 21.09.2017. A new electronic auction successfully took place on 06.06.018, with a starting bid price of €1,930,000, resulting in the Company receiving its proportion according to lenders table in October 2018. More acts of the enforcement procedure on other assets are under way, hoping to receive the highest amount possible towards the claim. procedure on other assets are under way, hoping to receive the highest amount possible towards the

7. Cash and cash equivalent

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018
Cash in hand	1.817.386	204.127	355.837	125.581
Cash at bank	112.885.654	65.472.125	75.827.904	56.899.998
	114.703.040	65.676.252	76.183.742	57.025.579

8. Trade and other creditors

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018

Trade payables	257.090.803	163.195.764	117.211.055	138.957.092
Advances from clients	163.990.509	61.718.641	64.244.301	58.375.413
Contractual obligations	21.505.482	9.655.607	7.052.676	9.432.676
Other current payables	162.093.057	109.454.805	138.648.637	78.582.319
	604.679.851	344.024.817	327.156.669	285.347.500

The account "Other current payables" in the balance sheet of 30.06.2019 of the Company and the Group includes an amount of €16.250.000 which has been deposited by three major shareholder in a bank account of the Company against a future capital increase or a convertible bond issue of € 20 million. On 26.09.2019 the Extraordinary General Meeting of the Shareholders decided to increase the capital by cash payment and with participation rights of all shareholders up to € 20 million, expected to be completed by the end of 2019. The corresponding amount in the balance sheet of the Company and the Group on the comparable date of December 31, 2018 amounted to € 13,000,000.

9. Bank overdrafts and loans

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018
Short term debentures payable in the following
year	5.757.888	6.080.000	5.757.888	6.080.000
Short term loans	137.635.338	110.191.696	91.647.608	98.416.767
Payables (leasing )	4.287.063	3.449.330	768.568	480.385
	147.680.289	119.721.026	98.174.064	104.977.152

According to the single and consolidated financial statements for the period 1/1‐30/06/2019, the Company and the Group cover the financial ratios of liquidity, capital adequacy and profitability as amended and are still in force, except for some for which by the date of measurement on 30/06/2019, waivers were granted with changes in the limits by Bondholders.

10. Long ‐ term borrowings

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018
Long term debentures	423.543.616	429.956.889	415.353.616	415.941.889
Long ‐term loans	98.956.650	43.530.588	‐	‐
Payables (leasing )	39.119.378	2.179.167	280.295	121.331
	561.619.643	475.666.644	415.633.911	416.063.220

11. Other provisions and non‐current liabilities

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018
Other provisions	18.854.604	15.817.433	15.554.982	15.334.781
Other Non‐current liabilities	18.569.338	10.017.908	11.096.012	3.034.351
Non‐current liabilities ‐ Prepayments	370.556	4.058.302	‐	3.687.746
	37.794.498	29.893.643	26.650.994	22.056.878

12. Share capital

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018
Paid up share capital (77.654.850
Shares of € 0.30)	23.296.455	23.296.455	23.296.455	23.296.455
Share premium account	146.676.671	146.676.671	146.676.671	146.676.671
	169.973.125	169.973.125	169.973.125	169.973.125

13. Other reserves

	GROUP		COMPANY
	30/6/2019	31/12/2018	30/6/2019	31/12/2018
Reserves for revaluation of other assets	8.534.503	8.488.899	9.878.566	9.860.136
Revaluation reserves of financial assets at fair value through total income	43.505.613	39.200.003	195.136.961	190.752.860
Cash flow hedging reserve	(611.164)	(774.962)	‐	‐
Dividends reserves article 48, L.4172/2013	168.082.363	89.869.881	168.082.363	89.869.881
Statutory and other reserves	16.000.189	16.080.874	16.756.518	16.751.135
	235.511.504	152.864.694	389.854.408	307.234.013

14. Memorandum accounts ‐ Contingent liabilities

	GROUP	COMPANY
	30/6/2019	30/6/2019

Letters of Guarantee	529.206.521	491.578.373
Other memorandum accounts	6.711.529	1.504.156
	535.918.050	493.082.529

15. Encumbrances ‐ Concessions of Receivables

The following guarantees were provided towards the bond loans

v mortgage on Group property with a book value of € 47,127 thousands , and mortgage on Company property with a book value of € 17,273 thousands are accounted for.

v Cession of the Group's receivables arising from concession projects, mainly relating to retentions on performance bonds issued for those projects.

v Cession of dividends of concession companies and additionally shares of concession companies.

