Growth Plan

At the date of approval of the financial statements, the fourth wave of the coronavirus pandemic - Covid-19 is in progress. By decisions of the Greek authorities, from November 2020 and for a long period of the year ended, the “Philippos Nakas” conservatories as well as the parent company’s retail stores were closed. The main source of income of the parent company for a long time remained mainly e-commerce, where the parent company in recent years has invested and continues to invest a lot in fixed equipment and human resources. To date, through online sales, the Group has managed to retain most of its turnover, consistently in combination with the business support measures taken by the Greek authorities, the financial impact on the results and the net position of the Group, up to today are not important.
The branches of the Group's subsidiary in Cyprus operated normally throughout the semester and closed by government decision for approximately one (1) month from January 10 to February 9, 2021.
As far as the best possible perception that the management can have in the current conditions of the Greek and world economy and based on the course of operations after the opening of the market in recent months, it is predicted that the turnover will return to pre-pandemic levels and The Group's profits will remain at the same levels compared to those of the previous year.
A key parameter for the Group's course is the possible negative development of the efforts to reduce the coronavirus pandemic - Covid-19 in the last calendar quarter of the year, which apart from the loss of turnover and gross profit in the company, without further market support measures could lead to a significant recession and possibly a new fiscal crisis which in turn would lead to a new cycle of recession.