Lavipharm S.A. — Interim / Quarterly Report 2008

Sep 25, 2015

LAVIPHARM S.Α.

ANONYMOUS COMMERCIAL AND INDUSTRIAL COMPANY OF PHARMACEUTICAL CHEMICAL AND COSMETIC PRODUCTS

SUMMARISED FINANCIAL DATA AND INFORMATION FOR THE PERIOD BEGINNING January 1, 2008 to March 31, 2008 According to the decision 6/448/11.10.2007 of the Board of Directors of the Hellenic Capital Markets Comission

The following data aim at providing general information on the financial status and performance of Lavipharm S.A and oLavipharm Group. The reader who wishes to establish a more complete view of the financial status and performance has to attain access to the annual financial statements according to IFRS as well as the audit report. The aforementioned information is published at the company's internet address.

COMPANY INFORMATION						BOARD OF DIRECTORS
Corporate address:	Agias Marinas Str. -19002 Paiania
Société Anonyme reference code:	14010 / 06 / Β / 86 / 69				Chairman and CEO, executive member	Athanasse Lavidas
Prefecture :	Ministry of Development, SA & Credit administration				Vice-President, independent non executive member	Nicolaos Houlis
Finacial statement approval date						Councelor, Executive member	Tania-Panagiota Vranopoulos
(from which the data was obtained) :	May 27, 2008					Executive member	Spyridon Fotinos
Chartered Auditor :	Kakouras Dimitrios Kyriakou Marios				Non executive member	Vana Lavida
Audit firn :	SOL S.A. KPMG Kyriakou Certified Auditors S.A.				Non executive member	Evangelos Athanasas
Type of audit report (Group & Company):	Not required					Independent non executive member	Minas Tanes
Corporate internet address:	www.lavipharm.com					Independent non executive member	Henry Georges Muller
	BALANCE SHEET						INCOME STATEMENT
	(Amounts in thousand euro's)						(Amounts in thousand euro's)
		Consolidated		Company			Consolidated		Company
ASSETS		31.03.2008	31.12.2007	31.03.2008	31.12.2007		01.01-31.03.2008 01.01-31.03.2007		01.01-31.03.2008 01.01-31.03.2007
Tangible non- current assetes, used by the company		33.184	33.808	24.753	25.103
Investment non- current assets		1.370	1.370	1.370	1.370	Operating revenues	59.632	62.597	14.015	13.319
Intangible assets Other non- current assets		47.379 3.389	49.816 3.445	36.962 103.317	37.302 104.145	Gross profit/(loss)	10.537	13.232	3.342	3.389
Inventories		20.263	18.395	2.828	2.317	EBIT	574	4.839	264	619
Trade and other receivables		74.273	73.182	25.443	22.349	Profit/(loss) before taxes	(1.874)	1.126	(167)	(1.211)
Other current assets		20.818	22.596	7.612	7.099	Minus:Income taxes	(821)	(154)	(188)	253
TOTAL ASSETS		200.676	202.612	202.285	199.685	Profit/(loss) after taxes	(2.695)	972	(355)	(958)
SHAREHOLDERS EQUITY & LIABILITIES						Distributed to:
Share Capital		51.081	51.081	51.081	51.081	Shareholders	(1.525)	255	(355)	(958)
Other equity Total shareholders' equity (b)		(15.988) 35.093	(15.312) 35.769	96.602 147.683	96.957 148.038	Minority interests	(1.170)	717	-	-
Minority interests ( c)		622	509		- -	Basic earnings per share (in Euro's)	(,03)	0,01	(,01)	(,02)
Total shareholders' equity (d)=(b)+( c)		35.715	36.278	147.683	148.038
Non current liabilities		57.757	59.011	878	919
Provisions and other non current liabilities		3.135	3.263	2.901	2.971	EBITDA	1.949	6.186	1.161	1.321
Short term borrowings		43.127	43.113	22.404	23.218
Other short term liabilities		60.942	60.947	28.419	24.539
Total liabilities (a)		164.961	166.334	54.602	51.647
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES (e)=(a)+(d)		200.676	202.612	202.285	199.685
	CHANGES IN THE SHAREHOLDERS EQUITY OF THE PERIOD (Amounts in thousand euro's)						CASH FLOW STATEMENT (Amounts in thousand euro's)
		Consolidated		Company			Consolidated		Company
		31.03.2008	31.03.2007	31.03.2008	31.03.2007		01.01-31.03.2008 01.01-31.03.2007		01.01-31.03.2008 01.01-31.03.2007
						Cash flow from operating activities
Equity at the beginning of period (01.01.2008 και 01.07.2007 correspondingly)		36.278	10.038	148.038	120.435	Profit/(loss) before taxes	(1.874)	1.126	(167)	(1.211)
Profit/(loss) for the period after taxes		(2.695)	972	(355)	(958)	Adjustments for:
		33.583	11.010	147.683	119.477	Depreciation, amortization and assets written-off	1.375	1.347	897	702
Increase/(Decrease) in share capital			-	-	-	Provisions	381	57	122	6
Distributed dividends (profits)			-	-	-	Foreign exchange differences	1.360	440	(14)	45
Net income directly to equity		2.132 -	57 -	-	- - -				-	-
Purchase/(Sale) of Treasury Stock						(Gains)/Losses from investment operations Interest expense	(37) 2.632	(67) 3.737	613	1.887
Equity at the end of period (31.03.2008 και 31.03.2007 correspondingly)		35.715	11.067	147.683	119.477	Plus/minus adjustments for changes in working capital accounts
						or accounts related to operating activities:
	ADDITIONAL INFORMATION					Decrease / (increase) on inventories	(1.964)	(4.655)	(591)	(603)
1. The companies of the Group with the corresponding headquarters and the paricipation shares included in the consolidated financial statements ar						Decrease / (increase) on trade and other receivables (Decrease) / increase on non- bank liabilities	(1.219) (903)	(2.372) (2.083)	(3.544) 4.697	21 (2.672)
Full consolidation method (direct participation):				Unaudited Tax Years		Less:
· Lavipharm S.A.	Greece	Parent		2006-2007		Interest paid	(1.714)	(3.633)	(425)	(1.716)
· Lavipharm Hellas S.A.	Greece	99,90%		2004-2007		Income tax paid	(317)	(444)	(295)	(391)
· Pharma Logistics S.A.	Greece	96,52%		2001-2007		Net cash flows provided by operating activities (a).	(2.280)	(6.547)	1.293	(3.932)
· Lavipharm Active Services S.A.	Greece	100,00%		2003-2007
· Pharma PLUS S.A.	Greece	94,12% 68,50%		2001-2007		Cash flow from investing activities Purchase of subsidiaries and associates	-	-	-	-
· Castalia Laboratoires Dermatologiques S.Α.	Greece	61,41%		2005-2007
· Lavipharm Corporation · Laboratoires Lavipharm S.A.	USA France	45,00%		2000-2007		Purchases of tangible and intangible assets Income from sales of tangible and intangible assets	(469) 269	(1.012) 5	(208) -	(256) -
						Interest received	21	-	5	-
Full consolidation method (indirect participation)						Dividends received	-	-	-	-
· Newpharm S.A.	Greece	66,67%		2005-2007		Net cash flows provided by investing activities (b).	(179)	(1.007)	(203)	(256)
· Kavala S.A.	Greece	70,00%		2004-2007
· L.A.S Patra S.A.	Greece	98,30%		2005-2007		Cash flow from financing activities	-	-	-	-
· Larissa S.A. · L.A.S Thessaloniki M.E.P.E.	Greece Greece	98,30% 100,00%		2001-2007 2000-2007		Income from increase of share capital Income from loan issuance	2.677	11.275	1.303	5.518
Lavipharm Laboratories Inc.	USA	61,41%				Loan repayments	(1.757)	(1.143)	(2.158)	-
Lavipharm France Holding	France	44,87%		2004-2007		Dividends paid	-	-	-	-
Hitex	France	44,87%		2001-2007
						Net cash flows provided by financing activities (c).	920	10.132	(855)	5.518
· · · Equity method (direct participation): · Lavipharm Pharmaceutical Services Ltd	Cyprus	40,00%				Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c).	(1.539)	2.578	235	1.330
Equity method (indirect participation):						Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	13.448 11.909	6.022 8.600	3.585 3.820	2.484 3.814
· Lavipharm Cyprus Ltd	Cyprus	40,00%
· Lavipharm Distribution Ltd	Cyprus	20,49%
· Pharmapak Limited · Phasex	Cyprus USA	40,00%	18,42% * (Σημ. 1)

