Resultados del 3er trimestre
Diagnósticos integrados Holdings plc
9M 2023 Results
Jueves, noviembre 16 2023
Integrated Diagnostics Holdings Plc reports impressive 44% year-on-year conventional revenue expansion in 9M 2023, with consolidated figures surpassing the high Covid base of 9M 2022
(El Cairo y Londres) - Integrated Diagnostics Holdings ("IDH," "the Group," or "the Company"), a leading provider of diagnostic services with operations in Egypt, Jordan, Nigeria, Sudan, and soon launching in Saudi Arabia, announced today its reviewed financial statements for the nine-month period ended 30 September 2023, booking its strongest quarter since the start of the year. IDH recorded consolidated revenues of EGP 1,182 in Q3 2023 million, yielding 40% year-on-year and 24% quarter-on-quarter growth rates.
Al excluir1 Covid-19-related contributions from the previous period, conventional revenues recorded a 51% year-on-year growth in Q3 2023. Impressive top-line performance during the quarter translated to improved results down the income statement, with net profit coming in at EGP 176 million and yielding an NPM of 15% in Q3 2023. This represents a significant improvement from the net loss of EGP 36 million recorded in Q3 2022 when IDH's bottom-line profitability had been weighed down by a one-off expense.
On a year-to-date basis, IDH recorded consolidated revenues of EGP 3,054 million, a 9% year-on-year expansion versus the high base of 9M 2022, which had included EGP 678 million in Covid-19-related2 revenues (constituting 24% of the Company's top-line). Meanwhile, the Company booked conventional revenue growth of 44% year-on-year in 9M 2023, supported by a 16% year-on-year increases in test volumes coupled with a 24% year-on-year increase in average revenue per conventional test.
Further down the income statement, the Company posted a net profit of EGP 387 million in 9M 2023, representing a marginal 4% year-on-year decline from the figure reported in the same period of last year and yielding a net profit margin (NPM) of 13%.
Resultados Financieros (NIIF)3
millones de libras esterlinas | Q3 2022 | Q3 2023 | Cambios | 9M 2022 | 9M 2023 | Cambios |
Ingresos | 846 | 1,182 | 40% | 2,800 | 3,054 | 9% |
Ingresos Convencionales | 784 | 1,182 | 51% | 2,123 | 3,054 | 44% |
Ingresos relacionados con el Covid-19 | 63 | - | - | 678 | - | - |
Costo de los bienes vendidos | (497) | (702) | 41% | (1,619) | (1,916) | 18% |
Beneficio bruto | 350 | 480 | 37% | 1,182 | 1,138 | - 4% |
Margen de beneficio bruto | 41% | 41% | -1 ptos | 42% | 37% | -5 ptos |
Beneficio operativo | 186 | 312 | 67% | 749 | 577 | - 23% |
EBITDA normalizado4 | 265 | 411 | 55% | 974 | 873 | - 10% |
Margen EBITDA | 31% | 35% | 3 pts | 35% | 29% | -6 ptos |
Beneficio neto | (36) | 176 | - | 403 | 387 | - 4% |
Margen de beneficio neto | - 4% | 15% | 19 pts | 14% | 13% | -2 ptos |
Saldo en efectivo | 816 | 794 | - 3% | 816 | 794 | - 3% |
Nota: En todo el documento, los cambios porcentuales se calculan utilizando el valor exacto (según los Estados Financieros Consolidados) y no la cifra redondeada correspondiente.
Indicadores operativos clave5
millones de libras esterlinas | 9M 2022 | 9M 2023 | Cambios |
Bibliotecas | 546 | 594 | 48 |
Pacientes ('000) | 6,633 | 6,248 | - 6% |
Ingresos por paciente (EGP) | 422 | 489 | 16% |
Pruebas ('000) | 24,359 | 26,468 | 9% |
Pruebas convencionales ('000) | 22,728 | 26,468 | 16% |
Pruebas relacionadas con Covid-19 ('000) | 1,631 | - | - |
Ingresos por prueba | 115 | 115 | 0% |
Ingresos por Prueba Convencional (EGP) | 93 | 115 | 24% |
Ingresos por prueba relacionada con Covid-19 (EGP) | 416 | - | - |
Prueba por paciente | 3.7 | 4.2 | 15% |
[ 1 ] Starting Q1 2023, IDH has opted to stop reporting on its Covid-19-related revenues and test volumes due to their material insignificance to the consolidated figures and to Egypt's and Jordan's country-level results for the quarter. In the comparable period of last year (9M 2022) IDH had recorded EGP 678 million in Covid-19-related revenues and had performed 1.6 million Covid-19-related tests.
2 Las pruebas relacionadas con el covid-19 incluyen las dos pruebas principales del covid-19 (reacción en cadena de la polimerasa (PCR), antígeno y anticuerpo), así como otros marcadores inflamatorios y de coagulación de rutina, incluidos, entre otros, el cuadro sanguíneo completo, la tasa de sedimentación de eritrocitos ( ESR), Dímero D, Ferritina y Proteína C reactiva (PCR), que la Compañía optó por incluir en la clasificación como "otras pruebas relacionadas con el Covid-19" debido al fuerte aumento de la demanda de estas pruebas que se observó tras el brote de Covid-19.
3 Important notice: In the Company's earnings releases covering the five quarters starting from Q4 2021 and ending Q4 2022, management had opted to present Alternative Performance Measures (APM) alongside IFRS-compliant figures as outlined on page 2 of the Company's FY 2022 Earnings Release. Starting in Q1 2023, due to the material insignificance of Covid-19-related revenues on consolidated results, the Company will only report IFRS-compliant figures. It is worth noting that revenues for the comparable period (9M 2022), include concession fees amounting to EGP 63 million paid by Biolab as part of its agreement with QAIA and Aqaba Port.
4 Normalised EBITDA is calculated as operating profit plus depreciation and amortization, excluding non-recurring expenses, specifically a EGP 12 million one-off expense owed to the Egyptian government for vocational training, EGP 6.5 million in pre-operating expenses in Saudi Arabia, and EGP 5.0 million impairment expense in Sudan due to the ongoing situation in the country.
5 Key operational indicators are calculated based on revenues for the periods of EGP 3,054 million and EGP 2,800 million for 9M 2023 and 9M 2022, respectively.
Introducción
i. Aspectos financieros más destacados
Desempeño trimestral
· IDH recorded its strongest quarterly performance since the start of the year in Q3 2023, capitalising on strong momentum seen during May and carrying on throughout the summer period. The quarter recorded a noticeable pickup in patient footfall and testing volumes, specifically in IDH's two largest markets, Egypt and Jordan.
· IDH booked record test volumes in Q3 2023, surpassing the 10.0 million test mark for a single quarter for the first time. As a result, the Company booked ingresos totales of EGP 1,182 million, expanding 40% year-on-year and 24% quarter-on-quarter. Robust top-line performance compared to the previous quarter is a reflection of a normalisation in operations following a slow start to the year in 1H 2023 due to increased inflationary pressures, the holy month of Ramadan, and Eid vacations which affected operations.
· En paralelo, ingresos convencionales6 (excluding Covid-19 revenues in the comparative period) in Q3 2023 increased 51% year-on-year, up from EGP 784 million in Q3 2022.
Rendimiento del año hasta la fecha
· Ingresos convencionales during 9M 2023 amounted to EGP 3,054 million, representing a 44% year-on-year increase. Conventional revenue growth was driven by year-on-year increases of 16% and 24% in conventional test volumes and average revenue per conventional test, respectively.
· Driven by strong quarterly performance, IDH recorded ingresos totales of EGP 3,054 million in 9M 2023, a 9% year-on-year increase.
· This is a particularly noteworthy result when considering that the comparable 9M 2022 had included significant contributions from Covid-19-related78 testing, amounting to EGP 678 million and constituting 24% of consolidated revenues. Total revenue growth came on the back of a 9% year-on-year increase in test volumes with average revenue per test remaining stable due to the high Covid base of 9M 2022.
6 Las pruebas convencionales (no de Covid) incluyen la oferta de servicio completo de IDH, excluyendo las pruebas relacionadas con Covid-19 que se describen a continuación.
7 Las pruebas relacionadas con el covid-19 incluyen las dos pruebas principales del covid-19 (reacción en cadena de la polimerasa (PCR), antígeno y anticuerpo), así como otros marcadores inflamatorios y de coagulación de rutina, incluidos, entre otros, el cuadro sanguíneo completo, la tasa de sedimentación de eritrocitos ( ESR), Dímero D, Ferritina y Proteína C reactiva (PCR), que la Compañía optó por incluir en la clasificación como "otras pruebas relacionadas con el Covid-19" debido al fuerte aumento de la demanda de estas pruebas que se observó tras el brote de Covid-19.
8 Covid-19-related revenue in 9M 2022 includes EGP 63 million in concession fees paid by Biolab to Queen Alia International Airport and Aqaba Port as part of its revenue sharing agreement
· Beneficio bruto in Q3 2023 booked EGP 480 million, 37% above the figure recorded in Q3 2022 and 44% above Q2 2023.Meanwhile, IDH reported a gross profit margin (GPM) of 41%, unchanged compared to Q3 2022 and 6 points above the GPM booked in Q2 2023. Significantly improving gross profitability compared to the first two quarters of the year reflect a normalisation of profitability as the initial effects of the devaluation in FY 2022 and early FY 2023 began to fade.
On a nine-month basis, gross profit stood at EGP 1,138 million, down 4% year-on-year, and with an associated margin (GPM) of 37% compared to 42% in 9M 2022. Lower gross profitability on a year-to-date basis partially reflected rises in raw material costs due to higher average costs per kit on the back of rising inflation and a weaker EGP, coupled with higher direct salaries and wages costs to provide greater-than-usual increases in compensation packages to existing staff to compensate for inflationary pressures, as well as higher depreciation expenses.
· EBITDA normalizado9 booked EGP 411 million, recording a remarkable year-on-year growth of 55% and with an EBITDA margin of 35%, 4% higher compared to Q3 2022. EBITDA profitability also showed solid improvements compared to previous quarters, up from 25% and 24% in Q1 2023 and Q2 2023, respectively. Ona year-to-date basis, normalised EBITDA stood at EGP 873 million in 9M 2023, down 10% year-on-year, and with an associated margin of 29% compared to 35% in 9M 2022. Lower EBITDA profitability on a year-to-date basis came on the back of the decreased gross profitability coupled with increased SG&A outlays in part reflecting the impact of a weaker EGP on USD-denominated expenses.
It is worth noting that normalised EBITDA has been adjusted for several one-offs including an EGP 12 million expense related to contributions owed to the Egyptian government vocational training fund for the previous five-year period, EGP 7 million in pre-operating expenses booked by IDH's new Saudi venture, and EGP 5 million impairment expense for Sudanese operations following the unfortunate political situation in the country.
9 Normalised EBITDA is calculated as operating profit plus depreciation and amortization, excluding non-recurring expenses, specifically a EGP 12 million one-off expense owed to the Egyptian government for vocational training, EGP 6.5 million in pre-operating expenses in Saudi Arabia, and EGP 5.0 million impairment expense in Sudan due to the ongoing situation in the country.
· Beneficio neto booked EGP 176 million and yielded an NPM of 15% in Q3 2023 compared to a net loss of EGP 36 million one year prior. Net profit during the quarter also posted robust figures compared to the previous quarter, more than tripling the EGP 43 million booked in Q2 2023 and yielding an associated margin 9 points above Q2 2023.
Net profit in 9M 2023 recorded EGP 387 million, a 4% year-on-year decrease. IDH's NPM recorded 13% in 9M 2023, largely stable versus last year.
ii. Aspectos destacados operativos
· As at 30 September 2023, IDH's total red de sucursales across its four markets stood at 594 branches, an increase of 48 branches in the past twelve-month period. During Q3 2023, IDH rolled out 6 new branches in its home market of Egypt, including one new Al-Borg Scan branch which commenced operations in September.
· Pruebas convencionales (excluding Covid-19 contributions in the base year) booked a record-high in Q3 2023, reaching 10.0 million tests for the first time and expanding 22% year-on-year and 19% quarter-on-quarter, further highlighting its strong growth momentum coupled with the normalisation of patient behaviour following the Covid-19 pandemic. Meanwhile, conventional tests reached 26.5 million tests in 9M 2023, a 16% year-on-year increase. Consolidated test volumes, which in 9M 2022 included 1.6 million Covid-19-related tests, grew 9% year-on-year.
· Ingresos medios por prueba convencional increased 24% year-on-year to book EGP 115 in 9M 2023. Average revenue per conventional test was driven by both direct and indirect price adjustments in Egypt and Nigeria in response to ongoing inflation. It is worth highlighting that this figure was partially boosted by a 10% contribution from the translation effect resulting from the devaluation of the EGP over the past twelve months.
· The Company served a total of 6.2 millones de pacientes during 9M 2023, 6% below last year's figure. The decline reflects the comparable period's high base due to Covid-19 contributions. Meanwhile, average test per patient rose to a record high 4.2 tests in 9M 2023, up from 3.7 tests one year prior. Continually surging average tests per patient reflect a post-Covid-19 patient normalisation coupled with the continued success of IDH's loyalty programme which launched in FY 2021.
iii. Updates by Geography
· In Egipto (81.9% of total revenues), IDH booked its strongest quarterly performance of FY 2023, with conventional revenues (excluding Covid-19 contributions from the base year) expanding 49% year-on-year and 26% quarter-on-quarter, as the Company continues to build off the strong momentum witnessed starting May. In parallel, consolidated revenues increased 39% year-on-year in Q3 2023.
On a year-to-date basis, Egyptian operations recorded 39% year-on-year growth, reaching EGP 2,500 million during 9M 2023, driven by 18% increases in both test volumes and average revenue per test. In parallel, consolidated revenues in 9M 2023 increased 12% year-on-year, an impressive result given Covid-19-related contributions of 19% during 9M 2022.
· In Jordania (15.2% of total revenues), in line with trends observed in Egypt, Biolab's conventional revenues expanded 13% year-on-year and 18% quarter-on-quarter in Q3 2023 to reach JOD 4.1 million, maintaining the strong momentum seen starting May 2023. Consolidated revenues declined 1% year-on-year from the high Covid base of Q3 2022. In EGP terms, conventional revenue posted growth rates of 82% year-on-year and 19% quarter-on-quarter, partially reflecting the translation effect resulting from a weaker EGP. On a nine-month basis, conventional revenues rose 10% year-on-year in JOD terms in 9M 2023, supported by a 10% growth in conventional testing volumes.
