2023 was the year we exceeded our expectations

By Eleni Bota

As the year that exceeded expectations, Intrakat’s CEO characterized the construction Group’s full-year 2023 results during his address to analysts yesterday.

“Last year we committed to break even and we managed to publish better results for the year 2023”, he pointed out, pointing out that the results do not include the profit from the agreement with PPC, as the agreement was signed in February 2024.

According to him, the turnover for the entire fiscal year 2023 amounted to 412 million euros and includes only 2 months of integration of Aktor, while as he pointed out, he expects an even better course and further improvement of EBITDA.

It should be noted that the Group has dynamically returned to operational profitability – after 2 years – with the consolidated EBIDTA reaching the level of 16 million, against losses of 3 million in the previous financial year.

As the head of Intrakat said, in 2024 he expects a 10% gross profit margin, as the projects he executes are new and have a good profit margin, while it is estimated that new contracts are expected to be added soon to his backlog of signed contracts, which currently stands at to around 5 billion euros.

The financial director of the group Kostas Adamopoulos mentioned the expectations from the agreement with PPC, while as he said 18% of EBITDA comes from RES.

Referring to the Group’s activities abroad, he said that interest is directed only to Romania, where it already has a backlog of 1 billion euros, while the goal is to double it in the next period.

Asked how it will fund the projects ahead, management said cash flows are strong, the capital structure is sound and it can fund capital needs in both construction and renewables.

During the 2023 financial year, the Intrakat Group succeeded in significantly improving both its capital structure and its liquidity. In particular, the consolidated equity amounted to 162 million from €60 million in 2022, strengthened by 168%, while at the same time the Group’s net borrowing decreased by 3.4% to 123 million.

A large increase of approximately 100 million was recorded in the cash reserves of the Group, which amounted to 125 million compared to 25 million on 31.12.2022, while it is worth noting that the consolidated net operating cash flows were also extensively strengthened, which amounted to €77 million from 15 million in 2022.