Decisions of the ExtraOrdinary General Meeting

 It is hereby announced that at the Ordinary General Meeting of the Company's shareholders held on December 19, 2019, at the Company's headquarters (Lykovrisis 7, Metamorfosi, Attica, 144 52), at 12:00 pm, shareholders were present or represented, holders of 83.250.320 shares in a total of 114.320.400 shares, which corresponds to a percentage of 72,822 % of the share capital. The decisions taken are the following:

  1. On the 1st issue, the General Meeting decided not to distribute earnings of previous years to shareholders. On this issue the company will come back with a new Extraordinary General Meeting to be held in January 2020. (in favor 100% of those present – against 0%).
  2. On the 2nd issue the General Meeting approved the amendment of the Company's Articles of Association and its harmonization in accordance with the provisions of Law 4548/2018 (in favor 100% of those present – against 0%).
  3. On the3rd issue the General Meeting approved in accordance with the Law 4548/2018, the granting of authorization to the members of the Board as they participate in Boards of Directors and management bodies of other companies that seek competitive or non-company purposes. (in favor 99,9999% of those present – against 0,0001%).
  4. Profit-loss account for the fiscal year 2019 will be as follows:

Turnover for 2019 will amount to approximately 41 million euro while the corresponding amount for the fiscal year 2018 amounted to 53.2 million euro. Turnover for the whole year 2019 will decrease by 22.6%, while in the first semester, it decreased by 26.7%. The percentage of exports has stabilized at over 95% of turnover. The decrease in sales is due to the reduced production of Volakas quarry, which contributes to 70% of total turnover. In 2018, 112k tons were produced, while in 2019 production amounted to 72k tons, that is a decrease by 40k tons and 35%.. The decline in production is, on the one hand, due to the adverse weather conditions

on the other hand, in acquiring new know-how by introducing the ground-breaking underground mining method first applied during 2019.

Earnings before interest, tax, depreciation and amortization (EBITDA) for 2019 will amount to approximately 11.3 million euro while the corresponding amount for fiscal year 2018 was 21.5 million euro, showing a decrease by 47%.

Earnings before tax for 2019 will amount to approximately 7.5 million euro while the corresponding amount for fiscal year 2018 amounted to 18.5 million euro; that is a decrease by approximately 57%.

In 2020 the company is expected to return to 2018 levels.

Ικτίνος Ελλάς Α.Ε. - Επενδυτικές Σχέσεις