MED LIFE GROUP
FINANCIAL REPORT 1st SEMESTER 2023
WHICH INCLUDES SIMPLIFIED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2023
PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY
EUROPEAN UNION
Free translation from the original Romanian version.
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: |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 2 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 3 |
CONSOLIDATED STATEMENT OF CASH FLOWS | 4 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 5 - 6 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 7 - 20 |
Free translation from the original Romanian version.
MED LIFE GROUP
CONSOLIDATED UNAUDITED STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2023
(all amounts are expressed in RON, unless otherwise specified)
June 30, | January 1, | |
2023 | 2023 | |
ASSETS | ||
Non-current Assets | ||
Goodwill | 450,957,499 | 368,672,606 |
Intangible assets | 101,747,687 | 100,192,265 |
Property, plant and equipment | 967,139,494 | 828,501,060 |
Right-of-use asset | 292,636,286 | 306,413,389 |
Other financial assets | 46,217,022 | 82,810,704 |
Total Non-Current Assets | 1,858,697,988 | 1,686,590,024 |
Current Assets | ||
Inventories | 102,910,245 | 98,770,370 |
Trade Receivables | 212,442,724 | 221,358,860 |
Other assets | 53,955,887 | 44,362,334 |
Cash and cash equivalents | 109,593,828 | 89,068,154 |
Prepayments | 14,595,940 | 11,826,587 |
Total Current Assets | 493,498,624 | 465,386,305 |
TOTAL ASSETS | 2,352,196,612 | 2,151,976,329 |
LIABILITIES & SHAREHOLDER'S EQUITY | ||
Non-Current Liabilities | ||
Lease liability | 211,224,870 | 225,175,340 |
Other long term debt | 28,486,033 | 21,657,277 |
Interest-bearing loans and borrowings | 979,314,589 | 803,273,659 |
Deferred tax liability | 43,412,806 | 44,250,160 |
Total Non-Current Liabilities | 1,262,438,298 | 1,094,356,436 |
Current Liabilities | ||
Trade and other payables | 336,500,627 | 335,356,742 |
Overdraft | 17,012,060 | 27,801,016 |
Current portion of lease liability | 79,872,699 | 77,141,698 |
Current portion of interest-bearing loans and borrowings | 69,803,853 | 55,695,054 |
Current tax liabilities | 3,488,690 | 814,508 |
Provisions | 9,963,711 | 9,783,326 |
Other liabilities | 75,044,162 | 68,989,304 |
Total Current Liabilities | 591,685,802 | 575,581,648 |
TOTAL LIABILITIES | 1,854,124,100 | 1,669,938,084 |
SHAREHOLDER'S EQUITY | ||
Share capital and Share premium | 83,504,400 | 83,812,556 |
Treasury shares | (595,125) | (3,219,219) |
Reserves | 207,866,775 | 204,591,242 |
Retained earnings | 131,712,534 | 131,596,255 |
Equity attributable to owners of the Group | 422,488,584 | 416,780,834 |
Non-controlling interests | 75,583,928 | 65,257,411 |
TOTAL EQUITY | 498,072,512 | 482,038,245 |
TOTAL LIABILITIES AND EQUITY | 2,352,196,612 | 2,151,976,328 |
Mihail Marcu, | Alina Irinoiu, | |
CEO | CFO |
The accompanying notes are an integral part of the consolidated financial statements. | page 2
Free translation from the original Romanian version.
