Announcement according to paragraph 4.1.4.4 of ATHEX Regulation
SFAKIANAKISS.A.within the framework of publication of the Nine-Month Interim Financial Report and pursuant to par. 4.1.4.4 of the ATHEX Rulebook informs the investing public on the following:
The Board of Directors of the Athens Stock Exchange during its meeting held on 05.04.2012, decided the transfer of Company's shares to the “Under Supervision” category since 05.04.2012, on the grounds that in the Annual Financial Report of 31.12.2011 losses exceeded the 30% of equity.
The actions taken on the part of the Management in order to encounter the causes that led its inclusion to the category of surveillance, taking into account the extremely adverse conditions in the automotive market, continue to focus on the further reduction of the operating costs and the improvement of its market share. More specifically, operating expenses at Group level decreased by € 9.2 mil. compared to the relevant period of last year and its market share increased both for Suzuki (3.9% versus 3.2% in 2011) and retail (10.9% versus 9.1% in 2011).
Moreover, an agreement with the creditor banks on the terms of the restructuring of Syndicated Loans both for the Company and the subsidiary Executive Lease S.A. was achieved which ensures the financial stability of the Group and strengthens its efforts to successfully meet the challenges of the adverse business environment.
Management is committed to the implementation of its strategic planning through the restructuring of the Group companies by reducing operating costs and improving their productivity in order to achieve the return of the Group to profitability.