The Annual Shareholders' Meeting of Lavipharm S.A. took place today at the company's headquarters, with the participation of the 52,24% of the share capital. During the meeting, 2006 financial results, the prospects for 2007 and the 2007-2011 business plan were presented.
Chairman & CEO of the Group Dr. Athanase Lavidas began his speech announcing the launch of Fentadur, the Fentanyl Transdermal System developed by Lavipharm, in the Greek market. By next week, Fentadur will be available in every wholesaler nationwide.
Dr. Lavidas presented 2006's major achievements and the prospects for 2007, as described in the context of the five-year business plan. Lavipharm's strategy and main goals are focused on further enhancing its position in the domestic pharmaceutical market, on the development and launch of own technology products as well as those of other pharmaceutical companies, on the improvement to excellence of marketing, distribution, logistics and pharmacy services and on the significant increase of Castalia's sales following the implementation of a new communication strategy. In the global market, Lavipharm aims to the completion of three new innovative products deriving from its research laboratories in the USA, which will be added to the Group?s international product portfolio.
Regarding financial performance, Lavipharm will proceed with the strengthening of its financial returns combining growth in all operating activities with expenses consolidation. Short term loans will be partly reduced by the already approved Share Capital Increase, while the rest will be refinanced by medium-term bond loan.
Mr. Chris Maniatis, Group CFO, presented the financial results of 2006 and Q1 2007. He also referred to the Fentanyl patch market in the USA and Europe, each projected to approximately euro 700 million in an annual basis. Regarding the USA market, it is estimated that every 10% of market share corresponds to sales of euro 33 million and EBITDA of euro 20 million in Lavipharm's P&L annually.
Regarding the European market, the Company predicts that the product will be approved by the regulating authorities in one at least reference country within 2007. The impact in the company's P&L from the sales in this market is expected to show in fiscal year 2008 onwards.
Mr. Maniatis also referred to the upcoming Share Capital Increase of Lavipharm S.A., through which the amount of euro 37.7 million will be raised. The offer price will be euro 3.20 per share, with the issuance of 3 new for every 10 existing shares.
Special reference was made to Lavipharm's stock impressive performance in 2006, which was announced ?share of the year'. It was also highlighted that institutional investors have increased their participation in Lavipharm?s Cap from 6.9% on December 31, 2005 to 21.6% on December 31, 2006.
The General Assembly approved the distribution of dividend for the fiscal year 2006, amounting to euro 0.06 per share. Shareholders, entitled to receive dividend, will be those owning shares at the closing of the Athens Stock Exchange Trading Session of August 17, 2007. The ex-dividend date will be August 20, 2007, and the payment date will be August 27, 2007. The dividend will be distributed to shareholders through EFG EUROBANK.
At the end of his speech, Dr. Lavidas concluded: "Innovation is Lavipharm?s power engine. Implementing high return investments and strategic business choices that ensure growth, we continue to create value for our shareholders and position Lavipharm as a company of first choice for every new, ambitious and creative employee. Focused to our objectives and values, empowered by our workforce, we face present and future challenges with confidence and responsibility, aiming always for Innovation in Health, Dedicated to Life".
Lavipharm is an integrated Group of Companies that develops, manufactures, markets and distributes pharmaceutical, cosmetic and consumer health products in Greece, with a strong international activity.