MD Medical Group Investments has issued its audited consolidated financial statements for the six months ended 30 June 2016 under International Financial Reporting Standards ("IFRS").
- Revenue increased 29% year-on-year (y-o-y) to RUB 5,814 mln vs. RUB 4,518 mln in 1H 2015, driven mainly by the continued ramp-up at Lapino, improved results at existing clinics and the new hospital in Ufa, and the results of new clinics in Siberia consolidated since Q1 2016.
- EBITDA grew by 32% y-o-y to RUB 1,657 mln. Like-for-like EBITDA grew 29% y-o-y. The EBITDA margin was 29%.
- Net profit grew by approximately 28% y-o-y to RUB 987 mln.
- Operating cash flow increased by 38% y-o-y to RUB 1,788 mln.
- CAPEX amounted to 1,009 mln, including M&A costs of RUB 475 mln. Key investments also included the construction of a new wing at the Novosibirsk hospital (RUB 241 mln) and maintenance of existing assets (RUB 138 mln).
- Debt decreased 10% vs. the end of 2015 to RUB 3,111 mln, while net debt increased 8% from the end of 2015 to RUB 1,836 mln as cash and equivalents reduced by 28% vs. the end of 2015 to RUB 1,275 mln. The net debt to EBITDA ratio remained at 0.6x.
- Working capital remained negative at RUB (1,320) mln and represented 11% of revenue.