TIDMIDHC
RNS Number : 8385H
Integrated Diagnostics Holdings PLC
23 August 2016
For the purpose of the Transparency Directive the Home Member
state of the issuer is the United Kingdom.
Integrated Diagnostics Holdings Plc
Final Results
Monday, 22 August 2016
Integrated Diagnostics Holdings Plc results for the
six-month period ending 30 June 2016
(Jersey) Integrated Diagnostics Holdings ("IDH" or "the Group"),
IDHC on the London Stock Exchange, Egypt's largest fully integrated
private-sector provider of medical diagnostics services, announced
today its results for the six-month period ending 30 June 2016.
Commenting on the half-year performance and the company's
outlook, IDH Chairman Lord St John of Bletso said:
"I am pleased to report that your Company has continued to
perform up to market expectations despite challenges regarding the
availability of foreign exchange in Egypt that, compounded by
rising inflation, have had a knock-on impact on consumer spending.
Egypt has recently arrived at a staff-level agreement for a
three-year, USD 12 billion extended fund facility with the
International Monetary Fund. Provided this is approved by the IMF's
executive board, we anticipate that the implementation of the
reform package it requires will bring some stability to the
Egyptian Pound. We continue to invest in expanding our business in
Egypt and are also exploring opportunities to expand the business
into other high-growth markets."
IDH Chief Executive Officer Dr. Hend El-Sherbini added:
"Despite challenges in Egypt, our largest market, we have been
successful in growing the business and maintaining our margins. In
the second half of the year, we will continue to target revenue
growth of 15% while maintaining EBITDA margins in our historical
range of 43-45%. We have negotiated moderate price increases with
key suppliers that will take effect in 2H2016 and invested after
Ramadan in a targeted marketing campaign to drive recurring test
revenue. We also continue to invest in expanding our branch network
to reach new patients as we explore growth opportunities outside
Egypt."
Results (EGP million,
unless otherwise stated) 1H2016 1H2015 % change
--------------------------- ------- ------- ---------
Revenue 552.5 493.2 12%
--------------------------- ------- ------- ---------
Operating Profit 224.0 87.5 156%
--------------------------- ------- ------- ---------
EBITDA(1) 244.9 224.7 9%
--------------------------- ------- ------- ---------
EBITDA Margin 44.3% 45.5%
--------------------------- ------- ------- ---------
Net Profit 126.5 22.1 472%
--------------------------- ------- ------- ---------
Net Profit Margin 22.9 4.5
--------------------------- ------- ------- ---------
Earnings per Share (in
EGP) 0.82 0.11 645%
--------------------------- ------- ------- ---------
(1) EBITDA is calculated as Operating Profit adding back
depreciation of property, plant and equipment of EGP 20.9 million
(1H2015: EGP
13.9 million), amortisation of intangible assets of EGP nil
(1H2015: EGP 0.4 million), and non-recurring expenses. No expenses
of this nature occurred in 1H2016 (1H2015: EGP 122.9 million of
non-recurring expenses related to the company's IPO on the London
Stock Exchange). All references to EBITDA in this document are
defined as above.
Financial & Operational Highlights
-- Revenues rose 12% over 1H2015 to EGP 552.5 million as a 4%
rise in tests per patient and a combination of price rises and
better test mix offset a 3.7% decrease in number of patients
served.
-- Gross profit rose 11% to EGP 300.1 million. Expressed as a
percentage of revenues, cost of sales inched up only fractionally
to 45.7% in 1H2016 (1H2015: 45.0%) despite a high-inflation
environment in the Group's principal market of Egypt.
-- EBITDA of EGP 244.9 million represents a 9% increase from EGP 224.7 million in 1H2015.
-- Net profit of EGP 126.5 million in 1H2016 includes the impact
of EGP 30.9 million in foreign exchange losses. For the comparative
period: Net profit of EGP 22.1 million in 1H2015 includes expenses
of EGP 122.9 million related to the Group's IPO on the London Stock
Exchange.
-- Total tests were stable period-on-period at 11.7 million.
Total patients served fell 3.7% to 2.8 million, whilst the number
of tests per patient increased by 4.0%.
-- Average revenue per patient rose 16.3% period-on-period to
EGP 195.70, while average revenue per test increased 11.9% to EGP
47.10.
About Integrated Diagnostics Holdings (IDH)
IDH is the largest fully integrated private-sector medical
diagnostics services provider in Egypt, comprehensively offering
pathology and molecular diagnostics, genetics testing and basic
radiology. IDH's core brands include Al Borg and Al Mokhtabar in
Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar Sudan
(both in Sudan) and the Medical Genetics Center, which operates in
Egypt. IDH is listed on the London Stock Exchange (ticker: IDHC)
and was founded in 2012 by the merger of Al Borg and Al Mokhtabar,
the most established diagnostics services brands in Egypt.
IDH's forward looking strategy rests on leveraging its
established business model to achieve five key strategic goals,
namely: (1) continue to expand customer reach; (2) increase the
number of tests per patient; (3) use the Mega Lab's enlarged
capacity to provide services to third party labs and hospitals; (4)
introduce new medical services by leveraging the Group's network
and reputable brand position; and (5) expand into new geographic
markets through selective, value accretive acquisitions. Learn more
at idhcorp.com.
Shareholder Information
LSE: IDHC.L
Bloomberg: IDHC:LN
Listed: May 2015
Shares Outstanding: 150 million
Contact
Mr. Sherif El-Ghamrawi
Investor Relations Director
T: +20 (0)2 3345 5530 | M: +20 (0)10 0447 8699 |
sherif.elghamrawi@idhcorp.com
Cautionary Statement
These Interim Results have been prepared solely to provide
additional information to shareholders to assess the group's
performance in relation to its operations and growth potential.
