Increase of 14% in Turnover and 8.3% in EBITDA
The Euromedica group's turnover in the first quarter of 2008 increased by 14.2% compared to the corresponding quarter in 2007, rising to 55.7 million euros from 48.8 million. The earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to 9.56 million euros, compared to 8.83 million euros in the previous quarter, thus presenting an increase of 8.3%.
The above increases are attributed to the improvement of the results of the medical units owned by EUROMEDICA nationwide, six of which were acquired by the group in the first quarter of 2008.
At the parent company level, the turnover presented a 75.5% increase, rising from 23.8 million to 41.7 million euros, whereas EBITDA doubled from 3 million to 6 million euros.
Apart from the improvement of the results of the medical units, the merger - through absorption by the parent company - of the following subsidiaries within 2007: "GENERAL CLINIC OF THESSALONIKI S.A.", "HIGH TECHNOLOGY MEDICAL INSTITUTE OF CRETE S.A." and "EUROMEDICA WEST MACEDONIA S.A." also contributed to the significant increase in the parent company's results.
As regards the results before tax of both the parent company and group, they presented losses amounting to 13.8 million euros and 11.7 million euros respectively, as they include the loss amounting to 14.95 million euros that resulted from the valuation of the shares of IASO S.A. owned by the Company (5,353,214 IASO shares), due to the highly adverse environment in the Stock Market, in the first quarter of 2008.
If the valuation of the IASO shares owned by EUROMEDICA is not taken into account, then the net results before tax amount to a profit of 3.27 million euros for the group and 1.15 million euros for the parent company.