The Annual General Shareholders' Meeting of M. J. Maillis S.A., which took place on June 26, 2008 at the Goulandris Natural History Museum in Kifissia, approved the Financial Results for the year ended 31/12/2007.
The General Assembly was addressed by Mr M.J. Maillis, Chairman of the Board, Mr J. Kourouglos, Group CEO, Mr V. Papaconstantinou, Group CFO and Mr J. Hendrikx, Sales Manager Europe.
The Management made reference to the performance of the Group during 2007 and to the fact that a number of external factors, such as the imbalance and recession in global markets, which coincided with the period of transition to the new management structure, impacted negatively on the results of the year. It was stressed that the Group reacted quickly and timely and, despite the continuing deterioration in the global economy since the beginning of 2008, it is recovering at a steady and visible pace throughout the first five months of the year.
Regarding the current situation and the next steps, the speakers expressed their view that the current turnaround indicates that the changes in the management of the Group were successful and effective. They mentioned that the medium-term strategic growth targets of the Group have been reconfirmed and that these targets are even more realizable under the new organizational structure. It was also announced that the EBITDA for the 2nd quarter of 2008 is estimated at 6.3 M euro, which represents an increase of 5,8% compared to the 2nd quarter of 2007 and 54% compared to the 1st quarter of 2008.
Finally it was announced that there is an agreement with the lending bank and the noteholders of the Company to extend the waiver to the financial covenants in the relevant loan agreements until the end of September 2008. This extension will be granted with the sole purpose to allow time for the finalization of the discussions for amending the loan agreements. The Company will issue an announcement setting our the terms of this extension once the relevant documentation has been finalized.