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Diamonds Of The Greek Economy 2013

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    of the Greek Economy 2013

    inGreeceThe most admired enterprisesof the Gre

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    17 Kadmias St., Athens

    118 55 - Greece

    Tel: (+30) 210 3427 481,

    (+30) 210 3421 853

    Fax: (+30) 210 3421 955

    URL: www.traveltimes.gr



    Email: [email protected]


    Spyros A. Ktenas


    Dimitris Stathopoulos


    Pantelis Arsenis

    George Sakkas

    Antonela Toni


    Theodoros Tsakaloglou


    Angela Chaniotakis

    Myrto Tozakidis


    Eirini Konstantinou


    Ioanna Stergiou


    Travel Times Publishing LTD


    Roi Bros SA

    Member of:

    of the Greek Economy 2013

    inGreeceThe most admired enterprisesDist


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    010 Table


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    Spyros Ktenas

    The extended period of recession in the Greek economy has sub-sequently led to a drastic reduction of business activity through-out the country, the consequences including a significant loss of state revenues, a rise in unemployment, and a considerable decrease of health and pension fund contributions. Hundreds of thousands of small-to-medium size firms have either closed down or are staggering somewhere between deterioration and destruc-tion, sinking deeper and deeper into the red. However, amid this context, the healthier nucleus of Greek businesses has marched on, despite the losses incurred, and is continuing to endure the consequences brought on by the crisis. This nucleus includes large as well as small-to-medium sized firms which, despite the crisis, are managing to display sturdy growth. Some form of retreat is possibly occurring in certain sectors, but, overall, the course being followed is positive. This edition focuses on those firms assessed as being the most prosperous, or Most Admired Enterprises, as we have named them, amid this time of crisis.

    Continuing its annual assessment of local business activity, STAT BANK presents the firms that met ten criteria. The assessments were made based on most recently available balance sheets con-cerning the 2011 financial year. The ten criteria used to assess the financial standing of manufacturing firms were:

    1. Sales of over nine million euro in 2011.2. Revenue decrease of no more than 16% (unless the company

    maintains a profit figure of over 5 million euro). 3. Profit greater than 300,000 euro in 2011. 4. Pretax profit decrease of no more than 40% (compared to 2010)

    or conversion of losses in 2010 to profit in 2011. 5. Gross profit figure in excess of two million euro. 6. Gross profit decrease at a rate of no greater than 30%.7. Turnover-debt ratio of less than 1/0.85 (except for firms with

    high revenue increases). 8. Debt restriction at a growth rate of less than 30%, unless com-

    bined with a greater turnover increase or a very low debt level.9. Increased own capital for a total value greater than 3 million

    euro. 10. Own capital yield in excess of 2%.

    Also, the criteria applied to assess import and trading firms were as follows: 1. Sales of over ten million euro in 2011. 2. Revenue reduction of no more than 15% (unless the company

    maintains a profit figure of over 5 million euro).

    3. Profit greater than 400,000 euro in 2011.4. Pretax profit decrease of no more than 40% (compared to 2010)

    or conversion of losses incurred in 2010 to profit in 2011. 5. Gross profit figure in excess of two million euro. 6. Gross profit decrease at a rate of no greater than 20%.7. Turnover-debt ratio of less than one unit (except for firms with

    high revenue increases).8. Debt restriction at a growth rate of less than 15%, unless com-

    bined with a greater turnover increase or a very low debt level.9. Increased own capital for a total value greater than 400,000 euro. 10. Own capital yield in excess of 4%.

    The assessment conducted by STAT BANK showed that, of all the firms tested, 140 trading companies and 138 import and trading companies met every single criterion. It should be noted that a considerable number of firms remain in a healthy state even though they do not meet all ten criteria.

    The following results are indicative of the endurance levels of Greeces nucleus of most resilient enterprises: -. Total turnover of 278 firms that made the grade (Most Admired

    Enterprises) increased by 14% to reach 34.4 billion euro.- Total net profit of these firms rose by 60% for an amount of 1.6

    billion euro. - Gross profit rose by 15% to reach 6.7 billion euro. It is worth

    noting that manufacturing firms posted lower profit figures than trading firms, despite being backed by almost double the amount of own capital.

    - The own capital total figure rose by 4.2% to reach 7 billion euro. - Total debt of these firms fell by 10.55% to 11.8 billion euro. Trad-

    ing firms, which, overall, were in better shape, displayed a greater debt reduction rate of 16.7% compared to the 4.53% figure for manufacturing firms.

    Interestingly, the assessments results showed that of all the firms that passed the test, approximately 22% are either controlled by multinationals or multinationals hold stakes in them.

    It should be taken into consideration that, overall, further losses were suffered by firms in Greece in 2012 and the beginning of 2013, which presumably burdens the results of the countrys nucleus of healthier enterprises. This demands immediate effort to implement necessary structural reforms in the Greek economy, bolster the export orientation of Greek firms, and proceed with immediate plans to attract foreign capital into this country.

    Healthy nucleus of Greek enterprises has survived

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    - Sales over 9 million euro in 2011

    - Revenue decrease of no more than

    16% (unless the company maintains a

    profit figure of over 5 million euro)

    - Profit figure greater than 300,000


    - Pretax profit decrease of no more

    than 40% in 2010 or conversion of

    2010 losses to profit in 2011

    - Gross profit figure in excess of two

    million euro

    - Gross profit decrease at a rate of no

    more than 30%

    - Turnover-debt ratio of less than

    1/0.85 (except for firms with high

    revenue increases)

    - Debt restriction at a growth rate less

    than 30% unless combined with a

    greater turnover increase or a very

    low debt level

    - Increased own capital with a value of

    more than 3 million euro

    - Own capital yield in excess of 2%

    - Sales over 10 million euro in 2011

    - Revenue decrease of no more than

    15% (unless the company maintains a

    profit figure of over 5 million euro)

    - Profit figure greater than 400,000

    euro in 2011

    - Pretax profit decrease of no more

    than 40% in 2010 or conversion of

    2010 losses to profit in 2011

    - Gross profit figure in excess of two

    million euro

    - Gross profit decrease at a rate of no

    more than 20%

    - Turnover-debt ratio of less than

    one unit (except for firms with high

    revenue increases)

    - Debt restriction at a growth rate less

    than 15% unless combined with a

    greater turnover increase or a very

    low debt level

    - Increased own capital with a value of

    more than 400,000 euro

    - Own capital yield in excess of 4%

    Kriteria of

    Diamonds Krit

    eria of



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    Extroversion and creativity is a fundamen-tal challenge for the Greek economy. It is a challenge that requires vision, structural reform and the dissemination of a new institu-tional and working culture. An extroverted, cre-ative and competitive economy is the only way to end the prolonged crisis and the only path leading to sustainable growth. The comparative advantages of our country are unique and many. We are a nation with a talent-ed and skilled human capital. We are a country with a unique in beauty and diversity natural environment. We possess natural resources that can transform Greece into an energy producer country. We are globally known for a way of life that is healthy, open and friendly. We are a mari-time nation carrying the goods of humanity in the seven seas. We embody a living cultural leg-acy that is still a source of inspiration for millions of people across the world.

    In order, to translate our unique comparative advantages into competitive, we need to es-tablish a new growth model. We need to move away from the model that was based on domes-tic consumption and borrowing and to conquer the challenges of the global markets. We need a strategic reallocation of our national resources so as to focus investment on areas and sectors that have a global potential. We need an educa-tion system that will provide the skills and the jobs that are crucial for the new growth model. We need to establish our niche in the global di-vision of labor, to target efficiently traditional and new global markets and to proceed with speed with the necessary reforms that will make Greece a friendly investment destination. In addition to the necessary structural reforms that will make our economy more open and competitive, Greece needs to proceed fast with the reform of its extroversion system. Ho-listic and horizontal organizational tools are necessary for promoting efficiently trade and investment and for supporting the mission of economic diplomacy. Ad hoc promotional ac-tivities and discontinuity in the way we promote Greece abroad disrupts the effort of creative en-trepreneurs that seek to open new gateways for Greek products and services. To this end, it is of primal importance to establish a new trade and investment organization that will manage holis-tically the extroversion challenge of Greece. Creativity is not an abstract concept for Greece. It is more a fundamental mandate for far-reaching reform. Creativity equals hope for an economy and a society that faces for the sixth consecutive year the spectrum of recession. Cre-ativity is to foster a new working culture, to cul-tivate the values of entrepreneurship from the

    early ages, to connect the public sector of the country with the skills of the information society and the practices of modern management, to develop new tools of funding and investment in critical sectors of our economy. For Greece cre-ativity, innovation and competitiveness is the only ticket that it processes for the 21st century and for succeeding in the global economy. The government of Adonis Samaras is determined to move forward. Our government is deter-mined to empower the ideas, the tools, the proj-ects and the reforms that will re-connect Greece with its global perspective. The Ministry of Foreign Affairs has a crucial role to play in this direction. First of all, it is through our foreign policy and through our diplomatic service that we open markets and build valu-able bridges of cooperation across the world. The signing of the Intergovernmental Agree-ment between the governments of Greece, Italy and Albania for the TAP pipeline manifests how foreign policy can contribute to growth. In addition, it is our mission to build an overall strategy that will brand the comparative advan-tages of Greece into a coherent narrative that will add value and prestige to our national reputation and identity. A brand narrative that will trademark our products and services, offer hope and mani-fest the global way to Greek creativity and innova-tion. To this end, the Ministry of Foreign Affairs has developed the project Branding Greece. For the first time, our country will have a system that will actively and coherently project to the world the identity and the potential of Greece. The task of moving Greece into the creative age is essentially correlated with what we as nation believe that we can achieve in the global age. Greece was always a universal nation.

