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Med Life S.A. - M

2019 Q1 Report

Release Date: 5/15/2019 7:30:09 AM

IRIS Code: FAD0D

 

To: BUCHAREST STOCK EXCHANGE

       FINANCIAL SUPERVISORY AUTHORITY

 

 

REPORT

Report drafted according to the stipulations of ASF Rule no. 5/2018 on issuers of financial instruments and market operations and Law no. 24/2017 on issuers of financial instruments and market operations

 

Report Date: 15 May 2019

Name of the issuing company: MED LIFE S.A. ("MedLife" or "The Company")

Registered Office: Bucharest, Calea Grivitei, no. 365, district 1, Romania

Fax number: 0374 180 470

Unique Registration Code at the National Office of Trade Registry: 8422035

Order number on the Trade Registry: J40/3709/1996

Subscribed and paid-in share capital: 5,536,270.5 RON

Regulated market on which the issued securities are traded: Bucharest Stock Exchange, Premium Category

 

Significant events to report:

 

Availability of 2019 First Quarter Report

(period 1 January- 31 March 2019) for MEDLIFE GROUP and MED LIFE S.A.

 

 

Med Life S.A. informs the shareholders and investors that, starting 15 of May 2019, 9:00 AM, on the Company’s website (www.medlifeinternational.com), at section Investor Relations / Investor Reports and Presentations / Periodic reports, the 2019 First Quarter Report is available.

 

The 2019 First Quarter Report can also be consulted by accessing the link from below.

 

Website Link : http://medlifeinternational.com/investors-reports/periodic .

 

For additional information, please contact us at investors@medlife.ro.

 

 

Mihail Marcu

Chief Executive Officer

 

_________________________

MedLife Group

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (“CONSOLIDATED BS”)

   

March 31,

 

1 January,

 

Variation

   

2019

 

2019

   

ASSETS

           

Long Term

           

Goodwill

 

82,378,647

 

82,378,647

 

0.0%

Intangible assets

 

38,963,872

 

39,647,014

 

-1.7%

Tangible assets

 

452,887,076

 

458,033,010

 

-1.1%

Right-of-use asset

 

105,951,764

 

-

 

100.0%

Other financial assets

 

16,654,765

 

10,115,776

 

64.6%

TOTAL NON-CURRENT ASSETS

 

696,836,124

 

590,174,447

 

18.1%

Current Assets

           

Inventories

 

30,262,729

 

31,070,480

 

-2.6%

Receivables

 

85,303,599

 

78,957,879

 

8.0%

Other receivables

 

12,071,509

 

13,117,114

 

-8.0%

Cash and cash equivalents

 

39,675,884

 

34,206,159

 

16.0%

   

167,313,721

 

157,351,632

 

6.3%

Assets classified as held for sale

 

381,665

 

381,665

 

0.0%

Prepayments

 

8,817,794

 

6,186,462

 

42.5%

TOTAL CURRENT ASSETS

 

176,513,180

 

163,919,759

 

7.7%

TOTAL ASSETS

 

873,349,304

 

754,094,206

 

15.8%

LIABILITIES & SHAREHOLDER’S EQUITY

           

Current Liabilities

           

Trade accounts payable

 

145,922,699

 

140,970,528

 

3.5%

Overdraft

 

29,307,406

 

30,911,018

 

-5.2%

Current portion of lease liability

 

43,020,855

 

8,949,472

 

380.7%

Current portion of long term debt

 

25,717,668

 

23,162,490

 

11.0%

Current tax liabilities

 

1,074,068

 

729,572

 

47.2%

Provisions

 

1,875,448

 

2,458,957

 

-23.7%

Other liabilities

 

35,556,505

 

37,605,544

 

-5.4%

Liabilities directly associated with assets classified as held for sale

 

442,944

 

458,785

 

-3.5%

TOTAL CURRENT LIABILITIES

 

282,917,593

 

