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Lavipharm: H1 2009 Results

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Profitability and sustained growth highlight Lavipharms H1 2009, continuing thus its positive course since the beginning of the year. 

Consolidated Turnover was formulated at Euro 122,8 million opposed to Euro 119,7 million during the H1 of 2008. The significant retention of operating expenses (-14,0%) improved operating results of the Group, which concluded to profits of Euro 2,6 million opposed to losses of Euro 1,3 million the respective period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to Euro 4,5 million during the H1 2009 from Euro 1,1 million the same period the year before. At this point, it is worth mentioning that Consolidated Financial Results are positive and set at Euro 8,98 million opposed to (Euro 5,07) million, as they include a debt forgiveness of Lavipharm Corp., the subsidiary company in the USA, in the context of the final settlement of its loan obligations that took place during Q1 2009. As a result of the above, consolidated results before taxes and minority rights rose to profits of Euro 11,6 million against losses of Euro 7,6 million during the respective time last year, while results after taxes and minority rights were formulated at profits of Euro 6,2 million opposed losses of Euro 5,5 million. Simultaneously, on a balance sheet level, the aforementioned debt forgiveness reinforced significantly Consolidated Shareholders Equity, which rose by 57,4% (from Euro 18,4 million on December 31st 2008 to Euro 29,0 million on June 30th 2009). At the same time, with the restructuring of the remaining debt, a big part of shortterm debt converted to longterm. 

As a result of the developments in the USA regarding the delay of the launch of Lavipharms fentanyl transdermal system in the local market, as they have already been mentioned in comprehensive announcements of the Company, but also taking into account the current global market conditions, the Groups business plan of 2007 which included forecasts until 2010, is not valid. 

Regarding the financials of the mother company Lavipharm S.A, Turnover increased to Euro 29,1 million from Euro 27,8 million during the H1 of 2008 (+4,7%). Operational profits of the Company are reduced by 29,2%, mostly due to an increase in selling expenses. Alike, profits before interest, taxes, depreciation and amortization (EBITDA) were formed at Euro 2,2 million from Euro 2,7 million, while the results after taxes revealed border losses of Euro 137 thousands as opposed to Euro 837 thousands during H1 of 2008. 

Focusing always on the companys growth and development and taking into account the current international economic and business constraints, Lavipharm proceeds carefully and diligently to all the necessary actions to primarily further enhance its commercial presence in Greece, and on the other hand achieve a key position in the global pharmaceutical market.

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