Press Release

                                                    HYGEIA GROUP – 1H 2016 Financial Results
Ø      The operating performance of the Group continues to record marked improvement, steadily remaining at high levels, despite the continuous unilateral, on the part of the Greek state, legislative obligation to implement the automatic rebate and claw-back mechanisms.

 Ø      Consolidated EBITDA rose markedly by 53.3%, amounting to €18.3m.

 Ø      Consolidated sales for the Group remained at high levels and amounted to €116.7m, posting an increase of 1.9%.

 Ø      Consolidated earnings after tax amounted to €4.3m for the period.

 

The company Diagnostic & Therapeutic Center of Athens HYGEIA SA (hereinafter HYGEIA) released its interim consolidated financial statements for the period ended 30/06/2016, in accordance with the International Financial Reporting Standards (IFRS).

The consolidated results for the periods ended 30/6/2016 and 30/6/2015 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), while they were implemented retroactively as of 01/01/2013 and will continue to be in force until 31/12/2018.

REVENUE: Consolidated revenue reached €116.7m, up by 1.9%, as opposed to €114.5m for the same period in 2015.

EBITDA: Consolidated EBITDA increased significantly by 53.3%, reaching €18.3m, compared to €11.9m in earnings for the same period last year.

EBIT: Consolidated EBIT showed marked improvement, amounting to €9.2m, as opposed to €2.1m in earnings for the first half of 2015.

 

NET EARNINGS (LOSSES) AFTER TAXES & MINORITY INTERESTS:

Consolidated results after taxes from continuing operations amounted to earnings of €4.3m for the first half of 2016, as opposed to losses of -€1.7m for the same period in 2015.

 

The financial statements for the Group and the Company have been posted on the Group website at: www.hygeia.gr

 

 

 

Commenting on the results, HYGEIA Group's CEO, Mr Andreas Kartapanis, issued the following statement:

 

Despite the fact that the financial crisis is still rampant in 2016, negatively impacting Greek entrepreneurship, HYGEIA Group continued to demonstrate rising operating profitability and increasing revenues, validating its leading position in the sector.

 

At HYGEIA Group, we mainly aim to recognize risks and implement suitable tools that will ensure continuous growth, strong capital, adequate liquidity and constantly rising operating profitability.

 

Meanwhile, by developing the potential of our highly skilled human resources, we aspire to create contemporary and flexible business structures that promote the scientific and corporate efficiency of our Group.

 

Our unwavering priority is to continue to offer hospital services in tune with the highest standards worldwide, placing HYGEIA Group among the recognized leading international organizations. We are committed to boosting the long-term growth of the Group, while at the same time we closely examine every investment opportunity that may arise and may contribute to achieving our vision.

 

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

 

 

 

 

 

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).