Lavipharm S.A.

Interim / Quarterly Report • Sep 24, 2015

	BOARD OF DIRECTORS
Corporate address:	COMPANY INFORMATION Agias Marinas Str. -19002 Paiania			Chairman and CEO, executive member Athanasse Lavidas
Société Anonyme reference code:	14010 / 06 / Β / 86 / 69				Vice-President, independent non executive member		Nicolaos Houlis
Prefecture :	Ministry of Development, SA & Credit administration					Tania-Panagiota Vranopoulos
Finacial statement approval date					Councelor, Executive member Non executive member	Vana Lavida
(from which the data was obtained) : August 28, 2008					Independent non executive member	Dimitrios Gertsos
Chartered Auditor : Kakouras Dimitrios		Kyriakou Marios			Independent non executive member		Christos Diamadopoulos
Audit firn : SOL S.A.		KPMG Kyriakou Certified Auditors S.A.			Independent non executive member		Lito Ioannidou
Type of audit report (Group & Company): In agreement					Independent non executive member	Odysseas Kyriakopoulos
Corporate internet address: www.lavipharm.com					Independent non executive member	Minas Tanes
BALANCE SHEET (Amounts in thousand euro's)					CASH FLOW STATEMENT (Amounts in thousand euro's)
	Consolidated		Company				Consolidated	Company
ASSETS	30.06.2008	31.12.2007	30.06.2008	31.12.2007		From January 1st to		From January 1st to
Tangible non- current assetes, used by the company	33.819	33.808	25.559	25.103	Cash flow from operating activities	30.06.2008	30.06.2007	30.06.2008	30.06.2007
Investment non- current assets	1.370	1.370	1.370	1.370	Profit/(loss) before taxes	(6.397)	(1.657)	1.697	(2.480)
Intangible assets	47.414	49.816	37.117	37.302	Adjustments for:
Other non- current assets	3.439	3.445	104.730	104.145	Depreciation, amortization and assets written-off	2.448	2.673	1.503	1.395
Inventories	20.540	18.395	3.097	2.317	Provisions	638	392	233	60
Trade and other receivables	70.047	73.182	20.531	22.349	Foreign exchange differences	691	324	(20)	97
Other current assets	25.233	22.596	13.712	7.099
TOTAL ASSETS	201.862	202.612	206.116	199.685	(Gains)/Losses from investment operations	(79)	(277)	(1.300)	(139)
					Interest expense	5.166	8.208	1.371	3.895
SHAREHOLDERS EQUITY & LIABILITIES					Plus/minus adjustments for changes in working capital accounts
Share Capital	51.081	51.081	51.081	51.081	or accounts related to operating activities:
Other equity	(21.155)	(15.312)	97.794	96.957	Decrease / (increase) on inventories	(2.546)	(4.892)	(912)	(87)
Total shareholders' equity (b)	29.926	35.769	148.875	148.038	Decrease / (increase) on trade and other receivables	6.020	(13.199)	(78)	(5.563)
Minority interests ( c)	647	509		- -	(Decrease) / increase on non- bank liabilities	(7.153)	936	(4.200)	765
Total shareholders' equity (d)=(b)+( c)	30.573	36.278	148.875	148.038
Non current liabilities	78.221	59.011	16.444	919	Less:
Provisions and other non current liabilities	7.468	6.758	5.469	4.611	Interest paid	(3.206)	(5.592)	(1.265)	(3.497)
Short term borrowings	31.442	43.113	17.213	23.218	Income tax paid	(818)	(1.754)	(590)	(1.518)
Other short term liabilities	54.158	57.452	18.115	22.899	Net cash flows provided by operating activities (a).	(5.236)	(14.838)	(3.561)	(7.072)
Total liabilities (a)	171.289	166.334	57.241	51.647
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES (e)=(a)+(d)	201.862	202.612	206.116	199.685	Cash flow from investing activities Purchase of subsidiaries and associates
					Purchases of tangible and intangible assets	(15.196)	- - (1.978)	- (14.967)	- (438)
CHANGES IN THE SHAREHOLDERS EQUITY OF THE PERIOD					Income from sales of tangible and intangible assets	14.143	160	14.000	2
(Amounts in thousand euro's)					Interest received	60	86	38	4
	Consolidated		Company		Dividends received		- -	-	526
	30.06.2008	30.06.2007	30.06.2008	30.06.2007	Net cash flows provided by investing activities (b).	(993)	(1.732)	(929)	94
Equity at the beginning of period (01.01.2008 και 01.01.2007 correspondingly)	36.278	10.038	148.038	120.435	Cash flow from financing activities
Profit/(loss) for the period after taxes	(7.603)	(3.758)	837	(3.860)	Income from increase of share capital		- -	-	-
	28.675	6.280	148.875	116.575	Income from loan issuance	22.260	20.196	15.415	8.168
Increase/(Decrease) in share capital		- -	-	-	Loan repayments	(13.073)	(1.825)	(5.895)	-
Distributed dividends (profits)	(100)	(2.515)	-	(2.453)	Dividends paid	(48)		- -	-
Net income directly to equity	1.998	1.278		- -
Purchase/(Sale) of Treasury Stock		- -	-	-	Net cash flows provided by financing activities (c).	9.139	18.371	9.520	8.168
Equity at the end of period (30.06.2008 και 30.06.2007 correspondingly)	30.573	5.043	148.875	114.122	Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c).	2.910	1.801	5.030	1.190
					Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	13.448 16.358	6.023 7.824	3.585 8.615	2.484 3.674
				INCOME STATEMENT
			Consolidated	(Amounts in thousand euro's)		Company
	From January 1st to		From April1st to		From January 1st to	From April1st to
	30.06.2008	30.06.2007	30.06.2008	30.06.2007	30.06.2008	30.06.2007 30.06.2008	30.06.2007
Operating revenues	119.745	125.305	60.113	62.708	27.771	26.989 13.756	13.670
Gross profit/(loss)	20.371	23.011	9.834	9.779	6.969	6.480 3.627	3.089
EBIT	(1.324)	6.427	(1.898)	1.588	1.224	1.160 960	540
Profit/(loss) before taxes	(6.397)	(1.657)	(4.523)	(2.783)	1.697	(2.480) 1.864	(1.269)
Minus:Income taxes	(1.206)	(2.101)	(385)	(1.948)	(860)	(1.380) (672)	(1.633)
Profit/(loss) after taxes	(7.603)	(3.758)	(4.908)	(4.731)	837	(3.860) 1.192	(2.902)
Distributed to:
Shareholders	(5.511)	(3.779)	(3.986)	(4.035)	837	(3.860) 1.192	(2.902)
Minority interests	(2.092)	21	(922)	(696)	-	- -	-
Basic earnings per share (in Euro's)	(0,1079)	(0,0962)	(0,0780)	(0,1027)	0,0164	(0,0982) 0,0233	(0,0739)
EBITDA	1.124	9.099	(825)	2.912	2.727	2.554 1.566	1.233
				ADDITIONAL INFORMATION

