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2020-07-24

Medicover: Interim report April-June 2020

Second quarter

  • Revenue amounted to €198.8m (€202.9m), a decrease by 2.1% with an organic reduction of 7.7%.
  • Operating result (EBIT) was €-2.3m (€10.1m), representing an operating margin of -1.2% (5.0%).
  • Net result amounted to €-8.5m (€4.9m), which represents a net result margin of -4.3% (2.4%).
  • EBITDA was €25.3m (€27.3m), a reduction of 7.5%. EBITDA margin was 12.7% (13.5%).
  • EBITDAaL was €12.4m (€17.5m), corresponding to an EBITDAaL margin of 6.3% (8.7%).
  • Net cash flow from operating activities was €38.3m (€15.7m).
  • Basic/diluted loss per share were €-0.056 (earnings €0.031).
  • Covid-19 pandemic had a significant negative impact on operating performance.
  • Directed share issue of 15 million shares completed, net proceeds of €141.9m.

 

First half

Revenue amounted to €437.6m (€402.6m), an increase by 8.7%with an organic reduction of 0.1%.

  • Operating result (EBIT) was €4.1m (€21.4m), a decrease by 80.9%, representing an operating margin of 0.9% (5.3%).
  • Net result amounted to €-11.0m (€11.8m), which represents a net result margin of -2.5% (2.9%).
  • EBITDA was €54.3m (€54.8m), a reduction of 0.9%. EBITDA margin was 12.4% (13.6%).
  • EBITDAaL amounted to €29.2m (€36.0m), a decrease by 18.9% corresponding to an EBITDAaL margin of 6.7% (9.0%).
  • Net cash flow from operating activities amounted to €74.8m (€39.8m).
  • Basic/diluted loss per share were €-0.062 (earnings €0.077).
  • Covid-19 pandemic had a significant negative impact on operating performance.
  • Directed share issue of 15 million shares completed, net proceeds of €141.9m.

 

REVENUE AND EARNINGS

€ millions (€m) Q2 Q2 Variance 6M 6M Variance FY 2019
2020 2019 2020 2019
Revenue 198.8 202.9 -2% 437.6 402.6 9% 844.4
Operating result -2.3 10.1 -123% 4.1 21.4 -81% 46.5
(EBIT)
Operating result -1.2% 5.0% 0.9% 5.3% 5.5%
margin
Net result -8.5 4.9 N/M -11.0 11.8 -194% 24.7
Net result margin -4.3% 2.4% -2.5% 2.9% 2.9%
Basic/diluted -0.056 0.031 N/M -0.062 0.077 -181% 0.168
earnings/(loss) per
share, €

EBITDA 25.3 27.3 -7% 54.3 54.8 -1% 120.7
EBITDA margin 12.7% 13.5% 12.4% 13.6% 14.3%
EBITDAaL 12.4 17.5 -29% 29.2 36.0 -19% 80.6
EBITDAaL margin 6.3% 8.7% 6.7% 9.0% 9.5%
EBITA 5.2 11.6 -55% 14.1 24.1 -42% 53.7
EBITA margin 2.6% 5.7% 3.2% 6.0% 6.4%

Definition and reconciliation of alternative performance measures are available at www.medicover.com/financial-information.

This is information that Medicover AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication through the agency of the contact person set out below at 7.45 (CEST) on 24 July 2020. This interim report and other information about Medicover is available at medicover.com.

Contact information

For further information, please contact:
Hanna Bjellquist, Head of Investor Relations
Phone: +46 70 303 32 72
E-mail: hanna.bjellquist@medicover.com

 

Medicover is a leading international healthcare and diagnostic services company and was founded in 1995. Medicover operates a large number of ambulatory clinics, hospitals, specialty-care facilities,laboratories and blood-drawing points and the largest markets are Poland and Germany. In 2019, Medicover had revenue around €844 million and 28,800 employees. For more information, go to www.medicover.com

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