16. Contingent Receivables and Liabilities

(a) Litigation against the Group is proceeding for labour accidents which took place during construction works by companies or joint ventures which the Group participates in. Given that the Group is insured against labour accidents, no significant impact from contingent adverse legal decisions is expected. Other litigation or arbitration cases, as well as pending court or arbitration decisions are not expected to have a significant impact on the financial status or operation of the Group or the Company, hence no provisions have been made.

(b) A note (C1) on tax auditing is included in the interim financial statements.

c) The Group has contingent liabilities in relation to banks, guarantees and other issues arising from its ordinary operations, which are not expected to yield any negative impact.

17. Number of employees

The number of employees on 30/06/2019 in the Group amounted to 2,333 persons (compared to 1,436 on 30/06/2018) and at company level it amounted to 1.784 (compared to 917 on 30/06/2018). The number of employees does not include the staff of the Joint Ventures in which the Group and the Company participate.

18. Important events

During the first half of 2019, the following significant developments took place in all the Group's companies:

Corporate Renaming

Shareholders at the 2nd Repeat Extraordinary General meeting on 27.03.2019 decided to rename the Company from J&P‐AVAX SA to AVAX SA. The corporate renaming is part of the broader renewal of the Group's business profile, while also arising from the need to help the investment public, banks and the construction sector avoid any misconceptions arising from the liquidation of international contractors J&P (Overseas) Ltd and the split in the business activities of the Joannou and Paraskevaides families (who are among AVAX's main shareholders).

Administrative Changes

A. Board of Directors

1. Christos Joannou, Chairman (executive)
1. Konstantine Kouvaras, Deputy Chairman (executive)
1. Konstantine Lysarides, Vice Chairman & Director (executive)
1. Konstantine Mitzalis, Managing Director (executive)
1. Aikaterini Pistioli, Director (non executive)
1. Christos Siatis, Director (non executive-independent)
1. Alexios Sotirakopoulos, Director (non executive-independent)
1. Michael Hatzipavlou, Director (non executive‐independent)

Β. Project Bidding Committee

The Board of Directors granted the Project Bidding Committee all powers of administration and representation of the Company in relation with tenders for public contracts, and overall with bidding for public and private works, as specified in the Board decision. The Project Bidding Committee comprises the following Group officials:

1. Konstantine Lysarides, Vice Chairman & Executive Director,
1. Athena Demetriou-Eliades, Group Financial Officer, and
1. Zoe Lysarides, Bidding Department Director

Share Capital Increase amounting to €20 million

Set up of AVAX Middle East Ltd and acquisition of companies in the Persian Gulf

There is also cash amounting to €31 million and short‐term loans amounting to €31 million, which come from the projects in progress. Short‐term loans are expected to be repaid within 12 months (until 2020) out of cash flows from those projects.

Acquisition of Businesses in Libya and Greece

∙ to acquire PSM's experience and project record, thereby improving its bidding capacity for similar energy projects in international markets
∙ to collect in the near-term the funds withheld to guarantee the performance of the two projects, which exceed the agreed acquisition price.

Absorption of subsidiary J&P Energy SA

Addition of new projects:

