Announcement regarding the transfer from “ELGEKA S.A.” of its shareholding in the company “MEDIHELM PHARMACEUTICALS S.A.”
Thessaloniki, November 20th, 2013
Under the provisions of article 10 par. 1 of L. 3340/2008 and article 2 par. d of Board's Decision 3/347/12-07-2005 of Hellenic Capital Market Commission, ELGEKA S.A. informs the investing public that today Wednesday, November 20, 2013, proceeded to transfer of its shareholding (99,47% approximately) in the company MEDIHELM PHARMACEUTICALS S.A., which operates in the pharmaceutical industry. This business move takes place in full consistency with the already announced strategy to disengage ELGEKA Group from that activity.
It is noted that MEDIHELM PHARMACEUTICALS S.A. is presented as "Discontinued operations" and "Non-current asset held for sale" in the published Financial Statements of ELGEKA Group since June 30, 2013.
The financial results of the company MEDIHELM PHARMACEUTICALS S.A. on September 30, 2013 were as follows: Turnover 2.981 thousand euro, Loss before tax 2.009 thousand euro, Loss after tax 1.456 thousand euro and Loss before interest, taxes, depreciation and amortization - EBITDA 1.722 thousand euro, while the amount of debt incurred by the Group as at the above date amounted to 2.172 thousand euro.
Finally, it is noted that the transfer of shareholding of ELGEKA S.A. to the company MEDIHELM PHARMACEUTICALS S.A., the sale proceeds of which amounted to 7 thousand euro, will result in an equivalent profit on Separate Financial Statements of ELGEKA S.A. of 31/12/2013, due to the fact that the participation was valued at cost less provision for impairment, while on the Consolidated Financial Statements of ELGEKA Group at the above date will result to a loss, which estimated at 1.393 thousand euro, based on the latest available data of the subsidiary at September 30, 2013.