Athens Medical C.S.A.

Annual Report • Jun 5, 2018

						ATHENS MEDICAL CENTER S.A.
					5-7 Distomou Str, 15125 Maroussi	REG. No. 13782/06/Β/86/06 General Commercial Registry : 356301000
						FINANCIAL STATEMENT AND INFORMATION FOR THE YEAR 1 January 2017 until 31 December 2017 (In accordance to L.2190/20, article 135 for companies that prepare annual financial statements, consolidated and not, according to IFRS)
						The following results and information, that arise from the company's financial statements, provide a general picture of the financial position and financial results of the ATHENS MEDICAL CENTER S.A. (Issuer) and the Group. Thus we suggest the reader, before entering into any sort of investment decision or other transaction with the company to gain access to the
company's web site, where the financial statements can be downloaded, as well as the Auditor's Certificate.
Prefecture:			Ministry of Development and Competitiveness -			Company's Board of Directors
Company's web site:			Department for Limited Companies www.iatriko.gr			Name	Position
Date of approval by the Board of Directors of the annual Financial Statements :			30 April 2018			Dr. George V. Apostolopoulos Dr. Vassilios G. Apostolopoulos	President CEO
Certified Auditor Accountant :				Panagiotis Bountros Certified Auditor Accountant AM SOEL 22011		Christos G. Apostolopoulos	Vice President
Auditing Company : Type of Auditor's Certificate :			KPMG Certified Auditors A.E. SOEL 114 Unqualified opinion			Dr. Jan Liersch Ruediger Nikolaos Koritsas	Member (non executive) Member (Independent non executive)
						Mikroulea Alexandra	Member (Independent non executive)
						Vassilios Tountopoulos	Member (Independent non executive)
	STATEMENT OF FINANCIAL POSITION (annual consolidated and non consolidated) amounts in €	GROUP		PARENT		CASH FLOW STATEMENT FOR THE YEAR (annual consolidated and non consolidated) amounts in € Indirect method		GROUP		PARENT
ASSETS		31/12/2017	31/12/2016	31/12/2017	31/12/2016		1/1-31/12/2017	1/1-31/12/2016	1/1-31/12/2017	1/1-31/12/2016
Property, plant and equipment		224.389.369,67	228.251.704,84	212.344.372,87		216.436.433,35 Operating Activities : Profit / (Loss) before taxes (continued operations)	5.797.430,33	6.761.234,24	4.031.348,18	3.336.089,52
Intangible assets Other non current assets		437.184,48 7.949.577,21	339.236,20 10.721.483,97	425.682,83 27.990.912,29	335.020,13	30.659.359,75 Plus/Less adjustments for :
Inventory		4.535.178,84	4.476.918,19	4.370.419,81	4.210.747,96 Depreciation		9.407.527,96	8.210.729,40	9.221.035,63	8.021.298,68
Receivables (trade debtors) Other current assets		84.339.283,19 39.808.267,77	83.703.511,78 41.169.609,08	84.170.856,89 41.864.271,05	41.925.254,76 Provisions	83.258.499,81 Impairment of tangible and intangible fixed assets	1.881.343,58	0,00 2.512.912,58	0,00 0,00 1.623.463,00	0,00 2.524.511,24
						Exchange differences		-2.679,00	-365,00 0,00	0,00
TOTAL ASSETS EQUITY AND LIABILITIES		361.458.861,16	368.662.464,06	371.166.515,74		376.825.315,76 Results (revenue, expenses, gains and losses) from investing activities		159.001,61	-16.003,06 103.538,94	-38.032,48
Share capital		26.888.153,80	26.888.153,80	26.888.153,80		26.888.153,80 Interest expenses and related costs	8.159.772,48	8.494.610,80	7.878.934,42	10.802.986,18
Other components of equity Total equity attributable to owners of the parent (a)		36.291.931,04 63.180.084,84	33.766.075,40 60.654.229,20	38.277.227,53 65.165.381,33		36.857.513,92 Plus/Less adjustments for changes in 63.745.667,72 working capital or related to operating
Non controlling interests (b)		161.453,93	103.075,48			activities :
Total Equity (c) = (a)+(b) Long term borrowings		63.341.538,77 203.078,01	60.757.304,68 11.161,70	65.165.381,33 0,00		63.745.667,72 Decrease / (Increase) in inventories 4.787,68 Decrease / (Increase) in receivables	-9.952.795,74	-58.260,65 208.030,78 -5.790.179,12	-159.671,85 -11.619.687,60	276.664,08 -3.966.426,59
Long term provisions / Non current liabilities		40.544.321,37	41.594.875,95	40.432.007,90		41.489.563,75 (Decrease) / Increase in liabilities (except for borrowings)	-8.013.277,51	-1.985.671,50	-4.451.382,65	-593.778,33
