IR RELEASE

FY 2023

1. At a Glance

A leading construction group in Greece,

with growing footprint in SE Europe

70

c. €0.8bn

years of successful

FY 2023 consolidated

operation

turnover*

c. €4.9bn

c. 5,800

backlog

employees (incl. JVs)

*Pro forma figures refer to FY 2023 Intrakat Group results and annualized Aktor Group results

2

2. Activity & Strategy

Diversified portfolio focusing on three strategic pillars

1

2

Construction

RES

•

Extensive know how

•

20MW installed capacity (EOD

•

Ability to deliver "turn-key"

2023)

projects

•

2.7GW total portfolio capacity

•

Projects to be executed €4.9bn

•

Strategic partnership with PPC

Renewables (PPCR)

3

Real Estate

Environment

PPPs / Concessions

Facility

Quarrying

management

activities

  • 4 PPPs in operation
  • 2 PPPs newly signed within 2023
  • 3 PPPs preferred bidder
  • More than 20 PPPs in tender

process

ICT

…aiming at developing a portfolio of high-quality end products

as well as to enhance recurring cash flows

Shareholders' Value Maximization

Enhancement of recurring income and EBITDA

Solid cash flows

Activity diversification

Synergies through strategic partnerships

3

3. Key Financial Metrics

Group

Group

Turnover

Gross Profit

€412m

€40m

(+83% y-o-y)

(+122% y-o-y)

Group

Group

EBITDA

EAT

€16m

€3m

(turnaround from -€3my-o-y)

(turnaround from -€24my-o-y)

Backlog

Cash

€4.9bn

€125m

(+270% y-o-y)

(+394% y-o-y)

Equity

Net Debt

€162m

€123m

(+168% y-o-y)

(-3%y-o-y)

Operating

Market

Cash Flows

Cap.

€78m

€0.8bn

(+429% y-o-y)

(+210% y-o-y)

4

4. FY 2023 Highlights

FY 2023 marked by significant events, having a

profound impact on Intrakat's growth potential

  • Jan: €100m Share Capital Increase
  • Mar: Acquisition of 100% of Aktor S.A. (pending approval from

competent authorities)

  • Apr: Signing of 2 flagship PPPs:
    • Kalamata - Pylos Roadway, budget €239m
    • Northern Roadway of Crete (BOAK), budget €189m
  • Apr: Preferred bidder in PPP "Student Residences of University of Crete", budget €206m
  • May: Construction of Marina Residential Tower, Hellenikon, budget €350m
  • Jun: Ecomar Project UAE, budget €352m
    • Construction of a terminal station for oil storage, on behalf of the company ECOMAR STORAGE SOLUTIONS FZE in UAE, Fujairah region
  • Aug: Preferred bidder in RAWEW's tender for the construction of 3 energy storage units, with 100MW power
  • Sep: H1 2023 financial results released, with Intrakat reporting solid return to operating profitability
  • Nov: Completion of AKTOR's acquisition
  • Dec: Strategic partnership with PPC Renewables

5

5. Key Financial Information

5.1. Balance Sheet

THE GROUP

THE COMPANY

(Amounts in € '000)

31.12.2023

31.12.2022

31.12.2023

31.12.2022

ASSETS

Non-current assets

412.0

222.7

234.7

127.6

Inventory

28.9

10.2

7.2

2.7

Trade receivables

430.7

105.8

169.9

113.3

Cash and cash equivalents

125.2

25.4

40.9

18.1

Other current assets

430.1

61.8

127.5

60.3

TOTAL ASSETS

1,426.8

425.8

580.2

321.9

EQUITY & LIABILITIES

Long term bank loans

57.2

71.4

13.1

29.5

Other long-term liabilities

203.5

44.8

53.4

18.4

Short term bank loans

191.3

81.5

106.1

61.4

Trade creditors

636.8

162.2

243.6

137.6

Other short-term liabilities

176.5

5.6

13.2

5.3

Total Liabilities

1,265.2

365.5

429.3

252.2

Share capital

48.2

22.5

48.2

22.5

Other Company's shareholders equity

104.0

36.0

102.7

47.2

Total equity attributed to company

152.2

58.5

150.9

69.7

shareholders

Non-controlling interests

9.4

1.8

0.0

0.0

Total equity

161.6

60.3

150.9

69.7

TOTAL EQUITY & LIABILITIES

1,426.8

425.8

580.2

321.9

5.2. Profit & Loss Account

THE GROUP

THE COMPANY

(Amounts in €m)

