The Avax Group expects a turnover increase of at least 40% by 2023, as it has accumulated a significant portfolio of projects worth 2.2 billion euros. The Metro Line 4 project, infrastructure projects in Elliniko, the new ring road in Thessaloniki (flyover), as well as the new Bralos-Amphissa axis signed a few days ago, are expected to be the main source of supply for the work cycle for 2023, but also in subsequent years.

In a related update yesterday, Mr. Christos Ioannou, President of the Avax Group, stated that “2022 has been a very successful year, with a significant recovery in our financial performance, while the financial restructuring of the group has also been completed, resulting in a 45% reduction in borrowing (and net borrowing by 50%) to 225 million euros, which is a particularly low amount.” According to Mr. Ioannou, the profit for the nine months of 2022 amounted to 33.6 million euros (from 4 million euros in the corresponding period of the previous year), while 98% of the contracts concluded by the group have already been signed. At the same time, of course, the implementation of new projects, state, concession and PPP, in which the group participates, as well as new contracts within the Hellinikon project, is expected.

A new subsidiary, Avax Concessions, is also on the way.

As Mr. Ioannou noted, the program for divesting non-core activities and some interests (for example, in the joint venture for the operation of the Rio Antririo bridge concession) implemented in previous years has now been completed, which has generated significant profits. It is estimated that the total financial benefit of the company has approached 97 million euros, as a result of which there is no need for any other capitalization actions, such as, for example. capital increase to finance the group’s investment program. Among other things, Avax’s shares in the management company (21.55%) and the concession company (20.53%) of the Rio Antririo bridge were transferred in exchange for an amount of 60 million euros.

A new subsidiary, Avax Concessions, is also on track for implementation, where all of the group’s assets will be gradually brought together in concessions and PPP projects. The new company will offer the opportunity to capitalize on any goodwill, for example through the entry of a strategic investor or the issuance of bonds that will finance the group’s future investments in PPPs and concessions.

​​​​​​​​​In turn, Mr. Konstantinos Mitsalis, CEO of the group, noted that by the end of February, the construction site will be ready for the start of a new project of the Ring Road in Thessaloniki, and in April the work of the first of two metro lines for the new metro line 4 project. According to Mr. Mitsalis, one of the group’s strategic goals for 2023 will be to exploit the transition to energy projects and especially to natural gas infrastructure, given the company’s specialization in such projects. In this context, he is going to apply for international gas pipeline projects and related infrastructure in the Eastern Mediterranean region. At the same time, Avax plans to continue participating in tenders for the expansion of local gas distribution networks in order to maintain its position in the relevant market.