LUZ SAÚDE 30 June 2016
Consolidated Management Report HIGHLIGHTSIn the first half of 2016, our business continued to grow organically and through geographic expansion of our network:
Consolidated operating revenues increased by 8.6% vis-à-vis 2015 first half, reaching
€231.2 million, mainly influenced by the 10.7% growth of the private segment;
Consolidated EBITDA of €28.0 million, with an EBITDA margin of 12.1% versus 14.6% in 2015, which was mainly affected by the performance of Hospital Beatriz Ângelo, as a result of the significant activity increase in Oncology and HIV/AIDS treatments. In the private segment, EBITDA grew 0.7% to €31.0 millions;
Net Income attributable to shareholders was €10.0 million, representing a 4.9% decline versus 2015 (€10.6 million);
Total CAPEX of €32.3 million, of which €27.5 million corresponded to expansion CAPEX, whether in geographic expansion, through the acquisition of Hospital da Luz - Guimarães and Hospital do Mar - Gaia, or in capacity increase in the current units, through the ongoing investment in Clínica de Oeiras expansion and in Hospital da luz in Lisbon;
This level of investment combined with an increase in working capital (€18 million), led to an increase of €32.6 million in Luz Saúde net debt up to €219.9 million, compared to 2015 EOY (€1.0 million increase vis-à-vis the end of 2016 first quarter);
The manager entity of Hospital Beatriz Ângelo has triggered the mechanisms of dispute resolution set out in the Management Contract with the objective of obtaining the acknowledgment of the right of the Hospital to receive payment for additional healthcare services rendered in outpatient context to HIV/AIDS patients,.
(Million Euro) | 2015 H1 | 2016 H11 | Var. | 2015 Q21 | 2016 Q21 | Var. |
Operating revenues | 212.8 | 231.2 | 8.6% | 105.7 | 115.1 | 8.8% |
Operating costs | (181.7) | (203.2) | 11.8% | (90.1) | (102.6) | 13.8% |
EBITDA | 31.1 | 28.0 | -9.9% | 15.7 | 12.5 | -20.2% |
EBITDA margin | 14.6% | 12.1% | -2.5 p.p. | 14.8% | 10.9% | -3.9 p.p. |
Depreciation | (11.9) | (11.7) | -2.0% | (5.8) | (6.0) | 1.8% |
EBIT | 19.1 | 16.3 | -14.9% | 9.8 | 6.5 | -33.3% |
EBIT margin | 9.0% | 7.0% | -1.9 p.p. | 9.3% | 5.7% | -3.6 p.p. |
Financial results | (3.9) | (3.5) | -12.2% | (1.7) | (1.8) | 8.1% |
EBT | 15.2 | 12.8 | -15.6% | 8.1 | 4.7 | -42.0% |
Taxes | (4.6) | (2.9) | -35.4% | (2.8) | (0.9) | -66.1% |
Net Income | 10.6 | 9.9 | -7.1% | 5.3 | 3.8 | -29.5% |
Non-controlling interests | 0.09 | (0.15) | N.A. | 0.06 | (0.13) | N.A. |
Net Income attributable to Shareholders | 10.6 | 10.0 | -4.9% | 5.3 | 3.9 | -26.1% |
EPS (Euro) | 0.111 | 0.106 | -4.5% | 0.055 | 0.041 | -26.1% |
1Non audited values
In the first half of 2016, Luz Saúde consolidated operating revenues increased by 8.6% vis- à-vis 2015 H1, reaching €231.2 million, mainly driven by activity growth of 10.7% on the private healthcare segment.
EBITDA reached €28.0 million in 2016 H1 and EBITDA margin reached 12.1%, a 2.5 p.p. decrease vis-à-vis 2015 H1. This performance was mainly justified by the performance of Hospital Beatriz Ângelo, with a negative EBITDA margin in this period mainly due to the increase of the weight of consumables and drugs costs, and by the acquisition of Hospital da Luz - Guimarães and Hospital do Mar - Gaia (both under turnaround process) and by the entry of Hospital da Misericórdia de Évora (lower margin due to the type of partnership) in the consolidation perimeter.
The EBITDA margin reduction was reflected on the net income attributable to shareholders of €10.0 million, representing a 4.9% decline versus 2015 H1.
Consolidated Balance Sheet(Million Euro) | 2015 Dec | 2016 Jun1 |
Fixed assets | 348.3 | 368.8 |
Working capital | 41.0 | 59.1 |
Shareholders' funds | 202.0 | 208.0 |
Net debt | 187.3 | 219.9 |
Net debt / EBITDA | 3.1 | 3.9 |
1Non audited values
In 2016 H1, Luz Saúde consolidated CAPEX was €32.3 million, of which €27.5 million corresponded to expansion CAPEX, whether in geographic expansion, through the acquisition of Hospital da Luz -Guimarães and Hospital do Mar - Gaia, or in capacity increase in the current units, through the ongoing investment in Clínica de Oeiras expansion and in Hospital da Luz Lisboa expansion. The remainder €4.8 million corresponded to replacement and technological upgrade CAPEX, distributed across the Group's facilities, representing 2.1% of consolidated operating revenues.
At the end of the first six months of 2016, Luz Saúde consolidated net debt totaled €219.9 million, representing a €32.6 million increase from 2015 EOY (€1.0 million increase vis-à-vis the end of 2016 first quarter), mainly driven by investments in expansion during the first quarter and by an increase in working capital levels, mainly justified by an increase in receivables on the private segment. This increase combined with the evolution of EBITDA levels led to an increase of Net debt / EBITDA to 3.9 times, comparing to 3.1 in 2015 EOY.
Luz Saúde SA published this content on 11 August 2016 and is solely responsible for the information contained herein.
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