CONTENTS 2. THE FUTURE IS AHEAD OF US,
LET’S LEAVE THE PAST BEHIND
4. ANCORIA BANK 6. CDBBANK 8. EUROBANK CYPRUS 10. USB BANK PLC 12. COMPANY REGISTRATIONS RISE IN 2015
13. REDUCED CAPITAL TURNOVER AND PROFIT
14. BAKER TILLY SOUTH EAST EUROPE
16. CIM (CYPRUS INSTITUTE OF MARKETING)
18. DELOITTE LTD 20. ΕΥ CYPRUS 22. EUROFAST 24. EUROLIFE 26. FCI SERVICES LTD 28. FMW 30. FILEMINDERS 32. GAN DIRECT 34. KPMG LIMITED (KPMG) 36. LOUIS GROUP 40. OPAP CYPRUS 42. PARTNERS GROUP 46. PRIME INSURANCE 48. PWC 50. ROYAL CROWN INSURANCE 52. TOP KINISIS TRAVEL PUBLIC LTD 54. TRUST INSURANCE CYPRUS 58. SIGNIFICANT IMPROVEMENT TO THE ECONOMIC CLIMATE
64. ARISTO DEVELOPERS 66. CYBARCO 68. CYFIELD NEMESIS GROUP 70. DALIKO 72. D. ZAVOS GROUP OF COMPANIES 74. ELYSEE 76. ΚΑΝΙΚΑ GROUP OF COMPANIES 78. LEPTOS ESTATES 82. LIMASSOL MARINA 84. LOIS BUILDERS 88. LORDOS UNITED PLASTICS PUBLIC LTD
90. PAFILIA 92. TOFARCO 94. UNIPLANT LTD 96. CABLENET 98. DEMSTAR BUSINESS SOLUTIONS 102. PRIMETEL 106. SAP CYPRUS LTD 108. MARIOS TSIAKKIS INTERVIEW 110. Α. ΖORBAS & SONS LTD 112. BRITISH AMERICAN TOBACCO CYPRUS
114. CHRISTODOULIDES BROS LTD 116. HELLENIC PETROLEUM CYPRUS (EKO)
118. LAIKO COSMOS TRADING 120. MITSIDES PUBLIC COMPANY LTD
122. PHOTOS PHOTIADES GROUP 124. REGIS MILK INDUSTRIES LTD 126. REMEDICA LTD
62. MICHAEL ANTONIOU INTERVIEW
PUBLISHERS – DIRECTORS NICOS CHR. PATTICHIS MYRTO MARKIDES EDITOR-IN-CHIEF LEFTERIS ADILINIS EDITOR AT LARGE ALEXANDER DAVIDIAN
SALES & MARKETING MANAGER RENOS ONOUFRIOU ADVERTISING EXECUTIVES PANICOS PITSILLIS ATHENA ANTONIOU, MENELAOS MICHAEL DINOS KOZAKOS LAY OUT MICHALIS ORPHANOU
PROPRIETOR PHILELEFTHEROS GROUP LTD 1 DIOGENOUS STREET, ENGOMI P.O.BOX 21094, 1501, NICOSIA PRINTERS PROTEAS PRESS LTD NISOU INDUSTRIAL AREA 2571, P.O. BOX 21098, 1501, NICOSIA TEL. 22479000, FAX 22479200
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Ever since its establishment, CIM has been a pioneer in the teaching of adult, incareer people. Offering exclusively evening classes to working individuals, it attracts especially those who, for one reason or another, missed out on the opportunity to study right after graduating from high school but who have always had the will to learn and further their careers. CIM has thus rightly been characterised as a ‘Second-Chance Institution’; as we like to say here, Learning Never Ends.