The Company signed on 12.03.2019 a contract for the design, financing, construction, maintenance and operation on a PPP basis (Public‐Private Partnership) of a Waste Management Plant in the Ilia Prefecture of Western Greece, in a consortium with Mesogeios SA and AAGIS SA. The investment amounts to €39.5 million and the project aims to effectively manage urban solid waste produced in the prefecture, with a maximum capacity of 80,000 tons per annum. The waste management plant will be located in a rural area effectively manage urban solid waste produced in the prefecture, with a maximum capacity of 80,000 tons per annum. The waste management plant will be located in a rural between the municipalities of Pyrgos and Ilida. The construction period is 22 months, including 4 months of pilot operation, to be followed by an operation term of 25 years and 2 months. The private entity of the public & private sector partnership, assumes, among others, the following obligations: a) construction, operation and maintenance of the waste management unit, b) financing of the project with own equity, debt and a financial participation by Ilida municipality, c) commercial use of by‐products (recycled material, biogas‐ energy, compost, etc), d) transportation of residual waste to sanitary landfills.
The Company participates in a joint venture with ΤΕΡΝΑ, 100% subsidiary of GEK TERNA Group, which signed a contract with "ICR CYPRUS RESORT DEVELOPMENT CO LIMITED", of Chinese interests, for the construction of the "City of Dreams Mediterranean" integrated casino resort in Limassol, Cyprus. The joint venture is comprised of J&P‐AVAX SA (60%) and TERNA SA (40%). The contract, worth around €270 million with a 30‐month deadline, pertains to the construction of an integrated casino resort with approximately 96,000 m2 building construction area on a 37 hectare site. The resort will include a casino, restaurants, retail and commercial area, spa, a 16‐storey hotel tower with approximately 500 guest rooms, expo building, sizeable sports facilities with indoor and outdoor pools, and a an assortment of other main and auxiliary areas and facilities, as well as expansive landscaped areas.

Collaboration of subsidiary Volterra with PPC to develop wind parks totalling 69.7 MW

19. Transactions with related parties

The Group is controlled by AVAX. Members of the Board of Directors and related legal entities collectively own 70% of the Company's common shares, while the balance of 30% is controlled by the broad investment public. Transactions with related parties are booked by the Company and its subsidiaries throughout the year. Sales to and purchases from related parties are carried out at going market prices.

Account balances as at 30.06.2019 are not covered with guarantees and their settlement is done on cash terms. The Group did not book any provisions for doubtful receivables from related parties, because payments on those transactions have proceeded smoothly so far. Intra‐Group transactions are netted off at consolidation of their financial accounts.

The following table provides a brief overview of transactions with related parties during the period 1/1‐30/06/2019:

(all amounts in € thousands)

Group
	Income	Expenses	Receivables	Payables
PYRAMIS	‐	1.249	970	1.110
AG.NIKOLAOS CAR PARK	10	‐	14	‐
OLYMPIA ODOS OPERATIONS SA	1.686	‐	1.577	‐
OLYMPIA ODOS SA	503	‐	120	910
GEFYRA OPERATIONS SA	41	‐	23	‐
GEFYRA SA	14	‐	14	‐
ATTIKI ODOS S.A	‐	99	31	460
ΑΤΤΙCΑ DIODIA Α.Ε.	‐	‐	180	‐
AEGEAN MOTORWAY SA	1.755	1	310	233
SALONICA PARK S.A	9	‐	17	‐
POLISPARK	‐	‐	24	‐
ELIX A.E.	‐	‐	6	‐
ATHINAIKOI STATHMOI SA	‐	‐	1	‐
HELLINIKON ENTERTAINMENT AND SPORT PARKS SA
(KANOE ‐ KAJAK)	2	‐	0	‐
METROPOLITAN ATHENS PARK	‐	‐	2	‐
BONATTI J&P‐AVAX Srl	‐	‐	12.357	‐
5N	‐	‐	145	‐
SC ORIOL REAL ESTATE SRL	‐	‐	934	‐
J&P‐AVAX QATAR LLC	‐	‐	1	‐
J&P (UK) LTD LONDON	‐	‐	‐	31
ILIA WASTE MANAGEMENT PPP	200	‐	‐	‐
ENERSYSTEM FZE	‐	1.457	‐	‐
VIOENERGEIA SA	1	‐	102	‐
LIMASSOL MARINA LTD	‐	‐	9.980	‐
Executives and members of the Board	‐	1.016	‐	558
	4.221	3.822	26.805	3.301

