INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS Ledger Number S.A. 16205/06/B/87/37 19,7 Km PEANIA - MARKOPOULO AVE., PEANIA ATTICA - GREECE Data and information regarding the period from January 1st until June 30th 2006 (according to the Decision No 17/336/21.04.2005 and the Presidential Decree 360/1985) The following data and information are aiming at a general update of the financial situation and the results of INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS as well as of INTRAKAT Group. We therefore suggest to the reader, before proceeding to any kind of investment decision or any other transaction with the Company, to look up its web site address (www.intrakat.gr) where the periodic financial statements provided by the International Financial Reporting Standards (IFRS) as well as the Certified Auditor-Accountant's review report, whenever it is required, are put up. Certified Auditors-Accountants: ALEXANDER E. TZIORTZIS L.C./ASSOCIATION OF CERTIFIED AUDITORS-ACCOUNTANTS: 12371, MARIA HARITOU L.C./ASSOCIATION OF CERTIFIED AUDITORS-ACCOUNTANTS: 15161 Auditing Company: COLABORATING CERTIFIED ACCOUNTANTS, SOCIETE ANONYME Review Report Type: WITH CONCENSUS (WITHOUT RESERVATION)
DATA REGARDING THE BALANCE SHEET
Figures expressed in Euro THE GROUP 30.6.2006 31.12.2005 ASSETS Fixed assets Inventories Trade debtors Other asset data TOTAL ASSETS SHAREHOLDERS' EQUITY AND LIABILITIES Long-term liabilities Short-term bank liabilities Other current liabilities Total Liabilities (a) Capital Stock Other data regarding the Net Worth of Company's Shareholders Total Net worth of Company's Shareholders (b) Minority Interests (c) Total Net Worth (d) TOTAL SHAREHOLDERS' EQUITY & LIABILITIES (a) + (d) 47.468.701,23 12.997.825,73 71.054.987,96 15.938.052,62 147.459.567,54 55.574.183,91 10.999.349,95 49.317.406,21 15.967.331,18 131.858.271,25 THE COMPANY 30.6.2006 31.12.2005 49.939.614,80 11.951.709,09 57.425.756,07 13.105.792,52 132.422.872,48 53.635.613,84 9.362.105,07 40.308.989,09 13.056.529,81 116.363.237,81 Sales Gross Profit Profit / (Losses) before taxes, financing and investing results Profit / (Losses) before taxes, financing and investing results and depreciation Profit / (Losses) before taxes Less: Taxes Profit / (Losses) after taxes Attributable to: Company's Shareholders Minority Interests Profit after taxes per share-basic (in Euro)
DATA REGARDING THE PERIOD's INCOME STATEMENT
Figures expressed in Euro THE GROUP 1.1-30.6.2005 1.4-30.6.2006 19.666.389,96 3.900.584,95 -204.837,46 212.025,26 -307.355,81 126.771,12 -180.584,69 22.301.005,78 2.275.599,58 -406.786,28 363.467,96 1.607.111,72 -625.956,42 981.155,30 THE COMPANY 1.1-30.6.2005 1.4-30.6.2006 13.464.746,42 3.156.463,23 122.898,75 392.349,78 272.443,49 225.753,28 498.196,77 15.858.694,21 1.390.361,71 -929.094,29 -265.064,28 3.535.665,08 -421.408,10 3.114.256,98
1.1-30.6.2006 39.276.288,74 2.729.096,33 -2.752.905,75 -1.284.799,62 -607.550,82 -342.386,77 -949.937,59
1.4-30.6.2005 10.707.546,76 1.899.347,22 -211.447,32 8.623,44 21.202,66 -81.642,32 -60.439,66
1.1-30.6.2006 29.616.393,11 1.458.110,15 -3.189.149,33 -1.949.481,72 1.141.000,99 -133.012,97 1.007.988,02
1.4-30.6.2005 7.130.837,85 1.664.359,99 81.801,47 216.500,51 344.445,51 -27.900,43 316.545,08
31.508.148,38 9.637.028,76 40.118.183,19 81.263.360,33 42.972.805,28 22.199.535,50 65.172.340,78 1.023.866,43 66.196.207,21 147.459.567,54
13.025.834,26 21.261.692,66 29.194.369,21 63.481.896,13 42.972.805,28 23.584.316,47 66.557.121,75 1.819.253,37 68.376.375,12 131.858.271,25
31.418.790,21 2.968.440,24 34.456.943,12 68.844.173,57 42.972.805,28 20.605.893,63 63.578.698,91 0,00 63.578.698,91 132.422.872,48