These Interim Results should not be relied upon by any other party
or for any other reason. This communication contains certain
forward-looking statements. A forward-looking statement is any
statement that does not relate to historical facts and events, and
can be identified by the use of such words and phrases as
"according to estimates", "aims", "anticipates", "assumes",
"believes", "could", "estimates", "expects", "forecasts",
"intends", "is of the opinion", "may", "plans", "potential",
"predicts", "projects", "should", "to the knowledge of", "will",
"would" or, in each case their negatives or other similar
expressions, which are intended to identify a statement as
forward-looking. This applies, in particular, to statements
containing information on future financial results, plans, or
expectations regarding business and management, future growth or
profitability and general economic and regulatory conditions and
other matters affecting the Group.
Forward-looking statements reflect the current views of the
Group's management ("Management") on future events, which are based
on the assumptions of the Management and involve known and unknown
risks, uncertainties and other factors that may cause the Group's
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by these forward-looking statements. The
occurrence or non-occurrence of an assumption could cause the
Group's actual financial condition and results of operations to
differ materially from, or fail to meet expectations expressed or
implied by, such forward-looking statements.
The Group's business is subject to a number of risks and
uncertainties that could also cause a forward-looking statement,
estimate or prediction to differ materially from those expressed or
implied by the forward-looking statements contained in this
communication. The information, opinions and forward-looking
statements contained in this communication speak only as at its
date and are subject to change without notice. The Group does not
undertake any obligation to review, update, confirm or to release
publicly any revisions to any forward-looking statements to reflect
events that occur or circumstances that arise in relation to the
content of this communication.
Chairman's Statement
I am pleased to report that your Company has continued to
perform up to market expectations.
Since Integrated Diagnostic Holdings was listed on the London
Stock Exchange in May last year, our new Mega Lab facility in Cairo
has been an enormous success and is one of the cornerstones of our
Egyptian growth story.
One of our major challenges, which is unfortunately beyond our
control, has been the shortage of foreign exchange in Egypt. This,
compounded by rising inflation, has had a knock-on impact on
consumer spending.
We have thankfully been able to source USD 15.9 million in
foreign exchange during the first half of 2016, which have provided
the necessary US dollar reserves for us to make our dividend
payments and to support potential additional acquisitions.
The Egyptian Pound has been very weak, particularly over the
past six months. Egypt has recently arrived at a staff-level
agreement for a three-year, USD 12 billion extended fund facility
with the International Monetary Fund (IMF). Provided this is
approved by the IMF's executive board, we anticipate that the
implementation of the reform package it requires will bring some
stability to the domestic currency.
We have an extremely stable operational platform in Egypt and
are constantly exploring options for the next phase of our growth
story. To this end we shall continue to invest in expanding our
business in Egypt, while broadening our value-added services,
including radiology. We are also continuing to expand our
laboratory facilities.
With our proven track record and resilient business model, we
are also exploring opportunities to expand the business into other
high-growth markets in Africa and the Middle East. Cognisant of
foreign exchange restrictions, we are seeking to expand into
markets with more stable currencies.
My Board and our Management Team are committed to meeting
shareholders' expectations as well as our responsibilities of
accountability, transparency and good governance. To this end, we
are in the process of expanding our sub-committees to focus on each
core sector of the business, including international business
development.
In conclusion, our mission is to continue to deliver sustainable
growth with additional value-added services in Egypt while
maximising the Company's full potential as a sustainable,
resilient, cash-generative regional-growth success story.
Lord St John of Bletso, Chairman
Chief Executive Officer's Report
We believe deeply in Egypt's growth prospects: Our home market
has a consumer base of more than 90 million, blending the large,
fast-growing population of an emerging market with a rising
incidence of lifestyle-related diseases more characteristic of
developed economies. IDH's brands are strong and our people,
infrastructure and quality-control system unparalleled. Egypt will
continue to be a core component of our growth story for years to
come. We continue to target and deliver revenue growth with an
EBITDA margin for FY2016 expected to be within our historical norm
of 43-45%.
Still, there is no denying our home market presently faces
headwinds. The macroeconomic backdrop is challenging, and inflation
is running at a seven-year high. So far this year, the Egyptian
Pound has lost nearly 13% of its value on the official market, and
inflation has seen companies in industries ranging from food and
FMCG to the automotive industry report new or rising
price-sensitivity in their markets throughout the first half. While
our industry is fundamentally counter-cyclical, we are still not
immune to the erosion of consumer spending.
Despite these challenges, we have grown revenues 12% to more
than EGP 552 million in the first half. Moreover, we have
proactively engaged with our key suppliers to insulate the business
as much as possible from the impact of further devaluation of the
Egyptian Pound. So far, we have limited price increases to 10% with
two key suppliers. These prices will come into effect in 2H2016,
and our view on costs of goods remains in line with our financial
plan for the year. Our ability to keep costs of materials in check
reflects both the strength of our supplier relationships and the
volumes we regularly purchase from them.
To meet the inflationary cost increases, we are pleased that we
have successfully agreed to improved pricing with our corporate
contracts and continue to enhance pricing power for walk-in
patients. We are confident this will stand us in good stead in what
remains a high-inflation environment.
With this in mind, we are focused in Egypt on delivering revenue
growth through a combination of measures. In the near term, these
including a significant post-Ramadan marketing campaign, the
continued opening of new branches to expand our reach to new
patients, and the engagement of a new commercial director. We
continue to provide outsourced services and management to
third-party labs and hospitals and are actively seeking acquisition
opportunities in Egypt and abroad.
I am honoured to lead our company, and look forward to reporting
our progress in both our interim 3Q2016 statement and our full-year
2016 results.
