INTRACOM HOLDINGS S.A. IR REPORT
INTRACOM HOLDINGS Group: Financial Results H1 2022
H1 2022 consolidated results do not comprise profit of 47 mn. generated by the disposal of the company's stake in INTRAKAT, on 5/7/2022, whilst they include the negative result of INTRAKAT, as well as goodwill impairment in subsidiary's statements, and the cost of shares granted to personnel.
It is pointed out that consolidated results are to be completely recovered at the end of year, when the upon mentioned profit of €47 mn. will be recorded.
H1 2022 | ||
• | Consolidated turnover: | € 126,5 mn. |
• | Consolidated EBT: | -€ 46,3 mn. |
- Consolidated Cash and cash equivalent: € 191,3 mn.
Commenting on the financial results of H1 2022, Mr. Dimitris Klonis, Group CEO, stated:
- 2022 is for INTRACOM HOLDINGS a year of transformation and deployment of its new profile as investment company. Leveraging of its strong cash position and assets will ensure the company's successful transition and anticipated profitability"
Paiania, 30 September 2022
INTRACOM HOLDINGS (ATHEX: INTKA) announces financial results for H1 2022, according to IFRS.
INTRACOM GROUP | Η1 2022 | Η1 2021 |
Key Consolidated figures | Revised | |
Turnover | € 126,5 mn. | € 119,2 mn. |
Revised EBITDA | -€ 11,5 mn. | -€ 7,7 mn. |
EBIT | -€ 41,6 mn. | -€ 11,7 mn. |
EBT | -€ 46,3 mn. | -€ 16,9 mn. |
Taxes | -€ 0,1 mn. | -€ 1,0 mn. |
EAT from discontinued | €1,8 mn. | |
EAT from continuing and | - € 46,4 mn. | -€16,1 mn. |
discontinued | ||
Distributed to: | ||
-Equity holders of the Company | -€ 32,0 mn. | -€ 9,3 mn. |
-Non-controlling Interest | -€ 14,4 mn. | -€ 6,8 mn. |
In H1 2022, Group's results keep being negatively affected by the impact of the Group's construction activity through INTRAKAT as well as by INTRADEVELOPMENT. Furthermore, consolidated results comprise impairment in subsidiary's goodwill and cost of shares granted to personnel.
In the light of the above, consolidated turnover sums up to € 126,5 mn., versus
- 119,2 mn., revised turnover for NETCOMPANY/INTRASOFT figures, no longer consolidated in the Group. Consolidated EBITDA amounts to -€ 11,5 mn. in comparison to -€ 7,7 mn. in Η1 2021. Consolidated EBT amounts to -€ 46,3 mn. Versus -€ 16,9 mn. in Η1 2021.
Financial Results- H1 2022 | page. 2 of 5 |
1. INTRACOM HOLDINGS (parent company), with revised EBITDA of € 1,6 mn , reports EBT losses of € 27,9 mn. due to impairement in subsidiary, namelly INTRADEVELOPMENT, as well as due to the cost of shares granted to its personnel.
In H2 2022, financial results will be reversed, driven by the dividend of € 46 mn. from INTRACOM TECHNOLOGIES, and by the profit generated from the sale of shareholding percentage in INTRAKAT. The parent company is anticipating significant profitability at year end.
INTRACOM HOLDINGS - parent company | Η1 2022 | Η1 2021 |
Turnover | € 1,0 mn. | € 1,3 mn. |
Adjusted EBITDA | € 1,6 mn. | € 0,5 mn. |
EBT | - € 27,9 mn. | - € 0,3 mn. |
2. IDE, is a company of significant export activity, advanced technological infrastructure and production capabilities covering a wide range of defense applications. In H1 2022 the company reported sales of € 24,8 mn., and adjusted
EBITDA of -€ 0,3 mn. EBT amounts to -€ 6,9 mn., due to cost of shares granted to personnel . The company in H2 2022, is expected to recover for turnover and return operationally profitable on an adjusted basis.
IDE (Intracom Defense) | Η1 2022 | Η1 2021 |
Turnover | € 24,8 mn. | € 30,3 mn. |
Adjusted EBITDA | - € 0,3 mn. | € 0,8 mn. |
EBT | -€ 6,9 mn. | € 0,1 mn. |
Financial Results- H1 2022 | page. 3 of 5 |
3. INTRADEVELOPMENT, the group's subsidiary in real estate development is in
the middle of a transition from the phase of completion and sale of the projects already developed to the phase of developing new ones. The company's results include impairment of Goodwill by € 5,7 mn.
INTRADEVELOPMENT | Η1 2022 | Η1 2021 |
Turnover | € 0,0 mn. | € 0,3 mn. |
EBITDA | -€ 2,6 mn. | -€ 2,5 mn. |
EBT | - € 8,4 mn. | - € 3,2 mn. |
4. INTRAKAT Group consolidated turnover in H1 2022 increased by 18,5% to € 103,1 mn. (H1 2021: € 87,0 mn.) Despite this increase in sales adjusted EBITDA amounted to -€ 6,5 mn. versus -€ 5,4 mn. Η1 2021. Since 5/7/2022 INTRACOM HOLDINGS participation in INTRAKAT is limited to 5,09%.
INTRAKAT - Group | Η1 2022 | Η1 2021 |
Turnover | € 103,1 mn. | € 87,0 mn. |
Adjusted EBITDA | € -6,5 mn. | € -5,4 mn. |
EBT | € -18,5 mn. | € -13,5 mn. |
Financial Results- H1 2022 | page. 4 of 5 |
About INTRACOM HOLDINGS
Founded in 1977, INTRACOM SA is listed on the Athens Stock Exchange since 1990. In December 2005 INTRACOM was transformed to a holding company under the name INTRACOM HOLDINGS, being one of the largest multinational technology groups in South-Eastern Europe. Currently, the main core companies of the Group are: IDE (INTRACOM DEFENSE): the leading defense electronics supplier in Greece, and INTRADEVELOPMENT: the Group's real estate arm. The company's participation in INTRAKAT (one of the major construction companies in Greece in advanced technology infrastructure and renewable energy), amounts to 5.09% since 5/7/2022.
INTRACOM HOLDINGS, as a group, has 1.000 employees and operates subsidiaries and/or representation offices in 5 countries. For more information please visit:
www.intracom.com
For information please contact:
Irini Matsika
T: 210 - 667 4491
Financial Results- H1 2022 | page. 5 of 5 |
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Intracom Holdings SA published this content on 30 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2022 17:33:00 UTC.
