05 Jun Financial Results of 9M 2009
Profitability and constant growth highlight Lavipharm Group financial results of 9M 2009, maintaining its positive course since the beginning of the year. Consolidated Turnover reached Euro 182,9 million compared to Euro 176,4 million during the 9M of 2008. The significant decrease in operating expenses (-14,9%) improved the Group operating results, which amount to Euro 1,9 million as opposed to negative operating results of Euro 3,1 million during the same period last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached Euro 4,8 million during the 9M 2009 from Euro 537 K during the same period of 2008. At this point, it is worth noting that the Consolidated Financial Results are positive, amounting to Euro 6,6 million as opposed to (Euro 7,3) million in 9M 2008, as they include a debt forgiveness of Euro 11,9 million from Lavipharm Corp., the subsidiary in the USA, as part of the settlement of its loan obligations that took place during Q1 2009. As a result of the above, consolidated profits before taxes and minority rights reached Euro 8,5 million as opposed to losses of Euro 10,4 million during the respective period of the previous year, while profits after taxes and minority rights reached Euro 3,7 million as opposed to losses of Euro 8,1 million.
On the balance sheet, the aforementioned debt forgiveness reinforced significantly the Consolidated Shareholders Equity, which reached Euro 26,6 million, increased by 44,2% from December 31st 2008. At the same time, through the restructuring of the remaining debt, a big portion of the short term debt converted to long term, reducing the percentage of the short term liabilities to 59% of the total liabilities, compared to 79% on December 31st, 2008. Regarding the financial results of the mother company, Lavipharm S.A, the Turnover increased to Euro 41,5 million from Euro 40,1 million during the 9M of 2008 (+3,6%). The company’s Operating Profits decreased to Euro 828 K from Euro 1,6 million, mostly due to increased selling expenses.
As a result, profits before interest, taxes, depreciation and amortization (EBITDA) were reduced to Euro 2,9 million from Euro 3,8 million last year, while losses after taxes were reduced to Euro 944 K from Euro 44,1 million during 9M 2008, which resulted from a Euro 45,4 million write-off that took place in Q3 2008.
Always focusing on the company’s 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.