Dr. Hend El Sherbini, Chief Executive Officer
Operational & Financial Review
Key Performance Indicators
1H2016 1H2015 % movement
=========================== =================================== ============================================= =============================
Walk
- in Corporate Walk-in Corporate Walk-in Corporate
Clients Clients Total Clients Clients Total Clients Clients Total
========================== ================== =============== ========= ============ ==================== ========= ========== ======
Revenue (EGP
million) 218.6 333.9 552.5 203.8 289.4 493.2 7% 15% 12%
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
% revenue 40% 60% 100% 41% 59% 100% - - -
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
Patients
('000) 793 2,031 2,824 889 2,043 2,931 -11% -1% -4%
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
% of patients 28% 72% 100% 30% 70% 100% - - -
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
Revenue per
Patient (EGP) 275.7 164.4 195.7 229.4 141.7 168.3 20% 16% 16%
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
Tests ('000) 2,631 9,106 11,737 2,967 8,755 11,721 -11% 4% 0%
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
% of tests 22% 78% 100% 25% 75% 100% - - -
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
Revenue per
Test (EGP) 83.1 36.7 47.1 68.7 33.1 42.1 21% 11% 12%
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
Test per
patient 3.3 4.5 4.2 3.3 4.3 4.0 -1% 5% 4%
--------------------------- ------------------ ------ ------- --------- ------------ -------------------- --------- ---------- ------
Total Branches by Geography
=============================
June 2015 Dec. 2015 June 2016
Actual Actual Actual
============================= ========== ========== ==========
Egypt 265 278 291
----------------------------- ---------- ---------- ----------
Jordan 11 11 13
----------------------------- ---------- ---------- ----------
Sudan 24 25 23
----------------------------- ---------- ---------- ----------
Total IDH Branches 300 314 327
----------------------------- ---------- ---------- ----------
Operational review
IDH delivered a solid operational performance in the six months
ended 30 June 2016, at which time the Group had 327 branches (291
in Egypt, 23 in Sudan and 13 in Jordan). During 1H2016, the Group
added 15 branches to its footprint (including 13 new locations in
Egypt and 2 in Jordan) and closed two in Sudan, for a net addition
of 13 branches. For comparative purposes, the Group had 300
branches at the end of June 2015: 265 in Egypt, 11 in Jordan and 24
in Sudan.
Average revenue per patient rose 16.3% to EGP 195.70 in 1H2016
compared with the same period last year, while average revenue per
test climbed 11.9% to EGP 47.10. Total tests completed were largely
stable period-on-period at 11.7 million.
Across the Group's footprint, IDH served 2.8 million clients in
the first half, down 3.7% from 2.9 million in the same period last
year, due primarily to a 10.8% drop in walk-in patients.
Group-wide, corporate clients served in 1H2016 stood at 2.0 million
patients (essentially on par with the same period last year).
The ratio of corporate to walk-in clients served during 1H2016
was largely unchanged from FY2015 at 72:28; in 1H2015, the same
ratio stood at 70:30. The shift in patient mix in favour of those
served on corporate contracts reflects natural market dynamics in
Egypt as corporations extend additional benefits to staff. The
trend has been encouraged by continued high inflation, which is
eroding consumer spending power and putting additional pressure on
corporations to deliver either health insurance or corporate
plans.
Financial Review
Revenue
Total revenue improved 12% in 1H2016 to EGP 552.5 million
(1H2015: EGP 493.2 million). Existing branches accounted for 76% of
revenue growth, while new branches accounted for 24%. Average
revenue per patient rose 16.3% period-on-period; revenue per test
was up 11.9%; and tests per patient climbed 4%, underscoring the
resilience of the medical diagnostics segment to both macro
headwinds and the impact of high inflation on consumer spending.
Careful attention to price increases together with better mix
compensated for the decline in number of patients served, which
stood at 2.8 million in the first half, down 3.7% from 2.9 million
in the same period last year.
Corporate clients
IDH's corporate clients (also referred to as contract clients),
who in 1H2016 represented 60% of the Group's revenues (1H2015:
59%), include institutions such as unions, private insurance
companies and corporations who typically enter into one year,
renewable contracts at agreed rates per test and on a per client
basis. During 1H2016, IDH served approximately 2.0 million patients
under those contracts, performing a total of 9.1 million tests.
Corporate client revenue grew 15.4% compared with the same
period last year on the back of 4% growth in corporate tests
performed and an 11.1% increase in corporate revenue per test.
Within the corporate clients, IDH also provides lab to lab
services for hospitals and other laboratories that are not able to
process certain tests in house. IDH continues to view the lab to
lab business as a potential growth area going forward.
Walk-in Clients
IDH derived 40% of its revenue in 1H2016 from walk-in clients
(1H2015: 41%). The Group carried out 2.6 million tests for 792,874
walk-ins during the half year. The number of walk-in clients
declined in 1H2016, most notably in Egypt, where patient volumes
fell 11.1%. Total tests performed for walk-in patients in Egypt
dropped 13.0% in the same period. This is in line with the trend
first reported in the second half of last year.
Revenues grew at 7.3% period-on-period, driven by a 21% increase
in average revenue per test, which offset an 11.1% decline in
Egyptian walk-in patients and the 13.0% drop in total tests
performed for Egyptian walk-in patients.
The Group continues to target walk-in clients through marketing
campaigns focused on IDH's brands as well as educational campaigns
aimed at increasing awareness of the importance of medical testing
and preventive medicine. Additionally, the Group also offers a
number of check-up packages and promotions aimed at increasing the
number of tests per patient and encouraging repeat visits. These
include offers targeting patients with liver and cardiovascular
diseases, among others.
Cost of Sales
Expressed as a percentage of revenues, cost of sales increased
only fractionally in 1H2016 to 45.7% compared with 45.0% in 1H 2015
despite significant inflation in Egypt, the Group's primary market.
In absolute terms, cost of sales rose 13.6% period-on-period to EGP
252.5 million, driven primarily by increased spending on wages and
salaries.
Wages and salaries accounted for 39% of total Group cost of
sales, overtaking chemicals and supplies in 1H2016 to become the
single largest contributor to COS (1H2015: 35%). This reflects the
impact of new hiring (including new headquarters staff and staff
for new branches opened in 1H2016), annual staff salary raises, and
higher employee profit share entitlement for Egyptian operations in
the period.
EBITDA
EBITDA for 1H2016 (defined in footnote 1) stood at EGP 244.9
million (1H2015: EGP 224.7 million), up 9% period-on-period. EBITDA
growth was constrained in part by the rising cost of wages and
salaries (as noted above) as well as an uptick in advertising and
marketing costs on the back of a comprehensive marketing
campaign.
