Press Release

 HYGEIA GROUP – H1 2017 Financial Results

 
Ø  Consolidated EBITDA continued its upward trend, reaching €19.7m and recording an 8% rise.

Ø  Consolidated sales for the Group amounted to €119m, posting an increase of 2%.

Ø  Consolidated earnings after tax and minority interests increased significantly by 50.9% and reached €6.5m.

 

 

The company Diagnostic & Therapeutic Center of Athens HYGEIA SA (hereinafter HYGEIA) released its consolidated financial statements for the period ended 30/06/2017, in accordance with the International Financial Reporting Standards (IFRS).

The consolidated results for the periods ended 30/06/2017 and 30/06/2016 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 €119m, up by 2%, as opposed to €116.7m for the same period in 2016.

EBITDA: Consolidated EBITDA increased by 8%, reaching €19.7m, compared to €18.3m in earnings for the first half of 2016.

EBIT: Consolidated EBIT showed marked improvement, amounting to €10.8m, as opposed to €9.2m in earnings for the same period last year.

NET EARNINGS (LOSSES) AFTER TAXES & MINORITY INTERESTS:

Consolidated results after taxes from continuing operations amounted to earnings of €6.5m, as opposed to earnings of €4.3m for the same period in 2016.

 

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

 

HYGEIA Group continues to follow its long-term strategic plan, demonstrating rising growth rates in its revenue and operating profitability, and validating its leading position in the sector.‏

The core of our actions includes identifying risks on time, ensuring adequate liquidity, building strong capital and continuously improving our cost structure.

Furthermore, true to our mission, one of the key aims for the Group is the concept of Corporate Social Responsibility in terms of society, our employees, the environment and the economy, by undertaking coordinated CSR initiatives.

Our unwavering priority has always been to continue to offer healthcare services in tune with the highest standards worldwide, while striving for long-term scientific and business growth and pledging to keep the Group among the recognized leading organizations internationally. Besides, HYGEIA is the first and only hospital in Greece to have been accredited by Joint Commission International (JCI), the leading accreditation worldwide for Quality and Safety standards in healthcare services.

Lastly, 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.

 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 a leading position in the private Greek healthcare sector. The Company is listed in the Athens Exchange and employs over 3,160 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, 52 operating rooms, 19 delivery rooms and 10 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).