· In Nigeria (2.6% of total revenues) Echolab booked 10% year-on-year and 11% quarter-on-quarter revenue growths in NGN terms in Q3 2023. Top-line expansion was primarily driven by 29% year-on-year and 4% quarter-on-quarter increases in average revenue per test in NGN terms, as IDH applies strategic price hikes to compensate for increasing inflation. On a year-to-date basis, revenues booked NGN 1,457 million in 9M 2023, expanding 16% year-on-year in NGN terms and supported by a 22% year-on-year rise in average revenue per test in local currency terms.
· IDH sudanés operations (0.4% of total revenues) recorded revenue declines of 88% year-on-year and 62% quarter-on-quarter in Q3 2023 in EGP terms. Meanwhile, revenues declined 27% year-on-year in 9M 2023. IDH's operations in the country continue to be impacted by the ongoing conflict which has seen the closure of 16 of the country's 18 branches starting April 2023.
· IDH remains on schedule to launch its first two Arabia saudita branches in December 2023. The two branches will be located in Riyadh, enabling the Company to capitalise on the important growth opportunities offered by the city's growing and increasingly health-conscious population. The new venture was jointly funded by IDH (30%), Biolab (20%) and Fawaz Alhokair's healthcare subsidiary, Izhoor (50%). The venture aims to establish itself as a full-fledged clinical pathology diagnostic services provider boasting a branch network covering the entire Kingdom. The new venture will be fully consolidated on IDH's accounts.
iv. Management Commentary
Al comentar sobre el desempeño del Grupo, el director ejecutivo de IDH, el Dr. Hend El-Sherbini, dijo: "With the end of the year fast approaching, I am delighted to report an exceptional quarter, characterised by unprecedented financial and operational success and continuing to showcase the strength of IDH's underlying business and its future growth potential. While our results from the first half of the year were somewhat diluted by increasing inflationary environments, particularly in our home market, Egypt, as well as several seasonal slowdowns due to the holy month of Ramadan and other holidays, the Company's strong performance in the third quarter of the year has significantly outpaced the past two quarters. Strong growth in Q3 2023 has also reflected positively down the income statement, with our margins expanding significantly compared to the same quarter last year as well as compared to the first half of 2023. I am also proud to announce that this exceptional performance has enabled our year-to-date results to surpass the comparable period of last year, which had included sizeable contributions from Covid-19-related testing.
During Q3 2023, the Company continued building on its strong momentum witnessed starting in May of this year, conducting 10.0 million tests during the quarter, 21% higher than the figure recorded in Q3 2022, and the highest figure recorded in a single quarter in IDH's history. This quarter saw IDH increase its average number of tests per patient to 4.2 tests, another record high for the Company as its patient mix begins to normalise following the Covid-19-pandemic and it begins to harvest the fruit of its loyalty programme, which was introduced in FY 2021. This impressive performance has led to 40% year-on-year and 24% quarter-on-quarter increases in our consolidated top-line in Q3 2023.
Turning to our markets' individual performances, Egypt and Jordan both saw similar trends, with growing demand for our traditional test offering translating in steady rises in both conventional revenues and test volumes. In Egypt, we recorded a 49% year-on-year increase in conventional revenues in Q3 2023, driven by 24% and 20% rises in test volumes and average revenue per test, respectively, despite patients' purchasing power being impacted by rising inflation. Egyptian operations also witnessed an increase in the average number of tests per patient, rising to a record high 4.2 tests in 9M 2023, continuing to be driven by our successful loyalty programme which was introduced in FY 2021. Our results in Egypt were further buoyed by the impressive near doubling of revenues at our radiology venture, Al-Borg Scan, which constituted 5% of Egypt's revenue in Q3 2023. On this front, in line with our ramp up strategy for the venture, in September we inaugurated the venture's seventh branch moving us a step closer to realising our vision of providing patients with a one-stop-shop service offering featuring both pathology and radiology.
In Jordan, Biolab booked a 13% year-on-year increase in its conventional top-line in JOD terms, fuelled by a 13% increase in conventional test volumes for the period. In Nigeria, our operations recorded revenue expansion in NGN terms of 10% compared to Q3 2022, on the back of higher average revenue per test. Finally, Sudan's operations continued to be hindered by the ongoing conflict which has caused the closure of 16 out of our 18 branches starting in April of this year. As always, we will continue to closely monitor the situation and will provide the market with updates when available.
Further down the income statement, we were pleased to note the start of a gradual normalisation during the third quarter as the initial shock of the multiple devaluations of the EGP began to ease. More specifically, results in Q3 2023 showed significant improvements in profitability, with both our gross and EBITDA margins improving remarkably versus the first two quarters of 2023. Improved profitability was also apparent compared to Q3 2022, where the Company booked significant increases in both its EBITDA and net margins.
Finally, I am pleased to report that in the coming weeks, we will be officially launching our operations in Saudi Arabia, adding a fifth geography to our portfolio and entering one of the region's most attractive markets. Our first two branches in the country will both be located in the Kingdom's capital city, Riyadh, allowing us to take advantage of the important growth opportunities offered by the city's growing and increasingly health-conscious population. In light of the continued strengths of our results, the solid strategies in place, and the positive momentum enjoyed by our operations in Egypt and Jordan, we reaffirm our guidance of 30% conventional revenue growth, boosting our consolidated revenues to the EGP 4 billion mark, with a normalised EBITDA margin excluding one-off expenses and pre-operating expenses in Saudi Arabia of 28-30% for FY 2023."
- Fin -
Detalles de llamadas de analistas e inversores
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Acerca de Integrated Diagnostics Holdings (IDH)
IDH is a leading diagnostics services provider in the Middle East and Africa offering a broad range of clinical pathology and radiology tests to patients in Egypt, Jordan, Nigeria and Sudan. The Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar Sudan (both in Sudan) and Echo-Lab (Nigeria). With over 40 years of experience, a long track record for quality and safety has earned the Company a trusted reputation, as well as internationally recognised accreditations for its portfolio of over 2,000 diagnostics tests. From its base of 552 branches as of 31 December 2022, IDH served over 8.7 million patients and performed more than 32.7 million tests in 2022. IDH will continue to add laboratories through a Hub, Spoke and Spike business model that provides a scalable platform for efficient expansion. Beyond organic growth, the Group targets expansion in appealing markets, including acquisitions in the Middle Eastern, African, and East Asian markets where its model is well-suited to capitalise on similar healthcare and consumer trends and capture a significant share of fragmented markets. IDH has been a Jersey-registered entity with a Standard Listing on the Main Market of the London Stock Exchange (ticker: IDHC) since May 2015 with a secondary listing on the EGX since May 2021 (ticker: IDHC.CA).
Información del accionista
LSE: IDHC.L
EGX: IDHC.CA
Bloomberg:IDHC:LN
Listado en la LSE: mayo de 2015
Listado en EGX: mayo de 2021
Acciones en Circulación: 600 millones
Contacto
nancy fahmy
Director de Relaciones con Inversores
Teléfono: +20 (0)2 3345 5530 | Móvil: +20 (0)12 2255 7445 | GME@dhr-rgv.com
Declaraciones a futuro
Estos resultados del período de nueve meses terminado el 30 de septiembre de 2023 han sido preparados únicamente para proporcionar información adicional a los accionistas para evaluar el desempeño del grupo en relación con sus operaciones y potencial de crecimiento. Estos resultados no deben ser invocados por ninguna otra parte ni por ningún otro motivo. Esta comunicación contiene ciertas declaraciones prospectivas. Una declaración prospectiva es cualquier declaración que no se relacione con hechos y eventos históricos, y puede identificarse mediante el uso de palabras y frases como "según estimaciones", "objetivo", "anticipa", "supone", " cree", "podría", "estima", "espera", "prevé", "pretende", "opina", "puede", "planea", "potencial", "predice", "proyecta", "debería", "al conocimiento de", "voluntad", "podría" o, en cada caso, sus negativas u otras expresiones similares, que tienen por objeto identificar una declaración como prospectiva. Esto se aplica, en particular, a las declaraciones que contengan información sobre resultados financieros futuros, planes o expectativas en relación con el negocio y la gestión, el crecimiento o la rentabilidad futuros y las condiciones económicas y regulatorias generales y otros asuntos que afecten al Grupo..
Las declaraciones prospectivas reflejan los puntos de vista actuales de la administración del Grupo ("Administración") sobre eventos futuros, que se basan en los supuestos de la Administración e involucran riesgos conocidos y desconocidos, incertidumbres y otros factores que pueden causar que los resultados reales del Grupo, el rendimiento o logros sean materialmente diferentes de cualquier resultado, rendimiento o logro futuros expresados o implícitos en estas declaraciones prospectivas. La ocurrencia o no ocurrencia de una suposición podría causar que la condición financiera real del Grupo y los resultados de las operaciones difieran materialmente o no cumplan con las expectativas expresadas o implícitas en dichas declaraciones prospectivas.
El negocio del Grupo está sujeto a una serie de riesgos e incertidumbres que también podrían causar que una declaración, estimación o predicción a futuro difieran materialmente de las expresadas o implícitas en las declaraciones a futuro contenidas en este comunicado. La información, las opiniones y las declaraciones prospectivas contenidas en este comunicado se refieren únicamente a su fecha y están sujetas a cambios sin previo aviso. El Grupo no asume ninguna obligación de revisar, actualizar, confirmar o publicar ninguna revisión de las declaraciones prospectivas para reflejar eventos que ocurran o circunstancias que surjan en relación con el contenido de esta comunicación.
Noticia importante: In the Company's earnings releases covering the five quarters starting from Q4 2021 and ending Q4 2022, management had opted to present Alternative Performance Measures (APM) alongside IFRS-compliant figures as outlined on page 2 of the Company's FY 2022 Earnings Release. Starting in Q1 2023, due to the material insignificance of Covid-19-related revenues on consolidated results, the Company will only report IFRS-compliant figures. It is worth noting that revenues for the comparable period (9M 2022) include concession fees amounting to EGP 63 million paid by Biolab as part of its agreement with QAIA and Aqaba Port.
Revisión operativa y financiera del grupo
i. Análisis de ingresos y costos
Ingresos consolidados IDH's strong momentum observed starting in May 2023 carried into the summer, resulting in an exceptional set of results during Q3 2023. During Q3 2023, IDH booked conventional10 revenue growth of 51% year-on-year, reaching EGP 1,182 million. Conventional revenues were boosted by 22% and 23% year-on-year increases in test volumes and average revenue per conventional test, respectively. Strong growth during the third quarter of the year is also reflected in the Company's quarter-on-quarter performance, with IDH capitalising on strong growth momentum to record a 24% expansion compared to Q2 2023. Meanwhile, consolidated revenues increased 40% year-on-year, up from EGP 784 million one year prior. In parallel, the Company booked consolidated revenues of EGP 3,054 million in 9M 2023, a remarkable 9% year-on-year increase especially when considering the EGP 678 million11 contribution made from Covid-19-related12 testing to consolidated revenues in 9M 2022. Positive consolidated revenue growth for the period is mainly a reflection of exceptionally strong quarterly performance in Q3 2023, which boosted results and enabled the Company to record positive consolidated growth. Conventional revenue on a year-to-date basis increased 44% year-on-year from EGP 2,123 million in 9M 2022.
[10] Las pruebas convencionales (no de Covid) incluyen la oferta de servicio completo de IDH, excluyendo las pruebas relacionadas con Covid-19 que se describen a continuación. [11] Covid-19-related revenue in 9M 2022 includes EGP 63 million in concession fees paid by Biolab to Queen Alia International Airport and Aqaba Port as part of its revenue sharing agreement. [12] Las pruebas relacionadas con el covid-19 incluyen las dos pruebas principales del covid-19 (reacción en cadena de la polimerasa (PCR), antígeno y anticuerpo), así como otros marcadores inflamatorios y de coagulación de rutina, incluidos, entre otros, el cuadro sanguíneo completo, la tasa de sedimentación de eritrocitos ( ESR), Dímero D, Ferritina y Proteína C reactiva (PCR), que la Compañía optó por incluir en la clasificación como "otras pruebas relacionadas con el Covid-19" debido al fuerte aumento de la demanda de estas pruebas que se observó tras el brote de Covid-19. |
Análisis de ingresos
| Q1 2022 | Q1 2023 | Q2 2022 | Q2 2023 | Q3 2022 | Q3 2023 | % | 9M 2022 | 9M 2023 | % |
Ingresos totales (millones EGP) | 1,180 | 915 | 774 | 957 | 846 | 1,182 | 40% | 2,800 | 3,054 | 9% |
Ingresos convencionales (millones EGP) | 640 | 915 | 699 | 957 | 784 | 1,182 | 51% | 2,123 | 3,054 | 44% |
Ingresos relacionados con Covid-19 (millones de EGP) | 540 | - | 75 | - | 63 | - | - | 678 | - | - |
Contribución a los Resultados Consolidados | ||||||||||
Ingresos convencionales | 54% | 100% | 90% | 100% | 93% | 100% |
| 76% | 100% |
|
Ingresos relacionados con Covid-19 | 46% | - | 10% | - | 7% | - |
| 24% | - |
|
Análisis de volumen de prueba
Pruebas totales (millones) | 8.4 | 8.0 | 7.6 | 8.5 | 8.4 | 10.0 | 20% | 24.4 | 26.5 | 9% |
Pruebas convencionales realizadas (mn) | 7.1 | 8.0 | 7.4 | 8.5 | 8.2 | 10.0 | 22% | 22.7 | 26.5 | 16% |
Total de pruebas relacionadas con Covid-19 realizadas (mn) | 1.3 | - | 0.2 | - | 0.2 | - | - | 1.6 | - | - |
Contribución a los Resultados Consolidados | ||||||||||
Pruebas convencionales realizadas | 85% | 100% | 97% | 100% | 98% | 100% |
| 93% | 100% |
|
Total de pruebas relacionadas con Covid-19 realizadas | 15% | - | 3% | - | 2% | - |
| 7% | - |
|
Ingresos por análisis de prueba
Ingresos totales por prueba (EGP) | 140 | 114 | 102 | 113 | 101 | 118 | 17% | 115 | 115 | - |
Ingresos convencionales por prueba (EGP) | 90 | 114 | 94 | 113 | 96 | 118 | 23% | 93 | 115 | 24% |
Ingresos por prueba relacionados con Covid-19 (EGP) | 431 | - | 454 | - | 361 | - | - | 416 | - | - |
Análisis de ingresos: contribución por segmento de pacientes
Segmento Contrato (63% de los ingresos del Grupo) IDH's contract segment recorded conventional revenues of EGP 1,938 million during the nine-month period, expanding 49% year-on-year from the figure reported last year. Growth at the segment was driven by 21% and 23% increases in conventional test volumes and average revenue per conventional test, respectively.
Consolidated revenues at the segment recorded a 22% year-on-year increase in 9M 2023 on the back of increased volumes and prices. The contract segment's average tests per patient reached a record-high 4.4 tests, up from 4.1 tests in 9M 2022, reflecting a normalisation in patient mix following the Covid-19 pandemic and the success of IDH's loyalty programme which was introduced in FY 2021.