The CIM programmes are unique in that they combine theory and practice, giving students the necessary tools for securing employment or for getting promoted at their existing job. CIM offers high-quality education and expert training which is tailored according to your individual needs, be they your personal career, family or any other commitments. The CIM distinguished lecturers and tutors begin with an initial evaluation and then structure a learning programme around your specific strengths and weaknesses, guiding you towards preset and pre-agreed goals. In an increasingly competitive market, CIM offers excellent, high-quality education that combines theory and practice, helping you jumpstart or further your career.
Global Partnerships The Cyprus Institute of Marketing is the first Institution in Cyprus to enjoy Institutional Approval by two leading British Universities: A. The University of West London and The Cyprus Institute of Marketing are collaborative partners in the delivery of: 1. BA (Hons) Business Studies with Marketing (3 years) 2. BA (Hons) Accounting and Finance (3 years) – with 9 ACCA exemptions Degree programmes. B. London South Bank University and The Cyprus Institute of Marketing are collaborative partners in the delivery of : 1. MBA (Non-Experience, 15 months FT/30 months PT) 2. MSc Marketing Communications (15 months FT/30 months PT) 3. MSc International Marketing (15 months FT/30 months PT)
CIM DIPLOMAS / ADVANCED DIPLOMAS / B.Sc. DEGREES UWL BACHELOR PROGRAMMES CIM MBA & MBA IN SHIPPING LSBU MBA LSBU MSc MARKETING PROGRAMMES DISTANCE LEARNING BACHELOR PROGRAMME DISTANCE LEARNING BACHELOR PROGRAMME
4.500 EURO per year 6.500 EURO per year 6.600 EURO 8.000 EURO 7.000 EURO 3.500 EURO per year 5.000 EURO
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The company’s primary goal is to reinforce its corporate culture and ensure that clients receive the most reliable service available in the insurance industry. Through ongoing training and development of our managerial and sales teams, as well as of our external associates, we are implementing the necessary changes that will allow us to strengthen our market position by demonstrating our competitive advantages. We are developing innovative and flexible products that are designed to meet current needs and future demands, of a rapidly developing market. At the same time, we are upgrading our data management systems that will ultimately optimize our client service. We have set high, yet realistic goals, for the development of new projects that will deliver new, comprehensive and flexible schemes. We are prepared for hard work, based on a defined strategy and sound planning, with no room for complacency. We have managed to overcome the economic crisis thanks to our effective strategy and powerful team – Management, Staff and Associates – who work hand in glove to achieve company goals. We have not only survived, but have also developed new projects and expanded our portfolio. This is because we offer our clients not merely insurance products, but also comprehensive and above all flexible investment schemes. In addition, the precautionary measures we have applied as a company and the guidelines followed by our competent team helped us not only to neutralize the threats of the economic crisis, but even transform them into opportunities which we will soon be in a position to share. Although we are still facing a number of challenges – such as the harmoniza-
tion of the insurance system with the Solvency II bill – we have made good progress. The National Health System is also another major issue; once in place, it will radically change the way we operate. Yet another challenge is the management of pension funds by all insurance companies. But we are prepared to meet these challenges, large and small, in a marketplace which is hopefully changing for the better, and which in turn will assist in the modernization and reform both of the insurance and public sector. The expansion of Prime Insurance in Greece via our existing branch and its continued activity in the field of General and Health Insurances ranks among our top strategic priorities. In fact, there is significant potential for growth in the
area of pension schemes, due to the current developments in Greece related to the changes in the multi-insurance system. After assessing the challenges we expect to face over the coming few years, we have defined our strategic goals, which we would describe as both pioneering and ambitious. Our company’s vision and aspirations remain twofold: to maintain our leading position in the Cyprus market and to further expand the operation of our branch in Greece. As the general economic climate continues to improve slowly but surely and as the date of our bailout exit draws near, we hope that all players in the insurance sector will rise to the occasion and support our country’s transition into a brighter new era.
