Lavipharm S.A.

Quarterly Report • Sep 24, 2015

Finacial statement approval date (from which the data was obtained) : November 26, 2008

BALANCE SHEET				CASH FLOW STATEMENT Amounts in thousand Euro's
Amounts in thousand Euro's
	Consolidated		Company		Consolidated Company
ASSETS	30.09.2008	31.12.2007	30.09.2008	31.12.2007		from January 1st to		from July 1st to
						30.09.2008	30.09.2007	30.09.2008	30.09.2007
Tangible non- current assetes, used by the company	33.714	33.808	25.357	25.103	Cash flow from operating activities
Investment non- current assets	1.370	1.370	1.370	1.370	Profit/(loss) before taxes	(10.440)	(6.168)	(43.262)	(5.883)
Intangible assets	49.202	49.816	36.730	37.302	Adjustments for:
Other non- current assets	3.146	3.445	60.113	104.145	Depreciation, amortization and assets written-off	3.649	3.617	2.239	2.106
Inventories	20.566	18.395	2.529	2.317	Provisions	793	(950)	312	7
Trade and other receivables	66.994	73.182	21.415	22.349	Foreign exchange differences	(1.220)	770	(4)	360
Other current assets	23.179	22.596	9.677	7.099
TOTAL ASSETS	198.171	202.612	157.191	199.685	(Gains)/Losses from investment operations	(71)	(248)	43.423	(139)
					Interest expense	7.743	13.912	2.123	7.486
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	(27.787)	(15.312)	52.815	96.957	Decrease / (increase) on inventories	(2.388)	(7.167)	(373)	(835)
Total shareholders' equity (a)	23.294	35.769	103.896	148.038	Decrease / (increase) on trade and other receivables	(5.574)	(1.471)	(2.340)	1.505
Minority interests (b)	644	509		- -	(Decrease) / increase on non- bank liabilities	4.236	(2.113)	(7.655)	1.034
Total shareholders' equity ( c)=(a)+(b)	23.938	36.278	103.896	148.038
Non current liabilities	51.313	59.011	16.299	919	Less:
Provisions and other non current liabilities	7.584	6.758	5.522	4.611	Interest paid	(5.075)	(9.861)	(1.944)	(7.217)
Short term borrowings	60.206	43.113	16.954	23.218	Income tax paid	(1.448)	(2.440)	(885)	(1.958)
Other short term liabilities	55.130	57.452	14.520	22.899	Net cash flows provided by operating activities (a).	(9.795)	(12.119)	(8.366)	(3.534)
Total liabilities (d)	174.233	166.334	53.295	51.647
					Cash flow from investing activities
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES ( c)+(d)	198.171	202.612	157.191	199.685	Purchase of subsidiaries and associates		- -	-	-
				Purchases of tangible and intangible assets	(15.375)	(2.904)	(15.120)	(747)
ΣΤΟΙΧΕΙΑ ΚΑΤΑΣΤΑΣΗΣ ΜΕΤΑΒΟΛΩΝ ΚΑΘΑΡΗΣ ΘΕΣΗΣ ΧΡΗΣΗΣ					Income from sales of tangible and intangible assets	14.143	162	14.000	2
Amounts in thousand Euro's				Interest received	301	152	66	5
	Consolidated		Company		Dividends received		- -	1.264	876
	30.09.2008	30.09.2007	30.09.2008	30.09.2007	Net cash flows provided by investing activities (b).	(931)	(2.590)	210	136
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	(11.994)	(8.171)	(44.142)	(6.744)	Income from increase of share capital	-	36.346	-	36.346
	24.284	1.867	103.896	113.691	Income from loan issuance	28.165	24.466	17.715	5.696
Increase/(Decrease) in share capital		36.346	-	36.346	Loan repayments	(16.175)	(37.731)	(8.600)	(32.500)
Distributed dividends (profits)	(100)	(2.515)	-	(2.453)	Dividends paid	(55)	(1.339)	-	(1.339)
Net income directly to equity	(246)	2.365		- -
Purchase/(Sale) of Treasury Stock		- -	-	-	Net cash flows provided by financing activities (c).	11.935	21.742	9.115	8.203
Equity at the end of period (30.06.2008 και 30.06.2007 correspondingly	23.938	38.063	103.896	147.584	Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c).	1.209	7.033	959	4.805
					Cash and cash equivalents at the beginning of the period	13.448	6.023	3.585	2.484
					Cash and cash equivalents at the end of the period	14.657	13.056	4.544	7.289
				INCOME STATEMENT Amounts in thousand Euro's

