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Intracom: EBITDA at 10.5 million euros in the nine months, increased by 9.4%

Intracom announced an increase in sales and EBITDA for the nine months of 2021 on Tuesday. In particular, EBITDA for the nine months amounted to 10.5 million euros, compared to 9.6 million euros in the corresponding period of 2020, recording an increase of 9.4%. At the same time, consolidated sales amounted to 336.1 million euros, compared to 312.6 million euros, recording an increase of 7.5%.

The company announcement in detail:

In response to the letter of the Hellenic Capital Market Commission dated 9/11/2021 and based on its usual practice, to inform the investing public, INTRACOM HOLDINGS announces the basic financial figures of the Group for the third quarter of 2021 and in total for the nine months of the same year.

– Consolidated sales of 9M 2021 at € 336.1 million, compared to sales of € 312.6 million in 9M 2020.

– EBITDA at € 10.5 million, compared to € 9.6 million at 9M 2020

– The basic consolidated figures of Q3 2021, significantly improved compared to the corresponding quarter of 2020.

The delays in the start of implementation of new construction projects, as well as the low bidding rates for new projects, as a result of the pandemic, continued to affect the basic sizes of the Group during the nine months of 2021, through the impact on its construction activity. However, the third quarter of the year shows an improvement compared to the corresponding quarter of 2020, mitigating the losses so far. The technological activity of the Group, through INTRACOM DEFENSE and INTRASOFT INTERNATIONAL, is not affected due to the pandemic.

As a result of the above, the Group’s sales amounted to € 336.1 million compared to € 312.6 million in the nine months of 2020, and EBITDA operating profit amounted to € 10.5 million compared to € 9.6 million respectively. during 2020.

The price increases of raw materials create an additional significant burden on the production costs of technical projects, burdening the results of INTRACAT, while they are expected to have only a limited effect on the margins of INTRACOM DEFENSE.

The absorption of financial resources through FTA and Development Fund programs, as well as the introduction of a project price review process, are expected to immediately improve the production conditions of the projects being executed and the corresponding profitability of the construction companies.


The Bank’s bank lending during Q3 2021 amounted to € 201 million, reduced by € 3.9 million.

On 30/9/2021, the outstanding contract balance of INTRASOFT INTERNATIONAL amounted to € 875 million, INTRACOM DEFENSE to € 95 million and INTRAKAT to € 419 million, while to date the INTRAKAT Group has bid on additional projects amounting to € 382 million for which their contracting procedures are expected to be completed.

Important events after the lapse of nine months

On November 1, 2021, the sale of 100% of the shares of INTRASOFT INTERNATIONAL to NETCOMPANY was completed. The price for the total shares of INTRASOFT INTERNATIONAL amounted to € 184.6 million, which includes cash payment of € 166.6 million and transfer of shares of the acquiring company worth € 18 million. From the total shares of INTRASOFT INTERNATIONAL , 91.74% belonged to INTRACOM TECHNOLOGIES Sarl. The company has informed the investing public about it with the announcement from 1/11/2021.

As a consequence of the above, the financial results of INTRASOFT INTERNATIONAL are consolidated in the INTRACOM HOLDINGS Group until 31/10/2021, while in the annual consolidated results of the Group, the corresponding activity will be included in the discontinued operations, followed by the result of the transaction.

In addition, as announced by the Company’s announcement of 30/11/2021, INTRADEVELOPMENT, a subsidiary of the INTRACOM Group, completed the sale of its stake in Devenetco Ltd., owner of real estate in ‘Kalo Livadi’, Mykonos, where Resort Hotel. The total transaction price for INTRADEVELOPMENT amounted to € 32.4 million.

The above developments significantly enhance the Group’s assets, and consequently will have a significant impact on the net borrowing of both the parent company and the Group.


Source From: Capital

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