Segmento Walk-in (37% de los ingresos del Grupo) In parallel, IDH's walk-in segment posted conventional revenues of EGP 1,116 million, increasing 34% year-on-year in 9M 2023. Growth came on the back of a 34% year-on-year increase in average revenue per conventional test, while test volumes remained unchanged compared to the same time last year.
Meanwhile, consolidated revenue at the walk-in segment declined 8% year-on-year on the back of lower test volumes and reflecting a high base effect in the comparable period of 2022. In line with the trend noted in the contract segment, tests per patient at the walk-in segment increased to 3.6 tests in 9M 2023, well above historical figures as the Company books another record high.
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Desglose detallado del rendimiento del segmento
Segmento sin cita previa | Segmento de contrato | Total | |||||||
9M22 | 9M23 | Cambios | 9M22 | 9M23 | Cambios | 9M22 | 9M23 | Cambios | |
Ingresos (millones EGP) | 1,214 | 1,116 | - 8% | 1,584 | 1,938 | 22% | 2,800 | 3,054 | 9% |
Resultados Convencionales (millones EGP) | 830 | 1,116 | 34% | 1,293 | 1,938 | 49% | 2,123 | 3,054 | 44% |
Ingresos totales relacionados con Covid-19 (millones EGP) | 384 | - | - | 294 | - | - | 678 | - | - |
Pacientes ('000) | 2,112 | 1,343 | - 36% | 4,522 | 4,905 | 8% | 6,633 | 6,248 | - 6% |
% de pacientes | 32% | 21% |
| 68% | 79% |
|
| ||
Ingresos por paciente (EGP) | 575 | 831 | 44% | 351 | 395 | 13% | 422 | 489 | 16% |
Pruebas ('000) | 5,712 | 4,894 | - 14% | 18,648 | 21,574 | 16% | 24,359 | 26,468 | 9% |
% de pruebas | 23% | 18% |
| 77% | 82% |
|
| ||
Pruebas convencionales ('000) | 4,891 | 4,894 | - | 17,837 | 21,574 | 21% | 22,728 | 26,468 | 16% |
Total de pruebas relacionadas con Covid-19 ('000) | 821 | - | - | 810 | - | - | 1,631 | - | - |
Ingresos por prueba (EGP) | 213 | 228 | 7% | 85 | 90 | 6% | 115 | 115 | 0.4% |
Ingresos convencionales por prueba (EGP) | 170 | 228 | 34% | 72 | 90 | 23% | 93 | 115 | 24% |
Prueba por paciente | 2.7 | 3.6 | 35% | 4.1 | 4.4 | 7% | 3.7 | 4.2 | 15% |
Análisis de ingresos: contribución por geografía
Egipto (81.9% de los ingresos del Grupo) IDH's home and largest market, Egypt, reported robust performance in Q3 2023, capitalising on the impressive growth trajectory witnessed starting in May 2023, and expanding both conventional and consolidated revenues on the back of increased test volumes and average revenue per conventional test. More specifically, Q3 2023 represented the strongest quarter for Egyptian operations in FY 2023, following anticipated seasonal slowdowns in the first half of the year.
On a conventional basis, revenue expanded 49% year-on-year and 26% quarter-on-quarter, reaching EGP 986 million on the back of increased test volumes and average revenue per test. Meanwhile, consolidated revenues increased 39% year-on-year compared to Q3 2022.
On a year-to-date basis, Egypt booked consolidated revenues of EGP 2,500 million, a 12% year-on-year expansion marking the full completion of the geography's post-Covid-19 recovery. This is particularly noteworthy when considering that the comparable period of last year included significant contributions of EGP 432 million from the Company's Covid-19-related testing. Consolidated revenue growth was supported by a 12% year-on-year increase in tests performed. Meanwhile, conventional revenues increased 39% year-on-year from EGP 1,803 in 9M 2022.
Escaneo de Al-Borg IDH's fast-growing radiology venture continued its steady ramp up throughout Q3 2023, posting revenues of EGP 108 million in 9M 2023 and booking a top-line year-on-year growth rate of 86%. Revenue growth for the period was primarily driven by increased test volumes, which grew 50% year-on-year, partially due to the ramp up of new branches across the Greater Cairo area. In parallel, average revenue per test also rose by 24% year-on-year, reaching EGP 705 in 9M 2023.
In line with the impressive performance recorded by Al-Borg Scan, and its maintained operational ramp-up, IDH rolled out the venture's seventh branch in September of this year. The branch, located in Cairo's underpenetrated Nasr City neighbourhood, falls in line with the Company's strategic direction to expand its radiology business and establish itself as a leading play in the fragmented market.
House Calls In the nine months ended 30 September 2023, IDH's house call service in Egypt continued to make a robust contribution of 16% to total revenues in the country. This continues to be significantly ahead of the service's pre-pandemic contribution, highlighting the segment's growth potential, and the success of IDH's investment and ramp up strategy specifically throughout the Covid-19 pandemic.
wayak During 9M 2023, Wayak completed 122 thousand orders, representing a 30% year-on-year increase. On the profitability front, the venture's EBITDA losses continued to narrow steadily, recording EGP 659 thousand in 9M 2023 versus the EGP 2,780 million in EBITDA losses booked in the comparable period of FY 2022.
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Desglose detallado del desempeño de Egipto
Análisis de ingresos
millones de libras esterlinas | Q1 2022 | Q1 2023 | Q2 2022 | Q2 2023 | Q3 2022 | Q3 2023 | % | 9M 2022 | 9M 2023 | % |
Los ingresos totales | 879 | 731 | 645 | 783 | 711 | 986 | 39% | 2,235 | 2,500 | 12% |
Ingresos convencionales | 549 | 731 | 591 | 783 | 662 | 986 | 49% | 1,803 | 2,500 | 39% |
Ingresos de patología | 532 | 703 | 573 | 748 | 639 | 941 | 47% | 1,745 | 2,392 | 37% |
Ingresos de radiología | 17 | 28 | 19 | 35 | 23 | 45 | 99% | 58 | 108 | 86% |
Ingresos totales relacionados con Covid-19 | 330 | - | 53 | - | 49 | - | - | 432 | - | - |
Contribución a los Resultados Consolidados | ||||||||||
Ingresos convencionales | 62% | 100% | 92% | 100% | 93% | 100% | 81% | 100% | ||
Ingresos de patología | 61% | 96% | 89% | 96% | 90% | 95% |
| 78% | 96% |
|
Ingresos de radiología | 1.9% | 3.8% | 2.9% | 4.5% | 3% | 5% |
| 3% | 4% |
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Ingresos totales relacionados con el Covid-19 | 38% | - | 8% | - | 7% | 19% |
Análisis de volumen de prueba
Pruebas totales | 7.3 | 7.3 | 6.9 | 7.8 | 7.6 | 9.3 | 21% | 21.8 | 24.4 | 12% |
Pruebas convencionales | 6.5 | 7.3 | 6.7 | 7.8 | 7.5 | 9.3 | 24% | 20.7 | 24.4 | 18% |
Total de pruebas relacionadas con Covid-19 | 0.8 | - | 0.2 | - | 0.2 | - | - | 1.1 | - |
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Contribución a los Resultados Consolidados | ||||||||||
Pruebas convencionales realizadas | 89% | 100% | 97% | 100% | 98% | 100% |
| 95% | 100% |
|
Total de pruebas relacionadas con Covid-19 realizadas | 11% | - | 3% | - | 2% | - |
| 5% | - |
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Ingresos por análisis de prueba
Ingresos totales por prueba | 120 | 99 | 94 | 101 | 93 | 107 | 14% | 102 | 103 | 0.1% |
Ingresos por prueba convencional | 84 | 99 | 88 | 101 | 89 | 107 | 20% | 87 | 103 | 18% |
Jordania (15.2% de los ingresos del Grupo) In Jordan, IDH's second-largest geography, the Company recorded conventional revenues of JOD 4.0 million in Q3 2023, increasing 13% year-on-year. This is primarily a reflection of increased conventional test volumes, which grew 13% year-on-year to reach 678 thousand tests in Q3 2023. Meanwhile, IDH recorded an 18% quarter-on-quarter revenue increase in local currency terms, fuelled by a 19% expansion in test volumes In EGP terms, conventional revenue growth for the quarter came in at 82% year-on-year, booking EGP 174 million for the quarter. Average revenue per conventional test was the main driver of growth in EGP terms, booking a 61% year-on-year expansion due to the weakening of the EGP since last year. It is worth noting that, in line with trends seen in Egypt, IDH's Jordanian operations have also started to see steady recovery starting May and throughout the summer period. Consolidated revenues declined 1% year-on-year during Q3 2023.
On a year-to-date basis, the Company recorded a conventional revenue growth of 10% year-on-year in local currency terms, reaching JOD 10.8 million in 9M 2023. Conventional growth for the period came on the back of a 10% year-on-year increase in conventional test volumes. In EGP terms, Jordanian operations booked an 86% year-on-year increase, reaching EGP 464 million compared to EGP 250 million one year prior. Growth in EGP terms includes significant contributions from the translation effect as a result of the devaluation of the EGP over the last twelve months. Consolidated revenue for the nine-month period remained 48% below last year's figure in JOD terms and 6% in EGP terms as the high base effect from Covid-19-related testing performed in the first part of 2022 continued to impact results.
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Desglose detallado del rendimiento de Jordan
Análisis de ingresos
millones de libras esterlinas | Q1 2022 | Q1 2023 | Q2 2022 | Q2 2023 | Q3 2022 | Q3 2023 | % | 9M 2022 | 9M 2023 | % |
Los ingresos totales | 281 | 144 | 106 | 146 | 109 | 174 | 59% | 496 | 464 | - 6% |
Resultados convencionales | 70 | 144 | 84 | 146 | 95 | 174 | 82% | 250 | 464 | 86% |
Ingresos totales relacionados con Covid-19 (PCR y anticuerpos) | 210 | - | 21 | - | 14 | - | - | 246 | - |
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Contribución a los Resultados Consolidados | ||||||||||
Resultados convencionales | 25% | 100% | 80% | 100% | 87% | 100% |
| 50% | 100% |
|
Ingresos totales relacionados con Covid-19 (PCR y anticuerpos) | 75% | - | 20% | - | 13% | - |
| 50% | - |
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Análisis de volumen de prueba
Pruebas totales (k) | 991 | 582 | 603 | 598 | 627 | 678 | 8% | 2,221 | 1,858 | - 16% |
Pruebas convencionales realizadas (k) | 519 | 582 | 572 | 598 | 599 | 678 | 13% | 1,691 | 1,858 | 10% |
Total de pruebas relacionadas con Covid-19 realizadas (k) | 472 | - | 30 | - | 28 | - | - | 530 | - |
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Contribución a los Resultados Consolidados | ||||||||||
Pruebas convencionales realizadas | 52% | 100% | 95% | 100% | 96% | 100% |
| 76% | 100% |
|
Total de pruebas relacionadas con Covid-19 realizadas | 48% | - | 5% | - | 4% | - |
| 24% | - |
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Ingresos por análisis de prueba
Ingresos totales por prueba | 283 | 248 | 175 | 244 | 174 | 257 | 47% | 223 | 250 | 12% |
Ingresos por prueba convencional | 136 | 248 | 147 | 244 | 159 | 257 | 61% | 148 | 250 | 69% |
Nigeria (2.6% de los ingresos) Echo-Lab, IDH's Nigerian subsidiary, reported sustained top-line growth, recording revenue expansion of 16% year-on-year in local currency terms to reach NGN 1,457 million in 9M 2023. In EGP terms, Echo-Lab booked revenue growth of 44% year-on-year, rising to EGP 79 million in the nine-month period. Growth was spurred by 22% and 52% year-on-year increases in average revenue per test in NGN and EGP terms, respectively, with the latter partially reflecting a weakening of the EGP in the last year. Revenue growth for the period came despite a 5% year-on-year decline in test volumes, which reached 204 thousand tests during 9M 2023.
Sudán (0.4% de los ingresos) The Company's Sudanese operations continued to be impacted by the ongoing conflict which has led to the closure of 16 of the country's 18 branches starting in April 2023. More specifically, during 9M 2023, IDH booked revenues of SDG 207 million, 50% below the figure recorded the same time last year. In EGP terms, revenue reached EGP 11 million during the first nine months of the year, dropping 27% year-on-year from 9M 2023. IDH continues to closely monitor the situation as it unfolds and will update the market should any material aspects evolve.
