The Annual General Shareholders' Meeting of M. J. Maillis S.A., which took place on Wednesday, May 21st, 2007 at the Goulandris Natural History Museum in Kifissia , approved the Financial Results for the year ended 31/12/2006 and the Board of Directors' proposal for the distribution of Euro 0,04 dividend per share.
Mr M.J. Maillis, Chairman and CEO of the Company, underlined that, during the last years, the Group has invested in completing and upgrading the technology of the product range, being able to meet the requirements of the most demanding packaging applications, and in strengthening its brand awareness on an international level, creating strong growth opportunities in Europe, North America and Asia.
With respect to 2006, Mr Maillis repeated that it was a year of changes, especially in the sales organisation and adjustment to the intensifying international competitive conditions, with negative impact on the results.
Mr Maillis also highlighted that already in the first months of 2007, as a result of the Group adjustments, there are clear signs of recovery, whereas the Group efforts for profitability improvement and cost reduction need to be continuous.
Regarding the prospects and future targets of the Group, Mr Maillis underlined that, based on the restructuring plan and the expansionary moves in the US and India, the growth opportunities of the Group remain strong, while the major priorities for the next two years are to:
- increase market share by promoting the complete end-of-line solution through the European distribution network, exploiting the Group competitive advantage,
- continue to invest in the fast growing segments of plastic packaging materials (PET strap, film),
- expand geographically: strengthen presence in North America and increase penetration in India and other Asian markets,
- finalise restructuring and rationalisation projects in the European subsidiaries aiming at effectiveness increase and cost reduction,
- generate positive cash flow and contain working capital.