Profitability and strong liquidity, as a result of the sale of Intrasoft International, Intracom presented for 2021. At the same time, it shows strong unfinished projects from Intrakat, which is expected to signal improvement
results and sales in 2022.
According to the results announced by Intracom, the Group presents consolidated sales from continuing operations amounting to € 275.2 million. (including projects to be signed for € 577 million).
The activity of Intrasoft International until 31/10/2021, when it was transferred to NETCOMPANY, as well as the result of its sale transaction, appear in the financial statements of the Group as discontinued activity. For reasons of comparability, the consolidated figures for 2020 have been reformulated accordingly.
Commenting on the financial results for 2021, the CEO of INTRACOM Group Mr. Dimitris Klonis said: “In an environment of strong challenges and important opportunities, INTRACOM HOLDINGS enters a new phase of development, equipped with strong liquidity and leverage, places it strategically in an advantageous position, and provides it with the possibility to choose between differentiated high-yield investments, in Greece and abroad, that will give value to the Company and its shareholders “.
On November 1, 2021 the company announced the completion of the sale and transfer of all shares of INTRASOFT INTERNATIONAL – of which 91.74% belonged to INTRACOM TECHNOLOGIES Sarl, a subsidiary of the INTRACOM HOLDINGS Group – to NETCP S / NETCOM Following this, the figures of INTRASOFT INTERNATIONAL are no longer consolidated in the INTRACOM HOLDINGS group, but appear as discontinued operations.
Consolidated sales in 2021 from continuing operations amounted to € 275.2 million, compared to € 244.9 million (restructured for comparability of sales) in 2020, an increase of 12.4%.
The Group’s operating profitability (EBITDA) from continuing operations amounted to € 6.8 million compared to – € 1.6 million in 2020, enhanced by the profitability of INTRADEVELOPMENT.
The result before taxes from continuing operations amounted to – € 16.3 million compared to – € 21.6 million in 2020, while the total pre-tax profit of EBT from all activities amounted to € 137.5 million (compared to – € 10.4 million in 2020).
IDE, a highly export-oriented company with a large and growing involvement in the implementation of European research projects, has advanced technological infrastructure and production capabilities that cover a wide range of defense applications.
In 2021 the company had sales of € 59.7 million, at the same levels as in 2020. The reduction of the gross margin due to the composition of the projects that were priced led to a reduction of its operating profitability EBITDA to € 2.7 million compared to € 4 , 2 million in 2020. Profits before taxes, however, amounted to € 1.43 million compared to € 1.27 million in 2020, an increase of 12.1%
The company in 2021 signed new contracts of € 28.7 million, with the result that the outstanding balance amounted to € 92 million.
Both the sales and the results of the Intrakat Group continue to be formed under the influence of the pandemic, to the extent that it affects the value of materials and production costs, production capacity and the delay in the start of implementation of new projects. The program of revisions approved by the Ministry of Infrastructure, but mainly the auction of new major infrastructure projects, is expected to signal the year 2022 a significant improvement in the turnover and profitability of INTRAKAT.
In 2021, the consolidated sales of the INTRAKAT Group amounted to € 214.8 million from € 174.5 million in 2020, increased by 23%. The operating result of EBITDA amounted to – € 5.5 million compared to € 1.6 million in 2020. The result before taxes of EBT amounted to – € 23.2 million. The results of the year 2021 for the INTRAKAT Group have been burdened by extraordinary and non-recurring events such as provisions for doubtful receivables of € 3.1 million and impairments of buildings and land of € 1 million.
The non-execution of the signed contracts of the INTRAKAT Group on 31/12/2021 amounted to € 556.4 million plus € 577.2 million of new projects to be signed, in which the company has bid so far, and the contracting procedures are expected to be completed their. As a result, the projects to be executed reach € 1.1 billion.
INTRADEVELOPMENT, in 2021 completed the sale of the 50% stake it held in the company DEVENETCO Ltd. DEVENETCO through its subsidiaries develops a complex of hotels and villas in ‘Kalo Livadi’, Mykonos.
The result of the sale is INTRADEVELOPMENT to form an operating profit of EBITDA € 10 million and a result before taxes of € 9.0 million.
The parent company INTRACOM HOLDINGS recorded an operating profit of EBITDA of € 1.0 million against – € 1.4 million in 2020. The result before taxes of the parent company is – € 2.4 million against – € 10.6 million. in 2020. EBT ‘s adjusted result for intra – group deletions from continuing operations amounts to – € 0.5 million compared to – € 3.4 million in 2020.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.