Net Finance Cost
The Group recorded net finance costs of EGP 25.4 million in
1H2016 against a net finance income of EGP 5.0 million in the same
period last year. Net finance costs include both finance income of
EGP 9.6 million (1H2015: 6.3 million) and finance costs of EGP 35.0
million (1H2015: 1.3 million).
IDH was successful in converting Egyptian Pounds into US dollars
during the period. These transactions have been entered into to
provide the necessary US dollar reserves for IDH to make the
dividend payment in the period, and meet other US dollar
denominated financial liabilities. A foreign exchange loss has
arisen due to the difference between the official exchange rate and
the less favourable unofficial parallel exchange rate received by
IDH when entering into these transactions. In the period IDH
purchased a total of US$ 15.9 million through currency swap
transactions (1H2015: US$ 3.9 million) which resulted in a total
foreign exchange loss recognised of EGP 27.2 million (1H2015: EGP
0.7 million).
Taxation
Income tax expenses recorded on the income statement in 1H2016
totalled EGP 72.1 million compared to EGP 70.4 million in 1H2015.
There is no tax payable in the two IDH holding companies (Jersey
and Cayman). All tax is paid within the operating companies in
Egypt, Jordan and Sudan. Corporate income tax rates in Egypt were
22.5% in 1H2016 (down from 30% in 1H2015), while rates were
unchanged period-on-period in Jordan (20%) and Sudan (15%).
The Group's dividend policy is to distribute any excess cash
after taking into consideration all business cash requirements and
potential acquisition considerations. As a result, a deferred tax
liability is recognised for the 5% tax on dividends for the future
expected distribution payable by Egyptian entities under Egyptian
tax legislation. A deferred tax expense of EGP 10.6 million has
accordingly been recognised for profits generated in the
period.
Net Earnings
Net profit for the six-month period ending 30 June 2016 was EGP
126.5 million, up sharply from EGP 22.1 million recorded in 1H2015.
Results for the first half of this year reflect the impact of EGP
30.9 million in foreign exchange losses (discussed above) against a
net finance gain of EGP 5.0 million in the comparative period.
Management also notes that net profit of EGP 22.1 million in
1H2015 includes expenses of EGP 122.9 million related to the
Group's IPO on the London Stock Exchange.
Balance Sheet
Through the historic acquisitions of Makhbariyoun Al Arab and
Golden Care Medical Services the Group entered into 2 separate put
option arrangements to purchase the remaining equity interests from
the vendors at a subsequent date. The options are exercisable in
whole from the fifth anniversary of completion of the original
purchase agreement falling due in June 2016. At acquisition a put
option liability has been recognised for the net present value for
the exercise price of the option. In July 2016 the Group was
notified by the vendors of Golden Care Medical Services the put
option had been exercised. The purchase of the remaining shares is
expected to complete during H2 2016.
Principal Risks and Uncertainties
As in any corporation, IDH has exposure to risks and
uncertainties that may adversely affect its performance. The Board
and senior management agree that the principal risks and
uncertainties facing the Group include political and economic
situation in Egypt and the Middle East, foreign currency supply and
associated risks, changes in regulation and regulatory actions,
damage to the Group's reputation, failure to maintain the Group's
high quality standards and accreditations, failure to maintain good
relationships with health care professionals and end-users, pricing
pressures and business interruption of the Group's testing
facilities, among others.
Going Concern
The directors are satisfied that the Group has sufficient
resources to continue in operation for the foreseeable future, a
period of not less than 12 months from the date of this report.
Accordingly, the directors continue to adopt the going concern
basis in preparing the condensed financial statements. The Group's
Financial Statements for the half year ended 30 June 2016 are
available on the Group's website at www.idhcorp.com
Statement of Directors' Responsibilities
The Interim Report is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the Interim Report in accordance with the Disclosure and
Transparency Rules ("DTR") of the United Kingdom's Financial
Conduct Authority. The DTR require that the accounting policies and
presentation applied to the half yearly figures must be consistent
with those applied in the latest published annual accounts, except
where the accounting policies and presentation are to be changed in
the subsequent annual accounts, in which case the new accounting
policies and presentation should be followed, and the changes and
the reasons for the changes should be disclosed in the Interim
Report, unless the United Kingdom Financial Conduct Authority
agrees otherwise.
We confirm that to the best of our knowledge:
The condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the EU; and
The Interim Report includes a fair review of the information
required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six month of the financial year and their impact on the condensed
set of financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
A list of current directors of the Group is maintained on the
Group's website at www.idhcorp.com.
For and on behalf of the Board of Directors:
Dr. Hend El Sherbini
Executive Director
Independent Review Report to Integrated Diagnostics Holdings
plc
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six month ended 30 June 2016 which comprises Condensed consolidated
interim statement of financial position, Condensed consolidated
interim income statement, Condensed consolidated interim statement
of profit or loss and other comprehensive income, Condensed
consolidated interim statement of changes in equity, Condensed
consolidated interim statement of cash flows and the related
explanatory notes. We have read the other information contained in
the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 2, the annual financial statements of the
group are prepared in accordance with IFRSs as adopted by the EU.
The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
(UK and Ireland) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six month ended 30 June
2016 is not prepared, in all material respects, in accordance with
IAS 34 as adopted by the EU and the DTR of the UK FCA.