    Minister of Foreign Affairs

    Dimitris Avramopoulos

    Greece needs to proceed fast with the reform

    of its extroversion system

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    Minister of Development, Competitiveness, Infrastructure, Transport and Networks

    Kostis Hatzidakis

    The new market code includes the extension

    of sales

    The formation of a viable tripartite coalition government following the June election ended a long period of limbo that meant stagnation in politics and stagnation for the economy. The new government, the first of its kind, has repeatedly exhibited its strong political will to press on with the reforms necessary for the economy to recover and overcome the crisis. It has not been an easy process: The parties in government have suffered the political cost but, more and indeed most important were the sacri-fices of the Greek people. The process is far from over, but at least the rewards are beginning to appear: The agreement reached with our Euro-group partners and the IMF precluded the so-called Grexit. Our deficit now ranks as the 6th or 7th lowest in the Eurogroup. At the same time a multitude of reforms and structural changes in labour, the markets and the state proved the gov-ernments resolution to move into a new chapter.

    2013 is the year we expect the turn of the tide. The Ministry of Development, Competitiveness, Infra-structure, Transport and Networks is spearheading the drive of the government. Efforts focus on three distinct sectors: reinforcing liquidity in the market; restarting a string of major infrastructure projects; and pushing ahead with all necessary structural reforms that will help make our economy competi-tive, our country investment-friendly and promote entrepreneurship. The agreement reached with the Eurogroup is of key importance for the first ob-jective, liquidity, as it leads to the recapitalization of the banking system and helps bring back savings. At the same time, it allows the government to pay standing debts to private enterprises amounting to 9 bn, 7 bn of which will be paid by June and are expected to boost the retail market.The Ministry of Development, Competitiveness, Infrastructure, Transport and Networks, on the other hand, strives to utilize the means at our disposal to promote liquidity. In cooperation with the EIB we have introduced 1.44 bn worth of SME support projects; and guarantees of up to 500 mio to strengthen imports and exports. Specific action to release frozen assets of approxi-mately 700 mio from the state SME guarantee Fund (ETEAN) is under way, and so is the effort to simplify procedures and improve the absorption rate (already well above the EU average) of EU Structural Fund aid. Another 456 mio have been earmarked to boost enterprises in trade and com-merce, manufacture and tourism in collaboration with the countrys 13 regions.The second priority, infrastructure projects, are set to go ahead, as agreed with the concession-aires on the four major road construction projects; the second step is to negotiate with the banks in order to restart the projects by Spring 2013. The

    Athens Metropolitan Subway continues to ex-pand as scheduled and so does the Tramway in Pi-raeus, whereas the Thessaloniki subway project is still on. 14 regional infrastructure projects worth 340 mio have been auctioned or are in progress and the waste management public-private part-nership projects in 6 regions are also in progress.As for structural changes, the Ministry is already applying the policies of the first pillar of the Na-tional Exports Strategy and shall present the other two pillars, on widening and promoting exports, within the first quarter of 2013. Further-more, the new Investment Promotion Bill has passed through public consultation and shall be voted for in Parliament shortly. Among others, it provides for a single licensing authority that is ex-pected to cut red tape and introduces computer-ised monitoring to increase transparency. In order to reinforce competition in the market and promote entrepreneurship measures have been introduced, designed to reduce administra-tive costs for businesses, remove entry barriers and reduce distortions. A series of new market and health regulations are expected to allow more businesses sell more products from more outlets. The new Market code includes the exten-sion of sales periods and optional Sunday func-tion for small stores. On the privatisations front, the new bill to restructure and update the Civil Aviation Authority will help start the procedure to privatise regional airports through long-term leases. The state railways (OSE) have been split into two companies, operating and owner of the infrastructure and materiel and all regulations needed to settle the issue of state aid handed out in the past have been adopted. The same proce-dures will be followed in privatising the postal service (ELTA) and the two major water utilities.

    Development is feasible

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    Farmings primary sector, quality tradi-tional products produced by Greek land, as well as our poultry farming sector, may all contribute to the countrys development and play a decisive role in Greeces exit from the crisis. The shift by Greek farming from a low-cost sector to one placing emphasis on quality, as a sector interwoven with this country, the envi-ronment, our civilization and tradition, stands as a priority of ours at the Ministry of Agricul-tural Development and Foods. A farming sector looking in the direction of export orientation and sustainable manage-ment of natural resources would fully support the needs of consumers and could once again stand as a pillar of growth for this country, of-fering employment, securing income as well as quality food products. Our shift towards qual-ity, in particular, could support the processing

    industry and stand as a fundamental part of the drive to strengthen exports and an export-oriented approach overall. Our countrys agricultural products may become leaders in foreign markets on the strength of their quality. This would serve as a key component in the effort to promote them. Illustrating this point, olive oil exports to China rose by 100 percent in 2012, while wine exports increased by 25 percent. Greece is the leading exporter of canned peaches to Russia. Also, bream fish ranks as our agricultural sec-tors leading export product, while Greece holds 5th place as an exporter of mussels to Europe with annual exports totaling over 25,000 tons. Furthermore, exports of Greek ol-ive oil to Germany have increased by 25 per-cent especially ecological production while wine exports to this country have risen by 26 percent. More specifically, the ministry is pro-moting activities and programs that support and highlight our quality products in the inter-national market as follows: Following efforts to bolster olive oil and wine exports, specific programs are being prepared for the promotion of cheese and yoghurt in the USA, Canada, and Australia. We are reinforcing producers of protected designation of origin products (PDO) and pro-tected geographical indication products (PGI), traditional and ecological products. We are preparing a guide to quality Greek olive oil and producers that will include the PDO and PGI categories. Also, a major effort is being car-ried out to establish the use of Greek olive oil at restaurants, hotels, and retail outlets in the Ger-man market. We are promoting Greek agricultural prod-

    ucts abroad through collaborative efforts. In a joint effort with the Tourism Ministry, we have established Greek Breakfast at hotels, which offer pure, local products delivered by Greek land and livestock farms. Hotels that are af-filiated with this effort offer their guests Greek breakfast, which, on the one hand, promotes local products, and on the other, offers visitors the opportunity to taste and enjoy products of exceptional quality, thereby making them ambassadors for our quality products in their homelands. We are also promoting the Greek cheese pal-ette. Restaurants and hotels that become af-filiated to this campaign, will offer a cheese palette offering only local cheese products of exceptional quality. The objective of the aforementioned activities is to unite farming production procedures with the processing industry so that Greek products become an integral part of the tourism pack-age. This marriage between quality farming, gastronomy, and tourism could bear fruit and bolster our countrys export activity. Besides seeking to improve the quality of our agricultural products, a significant part of our efforts is focused on liberating farmers, food processors, as well as exporters from complicat-ed procedures that currently prevail. As part of this effort, we are enforcing the Single Window program that would allow for one point, one door for exports, or parties interested in com-ing to Greece to invest. We are working on this program with the Development Ministry, and for our part, are participating with two prod-ucts. We are striving to simplify procedures for Greek kiwi fruit as well as one processed prod-uct, feta cheese in this particular case.

    Minister of Agricultural Development and Foods

    Prof. Athanassios Tsaftaris

    Our shift towards quality,

    in particular, could support the processing


    Turn to quality farming a priority

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    Just days after an unsettling bomb explosion at one of the Greek capitals key shopping cen-ters, The Mall, which, fortunately, did not cause fatalities, Travel Times caught up with Greek Tour-ism Minister Olga Kefalogianni. During the inter-view, the minister urged for an end to disparaging actions that are marring the countrys image and affecting its tourism industry. At the time of the interview, Kefalogianni and her associates were working on a tourism-sector draft bill covering issues such as investment, development of alter-native forms of tourism, as well as hotel industry concerns.

    Six months have elapsed since you assumed your post. What, in your opinion, are the most crucial steps that need to be taken for tourism - the back-bone of the Greek economy, according to many to take off again? Many essential changes have been made to the

    countrys tourism policy over the past six months. Just a few days ago, we announced a draft bill in-tended to restructure the Greek Tourism Organi-zation (EOT), reduce administrative costs, as well as simplify procedures aimed at bolstering entre-preneurship...Particular emphasis has been given to a new multi-faceted promotional campaign for 2013. Greeces comparative advantages and Greek tourisms strength as a brand name are included hereIn addition, the ministry has participated in all major tourism trade fairs with the aim of project-ing Greek tourism abroad.

    Were in the middle of winter, at a time when the up-coming tourism seasons fate is determined. Whats the picture youre getting from your participation at the trade fairs? Which markets are we investing in most? Are traditional markers supporting us? The first signs were getting from abroad are en-couraging. As I see it, 2013 will be a better year for tourism than 2012. Weve been working and ex-pect results - as long as some parties stop marring Greeces image abroad. You know, extreme actions, occupations, and, generally speaking, violent acts, are detrimental for the countrys tourism season. Were investing in traditional markets such as the UK, Germany, the Netherlands, and Italy. At the same time, were also expecting more tourists from distant markets this year, such as China, the USA, Russia, Israel, and Turkey. There is also a series of smaller markets, such as that of Poland. Do you have any plans for these as a means of compensating any possible shortcom-ings elsewhere? The ministry and EOT are focusing on the countrys tourism strategy as a whole. Of course, we take direct and well-planned action wherever there is

    scope for more specialized intervention. A good example of this is the tourism visa program for simplified procedures with regard to entering the country. We conducted a pilot program for Turkey, which was productive. Such initiatives have also been taken for other non-EU countries.

