International expansion and emphasis on telecommunications services are the priorities of INTRACOM Holdings in 2008
The annual general meeting of shareholders was held today at the headquarters of Intracom Holdings Group. During the meeting the Group's main achievements during 2007 were presented, along with its strategy and activities for 2008.
"We do not have the intention to exercise the put option and sell the 49% of Intracom Telecom to Sitronics for the time being" stated Mr. Socrates Kokkalis, Chairman of Intracom Holdings Group during the meeting. "Sitronics has realized that Intracom Telecom's experience in the international market is the force to drive the Russian forward" emphasized Mr. Kokkalis. As far as the stock value is concerned, Mr Kokkalis stressed the fact that "we have always focused on organic development through investments and implementation of new projects that add real value to the Group, which is not currently depicted in the value of our stock". As far as hellas online is concerned, he noted that "our entrance in the broadband services sector is a venture of high expectations and hellas online is a dynamic company with strong prospects that can meet those expectations".
Mr. Klonis stated that "our strategic reorganization into a holding company started to pay off during 2007, which was a milestone for our Group as it marked the beginning of a new and promising era". Mr. Klonis then proceeded to the presentation of the Group's strategy and activities for 2008, starting with INTRACOM IT Services that has returned to profitability, having achieved all the targets it had set for 2007. For 2008, the company aims to expand its international presence through targeted investments and acquisitions, to increase its market share in the banking and large enterprises sectors and prepare for the Public-Private Partnerships, which represent a big challenge and an opportunity for growth. INTRACOM Defense Electronics focuses on the armament programs of the Hellenic Ministry of Defense, the participation in NATO's and EDA's international defense programs, and the development of company's exports, while emphasis is placed in R&D for the creation of a high technology integrated platform for tactical communications for the international market.
Intrakat, which has experienced remarkable growth in sales during the last three years (+49,2% in 2005, +25,7% in 2006, +31,1% in 2007), will focus in the provision of services in the sector of telecommunication networks, the penetration in the sectors of renewable energy and environmental and natural resources projects, and the activation in the area of self-financed projects through strategic partnerships.
hellas online's priorities include the significant increase of its market share, the acquisition of a leading share in terms of turnover and the achievement of operational profitability. At the same time, the Group will continue to expand its 3000 km privately owned fiber optic network, which in combination with the broad and innovative portfolio of services for private and corporate clients represent its main competitive advantages. INTRACOM Telecom's objective is to establish itself as the main provider of integrated telecommunication solutions in the areas of EEMEA and CIS, which present the highest growth rate in telecommunication services worldwide. As part of its strategy to achieve the aforementioned objective, the Group has scheduled the establishment of subsidiaries in India and North Africa, in 2008 and 2009 respectively.
According to Mr. Klonis, "the Group aims to further enhance its international presence, improve operational profitability, grow organically, enhance its competitiveness, and invest heavily in R&D for new products and technologies". Mr. Klonis concluded his presentation by noting that INTRACOM Holdings Group is continuously enriching its portfolio of activities by participating in self-financed projects through joint-ventures with large groups, such as the freeway Corinth-Tripolis-Kalamata.
It is reminded that for 2007, the consolidated sales of the Group amounted to euro 423,0 mil., up by 20% from 2006, while net losses after tax, which are negatively affected by deferred taxation, amounted to euro - 36,9 mil., down by 46% from 2006. The new contracts signed in 2007 reached euro 737 mil (euro 691 mil in 2006), revealing the dynamic of the Group in Greece and abroad.
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 and subsidiaries 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 (telephony and broadband services provider). INTRACOM Holdings, as a group, has 6.000 employees, exports to 60 countries and operates subsidiaries in 20 countries. For more information please visit: www.intracom.com
Information for Press only
Christina Geronicola, Communications Director, INTRACOM HOLDINGS
tel. +30-210-667-4747, email: christina.geronicola@intracom.com
Vangelis Kouris, Media Relations Manager, INTRACOM HOLDINGS
tel. +30-210-667-7121, email: ekouris@intracom.com