Decisions of the Ordinary General Meeting.
The General Assembly unanimously approved the company's financial figures, the report of the Board of Directors and the report of the auditors for fiscal year 2002. According to the published results of 2002 the company?s turnover reached euro 78.45 million, showing a reduction of 3,7%, compared with the previous financial year, while profits before tax reached euro 6.42 million showing an increase of 20,2%.
Total sales declined slightly, however within management?s forecasts and were primarily destined to the export markets, mainly to other European Union countries. On a consolidated basis, the company?s turnover for 2002 reached euro 85,12 million, decreased by 4,4% and profits before tax showed an increase of 20,6% compared with the previous year reaching euro 6.52 million.
The General Assembly approved the distribution of dividends amounting to euro 0,10 per share. In 2002, the three-year investment plan was completed of Hellenic Fabrics reaching euro 26 million, while for the upcoming two years it is estimated to be around euro 20 million. The major part of the investment program concerns the modernization of machinery and equipment, with the application of the most up to date technology, for further reducing product costs as well as for the development of new products.
The company is targeting to become Europe?s most technologically advanced denim manufacturer. The company?s results for the first quarter of 2003 were at about the same level as last year's. Concerning the results of the first semester as well as for the whole year, although it is early for a safe forecast, it is expected that the global recession and the weakening of the USD against the EURO will influence by. Finally, according to a recent decision by the Athens Stock Exchange, Hellenic Fabrics S.A. is one among the thirty-six listed companies that fulfill the mandatory qualitative criteria.