METKA GROUP | ANNUAL REPORT 2012 - page 5

03
2012 was the fifth year in a row of recession for the
Greek economy, with the cumulative reduction of
the country’s GDP reaching nearly 20%. The con-
ditions that prevailed throughout most of the year
resulted in the further weakening of the Greek
economy, with adverse impact on all commercial
activities, including export oriented businesses.
It is a fact that recent positive developments have
created an expectation of improvement in the eco-
nomic environment, to the extent that the will for
Greece to remain in the Euro has been confirmed
both by Europe as well as by the country itself and
the currency risk has receded. Nevertheless, the
way out of the crisis has yet to materialise in terms
of a clear plan and schedule, which continues to cast
a shadow over the economy and challenges even the
strongest exporting companies based in Greece.
Throughout last year, METKA was faced with the
volatile economic environment, while simultane-
ously it had to manage the issues caused by the
escalating tension in Syria. With a strong sense of
responsibility, the company’s management took all
necessary measures to ensure the protection of its
employees and facilities and planned alternative
methods under which the work on the project could
be progressed and ultimately completed, as soon
as possible.
Despite the obstacles, METKA remained on a posi-
tive course during 2012, rising to the challengeswith
great professionalism and drawing on the credibil-
ity and reliability built up over previous years.
Committed to its strategy of international orienta-
tion and continued strengthening of its exporting
profile, METKA continued to generate most of its
revenues abroad and succeeded to expand signifi-
cantly its portfolio of international projects. In 2012,
clients in the international market extended once
again their confidence in METKA and the company
earned a second major contract in Algeria, as well
as two new contracts in Jordan.
Considering the serious problems created by the
prolonged recession and the associated social and
economic crisis in Greece, the company’s manage-
ment is planning the further development of MET-
KA with great caution. With full awareness of the
strengths acquired over the past 50 years of suc-
cessful growth, the company will remain a Greek
company despite the great challenges, hoping that
by doing so we are contributing to an earlier recov-
ery of our country’s economy.
Ioannis Mytilineos
Chairman & Managing Director
Chairman’s Message
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