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Ideal Holdings Plans New Investments and Acquisitions
The management of Ideal Holdings is gearing up for a new round of acquisitions and investments, while maintaining high expectations for the continued growth of its portfolio in 2024. According to Mr. Lampros Papakonstantinou, Chairman of the Board of Ideal Holdings, during the release of the financial results for the first half of 2024, “Our goal remains to increase our figures through organic growth of our companies as well as through acquisitions. In 2024, we aim to expand our activities in sectors where we have already invested, as well as explore new opportunities in promising Greek companies.”
Recent Sales and Financial Performance
On August 6, 2024, the sale of 100% of Astir Vitogiannis S.A. was completed, which also held a direct 74.99% stake in Coleus Packaging Limited, to Guala Closures, following the signing of a binding sales agreement. With the completion of this transaction, Ideal received €115.5 million while also transferring net debt amounting to €11.3 million. This transaction significantly boosts Ideal Holdings’ cash reserves for future investments.
The company reported a remarkable revenue increase of 269%, attributed to a 65% rise in revenues from its IT sector and the acquisition of Attica Department Stores. Earnings before interest, taxes, depreciation, and amortization (EBITDA) soared by 433%, and comparable EBITDA rose by 293%. Furthermore, comparable pre-tax profits increased by 231%, and profits after taxes grew by 43%. The substantial growth in all consolidated key financial figures is primarily driven by organic growth within the IT companies and the addition of results from Attica Department Stores, acquired on September 1, 2023.
Discontinued Operations and Debt Management
The discontinued operations include the industrial sector, which was sold on August 6, 2024, for €115.5 million, with an estimated net profit of €74 million. As of June 30, 2024, the consolidated net debt stood at €80.7 million, up from €73.3 million on December 31, 2023. Taking into account receivables from credit and debit cards, the net debt is adjusted to €68.8 million, compared to €57.3 million on December 31, 2023.
Mr. Papakonstantinou emphasized, “Our strategy focuses on investment and value creation, as well as the potential divestment of certain investments when proposals meet our criteria. The Astir transaction is a significant development for both the company and IDEAL, allowing us to carefully consider our next investment moves.”
Revenue Breakdown
In detail, the revenues for the first half of the year reached €184.9 million, driven by a 65% increase in IT revenues and the acquisition of Attica Department Stores. EBITDA was reported at €26.1 million, while comparable EBITDA reached €17.7 million, up from €4.5 million. Comparable pre-tax profits totaled €9.2 million, compared to €2.8 million, and profits after taxes were €13 million, compared to €9.1 million.
Ideal has further expanded its investment portfolio in the IT sector by acquiring 75% of the shares of a notable company.
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Overview of Bluestream Solutions A.E.
Bluestream Solutions A.E. (BlueStream) is a company that specializes in providing infrastructure services across both on-premises and multi-cloud environments. Their offerings include cloud migration, data availability solutions, and outsourcing services. Recently, the company was involved in a transaction valued at €12.2 million, which was fully funded by the unused capital from a public bond loan issued by IDEAL Holdings on December 15, 2023.
Retail Sector Performance
In the field of Information Technology, Ideal Holdings, along with its subsidiaries BYTE, ADACOM, and IDEAL Electronics, reported a notable revenue increase of 65%. Additionally, EBITDA rose by 51%, and net profits experienced a remarkable growth of 59%. In the retail sector, particularly through the Attica Department Stores, the company achieved an 11% increase in revenue, a 16% rise in EBITDA, and a substantial 60% growth in net profits.
Factors Behind Retail Success
According to the company, the positive performance in retail can be attributed to several factors, including an increase in transaction volumes, the expansion of beneficial retail space across all stores, and the strategic selection of suppliers and products that resonate well with consumers. This approach has allowed the company to effectively meet market demands and enhance customer satisfaction.
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