MED LIFE S.A.

AUDITED INDIVIDUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2022

PREPARED IN ACCORDANCE WITH ORDER OF THE MINISTRY OF PUBLIC FINANCE NO.

2844/2016 APPROVING THE ACCOUNTING REGULATIONS COMPLIANT WITH THE

INTERNATIONAL FINANCIAL REPORTING STANDARDS

The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language

Name of the issuing company: Med Life S.A.

Registered Office: Bucharest, 365 Calea Griviței, District 1, Romania

Fax no.: 0040 374 180 470

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: RON 33,217,623

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

CONTENTS:

PAGE:

STATEMENT OF FINANCIAL POSITION

2

STATEMENT OF COMPREHENSIVE INCOME

3

STATEMENT OF CASH FLOWS

4

STATEMENT OF CHANGES IN EQUITY

5-6

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

7 - 51

The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language

STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2022 (all amounts are expressed in RON, unless otherwise specified)

MED LIFE S.A.

ASSETS Non-current Assets Intangible assetsDecember 31,Note

2022

January 1, 2022

Property, plant and equipment Right-of-use asset

Other financial assets

5 5 13, 14 4

14,665,892 9,895,358 342,815,667 244,673,659 71,911,269 68,420,689 413,831,251 257,432,358

Total Non-Current Assets 843,224,079 580,422,064

Current Assets

Inventories

6

12,513,597 10,038,916

Trade Receivables

Loans granted to related parties Other assets

Cash and cash equivalents Prepayments

7

66,525,981 56,744,097

23

162,430,816 106,337,549

7

18,251,900 25,421,897

8

15,141,431 38,629,900

9

2,674,932 2,608,350

Total Current Assets 277,538,657 239,780,709

TOTAL ASSETS

LIABILITIES & SHAREHOLDER'S EQUITY Non-Current Liabilities

Lease liability

Other long term debt Interest-bearing loans and borrowings Deferred tax liability

1,120,762,736 820,202,773

13, 14 14 14 24

50,184,177 50,129,780

12,651,217

-508,264,032 322,115,156 19,052,772 11,457,413

Total Non-Current Liabilities 590,152,198 383,702,349

Current Liabilities

Trade and other payables Overdraft

Current portion of lease liability

Current portion of interest-bearing loans and borrowings

Loans received from related parties Current tax liabilities

Provisions

Other liabilities

10

122,505,239 80,151,836

14

9,894,800 9,896,200

13

26,229,711 23,791,932

14

31,933,045 43,215,074

23

12,632,124 441,238

24

980,993 122,115

12

3,480,319 3,145,135

11

17,677,023 16,156,461

Total Current Liabilities 225,333,254 176,919,991

TOTAL LIABILITIES 815,485,452 560,622,340

SHAREHOLDER'S EQUITY

Share capital and Share premium Treasury shares

Reserves Retained earnings

15 15 16

83,812,556 82,395,091

(3,219,221)

(4,015,977)

141,003,106 101,127,471 83,680,844 80,073,849

TOTAL EQUITY 305,277,285 259,580,434

TOTAL LIABILITIES AND EQUITY

1,120,762,736 820,202,773

Mihail Marcu, CEO

Alina Irinoiu, CFO

The accompanying notes are an integral part of the indivudual financial statemetns. | page 2

The English version of the consolidated financial statements represents a translation of the original individual financial statemetns issued in Romanian language

MED LIFE S.A.

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2022

12 months ended December 31,Note

Revenue from contracts with customers 17

Other operating revenues 18

2022

2021

586,566,266 601,508,195 6,826,511 4,057,881

Operating Income 593,392,777 605,566,076

Consumable materials and repair materials

(81,748,854) (96,288,600)Third party expenses 19 (205,746,479) (179,709,262)

(173,443,751) (148,780,015)Salary and related expenses 21

Social contributions 21

Depreciation and amortization Impairment losses and gains (including reversals of impairment losses)

Other operating expenses

(6,090,747) (5,391,095)

5, 13

(57,865,833) (49,814,097)

(889,139) (4,934,093)

7 20

(44,119,711) (35,885,636)

Operating expenses (569,904,514) (520,802,798)

Operating Profit Finance income Finance cost

Other financial expenses

23,488,263

84,763,278

22 22 22

6,922,660

3,473,598

(21,855,297) (16,196,020) (2,752,063) (5,979,555)

Financial result (17,684,700) (18,701,977)Result Before Taxes Income tax expense Net Result

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

Revaluation of land and buildings Deferred tax on other comprehensive income components

TOTAL OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE INCOME

24

5,803,563 (2,196,569) 3,606,994

16 24

47,470,993 (7,595,359)

39,875,634

43,482,628

66,061,301 (10,576,871) 55,484,430

- - -

55,484,430

MihailMarcu, CEO

Alina Irinoiu, CFO

The accompanying notes are an integral part of the indivudual financial statemetns. | page 3

The English version of the consolidated financial statements represents a translation of the original individual financial statemetns issued in Romanian language

MED LIFE S.A.

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

12 months ended December 31,Note

2022

2021

Net profit before taxes

Adjustments for Depreciation and amortization Interest expense

Allowance for doubtful debts and receivables written-off Provisions for liabilities and charges

5,803,563 66,061,301

5, 13

57,865,833 49,814,097

22

21,855,297 16,196,020

7

889,139 4,934,093

Other non-monetary gains Unrealised exchange loss Interest revenue

Operating cash flow before working capital changes

12

18

22

22

335,184 (3,612,057) 2,752,063 (6,922,660)

78,966,362

260,082 (2,276,421) 5,979,555 (3,473,598)

137,495,129

Decrease / (increase) in accounts receivable

Decrease / (increase) in inventories Decrease / (increase) in prepayments Increase / (decrease) in accounts payable

Cash generated from working capital changes Cash generated from operations

Income tax paid

Interest paid

Net cash from operating activities

Purchase of investments

Payment of loans assigned from former shareholders Purchase of intangible assets

Purchase of property, plant and equipment Loans granted to Group Companies

(3,501,026) 15,102,443

(2,474,681) 3,185,097

(66,582) (1,282,688)

43,553,889 (16,181,351)

37,511,600 116,477,962

823,501 138,318,630

24 14

(1,337,691) (14,284,255)

(17,016,867) (17,750,515)

98,123,404

4 5 5 23

(149,251,414) (16,746,241)

106,283,860

(23,423,949)

-(10,712,880) (2,771,220) (70,010,600) (33,169,175) (20,271,938) (8,364,683)

Net cash used in investing activities (266,993,073) (67,729,027)

Payment of loans Lease payments Proceeds from loans

Payments for purchase of treasury shares

Increase/ (Decrease) from loans obtained from Group Companies

Net cash from/(used in) financing activities

14

14

(32,704,054) (40,519,720) (27,431,784) (22,934,963)

14

204,845,867

15

(7,851,828)

23

8,523,000 145,381,201

33,951,383 (3,669,570)

(487,509)

(33,660,379)

Net change in cash and cash equivalents

Cash and cash equivalents beginning of the period

Cash and cash equivalents end of the period

(23,488,469) 4,894,454

8

38,629,900 33,735,446

15,141,431

38,629,900

Mihail Marcu, CEO

Alina Irinoiu, CFO

The accompanying notes are an integral part of the indivudual financial statemetns. | page 4

The English version of the consolidated financial statements represents a translation of the original individual financial statemetns issued in Romanian language

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Med Life SA published this content on 27 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2023 00:14:38 UTC.