DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA

HYGEIA GROUP – 9M 2013 Financial Results

HYGEIA GROUP – 9M 2013 Financial Results

  • The operating performance of the Group continues to improve, despite the prolonged economic recession in Greece.
  • Consolidated EBITDA increased to €14.5m, compared to €12.6m for the same 9-month period in 2012, up by 15.1%.
  •     Consolidated Group sales amounted to €171.1m, posting a marginal decrease of 3.8% in relation to the current market conditions.
  • The parent company reported an operating profit of €13.4m, while at the same time recording an EBITDA margin of 13.3%.

 

 

The company DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA SA (hereinafter HYGEIA), a member of MARFIN INVESTMENT GROUP, announced the interim financial results for the 9M period of 2013, in accordance with the International Financial Reporting Standards (IFRS).

REVENUE: On a consolidated basis, revenue was €171.1m, compared to €177.9m for the same period last year. HYGEIA's revenue stood at €100.7m, compared to €102.9m for the same period in 2012.

EBITDA: Consolidated EBITDA rose by 15.1%, reaching €14.5m, compared to €12.6m for the same period in 2012. HYGEIA's EBITDA stood at €13.4m, reflecting an EBITDA margin of 13.3%, compared to €15.6m in profits and a 15.1% EBITDA margin for the corresponding period last year.

 

EARNINGS (LOSSES) BEFORE TAXES: For 9M 2013, HYGEIA Group limited its losses before taxes to €8.6m, compared to losses of €10.6m for the same period in 2012. HYGEIA recorded losses before taxes of €2.5m as opposed to earnings of €4.1m for the same period in 2012, mainly due to the losses from the sale of its interests in the Cypriot subsidiary EVANGELISMOS Maternity & Gynecological Hospital Ltd. HYGEIA's comparative EBT were earnings of €2.1m, as opposed to earnings of €4.2m for 9M 2012.

 

NET EARNINGS (LOSSES) AFTER TAXES & MINORITY INTERESTS: In 9M 2013, the Group recorded losses after taxes and minority interests from continuing operations of €11.4m, compared to €10.3m in losses for the same period last year. HYGEIA Group's comparable results after taxes were losses of €8.9m for 9M 2013, compared to losses of €10.3m for the same period in 2012. On a company level, HYGEIA recorded losses after taxes of €6.2m, as opposed to earnings of €3.0m for the same period last year, due to the sale of its interests in the Cypriot subsidiary EVANGELISMOS Maternity & Gynecological Hospital Ltd and the one-off impact of the deferred tax from the increase in the tax rates as of 1/1/2013. HYGEIA's comparable results after taxes were earnings of €0.2m for 9M 2013, compared to earnings of €3.0m for the same period in 2012.

 

* The comparable results do not include the sale of Cypriot subsidiary EVANGELISMOS Maternity & Gynecological Hospital Ltd, as well as other extraordinary expenses connected to the increase in tax rates as of 1/1/2013.

The main financial results for the Company and the Group for 9M 2013 and the respective period in 2012 are outlined in the table below:

Parent company (published)

 

 

 

Million €

9M 2013

9M 2012

%

Change

Revenue

100.7

102.9

 

-2.1%

EBITDA

13.4

15.6

 

-14.1%

Earnings (Losses) Before Taxes

(2.5)

4.1

 

-161%

Net Earnings (Losses)

(6.2)

3.0

 

-306.7%

Parent (Comparable recurring)

9M 2013

9M 2012

%

Change

 Earnings Before Taxes

2.1

4.2

 

 -50%

Net Earnings

0.2

3.0

 

-93.3%

  

                  

 

 

 

Group (published)

 

 

 

Million €

9M 2013

9M 2012

%

Change

Revenue

171.1

177.9

 

-3.8%

EBITDA

14.5

12.6

 

15.1%

Earnings (Losses) Before Taxes

(8.6)

(10.6)

 

-18.9%

Net Earnings (Losses) (1)

(11.4)

(10.3)

 

10.7%

Group  (Comparable recurring)*

9M 2013

9M 2012

%

Change

Net Earnings (Losses) (1)                       

(8.9)

(10.3)

 

-13.6%

           (1) Net earnings (losses) after taxes and minority interests

* The comparable results do not include the provision for the sale of the Cypriot Group EVANGELISMOS Gynecological Clinic Ltd, 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.