Capital Market Commission – 3rd Quarter 2020
The Athens Medical Group, following the letter of the Capital Market Commission of 18/11/2020, informs the investing public about the formation of fundamental financial figures and the developments of its activity for the 3rd quarter of 2020.
The emergence of the Covid-19 pandemic since March 2020 in combination with the measures taken to address it negatively affected economic activity both globally and in Greece, affecting the sector as a whole and the financial performance and position of the Group and the Company.
Specifically, during the 3rd quarter of the year (1/7-30/9/2020) the Group’s turnover, after rebate & clawback, amounted to 49,456 thousand euros, compared to 45,788 thousand euros for the corresponding period of 2019, EBITDA amounted to 5,423 thousand euros compared to 5,258 thousand euros in 2019 and EBIT amounted to 3,158 thousand euros compared to 3,131 thousand euros in 2019.
Respectively, for the Company, Turnover after rebate & clawback amounted to 48,451 thousand euros, compared to 44,587 thousand euros for the corresponding period of 2019, EBITDA amounted to 4,354 thousand euros compared to 4,462 thousand euros in 2019 and EBIT amounted to 2,192 thousand euros compared to 2,390 thousand euros in 2019.
The figures for the 3rd quarter confirm the Management’s assessment that in the long term the fundamental figures of the Group remain positive, while the negative course in the figures of the current year is due exclusively to the pandemic and the measures that have been taken to suppress it.
Overall, for the period from 1/1- 30/9/2020, the Group’s Turnover, after rebate & clawback, amounted to 139,714 thousand euros, compared to 143,495 thousand euros for the corresponding period of 2019, EBITDA amounted to 13,981 thousand euros compared to 22,308 thousand euros in 2019 and EBIT amounted to 5,697 thousand euros compared to 14,718 thousand euros in 2019.
Respectively, for the Company, Turnover after rebate & clawback, amounted to 136,541 thousand euros, compared to 139,010 thousand euros for the corresponding period of 2019, EBITDA amounted to 11,243 thousand euros compared to 19,555 thousand euros in 2019 and EBIT amounted to 3,288 thousand euros compared to 12,148 thousand euros in 2019.
In relation to the Group’s debt position, additional credit lines were used through the Greek State guarantee mechanism to strengthen the Group’s liquidity. Specifically, during the 3rd quarter, the Group received an amount of 27.5 thousand euros from the creditor banks. The net debt position of the Group and the Company on 30/09/2020 decreased significantly and amounted to 112,198 thousand euros and 109,364 thousand euros from 131,168 thousand euros and 129,620 thousand euros in the corresponding period last year.
It is noted that the Athens Medical Group, with a sense of responsibility towards the criticality of the circumstances and the critical times that the country is going through, in addition to the free concession of the Peristeri Hospital to the Ministry of Health in March 2020, in order to put it at the service of the National Health System, proceeded to make available to the Ministry of Health a nursing wing of the Inter-Balkan Medical Hospital of Thessaloniki, with a capacity of 60 nursing beds and 8 ICU beds, for non-Covid -19 cases.
In addition, the program of auxiliary coverage of the National Health System’s on-call services in Northern Greece was launched, also for non-Covid-19 cases. Finally, it proceeded to create an Interdisciplinary Team of specialized and experienced doctors of the Group, which was made available to the Ministry of Health in order to meet the needs of the NHS hospitals in Northern Greece.
Management is constantly assessing the potential impact of the effects on the macroeconomic environment in Greece in order to ensure that all necessary actions and measures are taken to minimize any impact on the Group’s activities and to further strengthen the Group’s financial position, performance and liquidity.
In particular, the Group’s Management estimates that despite the difficulties and the implementation of the second lockdown since the beginning of November, in the 4th quarter of 2020, turnover at both the Group and Company levels will be maintained at 2019 levels, while the profitability of the Group and the Company will improve compared to the 3rd quarter of 2020.