MED LIFE GROUP
CONSOLIDATED UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED JUNE 30, 2023
(all amounts are expressed in RON, unless otherwise specified)
Period ended June 30, | |||
2023 | 2022 | ||
REVENUE FROM CONTRACTS WITH CUSTOMERS | 1,066,209,218 | 860,395,896 | |
Other operating revenues | 8,759,241 | 4,258,600 | |
Operating Income | 1,074,968,459 | 864,654,496 | |
Consumable materials and repair materials | (186,568,449) | (139,400,269) | |
Third party expenses | (297,587,473) | (224,064,799) | |
Salary and related expenses | (261,999,637) | (205,158,993) | |
Social contributions | (9,286,728) | (7,362,640) | |
Depreciation and amortization | (92,017,442) | (66,516,069) | |
Impairment losses and gains (including reversals of | (1,002,093) | - | |
impairment losses) | |||
Commodities expenses | (103,737,029) | (99,292,519) | |
Other operating expenses | (72,836,323) | (53,681,312) | |
Operating expenses | (1,025,035,174) | (795,476,602) | |
Operating Profit | 49,933,285 | 69,177,894 | |
Finance cost | (34,768,816) | (16,094,864) | |
Other financial expenses | (2,896,440) | (381,157) | |
Financial result | (37,665,255) | (16,476,021) | |
Result Before Taxes | 12,268,030 | 52,701,873 | |
Income tax expense | (7,264,354) | (7,054,906) | |
Net Result | 5,003,676 | 45,646,967 | |
Owners of the Group | 6,047,063 | 41,618,275 | |
Non-controlling interests | (1,043,387) | 4,028,692 | |
Other comprehensive income items that will not be | |||
reclassified to profit or loss | |||
TOTAL OTHER COMPREHENSIVE INCOME | - | - | |
Total other comprehensive income attributable to: | |||
Owners of the Group | - | - | |
Non-controlling interests | - | - | |
TOTAL COMPREHENSIVE INCOME | 5,003,676 | 45,646,967 | |
Total comprehensive income attributable to: | |||
Owners of the Group | 6,047,063 | 41,618,275 | |
Non-controlling interests | (1,043,387) | 4,028,692 |
Mihail Marcu, | Alina Irinoiu, | |
CEO | CFO |
The accompanying notes are an integral part of the consolidated financial statements. | page 3
Free translation from the original Romanian version.
MED LIFE GROUP
CONSOLIDATED UNAUDITED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED JUNE 30, 2023
(all amounts are expressed in RON, unless otherwise specified)
Period ended | Period ended | |
June 30, | June 30, | |
2023 | 2022 | |
Net profit before taxes | 12,268,030 | 52,701,873 |
Adjustments for | ||
Depreciation and amortization | 92,017,442 | 66,516,069 |
Provisions for liabilities and charges | (282,297) | - |
Interest revenue | (2,197,945) | (390,326) |
Interest expense | 34,768,816 | 16,094,864 |
Allowance for doubtful debts and receivables written-off | 1,002,093 | - |
Other non-monetary gains | (3,306,325) | (2,595,553) |
Unrealized exchange loss | 5,195,778 | 795,499 |
Operating cash flow before working capital changes | 139,465,591 | 133,122,427 |
Decrease / (increase) in accounts receivable | (3,808,814) | (8,291,563) |
Decrease / (increase) in inventories | 782,625 | (623,827) |
Decrease / (increase) in prepayments | (2,183,573) | (2,754,309) |
Increase / (decrease) in accounts payable | (22,969,716) | (16,686,988) |
Cash generated from working capital changes | (28,179,478) | (28,356,687) |
Cash generated from operations | 111,286,113 | 104,765,740 |
Income Tax Paid | (5,533,856) | (6,939,690) |
Interest Paid | (27,799,357) | (12,547,061) |
Interest received | 2,197,945 | 390,326 |
Net cash from operating activities | 80,150,845 | 85,669,314 |
Acquisition of subsidiaries, net of cash acquired | (59,907,206) | (178,984,135) |
Purchase of intangible assets | (5,129,621) | (4,497,399) |
Purchase of property, plant and equipment | (73,206,117) | (53,626,988) |
Net cash used in investing activities | (138,242,944) | (237,108,522) |
Proceeds from loans | 169,044,186 | 184,310,135 |
Payment of loans | (52,164,426) | (19,179,945) |
Payment of principal portion of lease liabilities | (37,860,036) | (28,101,478) |
Dividends paid to NCI | - | (30,000) |
Payments for purchase of treasury shares | (401,951) | (6,234,651) |
Additional participation interest acquired | - | (7,777,676) |
Net cash from financing activities | 78,617,773 | 122,986,385 |
Net change in cash and cash equivalents | 20,525,674 | (28,452,822) |
Cash and cash equivalents beginning of the period | 89,068,154 | 135,858,888 |
Cash and cash equivalents end of the period | 109,593,828 | 107,406,066 |
Mihail Marcu, | Alina Irinoiu, | |
CEO | CFO |
The accompanying notes are an integral part of the consolidated financial statements. | page 4
Free translation from the original Romanian version.
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Med Life SA published this content on 25 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2023 05:39:00 UTC.