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The 21st century started off with the best of signs as the dotcom companies (Amazon, Google, Facebook, etc.) arrived on the scene and became part of fast growth at insane speeds. But the first decade ended with the start of an unprecedented economic crisis, which touched Cyprus in 2011. We believe, in retrospect, this has had a positive impact on Demstar; we got the message early on in 2011 about the upcoming economic crisis and began to reassess our activities in the local IT market long before the events of 2013. This restructuring prepared and helped us face the challenges of 2013, while at the same time it repositioned our relationship with our customers with a better and improved focus on customer service and customer experience. As a result, we moved to a more flexible structure, focusing exclusively on serving business customers and promoting advanced solutions that separate us from the crowd in the Cyprus IT market and reduce costs for our customers. In this undertaking, our staff have shown that the value of the company is nothing else than the sum of the value and quality of its employees. At the same time, we have evaluated technology trends, keeping in mind that in the new economic reality, business needs and challenges are changing radically for companies. Businesses are now demanding that technology comes with competitive advantages, whether this has to do with lowering corporate costs or adding flexibility and efficiency to their business model.
Technology is therefore emerging as a critical tool and an integral component in competitiveness, both at company and broader economy levels. It is no coincidence that there are many references to digital economy. Demstar is very different today than it was in the first decade of the century. We have learned from our past and have changed to secure our future. With the basic principle that an organisation’s data are the most important asset, we offer solutions and services aimed at managing and protecting that information. The safeguarding and availability of an infrastructure that secures uninterrupted access to information, gives companies the capability of making timely and accurate decisions, thus giving them an edge in the game.
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Demstar aims to fulfill these increasing needs of the business sector offering the use of technology for the benefit of the organisations against these challenges. Nowadays technology is part of the every day fuction of an organisation and not a luxury. The inability to utilize technology will lead to inevitable losses and damages with a fatal result for the business. Our strategic partners are leading multinational companies in the field, such as Microsoft, HP, Canon and many more. Recognising that customers today buy a service rather than a product, the core of all solutions offered by Demstar is experience and customer service. This is why we have developed instruments and tools for immediate and effective support, such as the innovative CustomerCare CRM system that manages our overall relationship with a customer and gives information on any outstanding issues. Demstar also provides comprehensive management programmes and outsourcing support for a company’s technology infrastructure, allowing it to concentrate more on its business model. The crisis of the recent years that culminated in 2013 has helped us redefine our position and our vision and in retrospect we view this period as... blessing in disguise. The period 2014-2015 created a very positive outlook in moving forward and today we feel and behave just like a new company with 30 years’ experience. We also hold the same view for the broader Cypriot economy, which for many years had been enjoying rising growth rates. As a result, the reduced competitiveness of the economy and companies did not sound the alarm and did not amount to a motive for prompt action with corrective measures.
Stelios Colocassides CEO Demstar Business Solutions
In the period 2009-13, these growing weaknesses were reinforced by excessive lending to Cypriot businesses and unwarranted loan extensions from banks, which led to a recipe for disaster that unfortunately came true in 2013. A lot has been said on how we arrived at the “events of 2013” but much less on how we can get out of the economic malaise in a sustainable way in the long run. We view the decisions of the Eurogroup as a necessary jolt for shaking the economy that was living in delusion and enabling it instead to adapt to the new conditions and dynamics of the global economy.
This is where technology can play a pivotal role in both microeconomics and business competitiveness on the European chessboard, but also at the macroeconomic level, with Cyprus strengthening and fortifying its role as a regional hub for services. We must realise our competitive advantage cannot be just the weather and beaches we have inherited from nature or promising natural resources underground. This is where we have to create and strengthen the infrastructure of our economy through a clear strategy that makes Cyprus stand out as a regional service centre by investing in different sectors supporting this goal, one of which is technology. We are justifiably impressed with Estonia’s moves to become a technologically-upgraded pioneer state, but at the same time, we are disappointed that Cyprus is not the one writing this success story. The potential is there, and in abundance. What is lacking is determination and vision in those who are at the helm. Only then, can we really talk about a success story!
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