A significant increase was recorded in the first quarter of 2016, in the production and sales of AKRITAS wood industry, a growth increase which, as the progressiveness of the data shows, is not temporary but creates tension for the Company, which has been strengthened with working capital totaling 6.5 million euros from the four systemic banks.


In the context of informing shareholders, during the annual General Assembly of 25 may 2016, It was specifically mentioned that during the first quarter of 2016  the production recorded an increase of 103% compared with the corresponding period of 2015 and, an increase of 48.5% compared with the first quarter of 2014.



With regard to sales, they amounted to EUR 7,530,000  for the quarter of 2016, noting an increase of 77% compared with the corresponding period of 2015 and by 25% in 2014. These positive developments are due to the enlargement of the AKRITAS share in the Greek market, mainly by import substitution, while contributed to the reinforcing of the  company’s export in most countries.



Also, in the context of informing, it was emphasized that industry funding was completed with working capital amounting to 6.5 mil. Euros, which had started in May 2015. In particular, the resources allocation in this phase, of the second part of the financial package, sum of 3.2 million Euros creates favorable prospects for the future as  AKRITAS can now without restraint finance the production with raw materials, achieving sales growth, a progress that will allow  the return to positive growth rates since the abovementioned two indicators are the main parameters of the company’s profitability.

. It is reminded that  AKRITAS is the only Greek company in the field of artificial wood (chipboard production), which operates in a continuous flow  its production activity, and employs permanently 247 employees.


According to company management, the dynamic that is  recorded by the first quarter of 2016 and the outward- looking of the marketing department program, are the factors that create the belief that AKRITAS will recover  with positive growth  rates and operating profitability in 2016.



Decisions of the General Meeting


The annual general meeting of AKRITAS SA shareholders on May 25, 2016, which was attended by shareholders holding 10,370,600 shares, ie 79.774 rate % of the paid up share capital, approved the following :


-The annual company and consolidated statements for 2015 and the reports of the BOD and accountants.

– Acquitted the Members of the Board as auditors from any liability for the fiscal year 2015.

–  Elected a member and an alternate auditor for the year 2016.

–Approved wages and allowances of Board members for 2015 and opted for the remuneration and compensation costs for 2016.

-Approved  authorization pursuant to Article 23 par. 1 of Law 2190/1920, to the members of   the Board, managers of the company, as well as those substituents, for participation in Board or subsidiaries management or other Companies linked within the meaning of article 42e par. 5 of C.L. 2190/1920 as applicable.

-Approved  Travel spending  limits