“AKRITAS” is the industry of the wood sector that resisted the dramatic reduction in demand for five consecutive years that all the industrial firms without exception experienced in the field.
“”AKRITAS” with most dominant presence in the national market, is getting prepared to meet the expected gradual warming up in construction activity and by extension, the great demand for artificial wood products. The above stated the Chairman of the BoD of the listed (company), Loukia Saranti at the annual ordinary general meeting of shareholders held today, reported on major developments in 2013 and prospects emerging for the Company and the Group in the current year. “AKRITAS” after the very important agreement that entered into with the creditor banks in March 2014 for restructuring its loan debt and working capital, has applied a business plan aimed at increasing sales and improving results. “AKRITAS” expects a gradual increase in demand in the internal market with the first positive signs to locate on the hotel industry. It also looks forward to increasing sales abroad, especially directed at creating lasting partnerships with foreign groups and establishing on the export business developed in the Middle East and North African countries.
In particular, as far as the fiscal year 2013 is concerned, consolidated sales amounted to 31,366,430 euros, reduced by 26% compared with those of 2012, due to limited demand in Greece, and the reduced consumption of durable goods, as well as the particular geopolitical developments in Southeastern Europe and the Mediterranean basin.
Net profit after tax was negative and the losses amounted to 14,253,835 euros, burdened with the increase in the tax rate.
However, the company managed to reduce its banking lending, while it made no staff reductions.
The decisions of the general meeting
The Annual Ordinary General Meeting of the shareholders’ of AKRITAS took place today, Tuesday, June 10, 2014, at the head offices of the company in Alexandroupolis. At the general meeting attended in time eight shareholders , who hold 10,369,290 shares out of 13,000,000 in total, ie percentage of 79,76% paid up share capital. Under the provisions in force, the criterion of a quorum was found to be fulfilled, so that the General Assembly can validly meet and take decisions on the items on the agenda.
The Annual ordinary general meeting of the shareholders unanimously approved all items on the agenda of the General Assembly. Especially:
Item 1: They unanimously approved the annual (restated) financial statements (individual-entity and consolidated)for the financial year 2012 , the 2012 income statement and also the relevant report of the board of Directors and the chartered Auditors for the period 1.1.2012-31.12.2012.
Item 2: They unanimously approved the annual individual-entity and consolidated financial statements for fiscal year 2013, the financial results of 2013, and the relevant reports of the Board of Directors and the Chartered Auditors for the period 1.1.2013-31.12.2013.
Item 3: They discharged unanimously of the members of the BoD and the Chartered Auditors from any liability for compensation for the activities of the year 2013.
Item 4: They unanimously elected one ordinary and an alternate auditor for the year 1.1.2014-31.12.2014 and approved their compensation.
Item 5: They unanimously approved the compensations paid to members of the BoD as employees during the year 2013 and approved the compensation and contracts of the BoD for the year 2014.
Item 6: They unanimously approved authorization granted pursuant to Article 23, par. 1 of C.L 2190/1920 as it is in effect, in the members of BoD, in the Directors of the Company, or Managers to participate in the BoD or the Management Group companies pursuing similar or related purposes.
Item 7: They approved unanimously limit of travel expenses.