With an unutilised amount of 2.2 billion euros and “fresh” projects that are starting, the AVAX Group shows confidence in its future in the sector. Of these, 90% are contracted. Today, AVAX has flagship projects in the range of constructions. The flagship is the major project for Line 4 of the Athens Metro which is currently the largest public project in the country in which the metro operator is expected to start at the end of March. The project is carried out in partnership with Ghella-Alstom.

Also, a short time ago, it signed for the major flyover project of the Regional Thessaloniki together with Mytilineos. The Managing Director of AVAX Group, Mr. Konstantinos Mitzalis speaking in a meeting with journalists, focused on the important projects that were completed in the past year, which was characterized as very successful for the Group.

The financial data

The Group’s concessions are valued at approximately 400 million euros with iconic projects such as Attiki Odos, Olympia Odos and the most recent, the flyover. Especially for Attiki Odos, it is estimated that after the end of the concession in October 2024, it will continue to generate dividends and income from capital return of approximately 150 million euros until 2027.

The president of AVAX, Mr. Ioannou stated that a 40% increase in turnover is expected for 2023 and profits of 33.6 million euros in the first nine months of 2022. At the same time, he noted that borrowing has decreased by 45% and has reached 225 million. euro. At the same time, within 2023, 101 million euro bond loans will be repaid.

During 2022, the Group managed to complete and deliver flagship projects across the range of its business sectors, such as the IGB and the extension of Metro Line 3. He also analyzed the most important ongoing or undertaken projects, such as Line 4 of the Athens Metro, the FlyOver of Thessaloniki, phase A of infrastructure projects in Elliniko and the City of Dreams Mediterranean Integrated Casino Resort in Limassol.

At the same time, the Group’s borrowing was drastically reduced. As noted by the president of the Christos Group, Mr. Christos Ioannou, AVAX is on track for a significant recovery of financial results through an effective capital policy, laying the foundations for dynamic project claims both in Greece and abroad.

He analyzed the strategic disinvestments in the concessions sector, the strengthening of AVAX Concessions, as well as the plans to stimulate liquidity for 2023. He referred to the hidden value of the Group both in concessions/PPPs and in the Real Estate and Marine Sector where the value of the portfolio is around 500 million Euros.

Firm strength in the industry

What was emphasized by all executives at yesterday’s meeting is the unity that exists within the AVAX Group. It was highlighted that there is a sufficiency of personnel despite the shortages appearing throughout the sector as due to the execution of major projects its manpower has been maintained and expanded.

However, there is an admission that there is an issue of staff shortage as other projects are expected. It is estimated that the issue can be resolved by recruiting and training new employees.


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