    You recently signed a protocol for collaboration with the Church of Greece, for the development of religious tourism. What actions have been taken, or will be taken, in this direction? Were interested in the development of this specif-ic form of tourism because the country possesses the infrastructure and capabilities to take religious tourism to the top of specialized tourism forms. A priceless wealth of monuments, monasteries, and churches exists, which may offer exceptional knowledge and travel experience to interested parties. And there are many citizens of the world who focus on religious tourism.

    In the past, youve made references to certain unin-habited Greek islands, as well as expanses belong-ing to the Greek state as being available for tourism investment. Have there been any developments on this front? Has any investor interest emerged? To make myself totally clear, were interested in in-vestments for Greece, were interested in the inflow of capital, and the development of infrastructure for economic growth. However, this does not mean that were making concessions on any national in-terests and were not proceeding with any sell-offs or unfair concessions, as has often been claimed As for your question on investor interest, yes, interest has been expressed, which is clearer in some cases and more exploratory in others. Were obliged to create a favorable and friendly climate for entrepreneurship, and thats what were doing.

    Minister of Tourism

    Olga Kefalogianni

    he ministry has participated in

    all major tourism trade fairs

    Stop marring Greeces image

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    Whenever anyone refers to Greece, one of the first things that come to mind is tourism. For the international public, Greece is and always has been famous for its rich tourism resources. For us Greeks, our countrys self-evident and perpetual endowment has now taken on another dimension.

    Greek society now recognizes tourism, not just as a recreational activity, but mainly as an economic activity with clear social and environmental di-mensions. This realization has been particularly pronounced over the past two years, following the shrinkage of the overall economic activity and the increase in unemployment.

    One of the few economic axes who managed to sustain its position through the continuous fi-nancial crisis in our country is tourism. 2011 was a record year both in international arrivals (16,5 million tourists) and in international receipts (10,5 billion Euros), contributing the 16,5% of GDP. We all knew that 2012 would be very difficult, but de-spite the harsh beginning, the bookings lost dur-ing the 2 election periods, the extremely negative publicity that our country faced by the majority of the international media and the endless dis-cussion about Grexit, Greek tourism remained resilient.

    We managed reach our initial 2012 goal for in-ternational arrivals (16 million tourists). The 2013 targets are already set even higher; at 17 million international arrivals and 11 billion Euros in inter-national receipts. These targets will increase the tourism contribution to GDP with more than 16% and will create 40.000 new jobs.

    Greek tourism sector has a great potential to con-tribute another 2-3 units into the GDP the next 2 to 3 years reaching 20 million visitors. But this is not our complete vision. Our vision for 2020 sees Tourism playing a central role in the effort to pro-mote Greeces economic and social development. We envision a country that above all ensures a high standard of living for its residents, a coun-try where people from all over the world would like to live, either on a temporary or permanent basis. A country that is pleasant to its permanent residents, therefore pleasant and appealing to its visitors, the temporary residents.

    Now is the time to revamp our collaborative power, work together and conquer out mutual targets. We believe that the State is today ready more than ever before to grasp the tourism po-tential of the country and realize the full potential for development and growth.

    President of SETE

    Andreas Andreadis

    Greek tourism sector has a

    great potential to contribute

    another 2-3 units into the GDP

    the next 2 to 3 years reaching 20 million visitors

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    Natural gas, the energy source that has positively and substantially changed the landscape in covering our energy needs, has a series of advantages for man. Compared to other conventional fuels, it presents a series of advantages with a direct, long-term and fixed contribution to many sectors of human life and activity.

    We briefly present below some of them:- Friendly for the natural environment, both for the urban environment as well as the wider one,

    compared to the other conventional fuels;

    - Easy and practical to use, both for enterprises as well as residential consumers, as well as in car driving;

    - Exceptionally big variety of technologically advanced applications, without the need for new infrastructures in houses, enterprises and the industry;

    - Significant contribution to the strengthening of businesses and businessmens competitiveness therefore, of the national economy in general;

    - Boosting the modernization and expansion of the countrys modern energy structures; and

    - The most important of all in our times, efficiency and resource- and expenditure-saving offered in many ways.

    Many uses, even more benefits!

    Natural gas

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    At home with economy and safety!Natural gas arrives at our homes through an ultra-modern, abso-lutely safe network that continuously expands and, it is paid after the consumption upon receiving the bill. It offers:

    1. Economical heating, without extra expenses and procedures of fuel ordering and receiving

    2. Water heating simply by turning on the tap without waiting for the water heater to start working

    3. Cooking, also, without waiting but also according to the rec-ommendations and advice of the greatest chefs of the world who choose natural gas for their kitchens

    At the work place easy and practical!The uses of natural gas at the work place cover a big range of ap-plications, such as:

    1. Heating and Air-Conditioning: economically, easily, practically

    2. Cooking: tastier result, more economical and without waiting

    3. Warm water: plenty, without waiting

    4. Steam production: economically and efficiently

    5. Heat and electricity cogeneration

    The big advantage, of course, of natural gas for each and every member of the productive class of the country is its efficiency which results in the decrease of the power cost of an enter-prise. Its competitive price in October 2012, the saving com-pared to domestic fuel oil was over 35% - combined with all the other advantages contribute to the fact that more and more businessmen have turned to natural gas. But what are these advantages?

    Enterprises do not need to waste hours

    of work for fuel ordering/ receiving. It is

    immediately available via the network.

    It is available to all work places in use

    and provides exceptional supply safety,

    not affected by weather conditions and transportation problems.

    A safe meter measures its consumption

    with absolute accuracy.

    The bill is paid after the consumption and,

    of course, only for the volume consumed.

    The enterprise does not need to bind

    money for fuel pre-purchase that may be

    used a long time after the expenditure.

    Storage areas are available for use (and also clean) that up to now were used for

    fuel keeping as the natural gas is available

    via the network at any given moment.

    Clean combustion, without ash the

    enterprises equipment, therefore,

    does not need frequent and complex

    maintenance resulting in time and money saving. Natural gas devices have longer life


    No solid waste or sulphur compounds

    produced it contributes to cleaner air in

    the cities and to the reduction of acid rain.

    Its profile, practically measurable in

    the environment, strengthens the environmental character of an enterprise.

    Its efficiency in combination with the

    decrease of the companys operational

    expenses result in the fast depreciation of investment.






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    The list with the enterprises and industries that can immedi-ately benefit by adopting the fuel with the many advantages includes:

    1. Commercial enterprises and crafts establishments

    2. Bakeries Confectioneries

    3. Restaurants Cafes

    4. Launderettes

    5. Hair salons

    6. Hotels

    7. School buildings - Hospitals

    8. Car Body Repair Service Shops

    9. Jewelry shops

    At the industry for efficiency and development!With regard to industry, natural gas can be mainly used in the fol-lowing fields:1. Heat and electricity cogeneration

    2. Coverage of thermal needs for a plethora of production pro-cedures

    3. Coverage of cooling needs of industrial units or/ and produc-tion lines

    The increased efficiency rate, the fact that it is easy to use, which means decreased labour cost and the other advantages, result in natural gas being one of the most widespread energy sources in the industry, in particular in the most developed countries. There is also a spreading tendency of natural gas use in Greece, which modernizes in this way its production structures and enters the path to development.

    At the car economy and safety!Natural gas use offers similar benefits when used in car driving. Vehicle driving using the fuel of the future is significantly more economical and measurably more environmental friendly. In Greece, DEPA has two refueling stations in Attica, of the biggest in Europe, and continues to develop the infrastructures for the sup-ply of vehicles with natural gas.

    Electricity production because we love the environment!30% of the electricity that we consume is produced using natural gas as a fuel offering: - Higher efficiency rate compared to conventional electricity pro-

    duction technologies- Fuel saving- Energy autonomy- Decreased pollutants for the environment

    Natural gas. The modern energy source whose use, of small or big scale, close to or far away from our daily lives, offers competitiveness, efficiency, economy and care for the environment. DEPA, the group of companies that set up the natural gas infrastructures in our country, systematically works for its further expansion. Apart from the three Gas Distribution Companies (EPA in Greek) already in operation, three more Gas Distribution Companies are to be established connecting natural gas and its benefits with the life of even more people living in the country.

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    The scope of the Gas Distribution Companies (EPA) is the op-eration and expansion of the local urban distribution networks. More than 240,000 commercial, residential and business custom-ers have been connected with EPA Attica, in which the Attiki Gas Joint Venture participates, and the Gas Distribution Companies of Thessaloniki and Thessaly, in which the Italian ENI participates,

    enjoying the benefits of natural gas in various fields of use, such as the industry, residential sector and electricity production. DEPA proceeds with the establishment of the Gas Distribution Companies of Eastern Macedonia & Thrace, Central Macedonia and Sterea Ellada & Evia that shall provide the residents of 19 cit-ies with access to natural gas. Furthermore, the procedure for the

    DEPA planned and implemented the introduction of natural gas in the Greek energy map. Today, as a dynamic group of companies, DEPA has under its umbrella with various participation percentages the companies: National Gas Transmission Operator SA (DESFA SA), the Gas Distribution Companies, active in various regions in Greece, IGI POSEIDON SA, SOUTHSTREAM GREECE SA and NATURAL GAS INTERCONNECTOR GREECE BULGARIA AD (IGGB AD).

