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Hygeia Posts Strong Gains In 1H08



Hygeias Group 1H 08 consolidated revenues reached EUR 137.1m, increasing by 139.8%, versus EUR 57.2m the same period last year. Parent Revenues increased by 21.9%y-o-y, reaching EUR 68.5m versus EUR 56.2m the same period last year.


Consolidated EBITDA increased by 134% y-o-y to EUR 30m in the first half . The consolidated EBITDA margin stood at 21.9%. Parent Company EBITDA reached EUR 14.5m, increasing by 16.4%y-o-y, while the EBITDA margin reached 21.2%. MITERA 1H 08 EBITDA stood at EUR 11.1m, while LETO 1H08 EBITDA reached EUR 2.8m. The improvement of organic profits is more vivid in the 2Q 2008. Group EBITDA increased by 168.5% to EUR 14.2m, increasing EBITDA margin by 202bps y-o-y to 20%. Parent company EBITDA increased by 31%y-o-y to EUR 6.6m, whilst EBITDA margin improved by 83bps y-o-y to 18.7% compared to the same period last year, due to the group restructuring that led to drastic cost containment.

Consolidated Earnings Before Taxes (EBT) increased by 30.9% to EUR 13.4m. Parent company EBT increased by 15.2%y-o-y to EUR 12.1m. MITERA EBT stood at EUR 9.7m, while LETO EBT skyrocketed to EUR 2.2m.


Group net income increased by 2.9%y-o-y to EUR 8.8m. Parent Companys Earnings After Tax increased by 28.1%y-o-y to EUR 11.4m compared to EUR 8.9m the same period last year, although 1H 2008 earnings were burden with interest expenses of circa EUR 12.7m that occurred from the EUR 300m Convertible Bond Loan (C.B.L.). Finally, MITERA net income exceeded EUR 7m, whilst LETO net income reached EUR 1.1m. 2Q 2008 Group net income increased by 5.8%y-o-y to EUR 3.1m, while parent company profit soared by 236.6%y-o-y to EUR 9.8m.

Commenting on the results of the First Half 2008, the Vice-Chairman of HYGEIA?s Board of Directors, Mr. Andreas Vgenopoulos, made the following statement:

"I am particularly satisfied as the strategic choice of MARFIN INVESTMENT GROUP (MIG) 2.5 years after the initial investment in the healthcare sector is bearing fruits, increasing significantly our shareholders value. With the conclusion of the acquisition of SAFAK Group in Turkey, HYGEIA Group will control in total 9 hospitals in Greece, Turkey and Cyprus, with 1,548 total beds capacity in its effort to accomplish its strategic target to develop the largest private sector provider of integrated Healthcare services in Southeastern Europe. I believe that the accomplishment of our initial plan that is implemented by the Board of Directors and the Management of HYGEIA will increase the value for the companys shareholders".

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