On 19-05-08, AXON HOLDINGS S.A. held its annual Ordinary General Assembly of the Shareholders, where there was a presentation of the most important company events, financial results for 2007, recent developments and the Administration's future plans for the Company.
Specifically, in the context of the plan for a more rationalized organization of the Group's subsidiaries, the subsidiary company of SONAK Industrial and Commercial S.A., proceeded to the merger of three of its subsidiaries in 2007, namely, ELSON S.A., PRISMA TECHNOLOGIKI S.A. and AXON PROPERTY MANAGEMENT AND REAL ESTATE HOTEL-COMMERCIAL-RECREATIONAL S.A. This amalgamation allows SONAK S.A. -and consequently the Group- to merge similar activities performed by the Group's companies and hopes to further expand its field of activities, achieve economies of scale and use its human resources and those of the amalgamated companies more efficiently.
Moreover, towards the end of the fiscal year 2007, the Company absorbed the sector dedicated to the production of high technology products, services and buildings, immovable property and technical works of ACHAIKI HIGH TECHNOLOGY INDUSTRY S.A, by issuing 9 million new common nominal shares.
As regards financial results, the Group's earnings before interest were set at 33.22 m. Euros in 2007, as compared to 31.15 m. in 2006 (+7%), whereas the earnings after interest reached 18.20 m. Euros as compared to 15.77 m. Euros in the previous fiscal year (+15%). The Group?s turnover rose to 222.08 m. Euros from 201.89 m. Euros ( +10%).
According to the Company's Administration, the AXON Group's tendencies and perspectives for 2008, based on its business plans, address the following key aspects per field of activity:
- Health (EUROMEDICA A.E.)
- IT, Technology and Special Applications (SONAK A.E.B.E.)
- Stock & Financial Services (ΑΧΟΝ Α.Χ.Ε.)
- Real estate, initiated by the development of a 155000 m2 property (in Patras / former Pirelli factory), which was recently acquired through the aforementioned merger.