Company
	Income	Expenses	Receivables	Payables
ETETH SA	182	21	1.326	21
TASK J&P AVAX SA	7	727	1.047	3.319
J&P‐AVAX IKTEO	‐	‐	4	17
GLAVIAM	2	‐	2	‐
J&P DEVELOPMENT	18	‐	1.075	3
ATHENA	1	‐	14	41
ERGONET	6	‐	415	1
MONDO TRAVEL	3	181	158	606
JPA ATTICA SCHOOLS PPP	1.021	‐	55	0
ATHENS MARINA	21	‐	1.160	‐
BONATTI J&P‐AVAX Srl	‐	‐	12.357	‐
J&P‐AVAX CONCESSIONS	‐	‐	3	20
J&P‐AVAX INTERNATIONAL LTD	1.510	22.612	6.567	2.698
AG.NIKOLAOS CAR PARK	‐	‐	14	‐
OLYMPIA ODOS OPERATIONS SA	1.642	‐	1.557	‐
OLYMPIA ODOS SA	496	‐	119	910
GEFYRA OPERATIONS SA	41	‐	23	‐
GEFYRA SA	10	‐	13	‐
ATTIKI ODOS S.A	14.602	88	‐	431
ΑΤΤΙCA DIODIA S.A	496	‐	‐	‐
AEGEAN MOTORWAY SA	1.755	1	246	233
SALONICA PARK A.E.	1	‐	12	‐
POLISPARK Α.Ε.	‐	‐	24	‐
ELIX A.E.	‐	‐	6	‐
VOLTERRA A.E.	128	226	185	1.259
ATHINAIKOI STATHMOI SA	‐	‐	1	‐
HELLINIKON ENTERTAINMENT AND SPORT PARKS SA	2	‐	0	‐
METROPOLITAN ATHENS PARK	‐	‐	2	‐
J&P‐AVAX QATAR LLC	‐	‐	1	‐
J&P‐AVAX QATAR WLL	‐	‐	‐	31
JOANNOU PARASKEVAIDES ENERGIAKI	‐	‐	2.066	‐
J/V J&P‐AVAX ‐ J&PARASKEVAIDES OV.LTD (JORDAN)	107	‐	547	‐
LIMASSOL MARINA LTD	‐	‐	9.980	‐
JOINT VENTURES	1.756	‐	30.341	5.921
P.S.M. SUPPLIERS LTD	‐	‐	‐	340
VIOENERGEIA SA	145	‐	102	‐
ILIA WASTE MANAGEMENT PPP	200	‐	0	‐
PYRAMIS	‐	1.249	970	1.110
Executives and members of the Board	‐	417	0	172
	24.152	25.521	70.388	17.133

20. Subsequent Events

Share capital increase up to €20 million

Cash advances by shareholders towards the approved rights issue

Appointment of Internal Auditor

Sale of Attica Schools PPP

The Company signed on 01.08.2019 a contract for the sale of the PPP of 10 Schools in Attica, which it had built a few years ago and undertaken their facility management in the long run. The signed agreement provides for the transfer on 01 10 2019 01.10.2019 by the Company of all shares of the PPP company, as well as of the outstanding balance of two different series b h C f ll h f h PPP ll f h di b l f diff i of limited bonds issued by the Company.

21. Acquisition of "PSM Suppliers Limited" in Libya

∙ to acquire PSM's experience and project record, thereby improving its bidding capacity for similar energy projects in international markets

∙ to collect in the near‐term the funds withheld to guarantee the performance of the two projects, which exceed the agreed acquisition price

PSM Suppliers Ltd Basic Balance Sheet figures		At the date of acquisition from AVAX SA
amounts in Euros	30.06.2019	14.03.2019
Short term Receivables	13.704.937	10.938.753
Short term Liabilities	914.005	1.895.723
Net Current Assets	12.790.932	9.043.030
	Consolidated	Until the
	Results from	Acquisition by
PSM Suppliers Ltd Statement of Income	AVAX S.A.	AVAX S.A.
amounts in Euros	01.01‐30.06.2019	01.01‐14.03.2019
Turnover	2.511.270 2 511 270	232 821 232.821
Cost of sales	(284.075)	(22.430)
Gross Profit	2.227.195	210.391
Net Financial Income (loss)	(1.030)	(389)
Extraordinary Results	8.029.104	7.810.375
Profit/(loss) before tax	10.255.269	8.020.377
		At the date of
		acquisition from
Intercompany Transactions (AVAX SA and PSM Suppliers Ltd)		AVAX SA
amounts in Euros	30.06.2019	14.03.2019
Current receivables (AVAX SA)	134.148	0
Current liabilities (AVAX SA)	340.416	0
(Net) Current liabilities (AVAX SA)	206.268	0
		At the date of
		acquisition from
Goodwill of acquisition PSM Suppliers Ltd from AVAX SA		AVAX SA
amounts in Euros		14.03.2019
Total acquisition consideration		2.764.132
Fair value of the company		‐9.043.030
Goodwill (Negative)		‐6.278.898

