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.