Financial statements from the 1st of January to the 31st of December 2012
C. Annual Report of the Board of Directors of the Company METKA S.A.
On the consolidated and Company Financial Statements
For the financial year from January 1st to December 31st 2012
Shareholders Ladies and Gentlemen,
Pursuant to the provision of L.2190/1920 article 43a paragraph 3, article 108 paragraph 3 and article 136
paragraph 2 and the provision of L.3556/2007 article 4 paragraphs 2c, 6, 7 and 8, as well as, the resolution of
the Board of the Hellenic Capital Committee 7/448/11.10.2007 article 2, 1/434/03.07.2007 and the Company’s
Articles of Association, we present to you the Annual Report of the Board of Directors for the financial year from
01/01/2012 to 31/12/2012, which comprises of the audited consolidated and corporate financial statements,
the related notes and the Report of the Auditors. This report provides summary information for the Group and
the Company (METKA S.A.), financial information aiming in informing the shareholders and investors for the
financial position and performance, the overall developments and variations in the financial year under review
(01/01/2012 to 31/12/2012), significant events that took place and their impact on the financial statements.
Furthermore, an analysis of potential risks and uncertainties that the Group and the Company may face in the
future,, the anticipated course and evolution of the group companies, the corporate governance, the dividend
policy as well as, disclosure of the transactions between the Company and the related parties is provided.
This report accompanies the annual financial statements of fiscal year 2012 (01/01/2012 – 31/12/2012) and
included individually together with those statements as well as the declarations of the members of the board
of directors into the annual economic report concerning the fiscal year 2012. Given that the Company also
composes consolidated financial statements, this report is cohesive having as a main reference point the
consolidated financial information and referring to the corporate financial information of METKA S.A. only
where necessary or appropriate in order to gain a better understanding of the content.
Α. Performance and Financial Position for 2012 –
Quality Information and Estimation for 2013
Financial Information
In 2012 economic recession in Greece continued for a fifth consecutive year, adding up to a total GDP loss of
nearly 20%.
The conditions that prevailed during the first three quarters of the year caused a further deterioration of the
economic climate, with a direct negative impact on business activity.
Uncertainty over the country’s future in the euro zone remained high during the lengthy negotiations between
the Greek government and the troika, escalating in the second quarter of 2012, when two successive elections
were held in an extremely tense political and economic environment. Amid rising international distrust, the
domestic banking system was left almost completely unable to fund the economy.
It is true that a series of positive developments during the last quarter of the year raised valid expectations
for a climate turnaround, signaling the elimination of monetary risk and confirming the political will of both
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