245,246,366

 

15.4%

Long Term Debt

           

Lease liability

 

100,766,080

 

26,525,231

 

279.9%

Long term debt

 

294,912,197

 

287,013,365

 

2.8%

TOTAL LONG-TERM LIABILITIES

 

395,678,277

 

313,538,596

 

26.2%

Deferred tax liability

 

16,598,179

 

16,436,342

 

1.0%

TOTAL LIABILITIES

 

695,194,049

 

575,221,304

 

20.9%

SHAREHOLDER’S EQUITY

           

Issued capital

 

81,495,470

 

81,495,470

 

0.0%

Treasury shares

 

(3,730,082)

 

(6,056,105)

 

-38.4%

Reserves

 

93,906,109

 

93,906,109

 

0.0%

Retained earnings

 

(12,988,579)

 

(9,994,660)

 

30.0%

Equity attributable to owners of the Group

 

158,682,918

 

159,350,814

 

-0.4%

Non-controlling interests

 

19,472,337

 

19,522,088

 

-0.3%

TOTAL EQUITY

 

178,155,255

 

178,872,902

 

-0.4%

TOTAL LIABILITIES AND EQUITY

 

873,349,304

 

754,094,206

 

15.8%

 
UNAUDITED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME (“Consolidated pl”)
 
   

3 months ended March 31,

 

Variation

   

2019

 

2018

 

2019/2018

             

Sales

 

231,022,320

 

176,228,645

 

31.1%

Other operating revenues

 

2,026,049

 

209,217

 

868.4%

Operating Income

 

233,048,369

 

176,437,862

 

32.1%

             

Operating expenses

 

(218,005,747)

 

(166,815,073)

 

30.7%

             

Operating Profit

 

15,042,622

 

9,622,789

 

56.3%

             

Finance cost

 

(4,785,542)

 

(3,363,845)

 

42.3%

Other financial expenses

 

(6,318,848)

 

(256,061)

 

2367.7%

             

Financial result

 

(11,104,390)

 

(3,619,906)

 

206.8%

             

Result Before Taxes

 

3,938,232

 

6,002,883

 

-34.4%

Income tax expense

 

(1,568,883)

 

(1,614,370)

 

-2.8%

Net Result

 

2,369,349

 

4,388,513

 

-46.0%

             

Owners of the Group

 

940,414

 

2,887,261

 

-67.4%

Non-controlling interests

 

1,428,935

 

1,501,252

 

-4.8%

             

Other comprehensive income items that will not be reclassified to profit or loss

           
             

Gain / Loss on revaluation of properties

 

-

 

-

 

0.0%

Corrections related to prior years

 

-

 

-

 

0.0%

Deferred tax on other comprehensive income components

 

-

 

-

 

0.0%

TOTAL OTHER COMPREHENSIVE INCOME

 

-

 

-

 

0.0%

             

Total other comprehensive income attributable to:

           

Owners of the Group

 

-

 

-

 

0.0%

Non-controlling interests

 

-

 

-

 

0.0%

TOTAL COMPREHENSIVE INCOME

 

2,369,349

 

4,388,513

 

-46.0%

             

Total comprehensive income attributable to:

           

Owners of the Group

 

940,414

 

2,887,261

 

-67.4%

Non-controlling interests

 

1,428,935

 

1,501,252

 

-4.8%

I.Financial Analysis

ANALYSIS OF THE CONSOLIDATED PL

Sales for the 3 month period ended 31 March 2019 (“Q1 2019”) amounted to RON 231,022,320, higher by 31.1% compared to sales recorded in the first quarter of 2018 (“Q1 2018”). This increase was mainly the result of significant growth in all of the Group’s business lines, led by Hospitals, Clinics, Corporate and Laboratories, as well as acquisitions completed by the Group in 2018, after March month.

