Medicover

Quarterly Report • Jul 26, 2019

INTERIM REPORT APRIL–JUNE 2019

Second quarter

• Revenue increased by 25.9% to €202.9m (€161.1m). Organic revenue grew by 14.2%.
• Operating profit amounted to €10.1m (€7.5m), representing an operating margin of 5.0% (4.7%).
• Net profit amounted to €4.9m (€5.5m), which represents a net profit margin of 2.4% (3.4%).
• EBITDA increased by 28.8% to €27.3m (€21.2m), corresponding to an EBITDA margin of 13.5% (13.2%), impacted by €1.6m (€0.2m) merger and acquisition related costs expensed.
• EBITDAaL increased by 32.6% to €17.5m (€13.2m), corresponding to an EBITDAaL margin of 8.6% (8.2%).
• Cash flow from operating activities increased to €15.7m (€14.7m).
• Basic/diluted earnings per share were €0.031 (€0.039).

First half

• Revenue increased by 24.6% to €402.6m (€323.0m). Organic revenue grew by 14.6%.
• Operating profit amounted to €21.4m (€16.5m), representing an operating margin of 5.3% (5.1%).
• Net profit amounted to €11.8m (€14.0m), which represents a net profit margin of 2.9% (4.3%).
• EBITDA increased by 26.3% to €54.8m (€43.4m), corresponding to an EBITDA margin of 13.6% (13.4%), impacted by €1.8m (€0.5m) merger and acquisition related costs expensed.
• EBITDAaL increased by 30.0% to €36.0m (€27.7m), corresponding to an EBITDAaL margin of 8.9% (8.6%).
• Cash flow from operating activities amounted to €39.8m (€28.4m).
• Basic/diluted earnings per share were €0.077 (€0.099).

€ millions (€m)	Q2 2019	Q2 2018	Growth	6M 2019	6M 2018	Growth	FY 2018
Revenue	202.9	161.1	26%	402.6	323.0	25%	671.6
Operating profit	10.1	7.5	35%	21.4	16.5	30%	33.7
Operating profit margin, %	5.0%	4.7%		5.3%	5.1%		5.0%
Net profit	4.9	5.5	-11%	11.8	14.0	-16%	24.2
Net profit margin, %	2.4%	3.4%		2.9%	4.3%		3.6%
Basic/diluted earnings per share, €	0.031	0.039	-21%	0.077	0.099	-22%	0.167
EBITDA	27.3	21.2	29%	54.8	43.4	26%	90.7
EBITDA margin, %	13.5%	13.2%		13.6%	13.4%		13.5%
EBITDAaL	17.5	13.2	33%	36.0	27.7	30%	58.5
EBITDAaL margin, %	8.6%	8.2%		8.9%	8.6%		8.7%
EBITA	11.6	8.0	45%	24.1	17.6	37%	37.0
EBITA margin, %	5.7%	5.0%		6.0%	5.4%		5.5%

REVENUE AND EARNINGS

For definition and reconciliation of alternative performance measures, refer to note 10.

All comparative figures have been restated for the impact of the adoption of IFRS 16, Leases compared to the published consolidated financial statements as at and for the year ended 2018. Refer to the restatement release of 17 April 2019.

Medicover is a leading international healthcare and diagnostic services company and was founded in 1995. Medicover operates a large number of ambulatory clinics, hospitals, specialty-care facilities and laboratories and the largest markets are Poland and Germany. In 2018, Medicover had revenue around €672 million and 20,970 employees. For more information, go to www.medicover.com

CEO STATEMENT

During the quarter we have closed the acquisition of Neomedic, a leading neonatology and obstetrics hospital group based in south of Poland. We look forward to the continued development and integration of Neomedic into Medicover.

The strong start to the new year continued also in the second quarter. Revenue growth increased further to 25.9% reaching €202.9m (€161.1m). Organic revenue grew by 14.2%.

EBITDA for the quarter increased by a strong 28.8% to €27.3m (€21.2m), with 30bps margin-expansion to 13.5%. This includes expensing higher M&A costs of €1.6m this quarter mostly related to the Neomedic closing, equivalent to an additional 79bps margin expansion.

With reference to our stated financial profit growth target of 18-20%, organic adjusted EBITDAaL growth amounted to 26.8%, reflecting the strong

underlying development in the business and flow through of volume increases to profits.

Our strategy to grow private pay Fee-For-Service, both organically and through acquisitions, is being well executed in both divisions. This is illustrated by the Fee-For-Service segment increasing its quarterly revenue share versus last year in both divisions, in Healthcare Services to 40% (35%) and in Diagnostic Services to 66% (65%), representing strong growth of 51% and 20% for each division respectively versus prior year. For the Group, Fee-For-Service represented 52% of total revenue for the quarter and grew a healthy 31% on the prior year period.

Our core business the integrated healthcare model together with good performance for our Fee-For-Service offerings, as well as the enhanced M&A activity continue to be the main growth drivers for Healthcare Services. The division had a strong quarter with revenue growth of 33.7% lifting revenue to €108.6m (€81.2m), with organic growth of 17.0%. The number of members reached 1.3 million at the end of the quarter, with growth of 13.5% compared to the same period last year.

Healthcare Services EBITDA reached €15.3m (€10.7m), a margin of 14.1% (13.2%), which was a strong growth of 43.0% on prior year.

Revenue for Diagnostic Services grew by 18.2% to €97.6m (€82.6m) in the quarter with organic growth of 11.6%. The laboratory operations in Ukraine, Romania and Poland have been the strongest contributors to top-line growth. Number of laboratory tests grew by 7.9% to 25.9 million (24.0 million). A total of 24 new blood drawing points (BDPs) opened during the quarter and we are now operating a total of 614 BDPs across all geographies.

Diagnostic Services EBITDA increased by 23.6% to €17.3m (€14.0m), an EBITDA margin of 17.7% (16.9%).

We will continue to focus on operating efficiency, successful integration of our acquisitions and look forward to continued revenue growth.

Fredrik Rågmark CEO

REVENUE SECOND QUARTER 2019

Consolidated revenue increased by 25.9% to €202.9m (€161.1m) with organic growth of 14.2%. All main revenue lines have been strong. Acquisitions made within the last 12 months contributed €20.2m to acquired revenue in the quarter representing almost half of the total year on year growth of €41.8m. These included Neomedic, a leading neonatology and obstetrics hospital group, Klein, a German genetic laboratory, Pelican, a hospital operator in Romania, as well as other Romanian and Polish businesses.

Healthcare Services revenue grew by a very strong 33.7% to €108.6m (€81.2m) with organic growth of 17.0%. Members grew by 13.5% to 1,278K versus prior year quarter (1,126K).

The employment market in the major countries continues to be tight, supporting employer demand for funded employee health packages. The trend for out of pocket Fee-For-Service being the larger component of organic growth in the first quarter has continued into the second quarter representing just over half of the organic growth. Fee-For-Service volume increased in the quarter reflecting demand and the impact of acquisitions and prior investments. Healthcare Services continued to benefit from a good economic background in the major countries of operation.

In May the Group acquired Neomedic for a total price including debt assumed of €69.0m and

additional direct related costs expensed now and in 2018 of €1.7m. This acquisition was consolidated as from May. Revenue recognised in the quarter amounted to €5.2m. For further information on this acquisition, refer to note 4.

The MaxCure group, which is an associate and not consolidated, had revenue of approximately €16.4m (€14.0m) with local currency growth of 14.9%, with the most recently opened hospital contributing to growth. In June additional existing shares were acquired for €1.0m increasing the interest in MaxCure to 46.7% from 45.1%.

Diagnostic Services revenue grew by 18.2% to €97.6m (€82.6m) with organic growth of 11.6%. The Romanian currency was weaker, the Polish zloty slightly weaker, offset by the Ukrainian currency maintaining its recent strength. The laboratory test volume increased by 7.9% to 25.9 million (24.0 million).

The established businesses grew well in all major markets reflecting economic development and contribution from prior period investments. Underlying growth in the German laboratory business is clear even though year on year growth was held back by earlier school holidays in Medicover areas of operations and given the price reforms were applicable also in the comparative period. This was from a mixture of growth of number of customers and also doctors' referral patterns largely normalised.

The German clinical business showed good underlying growth. For the second quarter, revenue was €14.5m (€13.3m), an increase of 9.0%.

The continuing strong economic development in the fast growing markets has led to increased ability to self-pay for healthcare and the expansion of access through more BDPs supports this growth. During the quarter, 24 new BDPs were opened and 9 closed, bringing the total to 614 locations at quarter end.

REVENUE FIRST HALF 2019

Consolidated revenue increased by 24.6% to €402.6m (€323.0m) with organic growth at 14.6%. Growth has been weighted to the Healthcare Services segment being 57.9% of the organic growth.

Revenue recognised in the first half 2019 from acquisitions was €35.3m.

Healthcare Services revenue grew by 31.0% to €211.5m (€161.5m) with organic growth of 16.8%. A favourable employment market combined with continued good economic development are driving member and revenue growth in the employer funded business. The Fee-For-Service business in both Poland and Romania grew at a faster rate but from a smaller base. 26 new medical facilities were added in the first half 2019 reaching 200 at the end of the period.

In May 2019 the Group acquired Neomedic for a total price including debt assumed of €69.0m. For further information on this acquisition, refer to note 4.

