In Bosnia-Herzegovina sales in local currency declined by 22% in financial year 2009; in euro, sales also decreased by 22% to EUR 14.8 million in the financial year 2009 (previous year: EUR 19.0 million). The focus of local business activities continues to be on the Serbian-oriented part of the country. In the financial year 2009, STADA raised its stake in existing majority shareholdings of Cajavec sistemi upravljanja A.D., Bosnia-Herzegovina, by an increase of the stake of the STADA subsidiary Hemofarm from the previous 96.78% to the current 97.70%. Cajavec sistemi upravljanja is currently non-operational.
Sales decreased in the first three months of 2010 applying last year’s exchange rates by 63%. In Euro sales decreased by 65% to EUR 3.5 million (1-3/2009: EUR 9.9 million).
| 1) | Sales below EUR 0.05 million were rounded to EUR 0.0 million. |