IASO Group's Consolidated Revenue for the FY 2010 amounted to €149,1 million posting a decrease by 16,5% year-on-year while parent company?s was shaped at €87,1 lower by 18,0% , as compared to 2009. This reduction is considered to be expected due to the depression of the Greek economy, the VAT imposition on private healthcare services as well as the price cutting on the offered services.
Operating profitability before depreciation (EBITDA) of IASO Group settled at € 19,3 million versus € 37,5 million in 2009. Parent company?s EBITDA was shaped at € 20,6 million versus € 32,1 million in 2009 while the EBITDA Margin ranged to 23,6% from 30,2% the previous year. On the 4th Q of 2010 the margin was shaped at 25,2% versus 28,5% in 2009 demonstrating a distinct enhancement of the financial figures which is due to the operating cost?s cutting.
Earnings before taxes settled at € 5,8 million versus €26,6 million in the previous year. This variation is mainly due to full operation of the new clinic IASO Thessalias in March 2010. The Parent company?s earnings before taxes was shaped at € 14,9 million from € 26,4 the previous year because of the radical price cutting and the implementation of public sectors price lists on many of the offered services.
Net earnings after taxes and minority rights of the Group dropped at €-1,9 million versus € 13,5 million in 2009 while IASO?s net earnings settled at €8,6 million versus €17,2 in 2009.
Net earnings were burdened with the extraordinary tax charges according to L.3845/2010 (€2,88 million), with higher depreciation because of the full operation of IASO Thessalias and with tax audit adjustments.
Dividends IASO?s BoD, decided to propose to the annual shareholders? meeting a gross dividend payment of € 0,057 per share as the least compensation to its shareholders.
Commenting on FY2010 results IASO S.A Chairman BoD, George Stamatiou, noted:
As expected, 2010 was a difficult year not only for Greece but for the whole world. Our sector was significantly affected by the global financial crisis. Our results, which were published today, demonstrate an expected decrease of our financial figures, due to:
Significant price cutting of 25%-45%
VAT imposition on private healthcare services
Decrease of birth number
In spite of the adverse conditions and the financial crisis, we managed to succeed our goals for 2010:
With consistency, we continued our investing plan totaling to €17,09mil. mainly with the completion of the clinic of IASO Thessalias as well as with investments in medical equipment for the rest of the Group?s companies. We continued the optimization of our services by upgrading the obstetrical rooms and by abolishing rooms with many beds (4beds)
Finally, we focused on the utilization and prosperity of manpower by preserving job positions, as well as on the attribution of a gross dividend of € 0,057 per share to our shareholders.
We believe that, year 2011 will be an equally tough year, but we all have an obligation to confront it with optimism.
Parent Companys and Group?s principal financial figures
IASO Group
€ mil.
2010
2009
% change
Revenue *
149,07 178,50 -16,49
EBITDA
19,29 37,51 -48,57
Earnings Before Taxes
5,80 26,62 -78,21
Earnings After Taxes (Losses) -1,87 13,52 -113,83
IASO S.A.
€ mil.
2010
2009
% change
Revenue *
87,10 106,24 -18,02
EBITDA
20,57 32,06 -35,84
Earnings Before Taxes
14,88 26,36 -43,55
Earnings After Taxes 8,57 17,19 -50,15
*The comparison of the revenue between the two years 2009 and 2010 is not favorable, due to VAT imposition from 1/7/2010 and the change on the legal status of medicine billing.
The Annual Financial Statements of FY 2010 are available at the sites of Athens Exchange (www.ase.gr) and IASO (www.iaso.gr)