The Annual General Shareholders’ Meeting of M. J. Maillis S.A., which took place on June 29, 2009 at the Hotel Pentelikon in Kifissia, approved the Financial Results for the year ended 31/12/2008.
The General Assembly was addressed by Mr M.J. Maillis, Chairman of the Board and Mr J. Kourouglos, Group CEO.
Referring to the Group’s performance for 2008, Mr. Kourouglos stated that the economic crisis, that afflicted all markets from September on, was the main reason for the deceleration of the impressive turnaround of the Group’s profitability of the first seven months of the year. This crisis, continues to exist to this day and has affected the competition as well. Some of our smaller competitors have publicly expressed inability to continue their activities.
The Maillis Group, with the aid of its restructuring program, that had been planned and implemented from the beginning of 2008, succeeded in significantly reducing costs, increasing its productivity and maintaining positive operational cash flow on a monthly basis since May 2008. The headcount has been reduced by 20% since the beginning of 2008. The production of automated machines has been moved from Germany to Italy and the production activity in Spain and Romania has been suspended without affecting the total production capability of the Group.
The new cost structure, increased productivity and the strengthening of the management team globally that has taken place during the last 18 months, will have a direct and positive effect on the Group’s profitability once relevant markets bounce back. The Group, which operates on an international level, was the first in Greece to be affected by the global crisis. Management believes that it will be the first one to benefit from the expected recovery during 2010.
EFG Eurobank, Alpha and NBG have approved a short term funding agreement in support of the Group. Plans are already under way to finalize the agreement between the Group and its other main lenders. Details of the agreement will be disclosed once available.
Mr. Maillis, Chairman of the Board of Directors, noted that from the beginning of 2008 and throughout the crisis, the Group made a series of significant agreements for the supply of multinational groups either as exclusive or as preferred supplier. This proves the substantial value generated by the Group’s know-how, technology and strategy of products and services, is not completely reflected in its figures.
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