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Contribución de ingresos por país
Q1 2022 | Q1 2023 | Q2 2022 | Q2 2023 | Q3 2022 | Q3 2023 | % | 9M 2022 | 9M 2023 | % | |
Egipto Ingresos (millones EGP) | 879 | 731 | 645 | 783 | 711 | 986 | 39% | 2,235 | 2,500 | 12% |
Convencional (millones EGP) | 549 | 731 | 591 | 783 | 662 | 986 | 49% | 1,803 | 2,500 | 39% |
Ingresos de patología | 532 | 703 | 573 | 748 | 639 | 941 | 47% | 1,745 | 2,392 | 37% |
Ingresos de radiología | 17 | 28 | 19 | 35 | 23 | 45 | 99% | 58 | 108 | 86% |
Relacionado con Covid-19 (millones EGP) | 330 | - | 53 | - | 49 | - | - | 432 | - |
|
Contribución de Egipto a los ingresos de IDH | 74.5% | 79.9% | 83.2% | 81.8% | 84.0% | 83.5% |
| 78.0% | 80.1% |
|
Ingresos de Jordania (millones de libras esterlinas) | 281 | 144 | 106 | 146 | 109 | 174 | 59% | 496 | 464 | - 6% |
Convencional (millones EGP) | 70 | 144 | 84 | 146 | 95 | 174 | 82% | 250 | 464 | 86% |
Relacionado con Covid-19 (millones EGP) | 210 | - | 21 | - | 14 | - | - | 246 | - |
|
Ingresos de Jordania (millones de JOD) | 12.5 | 3.4 | 4.0 | 3.4 | 4.1 | 4.0 | - 1% | 20.6 | 10.8 | - 48% |
Convencional (JOD mn) | 3.0 | 3.4 | 3.2 | 3.4 | 3.5 | 4.0 | 13% | 9.8 | 10.8 | 10% |
Contribución de los ingresos de Jordania a los ingresos del IDH | 23.7% | 15.7% | 13.7% | 15.2% | 12.9% | 14.7% |
| 17.7% | 15.2% |
|
Ingresos de Nigeria (millones EGP) | 15 | 31 | 19 | 27 | 21 | 21 | - 1% | 55 | 79 | 44% |
Ingresos de Nigeria (millones de NGN) | 371 | 468 | 416 | 469 | 473 | 520 | 10% | 1,260 | 1,457 | 16% |
Contribución de Nigeria a los ingresos de IDH | 1.3% | 3.4% | 2.5% | 2.8% | 2.5% | 1.8% |
| 2.0% | 2.6% |
|
Ingresos de Sudán (millones de EGP) | 5.7 | 8.8 | 4.8 | 1.4 | 4.3 | 0.5 | - 88% | 14.8 | 10.7 | - 27% |
Ingresos de Sudán (millones de ODS) | 152 | 169 | 137 | 27 | 128 | 10 | - 92% | 417 | 207 | - 50% |
Contribución de Sudán a los ingresos de IDH | 0.5% | 1.0% | 0.6% | 0.1% | 0.5% | 0.05% |
| 0.5% | 0.4% |
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Tipo de cambio promedio
9M 2022 | 9M 2023 | Cambios | |
USD/EUR | 18.1 | 30.7 | 69.9% |
JOD/EUR | 25.5 | 43.0 | 68.9% |
NGN/USD | 0.04 | 0.06 | 27.1% |
ODS/EGP | 0.04 | 0.05 | 45.7% |
Pacientes atendidos y pruebas realizadas por país
9M 2022 | 9M 2023 | Cambios | |
Egipto Pacientes atendidos (mn) | 5.7 | 5.8 | 3% |
Egipto Pruebas realizadas (mn) | 21.8 | 24.4 | 12% |
Pruebas convencionales (mn) | 20.7 | 24.4 | 18% |
Pruebas relacionadas con Covid-19 (mn) | 1.1 | - | - |
Jordan pacientes atendidos (k) | 789 | 286 | - 64% |
Jordan Pruebas Realizadas (k) | 2,221 | 1,858 | - 16% |
Pruebas convencionales (k) | 1,691 | 1,858 | 10% |
Pruebas relacionadas con Covid-19 (k) | 530 | - | - |
Nigeria Pacientes atendidos (k) | 110 | 102 | - 8% |
Nigeria Pruebas realizadas (k) | 215 | 204 | - 5% |
Pacientes de Sudán atendidos (k) | 59 | 14 | - 76% |
Sudán Pruebas realizadas (k) | 112 | 40 | - 64% |
Total de pacientes atendidos (mn) | 6.6 | 6.2 | - 6% |
Pruebas Totales Realizadas (mn) | 24.4 | 26.5 | 9% |
Sucursales por país
30 Septiembre 2022 | 30 Septiembre 2023 | Cambios | |
Egipto | 496 | 537 | 41 |
Jordania | 21 | 27 | 6 |
Nigeria | 12 | 12 | - |
Sudán | 17 | 18 | 1 |
Total de sucursales | 546 | 594 | 48 |
Costo de los bienes vendidos Cost of goods sold during the nine-month period reached EGP 1,916 million, increasing 18% compared to the EGP 1,619 million booked during 9M 2022. As a percentage of revenue, cost of goods sold stood at 63% in 9M 2023, up from 58% in the same period of the previous year. Higher cost of goods sold as a percentage of revenues reflected higher raw material costs, increased direct wages and salaries costs, as well as higher depreciation expenses. Desglose del costo de los bienes vendidos como porcentaje de los ingresos
costos de materia prima (35% del costo consolidado de bienes vendidos) remained the single largest contributor to cost of goods sold during the period. Raw materials recorded costs of EGP 668 million during 9M 2023, expanding 19% year-on-year, and constituting a total of 22% of revenues for the period versus 20% in the same period of the previous year. During the nine-month period, IDH reported a rise in the average cost of conventional test kits (21.9% of revenues in 9M 2023 compared to 17% in 9M 2022) on the back of rising inflation and a weaker EGP. The Company expects test kit prices as a share of revenue to gradually normalize in the coming months as the initial impact of the EGP devaluation begins to fade. It is also important to highlight that raw material outlays in 9M 2023 include a one-off EGP 15.5 million expense related to expired Covid-19-related test kits. Sueldos y salarios, incluida la participación de los empleados en las ganancias (31% del costo consolidado de los bienes vendidos) continued to be the second largest contributor to cost of goods sold during 9M 2023, coming at EGP 587 million, a year-on-year increase of 27%. Increased direct wages and salaries reflect higher than usual adjustments to compensation packages to compensate for unprecedented inflation as part of the Group's staff retention strategy. Furthermore, the translation effect due to a weaker EGP resulted in increased direct wages and salaries expenses in both Jordan and Nigeria. Sueldos y Salarios Directos por Región
Costos directos de depreciación y amortización (14% del costo consolidado de bienes vendidos) rose 31% year-on-year, reaching EGP 266 million in 9M 2023. Higher depreciation and amortization costs for the period primarily reflect the addition of new branches to IDH's network, including the addition of the newly rolled out Al-Borg Scan branch. Otros gastos (21% del costo consolidado de bienes vendidos) booked EGP 395 million during 9M 2023, increasing a marginal 0.5% year-on-year. It is worth noting that other expenses for the comparable period, 9M 2022, had included EGP 63 million paid in concession fees as part of Biolab's agreement with Queen Alia International Airport and Aqaba Port to provide Covid-19-related testing to passengers in January and February of 2022. Excluding these fees, other expenses increased 20% year-on-year from EGP 330 million in 9M 2022. The increase in other expenses is attributable to increased cleaning, transportation, and consulting expenses to support the expansion of IDH's branch network in Egypt, and specifically Al-Borg Scan's growth. Additionally, in Nigeria, higher gasoline prices and repair and maintenance costs pushed other expenses up continuing to reflect a weaker Naira (versus the US dollar) and an increasing inflationary environment. Beneficio bruto IDH's gross profit booked EGP 480 million in Q3 2023, increasing 37% year-on-year. GPM for the quarter stood unchanged compared to Q3 2022 at 41% reflecting a normalisation in margins as the initial impact of the multiple EGP devaluations throughout FY 2022 and early FY 2023 begin to fade. It is important to note that gross profitability witnessed tangible growth compared to the first half of the year, increasing from a GPM of 35% in Q1 2023 and Q2 2023. On a year-to-date basis, the Company recorded gross profit of EGP 1,138 million during 9M 2023, down 4% year-on-year. The gross profit margin (GPM) stood at 37%, declining five percentage points from 42% in 9M 2022. Lower gross profitability during the period reflected the above-mentioned increase in cost of goods sold. Gastos de venta, generales y administrativos SG&A outlays during 9M 2023 climbed to EGP 535 million, a 29% year-on-year increase. As a percentage of revenues, SG&A outlays constituted 18% of revenues, up from 15% in 9M 2022. Increased SG&A expenses came mainly on the back of: · Higher indirect wages and salaries expenses, which rose by 46% year-on-year to EGP 207 million. Indirect wages and salaries amounted to 7% of revenues in 9M 2023, compared to 5% one year prior. The increase can be attributed to USD-denominated directors' compensations, as well as the addition of a board member in the first quarter of last year (who received compensation starting March 2022). Indirect wages and salaries also reflect increased wage expenses in Jordan due to the translation effect from a weaker EGP. · Increased other expenses, which grew 36% year-on-year to EGP 222 million in 9M 2023. The increase in other expenses is mainly attributable to a weaker EGP which saw USD-denominated expenses (including auditor fees) at the holding level weigh on the consolidated figure. · One-off legal consultancy expenses related to the termination of the Pakistan deal in the first quarter of 2023 which stood at EGP 8 million. Gastos de venta, generales y administrativos
Comparable IDH reported normalised EBITDA13 of EGP 411 million, up an impressive 55% year-on-year and yielding an associated margin of 35% versus 31% in Q3 2022. Additionally, EBITDA profitability recorded significant improvement compared to the first two quarters of 2023, which booked EBITDA margins of 25% and 24% in Q1 2023 and Q2 2023, respectively. Higher EBITDA profitability is a direct reflection of IDH's gradual cost normalisation as the effects of the devaluation over the past year begin to fade. On a nine-month basis, the Company recorded a normalised EBITDA of EGP 873 million during the first nine months of 2023, down 10% year-on-year from the high base of 9M 2022 when Covid-19-related testing had boosted results. IDH reported an associated margin of 29%, declining six percentage points from 35% in 9M 2022. Decreased EBITDA profitability mainly reflects lower gross profitability coupled with higher SG&A expenses as discussed above. It is important to highlight that EBITDA is normalised for several one-off expenses, including an EGP 12 million non-recurring expense owed to the Egyptian government. expense is in accordance with article 134 of labour law on Vocational Guidance and Training issued by the Egyptian Government in 2003. In accordance with the law, IDH's Egyptian operations are required to provide 1% of net profits each year into a training fund. Integrated Diagnostics Holdings plc has taken legal advice and considered market practices in Egypt relating to the law, and more specifically whether vocational training courses undertaken by the Company's Egyptian subsidiaries suggest that obligations have been satisfied by in-house training programmes provided by those entities. Since the issue of the law, IDH's Egyptian subsidiaries have not been requested by the government to pay, nor have they voluntarily paid, any amounts into the external training fund. [13] Normalised EBITDA is calculated as operating profit plus depreciation and amortization, excluding non-recurring expenses, specifically a EGP 12 million one-off expense owed to the Egyptian government for vocational training, EGP 6.5 million in pre-operating expenses in Saudi Arabia, and EGP 5.0 million impairment expense in Sudan due to the ongoing situation in the country. EBITDA por país In Egipto, the Company booked normalised EBITDA of EGP 359 million with a margin of 36% in Q3 2023, 53% above the figure booked in Q3 2022 when the Company's EBITDA margin stood at 33%. Compared to the previous quarter, Egyptian operations posted a 72% quarter-on-quarter growth with its EBITDA margin expanding by 10 points. Normalised EBITDA on a nine-month basis stood at EGP 766 million in 9M 2023, down 11% year-on-year. Meanwhile, IDH booked an EBITDA margin of 31%, down from 38% in 9M 2022. Lower EBITDA profitability is a reflection lower gross profitability coupled with increased SG&A outlays at the Company's Egyptian operations, which expanded 25% year-on-year in 9M 2023. In Jordania, IDH's subsidiary, Biolab, recorded normalised EBITDA of JOD 1.3 million in Q3 2023, increasing 7% year-on-year and 18% quarter-on-quarter. The normalised EBITDA margin stood at 31%, up from 29% in Q3 2022 and 22% in Q2 2023. In EGP terms, Jordan's normalised EBITDA came in at EGP 54 million and yielded a margin of 31%, increasing 73% year-on-year and 66% quarter-on-quarter from Q3 2022 and Q2 2023, respectively. It is important to note that EBITDA results in EGP terms were partially affected by the translation effect from a weakened EGP compared to Q3 2022. On a year-to-date basis, the Company booked a normalised EBITDA of JOD 2.9 million in 9M 2023, declining 44% year-on-year and yielding an associated margin of 26%. In EGP terms, normalised EBITDA remained marginally unchanged at EGP 123 million and with a margin of 26%, mainly due to the translation effect as a result of the weakening EGP. Lower EBITDA profitability is a result of lower gross profitability, which declined 45% year-on-year in JOD terms. In Nigeria, despite growing revenues in EGP and NGN terms, the Company's EBITDA losses widened, reaching NGN 61 million in Q3 2023 from NGN 43 million during the same period last year. Compared to the previous quarter, the Company recorded a narrowing of EBITDA losses, compared to NGN 111 million in Q2 2023. In EGP terms, EBITDA losses reached EGP 2.5 million in Q3 2023, expanding from a loss of EGP 1.9 million one year prior. Widening EBITDA losses were fuelled by lower gross profitability in the country, due to rising gasoline prices and increased inflation on the back of a weakened Naira. In Sudán, IDH booked normalised EBITDA loss of SDG 4 million, down from a loss of SDG 0.4 million in Q3 2022. In EGP terms, Sudanese operations yielded a normalised EBITDA loss of EGP 212 thousand during Q3 2023 compared to EGP 14 thousand one year prior. Widening EBITDA losses for the quarter were driven by the halting of operations in 16 of the country's 18 branches due to ongoing conflict since the beginning of the year. EBITDA Regional en Moneda Local
Intereses Ingresos / Gastos IDH ingresos por intereses in 9M 2023 reached EGP 46 million, down 44% from EGP 83 million during the comparable period of last year. Declined interest income for the period was mainly a result of lower cash balances due to the record cash dividends distributed during last year. Interés gastos14 came in at EGP 115 million, rising 15% year-on-year from EGP 100 million in 9M 2022. Higher interest expenses are mainly attributable to: · Mayores intereses sobre pasivos por arrendamiento relacionados con NIIF 16 debido a la incorporación de nuevas sucursales a la red de IDH. · Higher interest expenses following the CBE decision to increase rates by 1,000 bps since March 2022. It is important to note that IDH's interest bearing debt balance decreased to EGP 94 million as at 30 September 2023, from EGP 117 million at year-end 2022. Earlier in the year, as part of IDH's strategy to reduce foreign currency risk, the Company agreed with General Electric (GE) for the early repayment of its contractual obligation of USD 5.7 million. To finance the settlement, IDH utilized a bridge loan facility, with half the amount being funded internally, while the other half (amounting to EGP 55 million) was provided through a bridge loan by Ahly United Bank- Egypt (AUBE). Interest expenses related to the AUBE facility recorded EGP 18 million in 9M 2023. The bridge loan was fully settled in Q2 2023. Desglose de gastos por intereses
14 Los gastos de intereses sobre préstamos a mediano plazo incluyen EGP 18.0 relacionados con la línea de crédito del Grupo con Ahli United Bank Egypt (AUBE). Mientras tanto, la línea de crédito del Grupo con el Commercial International Bank (CIB) se reembolsó en su totalidad el 5 de abril de 2022. 15 Los gastos de intereses sobre préstamos a mediano plazo incluyen EGP 18.0 relacionados con la línea de crédito del Grupo con Ahli United Bank Egypt (AUBE). Mientras tanto, la línea de crédito del Grupo con el Commercial International Bank (CIB) se reembolsó en su totalidad el 5 de abril de 2022. 16 Los gastos relacionados con el préstamo en el mecanismo de la IFC representan comisiones de compromiso sobre el mecanismo otorgado por la IFC y el Mashreq por un valor total de USD 60 millones. La instalación se canceló en mayo de 2023. Cambio de divisas IDH recorded a foreign exchange gain of EGP 99 million during 9M 2023, up 80% year-on-year and partially reflecting intercompany balances revaluation.
