Intrakat Societe Anonyme Technical and Energy Projects : IR Release HY 2023

IR RELEASE

HY 2023

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1. Key Financial Metrics

Group	Group
Turnover	EBITDA
€149m	€9m
(+45% y-o-y)	(turnaround from -€7my-o-y)

Group	Projects to Be
EΑT	Executed
€18m	€2.1bn
(turnaround from -€18my-o-y)	(+71% or + c.€1bn y-o-y)

Cash	Equity
€60m	€177m
(+138% ytd)	(+194% ytd)

Net Debt	Market
Capitalization
€94m
€0.5bn
(-26% ytd)

(+107% y-o-y)

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2. Message from Our CEO

"The first six months of 2023 were marked by a series of important events, with profound impact on the company's growth potential. In January, Intrakat completed successfully, a share capital increase of €100m, securing the required funds in order to proceed with the implementation of its strategic planning. At the end of March, the company acquired 100% of the share capital of construction company AKTOR

S.A. for a cash consideration of €100m. Furthermore, throughout the first half of 2023, Intrakat assumed many new landmark projects, bringing the total amount of projects to be executed to a new historic high of €2.1bn.

In terms of financial performance, consolidated turnover during H1 2023 surged at €149m, marking a 45% increase versus H1 2022. Within less than 12 months since the assumption of the company's management, we achieved an impressive turnaround regarding profitability at operating level. Thus, consolidated EBITDA shaped at profits of €9m versus losses of €7m during H1 2022, while earnings after taxes stood at profits of €18m over losses of €18m a year ago. Remarkable improvement was also recorded regarding the Group's capital structure and liquidity".

Overall, the first half of 2023 further established Intrakat among the leading constructions groups in Greece. Robust performance recorded by all segments, contributed to strong operating profitability achieved during the period, signaling Intrakat's solid turnaround and paving the ground for joining forces with Aktor.

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3. HY 2023 Highlights

Significant events marked positively H1 2023, having a profound impact on Intrakat's growth potential.

• Jan: €100m Share Capital Increase
• Feb: Mouzaki wind park enters final construction stage
• 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 "Residencies 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
• Post Jun: Preferred bidder in RAWEW's tender for the construction of 3 energy storage units, in Evia and Rodopi, 100MW power

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4. Key Financial Information

4.1. Statement of Financial Position

							GROUP							COMPANY
(Amounts in € '000)	31.12.2021		31.12.2022		30.06.2023		31.12.2021	31.12.2022		30.06.2023
	ASSETS
Non-current assets	165.7	222.7	260.1	114.5	127.6	161.4
Inventory	9.4		10.2		10.1		2.0	2.7		4.1
Trade receivables	119.1	105.8	167.4	117.5	113.3	151.5
Cash and cash equivalents	15.5		25.4		60.5		13.6	18.1		55.9
Other current assets	55.9		61.8		79.2		55.2	60.3		79.1
TOTAL ASSETS	365.6	425.8	577.3	302.9	321.9	452.0
	EQUITY & LIABILITIES
Long term bank loans	71.3		71.4		69.8		40.2	29.5		22.7
Other long-term liabilities	39.9		44.8		66.9		19.4	18.4		41.1
Short term bank loans	69.8		81.5		84.4		57.8	61.4		63.0
Trade creditors	135.6	162.2	170.4	130.0	137.6	152.9
Other short-term liabilities	7.3		5.6		8.5		6.0	5.3		3.2
	Total Liabilities			323.8			365.5			400.0			253.3		252.2			282.8
Share capital	14.4		22.5		48.2		14.4	22.5		48.2
Other Company's	25.8		36.0		120.7	35.2	47.2		121.1
shareholders equity
	Total equity attributed to			40.2			58.5			168.8			49.6		69.7			169.2
	company shareholders
Non-controlling interests	1.6		1.8		8.4		0.0	0.0		0.0
	Total equity			41.8			60.3			177.3			49.6		69.7			169.2
TOTAL EQUITY & LIABILITIES	365.6	425.8	577.3	302.9	321.9	452.0

4.2. Statement of Comprehensive Income

				THE GROUP		THE COMPANY
	(Amounts in € '000)	01.01-		01.01-		01.01-	01.01-		01.01-		01.01-
	30.06.2021		30.06.2022		30.06.2023	30.06.2021		30.06.2022		30.06.2023
	Turnover	87.0		103.1		149.2	86.7		94.7		139.4
Cost of sales	-85.4		-100.3		-132.0	-83.6		-92.0		-123.1
	Gross Profit	1.6		2.8		17.2	3.1		2.7		16.3
Other income	0.8		0.8		27.8	0.8		0.6		1.1
Administrative expenses	-10.3		-11.7		-13.5	-8.9		-9.5		-11.5
Net impairment of financial
assets	-0.3		-3.3		-0.7	-0.3		-3.2		-0.4
Impairment of other assets	-0.3		-0.4		-1.2	-0.3		-5.1		-0.2
Other profits / (losses) net	0.0		-1.6		0.2	0.0		-1.6		0.2
Financial cost (net)	-5.3		-5.5		-6.2	-4.2		-4.0		-5.2
Profits / (losses) for affiliates
and non-controlling
participations	0.3		0.3		-0.4	0.0		0.0		0.0
	(Losses) / profits before Taxes	-13.5		-18.5		23.2	-9.9		-20.1		0.3
Income tax	-0.7		0.1		-5.5	-0.6		0.2		-0.2
	Net (losses) / profits for the
	period	-14.2		-18.4		17.7	-10.5		-19.9		0.1
EBITDA	-5.8	-8.6	7.0	-4.2	-8.1	6.7
	Adjusted EBITDA	-5.4		-6.5		8.8	-3.9		-6.1		7.3

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