Short term borrowings Other current liabilities		143.129.348,83 114.240.574,18	144.880.368,27 121.418.753,46	140.813.592,90 124.755.533,61	142.580.817,25 Less :	129.004.479,36 Interest charges and related expenses paid	-8.439.478,25	-8.346.188,37	-8.209.379,15	-8.186.375,34
						Paid taxes		-465.792,03 -273.735,25	-115.828,13	-145.484,33
Total liabilities (d)		298.117.322,39	307.905.159,38	306.001.134,41		313.079.648,04 Total Inflows / (Outflows) from
TOTAL EQUITY AND LIABILITIES (c)+(d)	STATEMENT OF CHANGES IN EQUITY FOR THE YEAR (annual consolidated and non consolidated) amounts in €	361.458.861,16	368.662.464,06	371.166.515,74		376.825.315,76 Operating Activities (a) Investing Activities	-1.527.207,22	9.775.375,50	-1.697.629,21	12.031.452,63
		GROUP		PARENT
Total equity in the beginning of the year		31/12/2017	31/12/2016	31/12/2017	31/12/2016	Purchase of tangible and intangible fixed assets	-5.833.291,68	-3.767.663,64	-5.388.028,21	-3.608.468,73
(1/1/2017 and 1/1/2016 accordingly)		60.757.304,68	58.846.732,31	63.745.667,72		64.845.502,94 Cash collection from the sale of tangible and intangible
Total comprehensive income after taxes						fixed assets Cash flows (inflows) from the sale (aquisistion) of investments (shares, securities)		5.201,00 0,00	8.458,73 1.301,00 0,00 0,00	8.158,73 -2.470.000,00
(continued and discontinued operations)		2.584.234,09	1.972.872,44	1.419.713,61		-1.099.835,22 Income from interest		3.188,47	4.411,28 2.820,97	3.680,65
Dividend distributed		0,00	-62.300,07	0,00	0,00	Income from dividend		0,00	0,00 0,00	30.685,11
						Total Inflows / (Outflows) from
Total equity at the end of the year (31/12/2017 and 31/12/2016 accordingly)		63.341.538,77	60.757.304,68	65.165.381,33		Investing Activities (b) 63.745.667,72 Financing Activities	-5.824.902,21	-3.754.793,63	-5.383.906,24	-6.035.944,24
						Receipts from borrowings		526.795,06 1.191.868,65	212.215,06	1.191.868,65
						Debt repayment Payments of financial leasing	-1.963.628,16	-5.361.028,71	-1.962.743,08	-5.361.028,71
						(Capital installments)		-110.270,00	-60.062,00 -11.484,00	-11.484,00
						Dividend paid		-55.173,46	-35.370,01 0,00	0,00
						Total Inflows / (Outflows) from
						Financing Activities ( c) Net Increase / (Decrease) in Cash and Cash Equivalents	-1.602.276,56	-4.264.592,07	-1.762.012,02	-4.180.644,06
						for the year (a)+(b)+( c) Cash and Cash Equivalents (beginning)	-8.954.385,99 12.182.274,97	1.755.989,80 10.426.285,17	-8.843.547,47 11.715.914,86	1.814.864,33 9.901.050,53
						Cash and Cash Equivalents (year end)	3.227.888,98	12.182.274,97	2.872.367,39	11.715.914,86
						STATEMENT OF COMPREHENSIVE INCOME (annual consolidated and non consolidated) amounts in €
				GROUP			PARENT
			1/1-31/12/2017		1/1-31/12/2016	1/1-31/12/2017	1/1-31/12/2016
Turnover Gross profit / (loss)			169.266.755,48 36.696.341,59		167.346.104,73 37.290.615,69	164.028.115,88 32.838.080,66	162.676.475,07 34.761.336,78
Profit / (Loss) before taxes, financing and
investing activity Profit / (Loss) before taxes			14.116.204,42 5.797.430,33		15.239.841,98 6.761.234,24	12.013.821,54 4.031.348,18	14.101.043,22 3.336.089,52
Profit / (Loss) after taxes (A)			2.686.184,66		3.527.874,78	1.495.242,17		445.479,86
Attributable to: Owners of the parent			2.626.572,56		3.468.871,42	1.495.242,17		445.479,86
Non controlling interests			59.612,09		59.003,36
Other comprehensive income after taxes (B) Total comprehensive income after taxes (A)+(B)			-101.950,56 2.584.234,10		-1.555.002,34 1.972.872,44	-75.528,56 1.419.713,61	-1.545.315,08 -1.099.835,22
Attributable to:
Owners of the parent Non controlling interests			2.525.855,64 58.378,45		1.915.533,00 57.339,44	1.419.713,61	-1.099.835,22
Earnings (after taxes) per share - basic in €			0,0303		0,0400	0,0172		0,0051
Proposed dividend per share - in € Profit / (Loss) before taxes, financing and						0,0000		0,0000
investing activity and depreciation			23.523.732,38		23.450.571,38 ADDITIONAL INFORMATION :	21.234.857,17	22.122.341,90
Group Structure		Participation	Consolidation	Tax Unaudited		8. Disclosures of transactions with related parties of group and company as defined in IAS 24 (amounts in €) :
Companies	Residence	(%)	Method	Years			GROUP PARENT
ATHENS MEDICAL CENTER SA IATRIKI TECHNIKI SA	Maroussi Attica Kiffisia Attica	Parent Co 100,00	TOTAL	-- --		a) Revenue b) Expenses	0,00 437.845,13 13.045.212,18	182.187,25