Taxation Tax expenses, including both income and deferred tax, stood at EGP 197 million during 9M 2023, a decrease of 22% year-on-year from the EGP 251 million reported in 9M 2022. IDH's effective tax rate came in at 34%, down from 38% in the same period of the previous year. It is worth mentioning that there is no tax payable for IDH's two holding-level companies. Meanwhile, tax was paid from the Group's operating subsidiaries (Egypt 31%, Jordan 28%, Nigeria 0.1%). Desglose de impuestos por región
Beneficio neto IDH's net profit in Q3 2023 stood at EGP 176 million in Q3 2023, up from a net loss of EGP 36 million in Q3 2022, and with a margin of 15%. Improved bottom-line profitability is also apparent on a quarter-on-quarter basis, with the Company's NPM increasing from 4% in Q2 2023. On a nine-month basis, net profit recorded EGP 387 million, down 4% year-on-year. The Company posted a net profit margin (NPM) of 13% compared to 14% in 9M 2022. Gastos no recurrentes IDH recorded several one-off expenses during the period, namely: · EGP 12.2 million owed to the Egyptian government for vocational training. · 6.5 millones de EGP debido a gastos preoperativos en Arabia Saudita. · 5.0 millones de EGP en gastos por deterioro debido al conflicto en curso en Sudán. · EGP 16 million due to the expiration of Covid-19 testing kits. · EGP 2 million due to an information strategy agreement which was executed in 2023 for USD 54 thousand. · EGP 1 million due to one-off legal reports. · EGP 8 million due to one-off expenses related to the termination of the Pakistan termination. It is important to note that these expenses have been impacted by the devaluation of the EGP. Adjusting for these expenses, net profit would have booked EGP 191 million and yielded an NPM of 16% in Q3 2023 and EGP 437 million with an NPM of 14% in 9M 2023. |
ii. Análisis de balance
Activos Propiedad, planta y equipo IDH booked gross property, plant and equipment (PPE) of EGP 2,453 million as at 30 September 2023, up from EGP 2,208 at 31 December 2022. The increase in CAPEX as a share of revenues during 9M 2023 is primarily attributable to the addition of branches to IDH's network (constituting 7% of revenues), while the remainder is due to the translation effect related to Jordan, Sudan, and Nigeria (constituting 1% of revenues).
Total CAPEX Addition Breakdown - 9M 2023
Cuentas por Cobrar y Provisiones Accounts receivable as at 30 September 2023 amounted to EGP 602 million, up 52% year-to-date from the figure recorded as at year-end 2022. Meanwhile, IDH's receivables' Days on Hand (DoH) stood at 145 days, increasing from 124 days as at 31 December 2022. Provision for doubtful account booked EGP 37 million during the first nine months of 2023, increasing from EGP 25 million in 9M 2022. Increases in provisions and receivable balance are a reflection of slower collection rates due to the economic downturns and inflationary environment which have characterized several of IDH's geographies throughout the past year, particularly in its largest market of Egypt. Inventario IDH's inventory balance as at the end of 9M 2023 amounted to EGP 365 million, up from EGP 265 million at year-end 2022. Meanwhile, Days Inventory Outstanding (DIO) stood at 135 days compared to 127 days at 31 December 2022. Increased DIO is a reflection of management strategy to accumulate inventory as a hedge against inflation over the past year. Efectivo y Deuda Neta/Efectivo Cash balances booked EGP 794 million at 30 September 2023, down from 816 million as at 31 December 2023. Declining cash balances are related to the previously discussed decision for the early repayment of IDH's contractual obligation of USD 5.7 million (equivalent to EGP 110 million) in line with its strategy to reduce foreign currency risk by utilizing internal resources coupled with a bridge loan facility provided by AUBE. The bridge loan facility was fully settled in the second quarter of the year.
Deuda neta de IDH17 balance came in at EGP 356 million as of the end of 9M 2023, down 5% year-to-date from EGP 374 million as at year-end 2022.
17 El saldo neto de efectivo/(deuda) se calcula como saldos de efectivo y equivalentes de efectivo que incluyen activos financieros a costo amortizado, menos deuda que devenga intereses (préstamos a mediano plazo), arrendamiento financiero y pasivos por derecho de uso.
Nota: La deuda que devenga intereses incluye los intereses devengados de cada período.
18 Como se describe en la Nota 18 de los Estados Financieros Consolidados de IDH, algunos depósitos a plazo y letras del Tesoro no se pueden acceder por más de 3 meses y, por lo tanto, no se tratan como efectivo. Los depósitos a plazo a los que no se puede acceder durante más de 3 meses se situaron en EGP 113 millones en el primer trimestre de 1, frente a los EGP 2023 millones a finales de 123. Mientras tanto, las letras del tesoro no accesibles durante más de tres meses se situaron en EGP 2022 millones en el primer trimestre de 3, un aumento de EGP 342 millones en el año fiscal 1.
Pasivos por arrendamiento y obligaciones financieras sobre inmuebles stood at EGP 814 million as at the end of 9M 2023, with the increase driven by the rollout of 48 new branches across IDH's network over the past 12-month period. Mientras tanto, obligaciones financieras relacionadas con el equipo came in at EGP 233 million as at 30 September 2023, down from EGP 335 million as at year-end 2023. The decline in financial obligations related to equipment is due to the early repayment of IDH's obligations with General Electric (GE) in line with the Company's efforts to hedge against foreign currency risk. Half of the settlement was financed by IDH internally, while the remainder was financed through a bridge loan facility from AUBE. Finalmente, la deuda con intereses19 recorded EGP 94 million at the end of 9M 2023, down from EGP 116 million as at 31 December 2022. The decrease primarily reflects the repayment of EGP 17 million in accordance with Al-Borg Scan's medium term loan repayment schedule. 19 La deuda que genera intereses de IDH al 31 de marzo de 2023 incluía 172 millones de EGP para su crédito con Ahli United Bank Egypt (AUBE) (los saldos de préstamos pendientes excluyen los intereses acumulados para el período). Cabe señalar que para financiar el acuerdo de amortización anticipada con General Electric, la Sociedad utilizó un préstamo puente de 55 millones de EGP. La línea de crédito se retiró en el primer trimestre de 1 y se liquidó en el segundo trimestre de 2023.
Pasivos Cuentas por pagar20 Accounts payable as at 30 September 2023 stood at EGP 370 million, up from EGP 270 as at year-end 2022. Meanwhile, Days Payable Outstanding (DPO) amounted to 137 days, down from 151 days nine months earlier. 20 Las cuentas por pagar se calculan con base en las cuentas por pagar promedio al final de cada período.
Poner opción The put option current liability is related to both: · La opción concedida en 2011 al Dr. Amid, director general de Biolab, de vender su participación (40%) a IDH. La opción de venta es in the money y ejercible desde 2016 y se calcula como 7 veces el EBITDA LTM de Biolab menos la deuda neta. El pasivo de la opción de venta de Biolab disminuyó luego de la disminución significativa en el EBITDA de la empresa durante el período. · The option granted in 2022 to Izhoor, IDH, and Biolab as part of their JV agreement in Saudi Arabia. The option allows the non-defaulting party, at its sole and absolute discretion, to serve one or more written notices to the defaulting party. The notices enable the non-defaulting party to buy the defaulting party's shares at the fair price, sell its shares to the defaulting party at the fair price, or request the dissolution and liquidation of the JV company. It is important to note that the put option, which grants these rights to the non-defaulting party, does not have a specified expiration date. El pasivo no corriente de la opción de venta está relacionado con la opción otorgada en 2018 a International Finance Corporation por parte de Dynasty, accionistas de Echo Lab, y es ejercitable en 2024. La opción de venta se calcula con base en el valor justo de mercado (FMV).
|
DIAGNÓSTICO INTEGRADO HOLDINGS plc - "IDH" Y SUS FILIALES
Estado financiero consolidado por el período de nueve meses finalizado el 30 de septiembre de 2023
|
Estado de situación financiera consolidado a 30 de septiembre de 2023
| Notas | 30 septiembre 2023 |
| 31 Dec 2022 | |||
|
| EGP'000 |
| EGP'000 | |||
Activos |
|
|
|
| |||
Activos no corrientes |
| ||||||
Propiedad, planta y equipo. | 4 | 1,372,233 | 1,326,262 | ||||
Activos intangibles y fondo de comercio | 5 | 1,724,471 | 1,703,636 | ||||
Activos por derecho de uso | 6 | 689,718 | 622,975 | ||||
Activos financieros a valor razonable con cambios en pérdidas y ganancias | 7 | - | 18,064 | ||||
Total del activo no corriente |
| 3,786,422 |
| 3,670,937 | |||
|
|
|
|
| |||
Activos circulantes | |||||||
Los inventarios |
| 365,433 | 265,459 | ||||
Cuentas comerciales y otras cuentas por cobrar | 8 | 758,718 | 543,887 | ||||
Activos financieros a costo amortizado | 9 | 180,088 | 167,404 | ||||
Activos financieros corrientes a valor razonable con cambios en resultados | 7 | 24,534 | - | ||||
Efectivo y equivalentes de efectivo | 10 | 614,180 | 648,512 | ||||
Total de activos corrientes |
| 1,942,953 |
| 1,625,262 | |||
los activos totales |
| 5,729,375 |
| 5,296,199 | |||
Equidad |
|
|
|
| |||
Capital social |
| 1,072,500 | 1,072,500 | ||||
Reserva de prima de emisión | 1,027,706 | 1,027,706 | |||||
Reservas de capital | (314,310) | (314,310) | |||||
Reserva legal | 51,641 | 51,641 | |||||
Reserva de opciones de venta | (336,303) | (490,695) | |||||
Reserva de traducción | (78,996) | 24,173 | |||||
Ganancias retenidas | 1,171,361 | 783,081 | |||||
Patrimonio atribuible a los propietarios de la Compañía |
| 2,593,599 |
| 2,154,096 | |||
Participaciones no controladoras |
| 425,104 | 292,885 | ||||
Equidad total |
| 3,018,703 |
| 2,446,981 | |||
|
|
|
|
| |||
| |||||||
Pasivos no corrientes | |||||||
Provisiones | 17,455 | 3,519 | |||||
Pasivo de opción de venta no corriente | 12 | 26,616 | 51,000 | ||||
Préstamos | 13 | 67,465 | 93,751 | ||||
Otras obligaciones financieras | 14 | 873,174 | 914,191 | ||||
Pasivos por impuestos diferidos | 18-C | 356,739 | 321,732 | ||||
Total pasivo no corriente |
| 1,341,449 |
| 1,384,193 | |||
Pasivo circulante |
|
|
| ||||
Comerciales y otras cuentas a pagar | 11 | 764,864 | 701,095 | ||||
Otras obligaciones financieras | 14 | 173,483 | 148,705 | ||||
Pasivo de opción de venta actual | 12 | 309,687 | 439,695 | ||||
Préstamos | 13 | 40,104 | 22,675 | ||||
Pasivos por impuestos corrientes | 81,085 | 152,855 | |||||
Total pasivo corriente |
| 1,369,223 |
| 1,465,025 | |||
Pasivos totales |
| 2,710,672 |
| 2,849,218 | |||
Total patrimonio y pasivos |
| 5,729,375 |
| 5,296,199 | |||
|
|
|
|
|
| ||
Las notas adjuntas forman parte integral de estos estados financieros consolidados. |
| ||||||
La presente información financiera intermedia consolidada resumida ha sido aprobada y autorizada para su emisión por el Consejo de Administración y firmada en su nombre el 15 de noviembre de 2023 por:
|
| ||||||
| |||||||
Dr. Hend El Sherbini | Hussein Choucri |
| |||||
Director General |
| Director no ejecutivo independiente |
| ||||
|
|
|
| ||||
Cuenta de pérdidas y ganancias consolidada del trimestre y periodos de nueve meses terminados el 30 de septiembre de 2023
|
|
| Para el periodo de tres meses terminó el 30 de septiembre |
| Por el periodo de nueve meses terminó el 30 de septiembre | ||||
| Notas |
| 2023 |
| 2022 |
| 2023 |
| 2022 |
EGP'000 |
| EGP'000 |
| EGP'000 |
| EGP'000 | |||
Ingresos | 21 | 1,181,736 |
| 846,251 | 3,053,678 |
| 2,800,316 | ||
El costo de ventas | (702,037) |
| (496,581) | (1,916,045) |
| (1,618,776) | |||
Beneficio bruto |
|
| 479,699 |
| 349,670 |
| 1,137,633 |
| 1,181,540 |
Gastos de marketing y publicidad | (50,972) |
| (58,641) | (163,445) |
| (151,209) | |||
Gastos administrativos | 16 | (123,383) |
| (99,626) | (377,723) |
| (263,818) | ||
Pérdida por deterioro de cuentas por cobrar comerciales y otras | (13,854) |
| (8,877) | (37,123) |
| (25,035) | |||
Otros ingresos | (3,402) |
| 3,834 | (5,965) |
| 7,305 | |||
Beneficio operativo |
|
| 288,088 |
| 186,360 |
| 553,377 |
| 748,783 |
Gasto no operativo | 12,200 |
| - | - |
| - | |||
Net fair value losses on financial assets at fair value | - |
| (141,092) | - |
| (141,092) | |||
|
| ||||||||
Costos financieros | 17 | (41,831) |
| (49,593) | (114,957) |
| (99,718) | ||
Ingresos financieros | 17 | 16,264 |
| 9,016 | 145,745 |
| 146,286 | ||
Costo financiero neto |
|
| (25,567) |
| (40,577) |
| 30,788 |
| 46,568 |
Beneficio antes de impuestos |
|
| 274,721 |
| 4,691 |
| 584,165 |
| 654,259 |
Ingreso por gastos de impuesto | 18-B | (98,310) |
| (40,337) | (196,704) |
| (250,853) | ||
Beneficio del período |
|
| 176,411 |
| (35,646) |
| 387,461 |
| 403,406 |
Beneficio atribuido a: |
| ||||||||
Accionistas de la matriz | 177,789 |
| (18,186) | 401,379 |
| 404,034 | |||
Participaciones no controladoras | (1,378) |
| (17,460) | (13,918) |
| (628) | |||
176,411 |
| (35,646) | 387,461 |
| 403,406 | ||||
Ganancias por acción (expresadas en EGP): |
| ||||||||
Utilidad por acción básica y diluida | 20 | 0.30 | (0.03) | 0.67 | 0.67 |
Las notas adjuntas forman parte integrante de esta información financiera intermedia resumida consolidada.
