The Group's internationalization strategy and extraversion enabled it to enter new markets in 2012 and thus be present in 90 countries, as opposed to 75 in 2011. Also, in 2012 the Group managed to increase its international sales by 17% compared to the previous year, which raised the percentage of international sales to 78% of the total turnover as compared to 68% in 2011.
It should be noted that Kleemann established in late 2012 a subsidiary company in Moscow, where the company already held a representative office, in order to further benefit from the dynamic of the Russian market. In 2012, Russia was the largest international market for the parent company with total sales amounting to 11.5 mln euros, doubled in respect to the previous year.
Regarding the Group's financial figures, turnover increased by 1.3%, to 92.3 mln euros from 91.2 mln euros in 2011. Gross Profit Margin for the year was 31.0%, while in 2011 it was 30.6%. Furthermore the gross margin of the fourth quarter was even higher, reaching 32.6%. This improvement, which can be seen in the second half of 2012, was a result of successfully implemented cost reducing strategic projects throughout the year. The Group's net profit before tax was 2.5 mln euros from 2.4 mln euros in the previous year, while the parent company returned to profitability with net profit before tax amounting to 38 thous euros from 2.2 mln euros loss in 2011. Profit after tax and non-controlling interest was -78 thous euros from 73 thous euros in the previous year.
For the fiscal year 2012, the Board of Directors does not intend to propose dividend distribution.
It is noted that the Group's financial results include a provision of 5.6 mln euros for doubtful debtors, from 3.3 mln euros in 2011. Such a high provision was made in context with the Group's prudent policy and concern clients in the Greek market, who were affected from the economic crisis. Moreover, the result was affected by the loss of 1.1 mln euros from the two new subsidiary companies in China and England, the one-off costs of 0.6 mln euros for representative offices and commercial growth, and finally 117 thous euros (cost) from exchange differences of the subsidiary in Turkey compared to 604 thous euros (profit) in 2011. Finally, because of fixed assets revaluation at fair value a difference of 736 thousand euros was accounted, of which 195 thousand aggravated the results and 541 thous euros the equity. Without taking into account the above, the Group's profit before tax would be 10.1 mln euros.
Furthermore, the Group has an excellent capital structure, with cash flow from operating activities being positive and amounting to 11.8 mln euros. As a result, net bank loans amount to merely 2.7 mln euros, a significant achievement highlighting the Group's financial self-reliance. Moreover, equity to debt ratio was 1.50 for the year 2012, which is considerably high and confirms the healthy economic status of the Group and its limited exposure.
For 2013, the Group of Kleemann expects an even better performance, having as its main target international expansion and the penetration of markets which present growth perspectives. Τhe Management, judging by the Group's growth ability, which in a few years managed to successfully change its field of activity from the local to the global market, expects a continuation of its successful course in 2013.
• The Group does not retain deposits in any Bank of Cyprus over the amount of 100 thousand euros.
• The Group has no exposure to any financial assets or other financial instruments issued by banks of Cyprus.
• The percentage of the turnover of the Group in Cyprus, for the fiscal year 2012, amounted to 0,7%%.
• The Group's activity in Cyprus will not have any material impact on its turnover, its financial results and its financial position.
As a matter of fact, for the past two years that the representative office of KLEEMANN in Moscow is operating, Russia became the number one market for the parent company in terms of turnover, with the current year already being increased 77% compared to last year.
The initial share capital of the new subsidiary amounts to 10 million rubles (approximately 250,000 euros), and the shareholders are the subsidiary of KLEEMANN in Cyprus, KLEEMANN INTERNATIONAL HOLDINGS LIMITED (99.5%) and Koukountzos N. Nikolaos (0.5%), general manager and shareholder of the parent company. It should be noted that according to Russian law the creation of LTDs with sole proprietorship is prohibited so it was impossible for the Cypriot subsidiary to own 100%.
The purpose of the new company is the trading of complete elevator systems as well as the promotion of the overall product range of the Group in the fast growing market of the countries of the former Soviet Union. Through the operation of the Russian subsidiary, the management of KLEEMANN expects significant strengthening of its international sales as well as the penetration of new markets in the region.
It is noted that today KLEEMANN has international subsidiaries in Turkey, Cyprus, Romania, Serbia, England, Hong Kong and China, while representative offices operate in Poland, Germany and Dubai.
KLEEMANN HELLAS S.A hereby announces that the five year period available for the collection of the year 2006 dividend expires on December 31st, 2012.
Company shareholders entitled to the year 2006 dividend (0.30 € per share), who have not collected it, can do so from the branch network of Piraeus Bank, with a copy of their D.S.S. and their I.D. either in person or through a legally authorized representative.
For any additional information they can contact the Shareholders' Department (tel. + 30 23410 38100, Mr. Dimitris Apostolas).
After the aforementioned date, dividends not collected will be written off in favour of the Hellenic State.
KLEEMANN HELLAS S.A. announces that the "Interim Financial Statements" and the "Figures and Information" for the period 01.01.2012 – 30.09.2012 as well the relevant Press Release, will be available at the website of the Company www.kleemann.gr and of the Athens Stock Exchange www.ase.gr after the end of trading on Wednesday, November 28th 2012.
The "Figures and Information" for the period 01.01.2012 – 30.09.2012 will be published in the newspaper "Logos" on Thursday, November 29th 2012.
On the sole item of the agenda the General Meeting decided unanimously to approve, by majority and pro rata of valid votes 72.82% of the Share Capital of the Company (17.220.092 shares, and 17.220.092 valid affirmative votes) the issuing of one or more joint bond loans up to a maximum amount of EUR 13.500.000,00, which will be issued in accordance with the provisions of n.3156/2003 and to that end authorizes the Board of Directors to determine the specific terms of one or more bond loans, including future renegotiations and amendments.
The issuing of one or more joint bond loans up to the amount of 13,5 mln € was decided today by the Extraordinary General Meeting of Kleemann's shareholders, which was held today with the participation of 74,72% of its share capital.
The loan will be issued according to the provisions of l.3156/2003 and for this purpose the General Meeting authorized the Board of Directors to determine the specific terms of one or more bond loans, including future renegotiations and amendments.
Through this decision, the administration of Kleemann aims at the restructuring of its existing bank loans by lengthening the repayment period as well as the reduction of its total bank loans.
It should be noted that the group of Kleemann currently has excellent capital structure, with net bank loans amounting to merely 7,2 mln euro, according to the financial data of the first half-year period of 2012.