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STALLERGENES: 2008: Strong Performance
Date:3/24/2009

    ANTONY, France, March 24 /PRNewswire-FirstCall/ --
    - Strong Growth in Results Sales up 16%, net Profit up 17%
    - Sound Financial Position
    - Proposed Increase in Dividend

The Board of Directors, meeting on 23 March 2009 under the chairmanship of Albert SAPORTA, approved the 2008 consolidated financial statements:

    EUR millions                 2007         07/06      2008         08/07
                                    as % of       %         as % of       %
                                     sales   change          sales   change

    Sales                    147.1   100.0      16   170.9   100.0      16
    Cost of goods sold       (32.9)  (22.3)     11   (39.8)  (23.3)     21
    SG&A                     (65.1)  (44.3)     17   (72.9)  (42.7)     12
    R&D net                  (23.8)  (16.2)     32   (30.0)  (17.5)     26
    EBIT                      25.3    17.2       9    28.1    16.5      11
    Net profit, group share   16.3    11.1      12    19.0    11.1      17
    EBITDA                    30.0    20.4       9    34.3    20.1      14
    Capital expenditure      (16.2)  (11.0)     68   (18.3)  (10.7)     12
    Free cash flow             6.5     4.4     (19)    4.7     2.8     (28)
    Net financial debt        10.4             (14)    9.6              (8)
    Equity                    66.4              26    82.6              24
    EPS, diluted              1.22 EUR          10    1.43 EUR          17
    Proposed dividend         0.40 EUR          14    0.45 EUR          13

2008 sales grew by 16% to EUR 171 million, in line with the growth of previous financial years since 2000 (15% average annual growth). The sublingual route remained the main driver of this growth with an 18% increase over the financial year.

Operating profit totalled EUR 28.1 million, along with an operating margin of 16.5%. This performance was all the mo
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SOURCE Stallergenes
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