Lavipharm SA – Ordinary Annual Shareholders’ Meeting

Lavipharm SA – Ordinary Annual Shareholders’ Meeting


Peania, June 15th, 2018 – The Ordinary Annual Shareholders Meeting of Lavipharm SA took place on Friday, June 15th, at the company’s headquarters in Peania, with a 54.48% quorum.

During the Shareholders’ Meeting, the management team presented all topics of the agenda along with the Annual Report 2017. Lavipharm’s Executive Chairman, Dr. Athanase Lavidas, referring to the Company’s progress, stated: “In a challenging environment, especially in the pharma industry, we continue to implement our strategy which successfully led to sales increase and improvement of the Group’s operating profitability, despite the considerable burden of rebates and clawbacks imposed by the State”. The financial results of 2017 were subsequently presented by the Group CFO, Mr. Spyros Magliveras.

The Shareholders’ Meeting elected a new Board of Directors, with members Dr. Athanase Lavidas, Mr. Minas Tanes, Mrs. Loukia Lavida, Mr. Telemaque Jean Lavidas, Mr. Christos Diamantopoulos and Mrs. Lito Ioannidou. Additionally, the new Audit Committee consists of the independent non-executive members Mrs. Lito Ioannidou and Mr. Christos Diamantopoulos and the non-executive member Mr. Minas Tanes. Finally, the Shareholders’ Meeting approved the amendment of the Company’s scope of activity in its corporate by laws with the addition of research, development, production, marketing and distribution of medical devices, nutritional supplements and food of special nutrition.

Dr. Lavidas informed the shareholders “in 2017 our international sales of transdermal systems accounted for 34.1% of our total turnover, showing an increase of 27.2% compared to 2016. This fact confirmed the strategy which we have followed in recent years, with an emphasis on high added value products. In addition, in the past year, we managed to reduce our bank loans, to be fully consistent with our obligations and to maintain relations of trust with our partners and suppliers in Greece and abroad, overcoming the hurdle of country risk”.

“Lavipharm continues steadily its course by capitalizing on the past’s goodwill for the future”, continued Dr. Lavidas, concluding “With a strong social footprint, increased sense of responsibility and a stable course, we continue to take all the necessary measures enhance the company’s goals and stay focused to their accomplishment”.

The Annual Shareholders Meeting adjourned following the approval of the agenda.