12.900.143,46 16.703.457,65 24.070.763,71 53.674.364,82 42.972.805,28 19.716.067,71 62.688.872,99 0,00 62.688.872,99 116.363.237,81
-1.167.100,94 217.163,35 -0,024
-181.148,22 563,53 -0,01
795.170,11 185.985,19 0,016
15.665,11 -76.104,77 0,0006
1.007.988,02 0,00 0,021
498.196,77 0,00 0,02
3.114.256,98 0,00 0,064
316.545,08 0,00 0,01
DATA REGARDING THE TABLE OF CHANGES IN THE PERIOD's NET WORTH
Figures expressed in Euro THE GROUP 1.1-30.6.2006 1.1-30.6.2005 Net worth at the beginning of the year (1/1/2006 and 1/1/2005 respectively) Issue of share capital Valuation of available for sale property elements Foreign exchange differences from converting foreign subsidiaries Distributed dividends Acquisition of subsidiary Sale of subsidiaries and available for sale non-current assets Other (impact of change in participation percentage to subsidiary) Net period results after taxes Net worth at the end of the period (30/6/2006 and 30/6/2005 respectively) THE COMPANY 1.1-30.6.2006 1.1-30.6.2005 Operating activities Profit / (Losses) before taxes Plus/less adjustments for: Depreciation Impairment of subsidiary Provisions Results (revenues, expenses, profit and losses) of investing activity Interest and other relevant expenses Plus/less adjustments for accounts' changes: Decrease / (increase) in inventories Decrease / (increase) in receivables Decrease / (increase) in liabilities (except for banks) Less: Interest and other relevant expenses paid Less: Income tax paid Total inflows / (outflows) from operating activities (a) Investing activities Acquisition of subsidiaries, related, joint-ventures and other investments Proceeds from selling subsidiaries (less sbsidiary's cash) Proceeds from selling related companies Purchase of tangible and intangible fixed property elements Proceeds from selling tangible and intangible fixed assets Proceeds from selling property elements possessed for sale Proceeds from selling available for sale financial property elements Proceeds from selling financial elements at a fair value through the results Purchase of available for sale elements Interest received Dividends received Total inflows / (outflows) from investing activities (b) Financing activities Increase-decrease from capital stock and reserves Revenues from issued / drawdown loans Repayment of loans Repayment of finance lease liabilities (sinking funds) Foreign exchange differences from converting foreign subsidiaries Paid dividends Total inflows / (outflows) from financing activities (c) Net increase / (decrease) in the period's cash and cash equivalents (a)+(b)+(c) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period
DATA REGARDING THE CASH FLOW SITUATION
Figures expressed in Euro THE GROUP 1.1-30.6.2006 1.1-30.6.2005 -607.550,82 1.468.106,13 0,00 118.929,91 -1.988.773,29 1.056.156,11 -2.456.118,63 -18.340.714,34 12.028.704,40 -1.056.156,11 -131.553,93 -9.908.970,57 -307.355,81 416.862,72 0,00 134.922,05 -169.337,43 632.939,99 -506.709,04 -3.831.530,35 -1.779.155,10 -632.939,99 -259.654,30 -6.301.957,26 THE COMPANY 1.1-30.6.2006 1.1-30.6.2005 1.141.000,99 1.239.667,61 0,00 104.309,54 -5.277.059,86 911.504,75 -2.589.604,02 -14.583.589,12 10.351.908,18 -911.504,75 -49.863,03 -9.663.229,71 272.443,49 269.451,03 95.487,17 114.464,03 -611.265,29 402.914,74 -247.554,41 -2.593.276,89 -1.574.691,56 -402.914,74 -209.114,58 -4.484.057,01
68.376.375,12 0,00 -118.162,10 67.854,53 -24.000,00 -148.965,91 -877.165,60 -129.791,24 -949.937,59 66.196.207,21
41.582.373,67 90.000,00 143.482,55 1.170.057,52 -2.834.338,20 -15.000,00 0,00 0,00 -180.584,69 39.955.990,85
62.688.872,99 0,00 -118.162,10 0,00 0,00 0,00 0,00 0,00 1.007.988,02 63.578.698,91
