ECONOMY

Operating profits up for Hygeia clinic

operating-profits-up-for-hygeia-clinic

Private clinic Hygeia saw its operating profits rise despite a slight decline in revenue.

It also continued achieving high operating cash flows.

The clinic, which was acquired in 2019 by CVC Capital Partners, succeeded in limiting the negative effects of the Covid-19 pandemic, despite the fact that the first, stricter lockdown in the first half of 2020 affected its operations and prospective customers tended to postpone non-essential operations.

Turnover was 140.8 million euros, down 1.6% compared to 2019 (€143.1 million); gross profit rose 0.6%, to €38.1 million and so did the profit margin.

Earnings before interest, taxes and asset depreciation (EBITDA) rose 5%, to €43.7 million, from €41.6 million in 2019; net pre-tax profit rose to €28.5 million, from €27.6 million, while after-tax profit was €22.3 million, from €33.6 million in 2019 and return on equity was was 11.88%.

Net cash flow reached €44.1 million, from €39.6 million in 2019.

Hygeia also covered a subordinated €105 million loan issued by its Luxembourg-based parent company Hellenic Healthcare with a €100 million loan issued by the four big Greek banks, led by Eurobank.

Net debt was €188.3 million in 2020, up from €45.6 million in 2019, with equity at €199.4 million.