Consolidated statement of comprehensive income/(expenses) for the quarter and six-month periods ended 30 September 2023
Por el período de tres meses terminado el 30 de septiembre |
| For the six months period ended 30 September | ||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | |
| EGP'000 |
| EGP'000 |
| EGP'000 |
| EGP'000 | |
| ||||||||
Beneficio neto |
| 176,411 |
| (35,646) |
| 387,461 |
| 403,406 |
Partidas que pueden reclasificarse a resultados: |
|
|
| |||||
Diferencia de cambio en la conversión de operaciones en el extranjero | (8,117) | 34,378 | (2,034) | 111,686 | ||||
Otro resultado integral / (Pérdida) del período neto de impuestos |
| (8,117) |
| 34,378 |
| (2,034) |
| 111,686 |
Resultado integral total del período |
| 168,294 |
| (1,268) |
| 385,427 |
| 515,092 |
|
|
| ||||||
Atribuido a: |
|
|
| |||||
Accionistas de la matriz | 168,294 | (13,640) | 298,210 | 421,829 | ||||
Participaciones no controladoras | - | 12,372 | 87,217 | 93,263 | ||||
|
| 168,294 |
| (1,268) |
| 385,427 |
| 515,092 |
Las notas adjuntas forman parte integrante de esta información financiera intermedia resumida consolidada.
Consolidated statement of cash flows for the nine-month period ended 30 September 2023
| Notas |
| 30 Septiembre 2023 |
| 30 Septiembre 2022 |
| EGP'000 |
| EGP'000 | ||
| |||||
flujos de efectivo por actividades operacionales |
| ||||
Beneficio del período antes de impuestos | 584,165 | 654,259 | |||
Ajustes |
| ||||
Depreciación de propiedades, planta y equipo | 4 | 191,692 | 146,433 | ||
Depreciación de activos por derecho de uso | 6 | 98,027 | 73,959 | ||
Amortización de activos intangibles | 5 | 5,810 | 5,211 | ||
Pérdidas (ganancias) cambiarias no realizadas | 17 | (99,406) | 85,736 | ||
Ingresos por intereses | 17 | (46,339) | (83,194) | ||
Gastos por intereses | 17 | 106,155 | 88,658 | ||
Cargos bancarios | 8,803 | 11,060 | |||
Pérdida/(Ganancia) por enajenación de Propiedad, planta y equipo | (697) | 312 | |||
Deterioro de clientes y otras cuentas por cobrar | 37,123 | 25,035 | |||
Deterioro del fondo de comercio | - | 1,755 | |||
Activos financieros liquidados con instrumentos de patrimonio a valor razonable | (6,470) | (3,427) | |||
Terminación de arrendamiento/activo de ROU | (590) | 1,152 | |||
Pérdidas (ganancias) por hiperinflación | 17 | - | (7,736) | ||
FV through P&L | - | 141,092 | |||
Cambio en provisiones | 13,936 | 406 | |||
Cambio en Inventarios | (95,202) | (34,123) | |||
Cambio en cuentas por cobrar comerciales y otras | (219,352) | (158,214) | |||
Cambio en cuentas comerciales y otras cuentas por pagar | 30,672 | (223,795) | |||
Efectivo generado por actividades operativas antes del pago del impuesto a las ganancias |
|
| 608,327 |
| 724,579 |
| |||||
Impuesto pagado durante el período | (231,863) | (653,580) | |||
Efectivo neto generado por actividades operativas |
|
| 376,464 |
| 70,999 |
| |||||
Flujos de efectivo de actividades de inversión |
| ||||
Intereses recibidos por activos financieros a costo amortizado | 46,795 | 84,044 | |||
Pagos por la compra de activos financieros a coste amortizado | (192,955) | (348,139) | |||
Producto de la venta de activos financieros a costo amortizado | 190,134 | 1,656,815 | |||
Pagos por adquisición de propiedad, planta y equipo | 4 | (218,271) | (202,506) | ||
Pagos por adquisición de activos intangibles | 5 | (2,150) | (2,382) | ||
Producto de la venta de propiedades, planta y equipo | 2,163 | 9,552 | |||
Pagos por acciones compradas | - | (999,376) | |||
Proceeds for shares sold | - | 858,284 | |||
Flujos de efectivo netos generados (utilizados en) a partir de actividades de inversión |
|
| (174,284) |
| 1,056,292 |
| |||||
Flujos de efectivo de actividades de financiación |
| ||||
Producto de préstamos | 68,055 | 7,411 | |||
Amortizaciones de empréstitos | (76,911) | (21,721) | |||
Pago de pasivos por arrendamiento financiero | (210,496) | (41,912) | |||
Dividendos pagados | - | (1,411,752) | |||
Pago interesado | (107,994) | (84,096) | |||
cargo bancario pagado | (8,803) | (11,060) | |||
Pago en efectivo a interés no controlador | (3,112) | - | |||
Injection of cash to non-controlling interest | 48,114 | 8,763 | |||
Flujos de efectivo netos utilizados en actividades de financiación |
|
| (291,147) |
| (1,554,367) |
| |||||
Aumento neto de efectivo y equivalentes de efectivo |
|
| (88,967) |
| (427,076) |
Efectivo y equivalentes de efectivo al inicio del año | 648,512 | 891,451 | |||
Efecto del tipo de cambio | 54,635 | 65,215 | |||
Efectivo y equivalentes de efectivo al final del período | 10 |
| 614,180 |
| 529,590 |
Las actividades de inversión y financiamiento que no son en efectivo reveladas en otras notas son:
· Adquisición de activos por derecho de uso - nota 6
· Propiedades, planta y equipo - nota 4
· Pasivo por opción de venta - nota 12
Las notas adjuntas forman parte integrante de esta información financiera intermedia resumida consolidada.
Consolidated statement of changes in equity for the nine-month period ended 30 September 2023
|
| Atribuible a los propietarios de la matriz | |||||||||
EGP '000 |
| Compartir | Compartir | Capital | Legal | Reserva de opciones de venta | Traducción | Ganancias retenidas | Total atribuible a los propietarios de la Matriz | Participaciones no controladoras | Equidad total |
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|
|
|
|
|
|
|
|
|
| |
Al 1 de enero de 2023 |
| 1,072,500 | 1,027,706 | (314,310) | 51,641 | (490,695) | 24,173 | 783,081 | 2,154,096 | 292,885 | 2,446,981 |
Beneficio del período | - | - | - | - | - | - | 401,379 | 401,379 | (13,918) | 387,461 | |
Otro resultado integral del período | - | - | - | - | - | (103,169) | - | (103,169) | 101,135 | (2,034) | |
Resultado integral total a 30 de septiembre de 2023 |
| - | - | - | - | - | (103,169) | 401,379 | 298,210 | 87,217 | 385,427 |
Transacciones con propietarios de la Compañía |
| ||||||||||
Contribuciones y distribuciones |
| ||||||||||
Dividendos | - | - | - | - | - | - | - | - | - | - | |
Reserva legal constituida durante el período | - | - | - | - | - | - | - | - | - | - | |
Movimiento en pasivos por opciones de venta | - | - | - | - | 154,392 | - | - | 154,392 | - | 154,392 | |
Impacto de la hiperinflación | - | - | - | - | - | - | (13,099) | (13,099) | - | (13,099) | |
Paid share from non-controlling interest | (3,112) | (3,112) | |||||||||
Participaciones no controladoras inyección de efectivo en subsidiarias durante el período | - | - | - | - | - | - | - | - | 48,114 | 48,114 | |
Contribuciones y distribuciones totales |
| - | - | - | - | 154,392 | - | (13,099) | 141,293 | 45,002 | 186,295 |
Saldo al 30 de septiembre de 2023 |
| 1,072,500 | 1,027,706 | (314,310) | 51,641 | (336,303) | (78,996) | 1,171,361 | 2,593,599 | 425,104 | 3,018,703 |
|
|
|
|
|
|
|
|
|
|
| |
Al 1 de enero de 2022 |
| 1,072,500 | 1,027,706 | (314,310) | 51,641 | (956,397) | 150,730 | 1,550,976 | 2,582,846 | 211,513 | 2,794,359 |
Beneficio del período | - | - | - | - | - | - | 404,034 | 404,034 | (628) | 403,406 | |
Otro resultado integral del período | - | - | - | - | - | 17,795 | - | 17,795 | 93,891 | 111,686 | |
Resultado integral total a 30 de septiembre de 2022 |
| - | - | - | - | - | 17,795 | 404,034 | 421,829 | 93,263 | 515,092 |
Transacciones con propietarios de la Compañía |
| ||||||||||
Contribuciones y distribuciones |
| ||||||||||
Dividendos | - | - | - | - | - | - | (1,304,805) | (1,304,805) | (106,947) | (1,411,752) | |
Reserva legal constituida durante el período | - | - | - | - | - | - | - | - | - | - | |
Movimiento en pasivos por opciones de venta | - | - | - | - | 266,958 | - | - | 266,958 | - | 266,958 | |
Impacto de la hiperinflación | - | - | - | - | - | - | (6,910) | (6,910) | 1,446 | (5,464) | |
Non-controlling interest cash injection in subsidiaries during the period | - | - | - | - | - | - | - | 8,763 | 8,763 | ||
Contribuciones y distribuciones totales |
| - | - | - | - | 266,958 | - | (1,311,715) | (1,044,757) | (96,738) | (1,141,495) |
Saldo al 30 de septiembre de 2022 |
| 1,072,500 | 1,027,706 | (314,310) | 51,641 | (689,439) | 168,525 | 643,295 | 1,959,918 | 208,038 | 2,167,956 |
*Según la legislación egipcia, cada filial en Egipto debe reservar al menos el 5 % de su beneficio neto anual en una reserva legal hasta que represente el 50 % del capital emitido de cada filial. Esta reserva no es distribuible a los propietarios de la Sociedad.
Las notas adjuntas forman parte integrante de esta información financiera intermedia resumida consolidada.
(En las notas, todos los montos se muestran en libras egipcias "EGP'000", a menos que se indique lo contrario)
1. Informes entidad
Integrated Diagnostics Holdings plc "IDH" o "la Compañía" es una Compañía que se incorporó en Jersey el 4 de diciembre de 2014 y se estableció de acuerdo con las disposiciones de la Ley de Compañías (Jersey) de 1991 con el número de registro 117257. Esta información financiera intermedia consolidada condensada al y por los nueve meses terminados el 30 de septiembre de 2023 comprenden la Compañía y sus subsidiarias (en conjunto, el 'Grupo'). La Compañía es una entidad que cotiza en bolsa tanto en la Bolsa de Valores de Londres (desde 2015) como en la Bolsa de Valores de Egipto (durante mayo de 2021).
The principal activities of the Company and its subsidiaries (together "The Group") include investments in all types of the healthcare field of medical diagnostics (the key activities are pathology and Radiology related tests), either through acquisitions of related business in different jurisdictions or through expanding the acquired investments they have. The key jurisdictions that the Group operates are in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia.
El ejercicio económico del Grupo comienza el 1 de enero y finaliza el 31 de diciembre de cada año.
This condensed consolidated interim financial information were approved for issue by the Directors of the Company on 15 November 2023.
2. Base de preparación
A) Declaración de cumplimiento
Esta información financiera intermedia consolidada condensada ha sido preparada de acuerdo con la NIC 34 'Información Financiera Intermedia' (Adoptada por el IASB). ya que las políticas contables adoptadas son consistentes con las del ejercicio anterior finalizado el 31 de diciembre de 2022 y el período intermedio correspondiente.
Esta información financiera intermedia consolidada resumida no incluye toda la información y revelaciones en el estado financiero anual consolidado, y debe leerse junto con el estado financiero publicado al y para el año terminado el 31 de diciembre de 2022 que está disponible en www.idhcorp.com,. In addition, results of the nine month period ended 30 September 2023 are not necessary indicative for the results that may be expected for the financial year ending 31 December 2023.
B) Base de medida
La información financiera intermedia consolidada condensada ha sido preparada sobre la base del costo histórico, excepto donde las NIIF adoptadas exigen que se requiera la contabilización del valor razonable que se relaciona con los activos y pasivos financieros medidos a valor razonable.
C) Moneda funcional y de presentación
Esta información financiera intermedia consolidada resumida se presenta en libras egipcias (EGP'000). La moneda funcional de la mayoría de las entidades del Grupo es la libra egipcia (EGP) y es la moneda del entorno económico principal en el que opera el Grupo.
The Group also operates in Jordan, Sudan, Nigeria and Saudi Arabia and the functional currencies of those foreign operations are the local currencies of those respective territories, however due to the size of these operations, there is no significant impact on the functional currency of the Group, which is the Egyptian Pound (EGP).
3. Políticas contables importantes
En la preparación de esta información financiera intermedia resumida consolidada, los juicios significativos realizados por la administración al aplicar las políticas contables del Grupo y las principales fuentes de incertidumbre en la estimación fueron los mismos que se aplicaron a la información financiera consolidada para el año terminado el 31 de diciembre de 2022. "La preparación de esta información financiera intermedia consolidada resumida requiere que la administración realice juicios, estimaciones y suposiciones que afectan la aplicación de políticas contables y los montos informados de activos, pasivos, ingresos y gastos. Los resultados reales pueden diferir de estas estimaciones. Información sobre Las áreas de incertidumbre en la estimación y juicio crítico en la aplicación de políticas contables que tienen el efecto más significativo sobre el importe reconocido en los estados financieros intermedios resumidos consolidados se describen en la nota 3.2 de la información financiera anual consolidada publicada por el ejercicio terminado el 31 de diciembre de 2022 31. En la preparación de esta información financiera intermedia resumida consolidada, los juicios significativos realizados por la administración en la aplicación de las políticas contables del Grupo y las principales fuentes de incertidumbre en la estimación fueron los mismos que se aplicaron a la información financiera consolidada para el año terminado el 2022 de diciembre. XNUMX".
4. Propiedad, planta y equipo
Terrenos y edificios | médico, eléctrico | Arrendamiento | Instalaciones, accesorios y vehículos | Proyecto en construccion | Pago a cuenta | Total | ||||||||
Cost |
| |||||||||||||
Al 1 de enero de 2023 | 426,961 | 1,111,867 | 507,442 | 133,195 | 28,589 | 10,614 | 2,218,668 | |||||||
Adiciones | 8,554 | 88,320 | 45,285 | 16,104 | 69,148 | 270 | 227,681 | |||||||
Hyperinflation effect | - | (13,098) | - | - | - | - | (13,098) | |||||||
Disposiciones | - | (3,316) | (503) | (1,852) | - | (5,671) | ||||||||
Diferencias de cambio | 2,727 | 2,966 | 23,095 | 7,373 | 33 | - | 36,194 | |||||||
Mudanzas | - | 36,300 | 29,918 | (66,218) | - | - | ||||||||
En 30 Septiembre 2023 | 438,242 | 1,223,039 | 605,237 | 154,820 | 31,552 | 10,884 | 2,463,774 | |||||||
Depreciación |
| |||||||||||||
Al 1 de enero de 2023 | 61,578 | 513,869 | 261,705 | 55,254 | - |
| 892,406 | |||||||
Depreciación del período | 5,339 | 113,197 | 61,121 | 12,035 | - | - | 191,692 | |||||||
Disposiciones | - | (2,275) | (440) | (1,490) | - | - | (4,205) | |||||||
Diferencias de cambio | 632 | 1,031 | 8,243 | 1,742 | - | - | 11,648 | |||||||
En 30 Septiembre 2023 | 67,549 | 625,822 | 330,629 | 67,541 | - | - | 1,091,541 | |||||||
|
|
|
|
|
|
|
|
| ||||||
Valor neto contable a 30 Septiembre | 370,693 | 597,217 | 274,608 | 87,279 | 31,552 | 10,884 | 1,372,233 | |||||||
Al 31 de diciembre de 2022 | 365,383 | 597,998 | 245,737 | 77,941 | 28,589 | 10,614 | 1,326,262 | |||||||
5. Inmovilizado intangible y plusvalía
Los activos intangibles representan el crédito mercantil adquirido a través de combinaciones de negocios y marcas.
