Completion of important projects in the first half of the year, new projects that have been undertaken in the recent period of time, as well as the amount of the outstanding balance form a more positive basis for conditions for future profitability, a steadily strengthening prospect for further growth and strengthening of the Avax group. This is how the president of the company Christos Ioannou assesses in an interview with Katimerini, recognizing, of course, that such problems as rising prices for building materials and a possible shortage of professional specialties will affect the industry in the near future. It is noted that the company Avax SA, listed on the stock exchange, not only does not plan to increase the authorized capital, but, on the contrary, is considering the possibility of introducing – when it is considered possible – a dividend policy, the purpose of which will be for shareholders to receive a significant part of the current capitalization. Regarding Avax concessions, he says that as a result of the group’s strategy to highlight the value of a particular portfolio, the most recent estimate is 515 million euros. At the same time, he also looks moderately optimistic about Volterra.

According to Christos Ioannou, Avax’s project portfolio currently stands at 2.5 billion euros, as the group has taken on and is already implementing a number of important new projects.

Among the current projects of the group stands out the new line 4 of the metro, which, after the recent handover by Avax of the extension of line 3 to Piraeus, is expected to further facilitate travel to the capital, the infrastructure of phase A projects in Elliniko, as well as the regional highway of Thessaloniki, also known as Flyover.

“The Avax Group, despite the extraordinary circumstances, will continue to develop and strengthen its dynamics in its fields of activity, contributing to the development of the country, as well as strengthening and supporting the Greek economy in an international environment with huge challenges,” he said. said in “K” its president, who, apparently, is particularly pleased with the recent completion of work on the 3rd metro line, as well as a connecting gas pipeline with Bulgaria.

“At a time of challenging circumstances due to rising prices and the ongoing energy crisis, Avax SA continues to show consistency, managing to reduce its total borrowings by 115 million euros over two years in the first half of the year. This reduction in borrowing continues at an intense pace and is expected to decrease by another 130 million euros to reach 260 million euros by the end of 2023. Focusing in recent years on reducing its liabilities, the company focuses on rewarding its shareholders. With this priority, not only is he not planning an increase in share capital, but instead he is considering launching – when deemed possible – a dividend policy, the purpose of which will be for shareholders to receive a significant portion of current capital. capitalization.

Among the projects currently underway, the new metro line 4, infrastructure projects of phase A in Elliniko and the Thessaloniki Regional Highway stand out.

– The Group continues to participate in all major infrastructure projects and concessions completed recently, always staying at the forefront and taking on a number of important domestic and international projects. At the same time, in recent months, he has managed to implement a number of important projects that have changed the landscape of construction and infrastructure in Greece and abroad, as well as shaping the geopolitical sphere of energy for the next day.

I remind you that the extension of Metro line 3 to Piraeus and the connecting gas pipeline Greece – Bulgaria IGB, two projects of great importance and with a high coefficient of complexity in terms of their completion, have recently been completed and put into operation. Indeed, the opening of the extension of line 3, which took place on Monday, October 10, in the presence of Prime Minister Mr. Mitsotakis, when Avax provided three ideal stations in Maniatika, Piraeus and the Municipal Theater, which are now available to passengers. public, connecting directly the port of Piraeus with the airport “El. Venizelos.” The stations are expected to increase the total ridership on the metro network to 132,000 per day, thereby helping to address the transport challenges that areas in the wider Piraeus area face on a daily basis.

On the other hand, the Greece-Bulgaria Interlinking Gas Pipeline (IGB) project connects Bulgaria to the Trans-Adriatic Gas Pipeline (TAP) and allows natural gas to be transported from Azerbaijan through Greece to Italy and the region of Southeast Europe at a time when energy issues are more relevant than ever. The project has been recognized as the flagship of the CESEC initiative.

– In addition to flagship projects in our country, the group also has a significant presence abroad with the completion of multi-level projects such as the new generation plants in Bismaya, Iraq, with a capacity of 3,150 MW and a cost of $980 million, which are estimated to provide electricity for more than 3 million citizens of the country.

– The portfolio of projects to date is 2.5 billion euros, as the group has taken on and is already implementing a new series of important projects. Among the group’s current projects stands out the new line 4 of the metro, which, after the recent extension of line 3 to Piraeus, is expected to further facilitate travel to the capital and the daily life of citizens. A ΄ infrastructure phase in Elliniko, a monumental project characterized as the largest urban regeneration investment in Europe, for which Lamda Development has entrusted the know-how of Avax, as well as the Thessaloniki Regional Highway, also known as FlyOver.

Concession plans and labor shortages

– Of course. As you know, in addition to the construction part, the group maintains a very successful presence in a number of other activities. Particular importance is attached to work in the field of concessions. Due to the recent strengthening of the group’s strategy to emphasize the value of a particular portfolio, its latest valuation is 515 million euros. This sector is also the subject of a 100% subsidiary of Avax Concessions, the creation of which was made with the aim of achieving a clearer structure that would better reflect the value of the group’s assets, inter alia, in the Bridge of Rio – Antirrio, Attiki Odos – the concession of which we request in the corresponding tender TAIPED – on the Aegean highway, on Olympia Odos, on the Morea highway, in the harbor of Athens, in the harbor of Limassol, in the IEA of Ilias, etc.

– Avax Group remains focused on its strategy for the implementation of flagship and effective projects in view of global challenges in construction and business. Completion of important projects in the first half of the year, new projects that have been undertaken in the last period of time, and the amount of the outstanding balance form a more positive basis for conditions for future profitability, steadily strengthening the prospects for further growth and strengthening of the group.

“But there are risks. Is not it; For example, the rising cost of raw materials and the shortage of labor. Want to comment?

“Let me point out that the special conditions caused first by the pandemic and then by the energy crisis could not but affect the wider construction industry. In terms of project implementation, it is indeed expected that issues such as rising prices for construction materials and a possible shortage of skilled professionals will affect the sector in the near future. In particular, with regard to the lack of human resources, the group estimates that there will be a relative reduction in the number of occupations such as heavy equipment operators, unskilled workers, rebar and concrete laying teams, and electromechanical work teams. However, the company has been properly prepared to deal with any issues that may arise, while it should be emphasized that it does not currently face a problem, as it has enough employees and partners. From there, he intends to mobilize valuable partners from his activities abroad, awaiting appropriate instructions to participate in any coordinated efforts by the state to attract new people and personnel from abroad.

So you are an optimist. Correctly;

– I want to tell you that the Avax Group, despite the extraordinary circumstances, is expected to continue to develop and strengthen its dynamics in its areas of activity, contributing to the development of the country, as well as strengthening and supporting the Greek economy. in an international environment with huge, indeed, problems. And at this point, it is useful to remember that the Avax group has the longest presence in the infrastructure and construction industry, with over 80 years of experience. Especially when you consider that J&P was founded in 1941, ETETH in 1961 and Avax in 1986, which was later listed on the Athens Stock Exchange in 1994. In 2002, J&P merged with Avax SA . and the rest is the history that we are writing today and will be writing in the future.

Perspectives of Volterra

– As you rightly noted, the group is active in the energy sector through its subsidiary Volterra. You already know that Volterra’s RES portfolio has been acquired by PPC Renewables. So, what I can tell you right now about Volterra is that its market outlook is considered very positive. And this despite all the disruptions caused by the invasion of Ukraine and the energy crisis that took the entire industry by surprise.