DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA
HYGEIA S.Α First Quarter Results
Consolidated Revenues increased by 138% y-o-y to EUR 66.2m.
Consolidated EBITDA increased by 110%y-o-y to EUR 15.8m.
Consolidated EBT increased by 32% y-o-y to EUR 8.4m.
1Q 2008 financial statements were announced by the company "Diagnostic and Therapeutic Center of Athens HYGEIA S.A.", based on the International Financial Reporting Standards.
1Q 2008 operating results of the Group and the parent Company are characterized by significant growth. The improvement of financial fundamentals is illustrated in all company's and group accounts:
REVENUES: Consolidated revenues reached EUR 66.2m, increasing by 138.1%, versus EUR 27.8m the same period last year. Parent Revenues increased by 18.6%y-o-y, reaching EUR 33.2m versus EUR 28m the same period last year.
EBITDA: Consolidated EBITDA increased by 109.8%y-o-y to EUR 15.8m. The consolidated EBITDA margin stood at 23.9%. Parent Company EBITDA reached EUR 7.9m, increasing by 6.4%y-o-y, while the EBITDA margin reached 23.7%.
EARNINGS BEFORE TAXES (EBT): Consolidated Earnings Before Taxes (EBT) increased by 31.9% to EUR 8.4m, although 1Q 2008 were burden by interest expenses of circa EUR 5m that occurred from the EUR 300m Convertible Bond Loan (C.B.L.). Recall that 1Q 2007 results were inflated from circa EUR 1.1m from the consolidation of "MITERA-LETO" Group 24.8% stake through the equity method, inflating the comparison base.
EARNINGS AFTER TAX & MINORITIES: Group net income increased by 1.4%y-o-y to EUR 5.7m. Parent Company's Earnings After Tax exceeded EUR 1.6m, versus EAT of EUR 6.02m the same period last year, mainly due to the burden of 1Q 2008 results with interest expenses of circa EUR 5m that occurred from the EUR 300m Convertible Bond Loan (C.B.L.). Moreover, in 1Q 2007 results HYGEIA booked fiscal year's 2006 dividend of EUR 1.6m from its 24.8% stake in "MITERA-LETO" Group. Note that the dividend of circa EUR 11.4m from "MITERA-LETO" Group for the fiscal year 2007 will be booked in HYGEIA's 1H 2008 Income Statement.
Commenting on the results of the first quarter, the Vice-Chairman of HYGEIA's Board of Directors, Mr. Andreas Vgenopoulos, made the following statement:
I am particularly satisfied as the strategic choice of MARFIN INVESTMENT GROUP (MIG) for significant investments in the health sector, is bearing fruits. With the conclusion of the acquisitions of SAFAK Group in Turkey and EVANGELISMOS in Paphos, Cyprus, the Group HYGEIA will control in total 9 hospitals in Greece, Turkey and Cyprus, with 1,547 total beds capacity in its effort to accomplish its strategic target to develop the largest private sector provider of integrated Healthcare services in Southeastern Europe. I believe that the accomplishment of our initial plan that is implemented by the Board of Directors and Management of HYGEIA will increase the value for the company's shareholders".
Detailed financial and other information is available to the Group's website: www.hygeia.gr.
Consolidated EBITDA increased by 110%y-o-y to EUR 15.8m.
Consolidated EBT increased by 32% y-o-y to EUR 8.4m.
1Q 2008 financial statements were announced by the company "Diagnostic and Therapeutic Center of Athens HYGEIA S.A.", based on the International Financial Reporting Standards.
1Q 2008 operating results of the Group and the parent Company are characterized by significant growth. The improvement of financial fundamentals is illustrated in all company's and group accounts:
REVENUES: Consolidated revenues reached EUR 66.2m, increasing by 138.1%, versus EUR 27.8m the same period last year. Parent Revenues increased by 18.6%y-o-y, reaching EUR 33.2m versus EUR 28m the same period last year.
EBITDA: Consolidated EBITDA increased by 109.8%y-o-y to EUR 15.8m. The consolidated EBITDA margin stood at 23.9%. Parent Company EBITDA reached EUR 7.9m, increasing by 6.4%y-o-y, while the EBITDA margin reached 23.7%.
EARNINGS BEFORE TAXES (EBT): Consolidated Earnings Before Taxes (EBT) increased by 31.9% to EUR 8.4m, although 1Q 2008 were burden by interest expenses of circa EUR 5m that occurred from the EUR 300m Convertible Bond Loan (C.B.L.). Recall that 1Q 2007 results were inflated from circa EUR 1.1m from the consolidation of "MITERA-LETO" Group 24.8% stake through the equity method, inflating the comparison base.
EARNINGS AFTER TAX & MINORITIES: Group net income increased by 1.4%y-o-y to EUR 5.7m. Parent Company's Earnings After Tax exceeded EUR 1.6m, versus EAT of EUR 6.02m the same period last year, mainly due to the burden of 1Q 2008 results with interest expenses of circa EUR 5m that occurred from the EUR 300m Convertible Bond Loan (C.B.L.). Moreover, in 1Q 2007 results HYGEIA booked fiscal year's 2006 dividend of EUR 1.6m from its 24.8% stake in "MITERA-LETO" Group. Note that the dividend of circa EUR 11.4m from "MITERA-LETO" Group for the fiscal year 2007 will be booked in HYGEIA's 1H 2008 Income Statement.
Commenting on the results of the first quarter, the Vice-Chairman of HYGEIA's Board of Directors, Mr. Andreas Vgenopoulos, made the following statement:
I am particularly satisfied as the strategic choice of MARFIN INVESTMENT GROUP (MIG) for significant investments in the health sector, is bearing fruits. With the conclusion of the acquisitions of SAFAK Group in Turkey and EVANGELISMOS in Paphos, Cyprus, the Group HYGEIA will control in total 9 hospitals in Greece, Turkey and Cyprus, with 1,547 total beds capacity in its effort to accomplish its strategic target to develop the largest private sector provider of integrated Healthcare services in Southeastern Europe. I believe that the accomplishment of our initial plan that is implemented by the Board of Directors and Management of HYGEIA will increase the value for the company's shareholders".
Detailed financial and other information is available to the Group's website: www.hygeia.gr.