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Friday, 30 March 2007
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2006 Headline Figures +++
- The completion of the corporate transformation of the Group resulted in extraordinary losses in 2006
- New contracts signed worth of € 691 mil. in 2006
- Proposed dividend of € 0.10 per share
In 2006 INTRACOM HOLDINGS Group concluded its corporate transformation. The financial results have been affected by many extraordinary items, as a result of the aforementioned transformation. Therefore, 2006 results are not comparable with those of 2005, while the company anticipates tables earnings recovery in 2007.
Specifically:
1. INTRACOM TELECOM group is fully consolidated for the 1st half of 2006, whereas for the 2nd half, it is consolidated under the equity method.
2. In group earnings/losses before taxes, a capital loss of € 18.5 mil. resulting from the sale of the 51% stake of INTRACOM TELECOM to SITRONICS, is included. Under both the parent and the group taxes figures, an amount of € 6.6 mil. resulting from the above transaction is included.
3. INTRACOM TELECOM group is considered as "investment in affiliated companies" after 01/07/2006. As a result, in INTRACOM HOLDINGS consolidated figures, the financial result related to the 49% of INTRACOM TELECOM for the 2nd half of 2006 appears as "Losses from the participation in affiliated companies". These losses are mainly due to inventory write-offs because of harmonization of the accounting practices used by INTRACOM TELECOM Group with those of the Sistema Group.
4. Provisions for receivables, extraordinary events, and inventory write-offs are included in INTRACOM IT SERVICES Group's financial results.
5. hellas online is fully consolidated from 01/02/2006 showing extended losses due to the increased capital investment for the development of its own private fiber optics network, to the severe competition in order to increase its customer base, and to the aggressive marketing strategy it has followed.
INTRACOM HOLDINGS results, according to IFRS for 2006, are as follows: Sales: € 523.9 mil. and consolidated losses before taxes
€ -60.8 mil. The companies-groups included in the consolidated financial statements include INTRACOM DEFENSE
(sales - earnings/losses before tax € 78.8 å mil. and € 4.1 mil. respectively), hellas online (sales - earnings/losses before taxes
€ 31.2 mil. and € -20.2 mil. respectively). The Group INTRACOM HOLDINGS INTERNATIONAL -Cyprus (sales - earnings/losses before taxes € 17.1 mil. and € -0.1 mil. respectively), INTRAKAT Group
(sales - earnings/losses before taxes € 103.7 mil. and € -2.6 mil. respectively), INTRACOM TELECOM Group - 1st half 2006
(sales - earnings/losses before taxes € 176.7 mil. and € 1.3 mil. respectively), INTRACOM TELECOM Group - 2nd half 2006
(sales - earnings/losses before taxes € 147.7 mil. and € -17.1 mil. respectively) and INTRACOM IT SERVICES Group
(sales - earnings/losses before taxes € 126.5 mil. and € -13.9 mil. respectively).
Regarding the parent company INTRACOM HOLDINGS, the results are as follows: Sales: € 19.2 mil., EBITDA: € 14.6 mil., ÅÂÉÔ: € 10.9 mil., ÅÂÔ: € 9.3 mil. and ÅÁÔ: € 0.1 mil.
The company has decided to propose to the Annual General Meeting a € 0.10 dividend per share, a total of € 13.3 mil.
It is worth mentioning that the new contracts signed by INTRACOM HOLDINGS Group in 2006 are worth € 691 mil., compared to € 505 mil. in 2005. Specifically, in Telecommunications Systems the new contracts from Greece are € 179.9 mil. and € 187.8 mil. from abroad (51% internationally). Defense Systems have the majority of new contracts from abroad, worth € 45.7 mil. while from Greece € 1.3 mil. In Information Technology new contracts from Greece are worth € 50.8 mil. and € 85.8 mil. from abroad (63% internationally), in Constructions new contracts worth € 108.6 mil. come exclusively from Greece, same as in Telecommunication Services with contracts worth € 31.1 mil. from Greece.
About INTRACOM HOLDINGS
Founded in 1977, INTRACOM SA is listed on the Athens Stock Exchange since 1990 and included in the FTSE/ASE-40 LargeCap index. In December 2005 INTRACOM was transformed to a holding company under the name INTRACOM HOLDINGS, being one of the largest multinational technology groups in South-Eastern Europe.
The Group's major participations are: INTRACOM TELECOM (telecommunication systems and solutions), INTRACOM DEFENSE ELECTRONICS (defense electronics systems), INTRACOM IT SERVICES (IT solutions for the public sector, banking and enterprises), INTRAKAT (construction, high-tech installations, steel structures, infrastructure maintenance) and hellas online (Internet and voice services provider). INTRACOM HOLDINGS, as a group, has 5,700 employees, exports to 60 countries and operates subsidiaries in 19 countries. For more information please visit: www.intracom.com.
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