Business Line

Q1 2019

% of Total Sales

Q1 2018

% of Total Sales

Variation

Sales

Sales

2019/2018

Clinics

 67,709,964

29.3%

 48,199,052

27.4%

40.5%

Stomatology

 14,375,414

6.2%

 10,534,452

6.0%

36.5%

Hospitals

 52,713,276

22.8%

 33,002,491

18.7%

59.7%

Laboratories

 38,105,024

16.5%

 33,632,216

19.1%

13.3%

Corporate

 45,581,978

19.7%

 39,857,039

22.6%

14.4%

Pharmacies

 9,750,143

4.2%

 8,948,472

5.1%

9.0%

Others

 2,786,521

1.2%

 2,054,923

1.2%

35.6%

SALES

 231,022,320

100.0%

 176,228,645

100.0%

31.1%

 

Operating expenses include variable and fixed costs, as well as the cost of goods and materials used to provide the Group's services. The Group recorded operating expenses of RON 218,005,747 in Q1 2019, representing an increase of 30.7%, or RON 51,190,674 as compared to Q1 2018. The increase is mainly linked to overall business increase. The Group's operating expenses as a percentage of total operating income decreased to 93.5% in Q1 2019 from 94.5% in Q1 2018.

Operating profit recorded a 56.3% increase in Q1 2019 as compared to Q1 2018, from RON 9,622,789 in Q1 2018 to RON 15.042.622 in Q1 2019.

Financial result decreased in Q1 2019 with RON 7,484,484 from a negative RON 3,619,906 in Q1 2018 to a negative RON 11,104,390 in Q1 2019. The increase was mainly due to the increase of RON 6,062,787 in other financing expenditures due to the increase in foreign exchange expenses, but also to the increase of RON 1,011,480 in the cost of financing following the implementation of IFRS 16.

The net result for the 3 month period ended 31 March 2019 decreased with RON 2,019,164, or by 46.0%, as compared to the corresponding period of 2018, from RON 4,388,513 in Q1 2018 to RON 2,369,349 in Q1 2019. Decrease is the translation of the increase in financial expenses into net result.

On a pro-forma basis, sales for Q1 2019 amount to RON 230,004,605 and Adjusted EBITDA to RON 41,895,914. Please refer to chapter VII – UNAUDITED CONSOLIDATED PRO-FORMA FINANCIAL INFORMATION for more information regarding pro-forma financial information.

 

ANALYSIS OF THE CONSOLIDATED BS

Non-current assets amount to RON 696,836,124 as of 31 March 2019, recording an increase of 18.1% as compared to 31 December 2018.

Current assets increased by 7.7% from RON 163,919,759 as at December 31st, 2018 to RON 176,513,180 as at March 31st, 2019.

Current liabilities (excluding interest bearing debt items) increased with RON 2,648,278, or by 1.5%, from RON 182,223,386 as at 31 December 2018, to RON 184,871,664 as at 31 March 2019.

Interest bearing debt increased with RON 117,162,630 or 31.1%, from RON 376,561,576, as of 31 December 2018 to RON 493,724,206 as of 31 March 2019. The increase is mainly due to the implementation of IFRS 16 which leads to an increase of RON 106,471,190 in financial leasing debt.

II.Main Financial Ratios

 

 

Period ended at

Current ratio

March 31, 2019

       

Current assets

 176,513,180

=

0.62

Current liabilities

  282,917,593

       
       

 

 

 

Period ended at

Debt to equity ratio

March 31, 2019

       

Long Term Debt

 395,678,277

=

223%

Equity

 178,155,255

       

 

 

 

 

Long Term Debt

 395,678,277

=

69%

Capital Assets

 573,833,532

       
       
   

Trade receivables turnover (days)

Period ended at

March 31, 2019

       

Average receivables

 82,130,739

=

  32.00

Sales

 231,022,320

       
       

 

 

 

Period ended at

Fixed assets turnover

March 31, 2019

       

