Logicom Public : Annual General Meeting 2016

The Logicom 17 Annual General Meeting was held on June 24 at the Hilton Hotel in Nicosia.

The Meeting was attended by 27 shareholders in person, and 4 shareholders via proxy, representing a total of 67.97% of the issued shares.

As part of the proceedings, the Board of Directors' Annual Report, Corporate Governance Report and the Consolidated Financial Statements of 2015 were examined and approved by the shareholders. The shareholders also approved a payment of a dividend of € 0.05 per share (14.7% on the nominal value of the share) that corresponds to 34.2%.of the Profit Attributable to the Shareholders.

Shareholders also reelected Mr. Takis Clerides and Dr. Nikos Michaelas as members of the board, pursuant to the rotation process. Mr. Anastasios Athanasiades, who had been appointed as member of the Board by the Board of Directors, was also elected by the shareholders.

Mr. Adamides, Chairman of the Board of Directors, addressed shareholders and commented on the difficult economic landscape of the past year, and how Logicom managed to prevail: 'Despite the precarious economic conditions of the past year, the Logicom Group has managed to considerably increase its profits. The reasons for this are manifold, ranging from the skill and efficiency of the management team, the diligence and pride of its employees, careful management of costs and utilization of economies of scale, and the confidence of both vendors and partners.'

In his address, Logicom's Managing Director and Vice -Chairman of the Board, Mr. Varnavas Irinarchos, welcomed shareholders, and expanded on the positive developments of the past year for the Logicom Group, which, despite the severe economic and political instability, were the best the Group has ever experienced.

He commended the Group's 34.1% increase in turnover to a total of € 846 million, noting that the driving force behind these results is the Group's strong presence and expansion of business in the Gulf countries. Mr. Irinarchos expressed his gratitude to the entire Logicom team, all of whom worked collectively and tirelessly to achieve this success.

Mr. Irinarchos also addressed the issue of innovation in Cyprus, a country, he noted, which is lagging behind on the Digital Economy Social Index.

'We need to build a long-term strategic framework for innovation. We need a different approach to create growth and boost the economy. We need new ideas which will enhance our country's competitiveness. This will create an abundance of job opportunities that will ensure the next generations remain in Cyprus, creating a valuable workforce, and thus securing the most precious competitive advantage for our island. The new generation is the future.'

Mr. Irinarchos also briefed shareholders on the manifold actions for further expansion and development of the company's operations in various areas of operation, and concluded by thanking the Board of Directors, Management Team, Staff and Shareholders for their support and trust.

For the year to come, the Board will be composed as follows:

Chairman of the Board of Directors: Mr. Adamos Adamides

Vice-Chairman and Managing Director: Mr. Varnavas Irinarchos​

Members: Mr. Anastasios Athanasiades, Mr. Takis Clerides, Dr. Nikos Michaelas, Mr. Giorgos Papaioannou and Mr. Anthoulis Papachristoforou.