The MaxCure group, which is an associate and not consolidated, had revenue for the first 6 months of €32.3m (€27.6m) with local currency growth of 16.4%. The restructuring of the share capital has been completed in 2019 and additional existing shares were acquired for €1.0m, increasing the

interest in MaxCure group to 46.7% from 45.1%. Construction work continues with 2 new cancer treatment centres to be opened towards the end of 2019 and fully commissioned in early 2020.

Diagnostic Services revenue grew by 18.4% to €197.8m (€167.0m) with organic growth of 12.6%. All 3 main markets outside of Germany (Romania, Ukraine and Poland) showed strong growth. Despite the reimbursement revision actions impact, the German laboratory business still maintained its revenue levels and overall for the year grew with private paid revenue and growth in referrers mitigating the impact of the revisions. This is despite timing of school holidays impacting first half 2019 versus the prior year comparative period.

Revenue for the center for genetic diagnostics of Dr. Klein, Dr. Rost, and colleagues ("Klein") which was acquired in January 2019 amounted to €7.8m. This acquisition was consolidated for the full first half of 2019. For further information on this acquisition, refer to note 4.

As of June 2019, 26 clinics were operating for the German clinical business with revenue of €29.6m (€26.3m), a strong growth of 12.5%.

53 new BDPs were opened and 9 were closed during the first half 2019 bringing the total to 614.

The laboratory test volume increased by 8.1% to 53.5 million (49.5 million), with the increase being predominantly driven from private pay markets and weighted to higher value tests.

		% of total		% of total
€m	6M 2019	6M 2019	6M 2018	6M 2018	Growth	Q2 19	Q1 19	Q2 18	Q1 18
Total Healthcare Services revenue	211.2		161.3			108.5	102.7	81.1	80.2
Of which funded:
Privately	196.2	92.9%	156.2	96.8%	25.6%	99.1	97.1	78.5	77.7
Publicly	15.0	7.1%	5.1	3.2%	194.1%	9.4	5.6	2.6	2.5
Originating from:
Poland	161.9	76.7%	129.6	80.4%	24.9%	84.4	77.5	64.8	64.8
Romania	29.4	13.9%	16.0	9.9%	83,8%	14.0	15.4	7.9	8.1
Other countries	19.9	9.4%	15.7	9.7%	26,8%	10.1	9.8	8.4	7.3
Total Diagnostic Services revenue	191.2		161.6			94.3	96.9	79.9	81.7
Of which funded:
Privately	123.3	64.5%	102.2	63.2%	20.6%	61.3	62.0	51.1	51.1
Publicly	67.9	35.5%	59.4	36.8%	14.3%	33.0	34.9	28.8	30.6
Originating from:
Germany	96.4	50.4%	80.2	49.6%	20.2%	47.0	49.4	39.2	41.0
Romania	29.9	15.6%	26.2	16.2%	14.1%	14.6	15.3	13.1	13.1
Ukraine	29.5	15.4%	22.2	13.8%	32.9%	14.9	14.6	11.3	10.9
Poland	18.1	9.5%	15.8	9.8%	14.6%	8.9	9.2	7.8	8.0
Other countries	17.3	9.1%	17.2	10.6%	0.6%	8.9	8.4	8.5	8.7

Revenue generated from external customers

PROFIT DEVELOPMENT SECOND QUARTER 2019

Operating profit (EBIT) increased by 34.7% to €10.1m (€7.5m) with an operating margin of 5.0% (4.7%).

Profit for the period amounted to €4.9m (€5.5m), a margin of 2.4% (3.4%), which was lower than prior year due to lower other income recognised in the quarter of €0.5m (€3.2m) mainly relating to fair value changes. Although net profit reduced, the underlying component excluding other income increased strongly from €2.3m to €4.4m.

Other income/costs of €0.5m (€3.2m) included the movement for non-cash fair value changes in puts written and calls held over share interests in MaxCure, with release of deferred gains from initial recognition in 2017, and other related fair value movements.

Net financial cost amounted to €4.1m (€4.3m). €3.7m (€2.6m) of interest was charged on the Group's debt, commitment fees and other discounted liabilities. Foreign exchange losses were €0.8m (€1.9m) and interest income earned on cash balances amounted to €0.4m (€0.2m). €1.8m (€1.4m) of the interest charged was in relation to lease liabilities.

Basic/diluted earnings per share amounted to €0.031 (€0.039).

Consolidated EBITDA increased by 28.8% to €27.3m (€21.2m), an EBITDA margin of 13.5% (13.2%), despite higher merger and acquisition related costs being charged for the period. Adjusted EBITDA was €29.4m (€21.8m) increasing by 34.9% and with a margin of 14.5% (13.5%). Adjusted EBITDAaL amounted to €19.6m (€13.8m), an increase of 42.0% with a margin of 9.7% (8.6%). Of this increase 26.8% was organic.

The improvement predominantly reflected the increased revenue in both divisions and flow through to profit, driven by growth and increasing volume in existing facilities.

Items affecting comparability

In the second quarter 2018, the fertility business in the UK was disposed of with a non-cash loss of €1.8m recorded in other income/costs. In the same quarter, Medicover completed and sold a real estate development in Poland thereby realising the value of a plot of surplus land, with a profit of €1.5m recognised in other income/costs.

The MaxCure equity stake along with certain rights to call shares and obligations to fulfil put options over MaxCure shares was acquired in the fourth quarter 2017. As these options are recognised as financial instruments they are required to be fair valued using valuation models. As this is not operating income it is recognised in other income with €0.4m (€3.0m) relating to these revaluations.

EBITDA for Healthcare Services increased by 43.0% to €15.3m (€10.7m), an EBITDA margin of 14.1% (13.2%). Organic growth was 18.7% for the quarter. EBITDAaL increased by 57.6% to €10.4m (€6.6m). Contribution from increased volume of activities in major business lines has strongly supported margin development. Cost pressure remains in medical costs in all markets. Pricing is disciplined with likely some dampening of growth rates but supportive of margin development. Acquisitions impacting the quarter include acquisitions made in the second half 2018 in Romania, several Polish dental practises and Neomedic hospital group in Poland. Neomedic has been consolidated for 2 months of the quarter. This acquisition will boost the inpatient activities of the division and adds 236 beds across 3 hospitals in southern Poland.

Operating profit increased by 65.7% to €5.8m (€3.5m), a margin of 5.3% (4.3%). All major business units grew strongly in the quarter across all markets.

The segment results were driven by the increase in employer funded members, good growth of the Fee-For-Service business areas such as dental, hospital admissions as well as acquisitions. The expansion of the Pelican hospital is in construction with commissioning expected early in 2020. This will add 100 beds to the current hospital capacity of 142 beds with new medical modalities, expansion of the intensive care unit (ICU) department and new medical imaging diagnostics.

The two main markets for Healthcare Services, Poland and Romania, continued to see strong demand for privately paid healthcare services, driven by strong economic development and real wage growth.

EBITDA for Diagnostic Services increased by 23.6% to €17.3m (€14.0m), an EBITDA margin of 17.7% (16.9%), of which 22.9% was organic growth. EBITDAaL increased by 22.5% to €12.5m (€10.2m), a margin of 12.8% (12.3%).

Operating profit increased by 28.9% to €9.8m (€7.6m), a margin of 10.0% (9.2%).

In Germany the changes on reimbursement of public paid laboratory tests implemented in April 2018 still continue to have some negative impact on doctor prescribing patterns, however this has largely normalised. Volume increases have offset both referring patterns and regulatory price reductions. Patterns of school holidays had a softening impact on volume at the end of the quarter however this will likely be positive for the third quarter.

The German clinical business continued to develop with an EBITDA of €1.6m (€1.5m) and a margin of 11.0% (11.3%). EBITDAaL amounted to €0.7m (€0.7m) with a margin of 4.8% (5.3%). The additional doctors within the existing infrastructure were starting to feed through to profitability and existing doctors improving productivity as patients get to know the Medicover clinics and services. The total number of clinics operating was 26 (17).

PROFIT DEVELOPMENT FIRST HALF 2019

Operating profit (EBIT) grew by 29.7% to €21.4m (€16.5m) with an operating margin of 5.3% (5.1%).

Profit for the period was €11.8m (€14.0m), a margin of 2.9% (4.3%) with lower other income recognised in the first half of €0.6m (€6.9m) mainly relating to fair value changes. Although the net profit reduced, the underlying component excluding other income increased strongly from €7.1m to €11.2m.

Other income/costs, mainly representing fair value movements on financial instruments and other nonoperating income and costs, was net €0.6m (€6.9m).

Net financial cost amounted to €6.1m (€6.3m). €6.4m (€5.3m) of interest was charged on the Group's debt, commitment fees and other discounted liabilities. Foreign exchange losses were €0.4m (€1.6m) and interest income earned on cash balances amounted to €0.7m (€0.6m). Within

the interest charged €3.3m (€2.8m) was related to lease liabilities.

Basic/diluted earnings per share were €0.077 (€0.099).

Consolidated EBITDA increased by 26.3% to €54.8m (€43.4m), an EBITDA margin of 13.6% (13.4%), despite higher merger and acquisition related costs being charged for the first half. Adjusted EBITDA was €57.4m (€44.5m) increasing 29.0% with a margin of 14.3% (13.8%). Adjusted EBITDAaL amounted to € 38.6m (€28.8m) an increase of 34.0% with a margin of 9.6% (8.9%). Of this increase 22.5% was organic.