22. Acquisition of "J&P Energy", Greece

In June 2019 the Board of Directors of the Company and «J&P Energy & Industrial Works SA», the latter company being 100% subsidiary of the former, decided to commence their merger through the absorption of J&P Energy & Industrial Works SA by AVAX SA. The merger will be based on financial statements dated 31.12.2018.

		At the date of
		acquisition from
J&P Energy Basic Balance Sheet figures		AVAX SA
amounts in Euros	30.06.2019	08.04.2019
Short term Receivables	267.818	656.623
Short term Liabilities	987.302	2.964.105
Net Current Assets	‐719.484	‐2.307.482

	Ενοποιούμενο Αποτέλεσμα από	Until the Acquisition by
J&P Energy Statement of Income	ΑΒΑΞ ΑΕ	AVAX S.A.
		01.01‐
amounts in Euros	01.01‐30.06.2019	08.04.2019
Turnover	0	0
Cost of sales	0	0
Gross Profit	0	0
General expenses	‐326.608	‐325.674
Net Financial Income (loss)	‐13.469	‐1.593
Extraordinary Results	‐3.284	‐163.820
Depreciation	‐7.634	‐8.729
Profit/(loss) before tax	‐350 995	‐499 816

Profit/(loss) before tax Profit/(loss) before	‐350 995 350.995	‐499 816 499.816
Intercompany Transactions (AVAX SA and J&P Energy)		At the date of acquisition from AVAX SA
amounts in Euros	30.06.2019	08.04.2019
Current receivables (AVAX SA)	2.065.559	0
Current liabilities (AVAX SA)	134.148	0
(Net) Current liabilities (AVAX SA)	‐1.931.411	0

	At the date of
	acquisition from
Goodwill of acquisition J&P Energy from AVAX SA	AVAX SA
amounts in Euros	08.04.2019
Total acquisition consideration	1
Fair value of the company	2.091.081
Goodwill	2.091.082

23. Incorporation of AVAX Middle East Limited

Through AVAX ME, the AVAX Group eyes the expansion of its operations ina geographic region with a steady flow of auctions for large‐scale projects for MEP projects. The expansion through the acquisition of the three companies which are active in the Middle East and Persian Gulf area, offers AVAX Group know‐how in large‐scale MEP works as well as access and expertise in operating in those countries. AVAX ME's consolidated accounts post the acquisitions show work‐in‐hand amounting to €361 million. The accounts also show debt totalling €82 million, of which €51 million concern long‐term loans to be repaid in the period beyond one year and up to five years. Whilst Cash & Equivalent (€31m) and short‐term loans (€31m) relate to ongoing construction projects. Short‐term bank loans are expected to be repaid in the forthcoming twelve months from ongoing construction projects' cash flows.

Balance Sheet of AVAX ME Ltd, amounts in €	30.06.2019
Tangible operating assets	18.405.027
Intangible assets (Software)	14.453
Goodwill	46.284.610
Fixed Assets	64.704.091
Construction contracts	88.338.885
Inventories	17.576.545
Clients and other receivables	108.225.674
Cash & Equivalent	30.796.614
Current Assets	244.937.718
Suppliers and other liabilities	126.130.236
Other Short‐term liabilities	126.838.005
Total Short‐term liabilities	252.968.242
Net Current Assets	‐8.030.524
Long‐term Liabilities	54.919.199
Own Equity	1.754.367

Income Statement of AVAX ME Ltd, amounts in €	23.05 ‐ 30.06.2019
Revenue	16.398.988
Cost of sales	‐14.557.248
Gross result	1.841.740
General expenses	‐151.077
(Net) financial expenses	‐98.861
Pre‐tax result	1.591.802

