29.05.2015

Press Release

HYGEIA GROUP – Q1 2015 Financial Results

• Ø    The operating performance of the Group continues to improve, despite the extremely adverse economic climate and the legislative obligation for EOPYY cutbacks (claw-back and rebate).
• Ø    Consolidated EBITDA rose by 2.4%, amounting to €6.7m.
• Ø    Consolidated EBT improved significantly, recording marginal losses of €0.5m.

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

The consolidated results for Q1 2015 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 Q1 2015 reached €56.67m, down by 1.4%, as opposed to €57.48m in Q1 2014.

EBITDA: Published consolidated EBITDA for Q1 2015 increased by 2.4%, amounting to earnings of €6.7m, compared to earnings of €6.5m for the same period last year.

EARNINGS (LOSSES) BEFORE TAXES (EBT): Published consolidated EBT for Q1 2015 improved significantly and amounted to losses of -€0.5m, as opposed to losses of -€1.2m in Q1 2014.

NET EARNINGS (LOSSES) AFTER TAXES & MINORITY INTERESTS: Consolidated results after taxes from continuing operations amounted to losses of -€0.4m for Q1 2015, as opposed to losses of -€0.6m for the same quarter in 2014.

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

“Despite the continuing prolonged uncertainty encountered by the Greek economy, HYGEIA Group demonstrated considerable resilience in its operating profitability during the first quarter of 2015, reaffirming its successful management of the crisis.

At HYGEIA Group, we will continue our unwavering corporate strategy, aiming at keeping our capital base strong, securing adequate liquidity, forging new healthy partnerships and optimizing the Group's costs and operations.

We will continue even stronger towards achieving our goal, which is to safeguard the long-term interests of shareholders and all stakeholders, while also strengthening the Group's social and financial position. We are solidly committed to offering hospital services that are in tune with the highest standards worldwide, placing HYGEIA Group among the recognized international organizations, while we will continue to maintain the Group's leading position in the private healthcare sector.

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).