LUZ SAÚDE 30 June 2017
Consolidated Management Report HIGHLIGHTSIn the first half of 2017, our business continued to grow organically and through geographic expansion of our private network, with the implementation of an ambitious expansion program of the existing units that will fuel the Group's growth trajectory and consolidation of its leadership in the Portuguese private healthcare sector through selective acquisitions:
Consolidated operating revenues increased by 4.3% vis-à-vis 2016 H1, reaching
€241.2 million, mainly influenced by the 4.9% growth of the private segment;
Consolidated EBITDA of €26.8 million in 2017 H1 and EBITDA margin of 11.1%, representing a 1 p.p. decrease versus 2016 H1;
Net Income attributable to shareholders was €8.7 million (versus €10.0 million in 2016 H1);
Total investment of €35.5 million, of which €24.5 million represents private network expansion investment, both geographically with the acquisition of two units in Madeira, the construction of a new unit in Vila Real and the refurbishing of a new unit to be opened in Odivelas, and in existing units with the investment in progress in increasing the capacity of Hospital da Luz Lisboa and Hospital da Luz Oeiras;
In July, the acquisition of the British Hospital Group was completed, which will contribute to the consolidation of the presence of the Luz Saúde Group in the Lisbon region.
(Million Euro) | 2016 H11 | 2017 H11 | Var. |
Operating revenues | 231.2 | 241.2 | 4.3% |
Operating costs | (203.2) | (214.4) | 5.5% |
EBITDA | 28.0 | 26.8 | -4.2% |
EBITDA margin | 12.1% | 11.1% | -1.0 p.p. |
Depreciation | (11.7) | (12.5) | 7.2% |
EBIT | 16.3 | 14.3 | -12.3% |
EBIT margin | 7.0% | 5.9% | -1.1 p.p. |
Financial results | (3.5) | (3.3) | -3.5% |
EBT | 12.8 | 11.0 | -14.7% |
Taxes | (2.9) | (2.1) | -29.6% |
Net Income | 9.9 | 8.9 | -10.2% |
Non-controlling interests | (0.15) | 0.14 | N.A. |
Net Income attributable to Shareholders | 10.0 | 8.7 | -13.0% |
EPS (Euro) | 0.106 | 0.092 | -13.9% |
1 Non-audited values
In 2017 H1, Luz Saúde consolidated operating revenues increased by 4.3% vis-à-vis 2016 H1, reaching €241.2 million, mainly driven by activity growth of 4.9% on the private healthcare segment.
EBITDA reached €26.8 million in 2017 H1 and EBITDA margin reached 11.1%, a 1 p.p. decrease vis-à-vis 2016 H1. This evolution was reflected on the net income attributable to shareholders of €8.7 million, representing a 13.0% decline versus 2016 H1.
OPERATING REVENUES PERFORMANCE Operating revenues by segment(Million Euro) | 2016 H1 | 2017 H11 | Var. |
Consolidated operating revenues | 231.2 | 241.2 | 4.3% |
Private Healthcare | 181.6 | 190.5 | 4.9% |
Public Healthcare | 47.6 | 48.8 | 2.7% |
Other businesses | 4.9 | 7.5 | 53.5% |
Corporate center | 6.8 | 8.0 | 18.4% |
Eliminations | (9.6) | (13.6) | 42.0% |
1 Non-audited values
The private healthcare segment operating revenues totaled €190.5 million, 4.9% above 2016 H1. This growth was mainly fueled by the acquisition of two units in Madeira, by the turnaround process in Hospital da Luz - Guimarães (acquired in 2016) and by the organic growth of the existing units, although conditioned by capacity constraints, especially in the units in the Lisbon region.
The public healthcare segment operating revenues increased to €48.8 million, as a consequence of an improvement of case mix index vis-à-vis 2016 H1.
The other businesses segment obtained €7.5 million operating revenues, an increase due to the consolidation of operations of GLSMED Trade, an internal logistics company, as well as the start of GLS Learning Health, a company dedicated to medical training and research.
Luz Saúde SA published this content on 31 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 31 August 2017 19:17:07 UTC.
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