The increase in EBITDA was slightly weighted to the Healthcare Services driven by the increase in employer funded members. Diagnostic Services was supported by Romania, Ukraine, Poland and overall held back by the German reimbursement revision actions.

Items affecting comparability

Medicover disposed of its UK based fertility operation in the second quarter 2018 with a noncash loss of €1.8m recorded in other income/costs. The EBITDA loss for this business for the first half 2018 was €-0.7m.

Medicover completed and sold a real estate development in Poland thereby realising the value of a plot of surplus land, with a profit of €1.5m recognised in other income/costs in the second quarter 2018.

The MaxCure group equity stake along with certain rights to call shares and obligations to fulfil put options over MaxCure shares was acquired in the fourth quarter 2017. These options are recognised as financial instruments and are required to be fair valued using valuation models. As this is not operating income it is recognised in other income. Over the first half of the year, other income of €0.6m (€7.0m) was recognised relating to these revaluations and release of the initially deferred net profit on these positions.

EBITDA for Healthcare Services increased by 35.4% to €26.4m (€19.5m), an EBITDA margin of 12.5% (12.1%). Organic growth was 17.9%. EBITDAaL increased by 49.1% to €17.0m (€11.4m).

Operating profit amounted to €8.3m (€5.4m), an increase of 53.7% with an operating margin of 3.9% (3.3%).

Given the strong background of increasing membership, facilities and medical staff have been expanded to enable to meet the service requirements. This has been against a backdrop of increasing general inflation and demand for medical staff. As a ratio to revenue, medical costs have decreased slightly for 2019 in the main business in Poland compared to 2018. Indexation of contract prices has offset inflation cost increases.

EBITDA for Diagnostic Services increased by 24.8% to €38.2m (€30.6m), an EBITDA margin of 19.3% (18.3%), of which 22.5% was organic growth. EBITDAaL increased by 25.0% to €29.0m (€23.2m), a margin of 14.7% (13.9%). Except for the German laboratory business unit, the established businesses grew very well and gross profit has been the main driver for the increased profitability.

Operating profit for the segment followed a similar trend with 28.7% growth to €23.3m (€18.1m), a margin of 11.8% (10.8%). Good economic activity in Romania, Ukraine and Poland continued to support out of pocket private pay demand. The Diagnostic Services segment continues to invest in accessibility to services and has increased its number of BDPs and distribution in all geographies, with the addition of 53 BDPs in 2019.

The German clinical business continued to develop contributing €4.1m (€3.0m) to EBITDA with a margin of 13.9% (11.4%). EBITDAaL amounted to €2.3m (€1.4m), a margin of 7.8% (5.3%).

KEY FINANCIAL DATA

Medicover, €m	Apr-Jun 2019	Apr-Jun 2018	Growth	Jan-Jun 2019	Jan-Jun 2018	Growth	FY 2018
Revenue	202.9	161.1	26%	402.6	323.0	25%	671.6
Operating profit	10.1	7.5	35%	21.4	16.5	30%	33.7
Operating profit margin, %	5.0%	4.7%		5.3%	5.1%		5.0%
Net profit	4.9	5.5	-11%	11.8	14.0	-16%	24.2
Net profit margin, %	2.4%	3.4%		2.9%	4.3%		3.6%
Basic/diluted earnings per share, €	0.031	0.039	-21%	0.077	0.099	-22%	0.167
EBITDA	27.3	21.2	29%	54.8	43.4	26%	90.7
EBITDA margin, %	13.5%	13.2%		13.6%	13.4%		13.5%
EBTIDAaL	17.5	13.2	33%	36.0	27.7	30%	58.5
EBITDAaL margin, %	8.6%	8.2%		8.9%	8.6%		8.7%
Adjusted EBITDA	29.4	21.8	35%	57.4	44.5	29%	94.1
Adjusted EBITDA margin, %	14.5%	13.5%		14.3%	13.8%		14.0%
Adjusted EBITDAaL	19.6	13.8	42%	38.6	28.8	34%	61.9
Adjusted EBITDAaL margin, %	9.7%	8.6%		9.6%	8.9%		9.2%
EBITA	11.6	8.0	45%	24.1	17.6	37%	37.0
EBITA margin, %	5.7%	5.0%		6.0%	5.4%		5.5%
Adjusted EBITA	13.7	8.6	59%	26.7	18.7	43%	40.4
Adjusted EBITA margin, %	6.8%	5.3%		6.6%	5.8%		6.0%
Healthcare Services, €m	Apr-Jun 2019	Apr-Jun 2018	Growth	Jan-Jun 2019	Jan-Jun 2018	Growth	FY 2018
Revenue	108.6	81.2	34%	211.5	161.5	31%	346.1
Operating profit	5.8	3.5	66%	8.3	5.4	54%	15.6
Operating profit margin, %	5.3%	4.3%		3.9%	3.3%		4.5%
EBITDA	15.3	10.7	43%	26.4	19.5	35%	45.8
EBITDA margin, %	14.1%	13.2%		12.5%	12.1%		13.2%
EBITDAaL	10.4	6.6	58%	17.0	11.4	49%	29.3
EBITDAaL margin, %	9.6%	8.1%		8.0%	7.1%		8.5%
EBITA	6.9	3.7	86%	10.3	5.9	75%	17.8
EBITA margin, %	6.4%	4.6%		4.9%	3.7%		5.1%
Members (period end) (000's)	1,278	1,126	13%	1,278	1,126	13%	1,209
	Apr-Jun	Apr-Jun		Jan-Jun	Jan-Jun
Diagnostic Services, €m	2019	2018	Growth	2019	2018	Growth	FY 2018
Revenue	97.6	82.6	18%	197.8	167.0	18%	336.7
Operating profit	9.8	7.6	29%	23.3	18.1	29%	32.5
Operating profit margin, %	10.0%	9.2%		11.8%	10.8%		9.7%
EBITDA	17.3	14.0	24%	38.2	30.6	25%	58.8
EBITDA margin, %	17.7%	16.9%		19.3%	18.3%		17.5%
EBITDAaL	12.5	10.2	23%	29.0	23.2	25%	43.3
EBITDAaL margin, %	12.8%	12.3%		14.7%	13.9%		12.9%
EBITA	10.2	7.9	29%	24.0	18.7	28%	33.6
EBITA margin, %	10.5%	9.6%		12.1%	11.2%		10.0%
Lab tests (period volume) (m)	25.9	24.0	8%	53.5	49.5	8%	98.1

For definition and reconciliation of alternative performance measures, refer to note 10.

CASH FLOW

Second quarter

Cash generated from operations before working capital changes and taxes paid amounted to €26.6m (€23.0m), being 97.4% of EBITDA (108.5%). Net working capital increased by €9.1m (increase of €4.5m). Cash paid tax was €1.8m (€3.8m). Cash generated from operations was €15.7m (€14.7m).

Investments in tangible and intangible assets amounted to €10.8m (€8.9m) with a focus on Poland with continuing growth of members, dental in Poland as well as laboratory and clinical services in Germany. Investments for acquisitions of subsidiaries and associates amounted to €62.5m (€13.6m) with €59.1m paid in cash for the acquisition of Neomedic. Interest received was €0.4m (nil) earned on cash investments in liquid instruments.

Net loans drawn amounted to €80.0m (net loans drawn €21.7m) with €89.2m funded under the short-term commercial paper program at quarter end, used to repay drawings under the revolving credit facility, and to fund acquisitions. Leases repaid were €7.1m (€5.9m) in the quarter. Interest paid amounted to €3.6m (€1.9m), of which €1.8m (€1.4m) related to lease liabilities.

Cash and cash equivalents increased by €6.8m to €53.0m.

First half

Cash generated from operations before working capital changes and taxes paid amounted to €55.4m (€45.7m), being 101.1% of EBITDA (105.3%). Net working capital increased by €8.7m (increase of €8.9m) with an increase in stock, receivables and payables. Cash paid tax was €6.9m (€8.4m). Cash generated from operations was €39.8m (€28.4m).

Investments in tangible and intangible assets amounted to €24.7m (€19.2m) with approximately 57% being growth capital investment and 43% being maintenance investment.

Investments for acquisitions of subsidiaries and associates amounted to €67.4m (€24.5m), with €59.1m paid in cash for the acquisition of Neomedic. Interest received was €0.6m (€0.5m) earned on cash investments in liquid instruments.

Net loans drawn amounted to €90.9m (net loans drawn €21.5m) with €89.2m funded under the short-term commercial program at the end of the first half, used to repay drawings under the revolving credit facility and to fund acquisitions. Leases repaid were €14.2m (€11.6m) in the second half. Interest paid amounted to €6.3m (€3.9m), of which €3.3m (€2.8m) related to lease liabilities.

Cash and cash equivalents increased by €13.1m to €53.0m.

FINANCIAL POSITION

Consolidated equity as at 30 June 2019 amounted to €329.4m (€317.5m). The increase in the levels of equity resulted from profit for the 6 months and positive movements on translation reserves.

