“Uphill” for the EU’s major projects coordinator

It is the furniture manufacturer that entered the European market a few years ago. The Serres-based office furniture manufacturer Dromeas, which has a turnover of €1,000,000 in its projects abroad, supplies its products to the European Commission and the German army, and recently undertook the project of furnishing the new headquarters of the European Parliament in Brussels. a thousand projects abroad, supplying its products to the European Commission and the German army, and recently undertook a three-year project to furnish the CERN facilities.

With extroversion as his “code,” Thanasis Panananagiotou has not only managed to put his company on the international map, expanding his customer portfolio, but also to offset losses in the Greek market since the outbreak of the economic crisis. A storm that has dealt a blow to the energy sector, with turnover estimated to have fallen by more than 40% in recent years.

The export strategy has paid off, significantly increasing Dromas’ turnover, which in the first nine months of 2015 amounted to €5.69 million (up from €4.47 million in the same period in 2014). However, the group has also had to overcome some obstacles. Firstly, despite increased sales, it is still making losses after tax, which amounted to €1.5 million at group level.

 

Furthermore, despite operating abroad, in Balkan countries and the European Union, with turnover increasing in both geographical areas to €442,000 (from €402,000) in the former and €2.4 million (from €1.058 million) in the latter during the difficult nine months of 2015, it is generating pre-tax losses. In the neighbouring Balkans, these amounted to €105,000 and in the European Union to €572,000. Although small in comparison with other groups, these are still losses.

 

Another headache for Thanasis Papaponagiotou is the difficult Greek market. Sales in Greece fell to €2.8 million (from €3 million), while pre-tax losses here reached €648,000, albeit lower than a year earlier. With the outlook for the economy remaining bleak and the new harsh measures of the third memorandum bringing further cuts in household incomes and, consequently, in purchasing power, the furniture sector is not expected to pick up immediately, with the result that companies operating in this sector will also suffer. If we add to this the intense competition from multinational forces, then the situation remains difficult.

 

However, Dromeas is running uphill, and on the Athens Stock Exchange, where its share price has reached €0.101 (on January 5, 2016), down 11% compared to the previous day, while in the summer of 2009 – before the recession had really shown its teeth in the economy – it was hovering at €0.930.

 

Despite the adverse conditions, Thanasis Papapanagiotou continues with a dual strategy: on the one hand, playing “hard” outside Greece and, on the other, seeking new partnerships within Greece. As for the first part, a few months ago he opened a large store in the “heart” of Europe, in Brussels, and is about to embark on a major partnership with a large German company that has an extensive sales network in the office sector.

 

Within Greece, a notable partnership in 2015 was with the Marinopoulos group, under which a large collection of Dromeas furniture is available in 14 Carrefour stores.

 

Over the years, Dromeas has established its position, with 2000 being a milestone year for the company when it was listed on the Athens Stock Exchange. Dromeas has consolidated its position, with 2000 being a landmark year for the company when it was listed on the Athens Stock Exchange and furnished all Attiko Metro stations with waiting seats and Eurobank branches with corporate identity furniture.