The President and CEO of PLAISIO COMPUTERS, Mr. George Gerardos refered to the fact tha in periods of financial crisis, whoever has strong company structure and has achieved prudent growth without movements that are made only in order to impress. The Group PLAISIO has achieved over the last decade a CAGR of 30% with movements that are moderate and controlled. This is the systematic strategy which will take the Group beyond this crisis as winner.
Furthermore, a reference was made to the financial results of 2008 and more specifically to the increase of turnover by 6,98% (412 m. euro vs 385 last year). Explaining the reasons that led to the decreased profitability, Mr. Costas Gerardos noted reasons that were endogenous as well as reasons that were exogenous and which led to the EAT being decreased by 56,8%. More specifically, the endogenous factors have to do with the increase of personnel and especially for the parallel run of Magoula (automated and manual), as well as to the increase of financial expenses due to the increased loans in order to finance investments. The Group, during 2008, made a series of investments to renovate and create new stores, as well as for the new distribution centre in Magoula. The exogenous factors which were mentioned were the adverse financial environment and the socio- economic circumstances in the cities during the last quarter of 2008, peaking with the arson of the greatest and most historical store of the company in Stournari.
Referring to the future course of the Group, Mr Costas Gerardos said that the aim of the company is to gain market share, to optimize the working capital and to make prudent new investments (new store in Magoula, re-operation of the store in Stournari) and to contain expenses. Finally, the management of the Group considers that the adequate cash-flow in combination with its flexible structure will allow it to confront the crisis not as a threat but yet as another opportunity.