METKA GROUP | ANNUAL REPORT 2013 - page 29

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Annual financial statements from the 1st of January to the 31st of December 2013
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 2013
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
01/01/2013 to 31/12/2013, 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
(01/01/2013 to 31/12/2013), 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 2013 (01/01/2013 – 31/12/2013) and
is 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 2013. 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.
A. A.PERFORMANCE AND FINANCIAL POSITION FOR 2013
Financial Information
The year 2013 marked a turning point for the Greek economy, which appeared to gradually enter into a
stabilization phase. Improvements in significant fiscal and macroeconomic figures during the year, created
the prerequisites for an exit from the recession by the end of 2014.
Among the most noteworthy events was the balance consolidation in the so-called twin deficits of the economy,
the fiscal deficit and the current account deficit. The estimated achievement of primary budget surplus, after
more than a decade, is a critical point of reference signifying the fulfillment of an essential commitment of the
country. An equally positive development was the improvement in the current account, which posted a surplus
in 2013, for the first time in two decades.
These achievements are of critical importance to the degree that they boost international markets’ confidence
in Greece and trigger a further relief of the country’s debt burden, as agreed in the Eurogroup meeting of 26/27
November 2012. However, they do not constitute a sufficient condition for the anticipated upturn in economic
activity.
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