1. Provisions that have been booked at 30/9/2008 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 4.426 K respectevelly. No other provisions have been formed.

2. 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).

3. The earnings per share were calculated based on the weighted average number of shares on the total number of shares. 8. Number of staff are: 30/9/2008 Group 613, Company 220 and respectively 30/9/2007 Group 667, Company 227

4. At the end of this period connected companies own 20.203.963 shares of the parent company (Lavipharm SA) and their purchase value is Euro 55.185 K.

5. The following amounts have been booked directly to the Net Equity for this period: Group i) foreign exchange differences Euro 1.293 K, ii) stock options Euro 17 K, iii) purchases and sales of participation percentages of subsidiary companies Euro 1.030 K

Amounts in thousand euro's	Consolidated	Company
a) Sales of goods and services	103	33.558
b) Purchases of goods and services	555	23.037
c) Receivables	1.637	20.015
d) Payables	1.732	5.094
e) Board members and key management personnel remuneration and other	3.215	2.224
benefits
f) Amounts due from board members and key management personnel	14	14
g) Amounts due to board members and key management personnel	6.077	119
Peania, November 26, 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

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

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

		Consolidated				Company
		from January 1st to from July 1st to			from January 1st to		from July 1st to
	30.09.2008	30.09.2007	30.09.2008	30.09.2007	30.09.2008	30.09.2007	30.09.2008	30.09.2007
Operating revenues	176.432	183.901	56.687	58.596	40.068	39.344	12.297	12.355
Gross profit/(loss)	29.014	32.095	8.643	9.084	10.144	9.149	3.175	2.670
EBIT	(3.112)	7.499	(1.788)	1.072	1.583	1.287	359	127
Profit/(loss) before taxes	(10.440)	(6.168)	(4.043)	(4.511)	(43.262)	(5.883)	(44.959)	(3.403)
Minus:Income taxes	(1.554)	(2.003)	(348)	98	(880)	(861)	(20)	519
Profit/(loss) after taxes	(11.994)	(8.171)	(4.391)	(4.413)	(44.142)	(6.744)	(44.979)	(2.884)
Distributed to:
Shareholders	(8.196)	(7.176)	(2.685)	(3.397)	(44.142)	(6.744)	(44.979)	(2.884)
Minority interests	(3.798)	(995)	(1.706)	(1.016)	-	-	-	-
Basic earnings per share (in Euro's)	(0,1604)	(0,1816)	(0,0526)	(0,0851)	(0,8642)	(0,1707)	(0,8805)	(0,0722)
EBITDA	537	11.116	(587)	2.017	3.822	3.393	1.095	839
				ADDITIONAL INFORMATION

1. 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 :

4.1. For loans of a foreign subsidiary amounting to Euro 38.940 K, securities on company's assets have been provided amounting to Euro 2.534K. 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 4.800K and b) to subsidiaries' assets amounting to Euro 4.500K.

LAVIPHARM S.A.

ANONYMOUS COMMERCIAL AND INDUSTRIAL COMPANY OF PHARMACEUTICAL CHEMICAL AND COSMETIC PRODUCTS SUMMARISED FINANCIAL DATA AND INFORMATION FOR THE PERIOD BEGINNING January 1, 2008 to September 30, 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 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.

1. A provision for impairement regarding the participation of the parent company in the subsidiary Lavipharm Corp. for an amount of Euro 44.761K has been made. Reference is made in the notes (11 of the company and 1 of the Group).

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

3. 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).