Press Release

 HYGEIA GROUP – 2014 Annual Financial Results

Ø      The operating performance of the Group continues to record marked improvement, despite the unilateral, on the part of the Greek state, legal obligation to implement the automatic rebate and claw-back mechanism, as well as the extremely harsh economic environment.

Ø      Consolidated EBITDA improved significantly, amounting to €11.8m in earnings.

Ø      Consolidated sales for the Group remained at high levels and amounted to €217.5m, posting an increase of 6.8%.

The company Diagnostic & Therapeutic Center of Athens HYGEIA SA (hereinafter HYGEIA) released its consolidated financial statements for the 2014 fiscal year, in accordance with the International Financial Reporting Standards (IFRS).

The consolidated results for the 2013 and 2014 fiscal years have been negatively affected by the unilateral Greek government decisions for cutbacks in invoicing hospitalization and diagnostic tests for people insured with national insurer EOPYY (rebate and claw-back). These decisions are pursuant to Article 100 of Law 4172/2013 (Government Gazette Vol. A 167) and have a retroactive effect from 01/01/2013. 

REVENUE: Consolidated revenue for 2014 reached €217.5m, up by 6.8%, as opposed to €203.7m in 2013.

EBITDA: Consolidated EBITDA increased significantly, reaching €11.8m, compared to -€6.4m in losses for the same period last year.

EBIT: Consolidated EBIT amounted to -€8.5m in losses, as opposed to -€25m in losses for the corresponding period last year.

 NET EARNINGS (LOSSES) AFTER TAXES & MINORITY INTERESTS: Consolidated results after taxes from continuing operations improved significantly by 50.8%, amounting to losses of -€18.8m in 2014, as opposed to losses of -€38.1m in 2013. The comparable recurring consolidated results after taxes improved significantly by 54%, amounting to losses of -€16.4m in 2014, as opposed to losses of -€35.6m in 2013.

* The comparable recurring results do not include the impairment of assets, the results from the sale of subsidiaries, as well as other extraordinary expenses connected to the increase in tax rates as of 01/01/2013.

Commenting on the results, HYGEIA Group's Chairwoman, Ms Rita Souvatzoglou, issued the following statement: 

 In 2014, and despite continuing uncertainty and instability both at a fiscal and at a healthcare sector level, HYGEIA Group continued to demonstrate marked resilience, recording increases in revenue and remarkable operating profitability, thus reaffirming its successful management of the prolonged crisis.

 At HYGEIA Group, we have adjusted our strategic planning, focusing on the Group's healthy growth.  The core of our business strategy is to create suitable conditions that will ensure continuous growth, strong capital, adequate liquidity and operating profitability. In 2014, we set our priorities correctly and focused on seizing opportunities for added-value synergies, while at the same time restructuring costs and operations. 

 The ultimate aim of all of us at HYGEIA Group is to boost corporate value and safeguard the long-term interests of shareholders and all stakeholders, while also strengthening the Group's social and financial position.

 As part of our mission, we systematically launch initiatives with targeted and coordinated Corporate Social Responsibility actions, genuinely contributing to improving the everyday lives of our fellow citizens and achieving social prosperity.

 Our unwavering priority is to continue to offer hospital services in tune with the highest standards worldwide, placing HYGEIA Group among the recognized leading international organizations. We are committed to sustaining the long-term growth of the Group, while at the same time, we closely examine every investment opportunity that may arise and may contribute to achieving our vision.

 MARFIN INVESTMENT GROUP, our majority shareholder, continues to assist us in our efforts to attain our goals.

             (1) Results before taxes, financial and investment results, depreciation and amortization.

            (2) Net earnings (losses) after taxes and minority interests.

 * The comparable recurring results do not include the impairment of assets, the impairment of interests, the results from the sale of subsidiaries, as well as other extraordinary expenses connected to the increase in tax rates as of 1/1/2013.

Detailed financial and other information is available on the Group's website at: www.hygeia.gr.