The Annual Shareholders Meeting of EUROMEDICA S.A. took place yesterday, 14 May 2007. During the Meeting, the Company presented its financial results for the financial year 2006.
On consolidated basis, turnover settled at EUR 158 million in 2006, posting an increase of 17.3% compared to 2005, whereas EBITDA stood at EUR 25.15 million demonstrating a significant growth of 34.8%. Earnings before taxes settled at EUR 11.28 million from EUR 6.99 million in the previous financial year, implying an impressive growth rate of 61.2%, whereas earnings after taxes increased by 81% reaching EUR 6.4 million from EUR 3.5 million in 2005.
According to the Management's guidance, financial results of the first quarter 2007, expected to be released by the end of May, will demonstrate significant improvement as well.
A special note was made to the operation of the Group's new clinics, the General Dodecanese Clinic in Rhodes and the Central Clinic in Thessalonica, as well as to the acquisitions and investments implemented by the Company during 2006 and the first months of 2007.
With regard to the upcoming share capital increase of EUROMEDICA, amounting to EUR 60 million, and the convertible bond issue of an equal amount, the Company's Management stated that a financial and legal audit was completed on behalf of two foreign institutional investors with an interest to participate in EUROMEDICA, placing the above mentioned amounts. According to the Management, the relevant agreements, the share capital increase and convertible bond issue would be completed by the end of June.
Concerning EUROMEDICAs participation in the share capital of IASO, the Companys Management has stated that when equity holding exceeds 10%, there will be formal discussions with IASOs Management for a greater co-operation.