Debt of AVAX ME Ltd, amounts in €	30.06.2019
Long‐term bank loans	49.958.178
Loans from related companies	702.990
Long‐term loans payable in next 12 months	31.149.912
Short‐term loans	0
less: Cash & Equivalent	81.811.080 30.796.614
Net Debt	51.014.466
Loans Breakdown, amounts in €
Up to one year	31.149.912
Between one and five years	50.661.168
	81.811.080
Conspel Construction

Goodwill, from acquisition of three companies, amounts in €	Specialist (Isle of Man)	J&P Qatar WLL	Abu Dhabi J&P LLC	Total
	Ltd
Acquisition cost	527.242	153.779	21.969	702.990
less: fair value of acquired assets	‐24.976.322	‐13.263.808	‐7.341.489	‐45.581.620
Goodwill	25.503.564	13.417.588	7.363.459	46.284.610

The item "Clients and other receivables" includes provision for impairment of receivables amounting to€40,537,401.

Goodwill with respect to the acquisition of the companies Conspel Construction Limited (Isle of Man), Joannou & Paraskevaides Qatar WLL and Abu Dhabi J & P LLC, due to the fact that the consideration of the acquisition exceeded the net assets value acquired in order to gain control over the companies. Additionally, the consideration for the acquisition of the abovementioned companies includes benefits derived from expected synergies, revenue increase, future market development and companies' human resources. These benefits do not meet identifiable intangible assets recognition critiria and therefore they are not recorded separetly from goodwill.

Identifiable intangible assets Fair Value is temporary since independent valuation has not been finalised yet.

In case that new information become available within one year from the acquisition date which relate to conditions existed at the acquitision date with respect to amounts effect goodwill calculation or additional provisions also existed at acquisition date, then

after further review of these information, nessecery accounting adjustments will take place.

24. Joint Ventures with J&P (Overseas) Ltd.

A detailed report on this matter may be found in the Report of the Board of Directors for the Annual Financial Report 2018, under the "Important post balance sheet date Developments & Events" section.

More specifically, the status of each project is as follows:

1a. Roadworks in Qatar

For both road works in Qatar, agreements were signed during 2019 with Ashghal, providing for the unilateral undertaking of the completion by AVAX and the expulsion of J&P (Overseas) Ltd from the construction consortium. Upon signing the revised contracts, the client released the performance bonds held, and then partially called the outstanding letters of guarantee (issued without any AVAX SA guarantee) to repay any legacy payments for suppliers appearing in the books. These payments will be reviewed and approved by the client to ensure that payments exclusively concern the projects. Thereafter, if payments for the remainder of the two road projects fall short of meeting the costs of the projects until their completion, the client will partially call the letters of guarantee in his possession, issued by J&P (Overseas) Ltd without any AVAX SA guarantee.

1b. Qatar Foundation Stadium

The contract for the sports stadium was signed with state institution Qatar Foundation on 21.07.2016, representing a value of €133.7 million for our Company, corresponding to a 24% stake.

AVAX Middle East Ltd, a 100% subsidiary of AVAX International Ltd, which in turn is a 100% subsidiary of parent company AVAX SA, the Group proceed to the acquisition of Conspel "Qatar WLL" and "J&P Qatar WLL" which participate in the project with an aggregate 76% stake, whereas AVAX SA has a direct 24% stake (see Note in the Accounts on AVAX Middle East). Through the consolidated accounts of AVAX Middle East, the entire amount of payables to the lender bank, i.e. QAR 135 million or €31.25 million, has been recognized. AVAX has not provided any guarantees towards the amount of €23.75 million recognized in the accounts of AVAX Middle East. Following the acquisition by AVAX Group of J&P (Overseas) Ltd subsidiaries which participate in the project, the novation agreement was signed between all parties involved.

