EUROMEDICA Α.Ε.
Report on results for the nine-month period of 2008
20% increase in turnover and 19% in EBITDA
Euromedica Group's turnover increased by 19.9% for the nine-month period of 2008 compared to the corresponding nine-month period of 2007 rising to 166.4 million euros from 138.8 million euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 27.2 million euros, up from 22.9 million euros for the previous nine-month period presenting a significant 18.6% increase.
The increase in the operating results of the Euromedica group is attributed mainly to the improvement in the results of the pre-existing medical units of the group, as well as to the 18 new medical units that were added thereto during the first nine-month period of 2008, either through acquisitions or through establishment of new companies.
Εuromedica Group currently comprises a network of 76 medical units active in the healthcare services sector, not only throughout Greece, but also in Albania as well. More specifically it owns 16 hospitals, 53 medical centers and 7 rehabilitation and recovery centers.
At parent company level, turnover for the nine-month period of 2008 showed an increase of 76.7%, up from 66.3 million euros to 117.0 million euros, whereas EBITDA more than doubled from 6.1 million euros to 13.1 million euros. The significant increase in the operating results of the parent company is attributed, mainly to the improvement in results of the medical units, as well as to the merger, through absorption by the parent company, of the following subsidiaries: "GENERAL CLINIC OF THESSALONIKI SA", "HIGH TECHNOLOGY MEDICAL INSTITUTE OF CRETE SA" and "EUROMEDICA WEST MACEDONIA SA", during the fourth quarter of 2007.
As regards pre-tax results, both those of the group and of the parent company showed losses amounting to 16.0 million euros and 25.3 million euros respectively, since they include the loss that resulted from the valuation of IASO's share portfolio, due to the particularly severe stock market downturn throughout the whole of 2008. At 30/9/2008 the company had 6,529,731 (12.28%) IASO shares in its portfolio.
The Group's post-tax results showed losses of 9.7 million euros and those of the Company, 16.4 million euros.
If the valuation of IASO shares held by EUROMEDICA had not been taken into account then the net post-tax results would have shown a profit of 14.3 million euros for the group and 7.6 million euros for the parent company.
Euromedica Group's turnover increased by 19.9% for the nine-month period of 2008 compared to the corresponding nine-month period of 2007 rising to 166.4 million euros from 138.8 million euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 27.2 million euros, up from 22.9 million euros for the previous nine-month period presenting a significant 18.6% increase.
The increase in the operating results of the Euromedica group is attributed mainly to the improvement in the results of the pre-existing medical units of the group, as well as to the 18 new medical units that were added thereto during the first nine-month period of 2008, either through acquisitions or through establishment of new companies.
Εuromedica Group currently comprises a network of 76 medical units active in the healthcare services sector, not only throughout Greece, but also in Albania as well. More specifically it owns 16 hospitals, 53 medical centers and 7 rehabilitation and recovery centers.
At parent company level, turnover for the nine-month period of 2008 showed an increase of 76.7%, up from 66.3 million euros to 117.0 million euros, whereas EBITDA more than doubled from 6.1 million euros to 13.1 million euros. The significant increase in the operating results of the parent company is attributed, mainly to the improvement in results of the medical units, as well as to the merger, through absorption by the parent company, of the following subsidiaries: "GENERAL CLINIC OF THESSALONIKI SA", "HIGH TECHNOLOGY MEDICAL INSTITUTE OF CRETE SA" and "EUROMEDICA WEST MACEDONIA SA", during the fourth quarter of 2007.
As regards pre-tax results, both those of the group and of the parent company showed losses amounting to 16.0 million euros and 25.3 million euros respectively, since they include the loss that resulted from the valuation of IASO's share portfolio, due to the particularly severe stock market downturn throughout the whole of 2008. At 30/9/2008 the company had 6,529,731 (12.28%) IASO shares in its portfolio.
The Group's post-tax results showed losses of 9.7 million euros and those of the Company, 16.4 million euros.
If the valuation of IASO shares held by EUROMEDICA had not been taken into account then the net post-tax results would have shown a profit of 14.3 million euros for the group and 7.6 million euros for the parent company.