Consolidated loans payable amounted to €238.6m (€131.3m) and lease liabilities of €146.4m (€125.4m) for total financial debt of €385.0m (€256.7m). Debt net of cash was €185.6m up from €92.9m at year end 2018 funding acquisitions, of which Neomedic was the largest. The ratio of debt net of cash to adjusted EBITDAaL for the trailing 12 months was 2.6x, up from 1.5x at year end. This has increased temporarily with the largest acquisitions of 2019 yet to be reflected for a full year basis in the earnings measure.

Lease liabilities increased by €21.0m over the first half with just under half coming from the organic businesses with new leases or extensions

recognised and just over half coming from the recognition of leases in acquired businesses.

To achieve lower cost of funding at the end of the quarter the Group launched a SEK 2 billion commercial paper program of short-term drawings with the possibility to issue in both Swedish Krona and Euro. At June 30, €89.2m has been issued with tenors between 2-6 months. The proceeds have financed borrowings under the Group's revolving credit facility. As these drawings are short-term, part of the Group's debt is reclassified as current from non-current, however the Group has a committed long-term €300m revolving credit facility backing the program to assure liquidity and fully mitigating any refinancing risk. In January 2019, the Group's debt facilities were increased by €100m from €200m to €300m on the same terms and the same lenders. The maturity of the facility was extended until June 2022 during the quarter.

TAX

The Group's effective tax rate for the year is forecasted to be 27.0% (29.0%) with a tax charge for the first half 2019 of €4.1m (€3.4m). Cash paid

PARENT COMPANY

There was no significant revenue. The loss after tax was €2.1m (€-1.7m) in the quarter and €3.4m (€-2.1m) for the first half. The parent company's assets consist of investments in subsidiaries. The business is financed with equity contributed by the owners and a short-term commercial paper program launched in June 2019. €89.2m was

taxes for the 6 months were €6.9m (€8.4m) with settlements for 2018 and provisional payments for 2019.

drawn under this program at quarter end. The proceeds of the program have been lent to the parent's principal subsidiary on the same maturity as the program drawings. Equity of the parent company as at 30 June 2019 was €454.3m (€457.0m at year end).

RISK FACTORS

Operating risks faced by Medicover include risk relating to access to sufficient qualified employees and the related payroll expense to fulfil growth and customer service expectations, risk relating to medical quality or service deficiencies and medical malpractice. External risks include risk relating to the regulatory environment and the general economy, political risk and change in public government funding policies.

Apart from the risks described in the 'Risk and risk management' section of the management report in the annual report 2018 (pages 44-47), no other significant new risks are deemed to have emerged.

BASIS & AUDIT

This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. It should be read together with the consolidated financial statements of the Group as at and for the year ended 31 December 2018 as well with the restatement for IFRS 16, Leases and accounting policy update released on 17 April 2019. The comparative amounts presented in this statement have been restated for the impacts of the adoption of IFRS 16.

Medicover is exposed to various financial risks, such as credit risk, interest rate risk, liquidity risk and foreign currency risk. Financial risks are managed by the central finance department.

For further information on risk management and financial instruments, see the consolidated financial statements of the Group as at and for the year ended 31 December 2018: note 24 on pages 78- 80.

The interim information on page 1-12 is an integral part of this interim report. This report has not been reviewed by the Company's auditor.

The Board of Directors and Chief Executive Officer declare that the interim report for the period January-June 2019 gives a fair overview of the parent company´s and Group´s operations, financial position and results of operations and describes significant risks and uncertainties facing the parent company and companies included in the Group.

Stockholm on 26 July 2019

Fredrik Stenmo Chairman of the board

Peder af Jochnick Robert af Jochnick Arno Bohn Board member Board member Board member

Board member Board member Board member

Sonali Chandmal Michael Flemming Margareta Nordenvall

Fredrik Rågmark Board member and CEO

This is information that Medicover AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication through the agency of the contact person set out below at 7.45 (CEST) on 26 July 2019. This interim report and other information about Medicover is available at medicover.com.

Financial Calendar

Interim report July-September 2019 6 November 2019

Contact information

For further information, please contact: Hanna Bjellquist, Head of Investor Relations Phone: +46 70 303 32 72 E-mail: hanna.bjellquist@medicover.com

Address

Org nr: 559073-9487 Medicover AB (publ) P.O. Box 5283 S-102 46 Stockholm Visiting address: Riddargatan 12A SE-114 35 Stockholm, Sweden Phone: +46 8-400 17 600

FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

Note	€m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
2	Revenue	202.9	161.1	402.6	323.0	671.6
	Operating expenses
	Medical provision costs	-154.0	-121.5	-302.6	-243.1	-507.3
	Gross profit	48.9	39.6	100.0	79.9	164.3
	Distribution, selling and marketing costs	-10.5	-8.8	-21.0	-16.8	-35.2
	Administrative costs	-28.3	-23.3	-57.6	-46.6	-95.4
	Operating profit	10.1	7.5	21.4	16.5	33.7
3	Other income/(costs)	0.5	3.2	0.6	6.9	8.6
	Interest income	0.4	0.2	0.7	0.6	1.4
	Interest expense	-3.7	-2.6	-6.4	-5.3	-9.6
	Other financial income/(expense)	-0.8	-1.9	-0.4	-1.6	-0.6
	Total financial result	-4.1	-4.3	-6.1	-6.3	-8.8
	Share of profit/(loss) of associates	0.0	0.3	0.0	0.3	-1.8
	Profit before income tax	6.5	6.7	15.9	17.4	31.7
	Income tax	-1.6	-1.2	-4.1	-3.4	-7.5
	Profit for the period	4.9	5.5	11.8	14.0	24.2
	Profit attributable to:
	Owners of the parent	4.1	5.1	10.3	13.2	22.3
	Non-controlling interests	0.8	0.4	1.5	0.8	1.9
	Profit for the period	4.9	5.5	11.8	14.0	24.2
	Earnings per share attributable to parent:
	Basic/diluted, €	0.031	0.039	0.077	0.099	0.167

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Note	€m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
	Profit for the period	4.9	5.5	11.8	14.0	24.2
	Other comprehensive income/(loss): Items that may be reclassified subsequently to income statement:
	Exchange differences on translating foreign operations	3.5	-1.8	3.6	-4.1	-6.1
	Income tax relating to these items	-0.2	0.2	-0.4	0.2	0.5
	Other comprehensive income/(loss) for the period, net of tax	3.3	-1.6	3.2	-3.9	-5.6
	Total comprehensive income for the period	8.2	3.9	15.0	10.1	18.6
	Total comprehensive income attributable to:
	Owners of the parent	7.4	3.5	13.5	9.3	16.7
	Non-controlling interests	0.8	0.4	1.5	0.8	1.9
	Total comprehensive income for the period	8.2	3.9	15.0	10.1	18.6

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		30 Jun	30 Jun	31 Dec
Note	€m	2019	20181	2018
	ASSETS
	Non-current assets
4	Goodwill	223.3	132.3	150.1
4	Other intangible fixed assets	58.5	35.6	50.8
	Tangible fixed assets	194.8	149.4	164.4
	Right-of-use assets	137.6	113.9	117.0
	Total fixed assets	614.2	431.2	482.3
	Deferred tax assets	5.6	5.2	4.2
	Investment in associates	44.9	46.1	43.8
5	Other financial assets	16.2	4.8	9.3
	Total non-current assets	680.9	487.3	539.6
	Current assets
	Inventories	32.6	27.1	30.3
5	Other financial assets	6.7	3.0	27.8
5	Trade and other receivables	106.9	86.4	92.3
5	Cash and cash equivalents	53.0	36.6	38.4
	Total current assets	199.2	153.1	188.8
	Total assets	880.1	640.4	728.4
	SHAREHOLDERS' EQUITY
	Issued capital and reserves attributable to owners of
	the parent	324.4	305.1	313.1
	Non-controlling interests	5.0	1.7	4.4
	Total shareholders' equity	329.4	306.8	317.5
	LIABILITIES
	Non–current liabilities
5	Loans payable	143.6	71.6	126.4
5	Lease liabilities	116.0	96.1	96.4
	Deferred tax liabilities	26.2	22.9	23.7
	Provisions	0.3	0.3	0.3
5	Other financial liabilities	28.7	28.7	28.6
	Other liabilities	5.8	5.5	5.6
	Total non-current liabilities	320.6	225.1	281.0
	Current liabilities
5	Loans payable	95.0	3.4	4.9
5	Lease liabilities	30.4	26.1	29.0
	Provision for unearned premiums/deferred revenue	10.3	9.2	10.3
	Corporate tax payable	3.4	2.9	4.2
5	Other financial liabilities	5.3	4.7	3.6
5	Trade and other payables	85.7	62.2	77.9
	Total current liabilities	230.1	108.5	129.9
	Total liabilities	550.7	333.6	410.9
	Total shareholders' equity and liabilities	880.1	640.4	728.4

