Lavipharm's consolidated sales show a steady growth of 8.3% in the 3rd Quarter 2007, reaching ? 183.9 million from 169.8 million euros in the same period last year, while Gross profit rose to 32.1 million euros from 31.2 million euros.
Earnings before interest, taxes, depreciation and amortization (EBITDA) followed a downward trend, settling at 11.1 million euros in 3rd Quarter 2007 versus 14.3 million euros previously, as a result of a 25% reduction of extraordinary income and a 15% increase in distribution expenses reflecting investment for future sales growth. Due to increased financial expenses, which amounted to 13.9 million euros versus 7.4 million euros in 3rd Quarter 2006, the Group ended the period with losses before taxes and minority interests of 6.2 million euros versus profit of 3.2 million euros in the same period. It is worth mentioning that following bank debt reduction by 10.7% from the funds raised during the recent Share Capital Increase, financial expenses are expected to be significantly reduced.
Results after taxes and minority interests were a loss of 7.2 million euros as they were affected by a tax charge of 2.3 million euros due to a tax audit that was completed in June and concerned previous years (2003-2005). Finally, shareholders' equity reached 38.1 million euros versus 10.0 million euros as of 31/12/2006.
Lavipharm is an integrated Group engaged in the research, development, manufacturing, marketing, sales, wholesaling, logistics, and retailing of pharmaceutical, cosmetic and consumer health products in Greece with a strong international activity.