Press Release

HYGEIA GROUP –H1 2015 Results

• Ø The operating performance of the Group continues to improve, despite the adverse economic climate and the legislative obligation for EOPYY cutbacks (claw-back and rebate).
  • Consolidated EBITDA rose significantly by 15.9%, amounting to €11.9m.
• Ø Consolidated sales for the Group remained at high levels and amounted to €114.5m, posting a marginal drop of 0.5%.

The company DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA SA (hereinafter HYGEIA) announced the interim financial results for the first half of 2015, in accordance with the International Financial Reporting Standards (IFRS).

The following consolidated interim financial results for H12015 and 2014 have been negatively affected by the unilateral Greek government decisions for cutbacks when invoicing hospitalization fees 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: Published consolidated revenue for H1 2015 reached €114.5m, marginally down by 0.5%, as opposed to €115.1m in H1 2014.

EBITDA: Published consolidated EBITDA for H1 2015 increased significantly by 15.9%, amounting to earnings of €11.9m, compared to earnings of €10.3m for the same period last year.

EARNINGS (LOSSES) BEFORE TAXES (EBT): Published consolidated EBT for H1 2015 improved significantly by 48% and amounted to losses of -€2.7m, as opposed to losses of -€5.2m in H1 2014.

NET EARNINGS (LOSSES) AFTER TAXES & MINORITY INTERESTS: Consolidated results after taxes from continuing operations amounted to losses of -€1.7m for H1 2015, as opposed to losses of -€5.6m for the same period in 2014.

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

Given the current economic uncertainty prevalent in Greece and despite the continuing delays on the part of the social security funds in paying off their amounts in arrears, HYGEIA Group has managed to increase its operating profitability, showcasing its leading position in the Greek healthcare sector.

At HYGEIA Group, we will continue our unwavering corporate strategy and, especially during these tough times faced by Greek entrepreneurship, we will focus on keeping our capital base strong, securing adequate liquidity and continuously increasing the operating performance of the Group companies' business activities, while maximizing synergies within the Group.

A fundamental pillar in every step of our financial growth has been to boost corporate value and safeguard the long-term interests of shareholders and all stakeholders, while showing a deep sense of respect for people and the environment.

At HYGEIA Group, despite the adverse economic climate, we continue to advance and remain committed to achieving our vision, so that the hospital services we offer are in tune with the highest standards worldwide and HYGEIA Group can maintain its leading position among the recognized international organizations.

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

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

HYGEIA Hospital SA was founded in 1970 and has since been active in the provision of primary and secondary healthcare services, occupying the leading position in the private Greek healthcare sector. The Company is listed in the Athens Exchange and employs over 3,200 people. In January 2006, MARFIN INVESTMENT GROUP (MIG) gained control of the Company and launched a series of investment initiatives, with the strategic objective being to create the largest group of integrated healthcare services. HYGEIA Group owns three hospitals in Greece (HYGEIA, MITERA & LETO) and one in Albania (HYGEIA Tirana), with a total capacity of 1,261 licensed beds, 55 operating rooms, 30 delivery rooms and 9 ICUs. It is also active in the area of primary healthcare, as it owns two Diagnostic Centers (HYGEIANET Athens & Peristeri) and one Molecular Biology & Cytogenetics Center (AlfaLab), while it also runs a company trading in special materials, consumables, pharmaceuticals and general medical supplies (Y-LOGIMED). Furthermore, it is active in the area of research, production and trading of medical cosmetics (BEATIFIC).