27.11.2015

Press Release

  HYGEIA GROUP – 9M 2015 Financial Results

• Ø      The operating performance of the Group continues to improve significantly, despite the continuing legislative obligation for EOPYY cutbacks (claw-back and rebate).
• Ø      Consolidated EBITDA rose significantly by 46.6% compared to 9M 2014, amounting to €14.7m.
• Ø      Consolidated sales for the Group continued to remain at high levels and amounted to €165.5m, posting an increase of 1%.

The company DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA SA (hereinafter HYGEIA) announced the interim financial results for 9M 2015, in accordance with the International Financial Reporting Standards (IFRS).

The consolidated results for 9M 2015 and 2014 have been negatively affected by the unilateral Greek government decisions for cutbacks when invoicing hospitalization fees and diagnostic tests for individuals 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: Consolidated revenue for 9M 2015 reached €165.5m, up by 1%, as opposed to €163.8m for the same period last year.

EBITDA: Consolidated EBITDA for 9M 2015 increased significantly by 46.6%, amounting to earnings of €14.7m, compared to earnings of €10m for the same period last year.

EARNINGS (LOSSES) BEFORE TAXES (EBT): Consolidated EBT for 9M 2015 improved significantly by 33.2%, limiting losses to -€7.5m, as opposed to losses of -€11.3m for 9M 2014.

NET EARNINGS (LOSSES) AFTER TAXES & MINORITY INTERESTS: Consolidated results after taxes from continuing operations amounted to losses of -€8.8m for 9M 2015, as opposed to losses of -€11.4m for the corresponding period last year.

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

In this tough economic climate, with the business world significantly affected by the recent tax and insurance reforms, HYGEIA Group has managed to increase its operating profitability, fortifying its leading position in the private Greek healthcare sector.

With a view to maintaining the continuous growth of the Group, HYGEIA's Management has focused on successfully safeguarding its capital; on securing adequate liquidity, despite the delays on the part of the social security funds in paying off their amounts in arrears; and on supporting the strategic initiatives of the Group subsidiaries, with the ultimate aim being to maximize synergies within the Group.

An unwavering priority of our strategy has been the continuous effort expended so that the hospital services we offer are in tune with the highest standards worldwide and HYGEIA Group can maintain its leading position among recognized international institutions.

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 a 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).