MED LIFE S.A.

INDIVIDUAL UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED JUNE 30, 2021

PREPARED IN ACCORDANCE WITH INTERNATIONAL

FINANCIAL REPORTING STANDARDS AS ADOPTED BY EUROPEAN UNION

("IFRS")

Name of the issuing company: Med Life S.A.

Registered Office: Bucharest, 365 Calea Griviței, district 1, Romania

Fax no.: 0040 374 180 470

Unique Registration Code at the National Office of Trade Registry: 8422035

Order number on the Trade Registry: J40/3709/1996

Subscribed and paid-in share capital: RON 33.217.623

Regulated market on which the issued securities are traded: Bucharest Stock Exchange

CONTENTS:

PAGE:

INDIVIDUAL STATEMENT OF FINANCIAL POSITION

2

INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

3

INDIVIDUAL STATEMENT OF CASH FLOWS

4

INDIVIDUAL STATEMENT OF CHANGES IN EQUITY

5 - 6

NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS

7 - 27

MED LIFE S.A.

INDIVIDUAL UNAUDITED STATEMENT OF FINANCIAL POSITION

FOR THE PERIOD ENDED JUNE 30, 2021

(all the amounts are expressed in RON, unless otherwise specified)

June 30,

December 31,

Variation

2021

2020

2021/2020

ASSETS

NON-CURRENT ASSETS

Intangible assets

9,193,264

10,675,893

-13.9%

Tangible assets

245,742,379

244,998,068

0.3%

Right-of-use asset

61,803,510

71,462,302

-13.5%

Financial assets

241,723,008

237,335,288

1.8%

TOTAL NON-CURRENT ASSETS

558,462,161

564,471,551

-1.1%

Current Assets

Inventories

10,582,019

13,224,013

-20.0%

Trade and other receivables

93,355,497

89,382,165

4.4%

Receivables with group companies

104,339,853

95,020,068

9.8%

Other receivables

12,431,216

11,780,770

5.5%

Cash and cash equivalents

42,394,643

33,735,446

25.7%

263,103,228

243,142,462

8.2%

Prepayments

2,300,160

1,325,662

73.5%

TOTAL CURRENT ASSETS

265,403,388

244,468,124

8.6%

TOTAL ASSETS

823,865,549

808,939,675

1.8%

LIABILITIES & SHAREHOLDER'S EQUITY

Current Liabilities

Trade and other payables

82,015,007

96,605,850

-15.1%

Overdraft

9,853,400

9,738,800

1.2%

Current portion of lease liability

20,541,536

21,416,526

-4.1%

Current portion of long term debt

57,981,180

34,881,989

66.2%

Intercompany payables

4,304,041

1,036,693

315.2%

Current tax liabilities

3,135,748

3,829,499

-18.1%

Provisions

2,885,053

2,885,053

0.0%

Other short term liabilities

16,884,747

16,008,640

5.5%

TOTAL CURRENT LIABILITIES

197,600,712

186,403,050

6.0%

Long Term Debt

Lease liability

57,629,831

67,027,513

-14.0%

Other long term liabilities

-

3,325,000

-100.0%

Long term debt

311,751,988

333,649,420

-6.6%

TOTAL LONG-TERM LIABILITIES

369,381,819

404,001,933

-8.6%

Deferred tax liability

11,457,413

11,457,413

0.0%

TOTAL LIABILITIES

578,439,944

601,862,396

-3.9%

SHAREHOLDER'S EQUITY

Share capital and share premium

82,395,091

82,027,012

0.4%

Treasury shares

(346,466)

(666,624)

-48.0%

Reserves

90,599,863

90,599,863

0.0%

Retained earnings

72,777,117

35,117,028

107.2%

TOTAL EQUITY

245,425,605

207,077,279

18.5%

TOTAL LIABILITIES AND EQUITY

823,865,548

808,939,675

1.8%

v

Mihail Marcu,

Adrian Lungu,

CEO

CFO

The accompanying notes are an integral part of the individual financial statements.

2

MED LIFE S.A.