* ((Note 1) Lavipharm Corp. participates in Phasex by 30% and consolidates it by the equity method of consolidation. Lavipharm SA participates in Lavipharm Corp. by 61.41% and consolidates it by the full method of consolidation. Due to the before-mentioned, Phasex is consolidated in Lavipharm Gro of Companies by 18.42% (30%x61.41%) through Lavipharm Corp Group.

1. Basic principles of the Balance Sheet of 31.12.2007 have been maintained.

THE CHAIRMAN AND CEO

1. 1. For loans of a foreign subsidiary amounting to Euro 28.913, securities on company's assets have been provided amounting to Euro 2.425. Additionally, for the same loans, further securities have been provided on rights from subsidiaries shares and benefits from the use of patents etc. 2. For the remaining of long term debt, securities have been provided : a) to the parent company's assets amounting to Euro 1.800 and b) to subsidiaries' assets amounting to Euro 4.500.

2. For any kind of disputes all necessary provisions have been made in both group's and company's records.

3. The earnings per share were calculated based on the weighted average number of shares on the total number of shares. 5. Number of staff are: 31/3/2008 Group 640, Company 225 and respectively 31/3/2007 Group 682, Company 227

4. Sales and purchases accumulated from the beginning of the period and the balances of receivables and liabilities in the end of the period resulting from transactions of the Company with related and associated companies as required by IAS 24, are the following :

	Consolidated	Company
a) Sales of goods and services	33	11.261
b) Purchases of goods and services	382	8.463
c) Receivables	1.795	20.845
d) Payables	101	16.065
e) Board members and key management personnel remuneration and other	958	666
f) Amounts due from board members and key management personnel	16	16
g) Amounts due to board members and key management personnel	5.691	139

Peania, March 24, 2008

THE DEPUTY CEO THE CFO THE GROUP ACCOUNTING DIRECTOR

TANIA VRANOPOULOS CHRISTODOULOS MANIATIS PANAGIOTIS PAVLOU ID ΑΒ 507812 ID S 702906 ID Ρ 021736 ATHANASE LAVIDAS ID S 280245