Today, on 22nd of June 2006 the General Shareholders meeting of GERMANOS S.A. took place at the offices of the company in Agios Stefanos. Decisions were made for the majority of the issues in the agenda, among these:
- Approval of the Management (Board of Directors - BoD) Report and Auditors Reports related to the Annual Financial Statements and the Consolidated Financial Statements for the fiscal year 2005 (1.1.2005-31.12.2005).
- Approval that the Board of Directors and the Certified Auditors have no responsibility, regarding any kind of compensation, for their actions during the financial year .01.05-31.12.05, as well as for the Annual (parent and consolidated) Financial Statements.
- Approval for the election of an auditing company for the audit of fiscal year 01.01.2006 - 31.12.2006, according to the article 36 of Law 2190/1920, as is in effect. Approval of the auditing company's fee.
- Approval of fees (apart from salaries) paid to the members and secretary of Board of Directors (article 24, paragraph 2, C.L. 2190/1920) for the fiscal year 2005. Pre-approval of fees (apart from salaries) paid to the members and secretary of Board of Directors (article 24, paragraph 2, Law 2190/1920) for the fiscal year 2006, according to article 16, Law 2065/92.
- Approval of profit distribution to Company's employees paid in cash, for the financial year 1/1/2005 - 31/12/2005.
- Pre-approval of profit distribution to Company's employees paid in cash, for the financial year 1/1/2006 - 31/12/2006.
- Granting of permission - according to article 23, paragraph 1, C.L. 2190/1920 - to the Board of Directors and the Company's Directors regarding their participation in the Board of Directors or the management of other affiliated companies (according to the premise of article 42, paragraph 5e' of Law 2190/1920), which have similar business activities.
- Approval of dividend distribution of Euro 0.26 per share. (The dividend ex-date is 08/08/2005).
Commenting on the financial results of the Group, the Chief Executive Officer of the Group Mr. John Karayiannis stated: "GERMANOS Group of Companies, responding to the targets stated at the beginning of 2005 had another successful year. For 2006, the prospects seem to be positive and we are confident that our performance will remain in high levels". Regarding the financial results, the consolidated sales exceeded the one billion euro threshold reaching Euro1,025 mil, increased by 19% compared to previous year, while net profit reached Euro 63.1 mil, increased by 17.1%. Finally, due to the lack of the required shareholders majority regarding the amendment of the articles of association, and the granting of special approval for the purchase/sale of shares and/or sectors of subsidiaries/affiliated companies and/or participations between the Company and those physical entities regulated by article 23a of C.L. 2190/1920 or of those controlled directly or indirectly by the aforementioned persons, a repeated General Shareholders Meeting will take place in July.