    An agency of development and sustainability!


    Increased natural gas consumption. The network is being expanded throughout Greece.

    Over one million consumers enjoy the benefits of natural gas.

    ilometers of high-pressure networks.




    A distribution network measuring 5,500 kilometers.

  • establishment of the Gas Distribution Company of the Pelopon-nese is planned to start upon the completion of the construction of the high-pressure pipelines in the region. Today, natural gas is available for a significant number of households and businesses. DEPAs penetration percentage in the industry, in the areas where there is a network, is impor-tant, while it has entered into contracts with more than 200 industrial units. It moreover increases at a fast pace its penetration in the elec-tricity production field, where 30% of the electricity produced in Greece is produced using natural gas as a fuel.

    Multi-dimensional work- A high-pressure transmission network, over 1,200 km long, was

    constructed. Medium- and low-pressure pipelines, over 5,500 km long, bring natural gas to many geographical regions of the country.

    - Construction of th Liquefied Natural Gas (LNG) terminal on the island of Revythousa, connected via a subsea pipeline with the central natural gas transmission system

    - The first infrastructures for the expansion of green fuel to the transportation sector, with excellent prospects, were


    Wider roleThe countrys strategic position among

    countries that produce natural gas and countries that consume it

    and the fact that it can be a bridge connecting and net-

    working the former with the latter is a scope of

    developing many opportunities. DEPA, with its active participa-tion in international projects, boosts the interconnection pros-pects of the existing national infrastructures with the ones of the neighboring countries. The European Union supports and strengthens, via its financial programmes, all DEPAs works, such as the Greece Italy (IGI) and Greece Bulgaria (IGB) intercon-nections.

    Activation with social sensitivityThe DEPA group supports the principles of Responsible Corporate Activation and believes that the ultimate aim of each activity of the company should also include social welfare. The Corporate Social Responsibility programme of DEPA focuses on environ-mental care but it also supports the letters, arts, culture, sports, education, green entrepreneurship, road training and solidarity towards vulnerable groups. The DEPA group systematically works so as to be a lever of development and sustainability factor for the local communities and Greece.


  • Diamonds

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    Vardis Vardinogiannis


    Net Profits177,076,000

    Contact Details12A Irodou Attikou Str., 151 24 MaroussiTel.: 210 8094000, Fax: 210 8094444E-mail: [email protected]: www.moh.gr



    2010 2011 CHANGE %

    TURNOVER 4,879,266,000 7,146,118,000 46.46

    NET PROFITS 126,621,000 177,076,000 39.85

    GROSS PROFITS 197,077,000 253,583,000 28.67

    OWN CAPITAL 359,249,000 444,786,000 23.81

    DEBT 1,524,136,000 1,587,528,000 4.16

    DEBT BURDEN 80.93 78.11 -3.47

    OWN CAPITAL YIELD 35.25 39.81 12.95

    Motor Oil (Hellas) SA is active in the field of refining as well as trading of crude oil products. The company possesses the countrys largest and most modern refinery with an annual production capacity of 9.4 million metric tones.

    This facility, located in the Agii Theodori district of Corinth, west of Athens, produces the entire range of crude oil products, and is Greeces only lubricants producer. The refinery is equipped with storage facilities whose capacity totals 2.5 million cubic meters, modern dock and loading infrastructure, and is Greeces only refining facility - as well as one of Europes very few - to be certified with Environmental Management System (ISO 14001:2004) and Quality Management System (ISO 9001:2008) standards.

    Motor Oil is the sole shareholder of Coral SA (formerly Shell Hellas) and Avin Oil, which stand as the groups basic retail arms for fuel and lubricants through a national retail network of 700 and 530 petrol stations, respectively. The two retail firms hold a market share of approximately 30%, combined. Motor Oil also entirely owns Coral Gas (formerly Shell Gas), a company active in Greeces liquefied gas market. Motor Oil also holds a 92% stake (with Avin) in OFC Aviation Fuel Services SA, which manages the avia-tion refueling system and storage facilities at Athens International Airport Eleftherios Venizelos. Fur-thermore, Motor Oil holds a a 35% stake in Corinthos Power SA (the Mytilineos Group controls 65%). This firm operates an electricity producing plant with a 440 MW capacity within Motor Oils distillery facilities at Agii Theodori, Corinth. The trading division of Corinthos Power SA began operating in April, 2012. Finally, Motor Oil holds a 16% stake in Athens Airport Fuel Pipeline Company SA.

    2012 was a landmark year for Motor Oil as the company clocked up its 40th year in business. Throughout its entrepreneurial course, Motor Oil has adopted a policy of continual investment, the companys aim being to maintain a technological edge at its refinery.

    Since 2001, the companys total investment has exceeded one billion euro as part of the refinerys expansion program. The greatest amount was absorbed over two periods. The first of these, be-tween 2003 and 2005, concerned the installation of a hydrocracker system worth 350 million euro. The second period, between 2008 and 2010, concerned the construction of a new crude distilla-tion unit (CDU) with a capacity for 60,000 barrels per day. This project cost 200 million euro.


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    Evangelos Mitilineos

    Contact Details8 Artemidos Str., 151 25 MaroussiTel.: 210 2709200, Fax: 210 2759528E-mail: [email protected]: www.metka.gr


    Net Profits138,895,000



    2010 2011 CHANGE %

    TURNOVER 489,805,000 815,120,000 66.42

    NET PROFITS 98,255,000 138,895,000 41.36

    GROSS PROFITS 121,119,000 171,938,000 41.96

    OWN CAPITAL 210,512,000 290,159,000 37.83

    DEBT 428,170,000 407,976,000 -4.72

    DEBT BURDEN 67.04 58.44 -12.83

    OWN CAPITAL YIELD 46.67 47.87 2.56

    METKA has constantly developed its technical know-how and organizational capabilities, allowing it to successfully complete progressively more demand-ing projects within its selected markets of Energy, Infrastructure and Defence.

    Through continuous investments in its personnel and equipment METKA has consistently deliv-ered extremely demanding projects to the highest technological standards. From relatively simple metal constructions in the early years, METKA today is an established EPC Contractor and indus-trial manufacturing group. In the Energy sector METKA has built on its considerable background in construction and manufacturing of equipment for power generation plants, to become a spe-cialized EPC Contractor with proven capability in turn-key delivery of energy production projects. With experience extending across all forms of thermal power generation, as well as hydro power plants, METKA is well placed to respond to growing energy demand throughout the region.

    METKAs depth of experience and manufacturing capability in the Infrastructure Sector enables it to execute the most challenging projects. The companys impressive track record of Infrastructure projects includes high value-added construction for major bridges, athletics facilities, port equip-ment, mining, industrial and petrochemical facilities.

    METKA has significantly developed its capability and participation in the Defence Sector since 1999, through manufacturing co-production arrangements with leading international defence equipment suppliers. As a result of significant investment in state-of-the-art manufacturing technology, and continuous development of the companys specialized personnel, METKA car-ries out cutting edge manufacturing work in line with the most demanding standards of the Defence industry.

    For METKA, Corporate Social Responsibility is correlated with the pursuit of business development and the adoption of best business practice. The principal goal of Corporate Social Responsibility, common for all Companies in MYTILINEOS GROUP, is that all groups of their stakeholders view them as a responsible business Group that is constantly pursuing to improve its operations and enhance its positive impact.

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    Contact Details57 Ethnikis Antistaseos, 152 31 ChalandriTel.: 210 6799100, Fax: 210 6799153-6E-mail: [email protected]: www.crownhellascan.gr


    Net Profits96,615,000


    2010 2011 CHANGE %

    TURNOVER 134,268,000 140,165,000 4.39

    NET PROFITS 10,851,000 96,615,000 790.38

    GROSS PROFITS 19,384,000 17,425,000 -10.11

    OWN CAPITAL 113,614,000 17,863,000 -84.28

    DEBT 44,072,000 17,863,000 -59.47

    DEBT BURDEN 27.95 50.00 78.90

    OWN CAPITAL YIELD 9.55 540.87 5,563.07

    CROWN Hellas Can was established by multinational companies Metal Box (England), Continental Can (U.S.) and Carnaud (France) and banks ETVA and National Bank of Greece in 1965.

    The factory in Corinth was built in 1965 and Thessalonica plant in 1969. The factory of Corinth produces cans and ends while the Patras plant only packaging for beer and soft drinks. The containers produced are like two pieces (two piece). The main raw material used in the two plants is aluminum. The configuration of the trunk of containers is done using the latest technology applications. Roles of aluminum are firstly formed in cups, which are then rolled and ironed of their walls to form cylinders ultimately at a desired height. The outer core printed (cylinder) is followed by spraying the interior with a special lacquer to protect the product.

    Contact Details9 Kyprou & Idras, 183 46, Moschatoel.: 210 4805200, Fax: 210 4805212E-mail: [email protected]: www.jumbo.gr


    2010 2011 CHANGE %

    TURNOVER 459,174,793 461,845,569 0.6

    NET PROFITS 110,322,844 102,066,425 -7.5

    GROSS PROFITS 234,608,788 226,996,447 -3.2

    OWN CAPITAL 385,225,067 438,531,040 13.8

    DEBT 269,978,498 262,922,708 -2.6

    DEBT BURDEN 41.2 37.5 -9.0

    OWN CAPITAL YIELD 28.64 23.27 -18.7

    In 1986, a new toy store is born in Athens! Its called Jumbo and its made of joy, fun & carelessness!

