INTRACOM Group of Companies INTRACOM results of 2000 with record sales and record PBT
The INTRACOM Group of companies' financial results have been remarkably positive in 2000. According to the Consolidated Financial Statements, Group sales reached GRD 284,4 billion, compared to GRD 144,7 billion in 1999, an increase of 96.5%. At the same time, profit before tax amounted to GRD 50,1 billion, from GRD 30.2 billion in 1999, an increase of 66.0%. INTRASOFT, CONKLIN and FORNAX have been fully consolidated in the financial statements of the Group.Sales of the parent company INTRACOM S.A., increased significantly by 61,1% and totalled GRD 209,0 billion, against GRD to 127.9 billion in 1999. Profit before tax posted a remarkable increase of 43,5% and reached GRD 36,4 billion, compared to GRD 25.3 billion in 1999.It is noted that, since the beginning of 2000, the company signed new contracts worth approximately GRD 230 billion, a significant part of which refer to export activities, mainly towards Hungary, Romania, France, Mexico, Finland, Moldova, Poland, Norway, Yemen, Sudan and Pakistan and the rest are contracts for the domestic market. Subsequently, the company's orderbook amounts GRD 525 billion approximately.INTRACOM continued the implementation of its heavy investment plan. Indicatively, as it is also stated in the company's financial statements, INTRACOM has already employed, for the financing of its three-year (1999·2001) investment plan, GRD 48,2 billion out of GRD 60 billion raised from the 1999's rights issue (i.e. 80,3% during seventeen months). It should be noted that last July, INTRACOM acquired 65% of FORNAX S.A. FORNAX was founded in 1989. It began its activities with computer sales and added value services to telecommunication networks. Within eleven years it has developed into one of Hungary's most important businesses in the fields of telecommunications, computers, electronic applications, while it is expanding its activities to neighbouring countries (Austria, Germany, the Czech Republic, Croatia, etc).With the acquisition of FORNAX, INTRACOM Group widens its presence in Hungary and the countries of Central Europe, aiming at further expansion in these markets. Most recently, INTRACOM acquired all of the stock of privately held Conklin Corporation.Conklin Corporation, headquartered in Pleasant Valley, NY, manufactures a family of DSL transmission products and small Digital Subscriber Carrier Systems. It has received numerous quality recognition awards and is known for its innovative designs allowing service providers to reach difficult to serve subscribers behind Digital Loop Carries (DLCs) and in rural and suburban America and Canada.The acquisition of Conklin provides INTRACOM with an excellent opportunity to strengthen its well established position in terms of cutting edge telecommunications technology and further access to the demanding US market.INTRACOM, is aiming though this acquisition to build on Conklin's experience in the digital subscriber access field by developing and marketing new innovative products, suitable not only for the US but also for other promising markets in Europe, Africa and the Middle East.