Adrian Wilcox, for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London
E14 5GL
22 August 2016
Consolidated Statement of Financial Position
30 June 31 December
Note 2016 2015
EGP'000 EGP'000
=================================== ===== ========================== =============================
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 4 343,249 337,877
Intangible assets and goodwill 5 1,609,626 1,606,225
Total non-current assets 1,952,875 1,944,102
-------------------------- -----------------------------
Current assets
Inventories 6 40,947 34,326
Trade and other receivables 7 120,363 117,155
Cash and cash equivalents 8 406,590 387,716
Total current assets 567,900 539,197
-------------------------- -----------------------------
Total assets 2,520,775 2,483,299
========================== =============================
Equity
Share Capital 1,072,500 1,072,500
Share premium reserve 1,027,706 1,027,706
Capital reserve (314,310) (314,310)
Legal reserve 28,834 28,834
Put option reserve (68,476) (64,069)
Translation reserve 25,040 1,193
Retained earnings 186,561 142,712
Share based payment reserve - 1,034
Equity attributed to the
owners of the Company 1,957,855 1,895,600
Non-controlling interest 46,110 46,873
Total equity 2,003,965 1,942,473
-------------------------- -----------------------------
Non-current liabilities
Deferred tax liabilities 13-C 132,756 128,427
Other provisions 10,919 10,962
Long-term financial obligations 10 57,341 60,327
Total non-current liabilities 201,016 199,716
-------------------------- -----------------------------
Current liabilities
Trade and other payables 9 240,579 229,631
Current tax liabilities 13-B 75,215 111,479
Total current liabilities 315,794 341,110
-------------------------- -----------------------------
Total liabilities 516,810 540,826
-------------------------- -----------------------------
Total equity and liabilities 2,520,775 2,483,299
========================== =============================
These condensed consolidated interim financial statements
were approved and authorised for issue by the Board
of Directors and signed on their behalf on 22 Aug 2016
by:
____________________
-----------------------------
Dr. Hend El Sherbini James Nolan
Chief Executive Officer Head of Audit Committee
Consolidated Income Statement
Note 30 June 2016 30 June 2015
EGP'000 EGP'000
=============================== ===== ============================ ===========================
(Unaudited) (Unaudited)
Revenue 552,540 493,232
Cost of sales (252,453) (222,145)
Gross profit 300,087 271,087
Marketing and advertising
expenses (27,999) (22,465)
Administrative expenses (46,367) (158,410)
Other expenses (1,691) (2,750)
Operating profit 224,030 87,462
Finance income 12 9,583 6,424
Finance cost 12 (35,001) (1,382)
Net finance (cost) / income 12 (25,418) 5,042
---------------------------- ---------------------------
Profit before tax 198,612 92,504
Income tax expense (72,110) (70,376)
Profit for the period 126,502 22,128
============================ ===========================
Profit attributed to:
Owners of the Company 123,319 16,901
Non-controlling interest 3,183 5,227
126,502 22,128
============================ ===========================
Earnings per share (expressed
in EGP):
Basic and diluted earnings
per share 17 0.82 0.11
============================ ===========================
The accompanying notes on pages 16 - 25 form an integral
part of these condensed consolidated interim financial
statements.
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
30 June 2016 30 June 2015
EGP'000 EGP'000
==================================== ========================== ===========================
(Unaudited) (Unaudited)
Net profit 126,502 22,128
Other comprehensive income
Items that may be subsequently
reclassified to profit or loss:
Currency translation differences 26,478 1,980
Other comprehensive income for
the period net of tax 26,478 1,980
-------------------------- ---------------------------
Total comprehensive income for
the period 152,980 24,108
========================== ===========================
Attributed to:
Owners of the company 20,664 (4,044)
Non-controlling interests 5,814 6,024
26,478 1,980
========================== ===========================
Changes in Shareholder Equity
Attributable to owners of the Company
========================================================================================================================== ==========
Total
attributed
to
the
Share owners
Put based of
Share Share Capital Legal option Translation Retained payment the Non-controlling Total
capital premium reserve reserve* reserve reserve earnings reserve Company interests equity
========== ========== ========== ========= ========= ============ ========= ======== =========== ================ ==========
At 1 January
2016 1,072,500 1,027,706 (314,310) 28,834 (64,069) 1,193 142,712 1,034 1,895,600 46,873 1,942,473
---------- ---------- ---------- --------- --------- ------------ --------- -------- ----------- ---------------- ----------
Profit for the
period - - - - - - 123,319 - 123,319 3,183 126,502
Other
comprehensive
income for
the period - - - - - 23,847 - - 23,847 2,631 26,478
Total
comprehensive
income - - - - - 23,847 123,319 - 147,166 5,814 152,980
---------- ---------- ---------- --------- --------- ------------ --------- -------- ----------- ---------------- ----------
Transactions
with
owners of the
Company
Contributions
and
distributions
Dividends - - - - - - (79,470) - (79,470) (6,577) (86,047)
Put option
during
the year - - - - (4,407) - - - (4,407) - (4,407)
Reverse
share-based
payment - - - - - - - (1,034) (1,034) - (1,034)
Legal reserve - - - - - - - - - - -
formed
during the
period
Total
contributions
and
distributions - - - - (4,407) - (79,470) (1,034) (84,911) (6,577) (91,488)
---------- ---------- ---------- --------- --------- ------------ --------- -------- ----------- ---------------- ----------
Total
transactions
with owners
of the
Company - - - - (4,407) - (79,470) (1,034) (84,911) (6,577) (91,488)
Balance at 30
June
2016
(Unaudited) 1,072,500 1,027,706 (314,310) 28,834 (68,476) 25,040 186,561 - 1,957,855 46,110 2,003,965
========== ========== ========== ========= ========= ============ ========= ======== =========== ================ ==========
At 1 January
2015** 1,072,500 1,027,706 (314,310) 26,945 (50,420) 1,204.00 - - 1,763,625 41,523 1,805,148
---------- ---------- ---------- --------- --------- ------------ --------- -------- ----------- ---------------- ----------
Profit for the
period - - - - - 16,901 - - 16,901 5,227 22,128
Other
comprehensive
income for
the period - - - - - 1,183 - - 1,183 797 1,980
Total
comprehensive
income - - - - - 18,084 - - 18,084 6,024 24,108
---------- ---------- ---------- --------- --------- ------------ --------- -------- ----------- ---------------- ----------
Transactions
with
owners of the
Company
Contributions
and
distributions
Dividends - - - - - - - - - (3,582) (3,582)
Legal reserve
formed
during the
period - - - 186 - - (186) - - - -
Total
contributions
and
distributions - - - 186 - - (186) - - (3,582) (3,582)
---------- ---------- ---------- --------- --------- ------------ --------- -------- ----------- ---------------- ----------
Total
transactions
with owners
of the
Company - - - 186 - - (186) - - (3,582) (3,582)
Balance at 30
June
2015
(Unaudited) 1,072,500 1,027,706 (314,310) 27,131 (50,420) 19,288 (186) - 1,781,709 43,965 1,825,674
---------- ---------- ---------- --------- --------- ------------ --------- -------- ----------- ---------------- ----------
The accompanying notes on pages 15 - 26 form an integral part of these condensed
consolidated interim financial statements.