    Driven by its love for toys and need for creativity, it soon gains peoples acknowledgement! Today, 26 years later, thanks to our distribution in toys sector and playing, as well as our competitive pric-es, we remain No1 in childrens and adults hearts! A vast variety of toys for all ages and tastes, of well known brands as well as imported, baby care items, stationary, seasonal products, decoration and various home objects for big kids, are only a few of the treasures that you will find in Jumbo.

    Jumbo stores have become the biggest toy store chain in our country and one of the biggest re-tailers with 62 stores: 51 in Greece, 3 in Cyprus, 8 in Bulgaria and approximately 3.400 employees.



    Net Profits102,066,425

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    Net Profits61,401,692


    Contact Details102 Kifissou Ave., 122 41, AigaleoTel.: 210 5384911, Fax: 210 5384043E-mail: c&[email protected]: www.athenianbrewery.gr


    2010 2011 CHANGE %

    TURNOVER 440,794,375 389,331,938 -11.67

    NET PROFITS 78,785,432 61,401,692 -22.06

    GROSS PROFITS 77,744,999 60,964,761 -21.58

    OWN CAPITAL 210,573,258 168,970,886 -19.76

    DEBT 156,148,603 154,642,926 -0.96

    DEBT BURDEN 42.58 47.79 12.23

    OWN CAPITAL YIELD 37.41 36.34 -2.88

    Athenian Brewery SA is one of the leading companies producing and market-ing beer in Greece.

    It is founded in 1963 by a group of Greek entrepreneurs and a member of the Group Heineken NV Works based in Athens. The first Athenian Brewery plant operated in Athens in 1965 and produced the Amstel beer. In 1975 it was inaugurated the second factory in Thessaloniki and in 1985 it was purchased the third one, in the industrial area of Patra. Since 1993 it operates in Lamia the bottling plant of the Natural Mineral Water Ioli. Today, they produce and package some of Greeces most famous beer: Amstel, Amstel Premium Pils, Amstel Bock, Heineken, ALFA, Fischer, Buckler, BIOS 5. At the same time, ATHENIAN BREWERY imports beers Amstel Light, McFarland, Erdinger, SOL, Murphys, Duvel, Chimay, Kirin, Moretti, Desperados, Krusovice and others.



    Net Profits20,439,898

    Contact Details58 Agiou Athanasiou, 145 69 AnoiksiTel.: +30 210 6299000 - 229 - 321Website: www.bicworld.com


    2010 2011 CHANGE %

    TURNOVER 129,296,115 147,289,790 13.92

    NET PROFITS 11,778,623 20,439,898 73.53

    GROSS PROFITS 38,128,026 44,195,232 15.91

    OWN CAPITAL 120,403,003 107,069,850 -11.07

    DEBT 30,876,750 51,138,762 65.62

    DEBT BURDEN 20.41 32.32 58.37

    OWN CAPITAL YIELD 9.78 19.09 95.14

    BIC, is one of the most recognized brand names in the world, specializing in manufacturing distribution and selling of consumable products in more than 80 countries all over the world.

    Product philosophy has always been focused on simplicity, functionality, quality and the best price/ quality trade-off. The company provides an excellent working environment, based on team spirit and professional development. The BIC products offer easy solutions to daily needs. This vision is at the heart of every movement of the BIC. BIC has sales in 160 countries on every continent, in mature and emerging markets; 3,2 million stores sell products BIC . BIC has an international pres-ence with 9,200 employees worldwide.

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    Net Profits


    Andreas Karelias

    Contact DetailsAthinon Street, 241 00 KalamataTel.: +30 27210 69213, 69002Fax: +30 27210 69080Website: www.karelia.gr


    Net Profits47,469,000


    Our Companys roots date back to 1888, when the first generation of the Kare-lia family established itself as a small tobacco business in Kalamata, Greece.

    Its activities were largely regional in the first few decades of its operations, until the political and econom-ic outlook in the country became more stable allowing Karelia to expand the markets for its brands on a nationwide level. From the 1950s until today, numerous Karelia brands have gained popularity resulting in a wide circulation and substantial market share in all of Greece.

    The corporate headquarters and manufacturing facilities have been traditionally located in Kalamata, and since 1971 have been situated in the current premises that were built, totaling an area of 80.000 square meters. The sales and marketing offices are located at the Karelia Building in Athens.

    The company entered the Athens Stock Exchange in 1976, and was publicly traded under the name Karelia Brothers. Since the early 1990s the Group has been transformed from a predominantly Greek company into an international group employing 459 people, and benefits from a substantial network of agents and distributors developing its brands in all corners of the world. In 2003, the Company estab-lished a subsidiary in the UK called Karelia Tobacco Company (UK) Ltd. for the distribution of its brands in that market. In 2007, the subsidiary in Bulgaria was upgraded to a commercial import company called Karelia Bulgaria EOOD. In 2008, a subsidiary was established in Turkey. In the same year, the company acquired the Backwoods cigar brand from Altadis S.A., for the Greek domestic and duty free markets.

    Today, Karelia Tobacco Company is Greeces largest cigarette manufacturer and exporter, and one of the fastest growing independently owned cigarette companies in the world. We operate offices all over Greece, and distribute our brands to a sales network covering 45,000 points of sale.

    The ability to create brands, several of which uphold a prominent status in the history of cigarettes, has firmly established our company as a respected brand innovator in the tobacco industry. Our brands are present in over 65 countries around the world in Western and Eastern Europe, North America, Latin America, the Middle East, Africa and the Far East. For over seven years, our brands have benefited from double-digit export growth. Our current annual sales turnover is 504 million euros, including excise taxes of 359 million euros.


    2010 2011 CHANGE %

    TURNOVER 433,029,000 451,724,000 4.32

    NET PROFITS 34,840,000 47,469,000 36.25

    GROSS PROFITS 51,153,000 58,667,000 14.69

    OWN CAPITAL 217,923,000 238,171,000 9.29

    DEBT 57,276,000 105,225,000 83.72

    DEBT BURDEN 20.81 30.64 47.23

    OWN CAPITAL YIELD 15.99 19.93 24.67

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    Net Profits


    Konstantinos Macheras

    Contact Details81 Spaton Avenue, 153 44 (box 60011) Gerakas, AttikiTel.: 210 6608000, Fax: 210 6612675Website: www.ab.gr


    Net Profits41,020,000


    AB is active in the field of food retailing and is the second largest supermarket chain in Greece. The vision of them is that together, they deliver the best of Delhaize for life.

    Together, they aspire to enrich the lives of their customers, associates, and the communities they serve in a sustainable way. Moreover, together, they offer assortments, products and services that are nutritious, healthy and safe, everyday, at prices all customers can afford. They are connected with their colleagues across the Group. They learn, they grow talent and they innovate. They support, they respect and they inspire each other. They have their way of doing things. They share a common set of values that make them stronger as a team and as individuals. These values are the foundation of their behavior; they give clear guidance on what is expected from everyone across the Group.

    They are the key to their success. With a focus on total customer satisfaction in quality, variety and service the company is growing rapidly with new stores. In 1990 the Athens Stock Exchange and the same year opened the store MEGA GREEK, awarded in 1991 by the International Organization RETAIL (A.I.DA) as the best and most comprehensive Super Market in Europe. In all Greece the name Alpha - Beta Vassilopoulos is synonymous with the bird ... and milk!

    AB Vassilopoulos SA, active in four decades retailing food and family tradition 71 years in Greece, is now the second largest in turnover Super Market chain offering products and services through corporate stores and franchised network stores (franchising), throughout the Greek territory. Ob-jective and Scope of AB Vassilopoulos SA, is the marketing of high quality food products, pro-cessing, formulation, packaging and sale of meat, agricultural products, nuts, herbs and other household and personal use, organization and facilities to chain stores Supermarkets disposal of the aforementioned species, under modern methods of viewing, handling and disposal as and a franchising network in food retailing. AB Vassilopoulos SA, is active also in the wholesale. Placing special emphasis on food, AB Vassilopoulos SA sets as its main objective to meet the modern food consumer needs, but also the continuous development and improvement of servicing. In this di-rection, the company markets a wide variety of products while offering special services.


    2010 2011 CHANGE %

    TURNOVER 1,494,810,000 1,537,544,000 2.9

    NET PROFITS 49,443,000 41,020,000 -17.0

    GROSS PROFITS 328,086,000 336,646,000 2.6

    OWN CAPITAL 179,393,000 211,810,000 18.1

    DEBT 535,428,000 579,505,000 8.2

    DEBT BURDEN 74.9 73.2 -2.2

    OWN CAPITAL YIELD 27.56 19.37 -29.7

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    Dimitris Giannakopoulos

    Contact DetailsTatoiou Str., 18th km Athens-Lamia National Road, 146 71 Nea ErythreaTel.: 210 8009111-120, Fax: 210 8071573E-mail: [email protected]: www.vianex.gr


    Net Profits30,466,701



    2010 2011 CHANGE %

    TURNOVER 322,017,226 301,894,558 -6.25

    NET PROFITS 18,982,016 30,466,701 60.50

    GROSS PROFITS 117,749,456 105,168,717 -10.68

    OWN CAPITAL 20,936,771 32,712,215 56.24

    DEBT 251,827,604 123,042,819 -51.14

    DEBT BURDEN 92.32 79.00 -14.43

    OWN CAPITAL YIELD 90.66 93.14 2.73

    The presence of Giannakopoulos family in the area of medicine begins in 1924, when Dimitrios Giannakopoulos owned one of the first pharmacies in Athens.