37.193.524,53 0,00 143.482,55 0,00 -2.240.000,00 0,00 0,00 0,00 498.196,77 35.595.203,85
ADDITIONAL DATA AND INFORMATION
1. The consolidated financial statements include the following companies, joint-ventures: COUNTRY INTRAKAT ΙΝ. ΜΑΙΝΤ S.A. KEPA ATTIKIS S.A. EUROKAT INTRACOM CONSTRUCT SA INTRADEVELOPMENT S.A. INTRAKAT ROMANIA S.R.L. J/V MOHLOS-INTRACOM CONSTRUCTIONS (TENNIS) J/V MOHLOS-INTRACOM CONSTRUCTIONS (SWIMM.) J/V PANTHESSALIKO STADIO J/V ELTER-INTRACOM CONSTRUCTIONS J/V INTRACOM CONSTRUCTIONS-GANTZOULAS J/V ELTER-INTRAKAT-ENERGY J/V "ATH.TEHNIKI-PRISMA DOMI"-INTRAKAT J/V INTRAKAT-ERGAS-ALGAS J/V INTRAKAT-ELTER (MAINTENANCE OF N. SECTOR) J/V INTRAKAT-ΑΤΤΙΚΑΤ (EGNATIA ROAD) J/V INTRAKAT-ELTER (ALEXANDROUPOLI's PIPE LINE) J/V INTRAKAT-ELTER (XIRIA PROJECT) J/V ELTER-INTRAKAT (ARTA's DETOUR PROJECT) J/V ELTER-INTRAKAT (PROJECT OF NATURAL GAS FACILITIES) * direct participation , ** direct and indirect participation. 2. The amounts of the company's purchases / sales from and to the related companies (according to IFRS 24) cumulatively from the beginning of the accounting period, run into the amount of € 2.220.321,74 and € 3.937.711,61 respectively. The balances of the company's liabilities and receivables with the related companies (according to IFRS 24) at the end of the current period, run into the amount of € 4.395.003,58 and € 18.804.838,73.The amounts of purchases / sales on a consolidated basis (after deleting the intercompany transactions) cumulatively from the beginning of the accounting period, with the related companies (according to IFRS 24) are € 1.870.937,92 and € 5.112.711,72 respectively. The balances of the liabilities and receivables on a consolidated basis at the end of the current period with the related (according to IFRS 24) to them parties are € 3.719.212,15 and € 23.194.630,62 respectively. 3. The number of employed personnel at the end of the current period was: Group: 634 people (previous period: 359 people), Company: 421 people (previous period: 116 people). 4. No encumbrances exist on the Company's assets. 5. The Basic Accounting Principles of the Balance Sheet as of 31.12.2005 have been kept. 6. The Group's financial statements are included in the consolidated financial statements of the Group INTRACOM HOLDINGS which is located in Greece and participates to the company's share capital by 73,55%. 7. There are no litigious or under arbitration differences of judiciary or administrative organs that may have significant implications on the Company's and the Group's financial situation. 8. The newly founded joint-ventures: J/V ELTER-INTRAKAT (ARTA's DETOUR PROJECT), J/V ELTER-INTRAKAT (PROJECT OF NATURAL GAS FACILITIES) participate in the consolidation for the first time. 9. The fundings for the period 30/06/2006 run into the amount of: Group: € 1.923.625,11 (30/06/2005: € 2.573.184,79), Company: € 1.366.891,85 (30/06/2005: € 363.644,20) 10. The Group's consolidated financial statements include with the full incorporation method until 5/6/2006 the subsidiary company "INTRALBAN SHA" with a participation percentage of 55,00%. On 5/6/2006 the participation to the company "INTRALBAN SHA" was sold. The activities of "INTRALBAN SHA" are presented in the intermediate financial statements as of 30/6/2006, as discontinuous exploitation according to the provisions of I.F.R.S. - 5. The Group's consolidated financial statements include with the net asset value method until 5/6/2006 the affiliated company "INTRACOM BULGARIA SA" with a participation percentage of 30%, which was sold on 5/6/2006, and the affiliated company "INTRACOM DOO SKOPJE" with a participation percentage of 30%, which was also sold on 5/6/2006. GREECE GREECE GREECE GREECE ROMANIA GREECE ROMANIA GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE GREECE PARTICIPATION PERCENTAGE MOTHER 60,00% 51,00% 82,00% 87,46% 100,00% 100,00% 50,00% 50,00% 15,00% 45,00% 50,00% 40,00% 50,00% 33,33% 50,00% 50,00% 50,00% 50,00% 30,00% 30,00% CONSOLIDATION METHOD NON TAX AUDITED YEARS 5 1 1 0 0 2 0 0 3 2 3 2 1 1 1 0 0 0 0 0 0
