INTRAKAT group – first half FY 2011 financial results under IFRS
Peania, August 31 2011
INTRAKAT Group announced its first half FY 2011 financial results in accordance with the International Financial Reporting Standards (IFRS):
Group
The Group’s turnover for the first half of 2011 totaled € 67.5 million, as compared to € 102 million in the first half of 2010, a 33.9% drop.
Earnings before interest, tax, depreciation and amortization (EBITDA) were €5.3 million as compared to €6.6 million, an 18.8% decrease.
Profits after taxes and non controlling interest formed at €919 thousand over €1.57 million in 2010, decreased by 41.5%.
Parent company
The Company’s turnover amounted to €37,0 million over €69.5 million, a 46.7% drop over the first half of 2010.
Earnings before interest, tax, depreciation and amortization (EBITDA) were €3.9 million, down 22% from €5 million.
The Group’s short-term liabilities at the end of the first half of 2011 decreased by 14.2% to €127.8 million as compared to €148.9 million in the same period last year, while at the Company level there was a 20.5% decrease from €97.8 million to €77.8 million.
The outlook for the construction sector which has mainly been affected by the ongoing recession depends on the investment opportunities that arise for the construction of infrastructure works such as roads, ports, marinas, airports, hotel complexes and vacation housing, energy networks and renewable energy sources, in conjunction with the existing ERDF (European Regional Development Fund) funds that can be absorbed and applied to such investments, and concurrently with increased Community participation.
Over recent years, despite the difficult economic environment, the INTRAKAT Group has steadily maintained its financial position and the outlook for 2011 is expected to follow along this path, since the company’s backlog as of June 30, 2011 amounted to €210 million in addition to €95 million in new contracts which it has been awarded and awaits their signature.
Furthermore, INTRAKAT Group is expecting developments in the environmental (natural resource management, green development projects) and the waste treatment areas and has consolidated its strategy accordingly.
About Intrakat
INTRAKAT was founded in 1987 and is a member of the INTRACOM HOLDINGS Group of companies. It has been listed on the Athens Stock Exchange since 2001 and is classified in the Register of Contractor Companies as a holder of a seventh class contractor’s certificate. In 2005 it merged with Intramet, a steel construction company. Backed by its lengthy experience, INTRAKAT executes high technology, specialized projects in the technical area (construction – infrastructure) and in the areas of the environment, renewable energy sources, technology and telecommunications infrastructures, energy, industrial plants, metal constructions, real estate development and natural gas in Greece and abroad. The Intrakat Group employs 413 persons.
Contact person
Ioanna Papavasiliou, Intrakat Communications Department
T: 21–06674346 E: ipapav@intrakat.gr Web: www.intrakat.com