¹ Comparative figures have been restated to reflect the impact of the final purchase price allocation of an acquisition closed in June 2018.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Note	€m	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
	Opening balance shareholders' equity as reported	317.5	299.8	299.8
1	IFRIC 23 impact – first application	-1.9	-	-
	Opening balance shareholders' equity - restated	315.6	299.8	299.8
	Total comprehensive income for the period	15.0	10.1	18.6
	Transactions with owners in their capacity as owners:
	Share issue for cash	-	-	0.4
	Acquisition of treasury shares	-	-	-0.4
	Acquisition of interest in a subsidiary	0.2	-	-
	Disposal of interest in a subsidiary	-	-	-1.5
	Non-controlling interests on deconsolidation of a subsidiary	-	-1.4	-
	Non-controlling interests put-option reserve	-2.1	-1.9	-3.3
	Recognition of non-controlling interests on business combinations	-	-0.1	2.6
	Employee share-based compensation costs	0.7	0.3	1.3
	Total transactions with owners in their capacity as owners	-1.2	-3.1	-0.9
	Closing balance shareholders' equity	329.4	306.8	317.5

CONSOLIDATED CASH FLOW STATEMENT

Note	€m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
	Profit before income tax	6.5	6.7	15.9	17.4	31.7
	Adjustments for:
	Depreciation and amortisation	17.2	13.7	33.4	26.9	57.0
	Gain on disposal of fixed assets	-0.1	-	-0.2	-	-0.1
	Gain on termination of leases	-0.6	-0.1	-0.6	-0.1	-0.1
3	Other costs (non-cash components)	-0.5	-1.9	-0.6	-5.5	-7.2
	Net interest expense	3.3	2.4	5.7	4.7	8.2
	Employee share-based compensation costs	0.5	0.4	0.8	0.6	1.6
	Other non-cash transactions	0.8	-0.1	2.0	0.2	3.3
	Unrealised foreign exchange (gain)/loss	-0.5	1.9	-1.0	1.5	0.0
	Cash generated from operations before working capital changes and tax payments	26.6	23.0	55.4	45.7	94.4
	Changes in operating assets and liabilities:
	(Increase)/decrease in receivables & inventories	-2.7	0.6	-11.9	-4.7	-13.3
	Increase/(decrease) in payables	-6.4	-5.1	3.2	-4.2	5.2
	Cash generated from operations before tax
	payments	17.5	18.5	46.7	36.8	86.3
	Income tax paid	-1.8	-3.8	-6.9	-8.4	-11.9
	Net cash from operating activities	15.7	14.7	39.8	28.4	74.4
	Investing activities:
	Payment for acquisition of fixed assets	-10.8	-8.9	-24.7	-19.2	-41.0
	Proceeds from disposal of fixed assets	0.0	0.1	0.1	0.1	0.1
	Payment for acquiring interest in associates	-1.0	-6.4	-1.0	-15.3	-15.3
	Dividends received from associates Payment for acquisition of subsidiaries, net of	-	-	-	-	0.1
4	cash acquired	-61.5	-7.2	-66.4	-9.2	-34.5
	Proceeds from disposal of subsidiaries, net of cash sold	-	-	-	-	0.5
	Payments into escrow for acquisitions	-	-	-	-	-24.7
	Loans granted	-5.0	-	-5.0	-	-2.7
	Interest received	0.4	0.0	0.6	0.5	1.4
	Net cash used in investing activities	-77.9	-22.4	-96.4	-43.1	-116.1
	Financing activities:
	Proceeds from issue of shares	-	-	-	-	0.4
	Acquisition of treasury shares	-	-	-	-	-0.4
	Loans repaid	-78.3	-1.8	-80.0	-32.5	-35.6
	Loans received	158.3	23.5	170.9	54.0	106.1
	Leases repaid	-7.1	-5.9	-14.2	-11.6	-24.5
	Interest paid Distribution to non-controlling interests	-3.6 -0.3	-1.9 -	-6.3 -0.7	-3.9 -	-9.4 -2.0
	Net cash from financing activities	69.0	13.9	69.7	6.0	34.6
	Total cash flow	6.8	6.2	13.1	-8.7	-7.1
	Cash and cash equivalents
	Cash balance as at beginning of the period	45.0	30.4	38.4	45.4	45.4
	Net effects of exchange gain/(loss) on cash
	balances	1.2	0.0	1.5	-0.1	0.1
	Total cash balance as at end of the period	53.0	36.6	53.0	36.6	38.4
	Increase/(decrease) in cash and cash equivalents	6.8	6.2	13.1	-8.7	-7.1

CONDENSED PARENT COMPANY INCOME STATEMENT

Note	€m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
	Revenue	0.3	0.1	0.5	0.2	0.6
	Operating expenses	-2.2	-1.8	-3.8	-2.4	-6.3
	Operating loss	-1.9	-1.7	-3.3	-2.2	-5.7
	Other income/(costs)	-	-	-	-	30.5
	Interest income from Group companies	-0.2	-	-0.1	0.1	0.1
	Profit/(loss) before income tax	-2.1	-1.7	-3.4	-2.1	24.9
	Income tax	-	-	-	-	-
	Profit/(loss) for the period	-2.1	-1.7	-3.4	-2.1	24.9

As the loss for the period corresponds with the amount in total comprehensive income, no separate statement is presented.

CONDENSED PARENT COMPANY BALANCE SHEET

Note	€m	30 Jun 2019	30 Jun 2018	31 Dec 2018
	Tangible fixed assets	0.0	0.1	0.0
	Investments in subsidiaries	434.8	434.8	434.8
	Other non-current assets	-	0.0	28.0
	Total fixed assets	434.8	434.9	462.8
	Current receivables	114.0	0.7	0.9
	Cash and cash equivalents	0.0	0.0	0.0
	Total current assets	114.0	0.7	0.9
	Total assets	548.8	435.6	463.7
	Restricted equity	27.1	26.7	27.1
	Non-restricted equity	427.2	402.3	429.9
	Total equity	454.3	429.0	457.0
	Non-current liabilities	3.3	3.3	3.3
	Current liabilities	91.2	3.3	3.4
	Total equity and liabilities	548.8	435.6	463.7

SELECTED EXPLANATORY NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of preparation and principal accounting policies

Basis of preparation

Medicover AB (publ) ("the Company") together with its subsidiaries are referred to as "the Group". Medicover AB (publ) is a company domiciled in

Statement of compliance

This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting and should be read together with the consolidated financial statements of the Group as at and for the year ended 31 December 2018. The interim financial statements do not include all disclosures that would otherwise be required in a complete set of financial statements.

Sweden, with its head office in Stockholm. The reporting and functional currency of the Company is the Euro.

A restatement and updated accounting policies communication was published on 17 April 2019, detailing the impact of and restatement of reported results and amounts for 2018 and prior periods. This interim report should be read in conjunction with that communication and is an integral part.

The condensed interim financial information on pages 1-12 is an integral part of this interim report.

Significant accounting policies, use of judgements and estimates

The Group applies the International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies applied by the Group in this condensed consolidated interim financial information are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2018, except for the changes described in the restatement release of 17 April 2019. For convenience these changes are summarised as follows:

IFRS 16, Leases impact – retrospective application:

Consolidated statement of financial position as at 31 December 2018:

• lease liability recognised €125.4m
• right-of-use asset recognised €117.0m
• reduction in total equity €6.4m

Consolidated income statement for year 31 December 2018:

• right-of-use depreciation expensed €26.6m
• interest on lease obligations €5.6m

IFRIC 23, Uncertainty over Income Tax Treatments impact – first application as at 1 January 2019:

• corporate tax payable recognised €1.9m
• reduction in total equity €1.9m

Other new and amended standards as well as interpretations issued by the IASB that will apply for the first time in the 2019 annual consolidated financial statements are not expected to impact the Group as they are either not relevant to the Group's activities or require accounting which is consistent with the Group's current accounting policies.

The preparation of interim condensed financial statements in compliance with IAS 34 requires the use of certain critical accounting estimates. It also requires the Group's management to exercise judgement in applying the Group's accounting policies. Refer to the Group's consolidated financial statements as at and for the year ended 31 December 2018 and the restatement release of 17 April 2019 for further information on the use of estimates and judgements.

The parent company applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's Recommendation RFR 2, Reporting for Legal Entities.

2. Segment information

For further details on segment information, see the consolidated financial statements as at and for the year ended 31 December 2018: note 6 on pages 67-69.

No changes in the basis of segmentation from the consolidated financial statements as at and for the year ended 31 December 2018 has occurred. The basis of measurement of segment profit or loss has changed from EBITDA to EBITDAaL, a new alternative performance measure. Due to the adoption of IFRS 16, Leases, the utility of the EBITDA measure has reduced as it now excludes costs of leases. EBITDAaL addresses this to be an approximation of the previously used profit and loss performance measure including the costs of leases. Refer to note 10 for more details on EBITDAaL.