* Under Egyptian Law each subsidiary must set aside at least 5% of its annual
net profit into a legal reserve until such time that this represents 50% of
each subsidiary's issued capital. This reserve is not distributable to the
owners of the Company.
**These individual amounts within equity as at 1 January 2015 have been restated
for the same reasons as those disclosed in note 2.2 of the audited consolidated
financial statements published as at and for the year ended 31 December 2015.
.
Consolidated Statement of Cash Flows
30 June 30 June
Note 2016 2015
EGP'000 EGP'000
======================================= ===== =========================== ===========================
(Unaudited) (Unaudited)
Cash flows from operating activities
Profit for the period before
tax 198,612 92,504
Adjustments
Depreciation 4 20,902 13,941
Amortization - 352
Loss on disposal of Property,
plant and equipment 66 81
Impairment of goodwill 1,849 -
Impairment in trade and other
receivables 986 2,478
Provisions made 1,173 1,010
Reversal of impairment in trade
and other receivables (458) (85)
Provisions reversed (1,160) (6)
Interest expense 3,657 1,268
Interest income (9,583) (3,752)
Unrealised foreign currency
exchange loss / (gain) 3,709 (2,672)
Net cash from operating activities
before changes in working capital 219,753 105,119
Provision used (55) (891)
Change in inventory (6,622) 2,983
Change in trade and other receivables (2,878) (31,355)
Change in trade and other payables 4,832 16,386
Cash generated from operating
activities before income tax
payment 215,030 92,242
--------------------------- ---------------------------
Income tax paid during period (102,983) (101,417)
Net cash from operating activities 112,047 (9,175)
--------------------------- ---------------------------
Cash flows from investing activities
Interest received 9,372 3,550
Acquisition of purchase of
Property, plant and equipment (21,742) (33,750)
Proceeds from sale of Property,
plant and equipment 50 267
Net cash flows used in investing
activities (12,320) (29,933)
--------------------------- ---------------------------
Cash flows from financing activities
Repayments of borrowings - (35)
Interest paid (2,695) (1,268)
Dividends paid (86,047) (3,582)
Financial lease (3,885) (429)
Net cash flows used in financing
activities (92,627) (5,314)
--------------------------- ---------------------------
Net decrease in cash and cash
equivalent 7,100 (44,422)
Cash and cash equivalent at
the beginning of the period 387,716 252,110
Effect of exchange rate fluctuations
on cash held 11,774 1,914
Cash and cash equivalent at
the end of the period 8 406,590 209,602
=========================== ===========================
1. Reporting entity
Integrated Diagnostics Holdings plc "IDH" or "the Company" is a
Company which was incorporated in Jersey on 4 December 2015 and
established according to the provisions of the Companies (Jersey)
Law 1991 under Registered No. 117257. These condensed consolidated
interim financial statements as at and for the six months ended 30
June 2016 comprise the Company and its subsidiaries (together
referred as the 'Group').
The Group's main activity is concentrated in the field of
medical diagnostics.
The Group's financial year starts on 1 January and ends on 31
December each year.
These condensed consolidated interim financial statements were
approved for issue by the Directors of the Company on 22 August
2016.
2. Basis of preparation
A. Statement of compliance
These condensed consolidated interim financial statements have
been prepared in accordance with IAS 34 'Interim Financial
Reporting' (as adopted by the EU).
They do not include all the information required for a complete
set of IFRS financial statements as adopted by European Union
("IFRS-EU"), and should be read in conjunction with the financial
statements published as at and for the year ended 31 December 2015
which is available at www.idhcorp.com
B. Going concern
These condensed consolidated interim financial statements have
been prepared on the going concern basis. At 30 June 2016, the
Group had net assets amounting to EGP 2,003,965K.
The Group is profitable and cash generative and the Directors
have considered the Group's cash forecasts for a period of 12
months from the signing of the balance sheet.
The Directors have a reasonable expectation that the Group has
adequate resources to meet its liabilities as they fall due for at
least 12 months from the date of approval of these condensed
consolidated interim financial statements.
Thus, they continue to adopt the going concern basis in
preparing the financial information.
C. Basis of measurement
The condensed consolidated interim financial statements have
been prepared on the historical cost basis except where adopted
IFRS mandates that fair value accounting is required.
D. Functional and presentation currency
These condensed consolidated interim financial statements and
financial information are presented in Egyptian Pounds
(EGP'000).
The functional currency of the majority of the Group's entities
is the Egyptian Pound (EGP) and is the currency of the primary
economic environment in which the Group operates.
E. Use of estimates and judgements
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
There are no material changes in management judgments, estimates
and assumptions during the six months' period ended 30 June 2016
from those applied in the audited consolidated financial statements
published as at and for the year ended 31 December 2015.
3. Significant accounting policies
The accounting policies applied by the Group in these condensed
consolidated interim financial statements are consistent with those
applied in the audited consolidated financial statements published
as at and for the year ended 31 December 2015.
These audited consolidated financial statements were prepared in
accordance with IFRS as adopted by the European Union.
New standards and interpretations not yet adopted
New standards, amendments to standards and interpretations that
are not yet effective for the half year ended 30 June 2016 have not
been applied in preparing these condensed consolidated interim
financial statements. None of these is expected to have a
significant effect on these condensed consolidated interim
financial statements of the Group.