1. The unaudited tax years are displayed analytically in Note 8 of the Financial Statements.

2. Disputes that could affect the financial situation of the company and the Group are mentioned in the Notes of the Financial Statements of the Company (No 17) and the Group (No 18).

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 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.

Amounts in thousand euro's	Consolidated	Company
a) Sales of goods and services	80	24.095
b) Purchases of goods and services	583	16.153
c) Receivables	1.813	20.487
d) Payables	98	8.577
e) Board members and key management personnel remuneration and other benefits	2.100	1.439
f) Amounts due from board members and key management personnel	19	19
g) Amounts due to board members and key management personnel	6.098	213
			Peania, August 28, 2008
THE CHAIRMAN AND CEO		THE DEPUTY CEO	THE CFO	THE GROUP ACCOUNTING DIRECTOR
ATHANASE LAVIDAS	TANIA VRANOPOULOS		CHRISTODOULOS MANIATIS	PANAGIOTIS PAVLOU
ID S 280245		ID ΑΒ 507812	ID S 702906	ID Ρ 021736

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 June 30, 2008

According to the decision 6/448/11.10.2007 of the Board of Directors of the Hellenic Capital Markets Comission

1. Number of staff are: 30/6/2008 Group 619, Company 224 and respectively 30/6/2007 Group 663, Company 227

2. Provisions that have been booked at 30/6/2008 are: i) for legal disputes for the Group, Euro 549 K, ii) for unaudited tax years for the Company and the Group Euro 2.140 K and Euro 4.335 K respectevelly. No other provisions have been formed.

3. 1. For loans of a foreign subsidiary amounting to Euro 28.971, securities on company's assets have been provided amounting to Euro 2.347. 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 4.800 and b) to subsidiaries' assets amounting to Euro 4.500.

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 :

5. The consolidated companies, their directors, the participation percentages and the methods of consolidation are displayed in note 1 of Consolidated Financial Statements.

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

7. For presenation purpuses there has been a reclassification of amounts between the acounts "Provisions/ Other Long- Term Liabilities" and "Other Short- Term Liabilities" (note 14 of the Financial Statements).

8. Issue of emphasis for the Group: 1. Net Equity of consolidated companies and Lavipharm Corp.

9. At the end of this period connected companies own 17.987.990 shares of the parent company (Lavipharm SA) and their purchase value is Euro 51.607 K. 10. The following amounts have been booked directly to the Net Equity for this period: Group i) foreign exchange differences Euro 957 K, ii) stock options Euro 11 K, iii) purchases and sales of participation percentages of subsidiary companies Euro 1.030 K

10. The earnings per share were calculated based on the weighted average number of shares on the total number of shares.