		Apr-Jun 2019				Apr-Jun 2018
€m	Healthcare Services	Diagnostic Services	Central/ other	Group total	Healthcare Services	Diagnostic Services	Central/ other	Group total
Revenue
Total revenue	108.6	97.6	0.1		81.2	82.6	0.0
Inter-segment revenue	-0.1	-3.3	0.0		-0.1	-2.7	0.1
Total revenue from external customers	108.5	94.3	0.1	202.9	81.1	79.9	0.1	161.1
Of which funded:
Privately	99.1	61.3	0.1	160.5	78.5	51.1	0.1	129.7
Publicly	9.4	33.0	-	42.4	2.6	28.8	-	31.4
Originating from:
Poland	84.4	8.9	0.0	93.3	64.8	7.8	-	72.6
Germany	-	47.0	-	47.0	-	39.2	-	39.2
Romania	14.0	14.6	0.0	28.6	7.9	13.1	-	21.0
Ukraine	2.6	14.9	-	17.5	1.6	11.3	-	12.9
Other countries	7.5	8.9	0.1	16.5	6.8	8.5	0.1	15.4
Operating profit	5.8	9.8	-5.5	10.1	3.5	7.6	-3.6	7.5
Margin, %	5.3%	10.0%		5.0%	4.3%	9.2%		4.7%
Depreciation and amortisation	9.5	7.5	0.2	17.2	7.2	6.4	0.1	13.7
EBITDA	15.3	17.3	-5.3	27.3	10.7	14.0	-3.5	21.2
Margin, %	14.1%	17.7%		13.5%	13.2%	16.9%		13.2%
Right-of-use depreciation	-3.9	-4.0	-0.1	-8.0	-3.3	-3.2	-0.1	-6.6
Interests on lease obligations	-1.0	-0.8	0.0	-1.8	-0.8	-0.6	-	-1.4
EBITDAaL1 Segment result:	10.4	12.5	-5.4	17.5	6.6	10.2	-3.6	13.2
Margin, %	9.6%	12.8%		8.6%	8.1%	12.3%		8.2%
Other income				0.5				3.2
Net interest expense				-3.3				-2.4
Other financial expense				-0.8				-1.9
Share of profit of associates				0.0				0.3
Tax				-1.6				-1.2
Group profit after tax				4.9				5.5

¹ EBITDA under previous accounting standards was reported as the segment measure of profit or loss. This has been changed to EBITDAaL under the new accounting standard, IFRS 16, Leases, as applicable from 1 January 2019. The difference between EBITDA as previously reported and EBITDAaL for Q2 2018 was €0.3m, split between €0.2m in Healthcare Service and €0.0m in Diagnostic Services, with the balance of €0.1m for central services.

		Jan-Jun 2019				Jan-Jun 2018
€m	Healthcare Services	Diagnostic Services	Central/ other	Group total	Healthcare Services	Diagnostic Services	Central/ other	Group total
Revenue
Total revenue	211.5	197.8	0.2		161.5	167.0	0.1
Inter-segment revenue	-0.3	-6.6	0.0		-0.2	-5.4	0.0
Total revenue from external customers	211.2	191.2	0.2	402.6	161.3	161.6	0.1	323.0
Of which funded:
Privately	196.2	123.3	0.2	319.7	156.2	102.2	0.1	258.5
Publicly	15.0	67.9	-	82.9	5.1	59.4	-	64.5
Originating from:
Poland	161.9	18.1	0.0	180.0	129.6	15.8	-	145.4
Germany	-	96.4	-	96.4	-	80.2	-	80.2
Romania	29.4	29.9	0.0	59.3	16.0	26.2	-	42.2
Ukraine	4.6	29.5	-	34.1	2.8	22.2	-	25.0
Other countries	15.3	17.3	0.2	32.8	12.9	17.2	0.1	30.2
Operating profit	8.3	23.3	-10.2	21.4	5.4	18.1	-7.0	16.5
Margin, %	3.9%	11.8%		5.3%	3.3%	10.8%		5.1%
Depreciation and amortisation	18.1	14.9	0.4	33.4	14.1	12.5	0.3	26.9
EBITDA	26.4	38.2	-9.8	54.8	19.5	30.6	-6.7	43.4
Margin, %	12.5%	19.3%		13.6%	12.1%	18.3%		13.4%
Right-of-use depreciation	-7.5	-7.8	-0.2	-15.5	-6.5	-6.2	-0.2	-12.9
Interests on lease obligations	-1.9	-1.4	0.0	-3.3	-1.6	-1.2	-	-2.8
EBITDAaL1 Segment result:	17.0	29.0	-10.0	36.0	11.4	23.2	-6.9	27.7
Margin, %	8.0%	14.7%		8.9%	7.1%	13.9%		8.6%
Other income				0.6				6.9
Net interest expense				-5.7				-4.7
Other financial expense				-0.4				-1.6
Share of profit of associates				0.0				0.3
Tax				-4.1				-3.4
Group profit after tax				11.8				14.0

¹ EBITDA under previous accounting standards was reported as the segment measure of profit or loss. This has been changed to EBITDAaL under the new accounting standard, IFRS 16, Leases, as applicable from 1 January 2019. The difference between EBITDA as previously reported and EBITDAaL for first half 2018 was €0.8m, split between €0.6m in Healthcare Service and €0.2m in Diagnostic Services, with the balance of €0.0m for central services.

As almost all sales in each geography are denominated in the countries' respective currency the above table shows the exposure of the Group to foreign currency risks for revenue. Within the Healthcare Services segment, revenue for

insurance contracts for 2019 was €112.1m (€99.2m). For further information on insurance contracts, see the consolidated financial statements as at and for the year ended 31 December 2018: note 4 on page 67.

€m equivalent	30 Jun 2019	30 Jun 2018	31 Dec 2018
Non-current assets by location of assets
Poland (PLN)	281.2	184.1	199.2
Germany (EUR)	205.3	165.2	165.8
Romania (RON)	87.8	43.2	80.6
India (INR)	30.2	24.8	25.4
Ukraine (UAH)	19.1	13.5	14.9
Other (various)	51.7	51.3	49.5
Total non-current assets by location of assets	675.3	482.1	535.4

Non-current assets by geography include land and buildings, equipment, intangible assets including goodwill, other financial assets, right-of-use assets and investments in associates. Deferred tax assets of €5.6m (€5.2m) are excluded.

3. Other income/(costs)

€m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
Other income/(costs)
Change in fair value of MaxCure financial assets and
liabilities	0.4	3.0	0.6	7.0	8.6
Change in fair value of other non-current liabilities	-	0.2	-	0.2	0.2
Loss on disposal of interest in subsidiaries	-	-1.8	-	-1.8	-1.6
Profit on real estate development project	-	1.5	-	1.5	1.5
Other	0.1	0.3	0.0	0.0	-0.1
Total other income/(costs)	0.5	3.2	0.6	6.9	8.6

4. Significant business combinations

Preliminary purchase price allocation has been performed, subject to change in the next twelve months from the acquisition date, presented below.

In January 2019, the Group acquired 100% of the voting rights in the center for genetic diagnostics of Dr. Klein, Dr. Rost and colleagues ("Klein") located near Munich in Germany for a total consideration of €25.3m including contingent and deferred liabilities of €3.9m. €21.4m was released from money deposited in an escrow account in 2018. €2.7m has been allocated to other intangibles. €20.0m goodwill was recognised on this acquisition, unallocated to specific intangibles representing expected synergies with existing operations.

Included in the income statement for the first half is revenue of €7.8m and net operating profit of €0.6m.

In May 2019, 100% of the voting rights in Neomedic has been acquired for a total consideration of €69.0m including debt assumed. €4.0m has been allocated to other intangibles. €47.1m goodwill was recognised on this acquisition, unallocated to specific intangibles representing expected synergies with existing operations. Included in the income statement is revenue of €5.2m and net operating profit of €1.4m.

In the first half 2019, the following cash flows (net of cash acquired) were paid in relation of business combinations.

€m	Klein	Neomedic	Other	Total
Cash	-	2.5	0.3	2.8
Accounts receivable and inventories	0.6	4.7	0.8	6.1
Tangible fixed assets	2.1	18.7	0.8	21.6
Right-of-use assets	5.8	3.6	1.9	11.3
Goodwill	20.0	47.1	5.5	72.6
Other intangible fixed assets:	2.7	4.0	2.4	9.1
Brand	-	3.7	0.9	4.6
Customer relations	2.7	-	1.5	4.2
Set-up costs	-	-	0.0	0.0
Other	0.0	0.3	0.0	0.3
Deferred tax asset	-	0.2	0.1	0.3
Lease liabilities	-5.8	-3.6	-1.9	-11.3
Deferred tax liability	-	-1.1	-0.2	-1.3
Corporate tax payable	-	-0.1	0.0	-0.1
Accounts payable	-0.1	-4.2	-1.0	-5.3
Third party loans	-	-9.9	-0.2	-10.1
Acquisition of non-controlling interests	-	-	0.5	0.5
Total purchase price	25.3	61.9	9.0	96.2
Less: cash acquired	-	-2.5	-0.3	-2.8
Deferred and contingent consideration payable (discounted)	-3.9	-0.3	-0.9	-5.1
Release from escrow account	-21.4	-	-1.6	-23.0
Prepayment acquisition	-	-	1.1	1.1
Total cash flow for acquisitions net of cash acquired	-	59.1	7.3	66.4

5. Financial assets and liabilities

The following table shows the Group's significant financial assets and liabilities. All financial assets and liabilities are carried at amortised cost with the exception of:

• derivative financial instruments being reported at fair value through profit or loss;
• a put option liability over non-controlling interests in one of the Group's subsidiaries being reported at fair value with the changes in fair value being reported to equity as a transaction between shareholders;
• contingent consideration payable in relation to acquisitions;
• a financial liability arising from an agreement with a third party that entitles the other party to

receive cash based on the value of equity instruments of an associate, carried at fair value through profit or loss;

• certain call and put options written over shares of an associate, carried at fair value less deferred day one profit or loss, with the fair value re-measurement at each reporting date being reflected in the income statement along with the release of the initial deferral; and
• investments in equity instruments accounted for at fair value through profit or loss.