4. Property, plant and equipment
Leasehold Fixtures, Building &
============== =============================== =============================== ==============================
fittings & Leasehold
============== =========================
improvements
===========================
Medical, electric
& information
Land & Buildings system equipment improvements vehicles in construction Total
============== =============================== =============================== ========================= =========================== =========================== ==============================
Cost
At 1 January
2016 167,612 196,753 76,272 31,949 3,576 476,162
Additions - 8,742 6,794 1,217 4,990 21,743
Disposals - (1,383) (312) (278) - (1,973)
Assets
transfer to
held for
sale (649) - - - - (649)
Translation
differences 674 2,193 2,338 823 268 6,296
Transfers - 2,935 - - (2,935) -
------------------------------- ------------------------------- ------------------------- --------------------------- --------------------------- ------------------------------
At 30 June
2016 167,637 209,240 85,092 33,711 5,899 501,579
=============================== =============================== ========================= =========================== =========================== ==============================
Depreciation
At 1 January
2016 19,331 75,403 31,088 12,463 - 138,285
Charge for
the period 1,372 12,188 6,190 1,152 - 20,902
On disposals - (906) (303) (199) - (1,408)
Translation
differences 2 287 148 114 - 551
At 30 June
2016 20,705 86,972 37,123 13,530 - 158,330
=============================== =============================== ========================= =========================== =========================== ==============================
Net book
value 146,926 122,239 47,961 20,222 5,901 343,249
At 30 June
2016
At 31
December
2015 148,281 121,350 45,184 19,486 3,576 337,877
Leased equipment
The Group leases medical and electric equipment under finance
lease arrangements. This equipment is supplied to service the
Group's new state-of-the-art Mega Lab. The equipment secures lease
obligations, see note 10 for further details. At 30 June 2016, the
net carrying amount of leased equipment was EGP 63,385K (31 Dec
2015: EGP 68,115K).
5. Intangible assets and goodwill
Intangible assets represent goodwill acquired through business
combinations and brand names.
30-Jun-16 31-Dec-15
EGP'000 EGP'000
--------------- ----------
(unaudited)
Goodwill 1,233,056 1,231,198
Brand names 376,570 375,027
1,609,626 1,606,225
=============== ==========
Goodwill impairment reviews are undertaken annually or more
frequently if events or changes in circumstances indicate a
potential impairment.
During the period goodwill of EGP 1,849K allocated to the
Molecular Diagnostics Centre CGU has been fully impaired due to the
liquidation of this legal entity in May 2016.
No other indicators of impairment have been identified at 30
June 2016.
6. Inventories
30-Jun-16 31-Dec-15
EGP'000 EGP'000
------------------------------------------ ----------
(unaudited)
Chemicals and operating supplies 40,947 34,326
40,947 34,326
========================================== ==========
7. Trade and other receivables
30-Jun-16 31-Dec-15
EGP'000 EGP'000
----------------- --------------
(unaudited)
Trade receivables 112,485 117,063
Other receivables 4,465 2,143
Prepayments 15,227 13,467
Due from related parties (Note 11) 3,837 465
Fixed assets held for sale 649
Accrued revenue 1,258 1,047
137,921 134,185
Less:
Impairment of trade receivables (17,558) (17,030)
----------------- --------------
120,363 117,155
================= ==============
8. Cash and cash equivalents
30-Jun-16 31-Dec-15
EGP'000 EGP'000
------------ ---------------
(unaudited)
Short-term deposits* 214,135 263,384
Cash at banks and on hand 192,455 124,332
Cash and cash equivalents 406,590 387,716
============ =============
*The maturity date of these time deposits is less than or equal
to 3 months.
EGP 16,597K (31 Dec 2015: 16,166K) of total cash and cash
equivalents are held in subsidiaries operating in Sudan. Prior
approval from the Central Bank of Sudan is required to transfer
these funds abroad.
9. Trade and other payables
30-Jun-16 31-Dec-15
EGP'000 EGP'000
------------------------------ ---------------
(unaudited)
Trade payable 94,079 70,743
Accrued expenses 53,804 73,747
Other payables 10,110 6,830
Put option liability 68,476 64,069
Finance lease liabilities 14,110 14,242
240,579 229,631
========================== ================
Through the historic acquisitions of Makhbariyoun Al Arab and
Golden Care Medical Services the Group entered into 2 separate put
option arrangements to purchase the remaining equity interests from
the vendors at a subsequent date. The options are exercisable in
whole from the fifth anniversary of completion of the original
purchase agreement falling due in June 2016. At acquisition a put
option liability has been recognised for the net present value for
the exercise price of the option.
In July 2016 the Group was notified by the vendors of Golden
Care Medical Services the put option had been exercised. The
purchase of the remaining shares is expected to complete during H2
2016.
10. Long term financial obligation
The long-term financial obligations represent the finance lease
liabilities due over 1 year for agreements entered into by the
Group.
The total finance lease liabilities for the laboratory equipment
to service the Group's Mega Lab are payable as follows:
Minimum lease Interest Principal
payments
30 June 2016 30-Jun-16 30-Jun-16
EGP'000 EGP'000 EGP'000
-------------- ------------ ------------
(unaudited) (unaudited) (unaudited)
Less than one year 21,669 7,559 14,110
Between one and five years 60,145 18,109 42,036
More than five years 18,000 2,695 15,305
99,814 28,363 71,451
============== ============ ============
11. Related party transactions
The significant transactions with related parties, their nature
volumes and balance during the period 30 June 2016 and 2015 are as
follows:
30-Jun-16
EGP'000
---------------------------------------
Related Party Nature of transaction Nature of Amount of Balance
relationship transaction
--------------------- ---------------------- ---------------------- --------------------- ----------------
(unaudited) (unaudited)
Health-care Tech Expenses paid on
Company behalf Affiliate 16 204
Expenses paid on
Life Scan (S.A.E) behalf Affiliate - 277
Integrated Treatment
for Kidney Diseases Entity owned by
(S.A.E) Rental income Company's CEO 21 21
International Expenses paid on
Fertility (IVF) behalf Affiliate 3,335 3,335
Total 3,837
================
31-Dec-15
EGP'000
Related Party Nature of transaction Nature of Amount of Balance
relationship transaction
--------------------- ---------------------- ---------------------- --------------------- ----------------
Health-care Tech Expenses paid on
Company behalf Affiliate 75 188
Expenses paid on
Life Scan (S.A.E) behalf Affiliate 277 277
Integrated Treatment Rental income Entity owned by 274 -
for Kidney Diseases Company's CEO
(S.A.E)
----------------
Total 465
================
The transactions with the related parties are made on terms
equivalent to those that prevail in arm's length transactions.
