Sun, 15 Dec 2019

Third quarter and Nine-Month 2019 Results

LONDON, UK / ACCESSWIRE / November 13, 2019 / GHG announces today the Group's 3Q19 and 9M19 consolidated results, reporting 13.0% y-o-y growth in nine-month revenues to GEL 703.3 million (US$238.0 million/GBP 193.7 million) and a 50 basis point improvement in adjusted ROIC2. The Group posted nine-month profit of GEL 46.0 million (US$15.6 million/GBP 12.7 million) and adjusted earnings per share1 ('EPS') of GEL 0.27 (US$0.09 per share/GBP 0.07 per share), both excluding IFRS 16 lease accounting impact.

In order to permit meaningful comparisons between reporting periods, in the table below Net Profit, EBITDA, EBITDA margin and EPS data, for GHG as well as for each segment, exclude IFRS 16 financial impact. For the same reason, the discussions throughout this report of 2019 quarterly and nine-month results for the Group and each business line also focus on the numbers excluding the IFRS 16 impact. Each financial table, on the other hand, shows both - the results with and without IFRS 16 impact. We are adopting this convention for 2019 only because 2018 figures have not been restated on an IFRS 16 basis.

GEL million; unless otherwise noted
3Q19 3Q18
Change,
Y-o-Y
9M19 9M18
Change,
Y-o-Y
The Group
Revenue, gross
230.5 202.9 13.6% 703.3 622.4 13.0%
EBITDA excluding IFRS 16
36.6 32.7 11.9% 111.4 95.4 16.8%
Net Profit excluding IFRS 16
14.7 9.7 52.6% 46.0 38.0 21.0%
EPS adjusted1, GEL excluding IFRS 16
0.08 0.07 23.8% 0.27 0.21 29.7%
ROIC adjusted2 (%)
14.2% 14.0% 0.2ppts 14.3% 13.8% 0.5ppts
Hospitals business
Revenue, gross
68.7 64.1 7.1% 217.7 196.2 10.9%
EBITDA excluding IFRS 16
16.8 16.4 2.6% 54.8 50.9 7.7%
EBITDA margin (%) excluding IFRS 16
24.5% 25.6% -1.1ppts 25.2% 26.0% -0.8ppts
Net Profit excluding IFRS 16
3.1 3.4 -7.6% 13.2 13.8 -4.9%
Clinics business
Revenue, gross
10.6 8.9 18.6% 32.5 28.3 15.0%
EBITDA excluding IFRS 16
1.8 1.2 46.3% 5.8 4.0 45.3%
EBITDA margin (%) excluding IFRS 16
16.9% 13.7% 3.2ppts 17.7% 14.0% 3.7ppts
Net Profit excluding IFRS 16
(0.7) (1.0) -37.4% (1.2) (2.6) -52.2%
Pharmacy and distribution business
Revenue
146.8 123.3 19.0% 442.0 377.5 17.1%
Gross profit margin (%)
25.7% 26.1% -0.4ppts 25.3% 25.1% 0.2ppts
EBITDA excluding IFRS 16
15.2 12.4 22.5% 46.1 37.0 24.7%
EBITDA margin (%) excluding IFRS 16
10.4% 10.1% 0.3ppts 10.4% 9.8% 0.6ppts
Net Profit excluding IFRS 16
10.0 5.2 91.4% 30.4 24.5 24.1%
Medical insurance business
Net insurance premiums earned
19.4 14.2

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