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The developments in the construction sector are evolving with great interest, with the latest move being the establishment of 2 companies from Mytilineos exclusively for the infrastructure sector. In the last two years the five big groups have made several moves in order to get the best position for the pie of 15 billion euros of domestic projects. These fermentations obviously demonstrate the rise of the sector, the interest that exists for investment and the expectations that are created.

The leader – GEK TERNA Group

Starting with the market leader, the GEK TERNA Group, we will see how it strengthens its executive profile with the additions of Petros Suretis and Christos Panagiotopoulos. It is a fact that GEK TERNA is now at a different level compared to the competition. It is essentially restructuring and evolving as its backlog will soon reach 5 billion euros, which means that the expansion of the administration is necessary.

At the same time, it seems that they are close to closing the deal with First Sentier for TERNA ENERGY in an amount that is said to reach 2.5 billion euros. This move will create the necessary environment for the investments that the Group wants to make in the major projects that it is going to undertake or will run soon such as Egnatia Odos, the Casino in Elliniko, the various PPP projects that it participates in, the claim of VOAK and of course the next day of Attiki Odos.

The renewed ELLAKTOR

ELLAKTOR Group made very dynamic moves. First, it cleaned up its shareholding landscape, reshuffled top executives, and appears to have found its way back to the top. A key point was the agreement with Motor Oil as on the one hand the company entered the share capital of Ellactor and on the other giving the RES sector, it was able to clean up its financial profile.

This means that the next day finds her ready to claim the big projects in which she is present through the subsidiaries of AKTOR and AKTOR Concessions. At the same time, its backlog has started to climb again and in 2023 it is estimated that it will rise even more.

The moves of AVAX

AVAX also proceeded with corrective actions to strengthen its manufacturing profile. It initially proceeded with the sale of the Group’s offices, then with the sale of Volterra and then with the sale of its participation in the concession of the Rio-Antirio Bridge, raising funds of 90 million euros.

At the same time, it creates a subsidiary to which the holdings from concession projects will go. This is the completion of the Aegean Motorway and its participation in the Olympia Odos is also being prepared.

In 2022, the company signed contracts of more than half a billion euros and participates in most major tenders for public projects, PPPs and Concessions. It also expects to sign contracts worth more than 445 million euros. AVAX’s backlog amounted to 1.7 billion euros in the first nine months.

The restructuring of MYTILINEOS

Mytileneos also made significant changes. The large Greek company with a presence in 30 countries, proceeded with a corporate transformation, essentially following the prevailing trends in construction. Separating the construction sector, he founded two subsidiaries, METKA (which is being revived) and M. Concessions. They receive as a “dowry” from the parent company projects of 1.5 billion euros and financing of 1 billion euros.

Mytileneos wishes to strengthen its position in the construction industry by having a structure that is clearer. The two new companies will have clear roles and METKA will operate in public and private projects and M Concessions in PPP projects and Concessions. It is understood that the two new entities will also receive from Mytileneos the participations that exist in the large tenders for infrastructure projects and PPP projects.

The new profile of INTRACAT

At INTRAKAT Group we literally had a new day. The transfer of the shares to the trio of Baku-Kaymenakis-Exarchos created new expectations for the future. The new administration of INTRACAT took as a dowry an unexecuted amount of more than 1 billion euros and proceeded with further moves.

The most important thing is the capital increase of 100 million euros which can give it the necessary liquidity to move easily in financing projects and meeting current needs. Furthermore, future reinforcement of the Group was not ruled out. It is clear that INTRAKAT wants to increase its share in the construction pie by having a new profile. It is no coincidence that its entry into the tender for the new concession period of Attiki Odos was announced, which is the “holy grail” in the construction process.

The 5 major Groups are reorganizing themselves as new projects are increasing and others are coming with a pace that requires increased capabilities and flexibility. Within 2023, the unexectuted amount of the five major market players is estimated to increase geometrically (with an asterisk for any contingencies mainly in the global economic environment).

The challenges they will have to face in addition to the competition between them, is the lack of personnel at all levels, which is currently highlighted as the No. 1 inhibiting factor. Also the financing of the projects due to the abundance of PPPs that require large cash flows, the prices of the materials but also the possibility of satisfactory absorptions in the large infrastructure projects for their timely completion.

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