-554.376,53 1.090.278,80 3.240.000,00 -1.804.200,06 11.892,87 32.490,44 1.245.490,93 1.715.400,53 0,00 210.565,49 334.931,53 5.522.474,00
-110.000,00 0,00 0,00 -2.963.563,34 38.790,13 0,00 0,00 0,00 -1.197.673,51 89.708,05 50.276,51 -4.092.462,16
-562.550,00 1.583.600,00 3.240.000,00 -1.367.462,21 1.705,01 220.000,00 0,00 1.715.400,53 0,00 260.195,12 1.420.931,53 6.511.819,98
-535.000,00 0,00 0,00 -336.222,51 82.305,09 0,00 0,00 0,00 0,00 87.725,55 50.276,51 -650.915,36
FULL INCORPORATION* FULL INCORPORATION* FULL INCORPORATION* FULL INCORPORATION** FULL INCORPORATION* FULL INCORPORATION* NET ASSET VALUE NET ASSET VALUE NET ASSET VALUE NET ASSET VALUE NET ASSET VALUE NET ASSET VALUE NET ASSET VALUE NET ASSET VALUE PROPORTIONAL PROPORTIONAL PROPORTIONAL PROPORTIONAL PROPORTIONAL PROPORTIONAL
0,00 19.750.000,00 -12.882.909,47 -76.383,75 0,00 -24.000,00 6.766.706,78 2.380.210,21 12.504.316,01 14.884.526,22
90.000,00 1.794.461,20 -225.952,64 -52.542,20 1.170.057,52 0,00 2.776.023,88 -7.618.395,54 13.920.720,76 6.302.325,22
0,00 19.750.000,00 -14.995.998,26 -331,46 0,00 0,00 4.753.670,28 1.602.260,55 10.839.005,57 12.441.266,12
0,00 0,00 -15.027,63 -263,34 0,00 0,00 -15.290,97 -5.150.263,34 10.328.217,54 5.177.954,20
The Group's consolidated financial statements include with the full incorporation method the company "INTRADEVELOPMENT" with a participation percentage of 100%. The Group held until 29/6/06 5% of the above company, which was acquired on 23/3/2005. On 30/06/2006, the Group acquired the remaining 95% of the aforementioned company. The Group's consolidated financial statements as of 30/06/2006 include the net assets of the company "INTRADEVELOPMENT". The Group's consolidated financial statements include until 6/4/2006 the company "AETHERAS ENERGY" with a participation percentage of 100%. The assets, shareholders' equity & liabilities, revenues and expenses of the company "AETHERAS ENERGY", were classified in the intermediate quarterly financial statements as property elements possessed for sale, according to the provisions of I.F.R.S. - 5 . The participation to the company "AETHERAS ENERGY" was sold on 6/4/2006. The activities of "AETHERAS ENERGY" are presented in the intermediate financial statements as of 30/6/2006, as dicontinuous exploitation according to the provisions of I.F.R.S. - 5. The sales of the companies "AETHERAS ENERGY", "INTRALBAN SH.A ", "INTRACOM BULGARIA" and "INTRACOM DOO SKOPJE ", produced an increase to the consolidated results of an amount of € 1.067.444,00 and a percentage of 52,91% and a similar increase to the results of the mother company "INTRAKAT" of an amount of € 3.532.963 and a percentage of 139,92%. 11. The approval date of the aforementioned financial statements by the Company's Board of Directors, is August 25th, 2006. 12. The company merged by amalgamation the company "INTRAMET STEEL AND ELECTROMECHANICAL CONSTRUCTIONS S.A." according to the approving decision of the Ministry of Development No Κ2-15833/30.12.2005. As a result, the figures of the current period are not comparable with the respective figures of the previous period.
Peania, August 25th 2006 THE CHAIRMAN OF THE B.o.D. S. P. KOKKALIS ID No. / Π 695792 THE MANAGING DIRECTOR P. K. SOURETIS ID No. / Σ 681022 THE FINANCIAL DIRECTOR V. S. KOULOCHERIS ID No. / Ξ 475984 THE CHIEF ACCOUNTANT H. Α. SALATA ID No. / Χ 516418