All financial assets and liabilities at amortised cost are considered to have carrying amounts that materially correspond to their fair value; for loan borrowings this is due to floating interest rates.

		30 Jun 2019		30 Jun 2018			31 Dec 2018
		Non			Non			Non
Note	€m	current	Current	Total	current	Current	Total	current	Current	Total
	Financial assets at fair value through profit or loss
b)	Call options on associate's shares	2.0	3.8	5.8	2.4	3.0	5.4	1.6	3.1	4.7
c)	Other financial assets	2.8	-	2.8	-	-	-	2.8	-	2.8
	Financial assets at amortised cost
	Other financial assets	11.4	2.9	14.3	2.4	-	2.4	4.9	24.71	29.6
	Trade and other receivables, gross	-	115.0	115.0	-	91.5	91.5	-	98.4	98.4
	Provision for expected credit losses	-	-8.1	-8.1	-	-5.1	-5.1	-	-6.1	-6.1
	Subtotal financial assets at amortised cost	11.4	109.8	121.2	2.4	86.4	88.8	4.9	117.0	121.9
	Cash and cash equivalents	-	53.0	53.0	-	36.6	36.6	-	38.4	38.4
	Total financial assets	16.2	166.6	182.8	4.8	126.0	130.8	9.3	158.5	167.8
	Financial liabilities at fair value through profit or loss
b)	Put options on associate's shares	1.2	-	1.2	1.0	-1.0	-	1.7	-1.1	0.6
d)	Other financial liabilities	11.1	-	11.1	12.4	-	12.4	11.2	-	11.2
e)	Contingent acquisition consideration payable	10.6	0.6	11.2	3.0	1.1	4.1	5.6	0.6	6.2
	Subtotal financial liabilities at fair value through profit or
	loss	22.9	0.6	23.5	16.4	0.1	16.5	18.5	-0.5	18.0
a)	Put option liquidity obligation with non-controlling shareholder (with movement through equity)	16.4	-	16.4	15.3	-	15.3	15.7	-	15.7
	Subtotal financial liabilities at fair value	39.3	0.6	39.9	31.7	0.1	31.8	34.2	-0.5	33.7
	Financial liabilities at amortised cost
	Borrowings	128.3	92.8	221.1	65.7	1.1	66.8	117.3	1.8	119.1
	Lease liabilities	116.0	30.4	146.4	96.1	26.1	122.2	96.4	29.0	125.4
	Other liabilities	-	5.3	5.3	-	5.7	5.7	-	4.7	4.7
	Trade and other payables	-	85.7	85.7	-	62.2	62.2	-	77.9	77.9
	Deferred consideration payable	4.7	1.6	6.3	2.9	1.2	4.1	3.5	2.5	6.0
	Subtotal financial liabilities at amortised cost	249.0	215.8	464.8	164.7	96.3	261.0	217.2	115.9	333.1
	Total financial liabilities	288.3	216.4	504.7	196.4	96.4	292.8	251.4	115.4	366.8

¹ Amount deposited into an escrow account relating to 2019 acquisitions.

The following amounts were recognised in other income/(costs) in respect of changes in fair value:

€m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
Change in fair value of financial assets/liabilities
Release of deferred profit upon initial call option
recognition	0.5	1.3	0.9	4.3	4.9
Release of deferred loss upon initial put option recognition	-0.3	-0.3	-0.6	-0.6	-1.1
Change in fair value of call/put option on associate's
shares	0.1	2.2	0.2	3.3	3.7
Change in fair value of other financial liabilities	0.1	-0.2	0.1	0.0	1.1
Total fair value recognised in other income	0.4	3.0	0.6	7.0	8.6

Recognised fair value measurements - valuation technique and principal inputs

A breakdown of how fair value is determined is indicated in the following three levels:

Level 1: Medicover presently has no financial assets or liabilities where the valuation is based on level 1.

Level 2: The fair value of interest rate swaps is determined by discounting the estimated cash flows. Discounting is based on quoted market rates on comparable instruments at the balance sheet date.

Level 3: The Group has the following financial assets and liabilities recurrently measured using level 3 fair value measurements.

a) The Group is contractually obliged to acquire at a future date a non-controlling interest at a market price determined at that future time. This put option relates to one of the Group's German subsidiaries. The valuation is based on management's estimate of the exercise date and the expected valuation of the put option at that time. Due to contracted terms disadvantaging the holder, it is estimated that the put option will be exercised in 2023 at the earliest. In determining the fair value of the obligation, estimations of key variables are made, of which the most significant are the growth rate of the business to determine its profitability at the future date of exercise (compound rate of 5.5% at the end of Q2 2019 and in 2018) and the discount rate applied to the nominal value (0.9% at the end of Q2 2019 and 1.7% in 2018). This is a level 3 fair value technique with subsequent changes in fair value of the future obligation recognised as a movement within equity.

b) The Group has rights to invest in an associate to inject new capital and to acquire a set number of existing shares at a price per share-based upon a formula linked to a profit measure. In addition, the Group has written put option agreements to certain investors to acquire the shareholding in the future, these can be exercised anytime between March

2020 and March 2023 and between March 2024 and March 2027 or until they cease to be shareholders. The model used for fair valuing these financial instruments is a Monte Carlo simulation model that takes into account the exercise price, the term of the options, the underlying equity value at grant date and expected volatility, the risk free interest rate for the term of the option and the correlations and volatilities of the peer group companies. Each option was valued individually. Market observable input for share price volatility was based on a group of listed Indian hospital stocks, matched to the duration of the options being valued.

c) Other financial assets at fair value through profit and loss include a purchase of 11.2% of shares in an innovative biotechnology company that is specialised in non-invasive diagnostics for a total of €2.8m.

d) The Group has a contractual obligation to an unrelated third party in relation to the investment in the associate for services rendered in sourcing and negotiating the transaction and ongoing assistance in mergers and acquisitions as well as corporate governance of the associate. This is remunerated through a contract that grants the advisor a simulated participation in the Group's investment. The liability has been measured at the purchase date using a model relying upon observable and unobservable inputs related to the associate specifically projected growth of underlying profits and estimates of the likely date of exercise and payment of the obligation. The observable inputs relate to discount rates for the equity risks for the listed Indian hospital sector, represented by some 9 listed entities. The rate used at acquisition date was 12.1% and at the end of Q2 2019 revalued to 12.9% (12.9% at year end 2018). Management felt that this was a more appropriate model than one weighted to market based information. The expectations for growth are higher than market

rates given the infusion of funds that Medicover is likely to make over 2019 and the resulting boost to growth and profitability above the hospital sector averages in India. This gives a more prudent and more reliable estimation of the eventual liability likely to be payable. As the contractual obligation is payable regardless of subsequent assistance in areas identified above, the total liability is recognised at acquisition and subequently remeasured at fair value at each reporting date with differences accounted through profit or loss.

e) The fair value of contingent considerations payable is based on an estimated outcome of the conditional purchase price/contingent payments arising from contractual obligations. This is initially recognised as part of the purchase price and subsequently fair valued with changes recorded in the profit or loss. An additional €5.0m has been recognised as contingent consideration relating to acquisitions based on future performance targets. No additional material changes have occurred to any related assumptions over the quarter until 30 June 2019.

No financial assets or financial liabilities have been reclassified between the valuation categories in 2019.

Unobservable valuation differences on initial recognition

As described in section b) above, the Group has entered into certain call and put option agreements over shares of an associate. The strike price of these acquisitions/ subscriptions is to be determined based upon formulas linked to profitability with price caps in some cases. The fair value of these options was determined using valuation techniques which rely on some observable inputs, including volatility of share prices of listed entities in the same field and market profit growth rates of similar listed entities, but also

rely on unobservable inputs particularly in respect of inputs specific to the associate. The Group views these fair value calculations as reasonable given comparable observable price metrics that are considerably higher even when adjusted for liquidity and size. The accounting policy of the Group is that upon initial recognition of the financial instruments the Group recognises the fair value and will account for the difference between cost and fair value as an adjustment to bring the carrying amount in line with the transaction price. The net profit will be deferred by reducing the initial carrying amount of the net asset. This reduction will then be reversed in the income statement over the life of the options until exercised or lapsed. Management has judged that this gives assurance of the underlying value of the shares covered by the options as the associate increases its profitability. Subsequent fair value re-measurement of the options at each reporting date is reflected in profit or loss along with the release of the initial deferral.

The exercise price of the call options to increase the investment is based on a surrogate for the fair value of the shares at the date of exercise. A valuation of the four call options and two put options has been performed using a Monte Carlo simulation model at inception with a defined set of variables and volatility. The fair value of the call and put options amounted to 7.7m (€7.6m at year end 2018) and €6.1m (€6.0m at year end 2018) respectively at the end of the quarter. Any subsequent change in fair value will be recognised in profit or loss.

