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Hygeia: Parent Company Reported Increased Revenue And Operating Profit

Increased revenue and operating profit reported Hygeia Group in the first half of 2011, while EBITDA margin was 16.3%. On a comparable basis, the parent company has net profit after tax of €3.6 million, against profits of €3.5 million in the corresponding period of 2010.

More analytically: 

REVENUES: Consolidated revenues decreased by 14.5% to €128.2m versus €150m the same period last year. HYGEIA revenues increased by 3.9 % reaching €75.5m versus €72.7m in 1H 2010.

EBITDA: Consolidated published EBITDA exhibited profit of €3.8m compared to profit of €13.8m the same period last year. The main reason for the decline of the operating profits was the drop in the Groups maternity sector cases due to competition. HYGEIA EBITDA posted profit of €12.3m, posting an operating profitability margin of 16.3% versus profits of €11.1m and an operating profitability margin of 15.3% the same period last year.

EARNINGS (LOSSES) BEFORE TAX: For the first semester of 2011, HYGEIA Group posted losses before tax of €13.2 m, compared to profits of €1.4 m. during the respective period of 2010. HYGEIA posted losses before tax of € 1.7m versus profit of € 4.8m during the respective period last year, due to a loss of €5.7m resulting from the disinvestment of its participation in Turkey. HYGEIA comparable results before tax exhibit profits of €4.3m for 1H 2011 versus profits of €4.8m in the respective period of 2010.

NET EARNINGS (LOSSES) AFTER TAX & MINORITIES:  The Group, in 1H2011, posted losses after taxes and minorities from continuing operations of €11 m versus losses of €3.3m the same period last year. At company level, HYGEIA posted losses after tax of €1.7m versus profits of €1.8m the same period last year. HYGEIA comparable results after tax exhibit profits of €3.6m. for 1H 2011 versus profits of €3.5m in the respective period of 2010.

According to the announcement, comparable results do not include the Turkish subsidiary results, extraordinary tax contributions and any extraordinary expenses.
Commenting on the results, HYGEIAs Group CEO, Mrs. Rita Souvatzoglou, made the following statement:  

"Under the current economic circumstances, given the negative impact from the austerity measures on Greek households disposable income, Hygeia increased its operating profitability, in spite of  the VAT absorption in healthcare services. HYGEIA Group exhibited a decrease in revenues, due to decline in maternity sector cases.

In this adverse financial environment, we have already proceeded to the readjustment of our strategic planning with actions that would preserve Company’s value increase and its sound growth. In parallel, our target is to preserve jobs in the best working environment of the healthcare sector in the country.

Operational cost cutting, disinvesting participations in companies we no longer hold absolute ownership control, reinforcing the Groups capital structure through HYGEIA Share Capital Increase and continuously upgrading the services we provide will boost our competitiveness and ensure the Groups growth.

We adapt to the new circumstances, constantly modifying our strategic options, having as main concern to preserve the Groups leading position in healthcare services provision, enjoying the continuous support by all stakeholders and Hygeia Group personnel.

Benefactor in the fulfillment of our targets remains the largest entrepreneurial group in Greece, MARFIN INVESTMENT GROUP”.
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