Constructions, holdings and new investments are the three pillars of his strategy of AVAX groupas described by the president of the AVAX group, Christos Ioannou, speaking at the company’s annual general meeting held today.

As Mr. Ioannou underlined, constructions, as the core business of the group, will continue to generate more and more cash flows in the next period, participations in PPPs and concessions generate mature returns and positive cash flows, enabling the collection of significant dividends on an annual basis, while new investments will be fueled by profitable activity in the construction and equity sectors.

In the construction pillar, AVAX currently has a backlog of projects amounting to 3.4 billion euros, including the projects to be signed, it has achieved a significant improvement in the EBITDA margin reaching 26.7 million euros in 2023 from 17.6 million euros , while expecting further increase in turnover and improvement in profitability from 2024 onwards.

In the presentations, the administration referred to AVAX’s successful investments in concessions and PPPs, participating in the first generation of self-financed projects in our country, the Attiki Road and the Rio-Antirrio Bridge. In addition, he spoke of significant annual cash flows that the group has secured from other lucrative participations in concessions and PPPs, with an average annual amount for the 5 years 2024-2028 of 43 million euros, including residual inflows from the Attica Road.

The president of AVAX group Christos Ioannou underlined that “new paths are opening for AVAX which with a vision and a clear strategy will continue to create added value for shareholders and society”.

In terms of new investments, in the field of PPPs and concessions, the AVAX group has been preselected in 25 tenders with a budget of more than 3.5 billion euros, of which it expects to win a significant part.

Management emphasized that the group is looking for new growth opportunities in areas such as energy and real estate. Among other things, he mentioned IXION, as AVAX’s energy vehicle for RES, energy storage and electrification applications as well as residential developments on islands as the company’s priority in the real estate sector.

In 2023, there is a 12.6% increase in turnover, which moved to 453.5 million euros, compared to 402.7 million in 2022. At the same time, the impressive reduction of the company’s net borrowing by 37 continued for another year. .9 million euros in 2023 (-17.2% from 2022, and -59.8% from 2020), while there is a historic high in the backlog of projects with a reference point at the end of 2023 at 3.4 billion euros along with the projects to be signed, with the majority of this coming from private projects and PPPs.

Reflecting confidence in the company’s growth prospects, management also announced initiatives to reward shareholders. In particular, it was decided to activate the own share purchase program, based on the relevant decision of the 2023 general meeting, which provides for the purchase of up to 10 million shares in the next 12 months. Also, the group committed itself to the consistent provision of dividends to shareholders.

AVAX Group CEO Konstantinos Mitzalis said: “With strong operating profitability, a track record and our unparalleled manufacturing capability, we have put AVAX on a clear growth trajectory. We are confident in our capabilities and the company’s ability to meet all challenges. And he added: “we have already achieved something that many told us was impossible: to reduce the company’s net debt by 60%”.