HYGEIA GROUP – Q1 2013 Financial Results

Ø      The positive results reflect the effectiveness of the plans to restructure the Group, as well as its proper operation, despite the adverse economic conditions.

Ø       Consolidated EBITDA amounted to €9.4m in profit.

Ø      The parent company reported a significant operating profit of €7.6m, while at the same time recording a high EBITDA margin of 20.6%.

Ø       The parent company's recurring results after taxes were profits of €2.9m.

The company DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA SA (hereinafter HYGEIA) announced the interim financial results for the first quarter of 2013, in accordance with the International Financial Recording Standards (IFRS).

REVENUE: On a consolidated basis, revenue stood at €62.7m during Q1 2013, on the same level as the respective period last year. HYGEIA's revenue stood at €36.9m, compared to €36.5m for Q1 2012.

EBITDA: Consolidated EBITDA rose significantly by 59.3% in profit, reaching €9.4m, compared to €5.9m in the first quarter of 2012. HYGEIA's EBITDA rose by 11.8%, reaching €7.6m, compared to €6.8m for the same period last year.

EARNINGS (LOSSES) BEFORE TAXES: In Q1 2013, HYGEIA Group posted losses before taxes of €2.4m, compared to losses of €1.9m for the same period in 2012. The comparable consolidated results before taxes improved by 200%, posting earnings of €1.9m, as opposed to losses of €1.9m for Q1 2012.

HYGEIA reported earnings before taxes of €0.3m, compared to earnings of €3m for the respective period last year. The comparable results before taxes improved significantly by 33.3%, posting earnings of €4m, as opposed to earnings of €3m for Q1 2012.

NET EARNINGS (LOSSES) AFTER TAXES & MINORITY INTERESTS: In Q1 2013, the Group recorded losses after taxes and minority interests from continuing operations of €4.2m, compared to €1.9m in losses for the same period last year. The comparable consolidated results before taxes improved by 231.6%, posting earnings of €2.5m, as opposed to losses of €1.9m for Q1 2012.

At company level, HYGEIA reported earnings after taxes of €3.1m, compared to earnings of €2.3m for the same period last year. The comparable results before taxes increased by 26.1%, posting earnings of €2.9m, as opposed to earnings of €2.3m for Q1 2012.

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

Notwithstanding the Greek economy, which is still experiencing severe recession in 2013, HYGEIA Group has continued to demonstrate operating profitability and improved performance in Q1 2013, confirming the proper management of its strategic restructuring plans.

 Amid the adverse economic climate, the Group's Management has been safeguarding the healthy development of its corporate activities and divesting from non-essential operating activities, aiming at maintaining its leading position and maximizing the effectiveness of synergies within the Group.

At the same time, HYGEIA Hospital is boosting competitiveness by continuously upgrading the healthcare services it offers and constancy investing in cutting-edge technology, thus being the only hospital in Greece to have been accredited by the Joint Commission International (JCI), the leading accreditation worldwide for Quality and Safety Standards in Healthcare Services.

Furthermore, despite the continuous economic instability, HYGEIA Group has preserved jobs, while HYGEIA Hospital was listed among the leading employers in Greece and Europe for its unique work environment.

 At HYGEIA Group, we invest on our human resources and our physicians through our vision and strategy, and we respond to each new challenge, while being devoted to serving healthcare. 

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

    The main financial results for the Group and the Company are outlined in the following table:

(1) Net earnings (losses) after taxes and minority interests

* The comparable results do not include the provision for the sale of the Cypriot Group Evangelismos Gynecological Clinic Ltd, as well as the extraordinary expenses connected to the increase in tax rates as of 1/1/2013.

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