The aggregate difference yet to be recognised in the profit or loss at the beginning and end of the period and a reconciliation of the changes of the balance during the period for derivative assets and liabilities are outlined below:

€m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
Call Options
Opening balance	5.4	4.9	4.7	4.2	4.2
Increase due to options acquired/recognised	-	0.0	-	0.4	0.4
Deferral of profit of options acquired	-	-0.0	-	-0.4	-0.4
Decrease due to options exercised and transfer to cost of investment	-	-1.0	-	-4.3	-6.1
Release of profit deferral	0.5	1.3	0.9	4.3	4.9
Revaluation of options	-0.1	0.2	0.2	1.2	1.7
Closing balance	5.8	5.4	5.8	5.4	4.7
Put Options
Opening balance	-1.1	-1.7	-0.6	-1.5	-1.5
Increase due to options acquired/recognised	-	-0.0	-	0.3	-0.3
Deferral of loss of options acquired	-	0.0	-	-0.3	0.3
Release of loss deferral	-0.3	-0.3	-0.6	-0.6	-1.1
Revaluation of options	0.2	2.0	-0.0	2.1	2.0
Closing balance	-1.2	0.0	-1.2	0.0	-0.6

Valuation inputs and relationships to fair value

The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements.

	Fair Value at (€m)			Range of inputs
Description	30 Jun 2019	31 Dec 2018	Unobservable inputs	30 Jun 2019	31 Dec 2018
Put option (liquidity obligation with non controlling shareholder)	16.4	15.7	Earnings growth factor Risk adjusted discount rate	5.5% 0.9%	5.5% 1.7%
Call option1 (asset to acquire additional associate's shares)	7.7	7.6	Risk free rate EBITDA growth rate	7.2%-7.5% 9.2%	7.2%-7.5% 9.2%
Put option2 (liability to acquire associate's shares held by other investors)	6.1	6.0	Risk free rate EBITDA growth rate	7.2%-8.1% 9.2%	7.2%-8.1% 9.2%
Economic interest option (other non-current liability)	11.1	11.2	4 year projected CAGR EBITDA Risk adjusted discount rate	33.6% 12.9%	33.6% 12.9%
Contingent acquisition consideration payable	11.2	6.2	Risk adjusted discount rate	5.5%-8.7%	5.5%-8.5%

¹ Fair value of the call option includes the unamortised deferral of day one profit.

² Fair value of the put option includes the unamortised deferral of day one loss.

6. Share capital

Share capital as at 30 June 2019 was €27.1m represented by 135,735,195 shares divided into 78,820,351 class A shares, 54,514,844 class B shares and 2,400,000 class C shares. The quota value was €0.2 per share. Celox Holding AB owned 47,157,365 shares with 55.8% of the voting rights. The class C shares are all held by the Company in

7. Related party transactions

The Group's financial position as at 30 June 2019 and 30 June 2018 and profit for the 6 months period then ended were not significantly affected by conjunction with the long-term performance-based share programs.

The number of shares used to calculate the basic and diluted earnings per share is 133,335,195 (133,335,195).

the existence of balances and transactions with related parties.

8. Liabilities arising from financing activities

€m	30 Jun 2019	30 Jun 2018	31 Dec 2018
Financial debt
Non-current loans payable	143.6	71.6	126.4
Current loans payable	95.0	3.4	4.9
Non-current lease liabilities	116.0	96.1	96.4
Current lease liabilities	30.4	26.1	29.0
Total financial debt	385.0	197.2	256.7
Less: cash balance	-53.0	-36.6	-38.4
Total net financial debt	332.0	160.6	218.3
	30 Jun	30 Jun	31 Dec
€m	2019	2018	2018
Other financial liabilities
Non-current	28.7	28.7	28.6
Current	5.3	4.7	3.6
Total other financial liabilities	34.0	33.4	32.2

€89.2m of the Group's debt is funded under the commercial paper program launched during the

9. Events after balance sheet date

The acquisition of 100% of the voting rights in Dentim, a dental company operating 3 dental clinics in Poland, was completed early July 2019 for a total estimated consideration of €3.6m.

quarter, presented in current loans payable.

After the reporting period, the outstanding noncontrolling interest of 21.5% in OK System, a sports/fitness employee benefit operator in Poland, was acquired for a total consideration of €2.3m.

10. Definition and reconciliation of alternative performance measures (APM)

In its decision making, the Group uses some alternative performance measures (APMs) that are not defined in IFRS. They are used because they provide information useful to assess the Group's development and performance. These measures should not be viewed in isolation or as an alternative to the measures presented in

accordance with IFRS. These APMs may not be comparable to similar measures presented by other companies. The main alternative performance measures used by the Group are explained and reconciled below.

Acquired revenue

Represents revenue recognised from acquired businesses in the first 12 months from the acquisition. This represents non-organic growth. If there is significant expansion of the acquired business post-acquisition due to investments made post-acquisition and such revenue can be readily identified then this additional revenue is excluded from acquired revenue.

Organic revenue

Organic revenue combines real internally generated growth and also comprises price changes. This represents the growth of the business after removing the impact of acquisitions and disposals or other scope changes as well as exchange rate movements. This provides a "like for like" comparison with the previous year or period in constant scope and constant currency enabling a deeper understanding of the business and evolution of revenue.

The revenue of an acquired business is generally excluded for the 12 months following the business combination, but revenue generated by postacquisition expansion of the business due to investments made subsequent to acquisition, if significant, are included. Revenue of disposed businesses is removed from the comparatives for the 12 months prior to the disposal. The effects of changes in foreign exchange rates are calculated as the current year's revenue less the current year's revenue converted at the prior year's rates.

Organic revenue growth

Organic revenue growth is the comparison of organic revenue for the current year to the comparable prior year revenue, expressed as a percentage or absolute figure.

EBITA

Earnings before interest, other financial income/(expense), tax, amortisation and impairment, other income/(costs) and share of profit/(loss) of associates.

EBITDA

Earnings before interest, other financial income/(expense), tax, amortisation, depreciation and impairment, other income/(costs) and share of profit/(loss) of associates. This is a measure that investors and other users find useful in appraising and understanding the Group's activities.

EBITDAaL

EBITDA, as defined above, reduced by depreciation and interest charges associated with leases. This APM gives a measure of performance that equates more closely to the cash flow of the

business and is used by management in making decisions and accountability.

Adjusted EBITA

EBITA, as defined above, adjusted for non-cash equity settled share-based payments as well as merger and acquisition related expenses.

Adjusted EBITDA

EBITDA, as defined above, adjusted for non-cash equity settled share-based payments as well as merger and acquisition related expenses.

Adjusted EBITDAaL

Adjusted EBITDA, as defined above, reduced by depreciation and interest charges associated with leases.

EBITA margin

EBITA as a percentage of revenue.

EBITDA margin

EBITDA as a percentage of revenue.

EBITDAaL margin

EBITDAaL as a percentage of revenue.

Adjusted EBITA margin

Adjusted EBITA as a percentage of revenue.

Adjusted EBITDA margin Adjusted EBITDA as a percentage of revenue.

Adjusted EBITDAaL margin

Adjusted EBITDAaL as a percentage of revenue.

Operating profit margin

Operating profit as a percentage of revenue.

Gross profit margin

Gross profit as a percentage of revenue.

Profit margin

Profit for the period as a percentage of revenue.

Net financial debt

Net financial debt represents the net level of financial debt contracted by the Group with external parties (banks, bonds) upon which interest is charged, and lease liabilities recognised under IFRS 16 net of cash and cash equivalents. Refer to note 8 for further details.

Members

Number of individuals covered under a pre-paid subscription or insurance plan within the Healthcare Services segment at the end of the relevant period.

Laboratory tests

Number of laboratory tests performed within the Diagnostic Services segment for the period referenced.

Reconciliation to EBITDAaL, €m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jan-Dec 2018
Operating profit	10.1	7.5	21.4	16.5	33.7
Amortisation	1.5	0.5	2.7	1.1	3.3
EBITA	11.6	8.0	24.1	17.6	37.0
Depreciation	15.7	13.2	30.7	25.8	53.7
EBITDA	27.3	21.2	54.8	43.4	90.7
Non-cash equity settled share-based payments	0.5	0.4	0.8	0.6	1.6
Merger and acquisition related expenses	1.6	0.2	1.8	0.5	1.8
Adjusted EBITDA	29.4	21.8	57.4	44.5	94.1
Right-of-use depreciation	-8.0	-6.6	-15.5	-12.9	-26.6
Interest on lease obligations	-1.8	-1.4	-3.3	-2.8	-5.6
Adjusted EBITDAaL	19.6	13.8	38.6	28.8	61.9
Less: EBITDA adjustments (see above)	-2.1	-0.6	-2.6	-1.1	-3.4
EBITDAaL	17.5	13.2	36.0	27.7	58.5
Revenue	202.9	161.1	402.6	323.0	671.6
Operating profit margin, %	5.0%	4.7%	5.3%	5.1%	5.0%
EBITDA margin, %	13.5%	13.2%	13.6%	13.4%	13.5%
EBITDAaL margin, %	8.6%	8.2%	8.9%	8.6%	8.7%
Adjusted EBITDA margin, %	14.5%	13.5%	14.3%	13.8%	14.0%
Adjusted EBITDAaL margin, %	9.7%	8.6%	9.6%	8.9%	9.2%
Profit margin, %	2.4%	3.4%	2.9%	4.3%	3.6%

Reconciliation to organic revenue, €m	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Revenue	202.9	161.1	402.6	323.0
Less: acquired revenue impact	-20.2		-35.3
Revenue excluding acquisitions	182.7		367.3
Currency effect	1.3		2.7
Organic revenue	184.0		370.0
Organic revenue growth	14.2%		14.6%