Ioannina, May 22 2009
Annual Shareholders Assembly of DODONI SA.
The Annual General Assembly of the Shareholders of DODONI SA took place on May 22 at the headquarters of the company in Ioannina.
The chairman of the board Mr. Vasilios Drugas in his address to the shareholders commented on the company’s successful course during 2008, accomplished in an environment characterized by the most extensive postwar international financial crisis with dramatic impact on the real economy and consequent business environment.
The fundamental characteristics of the 2008 financial year was the reduction of inventories at the optimum level, the increase of revenues, the entry in new markets and the completion of the greatest part of interventions and investments in the whole range of the company’s operations. The company was profitable also during 2008 while at the same time the income of the stock farmers was effectively supported.
Specifically turnover in 2008 was 110,381 million € compared to 106,041 million € of last year , up 4,1% , and the net, pre-tax profits were 1,860 million € compared to 1,540 million € of 2007, up by 20,8%.
In addition Mr. Drugas commented in detail on the important interventions which are being implemented throughout the company operations and special emphasis was placed in the significant contribution of the company in order to support the income of the farmers in Epirus and to the local economy in general.
The prices for the raw material which DODONI paid to producers during 2008 were the highest in Greece, since they exceeded those paid by other dairy industries by 10%, for sheep milk and by at least 20%, for the cow milk while the subsidy bonus to all collaborating farmers, reached 2,5 million € , despite the negative impact on the financial results of the company.
In addition Mr. Drugas made reference to the company’s decision to acquire the Ioannina based cattle food producer ELVIZ, in order to further enhance the vertical optimization of the manufacturing cycle from the phase of raw materials to that of the final product creating substantial added value for all collaborating farmers since the objective of the company is to provide high quality forage at the lowest possible price. The decision has already been implemented and the new company resulting from the acquisition called DODONI Cattle Foods SA, under the brand name ZO.DO. is expected to be operational by June 1, 2009.
Finally the Chairman of the Board Mr. Vasilios Drugas commented on the future perspectives of the company for consistent growth while maintaining its leadership position in the segment, improving productivity, modernizing the dairy production sector and supporting the income of the milk producers. Mr. Drugas emphasized the fact that the first available data of 2009 reveal that the company goals are being accomplished despite the negative consequences of the international financial crisis.
The General Assembly was concluded with the approval of all matters on the agenda.
The Managemen
