HYGEIA GROUP - Full Year Results 2011
Press Release
‘HYGEIA GROUP - Full Year Results 2011':
Ø The parent Company increases its operating profitability, exhibiting profits of € 20.8 m., confirming thus its powerful financial position, presenting positive operating flows of €10.7m.
Ø Hygeia Group consolidated EBITDA posted profit amounting to EUR 1.66 m.
Ø Consolidated revenues declined by 10.4% and stood at € 244.1m while the respective revenues of the parent increased by 1.4% at € 141.7 m.
The consolidated and parent Company financial statements for the FY2011 were announced by the company 'Diagnostic and Therapeutic Center of Athens HYGEIA S.A.' (hereinafter HYGEIA), based on the International Financial Reporting Standards (IFRS).
The consolidated and company results of the FY2011 are not directly comparable with the FY2010 results mainly due to the sale of the Turkish subsidiary in 2011 and the impairment of Group subsidiaries goodwill in 2010.
REVENUES: At consolidated level, 2011 revenues stood at €244.1 m. posting a decline of 10.4 %, versus €272.5 m. in 2010. The Company's revenues increased by 1.4% standing at €141.7 m. versus €139.7 m in the respective period last year.
EBITDA: Consolidated published EBITDA posted profits of EUR 1.66m compared to profit of EUR 4 m in 2010 due to continuing competition in maternity sector.
Comparable consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) exhibited profit of EUR 1.9m versus profit of EUR 4.2m in 2010.
HYGEIA Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to €20.8 m., versus profits of €18 m. in 2010 posting an increase by 15.5% and EBITDA margin as a percentage of sales stood at 14.7% in 2011 versus 12.9% in 2010.
NET EARNINGS (LOSSES) AFTER TAX & MINORITIES: HYGEIA Group posted losses after tax and minority interest of - € 29.5 m. versus losses of -€61.2 m. in 2010. The comparable results after tax and minorities present losses of - € 30 m. in 2011 versus losses of -€ 22.7 m. in 2010.
The Company's losses after tax decreased by 80.7% at EUR -12.4m versus losses of EUR 64.4m the same period last year. The comparable results after tax exhibited profit standing at EUR 2.6 m. in 2011 versus EUR 2.4 m. in 2010.
*Comparable results do not include the impairments of goodwill and participations, the results from theTurkish subsidiary operation and sale, extraordinary tax contributions and any extraordinary expenses.
Commenting on the results, HYGEIA's Group CEO, Mrs. Rita Souvatzoglou, made the following statement:
'The year 2011 was marked by a series of particularly negative developments for the Greek economy and the domestic business environment. During this period of economic downturn, HYGEIA Group, having perceived the challenges in advance, displayed adaptability and resilience, improving its operating results. At parent company levels, the increase of operating profitability reflects the company's leading position in the healthcare sector.
In consideration of the conditions prevailing in the Greek market, the Group's Management proceeded to strengthening of its capital structure with the completion of the Share Capital Increase of totally circa €65m., with the support of its major shareholder MARFIN INVESTMENT GROUP.
During 2011, HYGEIA, confirming the soundness of its strategic planning, was awarded by ICAP Group with the True Leaders Award, being singled out as the only hospital in Greece distinguished for the high credit rating indicators, the increase of employed headcount and its robust operational profitability. Moreover, Hygeia Hospital ranked amongst the first companies for Best Workplaces 2011, illustrating once more the mutual relationship of understanding, cooperation and respect between the Management and employees.
In 2011, Hygeia Group joined the international market of Medical tourism with the certification of its two largest hospitals HYGEIA and MITERA, by the world organization of certification of medical tourism services TEMOS, as the only hospitals in Greece for their capability and proficiency to respond to foreign patients needs.
In the context of our strategic planning, HYGEIA Group limits its operating costs, preserving the jobs potential, reinforces its operating results, improves its financial position by continuously upgrading the level of healthcare services provided, in order to ensure a sound Group growth and its shareholders long term interest.
At HYGEIA Group we estimate that every crisis is a new challenge and we believe that the coordinated efforts by the entire HYGEIA Group team along with the excellent training of our personnel and our deep sense of responsibility vis-à-vis fellow human beings and patients are the elements that will preserve the Group's leading position in healthcare services provision.
Benefactor in the fulfillment of our targets remains the largest entrepreneurial group in Greece, MARFIN INVESTMENT GROUP'
Please find below a table with the Key P&L Figures for the Group and the Company compared to the respective 2010 period:
|
Group (Published) |
|
|
|
|
Eur m |
2011 |
2010 |
y-o-y change |
|
Revenues |
244.1 |
272.5 |
-10.4% |
|
EBITDA |
1.66 |
4.0 |
-58.5% |
|
Net Income(Losses) (1) |
(29.5) |
(61.2) |
-51.8% |
|
Group |
|
|
|
|
(Comparable recurring) |
2011 |
2010 |
|
|
EBITDA |
1.9 |
4.2 |
-54.8% |
|
Parent (published) |
|
|
|
|
Eur m |
2011 |
2010 |
y-o-y change |
|
Revenues |
141.7 |
139.7 |
1.4% |
|
EBITDA |
20.8 |
18.0 |
15.5% |
|
Net Income (Losses) |
(12.4) |
(64.4) |
-80.7% |
|
Parent |
2011 |
2010 |
|
|
Net Income |
2.6 |
2.4 |
8.3% |
|
|
|
|
|
|
|
|
|
|
(1) Net Earnings (Losses) after tax & minority interest
*Comparable results do not include the impairments of goodwill and participations, the results from theTurkish subsidiary operation and sale, extraordinary tax contributions and any extraordinary expenses.
Detailed financial and other information is available on the Group's website: www.hygeia.gr.