    The first milestone of further development was the year 1951, when Paul Giannakopoulos founded the PHARMAGIAN company. PHARMAGIAN started strongly with its commercial activities expand-ing rapidly throughout Greece. PHARMAGIAN was for several years the representative of large in-ternational pharmaceutical companies, such as Janssen Pharmaceutical, Roussel and Alcon.

    The second milestone was the year 1971, when the company was reconstituted as a societ ano-nyme (S.A.) and adopted its current trade name. Since then, VIANEX follows a course of rapid evo-lution and recognition, establishing strategic partnerships with leading international pharmaceu-tical companies, such as Merck & Co (USA), Takeda Chemical Industries (Japan), Boots (Britain), Sigma Tau Industries (Italy).

    The high standards of quality and its operational effectiveness soon led its partners to entrust VIANEX with the production -under license-of their patented pharmaceutical products at its facto-ries. Consequently, the manufacturing activities of the firm began in 1974 with the construction of its brand new Plant A, by the Athens-Lamia National Road. In 1983, the plant of Winthorp-Sterling company in Pallini was bought (Plant B), while in 1985 VIANEX acquired the plant of Upjohn (Plant C) in the same area.

    Both these plants were modernized and technologically upgraded and their production lines were extended. Since then, not only the productive capabilities of VIANEX have been expanded consid-erably, but also the specialization programme put in practice has boosted the Companys growth to prominence. In 1997, VIANEX bought the premises of Hoechst Hellas at Varibobi to house its Headquarters and the Distribution Center of its finished products.

    In 1999, the antibiotics production unit of the Institute for Pharmaceutical Research and Technol-ogy, situated at the Patras Industrial Zone (Plant D), was purchased and underwent extensive renovation to meet the highest manufacturing standards. Year after year, VIANEX leads the Greek Pharmaceutical Industry to face the challenges of the new era.

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    Contact Details89 Athinon, 185 41 PiraeusTel.: +30 210 4831900Website: www.colgate.com.gr


    Net Profits23,226,287



    2010 2011 CHANGE %

    TURNOVER 122,213,184 113,767,218 -6.91

    NET PROFITS 21,686,820 23,226,287 7.10

    GROSS PROFITS 44,451,628 38,108,747 -14.27

    OWN CAPITAL 14,312,275 32,190,315 124.91

    DEBT 32,249,155 23,864,793 -26.00

    DEBT BURDEN 69.26 42.57 -38.53

    OWN CAPITAL YIELD 151.53 72.15 -52.38

    Colgate-Palmolive Company, together with its subsidiaries, manufactures and markets consumer products worldwide.

    The company operates in two segments: Oral, Personal and Home Care; and Pet Nutrition. It offers oral care products, including toothpaste, toothbrushes, and mouth rinses, as well as dental floss and pharmaceutical products for dentists and other oral health professionals; personal care prod-ucts comprising liquid hand soaps, shower gels, bar soaps, deodorants, antiperspirants, shampoos, and conditioners; and home care products, such as laundry and dishwashing detergents, dish-washing liquids, household cleaners, oil soaps, bleaches, and fabric conditioners.

    The company provides its oral, personal, and home care products primarily under the Colgate To-tal, Colgate Sensitive Pro-Relief, Colgate Max Fresh, Colgate Optic White, Colgate Luminous White, Colgate 360, Colgate Plax, Palmolive, Protex, Softsoap, Sanex, Irish Spring, Speed Stick, Lady Speed Stick, Caprice, Ajax, Axion, Fabuloso, Murphys, Suavitel, Soupline, Sorriso, Kolynos, elmex, Toms of Maine, and Mennen brand names to wholesale and retail distributors. It also offers pet nutrition products for dogs and cats. The company markets its pet foods through pet supply retailers and veterinarians for everyday nutritional needs under the Hills Science Diet brand name; and a range of therapeutic products through veterinarians and pet supply retailers to manage disease condi-tions in dogs and cats under the Hills Prescription Diet brand name. Colgate-Palmolive Company was founded in 1806 and is headquartered in New York, New York.

    The Colgate-Palmolive (Hellas) ABEE was founded on February 13, 1962, by introducing foreign capital and established in the city of Athens. It is true, however, that from 1950 products COLGATE-PALMOLIVE, such as toothpaste Colgate, shaving cream Palmolive, Palmolive Soap were imported and distributed in the Greek market by the company Olympia, which should be noted continued to distribute and distributes products COLGATE-PALMOLIVE after the founding of the Greek com-pany and the domestic production of these until 1974. It thus becomes possible to note that the COLGATE-PALMOLIVE (HELLAS) SA holds a prominent position in the Greek market, in terms of sales volume growth rates, economic indicators, performance indicators and efficiency.

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    Contact Details57th km Athinon-Lamias National Road, 320 11 Oinofita, ViotiaTel.: 22620 53111, Fax: 22620 53686E-mail: [email protected]: www.elval.gr


    Net Profits20,712,217



    2010 2011 CHANGE %

    TURNOVER 596,952,449 687,226,102 15.12

    NET PROFITS 11,454,735 20,712,217 80.82

    GROSS PROFITS 23,038,020 37,390,913 62.30

    OWN CAPITAL 487,268,724 499,904,292 2.59

    DEBT 256,286,118 265,603,480 3.64

    DEBT BURDEN 34.47 34.70 0.66

    OWN CAPITAL YIELD 2.35 4.14 76.25

    The ELVAL Group is the aluminium processing and trading division of VIOHALCO.

    ELVAL started its activities in 1973 and is now one of the most important aluminium rolling indus-tries in the world; it is the only Group in Greece that focuses on this activity.

    Some of the competitive advantages of the Group are its manufacturing flexibility, its powerful presence outside Greece, its important presence in the lithography market, its leading position in the Greek market, its extensive distribution network, and its strategic partnerships with world-known firms.

    The extensive manufacturing base of the ELVAL Group, which includes 12 production plants in Greece, Bulgaria and the United Kingdom, manufactures a number of different aluminium products that meet the needs of the food, shipbuilding, automotive, construction and printing industries.

    Following are the main subsidiaries of the ELVAL Group:

    ELVAL COLOUR: Active in coating rolled aluminium products and manufacturing composite alu-minium panels, corrugated and perforated sheets.

    : Production of aluminium profiles and components for the construction sector, aluminium bars and custom profiles for the automotive industry.

    SYMETAL: Active in the production of aluminium foil and flexible aluminium packaging products for tobacco and food industries.

    BRIDGNORTH ALUMUNIUM: A UK-based company, active in the production of lithographic sheets and semi-finished coils. The company is among the leading litho sheet manufacturers worldwide.

    Both ELVAL and its subsidiary are listed in the Athens Stock Exchange.

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    Contact Details26 Amaroussiou - Halandriou Str.,151 25 Maroussi, AthensTel.: 210 6173000, Fax: 210 6197124E-mail: [email protected]: www.sarantis.gr


    Net Profits20,645,903



    2010 2011 CHANGE %

    TURNOVER 92,817,635 89,282,711 -3.81

    NET PROFITS -3,055,657 20,645,903 0.00

    GROSS PROFITS 40,517,115 36,321,069 -10.36

    OWN CAPITAL 44,655,666 60,843,901 36.25

    DEBT 140,209,523 142,790,815 1.84

    DEBT BURDEN 75.84 70.12 -7.55

    OWN CAPITAL YIELD -6.84 33.93 0.00

    Gr Sarantis SA is a Greece-based company active in the manufacture and distri-bution of consumer products.

    Its product portfolio includes Fragrances and Cosmetics, like aftershave lotions and deodorants with brands such as Adidas and C-THRU; household products, like food packaging, cleaning and shoe care products of such brands as Sanitas and Camel and health and care products, which mainly comprise vitamins and food supplements. The Company has also formed joint-ventures and strategic alliances with international companies in the cosmetics, health and beauty sectors, such as Estee Lauder, Ko-lastyna, Domet, Topstar and Clinique, for exclusive distribution of their products in Greece and East-ern Europe. Gr Sarantis SA mainly operates through seven subsidiary companies in Poland, Romania, Bulgaria, Serbia, Czech Republic, F.Y.R.O.M. and Hungary and through two subsidiaries in Greece.

    In addition, it has a distribution network in more than 20 countries through direct exports. Gr. Sarantis S.A. (Sarantis) is a prominent consumer products company in Greece and Eastern Europe. The company is involved in the manufacturing, marketing and distribution of cosmetics, household use products and para-pharmaceutical products. Sarantis holds distribution network through direct exports. The compa-ny distributes own branded and other branded products. Sarantis is headquartered in Athens, Greece.

    In 1930, Gregory Sarantis establishes in Constantinople the company that was to shape in the future the cosmetics business landscape in Greece. The companys object is the representation and com-mercial distribution of luxury cosmetics. To this day, under the name of its founder, the company con-stitutes a reference point for the business world in the cosmetics product sector. The Sarantis Group is staffed by a dynamic group of people, who are inspired by common values and set high goals. Con-stant research, persistent design innovation, unwavering endeavor to satisfy the most demanding consumer needs guide them in their successful course in the Greek as well as International markets.