Sales

 231,022,320

=

    0.33

Net Fixed Assets

696,836,124

 

 

III.Operational KEY PERFORMANCE INDICATORS

 

Business line

Info

 3 Month ended
 March 31, 2019

 3 Month ended
 March 31, 2018

Clinics

Revenue

 67,709,964

 48,199,052

Clinics

Visits

 435,603

 320,519

Clinics

Avg fee

 155.4

 150.4

Stomatology

Revenue

 14,375,414

 10,534,452

Stomatology

Visits

 29,632

 25,808

Stomatology

Avg fee

 485.1

 408.2

Hospitals

Revenue

 52,713,276

 33,002,491

Hospitals

Patients

 20,816

 15,658

Hospitals

Avg fee

 2,532.4

 2,107.6

Laboratories

Revenue

 38,105,024

 33,632,216

Laboratories

Analyses

 1,496,320

 1,445,108

Laboratories

Avg fee

 25.5

 23.3

Corporate

Revenue

 45,581,978

 39,857,039

Corporate

Subscriptions

 650,193

 573,688

Corporate

Avg fee

 70.1

 69.5

Pharmacies

Revenue

 9,750,143

 8,948,472

Pharmacies

Clients

 69,700

 75,256

Pharmacies

Sales per client

 139.9

 118.9

Others

Revenue

 2,786,521

2,054,923

 

IV.UNAUDITED CONSOLIDATED Pro-forma Financial information for the 3 month period ended march 31, 2019 (“Consolidated pro forma pl”)
 

Consolidated Pro Forma PL

       

 

3 Months ended March 31, 2019

 

 Consolidated PL

 Normalisation

 One off

Consolidated
Pro forma PL

SALES

231,022,320

(6,092,247)

-

224,930,073

Other operating revenues

2,026,049

-

-

2,026,049

 OPERATING INCOME

233,048,369

(6,092,247)

-

226,956,122

         

OPERATING EXPENSES

(218,005,747)

6,092,247

1,688,142

(210,225,357)

 OPERATING PROFIT

15,042,622

-

1,688,142

16,730,764

         

Finance cost

(4,785,542)

-

-

(4,785,542)

Other financial expenses

(6,318,848)

-

-

(6,318,848)

 FINANCIAL RESULT

(11,104,390)

-

-

(11,104,390)

         

 RESULT BEFORE TAXES

3,938,232

-

1,688,142

5,626,374

         

Income tax expense

(1,568,883)

-

(270,103)

(1,838,986)

         

 NET RESULT

2,369,349

-

1,418,040

3,787,389

         
         
         

Net Income to Adjusted EBITDA

       
 

3 Months ended March 31, 2019

 

Consolidated PL

Normalisation

One off

Consolidated
Pro forma PL

         

Net income/(loss) for the period

2,369,349

-

1,418,040

3,787,389

Add back:

       

Taxes on income

1,568,883

-

270,103

1,838,986

Out of which:

       

Base tax expense

1,568,883

-

-

1,568,883

One off impact

-

-

270,103

270,103

Net financial result

11,104,390

-

-

11,104,390

Depreciation, amortisation and impairment, including write-ups

23,296,903

-

-

23,296,903

         

Adjusted EBITDA

38,339,524

0

1,688,142

40,027,667

         
         
         

Sales split by Business Line

       
 

3 Months ended March 31, 2019

 

Consolidated PL

Normalisation

One off

Consolidated
Pro forma PL

         

Clinics

67,709,964

(295,840)

-

67,414,124

Stomatology

14,375,414

-

-

14,375,414

Hospitals*

52,713,276

(5,796,407)

-

46,916,869

Laboratories

38,105,024

-

-

38,105,024

Corporate

45,581,978

-

-

45,581,978

Pharmacies

9,750,143

-

-

9,750,143

Other

2,786,521

-

-

2,786,521

Total Sales

231,022,320

(6,092,247)

-

224,930,073

 



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