01.01-

01.01-

01.01-

01.01-

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Turnover

412.1

225.4

304.4

207.7

Cost of sales

-371.7

-207.2

-278.1

-189.9

Gross Profit

40.4

18.2

26.3

17.7

Other income

35.0

2.5

3.6

1.6

Administrative expenses

-42.1

-28.1

-30.8

-24.0

Impairments and other

-1.3

-4.9

-0.7

-8.8

Financial cost (net)

-23.1

-12.6

-12.5

-8.9

Profits / (losses) for affiliates and non-

controlling participations

-0.4

0.4

0.0

0.0

(Losses) / profits before Taxes

8.5

-24.6

-14.2

-22.4

Income tax

-5.5

0.9

-1.2

0.1

Net (losses) / profits for the period

2.9

-23.6

-15.4

-22.2

Profits / (Losses) before Taxes,

Financial, Investing Results &

Depreciation (EBITDA)

13.7

-4.4

2.7

-5.1

Adjusted EBITDA

15.8

-2.7

3.4

-3.4

6

5.3. Statement of Cash Flows

THE GROUP

THE COMPANY

(Amounts in €m)

31.12.2023

31.12.2022

31.12.2023

31.12.2022

Cash flows from operating activities

(Loss) / Profit of period

2.9

-23.6

-15.4

-22.2

Adjustments for:

Taxes

5.5

-0.9

1.2

-0.1

Depreciation

10.5

6.3

4.5

2.6

Impairments

2.1

3.5

0.7

7.6

Net interest income / expense

23.1

12.6

12.5

8.9

Other

-0.1

-2.4

-0.6

-2.1

Cash flows from operating activities

before changes in working capital

44.2

-4.5

2.9

-5.4

Changes in working capital:

(Increase) / Decrease in receivables

-19.4

-7.9

-98.0

-3.6

(Increase) / Decrease in liabilities

79.3

39.9

132.6

5.3

59.9

32.0

34.6

1.6

Cash flows from operating activities

104.1

27.5

37.5

-3.8

Interest paid

-24.6

-12.0

-15.2

-9.9

Income tax paid

-1.8

-0.8

-2.3

-0.3

Net cash flows from operating activities

(a)

77.7

14.7

20.0

-14.0

Cash flows from investing activities

Acquisition of tangible assets

-60.0

-45.7

-9.7

-1.6

Acquisition of subsidiaries (minus cash and

cash equivalents of subsidiary)

-66.4

-27.0

-110.8

0.0

Other

3.4

5.2

-1.6

-22.7

Net cash flow from investing activities

(b)

-123.0

-67.6

-122.0

-24.3

Cash flows from financing activities

Issue of common registered shares

100.0

50.8

99.2

51.1

New debt issued

135.9

87.5

125.0

62.7

Debt repaid

-84.0

-73.7

-96.7

-69.8

Other

-4.3

-1.9

-2.7

-1.2

Net cash flows from financing activities

(c)

147.6

62.7

124.8

42.8

Net increase / (decrease) in cash and

cash equivalents (a) + (b) + (c)

102.3

9.8

22.8

4.5

Cash and cash equivalents at beginning of

the period

25.4

15.5

18.1

13.6

Cash and cash equivalents of assets

available for sale

-2.5

0.0

0.0

0.0

Cash and cash equivalents at the end of

the period

125.2

25.4

40.9

18.1

7

6. Comments on Key Financial Information

Impressive turnaround backed on three major axes

1

2

3

Ongoing flow

End of legacy

Focus on

of new

backlog,

profitable

projects and

improved

markets, with

acceleration

margins

growth

of projects'

potential

execution

8

Remarkable boost recorded in group turnover

and gross profit

Turnover (€m)

COGS (€m)

+83%

412

+79%

372

225

207

31.12.2022

31.12.2023

31.12.2022

31.12.2023

Gross Profit (€m)

Gross Margin (%)

+122%

40

10%

8%

18

31.12.2022

31.12.2023

31.12.2022

31.12.2023

Note: FY 2023 consolidated figures include FY 2023 Intrakat Group results and Aktor Group financial results for the period 08.11-31.12.2023

9

Positive trend in EBITDA continues

EBITDA (€m)

EBITDA Margin (%)

16

4%

-3

-1%

31.12.2022

31.12.2023

31.12.2022

31.12.2023

EBT (€m)

EAT (€m)

3

8

-25

-24

31.12.2022

31.12.2023

31.12.2022

31.12.2023

Note: FY 2023 consolidated figures include FY 2023 Intrakat Group results and Aktor Group financial results for the period 08.11-31.12.2023

10

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Intracom Constructions SA Technical and Steel Constructions published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 14:36:05 UTC.