Today was held the Annual Ordinary General Meeting of Electroniki Athinon for the Fiscal Period, which ended in June 30th 2007.
During the General Meeting it was announced that the Group?s sales increased by 24.5%, i.e. from EUR 145.5 mil. to EUR 181.2 mil.; this increase came from new store openings and the like to like sales that increased by 9%. Earnings Before Interests, Tax, Depreciation and Amortization (EBITDA) amounted to EUR 16.8 mil., in comparison to last year?s EUR 11.1 mil., increasing by 51%. During the same period, Earnings Before Tax (EBT) rose by 51% and amounted to EUR 11.5 mil., compared to EUR 7.6 mil. during the previous fiscal period. Finally, Earnings After Tax (EAT) increased by 21%, i.e. from EUR 6.1 mil. last year to EUR 7.4 mil. this year. Cash flow remained positive, deterring bank loan financing.
The shareholders approved a dividend distribution of EUR 0.21 per share for the year 2006/2007.
At the same time, the shareholders approved the resolution of the Management to elect a new Board of Directors according to the provisions of Article 3 L.3016/2002 on Corporate Management; the duration of this BoD?s tenure shall be set until December 31st, 2013.
The President and Executive Manager of Electroniki Athinon, Mr. Ioannis Stroutsis, referred to the objectives and prospects of the company for the coming period and stressed that the Management's strategic goal is to maintain its leading position in the field of electric and electronic appliance distribution in Greece and to further increase its sales with a corresponding increase of the company's market share to 19% from the current 15%. Furthermore, he noted that the company's strategy for the next three-year period incorporates a EUR 25 mil. investment plan.
Regarding the store network development in Greece, the operation of the Electroniki Athinon Superstore in the area of Cholargos is considered significant and is expected to contribute both to the Group's turnover and to its profitability. The same applies to the new Superstore in Syngrou Ave., which was inaugurated on November 29th. Furthermore, the opening of three new big stores, as well as the opening of a new big SARAFIDIS store are scheduled for 2008.
Regarding the store network expansion in the existing markets and following the successful course of the first store in Belgrade, the company plans to open a second store in Serbia within 2008.
In terms of further growth in the Balkans, negotiations are now being carried out in Bulgaria, Romania, Albania and FYROM.