AKSONIKI EREVNA SA EREVNA SA	Maroussi Attica Maroussi Attica	50,50 51,00	TOTAL TOTAL	2007-2017 2007-2017		c) Receivables d) Liabilities	324.376,39 5.194.365,19 56.262,42 38.611.978,14
PHYSIOTHERAPY						e) Transactions and compensations of executives
CENTER SA HOSPITAL AFFILIATES INTERNATIONAL SA	Maroussi Attica Kiffisia Attica	33,00 68,89	TOTAL TOTAL	-- 2007-2010 & 2012 - 2017		and members of the Board f) Receivables from executives	3.586.812,46 3.116.984,18
MEDSANA BMC	Bucharest Romania	100,00	TOTAL	--		and members of the Board
BIOAXIS SRL (former MEDSANA SRL)	Bucharest Romania	78,90	TOTAL	--		g) Liabilities to executives and members of the Board	851.955,44	681.794,65
						e) Other related party transactions	613.260,43	613.260,43
EUROSITE SA GAIA SA	Maroussi Attica Athens	100,00 100,00	TOTAL TOTAL	2014 - 2017 2015 - 2017		9. The amounts of formed provisions are the following (amounts in €):	GROUP PARENT
						a) Legal disputes	207.776,96	0,00
						b) Tax unaudited years c) Other provisions	0,00 0,00	0,00 0,00
						10. The amount of other comprehensive income after taxes of group for year 1/1-31/12/2017 € -102 th includes exchange differences expense amounted to € -24 th,
1. All companies in the group are those described in the above table titled "Group Structure". There is no deviation in the companies and the method of consolidation relative to						deferred tax income amounted to € 31 th, recognized actuarial losses amounted to € -109 th. The respective amount € -1.555 th for year 1/1-31/12/2016 includes exchange differences expense amounted to € -3 th, deferred tax income amounted to € 634 th, recognized actuarial losses amounted to € -2.186 th. The amount of
that used in the financial statements of the previous year 2016 except the case of INTEROPTICS SA, which was sold in March 2017. The effect due to the sale in profit/(loss) after						other comprehensive income after taxes of company for year 1/1-31/12/2017 € -76 th, includes deferred tax income amounted to € 31 th, recognized actuarial losses €
taxes and non controlling interests as well as in equity attributtable to owners of the parent is of no significance, while there is no effect in turnover. A detailed report is found in note 22 of annual financial statements.						-107 th. The respective amount € -1.545 th th for year 1/1-31/12/2016 includes deferred tax income amounted to € 631 th, recognized actuarial losses € -2.176 th
						11. A detailed report to group's structure is found in paragraphs 1 "General information about Company and Group", 6a "Accounting Policies ", as well as in
2. The full Audit report of the independent auditor is included in the Annual Financial Statements.						paragraphs 21 "Investments in Subsidiaries" and 22 " Equity accounted investees " of the Annual Financial Report. 12. The accounting policies, applied by the Group and the Company for the completion of the annual Financial Statements as at 31/12/2017, are consistent with those
3. There are pledges against the group's land and buildings, which refer to mortgage attachment amounted to 354 mil.						stated in the Financial Statements as at 31/12/2016.
						13. In October of closing year 2017 the restructuring of the 12/7/2012 common Bond Loan was concluded, which was reclassified as current due to the non
4. There are no legal disputes against Company that could have a significant effect on the company's and the group's financial structure.						compliance to terms included in the relevant amendment of the common Bond Loan issuance programm . A detailed report is found in note 29 of annual financial statements.
5. The total number of employees for year 2017 was: group 2.940 (2.861 for year 2016) and parent co 2.804 (2.710 for year 2016) respectively.
6. Profit/(losses) per share was calculated using the average weighted number of total shares issued.
7. At 31/12/2017 no treasury shares were held by parent company, nor its subsidiaries.
					Maroussi, 30 April 2018
The President of the BoD		The CEO			The General Group CFO	The Parent CFO			The Parent Chief Accountant
		and member of the BoD
Georgios V. Apostolopoulos		Vassilios G. Apostolopoulos			Emmanouil P. Markopoulos	Petros D. Adamopoulos			Panagiotis Ch. Katsihtis