AVAX group returns to profitability

The Avax group announced pre-tax profits of 3.3 million euros in 2020 after a long period of loss-making results. At the same time, despite the crisis, revenues remained at 576.6 million euros, virtually unchanged compared to 2019.

Analytically, according to the financial statements for 2020, the consolidated turnover of the Avax group amounted to 576.6 million euros compared to 575.9 million euros in 2019. On a consolidated basis, the group showed a profit before taxes of 3.3 million in 2020 against a loss of 11.2 million in 2019.

On a tax basis, the group in 2020 recorded a profit of 6.5 million euros compared to a loss of 17.6 million euros in the previous year. Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) in 2020 amounted to 61.0 million euros, compared to 58.1 million euros in the previous year.

The positive performance of the group, both in terms of revenue and profitability, during an unfavorable global business environment, was based on the profitability of ongoing projects, mainly EPC energy projects abroad, and the collection of dividends from concessions. The domestic energy and RES industry through its subsidiary Volterra also contributes significant revenue and positive operating profitability.

It is pointed out that the financial results of 2020 have been burdened with extraordinary and non-organic charges due to write-off of doubtful receivables and other provisions amounting to 17.6 million euros, while in 2019 the corresponding burden had amounted to 26.2 million euros.

The fiscal year 2020 for the Avax group was characterized by the increase of the total position of the main shareholders, capital increase and the organizational transformation at administrative level in order to face the challenges of the new era.

At the end of 2020, the group’s outstanding balance amounted to approximately 1 billion euros, declining compared to the previous year due to a reduced contracting rate in 2020. However, taking into account the new projects already undertaken in the first months of 2021 and the contracts to be signed, the Group’s outstanding balance is closing in on 2 billion euros.

The management of the group looks forward to a significant increase in the volume of construction activity, in the long run, in Greece, thanks to the 2021-2026 National Plan for Recovery and Sustainability for Greece, which includes a number of projects related to the construction sector and is based on a fundamentally different economic model in relation to previous Greek financial support packages.