Goodwill | Nombre de la marca | Software | Total | |
Cost |
|
|
|
|
Saldo al 1 de enero de 2023 | 1,291,823 | 395,551 | 92,836 | 1,780,210 |
Adiciones | - | - | 2150 | 2,150 |
Efecto de los movimientos en los tipos de cambio | 14,552 | 7,911 | 4,102 | 26,565 |
Saldo al 30 de septiembre de 2023 | 1,306,375 | 403,462 | 99,088 | 1,808,925 |
|
|
|
| |
Amortización y deterioro |
|
|
|
|
Saldo al 1 de enero de 2023 | 6,373 | 381 | 69,820 | 76,574 |
Amortización | - | - | 5,810 | 5,810 |
Efecto de los movimientos en los tipos de cambio | 80 | 11 | 1,979 | 2,070 |
Saldo al 30 de septiembre de 2023 | 6,453 | 392 | 77,609 | 84,454 |
|
|
|
| |
Importe en libros |
|
|
|
|
Saldo al 30 de septiembre de 2023 | 1,299,922 | 403,070 | 21,479 | 1,724,471 |
Saldo al 31 de diciembre de 2022 | 1,285,450 | 395,170 | 23,016 | 1,703,636 |
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. No indicators of impairment have been identified during the nine months ended 30 September 2023.
6. Activos por derecho de uso
| 30 Septiembre 2023 |
| 31 de diciembre 2022 |
Saldo al 1 de enero | 622,975 | 462,432 | |
Adición para el período / año | 127,261 | 214,846 | |
Cargo por depreciación del período/año | (98,027) | (103,099) | |
Contratos rescindidos | (5,092) | (13,564) | |
Diferencias de cambio | 42,601 | 62,360 | |
Balance | 689,718 |
| 622,975 |
7. Activo financiero a valor razonable con cambios en pérdidas y ganancias
30 Septiembre 2023 |
| 31 de diciembre 2022 | |
Inversiones de capital a largo plazo | - | 18,064 | |
Inversiones de capital corrientes | 24,534 | - | |
| 24,534 |
| 18,064 |
*On August 17, 2017, Almakhbariyoun AL Arab (seller) has signed IT purchase Agreement with JSC Mega Lab (Buyer) to transfer and install the Laboratory Information Management System (LIMS) for a purchase price amounted to USD 400 000, which will be in the form of 10% equity stake in JSC Mega Lab. In case the valuation of the project is less or more than USD 4,000,000, the seller stake will be adjusted accordingly, in a way that the seller equity stake shall not fall below 5% of JSC Mega Lab.
- Ownership percentage in JSC Mega Lab at the transaction date on April 8, 2019, and as of September 30, 2023, was 8.25%.
- On April 8, 2019, Al Mokhabariyoun Al Arab (Biolab) has signed a Shareholder Agreement with JSC Mega Lab and JSC Georgia Healthcare Group (CHG), whereas, BioLab Shall have a put option, exercisable within 12 months immediately after the expiration of five(5) year period from the signing date, These assets have therefore been reclassified as current assets in the financial information as of June 30, 2023, which allows BioLab stake to be bought out by CHG at a price of the equity value being USD 400,000 plus 15% annual Interred Rate of Return (IRR).
- In case the Management Agreement or the Purchase Agreement and/or the Service level Agreement is terminated/cancelled within 6 months period from the date of such termination/cancellation, CHG shall have a call option, which allows the CHG to purchase Biolab's Strake in JSC Megalab having value of USD 400,000.00 plus 20% annual Interred Rate of Return (IRR).
- If JCI accreditation is not obtained, immediately after the expiration of the 12 months period, CHG shall have a call option (the Accreditation Call option), exercisable within 6 months period, allowing CHG to purchase BioLab's Shares in JSC Mega Lab at a price of the equity value of USD 400,00.00 plus the 20% annual IRR.
- After 12 months from the date of the put option period expiration, CHG to purchase Biolab's Stake in JSC Megalab having value of USD 400,000 plus higher of 20% annual IRR or 6X EV/EBITDA (of the financial year immediately preceding the call option exercise date).
8. Cuentas por cobrar comerciales y otras
| 30 Septiembre 2023 |
| 31 de diciembre 2022 |
Cuentas comerciales por cobrar - neto | 601,525 | 395,220 | |
Prepagos | 60,119 | 34,081 | |
Adeudados por partes relacionadas nota (15) | 1,562 | 5,930 | |
Otros ingresos | 93,677 | 106,363 | |
Ingresos devengados | 1,835 | 2,293 | |
758,718 |
| 543,887 |
9. Activos financieros a coste amortizado
| 30 Septiembre 2023 |
| 31 de diciembre 2022 |
Depósitos a plazo (más de 3 meses) | 49,245 | 60,200 | |
Letras del Tesoro (más de 3 meses) | 130,843 | 107,204 | |
180,088 |
| 167,404 |
The maturity date of the treasury bills and Fixed-term deposits are between 3-12 months and have average interest rates treasury bills of EGP 22.03% and Fixed-term deposits of EGP and JOD 5.20 and 5.38% respectively.
10. Efectivo y equivalentes de efectivo
| 30 Septiembre 2023 |
| 31 de diciembre 2022 |
Efectivo en bancos y en caja | 412,815 | 399,957 | |
Letras del Tesoro (menos de 3 meses) | 140,971 | 185,513 | |
Depósitos a plazo (menos de 3 meses) | 60,394 | 63,042 | |
614,180 |
| 648,512 |
11. Acreedores comerciales y otras cuentas por pagar
| 30 Septiembre 2023 |
| 31 de diciembre 2022 |
|
|
| |
Trato pagable | 370,089 | 269,782 | |
Gastos acumulados | 215,193 | 241,060 | |
Nota a favor de partes relacionadas (15) | 28,661 | 25,058 | |
Otras cuentas por pagar | 95,118 | 98,204 | |
Ingresos diferidos | 52,097 | 60,948 | |
Coste financiero acumulado | 3,706 | 6,043 | |
764,864 |
| 701,095 |
12. Responsabilidad por opción de venta
30 Septiembre 2023 |
| 31 de diciembre 2022 | |
|
| ||
Opción de venta actual - Biolab Jordan | 271,136 | 439,695 | |
Current put option - Eagle Eye-Echo scan | 38,551 | - | |
309,687 |
| 439,695 |
30 Septiembre 2023 |
| 31 de diciembre 2022 | |
|
| ||
Non-current put option - Eagle Eye-Echo scan | - | 51,000 | |
Opción de venta no corriente - Medical Health Development | 26,616 | - | |
26,616 |
| 51,000 |
Opción de venta - Biolab Jordan
La política contable para las opciones de venta después del reconocimiento inicial es reconocer todos los cambios en el valor en libros del pasivo de la opción de venta dentro del patrimonio.
A través de las adquisiciones históricas de Makhbariyoun Al Arab, el Grupo celebró acuerdos de opción de venta por separado para comprar las participaciones restantes de los proveedores en una fecha posterior. En el momento de la adquisición, se ha reconocido un pasivo por la opción de venta al valor actual neto del precio de ejercicio de la opción.
The option is calculated at seven times EBITDA of the last 12 months minus Net Debt and its exercisable in whole starting the fifth anniversary of completion of the original purchase agreement, which fell due in June 2016. The vendor has not exercised this right at 30 September 2023. It is important to note that the put option liability is treated as current as it could be exercised at any time by the NCI. However, based on discussions and ongoing business relationships, there is no expectation that this will happen in next 18 months. The option has no expiry date.
Opción de venta: escaneo Eagle Eye-Echo
According to the definitive agreements signed on 15 January 2018 between Dynasty Group Holdings Limited and the International Finance Corporation (IFC) related to the Eagle Eye-Echo scan transaction, IFC has the option to put it is shares to Dynasty in year 2024. The put option price will be calculated on the basis of the fair market value determined by an independent valuator.
Put option - Medical Health Development
According to this joint venture agreement made on October 27th, 2022, between Business Flower Holding LLC, Integrated Diagnostics Holdings plc and al Makhbaryoun al Arab LLC, in cases of bankruptcy and stumbling, a non-struggling party is entitled to implement any of the following options for a struggling party's share without reference to it:
(A) vender a la Parte No Incumplidora sus Acciones al Precio Justo de dichas Acciones.
(B) comprar las Acciones de la Parte Incumplidora al Precio Justo de dichas Acciones.
(C) solicitar la disolución y liquidación de la Sociedad.
Due to the execution of the put option in the case specified above, the option has been classified as a non-current liability in exchange for equity rights for the Group.
13. Préstamos y empréstitos
| Moneda | Tasa de interés nominal | Madurez | 30 Septiembre 2023 |
| 31 de diciembre 2022 |
| ||||||
AUB - Banco | EGP | Tasa de corredor CBE+1% | 26 de enero de 2027 | 94,451 | 116,426 | |
AUB - Banco | EGP | 7% asegurado | 3 de diciembre 2023 | 13,118 | - | |
107,569 |
| 116,426 | ||||
Cantidad retenida como: |
| |||||
Responsabilidad actual | 40,104 | 22,675 | ||||
Pasivo no corriente | 67,465 | 93,751 | ||||
107,569 | 116,426 |
A) In July 2018, AL-Borg lab, one of IDH subsidiaries, was granted a medium term loan amounting to EGP 130.5m from Ahli United Bank "AUB Egypt" to finance the investment cost related to the expansion into the radiology segment. As at 30 September 2023 only EGP 108 M had been drawn down from the total facility available with 72M had been repaid. Loan withdrawal availability period was extended till July 2023 and the loan will be fully repaid by January 2027.
El préstamo contiene los siguientes convenios financieros que, si se incumplen, significarán que el préstamo será reembolsable a la vista:
1. The financial leverage shall not exceed 0.7 throughout the period of the loan
"Apalancamiento financiero": deuda bancaria total dividida por el patrimonio neto.
2. The debt service ratios (DSR) shall not be less than 1.35 starting 2020
"Debt service ratio": cash operating profit after tax plus depreciation for the financial year less annual maintenance on machinery and equipment adding cash balance (cash and cash equivalent ) divided by total financial payments.
"Beneficio operativo en efectivo": El beneficio operativo después de impuestos, gastos por intereses, depreciación y amortización se calcula de la siguiente manera: Utilidad neta después de impuestos y partidas inusuales sumando Gastos por intereses, Depreciación, Amortización y provisiones, excluyendo las provisiones relacionadas con impuestos menos ingresos por intereses e Ingresos por inversiones y ganancias de partidas extraordinarias .
"Pagos financieros": porción actual de la deuda a largo plazo, incluidos los pagos de arrendamiento financiero, los gastos por intereses y las distribuciones de dividendos y comisiones.
3. Las ratios circulantes no serán inferiores a 1.
"Razones actuales": Activo circulante dividido pasivo circulante.
Los términos y condiciones de los préstamos pendientes son los siguientes:
* As at 30 September 2023 corridor rate 20.25% (2022: 17.25%)
13. Préstamos y empréstitos (continuación)
La empresa AL-Borg no incumplió ningún pacto para los acuerdos de MTL.
IDH opted to reduce its exposure to foreign currency risk by agreeing with General Electric (GE) for the early repayment of its dollar obligation. The Group and GE have agreed to settle this balance early for USD 3.55 million, payable in EGP, equivalent to EGP 110 million.
Para financiar el acuerdo, IDH utilizó un préstamo puente, del que la mitad del importe (55 millones de EGP) se financió internamente y la otra mitad (55 millones de EGP) se proporcionó mediante un préstamo del Ahly United Bank (Egipto). reembolsado durante el período de seis meses finalizado el 30 de junio de 2023.
