Conclusions which derived from a thorough examination of the total number of the financial statements of listed companies (on 31.12.02).
In particular, the following were ascertained:
- 259 companies had earnings before taxes during the fiscal year in 2002. Out of these companies, 19 listed companies presented earnings before taxes of over euro 65 million, while 43 companies present earnings between euro 65-10 million and for 40 companies the earnings before taxes were ranged between euro 5 και 10 million.
- 79 companies presented losses during the fiscal year in 2002.
- 26 companies had a turnover of over euro 500 million, 57 had a turnover between euro 100 και 500 million, 48 between euro 50 και 100 million, 162 between euro 3 και 50 million, while only 20 companies had a turnover up to euro 3 million.
In accordance with the Decision No.64/29.3.01 of the ATHEX BoD, the total number of listed companies was reviewed, except for companies belonging in the Leasing, Banking, Investment Services Firms and Insurance sectors that are supervised by other Authorities, as well as the 10 companies that are already "under suspension" and the 10 companies that are "under supervision".
The ATHEX Board of Directors would like to point out that by proceeding with the classification of listed companies in an "under supervision" status, it aims to stress out to the investing public information about their current financial status, as presented in the recently published financial statements, without anticipating their course in the future.
The evaluation of the ATHEX BoD was made on the basis of the companies that during the closure of the last financial year either presented:
1. negative results for 3 consecutive fiscal years;
2. negative results during the last fiscal year that were greater (in absolute number) from the profits presented in the previous fiscal year and in absolute size, over 20% of the company''s turnover;
3. turnover of less euro 3 million;
4. loss-making results in the two last financial years, out of which, those of the last financial year are over 20% of the company''s turnover.
On the basis of the aforementioned points, the ATHEX BoD decided to place in an "under supervision" status 15 companies for the following particular reasons:
- the companies A.CAMBASHOLDING & REAL ESTATE S.A., SP. TASOGLOU S.A. are placed "under supervision" because they fall under the provision 1.2.a of the decision which pertains to loss-making results for 3 consecutive financial years without indicating a significant decrease of losses or a recovery of profitability.
- the companies presented below, are placed "under supervision" because they fall under the provision 1.2.b pertaining to cases with negative results on the last financial year that are greater in absolute number from the profits of the previous financial year and in absolute size over 20% of the company''s turnover:
- the companies INTEAL GROUP OF COMPANIES S.A., ALYSSIDA S.A., are placed "under supervision" because for the fiscal year in 2002 present negative results that are greater from those of the previous financial year and over 20% of the company''s turnover without having any recovery procedures in the process. Especially, as far as the INTEAL GROUP OF COMPANIES S.A. is concerned, the ATHEX BoD also thought that it should be placed "under supervision" because from the certified auditors? notes, it follows that if their notes, namely; No.4 & 5 respectively are to be taken into consideration, the company?s losses should have been increased by euro 3.6 million.
- as for the company OLYMPIC CATERING S.A., it is placed "under supervision" because for the fiscal year in 2002 presents negative results that are greater from those of the previous financial year and over 20% of the company''s turnover, while simultaneously it has a solvency ratio and there is a need for the implementation of article 47, Law 2190/20 without the company to have planned a rights? share issue.
- the companies N.GALIS S.A., KEKROPS S.A., VERNIKOS YACHTS SHIPPING & HOLDINGS S.A. because they fall under the provision of low productivity (1.2.γ) and present a turnover of less than euro 3 million. The companies CERAMICS ALLATINI S.A. & SP. TASOGLOU S.A. fall under the same provision.
It should be noted that the ATHEX BoD decided that the following companies should not be placed "under supervision":
- LAMPSA S.A. & IONIAN HOTEL S.A. because they suspended their productivity in order to do repair work in their various hotel units in view of the upcoming ATHENS 2004 Olympic Games.
- HELLATEX S.A. because the negative results of the last financial year are mainly due to natural disaster.
- PETZETAKIS S.A. because due to a restructuring of the Group the fact that the losses, on a consolidated basis, comprise only 5% of the consolidated turnover and according to the company?s assurances, a program regarding ways of coping with the problems that created the losses, is already underway.
- As far as holding companies are concerned, the ATHEX BoD would like to inform that the examination on the total number of companies listed on the ATHEX was conducted on the basis of consolidated financial statements (as provided by Decision No. 64 of the ATHEX BoD).
The ATHEX BoD was also informed about the auditing which takes place in the financial statements of listed companies regarding the accuracy of the information included on them, mainly on issues arising from the certified auditors? notes. Up to now, 82 letters, which included questions requiring some clarifications, have been sent to listed companies, out of which 66 have been replied. The relevant response letters are published on the ATHEX''s web-site and the Daily Official List. It should be noted that this procedure is in process, whereas the investing public should not consider that the total number of the aforementioned companies has committed some type of accounting flaw.
Furthermore, it is mentioned that the company KARDASSILARIS S.A. has not published yet its financial statements for the 2002 fiscal year due to technical reasons that resulted from a destruction of its factory in Athens specifically, a fire.
The company has asked for and has been granted by the Capital Market Commission a one - month extension regarding the submission of its financial statements.
Finally, the ATHEX BoD decided to send a letter to the Ministry of Finance asking to accelerate the completion of the tax-auditing processes for 80 companies that according to the financial statements already published, have unaudited fiscal years before 1998.