SORIN S.P.A. ANNUAL GENERAL SHAREHOLDERS MEETING APPROVED THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008
- Approved the financial statements for the year ended December 31, 2008
- Appointed new Board Director
Milan, April 28, 2009 – The General Shareholders meeting of Sorin S.p.A., convened today in Milan under the chairmanship of Rosario Bifulco, approved the financial statements for the year ended December 31, 2008.
40 shareholders were present – either in person or via delegates – representing 49.2% of the total share capital.
In 2008, Sorin Group posted consolidated revenues of € 643.2 million, up 1.4%°* over the same period of 2007; consolidated EBITDA grew to € 80.0 million (12.4% of revenues) and EBIT was € 45.1 million (7.0% of revenues). The company reported a consolidated Net Result of € 0.5 million before the impact of Discontinued Operations. After discontinued operations, the company reported a consolidated Net Result of € -37.1 million. Net Debt as of December 31, 2008 was € 253.1 million, compared to € 293.3 million as of December 31, 2007.
Sorin S.p.A. reported a net loss of € 56.7 million. The Shareholders’ meeting approved to replenish the loss in its entirety by using available reserves.
The Shareholders’ Meeting also appointed Director Mr. Sandro Marco De Poli, which was co-opted by the Board of Directors as of March 19, 2009, which will serve for the remainder of the Board’s current term of office, which expires on the date of the Annual General Meeting called to approve the 2011 Financial Statements.
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The manager responsible for preparing the company’s financial reports, Demetrio Mauro, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.
About the Sorin Group
Sorin Group (www.sorin.com) is a global company and a leader in the treatment of cardiovascular diseases. The company develops, manufactures and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders.
* At comparable foreign exchange rates
° Net of sales to subcontractor
With 3,500 employees worldwide, the Group focuses on three major therapeutic areas that include: cardiopulmonary bypass (extracorporeal circulation and autotransfusion systems), cardiac rhythm management, and heart valve repair and replacement. Every year, over 1 million patients are treated with the devices of Sorin Group in more than 80 countries.
For more information, please visit: www.sorin.com or contact:
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