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Med Life S.A. - M

2020 Q1 report

Release Date: 5/15/2020 8:00:04 AM

IRIS Code: 95D65

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 2020

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 2020 Q1 Report

(period 1 January- 31 March 2020)

for MEDLIFE GROUP and MED LIFE S.A.

 

Med Life S.A. informs the shareholders and investors that, starting 15 of May 2020, 9:00 AM, on the Company’s website (www.medlifeinternational.com), at section Investor Relations / Investor Reports and Presentations / Periodic reports, the Quarterly Report for the period ended March 31, 2020 is available.

The Quarterly Report for the period ended March 31, 2020 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, Alina Irinoiu - IR Manager.

 

 

Mihail Marcu

Chief Executive Officer

 

ANALYSIS OF THE CONSOLIDATED PL

Sales for the 3 month period ended March 31, 2020amounted to RON 264,164,778, higherby 14.3%compared to sales recorded in the 3 month period ended March 31, 2019. This increase was mainly the result of  growth in almost all of the Group’s business lines, as well as the impact of the acquisitions completed by the Group in 2019.

 Business Line  3 months 2020 % of Total Sales 3 months 2019 % of Total Sales Variation
Sales Sales 2020/2019
Clinics 83,931,695 31.8% 67,709,964 29.3% 24.0%
Stomatology 15,431,961 5.8% 14,375,414 6.2% 7.3%
Hospitals 57,044,996 21.6% 52,713,276 22.8% 8.2%
Laboratories 43,404,778 16.4% 38,105,024 16.5% 13.9%
Corporate 48,017,114 18.2% 45,581,978 19.7% 5.3%
Pharmacies 12,632,608 4.8% 9,750,143 4.2% 29.6%
Others 3,701,626 1.4% 2,786,521 1.2% 32.8%
TOTAL SALES 264,164,778 100.0% 231,022,320 100% 14.3%

 

Other operating revenues have decreasedby 56.5%in 2020 compared to previous year, reaching RON 881,106 in Q1 2020.

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 246,722,831 in Q1 2020, representing an increase of 13.2%, or RON 28,717,084 as compared to Q1 2019. The Group's operating expenses as a percentage of total operating income reached 94.4% in the 3 months period ended 31 March 2019 and 93.4% in the 3 months period ended 31 March 2020.

Operating profit recorded an increase on 21.8% in Q1 2020 as compared to Q1 2019, from RON 15.042.622 in Q1 2019 to RON 18.323.053 in Q1 2020.

Financial loss decreased in Q1 2020 with RON 2,235,571 from a negative RON 11,104,390 in Q1 2019 to a negative RON 8,868,819 in Q1 2020.

The net result for the 3 months period ended 31 March 2020 increased with RON 4,055,908 as compared to the corresponding period of 2019, from RON 2,369,349 in Q1 2019 to RON 6,425,257 in Q1 2020. The increase represents the translation of the increase of the operating profit into the net result.

On a pro-forma basis, sales for Q1 2020 amount to RON 256,399,898 and Adjusted EBITDA to RON 45,211,967. 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 808,021,287 as of 31 March 2020, recording an decrease of RON 3,575,685 or 0.4% as compared to 31 December 2019.

Current assets increased with RON 45,911,627 or by 21.8% from RON 210,976,471 as at 31 December 2019 to RON 256,888,098 as at 31 March 2020.

Current liabilities (excluding interest-bearing debt items) increased with RON 8,491,312, or by 3.5%, from RON 240,385,368 as at 31 December 2019, to RON 248,876,680 as at 31 March 2020.

Interest bearing debt increased with RON 27,319,411, or by 4.9%, from RON 552,166,160 as of 31 December 2019 to RON 579,485,571 as of 31 March 2020.

 
MAIN FINANCIAL RATIOS AS AT 31 MARCH 2020
 
    Period ended at
1 Current ratio  March 31, 2020
         
  Current assets        256,888,098 =       0.72
  Current liabilities        358,671,936
     
2 Debt to equity ratio  
         
  Long Term Debt        469,690,315 = 218%
  Equity        215,697,369
         
  Long Term Debt        469,690,315 = 69%
  Capital Assets        685,387,684
     
3 Trade receivables turnover (days)  
         
  Average receivables         99,911,473 =   136.16
  Sales        264,164,778
     
4 Fixed assets turnover  
         
  Sales        264,164,778 =       0.33
  Net Fixed Assets        808,021,287

 

OPERATIONAL KEY PERFORMANCE INDICATORS
 
Business line Info 3 months ended 3 months ended
March 31, March 31,
2020 2019
Clinics Revenue                        83,931,695                     67,709,964
Clinics Visits                               513,144                            435,603
Clinics Avg fee                                   163.6                                155.4
Stomatology Revenue                        15,431,961                     14,375,414
Stomatology Visits                                 27,657                              29,632
Stomatology Avg fee                                   558.0                                485.1
Hospitals Revenue                        57,044,996                     52,713,276
Hospitals Patients                                 20,772                              20,816
Hospitals Avg fee                                2,746.3                             2,532.3
Laboratories Revenue                        43,404,778                     38,105,024
Laboratories Analyses                            1,519,966                         1,496,320
Laboratories Avg fee                                     28.6                                  25.5
Corporate Revenue                        48,017,114                     45,581,978
Corporate Subscriptions                               683,031                            650,193
Corporate Avg fee                                     70.3                                  70.1
Pharmacies Revenue                        12,632,608                       9,750,143
Pharmacies Clients                                 77,107                              69,700
Pharmacies Sales per client                                   163.8                                139.9
Others Revenue                          3,701,626                       2,786,521

 



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