The merger plan with the absorption of Alesis (Chryssi Zymi) by Michail Arabatzis (Hellenic Dough) is progressing, as the goal of Vivartia, under whose "umbrella" the two industries operate, is to create a company that will play a leading role in the production and trade of bakery and confectionery products.

Specifically, according to the plan:

• A robust structure will be created, strengthened both in terms of financial elements and human resources.

• The assets of the merging companies will be maximally utilized.

• The absorbing entity (M. Arabatzis), as it will be configured post-merger, will be able to more efficiently exploit any investment opportunities and achieve better terms of collaboration in the broader field of bakery and confectionery product trade due to its size.

• Reduction of operational expenses will be achieved, along with a more organized and rational distribution of responsibilities among the executives and staff, given that both companies operate in related sectors, resulting in economies of scale, thereby optimizing efficiency and financial performance.

• The surplus liquidity of the companies will be exploitable.

THE SHARE CAPITAL

After the completion of the merger, the share capital of the absorbing company will amount to €4,075,920.12, divided into 989,301 common shares with a nominal value of €4.12 each.

HELLENIC DOUGH

The company's strategy for 2023 is to further strengthen its export activities and business growth. The main objectives are:

• Increasing market share in its operating sectors.
• Entering new markets, with a particular emphasis on international markets.
• Enriching its product range.
• Streamlining costs through its investment plan.

INVESTMENT PLAN

With the completion and start of operation of the new production facility, the company continues the implementation of its investment plan by installing new production lines to meet the future needs of the frozen dough market in which it operates. The investment plan for 2023, totaling €5 million, focuses on the following main areas:

• Automation of carton formation and robotic palletizing systems.
• New frozen storage facility.
• New pastry sheet production lines.

It is worth noting that the company's investments last year amounted to €4.4 million, primarily directed towards new mechanical equipment, the installation of photovoltaic panels, and the completion of work on the new building facilities.

CHRYSSI ZYMI  

Based on its subsidiary's plan for 2023, further growth in sales and operational profitability of the company is anticipated, aiming to achieve new historic highs through the implementation of its medium-term strategic plan. The key axes of this plan include:

• Maintaining and strengthening the leadership position in all business sectors in Greece by offering consumers high-quality, safe, and value-added products. Accelerating the creation and development of new innovative products.

• Optimizing the presence of products in consumer searches through distribution and placement expansions.

• Rationalizing and optimizing the operational model through targeted interventions in the production process and investments in production units. The goal is to modernize, increase productivity, and achieve energy self-sufficiency (via the installation of solar collectors) to reduce energy dependence and the impact on results from significant price fluctuations.