Receipts AVAX SA from projects, amounts in €	until
----------------------------------------------	-------

Receipts AVAX SA from projects, amounts in €	until	until	until
	31.12.2017	31.12.2018	30.06.2019
West Corridor P010	3.372.910	3.372.910	3.372.910
New Orbital Highway and Truck Route	6.969.008	6.969.008	6.969.008
Qatar Foundation Stadium	7.402.549	11.345.156	11.345.156
Other projects	1.445.087	1.445.087	1.445.087
Total Qatar	19.189.554	23.132.161	23.132.161

			Projects' receivables from client, amounts in €
--	--	--	-------------------------------------------------

Projects' receivables from client, amounts in €	until 31.12.2017			until 31.12.2018	until 30.06.2019
	From clients	From	From clients	From retentions	From clients	From
		retentions				retentions
Company's share	25%	25%	100%	100%	100%	100%
West Corridor P010	2.225.091	4.716.003	13.687.148	19.743.185	12.621.623	1.391.387	Note Α
New Orbital Highway and Truck Route	12.345.828	7.356.775	44.524.024	14.454.248	17.272.189	0
Total roads infrastructure projects	14.570.919	12.072.778	58.211.172	34.197.433	29.893.812	1.391.387
Company's share	24%	24%	24%	24%	24%	24%
Qatar Foundation Stadium	13.248.234	0	940.044	0	102.721	0
Qatar Foundation Stadium through Middle East	0	0	0	0	13.553	0
Total Qatar	27.819.153	12.072.778	59.151.216	34.197.433	30.010.086	1.391.387

Note Α: AVAX SA had share of 25% in projects' "West Corridor P010" and "New Orbital Highway and Truck Route" joint ventures. After the amended contracts on 08.04.2019 and 30.01.2019 respectively, company's share amounts to 100% in joint ventures of both projects retrospectively from J&P (Overseas) Ltd liquidation date.

Transactions with AVAX SA: Net receivables/ (Liabilities),	until	until	until
amounts in € '000	31.12.2017	31.12.2018	30.06.2019
JV for roads infrastructure projects in Qatar	‐1.868	0	0	Joint Ventures have already been
JV for Qatar foundation Stadium	‐10.154	0	0	consolidated through branch
AVAX SA branch in Qatar	3.381	2.390	2.290
Total Qatar	‐8.641	2.390	2.290
Bad debt provision	0	‐2.390	0

2. Jordan

AVAX SA agreed to assume the continuation of the project and purchase used assets of J&P Overseas Ltd (office space and limited mechanical equipment exclusively employed in the project), according to the appraisal conducted by specialists on behalf of AVAX and the liquidator of J&P (Overseas) Ltd). Signing of the deal between the liquidators, banks and the Concession lending banks has been delayed because of the requirement to secure the consent of ARAB Bank, which had issued the letters of guarantee for the initial project, which is concluded and is currently in its defect liability period.

The delay is related to the ceding to ARAB Bank of J&P (Overseas)Ltd's share in revenues. Nevertheless, a final agreement has been reached for ARAB Bank to grant its consent, and the contact is expected to be signed soon.

Bank performance bonds and letters of guarantee for the additional works, currently amounting to €9.0 million, are issued by AVAX SA.

An agreement was reached recently for ARAB Bank's consent to the deal, which is expected to be signed soon.

Receipts, amounts in €	until	until	until
	31.12.2017	31.12.2018	30.06.2019
Jordan	5.431.156	5.941.900	5.941.900


Projects' receivables from client, amounts in €

Projects' receivables from client, amounts in €	until 31.12.2017		until 31.12.2018		until 30.06.2019
	From clients	From retentions	From clients	From retentions	From clients	From retentions
Jordan	0	0	0	0	4.840.628	0

Transactions with AVAX SA: Net Receivables / (Liabilities),
amounts in €

Transactions with AVAX SA: Net Receivables / (Liabilities),	until	until	until
amounts in €	31.12.2017	31.12.2018	30.06.2019
Jordan	3.580.570	1.543.339	546.633

