Lavipharm: Annual Shareholders' Meeting

 

New Board of Directors and New Management Structure

 

Paiania, 9 July 2024 – Lavipharm's (LAVI) Annual Shareholders' Meeting was held today at the corporate headquarters in Paeania. The meeting was completed with the necessary quorum, as 42 shareholders participated, representing 71.26% of the share capital.

 

The General Assembly began its proceedings with a welcome from the Chairman of the Board, Mr. Minas Tanes, who commented: "This year's Shareholders' Meeting finds Lavipharm even stronger, with enhanced performance, poised to grow further, evolve, and innovate."

 

Subsequently, Mr. Telemaque Lavidas took the floor and referred to the company's progress, emphasizing that "Lavipharm today bears no resemblance to Lavipharm in 2019. We have disengaged from non-strategic activities, focused on our strengths, and the future looks brighter than ever. I am proud of our performance and especially of our people. A heartfelt thank you to the management team, to all our employees, and particularly to our shareholders for trusting us". Mr. Lavidas also highlighted the adoption of best practices, noting that "companies that operate under such rules, attract investment capital and financing on better terms, not to mention talent seeking a modern working environment, and most importantly, dramatically reduce risk, thus protecting the interests of shareholders and all stakeholders".

 

Presenting the annual report, Panagiotis Giannouleas, COO and Country Manager of the Group, underscored "the continuous increase in Lavipharm's market share, which has recorded double-digit growth every year for the past three years. In Greece, in the outpatient market, our share increased by 55% over the past five years," and stressed that, “in the international market, Lavipharm's transdermal systems are gaining more ground, showing a 78% growth in 2023 following the addition of the clonidine patch to our portfolio."

 

"At the end of Q2 2024," clarified Mr. Giannouleas, "sales of pharmaceutical products Lonarid® N, Lonalgal®, and Flagyl® by Lavipharm began, following their recent acquisition. Since the beginning of the year, we have been working intensively to create a new market in Greece, that of medical cannabis, with Lavipharm once again pioneering and leading the way. We continue our investments in upgrading our plant and configuring spaces to accommodate new machinery. Thanks to increased international demand, we have already reached our maximum production capacity, and our new facilities will enable us to double the production of our transdermal systems."

 

Furthermore, Mr. Vasilis Baloumis, Chief Financial Officer, referring to the Group's financial performance, noted that "2023 was an exceptional year. We are consistently implementing our strategy, executing our investment plan, while our total net sales are up by 30% compared to last year. In 2023, adjusted EBITDA (from continuing operations) amounted to 9.12 million euros, up by 59%, while net profits reached 1.87 million euros, compared to 0.83 million euros in 2022, showing an impressive increase of 124%. We renegotiated our bank loans on better and more favorable terms, strengthening our balance sheet and creating added value for our shareholders. Our capitalization today reaches 150 million euros".

 

During the Meeting, all the items on the Agenda were discussed, and a new Board of Directors was elected for a three-year term, until 09 July 2027. The shareholders approved the re-election of Mr. Minas Tanes, Ms. Loukia Lavida, Mr. Telemaque Lavidas, Ms. Sofia Kounenaki-Efraimoglou, Mr. Christos Diamantopoulos, Mr. Dimitrios Christopoulos, and Ms. Vasiliki (Vicky) Kefala, while Mr. Panagiotis Giannouleas, previously COO & Country Manager of the Group, also joins the new Board as an executive member.

 

Moreover, the new Audit Committee of the Board was elected, consisting of Ms. Vasiliki (Vicky) Kefala, an independent non-executive member of the Board, Mr. Christos Diamantopoulos, a non-executive member of the Board, and Mr. Antonios Polykantriotis, as an independent third person. The Audit Committee's term is decided annually and will expire on 9 July2025.

 

As part of the management structure of the Group, Mr. Telemaque Lavidas will assume the duties of Chief Executive Officer, while Mr. Panagiotis Giannouleas will be promoted to Deputy Chief Executive Officer. Additionally, new top executives from the pharmaceutical market will join the management team, such as Mr. Nikos Ladas, who will serve as Chief Scientific Officer, Ms. Artemis Papadaki as Chief Commercial Officer Hellas, and Mr. Yiannis Sarigiannidis as Chief Commercial Officer International. Furthermore, emphasizing key pillars, Mr. Panagiotis Kousoulis is promoted to Chief Manufacturing & Operations and Ms. Mariza Antonaki to Chief People & Technology, to continuously improve Lavipharm's human resources and implement systems aligned with modern market conditions. These executives are supported by experienced managerial and non-managerial staff of the Group, tasked with leading Lavipharm to achieve its ambitious goals.

 

Finally, the company's new articles of association were approved to reflect a change in the share capital with the aim of issuing new shares for free distribution to senior executives of the Group according to the Stock Award Plan approved on 13.07.2023.

 

The Shareholders' Meeting concluded with approval – following due deliberation – of the items on the agenda.

 

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For more information:

Katerina Fragioudakis

Lavipharm

Phone: +30 210 6691 106

communications@lavipharm.com