Contact Information: Company Contacts: Nikolaos Korbis - Executive Member of BoD e-mail: n.korbis@alapis.eu Vasilis Karamouzis - CFO e-mail: v.karamouzis@alapis.eu Norbert Schmidt-Gollas - General Manager Pharma operations, Strategic Planning & Investor Relations e-mail: n.gollas@alapis.eu Leda Basta - Investor Relations Officer e-mail: l.basta@alapis.eu Alapis Aftokratoros Nikolaou str., No 2, p.c.176 71 Athens, Greece tel. +30 213-0175000-1 fax +30 210-9238460
Alapis Consolidated Financial Results Q1 2009
| Source: Alapis Holding
ATHENS, GREECE--(Marketwire - June 3, 2009) - ALAPIS HOLDING INDUSTRIAL AND COMMERCIAL
SOCIETE ANONYME OF PHARMACEUTICAL, CHEMICAL AND ORGANIC PRODUCTS S.A.
(ATHEX : ALAPIS ) ("Alapis" or the "Group") announces its consolidated
financial results for the first quarter of 2009.
Consolidated Turnover in the first quarter of 2009 stood at 235.6 mil. EUR
over 208.1 mil. EUR in the first quarter of 2008, increased by 13.2%. This
increase is mainly attributed to the consolidation of PNG Gerolymatos
Group.
Consolidated Earnings before Tax, Interest and Depreciation (EBITDA) stood
in Q1 2009 at 75.8 mil. EUR over 57.7 mil. EUR in the respective period
last year, increased by 31.5%, while EBITDA margin marked improvement
accordingly and stood in Q1 2009 at 32.2% of consolidated sales over 27.7%
in Q1 2008. This increase is attributed to the increasing contribution of
the health sector in the consolidated results.
Earnings after Tax and Minorities from continued operations stood in Q1
2009 at 34.1 mil. EUR, increased by 8.5% compared to the respective
earnings in Q1 2008. Total Earnings after Tax and Minorities, due to the
loss making discontinued sector of organic products, slightly decreased by
2.8% standing at 31.4 mil. EUR over 32.3 mil. EUR in Q1 2008.
Health sector (Human and Veterinary)
Health sector marked a significant increase with sales in Q1 2009 standing
at 210.6 mil. EUR increased by 24.6% over the respective period last year,
while Earnings before Tax, Interest and Depreciation (EBITDA) stood at 74.9
mil. EUR, increased by 59.2%. The growth of the health sector is mainly
attributed to the consolidation of PNG Gerolymatos Group, as well as to the
increasing contribution of the generics products in the consolidated sales.
Other activities (Cosmetics and Detergents)
Sales of other activities stood at 21 mil. EUR, decreased by 40.8% compared
to Q1 2008 due to the reduced activity of the detergents and cosmetics
sectors as a result of the global financial crisis which has a severe
impact in this sector. Moreover, Earnings before Tax, Interest and
Depreciation (EBITDA) of this sector reached 3.7 mil. EUR, decreased by
60.8% versus Q1 2008.
Discontinued operation (Organic products)
Please note that, as the company has previously announced, due to the
significant reduction in the performance of the organic products division
in the first quarter of 2009 and in order to safeguard the interests of
Alapis' shareholders, the management decided the termination of operation
of the said division and the commencement of the liquidation process of the
companies that are active in this sector. More specifically, the Organic
products division reported losses before Tax, Interest and Depreciation
(EBITDA) of 2.73 mil. EUR, versus earnings of 1.3 mil. EUR in the
respective period last year, while net results after tax of this activity
amounted to losses of 2.68 mil. EUR versus profits of 889 thousand EUR in
Q1 2008.
Recent corporate developments
Business development
a. During 1st Quarter 2009 we have successfully launched generic products
in CNS (6), CVS (7) and Oncology (4).
b. In addition, five new contracts with multinational companies have been
signed, thus giving the company 35 to 40 new products within the next 24
months.
c. As a result of the companies' decision to invest into R&D facilities
-- starting in 2008 with the aim to develop own dossiers -- five contracts
for product outlicensing have been already signed by the Group in the 1st
Quarter 2009, covering 7 products for European countries.
Group integration
a. Several departments have started to consolidate and integrate such as
Finance, HR, Medical and Registration.
b. Production facilities have been upgraded in order to accommodate the
production of generic products in our own facilities.