The management of the Company concluded a thorough examination of the very competitive conditions in the Greek and international wood markets, the general economic situation and the increase of loan losses, and has decided the following:
1. To adjust accordingly the operation of the Novopan production unit in order to achieve the best expenditure control, to reduce the stocked material and the relevant working capital.
2. To continue the cost-cutting program for operating and general expenses of the company.
3. To apply stricter rules on sales and to tight credit limits for the company's customers.
The examination has proved that the above measures will contribute significantly to the company's competitiveness and profitability, despite the known difficulties, benefiting not only its shareholders but also its employees and the national economy in general.
The above issues were also discussed during the three-party meeting at the Ministry of Labour and Social Affairs, with the participation of the Under-Secretary Mr. Tziolas on September 18, 2002. The meeting will be repeated in two weeks.