"For the S&B Group, 2007 was, in line with our expectations, another strong year of business development, with robust increases in revenues and profits, with further enhancement of our market positions internationally, with an expansion of opportunities for further growth through acquisitions and new initiatives." This was underlined by Ulysses P. Kyriacopoulos, Chairman of the Board of Directors of S&B Industrial Minerals S.A., at the Annual Ordinary General Assembly of the Company, held in the Company's headquarters, on May 14, 2008.
Mr. Kyriacopoulos also referred, to S&B's strategic choice to focus on natural resources and to broaden its opportunities for further dynamic development in these businesses, outlining the initiatives through which this strategy is implemented. More specifically, he referred to the disengagement of the Group from its Commercial Activities through: a) the carve-out of its participation in MOTODYNAMICS S.A. directly to the S&B shareholders, and b) the agreement to sell ERGOTRAK to the SFAKIANIAKIS Group. Through these steps S&B can focus on its natural resources-based Purpose, while its available cash-flows and lending capacity are further strengthened, thus, expanding its potential to implement the Group's ambitious development plans. Furthermore, Mr. Kyriacopoulos referred to another significant Group initiative for entering into a new, very promising business sector based on natural resources, namely Geothermal energy, underlining: "The implementation of the Memorandum of Understanding signed with PPC Renewables S.A. with the ultimate purpose to jointly explore, operate and utilize the geothermal field of Milos is underway, and the studies related to the project are in progress. In the very near future we will invite the community of Milos for a responsible first in-depth briefing and dialogue".
In addition Mr. Kyriacopoulos stressed that "in pursuing our business goals we remain committed to our values, which are interlinked with the principles of sustainable development". Detailed information can be found in S&B's Social Report, he said.
The Chief Executive Officer, Mr. Efthimios Vidalis, in his speech analyzed the financial results of 2007, the developments, acquisitions and other initiatives for each Business Unit, the environmental and social efforts, as well as the prospects for the S&B Group.
On the 2007 financial results Mr. Vidalis pointed out the following: At Group level, total consolidated sales reached ?535.4 million and net profit after minority rights euro 25.7 million, up by 17.5% and 16.2% respectively, compared to the previous financial year 2006. Accordingly, earnings per share increased by 15.2% to euro 0.84. For the Continuing Operations (without MOTODYNAMICS), 2007 consolidated sales reached euro 448.7 million, higher by 19.8% from 2006, while net profit after minorities increased by 18.4%, to euro23.1 million. In the Industrial Minerals Activities (without MOTODYNAMICS & ERGOTRAK), consolidated revenues amounted to euro 423.3 million and net profit after minorities to euro 23.4 million, up by 19.1% and 19.7% respectively.
Referring to the outlook for the Group, Mr. Vidalis noted: "Demand in the markets where we operate remains strong, offering significant opportunities for steady organic top-line growth. Despite the pressures on our margins due to the increasing inflation, we believe that the growth in our businesses and the non-recurring profits from focusing on natural resources allow us to expect another year of development. We also believe that the focus on natural resources offers significant advantages which we intend to utilize, aiming at an even more effective implementation of our development strategy and our Vision".
The General Assembly approved the BoD's proposed dividend distribution of euro 0.31 per share and, also, the possibility for a share buy-back of up to 3,000,000 own shares (less than 10% of total shares outstanding), within the next two years with a minimum price of ?1 and a maximum price of euro 20 .