12. Net finance income
30-Jun-16 30-Jun-15
EGP'000 EGP'000
--------------- ------------------
Finance income (unaudited) (unaudited)
Interest income on bank and time deposits 9,583 3,752
Net foreign exchange gain - 2,672
--------------- ------------------
Total finance income 9,583 6,424
=============== ==================
Finance cost
Bank charges (435) (114)
Interest expense (3,657) (1,268)
Net foreign exchange loss* (30,909) -
Total finance cost (35,001) (1,382)
--------------- ------------------
Net finance (cost)/income (25,418) 5,042
=============== ==================
* IDH has entered into a number of currency swap transactions
during the period to convert Egyptian Pounds into US Dollars. There
is a difference between the official exchange rate and an
unofficial parallel exchange rate for the Egyptian Pound against
the US Dollar. A foreign exchange loss has arisen due to the
difference between the official exchange rate and the less
favorable unofficial parallel exchange rate received by IDH when
entering into these transactions. In the period IDH purchased a
total of US$ 15,890K (June 2015: $ 3,930K) which resulted in a
total foreign exchange loss recognised of EGP 27,200K (June 2015:
EGP 731K).
13. Tax
A) Tax expense
Tax expense is recognised based on management's best estimate of
the weighted-average annual income tax rate expected for the full
financial year multiplied by the pre-tax income of the interim
reporting period. There were no significant changes in Group's
effective tax rate for the six months ended 30 June 2015 to 30 June
2016.
B) Income tax liabilities
30-Jun-16 31-Dec-15
EGP'000 EGP'000
----------------------- -----------------------
(unaudited)
Balance b/f 111,479 123,683
Net withholding tax (debit - credit) (1,061) (5,518)
Tax provision 3,221 348
Income tax for the year 59,312 108,128
Tax paid (97,736) (115,162)
----------------------- -----------------------
Balance c/f 75,215 111,479
======================= =======================
C) Deferred tax liabilities
Deferred tax relates to the following:
30-Jun-16 31-Dec-15
EGP'000 EGP'000
------------------------------------------------ ----------------------------------
Assets Liabilities Assets Liabilities
----------------------- ----------------------- ---------------- ----------------
(unaudited)
Property, plant and
equipment - (4,962) - (5,668)
Intangible assets - (101,883) - (102,113)
Undistributed reserves from
group subsidiaries - (28,017) - (22,614)
Provisions 2,106 - 1,968 -
----------------------- ----------------------- ---------------- ----------------
Net deferred tax liability (132,756) (128,427)
----------------------- ----------------
14. Financial Instruments
The Group has reviewed the financial assets and liabilities held
at 30 June 2016 and 31 December 2015. It has been deemed that the
carrying amounts for all financial instruments are a reasonable
approximation of fair value. All financial instruments are deemed
Level 3.
15. Contingent liabilities
There are no contingent liabilities relating to the group's
transactions and commitment with banks, this has been assessed and
not deemed to have a material effect on the group's future
financial position.
16. Dividends
The following dividends were declared and paid by the company
for the period.
30-Jun-16 30-Jun-15
EGP'000 EGP'000
------------------- --------------------
(unaudited) (unaudited)
US$ 0.06 per qualifying ordinary share (2015: nil) 79,470 -
79,470 -
=================== ====================
17. Earnings per share
30-Jun-16 30-Jun-15
EGP'000 EGP'000
------------ ----------------
(unaudited) (unaudited)
Profit attributed to owners of the parent 123,319 16,901
Weighted average number of ordinary shares in issue 150,000 150,000
------------ ----------------
Basic and diluted earnings per share 0.82 0.11
============ ================
The Company has no potential diluted shares as of the 30 June
2016 and 30 June 2015 therefore the earning per diluted share are
equivalent to basic earnings per share.
18. Segment reporting
The group is viewed as a single operating segment, as the
Group's Chief Operating Decision Maker (CODM) reviews the internal
management reports and KPIs of the group as whole and not at a
further aggregated level.
The group operates in three geographic areas, Egypt, Sudan and
Jordan. Each area offers similar services and the KPIs of each are
viewed to be the same and they are not viewed as individual
operating segments. The revenue split between the three regions is
set out below, the combined Sudan and Jordan operations make up
less than 11% of the Group's total revenue.
Revenue by geographic location
--------------------------------------------------------------------------------
(unaudited)
--------------------------------------------------------------------------------
For the six-month period Egypt region Sudan region Jordan region Total
ended
------------------- ------------------ ------------------ -------------------
EGP'000 EGP'000 EGP'000 EGP'000
30-Jun-16 490,552 17,828 44,160 552,540
30-Jun-15 445,688 14,484 33,060 493,232
The operating segment profit measure reported to the CODM is
Normalised EBITDA, as follows:
30 -Jun-2016 30-Jun-15
EGP'000 EGP'000
---------------- ---------------
(unaudited) (unaudited)
Profit from operations 224,030 87,462
Property, plant and equipment depreciation 20,902 13,941
Amortization of Intangible assets - 352
EBITDA 244,932 101,755
Non Recurring Items
IPO Expenses - 122,912
Normalised EBITDA 244,932 224,667
================ ===============
The operating segment assets and liabilities measure reported to
the CODM is in accordance with IFRS as shown in the Group's
Consolidated Statement of Financial Position.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BCGDIGDDBGLD
(END) Dow Jones Newswires
August 23, 2016 02:00 ET (06:00 GMT)
Integrated Diagnostics (LSE:IDHC)
Historical Stock Chart
From Apr 2024 to May 2024
Integrated Diagnostics (LSE:IDHC)
Historical Stock Chart
From May 2023 to May 2024