THE KLONATEX GROUP announces the Financial Statements and the Summary Consolidated Financial Statements for the year ended 31st December 2000 of the following Group companies:
∑NAOUSSA SPINING MILLS S.A.
∑K. DOUDOS S.A.
∑G. GIANNOUSIS S.A.
∑FANCO S.A. and
∑KLONATEX GROUP OF COMPANIES S.A.The key financial data concerning the above companies have as follows:
The year 2000 has been an exceptional year for KLONATEX as the Group's expansion strategy in the textile arm of the business was realized through a series of acquisitions as well as enhancements in several of its existing production units. On a consolidated basis, Own Equity grew by 10% yoy and turnover grew by 52% yoy. Both results demonstrate the Groupís leading position within the Greek textile industry as well its effective business strategy towards becoming a significant player in the European Market in the years to come.Operating Income more than doubled yoy reflecting the Group's ability to effectively use its know-how in managing raw materials. In addition, modernizing most of the equipment and machinery as well as improving productivity have definitely contributed towards this performance. It is important to note that two of the Group companies, FANCO S.A. and K. DOUDOS S.A, wrote off GRD 3.5 billion of obsolete stocks during the year.The year 2000 was also the kick-off year for the Group's restructuring process from both the corporate and the organizational points of view. Towards this goal, KLONATEX initiated a series of intra-group mergers between companies that are in the same line of business, in addition to the introduction of the SAP software platform and the centralization of support functions. The scope is to provide more effective management and control as well as to exploit any economies of scale that were forgone in the past.As is evident, despite the outstanding operating results, Group earnings fell significantly mainly as a result of the poor stock market conditions during the year that affected the Greek economy at large.
However, the KLONATEX Group will persist in sustained growth and improved results through a series of substantial investments in high growth areas such as telecommunications, tourism and retail activities always using as a base its established position in the textile industry.