Last day/meeting of September, Intracom Holdings announced its half-year figures. Further improvement is evident for the key figures, with group Ebitd at €5.5m, equity €378m, total group assets of €508.9m and the very significant liquidity of €161.5m.
However, the BnB Daily column attempts to look into the inner workings of the group, particularly in areas relating to the holdings and investment choices of Socrates Kokkalis himself.
In principle, the asset value of the holdings exceeds (30/6) €500 million, from which most of the profitability is recorded, while through parent companies
in some of which the entrepreneur's son Konstantinos Kokkalis participates, with the main sources of income from Intralot Intrakat and Optima Bank. In Intralot, Intracom Holdings acquired 7.2% from the capital raise at a price of €0.58/per share. In yesterday's session, the price for Intralot's share was €1.12. In Intrakat, Socrates Kokkalis kept a small stake (in the deal with the Exarchos-Kaymenakis-Bakos side), 5.09%, at an acquisition price of €1.17 euros. At €4.885 the current one. A stake in Intrakat that the entrepreneur wants to "show" to the community, which is why he maintains a marginal stake, but above 5% of the capital raise. And if these are holdings in "related" and "friendly" forces, interesting is that of Optima Bank. Intracom Holdings participated, as we know, in Optima Bank's capital raise for the bank's listing on the stock exchange in early October. 550,000 shares of the bank were entered in the "books", with an acquisition price of €7.2. At €13 euros, the security, having registered, is high at €13.44. In practice, this means that Intracom Holdings has a capital gain of €13-€7.2 = €5.8 per share x 550,000, i.e., about €3.2 million.
Not Bad, over a 12-month period, with almost "doubled" the value of the position. The six-month data highlights another business, Intracom Ventures (with €30m equity), run by his son, with the goal of generating capital gains through a portfolio of joint investments with strategic partners.
As an indication, the column refers to the acquisition of 25% of Selene as controlling 33.91% of Regency Entertainment. It is known that this one owns the Hyatt casino-hotel in Thessaloniki while it participates in the Parnitha Casino, i.e., essentially in the Voria project, in partnership with Thanasis Laskaridis.
Meaning? The 33.91% statutory minority stake, with everything that could be useful in due course. It is to these, but not only, that the project through Europe Insurance comes to be coupled. A scheme with a focus on private insurance—with a steady revenue stream from various sources, e.g., leases (this is where Intracom Properties/Kloukinas Lappas sticks), activities such as, for example, Wonder West (MotherCare's agent in Greece), and growth prospects in real estate/hoteling (with properties from Mykonos to Koufonisia).
Management's intention is to provide insurance/reinsurance services to third parties as well, with the ambition to drive a wedge into the oligopoly that has formed in private healthcare (through CVC Capital-National EIA). Admittedly enjoyable to thoroughly read balance sheets of listed companies like Intracom Holdings... you learn how goodwill/money and added size are created... respect.
