ALAPIS HOLDING INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME OF PHARMACEUTICAL, CHEMICAL AND ORGANIC PRODUCTS ("Alapis" or the "Group") is pleased to announce its financial results for the nine month period of 2008.
Turnover in 9M 2008 amounted to euro 702 mil., versus euro 222.8 mil. in the respective period last year increased by 215.1%. EBITDA increased by 185% and reached euro 190.7 mil., versus euro 66.9 mil. in the corresponding period of last year, while earnings after tax and minorities reached euro 103.8 mil, up by 138.0% from euro 43.6 mil in 9M 2007.
More specifically, the Healthcare division of the Group (Human and Veterinary) generated turnover of euro 547.8 mil. and EBITDA of euro 156.4 mil. in 9M 2008, fact that is attributed both to the consolidation of the recently acquired companies and to the benefits obtained from the vertical integration of the Group's activities in this division.
Turnover of the other group divisions (detergents and organic products) stood at euro 154.2 mil and EBITDA at euro 34.3 mil. It should also be noted that the organic products and detergents division of the Group shows the first signs of slowdown of activity and profit margins in the third quarter of 2008 due to the global credit crisis.
Recent developments and prospects:
On 27/10/2008, Alapis acquired the 49.337% of the company PNG GEROLYMATOS HEALTH AND BEAUTY TRADE AND INDUSTRIAL SOCIETE ANONYME while it was agreed the acquisition of an additional 50.66% which is pending the approval of the Hellenic Competition Commission.
On 3/11/2008 the merger by absorption by ALAPIS SA of its 100% subsidiaries BIODOMUS SA, PHARMALEX SA, ALAPIS CROPSCIENCE SA and REVOLD SA was approved.
In accordance with its EGM decision of February 4, and its Board of Directors' resolution dated June 26, 2008 the Group commenced its own share buy-back programme. Specifically with the clearing date that of November 25, 2008 Alapis had acquired a total of 59,675,636 own shares, representing 6.09% of the Company's share capital.
The substantial growth of the health care division of the group offsets the slowdown of the other group divisions and therefore our forecast for FY 2008 results remains unchanged within the original target range set by the management. Hence, despite the differentiation of the product mix, the group turnover is expected to amount euro 900-1,000 mil., the group EBITDA euro 250-270 mil. and the group net after tax and minorities earnings approximately euro 160 mil.