Annual Ordinary General Meeting
Paiania, 27/06/2017 – The annual Ordinary General Meeting of Intrakat shareholders was held yesterday. The meeting’s agenda included presentations on significant developments in 2016 and the Group’s future prospects.
Intrakat CEO Petros Souretis noted during his presentation that “2016 was a challenging year for us and the business community in general yet, even in this unfavorable environment, we continued implementing our strategy at a satisfactory pace and sustained our financial position. In terms of the current year’s developments, two very important events for our Group should be mentioned. The first is the undertaking of the construction works related to the 14 regional airports managed by FRAPORT, worth 357 million euros. The second is the signing of the agreement regarding the PPP project for the construction of the Serres Municipality Waste Management Unit.”
Referring to Intrakat’s objectives for the 2017-2022 five-year period, the company’s CEO said: “We maintain, improve and develop our competitiveness. We specialize in current as well as new co-financed, PPP and concession projects. We pursue new infrastructure projects covered by the Partnership Agreement (NSRF) and the Juncker Plan, specifically Waste Management, Energy Efficiency, Intermodal Transport Promotion, Renewable Energy, National Transport Network Completion, Port Infrastructure and Energy and Natural Gas Network Modernization projects worth 11 billion euros.”
As regards the proposed share capital increase in cash, the funds raised will be used to meet working capital needs related to the new construction projects (Fraport, Serres PPP) Intrakat recently undertook and the achievement of strategic objectives in the real estate sector.
Intrakat’s 2016 financial results were as follows: Sales amounted to 182.4 million euros, a 23.6% increase compared to 2015, with 86% deriving from construction projects and the balance from telecommunication infrastructure projects and steel structures. The Group’s adjusted EBITDA, not taking into consideration 4.3 million euros in extraordinary results for the year, reached 16.7 million euros from 12.7 million euros in 2016.
The Shareholders’ Meeting decided to proceed with a share capital increase in the amount of 3,051,000.88 euros, by capitalizing part of the company’s liabilities to Intracom Holdings and by issuing 2,243,383 new common registered shares, with a nominal value of €1.36 each, by abolishing the pre-emption rights of the old shareholders in favor of the above creditor (Item 8). The offering price of the new shares was set at their nominal value of €1.36 per share. The company’s equity capital following the share capital increase will amount to 34,540,780.88 euros, divided into 25,397,633 common registered shares with a par value of €1.36 per share. With this increase, the company will reduce its liabilities to Intracom Holdings in an equal amount without affecting its liquidity, which will have a positive impact on the company’s financial structure and will further enhance its capital adequacy.
Regarding items 9, 10 and 11 of the agenda, the Shareholders’ Meeting, solely for procedural reasons and in order to complete the procedure on the 8th item and have the Competent Authority issue the relevant approval, decided to postpone deliberations until the 1st Repeat General Meeting, scheduled for July 7, 2017 at 10:00am.