    They are inspired only by excellence. Excellence distinguishes all their products and is the outcome of an effort to create Great Brands for Everyday. Great brands which find their way to millions of people who trust them. This relationship of trust motivates to keep striving towards a future of development and care.

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    Contact Details80 Kifissou Ave., 12132 Peristeriel.: +30 2105739536, +30 2105739615Fax: +30 2105757531Website: www.sklavenitis.gr


    Net Profits19,306,000


    The I. & Sklavenitis SA is the largest company in the food retail and con-sumer.

    It was founded in 1954 by Spyros Sklaveniti (1927-2006), John Sklaveniti (1924-1993), and Mil-tiades Papadopoulos (1920 -1999), initially as having engaged in wholesale of food in grocery stores, packaging and disposal spices tabs.

    The founders created in 1967 the first telephone company orders in Greece, the TILEXYP, the success of which prompted them initially in the creation of their first retail shop and then in 1971 to the founding of the first supermarkets in Peristeri ( Kifissou 80).

    The Company developed the coming years with steady steps, following consistently the same commercial policy, which was based on three axes: high quality products, excellent service and prices as cheap as anywhere.

    In March 2006 Spyros Sklavenitis died. A few months later, his family bought - in collaboration with the entrepreneur Nikos Mamidaki - the shareholding of the partners and assumed com-mand of the Enterprise, which then had 36 Branches.

    In the new Board of Directors President was elected Ms. Maria Sklavenitou and Managing Direc-tors were elected Mr. Gerasimos and Mr. Stelios Sklavenitis.

    The Company proceeded to a significant strengthening of the network of Branches, buying - in 2007 - the 18 branches of the supermarket chain Papageorgiou and - 2010-11 chain stores Atlantic.

    Today, J. & Sklavenitis SA has 86 branches, serving approximately 180,000 customers daily and employs more than 7,500 workers.

    The turnover in 2011 amounted to 1.26 billion , an increase of 6% compared to 2010. Gross profit amounted to 308.3 million , an increase of 4%, while net profit decreased by 1.2% and amounted to 13.9 million . In 2011 the Company established 10 new shops, all within the At-tica and created 139 new jobs.


    2010 2011 CHANGE %

    TURNOVER 1,191,253,000 1,260,864,000 5.8

    NET PROFITS 30,650,000 19,306,000 -37.0

    GROSS PROFITS 296,384,000 308,376,000 4.0

    OWN CAPITAL 115,871,000 124,612,000 7.5

    DEBT 645,193,000 640,276,000 -0.8

    DEBT BURDEN 84.8 83.7 -1.3

    OWN CAPITAL YIELD 26.45 15.49 -41.4

  • 41



    Contact Details31-33 Athinon Ave. & 12 Sp. Patsi Str., 104 47 Votanikos, 5th floorTel.: 211 880 5000, Fax: 210 5401600E-mail: [email protected]: www.specifar.gr


    Net Profits17,349,230

    Contact Details1 Sorou, 144 51 MetamorfosiTel.: +30 210 2893500Fax: +30 210 2835030Website: www.metro.com.gr


    Net Profits17,699,824



    Specifar is a multinational generic pharmaceuticals company with its head-quarters in Greece and representative offices in Europe.

    Specializing in own developments, production, distribution and sales & marketing, Specifar com-mits to delivering high-quality and affordable medicines to patients and its customers.

    Specifar employs 420 people worldwide and expects its personnel count to overpass 700 within 2012. By January 2011, more than 600 Marketing Authorizations have been obtained in Europe, South Africa, Canada, the Middle East and Asia.


    2010 2011 CHANGE %

    TURNOVER 676,659,488 681,910,845 0.8

    NET PROFITS 16,979,805 17,699,824 4.2

    GROSS PROFITS 131,675,219 137,124,680 4.1

    OWN CAPITAL 95,625,253 108,684,737 13.7

    DEBT 191,385,170 196,348,117 2.6

    DEBT BURDEN 66.7 64.4 -3.5

    OWN CAPITAL YIELD 17.76 16.29 -8.3

    METRO is a Greek company which was the first one to introduce the con-cept of Cash & Carry in the Greek market when it opened its first retail shop in 1976.

    It is a retail chain with the greatest Cash & Carry network in Greece with retail shops in big cities in most prefectures throughout Greece. The Companys retail stores address both professionals in the resale sector (e.g mini-markets, smallware, groceries) and the processing sector (e.g. tavernas, restaurants, pizzerias, hotels). METRO Cash & Carry stores are housed in facilities over an area rang-ing from 1,500 sq.m to 3,000 sq.m. and are centrally located (in cities or in their suburban borders), always ensuring easy access even for those located within a 50-80 km radius.


    2010 2011 CHANGE %

    TURNOVER 82,856,750 73,514,539 -11.28

    NET PROFITS 15,679,370 17,349,230 10.65

    GROSS PROFITS 35,886,171 39,028,371 8.76

    OWN CAPITAL 45,348,614 55,478,737 22.34

    DEBT 41,295,263 76,491,151 85.23

    DEBT BURDEN 47.66 57.96 21.61

    OWN CAPITAL YIELD 34.58 31.27 -9.55

  • 42



    Contact Details25 Ermou Str., 145 64 KifisiaTel.: 210 8185200, Fax: 210 8185201E-mail: [email protected]: www.biosar.gr


    Net Profits16,004,566

    Contact Details14th km Thesalonikis - Vasilikon, 570 01Tel.: +30 2310 803 803Fax: +30 2310 803 804Website: www.masoutis.gr


    Net Profits16,594,000


    37 years ago, in 1976, the company founder Mr. Diamandis Masoutis opened its first store of the chain in Krystalli K. Street, in the heart of Thessaloniki.

    Today, the company Diamandis Masoutis SA has a large branch network in Northern Greece and important position in the retail trade, while at national level is among the four largest chains. With 243 stores, 224 supermarket and 19 shops Wholesale Cash & Carry, it covers all geographic regions of Macedonia, Thrace, Thessaly, Epirus and the islands of Lemnos and Lesvos. The company employs more than 5,900 workers, a number that in summer of 2012 reached the 6,050 workers. The com-pany is purely Greek, has a family character and applies standard growth strategy characterized by consistently and methodically steps forward, always focusing on the human and consumer interests.


    2010 2011 CHANGE %

    TURNOVER 634,632,000 702,183,000 10.6

    NET PROFITS 15,297,000 16,594,000 8.5

    GROSS PROFITS 155,158,000 157,125,000 1.3

    OWN CAPITAL 72,204,000 0 -100.0

    DEBT 324,625,506 0 -100.0

    DEBT BURDEN 81.8 0.0 -100.0

    OWN CAPITAL YIELD 21.19 16,594,000.00 78,325,923.1


    BIOSAR Energy SA is offering integrated solutions in the areas of design, sup-ply, construction and maintenance of medium & large-scale PV systems, acting as an EPC contractor.

    EU Directive 96/92 and subsequently imposed national legislation 2273/99 to liberalise the power market resulted in BIOSAR Energy SA being founded in 1999 with clear scope to develop and op-erate Power Stations from Renewable Energy Sources. Today, BIOSAR is a member of the largest construction group in Greece, ELLAKTOR that acts as a powerful entrepreneurial core of project management, holdings and concessions in the fields of infrastructure, real estate and energy.


    2010 2011 CHANGE %

    TURNOVER 58,094,731 167,025,653 187.51

    NET PROFITS 7,249,371 16,004,566 120.77

    GROSS PROFITS 3,817,748 19,712,439 416.34

    OWN CAPITAL 8,626,748 20,756,218 140.60

    DEBT 34,223,068 53,210,677 55.48

    DEBT BURDEN 79.87 71.94 -9.93

    OWN CAPITAL YIELD 84.03 77.11 -8.24

  • 43


    Georgios Katzourakis

    Contact Details266 Kifisias, 15232 ChalandriTel.: +30 210 6882100Fax: +30 210 6847144Website: www.glaxosmithkline.gr


    Net Profits15,677,818


    A dynamic presence in Greece from the 70s, GSK operates in two main sectors: consumer and pharmaceutical products.

    The GlaxoSmithKline SA operating under this name after three mergers between companies SmithKline and Beecham in 1989, Glaxo and Wellcome in 1995 and Glaxo Wellcome and Smith-Kline Beecham in 2000.

    In the area of consumer products, GSK has non-prescription drugs (Panadol), products for oral health (Aquafresh, Sensodyne) and nutritional juices (Lucozade, Ribena).

    In the pharmaceuticals sector, GSK released more than 60 drugs to treat diseases such as asth-ma, chronic obstructive pulmonary disease, allergic rhinitis, various skin diseases, thrombo-sis, benign prostatic hyperplasia, ovarian cancer, the cancer-small lung cancer, cervical cancer, metastatic breast cancer, influenza, viral infections, HIV / AIDS, osteoporosis, epilepsy, migraine, Parkinsons disease, depression, malaria, ulcer stomach, hepatitis B and tackling rare diseases such as acute lymphoblastic leukemia and pulmonary arterial hypertension.

    In addition, GSK has in Greece 17 vaccines to prevent diseases such as hepatitis A and B, diph-theria, tetanus, pertussis, measles, mumps, rubella, polio, seasonal influenza, gastroenteritis rotavirus, cancer of the cervix and invasive pneumococcal disease.