INDIVIDUAL UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED JUNE 30, 2021

(all the amounts are expressed in RON, unless otherwise specified)

6 Months ended June 30,

Variation

2021

2020

2021/2020

Sales

Other operating revenues

Operating Income

Consumable materials and repair materials Third party expenses (including doctor's agreements)

Salary and related expenses

Social contributions

Depreciation

Impairment losses and gains (including reversals of impairment losses)

Other operating expenses

Operating expenses

Operating Profit

314,457,254

214,111,081

46.9%

715,743

470,290

52.2%

315,172,997

214,581,371

46.9%

(53,732,467)

(32,380,922)

65.9%

(91,203,492)

(64,071,257)

42.3%

(72,726,691)

(64,872,956)

12.1%

(2,481,334)

(2,513,191)

-1.3%

(23,960,084)

(23,008,865)

4.1%

(1,769,038)

-

-100%

(14,609,519)

(12,820,036)

14.0%

(260,482,625)

(199,667,227)

30.5%

54,690,372

14,914,144

266.7%

Finance income - interest revenue

1,433,522

973,580

47.2%

Finance cost

(7,510,857)

(6,195,935)

21.2%

Other financial expenses

(3,997,491)

(3,595,449)

11.2%

Financial loss

(10,074,826)

(8,817,804)

14.3%

Result Before Taxes

44,615,546

6,096,340

631.8%

Income tax expense

(6,955,456)

(1,316,900)

428.2%

Net Result

37,660,090

4,779,440

688.0%

Other comprehensive income items that will not be reclassified to profit or loss

Gain / Loss on revaluation of equity instruments

Deferred tax on other comprehensive income components

TOTAL OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE INCOME

-

(146,013)

100%

-

23,362

100%

-

(122,651)

100%

37,660,090

4,656,790

708.7%

Mihail Marcu,

Adrian Lungu,

CEO

CFO

The accompanying notes are an integral part of the individual financial statements.

3

MED LIFE S.A.

INDIVIDUAL UNAUDITED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED JUNE 30, 2021

(all the amounts are expressed in RON, unless otherwise specified)

6 Months ended June 30,

2021

2020

Net profit before taxes

44,615,546

6,096,340

Adjustments for

Depreciation

23,960,084

23,008,865

Interest expense

7,510,857

6,195,935

Allowance for doubtful receivables

1,769,038

-

Other non-monetary gains

-

(245,820)

Unrealised exchange gain / loss on interest bearing obligations

3,273,336

3,595,449

Interest revenue

(1,433,522)

(973,580)

Operating cash flow before working capital changes

79,695,339

37,677,189

Decrease / (increase) in accounts receivable

(6,392,816)

(6,228,352)

Decrease / (increase) in inventories

2,641,994

(1,135,869)

Decrease / (increase) in prepayments

(974,498)

(913,937)

Increase / (decrease) in accounts payable

(13,655,260)

1,927,238

Cash used in working capital changes

(18,380,580)

(6,350,920)

Cash generated from operations

61,314,759

31,326,269

Income tax paid

(7,649,207)

(49)

Interest received

1,433,522

973,580

Interest paid

(7,547,168)

(3,308,635)

Net cash generated from operating activities

47,551,906

28,991,165

Purchase of investments

(7,024,424)

737,850

Purchase of intangible assets

(1,265,343)

(747,650)

Purchase of property, plant and equipment

(11,632,952)

(10,554,787)

Loans granted

(9,319,785)

(1,155,007)

Net cash used in investing activities

(29,242,504)

(11,719,594)

Cash flow from financing activities

Payment of loans

(10,685,713)

7,774,797

Lease payments

(10,744,366)

(9,896,369)

Increase in loans

8,512,585

13,442,724

Payments for purchase of treasury shares

(59)

(1,812,431)

Increase/(decrease) in loans granted to group companies

3,267,348

(393,030)

Net cash from/ (used in) financing activities

(9,650,205)

9,115,691

Net change in cash and cash equivalents

8,659,197

26,387,262

Cash and cash equivalents beginning of the year

33,735,446

12,854,754

Cash and cash equivalents end of the year

42,394,643

39,242,016

Mihail Marcu,

Adrian Lungu,

CEO

CFO

The accompanying notes are an integral part of the individual financial statements.

4

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Med Life SA published this content on 27 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 07:21:05 UTC.