During the Annual General Assembly which took place at Agios Stefanos on the 31st of May, 2006, the Managing Director of the Company Mr. Koutsolioutsos characterized the participation in HDFS S.A. as a long term strategic investment. With a renewed strategy and a series of business activities, HDFS enters a new era and continues its dynamic growth. More specifically, referring to the acquisition of GERMANOS stake in HDFS, Mr. Koutsolioutsos commented, "We did not arrive at this stage just to exit. We are here to stay! For us, HDFS has been and still remains a strategic investment; an investment with vision, synergies, emotions and expected returns". Within this framework, the new strategy of HDFS, aiming at further strengthening the Company-s growth, according to Mr. Koutsolioutsos, will focus on the following three growth drivers:
- Acquisition of international brands
- Development of Greek brands that will meet the challenges of a global competitive environment and
- Support of the Tourism sector HDFS Management aims at introducing a new reality for the Company and support and promote Hellenic Duty Free Shops as an international brand and a key player in the global environment. The significant know-how and experience of FOLLI-FOLLIE in managing and developing international brands will also contribute to this target. Mr. Koutsolioutsos highlighted "We know how to identify business opportunities, both at a local and international level and on top of that, how to materialize ideas", and also mentioned that in due time, the Company will announce the results of implementing its strategic plan, including international acquisitions and smart placements in international markets. In addition, the Annual General Assembly, decided on the following items:
1. Approved the annual financial statements for the fiscal year 1.1.2005 - 31.12.2005.
2. Approved the appropriation of profits after tax for the fiscal year 1.1.2005 - 31.12.2005, as well as the distribution of dividend of ? 0.80 per share. Eligible for the dividend are the shareholders of the Company at the end of the Athens Stock Exchange trading session of 16.06.2006. The payment of the dividend will commence on the 27.06.2006 through the branch network of EFG EUROBANK ERGASIAS.
3. Approved the waiver of liability of the Board of Directors and the Chartered Auditors for the fiscal year 1.1.2005 - 31.12.2005.
4. Georgios J. Varthalitis and Dimitrios I. Iakovidis were elected as regular Chartered Auditors and Epaminondas A. Peppas and Tryfon A. Houis were elected as deputy Chartered Auditors.
5. Ratified the appointment of 5 new members of the Board of Directors in replacement of the resigned ones.
6. Approved the remuneration or compensation for the members of the Board of Directors for the fiscal year 1.1.2005 - 31.12.2005, and pre-approved the remuneration or compensation for the members of the Board of Directors for the fiscal year 1.1.2006 - 31.12.2006.
7. Approved a share buy back scheme up to 10% of the Company's share capital (5,267,500 shares) with a lowest price of ?5.0 and a highest price of ?25.0. The share buyback scheme will be implemented between 01.06.2006 - 31.05.2007.