    In oncology, GSK is committed to developing innovative products and continue to discover new ways to help patients receive the therapeutic, preventive and supportive care they need for a better and long life.

    In this area, GSK has medicines to treat cancer of the breast, lung, ovarian, cervical and T-acute lymphoblastic leukemia, while continuing research on the treatment of other cancers.

    In addition, GSK is a world leader in product development for pandemic influenza.


    2010 2011 CHANGE %

    TURNOVER 226,969,909 224,151,059 -1.2

    NET PROFITS -34,214,947 15,677,818 0.0

    GROSS PROFITS 69,130,586 90,072,748 30.3

    OWN CAPITAL 125,459,367 101,081,275 -19.4

    DEBT 89,589,809 45,562,248 -49.1

    DEBT BURDEN 41.7 31.1 -25.4

    OWN CAPITAL YIELD -27.27 15.51 0.0

  • 44


    Contact Details37 Iatrou Gogousi, 564 30 Thessalonikiel.: +30 2310606204Fax: +30 2310651877Website: www.michailides.com


    Net Profits15,144,000



    2010 2011 CHANGE %

    TURNOVER 92,687,000 136,714,000 47.50

    NET PROFITS 7,028,000 15,144,000 115.48

    GROSS PROFITS 30,650,000 45,023,000 46.89

    OWN CAPITAL 123,709,000 133,376,000 7.81

    DEBT 368,310,000 406,462,000 10.36

    DEBT BURDEN 74.86 75.29 0.58

    OWN CAPITAL YIELD 5.68 11.35 99.86

    Kapniki A. Michailides groups activities (LTAM) date back to 1886, when in Dra-ma a company for tobacco in leaves was founded.

    Alexander Michailides (grandfather of todays major shareholder) continued the family business of tobacco. When the management passed to the third generation of the family, Ioannis Michailides con-solidated, modernized and expanded the scope of the company in the field of frozen food, which de-veloped into an important activity, although tobacco continued to be the main focus of the company.

    Over the past three decades a gradual expansion of the companys facilities has been taking place, with the acquisition of an oriental tobacco processing plant in Xanthi. Moreover, in the same time period, the company introduced the cultivation of American type tobacco (FCV and Burley) for the first time in Greece, and proceeded to construct the plant and storage facilities in Sindos. Thus, the company was established as the largest processor of tobacco in Greece.

    The companys investment plan has been steadily fuelling expanding investments; for example, last year, the joint collaboration with the Indian company ML Group gave birth to the company Michailides ML Oriental Tobacco PVT LTD, which is located in India and is active in the processing of oriental tobacco and in which Kapniki A. Michailides participates with 55% equity.

    The group takes measures daily, so that possible effects of the international and domestic eco-nomic crisis will not seriously affect its smooth operation. Currently, our confirmed sales to cus-tomers are exceeding 220 million. The prospects are excellent, while the investments that have been made and the development policy which has been crystallized are expected to give even better results in the current fiscal year.

    The Group has strengthened its position in the sector of tobacco leaf processing, its customers show a growing satisfaction and support, it is able to respond to the new conditions and require-ments that have been established in the production and distribution of oriental tobaccos and is able to cope with its competition. The company processes, imports and wholesale trade of to-bacco leaves. They import to Albania, Bulgaria, Lebanon, Macedonia, Syrian, Turkey, United States, Middle East, Central/East Europe, Western Europe and North America.

  • 45

  • 46


    Aristides Aravanis

    Contact Details48 Ethnikis Antistaseos, 152 31 ChalandriTel.: +30 210 2808000 - 555Fax: +30 210 2808199E-mail: [email protected]: www.toyota.gr


    Net Profits13,049,117


    Toyota Hellas S.a. engages in import and distribution of cars. The company was founded in 2003 and is based in Irakleio, Greece.

    Toyota Hellas S.a. operates as a subsidiary of Inchcape plc. Toyota Hellas is the national represen-tative of Toyota Motor Corporation in Greece. The company is responsible for the marketing and distribution of Toyota & Lexus in the country. It is also in charge of the marketing and distribution of genuine parts of Toyota & Lexus used for repairs.

    Toyota Hellas supports the network of authorized dealers and repairers of Toyota & Lexus vehicles. Since its foundation, Toyota has been using its Guiding Principles to produce reliable vehicles and sustainable development of society by employing innovative and high quality products and ser-vices. Toyota Europe faces Corporate Social Responsibility as a strategic priority and as such fo-cuses on the following areas: Environmental protection, Technical Training and Road safety.

    In this context, Toyota Europe organizes and conducts several pan-European projects in these ar-eas. These projects include Toyota Hellas. Toyota Hellas therefore commits to the European Road Safety Charter with the following actions: Firsty, Toyota Hellas participated in the R2R (Roads to Respect) program which has four key activities.

    A Challenge: Using the knowledge acquired at the camp, students will work on the cornerstones of their own road safety initiative. An Award Ceremony organized by Toyota Europe: The most success-ful students will be invited to the award ceremony in Brussels where they will receive the R2R prizes.

    Secondly, Toyota Hellas has participated in the TOP-25 project which had an aim to demonstrate to young people how important it is to adopt a responsible driving style in order to reduce the number of road accidents. TOP-25 tours around EU countries wherever there is demand. Local organisations and/or Toyota companies jointly and practically support the events. Thirdly, Toyota Hellas will partici-pate in action programs related to road safety set centrally by Toyota Europe. Fourth, as a more local initiative Toyota Hellas will provide road safety education both to its own personnel and to that of cor-porate clients. This will happen when a new purchase of company vehicles takes place. Toyota Hellas will undertake the training of drivers on ecological and safe driving by providing specialised sessions.


    2010 2011 CHANGE %

    TURNOVER 322,287,439 222,879,141 -30.8

    NET PROFITS 17,824,935 13,049,117 -26.8

    GROSS PROFITS 62,438,088 50,636,365 -18.9

    OWN CAPITAL 10,914,156 34,991,196 220.6

    DEBT 117,235,305 78,981,255 -32.6

    DEBT BURDEN 91.5 69.3 -24.3

    OWN CAPITAL YIELD 163.32 37.29 -77.2

  • 47 47


    Contact Details46-48 Voukourestiou Str., 106 73 AthensTel.: 210 3664200, Fax: 210 3644765E-mail: [email protected]: www.soyahellas.gr


    Net Profits12,709,985



    2010 2011 CHANGE %

    TURNOVER 245,745,297 288,631,613 17.45

    NET PROFITS 7,297,091 12,709,985 74.18

    GROSS PROFITS 16,387,811 23,000,227 40.35

    OWN CAPITAL 42,165,412 45,723,105 8.44

    DEBT 73,992,238 85,918,872 16.12

    DEBT BURDEN 63.70 65.27 2.46

    OWN CAPITAL YIELD 17.31 27.80 60.63

    Soya Hellas was founded in 1976, in Athens, Greece. Since then, our company enjoyed continuous growth and today stands as a leading Greek industrial and trading company in the food and agricultural business.

    The continuously modernized industrial complex in Psachna, Evia, is engaged in the processing of oilseeds, the refining and bottling of seed oils and olive oil, the production and packaging of mar-garines and vegetable fats, as well as the handling, storage and trading of grains. The plants port facilities, offer competitive advantages of lower transport and handling costs.

    The main asset, however, of our company is its highly qualified and skilled personnel, which guar-antees the quality standards of our products and services.

    The variety of products and the high level of reliability, quality and services of Soya Hellas, enable the company to supply a wide range of customers:

    a. the food industry,

    b. the animal feed industry, the aqua culture, the livestock producers and

    c. the chemical and bioenergy industries.

    In Soya Hellas, employees have safeguarded that the code of ethics and the values of healthy and fair business conduct, inherited from the founders, are transmitted and shared among the new generations of managers and employees.

    Our goal is to face the contemporary challenges with flexibility, innovation and high corporate social responsibility.

    Our commitment is to pursue our goals with the highest level of respect for the protection of the environment and with dedication to the human values and needs.

    Last but not least, the aim of the company is to maintain long-term relationships with their cus-tomers and their suppliers, based on mutually appreciable values and practices.

  • 48 48


    Contact Details26 P. Ralli, 118 10 AthensTel.: 210 3482000, Fax: 210 3421225E-mail: [email protected]: www.papadopoulou.gr


    Net Profits12,301,846



    2010 2011 CHANGE %

    TURNOVER 112,579,992 118,494,009 5.25

    NET PROFITS 13,082,557 12,301,846 -5.97

    GROSS PROFITS 57,731,626 59,595,793 3.23

    OWN CAPITAL 70,084,391 76,733,888 9.49

    DEBT 89,601,146 84,956,210 -5.18

    DEBT BURDEN 56.11 52.54 -6.36

    OWN CAPITAL YIELD 18.67 16.03 -14.12

    It has 4 factories in Athens, Thessaloniki, Volos and Oinofyta and a central ware-house of finished goods in the Mandra, who are certified and operate in ac-cordance with international quality management standard ISO 9001:2008 and Food Safety ISO 22000:2005, including the study HACCP (Hazard Analysis and Critical Control Points).

    These systems Quality & Food Safety cover all activities of the Company (Administrative - Produc-tion - Trade). It employs approximately 1000 employees.

    The company is the leader in the field of biscuits and holds an important position in the field of bread (toasted nuts, Breadsticks, Krispies). Specif