3. Financial data of Joint Ventures and branches for projects with J&P (Overseas) Ltd, (Qatar, Jordan)

amounts in €	Jordan		Roads infrastructure projects in Qatar		Qatar Foundation Stadium		Total
	30.06.19	2018	30.06.19	2018	30.06.19	2018	30.06.19	2018
Assets AVAX SA	9.564.048	2.268.680	47.188.273	134.775.659	38.142.787	27.912.818	94.895.108	164.957.157
Assets through Middle East	0	0	0	0	5.032.729	0	5.032.729	0
Liabilities AVAX SA	9.390.079	2.644.098	47.188.308	101.634.352	37.731.504	27.776.956	94.309.890	132.055.406
Liabilities through Middle East	0	0	0	0	5.032.729	0	5.032.729	0
	173.969	‐375.418	‐35	33.141.307	411.283	135.862	585.218	32.901.751
Revenue AVAX	9.696.049	4.373.390	55.206.367	73.648.000	25.268.979	44.120.000	90.171.395	122.141.390
Revenue through Middle East	0	0	0	0	3.334.101	0	3.334.101	0
Expenses AVAX SA	9.305.520	4.748.808	55.206.367	65.938.000	24.592.639	43.572.000	89.104.526	114.258.808
Expenses through Middle East	0	0	0	0	3.244.862	0	3.244.862	0
	390.530	‐375.418	0	7.710.000	765.579	548.000	1.156.109	7.882.582

AI Terminal

Avax S.A.

2741_ir_2019-10-02_7a5ed8c4-b2da-4ccd-89e6-0aee17ffe72a.pdf

AVAX S.A.

AVAX S.A.

STATEMENT OF MEMBERS OF THE BOARD OF DIRECTORS

(in accordance with article 5, paragraph 2 of Law 3556/2007)

REPORT OF THE BOARD OF DIRECTORS

FOR THE PERIOD FROM 01.01.2019 TO 30.06.2019

(in accordance with article 5, paragraph 6 of Law 3556/2007 and Decision #8/754/14.04.2016 of Greece's Capital Markets Commission)

Dear Shareholders,

Main Business Segment Activity

Construction

Energy (Power Stations & LNG)

RES Projects and Energy Trading

Concessions

Group Financial Results for the First Half of 2019

Important Events during the First Half of 2019 & their Impact on Financial Results

Corporate Renaming

Administrative Changes

A. Board of Directors

B. Project Bidding Committee

Revision of agreements for 4 joint ventures with J&P (Overseas) Ltd in Jordan and Qatar

1a. Roadworks in Qatar

1b. Qatar Foundation Stadium

2. Jordan

Share Capital Increase amounting to €20 million

Set up of AVAX Middle East Ltd and acquisition of companies in the Persian Gulf

Acquisition of Businesses in Libya and Greece

Absorption of subsidiary J&P Energy SA

Addition of new projects:

Collaboration of subsidiary Volterra with PPC to develop wind parks totalling 69.7 MW

Main Risks & Uncertainties for the Second Half of 2019

1. Economic & Political Developments

2. Risks and Uncertainties

a. Credit Risk

b. Input Price Risk

c. Liquidity Risk

d. Cash Flow Risk

e. Forex Risk

f. Insurance Risk

g. Geopolitical Risk

h. Financial Risk

Projections & Prospects for the Second Half of 2019

Alternative Performance Measures

1. Earnings before interest, tax, depreciation and amortization (EBITDA)

2. Capital Leverage Indicator

3. Net Debt

4. Free Cash Flow

Applied Company Policies

Environment

Energy Management

Waste Management

Social Policy

Labour Policy

Health & Safety of Workers

Employee Benefits

Training & Development of Employees

Respect of Human Rights

Protection of Personal Data

Important post balance sheet date Developments & Events

Share capital increase up to €20 million

Cash advances by shareholders towards the approved rights issue

Appointment of Internal Auditor

Sale of Attica Schools PPP

Important Transactions Between the Company and Related Parties

(Translation from the original text in Greek)

Independent Auditor's Report on Review

Report on Review of Interim Financial Information

Introduction

Scope of Review

Conclusion

Emphasis of matter

Report on other legal and regulatory requirements

Interim Condensed financial reporting

WEBSITE WHERE THE COMPANY'S AND CONSOLIDATED

FINANCIAL STATEMENTS ARE AVAILABLE

AVAX S.A. STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2019 (All amounts in Euros)

AVAX S.A. STATEMENT OF INCOME FOR THE JANUARY 1st, 2019 TO JUNE 30th, 2019 PERIOD (All amounts in Euros except per shares' number)

AVAX S.A. STATEMENT OF COMPREHENSIVE INCOME FOR THE JANUARY 1st, 2019 TO JUNE 30th, 2019 PERIOD (All Amounts in Euros)