The company underwent a restructuring process last year which negatively affected the financial result by €5.19 mln. Excluding restructuring costs, the company posted a profit worth €2.89 mln. The firm’s consolidated sales soared 18 percent year-on-year in 2008, to €501 mln. Moreover, debts halved, to €35.4 mln.
“Economic conditions and the legislative framework were incredibly harsh in 2008, but our net result improved significantly compared to 2007 and we focused on cutting operating costs and developing the sales & marketing division,” said A&D Pharma’s Interim General Manager, Robert Popescu.
Net sales registered by the sales & marketing division rose seven percent, to €98.6 mln, while earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 16 percent, to €21.6 mln. The Mediplus distribution division registered a 20 percent rise in net sales, to €326.4 mln, and EBITDA worth €10.4 mln, up 135 percent year-on-year.
A&D Pharma will also refinance a €100 million loan it obtained from a syndicate made up of 11 banks active on the Romanian market, led by Citibank, which is due in July 2009. “Refinancing costs will be much higher even than now. I no longer want 11 banks, I want less, but with activities on the Romanian market,” said Dimitris Sophocleous, Chief Financial Officer of A&D Pharma. The company has used €75 million of the loan. The distributor obtained the loan to finance development in July 2006, before its London Stock Exchange listing.
