Lavipharm S A : Annual Analysts Briefing

Annual Analysts Update

Athens Exchange, 24 April 2024

Presentation by Vassilis Baloumis, CFO

Discussion with Panagiotis Giannouleas, COO & Country Manager

Lavipharm | FY-23 Financial Results

Lavipharm FY-23 at a glance

EUR 57.4mn

+27.2% y-o-y

FY-23 Sales* (before rebate & clawback)

EUR 9.6mn	+72.4% y-o-y
FY-23 EBITDA
	EUR 1.9mn
	FY-23 Net Income

EUR 50.9mn

+30.4% y-o-y

FY-23 Sales* (after rebate & clawback)

EUR 9.1mn	+58.9% y-o-y
FY-23 Adjusted EBITDA
+125.2% y-o-y

8,000 m2	300	>50
Covering area of Manufacturing facilities	Number of employees, of which 44% are women	Number of products

Strategic Highlights

1 December 2023: Signing of an asset purchase agreement for the acquisition of two analgesic pharmaceutical products, Lonarid N® and Lonalgal®, for the markets of Greece and Cyprus with the intention to commercialize them internationally. Sales by Lavipharm to take place during Q2-24.

11 December 2023: Entered into an Asset Purchase Agreement with Sanofi for the acquisition of the antibiotic product Flagyl® for the Greek market. Sales by Lavipharm to take place during Q2-24.

23 January 2024: New collaboration with FAMAR to undertake the production of the two aforementioned analgesic pharmaceutical products.

6 February 2024: Assignmentof the Group's logistics activities for its products to Diakinisis S.A.

14 February 2024: Cessation of the Group's pharmaceutical wholesale activities and logistics services to third parties (3PL), and the transfer of certain assets of its subsidiary LAS to Profarm S.A.

23 February 2024: Launch of the first locally produced medical cannabis prescription product as a result of Lavipharm's strategic partnership with Tikun Olam Europe.

* All figures are adjusted due to the cessation of wholesale operations and logistics services to third parties	2

Financial Overview

Pharma Market Pillars of Growth Financial StatementsDynamicsFinancial Overview

Corporate

Governance

Outlook

FY-23 Results Highlights

Key financial figures

Group Sales*

		57.1
	45.1
39.6
2021	2022	2023

Group Net Profit

Note: Decline in net	1.9
profits is due to increased

1.7 depreciation, related to

the Catapresan

acquisition. The effect in net profits will be of less significance as EBITDA grows to higher levels.

0.8

2021

2022

2023

• Before rebate & clawback
• Adjusted due to the cessation of wholesale operations and logistics services to third parties Source: Company Data; All figures in EUR million, unless stated otherwise

Group EBITDA

		9.6
6.2	Note:	5.6
	Excluding the
	non-recurring
	item, FY-22
	EBITDA was
	up by EUR
	2.0mn or
	57% yoy.

2021	2022	2023
	NAV
	40.3	42.8
-9.9
2021	2022	2023

4

Financial Overview

Product & Services Revenue Breakdown

Dynamics

Pillars of Growth Financial Statements

Pharma Market

Corporate

Governance

Outlook

Revenue Breakdown per Category (FY 2023)

PharmaceuticalsRx**:	EUR 45.9mn
Cardiometabolic	EUR 18.8mn
Pain	EUR 18.5mn
Urology	EUR 2.5mn
Central Nervous System	EUR 4.2mn
Other	EUR 1.9mn

ConsumerHealthcare(CHC):	EUR 7.8mn
Antiseptics	EUR 6.5mn
PharmacyNetwork:	EUR 3.1mn
Other :	EUR 0.7mn
TotalRevenues*:	EUR 57.4mn

• Before rebate & clawback
• RX: Pharmacy Medical Prescription

Product Revenue by Geography (EUR mn)*

6%

					Greece
40%		EUR 57.4mn	54%		EU
	in 2023

Other countries

30.3 31.1

22.7

	12.2
				2.6	3.5

Greece		EU	Other countries
		2022		2023

Source: Company Data

5

Pharma Market Pillars of Growth Financial StatementsDynamicsFinancial Overview

Corporate

Governance

Outlook

Product Category Revenue Breakdown

Sales by product category (EUR mn)

70

60

50

				With international demand and sales
				picking up in 2023, overall company's
40				topline performance has further improved
30					57.4
					50.9
20					45.2
				39.1
				26.3
10	18.7	19.6		14.8
0		6.7	7.6	5.0	3.9

-6.1-6.5

-10

RX**

OTC

International

Other

Total Sales

Clawback - Rebate

Total Net Sales

2022 2023

** RX: Pharmacy Medical Prescription

Source: Company Data

6

Pharma Market Pillars of Growth Financial StatementsDynamicsFinancial Overview

Corporate

Governance

Outlook

Profitability Drivers

9.1

5.7							2022		2023
															+125%
														1.9
	0.1	0	0.4											0.8
	-0.2											-0.1	-0.1
				-1.6	-2.0	-1.7	-1.3	-1.3
								-4.3
Adj. EBITDA	Other	Investment property	Interest		Depreciation	Taxes	Disc. Operations	Net Result
		valuation

6.2
5.7
				2021		2022			1.7
									0.8
	0.0
	-0.2
								-1.0	-1.3
	-1.8	-1.7		-1.7	-1.7
Adj. EBITDA	Other	Interest		Depreciation	Taxes	Net Result

Source: Company Data; All figures in EUR million, unless stated otherwise	7

Pharma Market Pillars of Growth Financial StatementsDynamicsFinancial Overview

Corporate

Governance

Outlook

Net Debt Evolution (EUR mn)

Already on a positive trajectory

Lavipharm is already on a steady course to further reduce its net debt and improve its equity position by generating positive cash flow

								A decrease of EUR 15.1mn
								or -39% already achieved
45.0																1.2x
38.5	37.0	36.7
40.0	34.8
										1.0x
35.0
30.0													23.4		0.8x
25.0											18.8
													0.6x
20.0
15.0																0.4x
10.0																0.2x
5.0
0.0																0.0x
2018	2019	2020	2021	2022	2023

Debt Structure as of YE-23 (EUR mn)

	3.8
	6.8
	11.3
10.5	32.4

Bond Loan	Leasing (incl. cars)	Factoring & Other Short-term	Related Party	Debt
Source: Company Data				8

Pharma Market Pillars of Growth Financial StatementsDynamicsFinancial Overview

Corporate

Governance

Outlook

Debt Instruments

Long Term financing under favourable interest rates; to further improve

12

10.5		8.6%
10.2	Fixed

10

6.5%

8
								Fixed
6											5.3
4														3.8
2.7%
											2.2%
		Spread		1.8%
2				1.4			Spread		1.6%	1.2
				Spread
0														Fixed
Bond Loan	Leasing (Factory)		Leasing (Other)	Factoring	Related Party	Other
								Amount (EUR mn)		Interest Rate

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

9