Decisions of the Ordinary General Meeting

 It is hereby announced that at the Ordinary General Meeting of the Company's shareholders held on June 26, 2019, at the Company's headquarters (Lykovrisis 7, Metamorfosi, Attica, 144 52), at 12:00 pm, shareholders were present or represented, holders of 21.078.289 shares in a total of 28.580.100 shares, which corresponds to a percentage of 73,75 % of the share capital. The decisions taken are the following:

  1. On the 1st issue, the financial statements for the fiscal year 01/01/2018 - 31/12/2018, as well as the reports of the Board of Directors and the Certified Auditor-Accountant were approved (in favor 100% of those present – against 0%).
  2. On the 2nd issue, the distribution of a dividend amounting to 0,14935718 Euro per share was approved. From this amount the relevant tax of 10% is deducted, according to the provisions of article 64 of Law 4603/2019 and therefore the total paid amount of the dividend per share will amount to 0,134421462Euros. (For 100% of those present - Against 0%)

 The company holds own shares and, according to the legislation in force, the dividend corresponding to the 122.479 shares held by the Company increases the dividend of the remaining shares and therefore the total gross amount per share will amount to 0,15 Euro and the net amount to 0.135 per share.
The cut will take place on Monday 8-7-2019, beneficiaries of the record date are the stock holders after the meeting of the Athens Stock Exchange on Tuesday 9-7-2019. The payment date is Friday 12-7-2019 and will be conducted through Piraeus Bank . (For 100% of those present - Against 0%)

  1. On the 3rd issue, the General Meeting approved the exemption of the members of the Board of Directors and the Certified Auditors Accountants from any responsibility for compensation for the performance of the year 2018 (For 100% of those present - Against 0%)
  2. On the 4th issue, the General Meeting approved the election of the Certified Auditors of Grant Thornton for the audit of the financial statements for the financial year 01/01/2019 - 31/12/2019. (For 100% of those present - Against 0%)
  3. On the 5th issue, the General Meeting approved in accordance with article 23 par. 1 of Codified Law 2190/1920, performing acts for their own account or for the account of third parties, which fall within one of the purposes pursued by the Company, or participating as partners or shareholders in companies which pursue such purposes. (For 99,9992% % of those present - Against 0,0008% %)
  4. On the 6th issue, the General Meeting approved the fees paid to the members of the Board of Directors, executive and non-executive, during the year 2018 and the pre-approval of the fees and other benefits to the members of the Board of Directors for the year 2019. (For 100% of those present - Against 0%)
  5. On the 7th issue, the General Meeting approved the guarantees by issuing letters of guarantee to subsidiaries(For 100% of those present - Against 0%)
  6. Regarding the eighth issue, the General Meeting approved the reduction of the nominal value of the share from 40 euro cents (0.40) to 10 cents (0.10), while the total number of shares will increase from 28,580,100 to 114,320,400 common shares (split), i.e. 85,740,300 new shares will be issued. The above 114,320,400 new shares will be distributed free of charge to the shareholders of the company and will correspond to four (4) common registered shares in replacement for each one (1) old registered share. Therefore, the share capital of the company will amount to eleven million four hundred thirty-two thousand euro and forty cents (11,432,040.00) and will be divided into one hundred fourteen million three hundred twenty thousand four hundred (114,320,400) common voting shares of nominal value of 0.10 euro each.

 (For 99,87% of those present - Against 0,13%)

  1. On the ninth issue, the General Meeting approved the amendment of article 5 of the Articles of Association about the share capital relating to the approval of the reduction of the nominal value of the share from forty cents (€ 0.40) to ten euro cents (€ 0.10), while the total number of shares will increase from 28,580,100 to 114,320,400 common shares (split) and the above 114,320,400 new shares shall be distributed free of charge to the shareholders of the company corresponding to four (4) new common registered shares in replacement for each one (1) old registered share.

Therefore, the share capital of the company amounts to eleven million four hundred thirty-two thousand euro and forty cents (11,432,040.00) and is divided into one hundred fourteen million three hundred twenty thousand four hundred (114,320,400) common voting shares of nominal value of 0.10 euro each.

(For 99,87% of those present - Against 0,13%)

  1. On the tenth issue, the General Meeting approved the replacement of a member of the Audit Committee in accordance with article 44 of Law 4449/2017. (For 100% of those present - Against 0%)
  2. Other announcements

The profit/loss account for the fiscal year 2018 was as follows:

  1. The turnover amounted to 53.2 million euro while the corresponding amount in the year 2017 amounted to 47.6 million euro. There was an increase of 5.6 million euro and 11.68%. Exports account for 95.15% of the turnover of the fiscal year, while the percentage of exports has stabilized at more than 95% of turnover.
  2. The gross profit amounted to 30.5 million euro while the corresponding amount in the year 2017 amounted to 28.1 million euro. There was an increase of 2.4 million euro and 8.58%.
  3. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € 21.5 million while the corresponding amount in the year 2017 amounted to € 19 million, showing an increase of € 2.5 million euro and a percentage 13.07%.
  4. Earnings before tax amounted to 18.5 million euro while the corresponding amount in the year 2017 amounted to 14.9 million euro. There was an increase of 3.6 million euro and 24.14%.
  5. Net profit after taxes amounted to € 12.1 million while the corresponding amount in the year 2017 amounted to € 10.2 million. There was an increase of 1.9 million euro and 18.36%.
  6. Loan liabilities in the year 2018 amounted to 29.3 million while for year 2017 it was 11.5 million, thus increased by 17.8 million.

The prospects for 2019

  1. For the year 2019, the upward trend of the company will continue despite the difficulties created by the unprecedented weather conditions of the first half of the year, which have resulted in the reduction of the volume production and the corresponding sales of bulkheads. Sales declines in the first half of the year are expected to be covered in the second half of 2019, so that turnover in 2019 will show an increase of 10%, with a corresponding increase in profits.
  2. The new quarries at Pyrgoi Dramas and Papagouva Tripolis, the completion of the new modern factory at Drama Industrial Area, together with the existing quarries, a total of nine (9) quarries, give our company comparative advantages in relation to competition and in combination with the continuous demand for marbles, confirm the positive prospects for the company.
  3. The factory at the Drama Industrial Area of was completed and will function fully in the second half of 2019, while the office building - exhibition space is expected to start operation in 2019. The total amount of the investment will amount to 10 million of which 6.8 million have been subject to development law 4399/2016 and will give the company 2.4 million euro in the form of tax exemption. The investment of the factory in the Industrial Area is expected to add to the turnover for the second half of 2019 approximately 5 million euro.

The following activities were performed in the subsidiary IKTINOS TECHNIKI:

  1. Formation and laying of a rural road at the site of Sopata with a length of 3,428 meters
  2. Opening and shaping of roads with a total length of 2,247 meters within the area of private urbanization at the site of Ormos Faneromeni of the Municipality of Sitia.
Ικτίνος Ελλάς Α.Ε. - Επενδυτικές Σχέσεις