Significant increase in financial results through organic growth and acquisitions

Significant increase in financial results through organic growth and acquisitions | TheGreekDeal.com

Ideal Holdings

For the first quarter of 2024, IDEAL Holdings reported a 150% increase in revenues to €109.5 million, fueled by the acquisition of Attica Department Stores and rising IT revenues.

Newsroom

23/05/24 • 11:33

TIME TO READ

1 min

Lambros Papakonstantinou CEO, Ideal Holdings

IDEAL Holdings announced a 150% increase in revenues to €109.5 million, driven by the increase in IT revenues and the acquisition of Attica Department Stores, for the first quarter of 2024.

KEY FIGURES

-Revenues increased by +150% to € 109.5 million due to the increase in IT Revenue and the acquisition of Attica Department Stores.
-Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased by +118% to € 16.8 million compared to € 7.7 million in Q1 2023.
-Comparable Earnings Before Interest, Taxes, Depreciation and Amortisation (Comparable EBITDA) increasedby +63% to € 12.5 million compared to € 7.7 million in Q1 2023.
-Earnings after Tax (EAT) increased by +18% to € 4.8 million compared to € 4.1 million in Q1 2023.

The significant increase in all consolidated financial results is attributed to the organic growth of IT companies and the addition in Q1 2024 of the results of Attica Department Stores, which was acquired on September 1, 2023.

Net debt on a consolidated basis amounted to € 94.0 million as of March 31, 2024, while taking into account credit and debit card receivables of € 12.6 million, net borrowings amounted to € 81.4 million, compared to € 73.3 million as of December 31, 2023.

On 22.04.2024 the Company entered into an agreement for the sale of 100% of Astir Vitogiannis S.A. ("Astir") to Guala Closures ("Guala"). Astir directly owns 74.99% of Coleus Packaging (pty) Limited ("Coleus").

The Company estimates that the amount of the consideration that Guala will ultimately pay in cash upon completion of the sale (the "transaction") will range between € 110 million and € 115 million, while the transfer of debt will range between € 12 million and € 15 million.

The accounting profit from the investment sale is expected to exceed €60 million. The amount will be finalized on the completion date of the transaction, and the company will inform the investors through a subsequent announcement.

The completion of the transaction is expected in H2 2024 and is subject to customary closing conditions and regulatory approvals. Upon completion of the transaction, IDEAL Holdings will transfer this investment and significantly increase the cash available for future investments.