Decisions of the 19.06.2024 Ordinary General Meeting

It is announced that during the Ordinary General Meeting of the shareholders of the company that met on 19 June 2024, at Likovriseos 7, Metamorfosi,  at 12:00 pm, shareholders were present or represented, holders of 82.883.049  shares in a total of 114.320.400 shares, corresponding to a percentage of 72,50 % of the share capital. The decisions taken unanimously and by general vote are as follows:

1.Submission and approval of the annual Financial Statements for the financial year 01.01.2023 - 31.12.2023, in accordance with the International Accounting Standards, as well as the relevant reports of the Board of Directors and the Certified Auditor - Accountant..

(in favor 100% of those present – against 0%).

2.Approval for non-distribution of dividend to shareholders for the financial year 01.01.2023 - 31.12.2023.

(in favor 100% of those present – against 0%).

3.Approval of the overall management of the Company, according to article 108 of Law 4548/2018, as in force, and exemption of the Company's Certified Auditors from any liability for compensation for the financial year 01.01.2023-31.12.2023, according to article 117, par. 1(c) of Law 4548.2018, as in force.

(in favor 100% of those present – against 0%).

4.Election of a regular and a deputy Certified Auditor - Accountant for the audit of the Financial Statements of the financial year 01.01.2024 - 31.12.2024.

(in favor 100% of those present – against 0%).

5.Permission to the members of the Board of Directors, according to article 98 of Law 4548/2018, to participate in Boards of Directors and managing boards of other companies with competitive or non-competitive purposes to those of the Company.( in favor 100% of those present – against 0%).

6.Discussion and voting on the Remuneration Report of article 112 of Law 4548/2018 (for the paid fees for the financial year 01.01.2023– 31.12.2023).(in favor  100% of those present – against 0,0%).

7.Pre-approval of remuneration and compensations of the Board of Directors for the financial year 01.01.2023–31.12.2023. (in favor 100% of those present – against 0,0%).

8.Submission of a common report of the Independent non-executive members of the Board of Directors and information  on the facts of 2023, in accordance with article 9 par. 5 of Law 4706/2020 (issue which is not put to a vote).

9.Information from the Chairman of the Audit Committee to the shareholders about the activities of the Audit Committee during the financial year 2023 and submission of the annual report of the Audit Committee's activities, according to article 44 par. 1(i) of Law 4449/2017. (issue which is not put to a vote).

10.Purchase of Own Shares (in favor 100% of those present – against 0,0%).

11. Other announcements

The results for the first 5 months of 2024 were as follows:

The sales of the parent company in the 5th month of 2024 amount to 11.9 million, while the corresponding amount in the corresponding 5th month of 2023 amounted to 10.2 million. That is, an increase of 1.7 million and a percentage of 16% was noted. In particular, during the first five months of 2024, the consolidated turnover was 12,9 million euros from 11,1 million during the corresponding period last year, increased by 1,8 million and by 16,3%.

Profits before financial taxes, investment results and depreciation (EBITDA) of the parent for the 5th month of 2024, amounted to 1,1 million euros, while the corresponding amount for the 5th month of 2023 amounted to 0.3 million, showing an increase of 0,8 million euros and at a rate of 317%. Accordingly, on a consolidated basis, EBITDA amounted to 1.7 million (from 0,5 million euros), increased by 1.2 million and by 213%. • Group borrowing on 31/5/2024 decreased by 1.8 million euros from 48 million euros on 31/12/2023 to 46.2 million euros on 31/5/2024.

The Company has completed the restructuring of its lending with ALPHA BANK, while the general framework has been agreed with NGE and ATTICA BANK and the relevant contracts are expected to be signed immediately. The restructuring concerns the repayment of Bond Loans for the years 2023-2025 with a total value of 11,049 million euros.

The results of 2023 were not positive and were affected by various factors such as the increase in labor and energy costs, geopolitical and economic developments, the uncertainty regarding environmental standards, the consecutive increases in interest rates by the European Central Bank as well as the serious problems that plague the supply chain, such as the closure of the Suez Canal resulting in an increase in freight rates and the time of transportation of goods, and finally the pressure from global competitiveness.

Also, the drop in exports to China pressured the overall results of the wider Greek marble sector. The Chinese market has not recovered despite our forecasts for a rebound after the country's opening. In the years before the pandemic, our company's exports to China amounted to 60% of turnover, but due to the well-known issues presented by the Chinese market in its construction activity, they decreased to 35%.

The company offset some losses from the China market by achieving a tripling of exports to markets such as India, Egypt and Tunisia. Moves have also been made in other new markets in countries in South America, and in SE Asia. At the same time, the company, reducing its dependence on China, made organized moves, changed its sales mix by developing a sales network of ready-made products by taking on the supply of marbles for large projects abroad. These actions paid off and we have already undertaken and are executing from the beginning of 2024 the projects with a total value of €12,000,000 that will be executed by the end of the year (America, 3 projects worth €4,500,000, Vietnam worth €5,000,000 and Turkmenistan worth €2,500,000 while the final confirmation of new orders for the supply of marbles, worth €10,000,000, is also expected for other projects abroad.

To strengthen our raw material production, from the beginning of 2024 we will operate four new quarries,

a) in the place of Mandria in Drama, a quarry with white dolomite marble

b) in the position of Ag. Petros of Drama, with white dolomite marble

c) in the Litharostruga location of Livadia, with gray marble

d) in the location Haunted of Livadia with beige marble.

The demand mainly for white marbles is very high and the white dolomite marbles mined from the 2 new IKTINOS quarries are widely accepted and it is estimated that they will have an increased demand since they are marbles equal to or even better than the marble mined in the large Volakas quarry, which means a production increase of about 10% for 2024.

I will especially mention that the white marble in our quarry in Agios Petros is very promising as it is a very white marble.

It is noted that the process of expanding the existing quarry of approximately 100 square meters in Volaka is also progressing, which will bring about an increase in production of the order of 20% for 2024, a case that has been bothering us for 2 years but we believe that it will be resolved very soon.

It should be noted that the various colored marbles, such as the gray and beige ones mined from our new quarries, are alternative proposals in decorative options and are in high demand.

Finally, regarding the Crete project, the company is looking for an investor to complete its sale.


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