14. Other Financial obligations
30 Septiembre 2023 |
| 31 de diciembre 2022 | |
Arrendamiento pasivo edificio | 813,717 | 727,426 | |
Responsabilidad financiera- equipo de laboratorio | 232,940 | 335,470 | |
1,046,657 |
| 1,062,896 |
The financial obligations for the laboratory equipment and building are payable as follows:
30 Septiembre 2023 | |||||
| Pagos mínimos |
| Interés |
| Director de la escuela |
|
|
|
|
|
|
Menos de un año | 282,085 | 108,602 | 173,483 | ||
Entre uno y cinco años | 1,016,173 | 288,382 | 727,791 | ||
Más de cinco años | 184,256 | 38,873 | 145,383 | ||
1,482,514 |
| 435,857 |
| 1,046,657 |
31 de diciembre 2022 | |||||
| Pagos mínimos |
| Interés |
| Director de la escuela |
|
|
|
|
|
|
Menos de un año | 285,962 | 137,257 | 148,705 | ||
Entre uno y cinco años | 1,030,750 | 314,656 | 716,094 | ||
Más de cinco años | 227,715 | 29,618 | 198,097 | ||
1,544,427 |
| 481,531 |
| 1,062,896 |
Importes reconocidos en resultados:
Por los tres meses terminados |
| Por los nueve meses terminados | |||||
| 2023 |
| 2022 |
| 2023 |
| 2022 |
Intereses sobre pasivos por arrendamiento | 23,823 | 9,111 | 69,044 | 44,037 | |||
Gastos relacionados con el arrendamiento a corto plazo | 3,116 | 4,644 | 8,307 | 19,788 |
14. Transacciones con partes relacionadas
Las transacciones significativas con partes relacionadas, su naturaleza volúmenes y saldo durante el período 30 de septiembre de 2023 son las siguientes:
30 Septiembre 2023 | ||||||||
Parte relacionada |
| Naturaleza de la transacción |
| Naturaleza de la relación |
| Monto de la transacción del año |
| Importe adeudado desde / (hasta) |
| ||||||||
| EGP'000 |
| EGP'000 | |||||
Escaneo ALborg (SAE)* | Gastos pagados en nombre | Afiliación | (351) | - | ||||
Fertilidad Internacional (FIV)** | Gastos pagados en nombre | Afiliación | (1,771) | - | ||||
Seguridad HC | Proporcionar servicio | Entidad propiedad del miembro de la junta de la Compañía | (7) | (106) | ||||
Cuidado de la salud de vida | servicio proporcionado | Entidad propiedad del director general de la empresa | (5,505) | (2,987) | ||||
Dr. Amid Abd Elnour | Responsabilidad de la opción de venta | biografía CEO y accionista de Lab | 168,560 | (271,135) | ||||
Cuenta corriente | biografía CEO y accionista de Lab | 6,345 | (13,663) | |||||
Corporación Financiera Internacional (IFC) | Responsabilidad de la opción de venta | Accionista de eco-escaneo | 12,448 | (38,551) | ||||
Corporación Financiera Internacional (IFC) | Cuenta corriente | Accionista de eco-escaneo | 623 | - | ||||
Tratamiento Integrado de Enfermedades Renales (SAE) | Colecciones | Entidad propiedad del director general de la empresa | (200) | |||||
Análisis de pruebas médicas | 72 | 1,562 | ||||||
Hena Holdings Ltd. | acuerdo de aplazamiento de dividendos de los accionistas | accionista | (63) | (2,435) | ||||
Actis IDH Limited | acuerdo de aplazamiento de dividendos de los accionistas | accionista | (1,005) | (2,960) | ||||
Desarrollo de la salud médica | Responsabilidad de la opción de venta | Afiliación | (26,616) | (26,616) | ||||
Dr. Kalid Ismail | Cuenta corriente | Wayak C.E.O and shareholder | (6,510) | (6,510) | ||||
|
| (363,401) |
15. Related party transactions (continued)
31 de diciembre 2022 | ||||||
Parte relacionada | Naturaleza de la transacción | Naturaleza de la relación | Monto de la transacción del año |
| Importe adeudado desde / (hasta) | |
| EGP'000 |
| EGP'000 | |||
Exploración ALborg (SAE)* | Gastos pagados en nombre | Afiliación | - | 351 | ||
Fertilidad Internacional (FIV)** | Gastos pagados en nombre | Afiliación | 4 | 1,771 | ||
Seguridad HC | Proporcionar servicio | Entidad propiedad del miembro de la junta de la Compañía | 220 | (99) | ||
Cuidado de la salud de vida | servicio proporcionado | Entidad propiedad del director general de la empresa | 424 | 2,518 | ||
Dr. Amid Abd Elnour | Responsabilidad de la opción de venta | biografía CEO y accionista de Lab | 481,665 | (439,695) | ||
Cuenta corriente | biografía CEO y accionista de Lab | (20,008) | (20,008) | |||
Corporación Financiera Internacional (IFC) | Responsabilidad de la opción de venta | Accionista de eco-escaneo | (15,963) | (51,000) | ||
Corporación Financiera Internacional (IFC) | Cuenta corriente | Accionista de eco-escaneo | 12,292 | (623) | ||
Tratamiento Integrado de Enfermedades Renales (SAE) | Ingresos por alquiler | Entidad propiedad del director general de la empresa | 116 | 1,290 | ||
Análisis de pruebas médicas | 381 | - | ||||
Dr. Hend El Sherbini | Acuerdo de préstamo | CEO | 17,025 | - | ||
HENA HOLDINGS LTD | acuerdo de aplazamiento de dividendos de los accionistas | accionista | (2,373) | (2,373) | ||
ACTIS IDH LIMITADA | acuerdo de aplazamiento de dividendos de los accionistas | accionista | (1,955) | (1,955) | ||
| (509,823) |
* ALborg Scan es una empresa cuyos accionistas incluyen a la Dra. Moamena Kamel (fundadora de la subsidiaria de IDH Al-Mokhtabar Labs).
** International Fertility (IVF) es una empresa cuyos accionistas incluyen a la Dra. Moamena Kamel (fundadora de la subsidiaria de IDH Al-Mokhtabar Labs).
Remuneración del personal clave de la dirección del Grupo
Los montos revelados en la tabla son los montos reconocidos como gasto durante el período sobre el que se informa, relacionados con el personal clave de la gerencia.
30 Septiembre 2023 |
| 30 Septiembre 2022 | |
Beneficios para empleados a corto plazo | 52,872 | 39,027 | |
52,872 | 39,027 |
16. Gastos generales y administrativos
Por los tres meses terminados el 30 de septiembre |
| Para los nueve meses terminados el 30 de septiembre | ||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | |
| ||||||||
Sueldos y salarios | 52,720 | 34,352 | 159,931 | 101,262 | ||||
Depreciación | 7,936 | 6,867 | 24,576 | 19,782 | ||||
Amortización | 1,560 | 1,031 | 4,649 | 2,959 | ||||
Tarifa de consulta | 32,066 | 23,800 | 100,420 | 57,864 | ||||
Otros gastos | 29,101 | 33,576 | 88,147 | 81,951 | ||||
Total |
| 123,383 | 99,626 | 377,723 | 263,818 |
17. Coste financiero neto
Por los tres meses terminados el 30 de septiembre |
| Para los nueve meses terminados el 30 de septiembre |
| |||||||||||||||||||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | |||||||||||||||||||
Ingresos financieros | ||||||||||||||||||||||||||
Ingresos por intereses | 16,264 | 7,751 | 46,339 | 83,194 | ||||||||||||||||||||||
Ganancia cambiaria neta | - | - | 99,406 | 55,356 | ||||||||||||||||||||||
Ganancia por posición monetaria neta hiperinflacionaria | - | 1,265 | - | 7,736 | ||||||||||||||||||||||
Ingresos financieros totales | 16,264 |
| 9,016 |
| 145,745 |
| 146,286 | |||||||||||||||||||
|
|
| ||||||||||||||||||||||||
Costo financiero |
|
|
| |||||||||||||||||||||||
Pérdida cambiaria neta | (2,753) | (14,022) | - | - |
| |||||||||||||||||||||
cargos bancarios | (3,420) | (2,255) | (8,803) | (11,060) |
| |||||||||||||||||||||
Gastos por intereses | (35,658) | (33,316) | (106,154) | (88,658) |
| |||||||||||||||||||||
Costo financiero total | (41,831) |
| (49,593) |
| (114,957) |
| (99,718) |
| ||||||||||||||||||
(Costo) / ingresos financieros netos | (25,567) |
| (40,577) |
| 30,788 |
| 46,568 |
| ||||||||||||||||||
18. Impuestos
A. Tax expense
El gasto por impuestos se reconoce con base en la mejor estimación de la administración de la tasa de impuesto a la renta anual promedio ponderada esperada para el ejercicio financiero completo multiplicada por la utilidad antes de impuestos del período de informe intermedio.
B. Income tax
Importes reconocidos en resultados como sigue:
Por los tres meses terminados el 30 de septiembre |
| Para los nueve meses terminados el 30 de septiembre | ||||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 |
| ||
Impuesto corriente: |
|
| ||||||||
Período actual | (74,558) | (20,292) | (162,126) | (180,131) |
| |||||
WHT sufrió | - | (100,906) | - | (100,906) |
| |||||
Impuesto corriente | (74,558) |
| (121,198) |
| (162,126) |
| (281,037) |
| ||
Impuesto diferido: |
| |||||||||
Impuesto diferido por reservas no distribuidas en subsidiarias | (23,157) | 113,285 | (34,064) | 64,732 |
| |||||
Relativo a la originación y reversión de diferencias temporarias | (595) | (32,424) | (514) | (34,548) |
| |||||
Total gasto por impuestos diferidos | (23,752) |
| 80,861 |
| (34,578) |
| 30,184 |
| ||
Gasto por impuestos reconocido en resultados | (98,310) |
| (40,337) |
| (196,704) |
| (250,853) |
| ||
C. Deferred tax liabilities
El impuesto diferido se relaciona con lo siguiente:
30 Septiembre 2023 |
| 31 de diciembre 2022 | |
|
|
|
|
Propiedad, planta y equipo. | (34,500) | (35,804) | |
Activos intangibles | (111,365) | (109,118) | |
Reservas no distribuidas de filiales del Grupo | (210,874) | (176,810) | |
Pasivos por impuestos diferidos netos | (356,739) |
| (321,732) |
19. Instrumentos financieros
El Grupo ha revisado los activos y pasivos financieros mantenidos a 30 de septiembre de 2023. Se ha considerado que los valores en libros de todos los instrumentos financieros son una aproximación razonable del valor razonable. Todos los instrumentos financieros se consideran de Nivel 3.
20. Beneficio por acción
Por los tres meses terminados el 30 de septiembre |
| Para los nueve meses terminados el 30 de septiembre | |||||
| 2023 |
| 2022 |
| 2023 |
| 2022 |
|
|
|
|
|
|
|
|
Beneficio atribuido a los propietarios de la matriz | 177,789 | (18,186) | 401,379 | 404,034 | |||
Número medio ponderado de acciones ordinarias en emisión | 600,000 | 600,000 | 600,000 | 600,000 | |||
Utilidad por acción básica y diluida | 0.30 | (0.03) | 0.67 | 0.67 |
The Company has no potential diluted shares as at 30 September 2023 and 30 September 2022, therefore; the earnings per diluted share are equivalent to basic earnings per share.
21. Información por segmentos
Los segmentos operativos se informan de manera consistente con los informes internos proporcionados a la máxima autoridad en la toma de decisiones operativas. El principal responsable de la toma de decisiones operativas, responsable de asignar recursos y evaluar el desempeño de los segmentos operativos, ha sido identificado como el comité directivo que toma las decisiones estratégicas.
The Group has five operating segments based on geographical location rather than two operating segments based on service provided, as the Group's Chief Operating Decision Maker (CODM) reviews the internal management reports and KPIs of each geography.
The Group operates in five geographic areas, Egypt, Sudan, Jordan, Nigeria and Saudi Arabia. As a provider of medical diagnostic services, IDH's operations in Sudan are not subject to sanctions. The revenue split, EBITDA split (being the key profit measure reviewed by CODM) net profit and loss between the five regions is set out below.
Ingresos por ubicación geográfica | ||||||
Por los tres meses terminados | Región de Egipto | Región de Sudán | Región de Jordania | Región de nigeria | ARABIA SAUDITA | Total |
30-Septiembre-23 | 986,160 | 532 | 173,992 | 21,052 | - | 1,181,736 |
30-Septiembre-22 | 711,195 | 4,317 | 109,372 | 21,367 | - | 846,251 |
Ingresos por ubicación geográfica | ||||||
Por el período de nueve meses terminado | Región de Egipto | Región de Sudán | Región de Jordania | Región de nigeria | ARABIA SAUDITA | Total |
30-Septiembre-23 | 2,499,833 | 10,726 | 464,247 | 78,872 | - | 3,053,678 |
30-Septiembre-22 | 2,235,235 | 14,786 | 495,507 | 54,788 | - | 2,800,316 |
EBITDA por ubicación geográfica | ||||||
Por los tres meses terminados | Región de Egipto | Región de Sudán | Región de Jordania | Región de nigeria | ARABIA SAUDITA | Total |
30-Septiembre-23 | 347,223 | (5,227) | 54,344 | (2,471) | (6,511) | 387,358 |
30-Septiembre-22 | 235,623 | (14) | 31,447 | (1,931) | - | 265,125 |
21. Información por segmentos (continuación)
EBITDA por ubicación geográfica | ||||||
Por el período de nueve meses terminado | Región de Egipto | Región de Sudán | Región de Jordania | Región de nigeria | ARABIA SAUDITA | Total |
30-Septiembre-23 | 754,085 | (3,978) | 122,846 | (17,536) | (6,511) | 848,906 |
30-Septiembre-22 | 857,363 | 49 | 122,237 | (5,263) | - | 974,386 |
Ganancia / (pérdida) neta por ubicación geográfica | ||||||
Por los tres meses terminados | Región de Egipto | Región de Sudán | Región de Jordania | Región de nigeria | ARABIA SAUDITA | Total |
30-Septiembre-23 | 175,813 | (5,449) | 21,243 | (8,652) | (6,544) | 176,411 |
30-Septiembre-22 | (13,555) | 547 | 14,718 | (37,356) | - | (35,646) |
Ganancia / (pérdida) neta por ubicación geográfica | ||||||
Por el período de nueve meses terminado | Región de Egipto | Región de Sudán | Región de Jordania | Región de nigeria | ARABIA SAUDITA | Total |
30-Septiembre-23 | 401,734 | (1,812) | 32,555 | (38,472) | (6,544) | 387,461 |
30-Septiembre-22 | 380,005 | 4,825 | 62,189 | (43,613) | - | 403,406 |
Ingresos por tipo Por los tres meses terminó el 30 de septiembre |
| Beneficio neto por tipo Por los tres meses terminó el 30 de septiembre | |||
|
| ||||
| 2023 | 2022 |
| 2023 | 2022 |
|
|
|
|
|
|
Patología | 1,115,644 | 802,245 | 198,065 | (2,876) | |
Radiología | 66,092 | 44,006 | (21,652) | (32,770) | |
| 1,181,736 | 846,251 |
| 176,413 | (35,646) |
Ingresos por tipo |
| Beneficio neto por tipo | |||
| Por los nueve meses |
| Por los nueve meses | ||
terminó el 30 de septiembre | terminó el 30 de septiembre | ||||
| 2023 | 2022 |
| 2023 | 2022 |
|
|
|
|
|
|
Patología | 2,866,836 | 2,687,516 | 485,870 | 474,842 | |
Radiología | 186,842 | 112,800 | (98,407) | (71,436) | |
| 3,053,678 | 2,800,316 |
| 387,463 | 403,406 |
21. Información por segmentos (continuación)
Activos no corrientes por ubicación geográfica | ||||||
| Región de Egipto | Región de Sudán | Región de Jordania | Región de nigeria | ARABIA SAUDITA | Total |
30-Septiembre-23 | 3,070,167 | 3,847 | 606,928 | 80,423 | 25,057 | 3,786,422 |
31-Diciembre-22 | 3,039,930 | 14,993 | 494,244 | 121,770 | - | 3,670,937 |
La medida de utilidad del segmento operativo reportada al CODM es EBITDA, como sigue:
Por los tres meses terminados el 30 de septiembre |
| Por el período de nueve meses terminado el 30 de septiembre | |||
| 2023 | 2022 |
| 2023 | 2022 |
| |||||
Beneficio de operaciones | 288,088 | 186,360 |
| 553,377 | 748,783 |
| |||||
Depreciación de propiedad, planta y equipo | 64,937 | 51,249 | 191,692 | 146,433 | |
Depreciación por derecho de uso | 32,395 | 25,744 | 98,027 | 73,959 | |
La amortización de los activos intangibles | 1,938 | 1,772 | 5,810 | 5,211 | |
Comparable | 387,358 | 265,125 |
| 848,906 | 974,386 |
Gastos no recurrentes | 23,730 | - | 23,730 | - | |
EBITDA normalizado | 411,088 | 265,125 |
| 872,636 | 974,386 |
22. Distributions made
30 septiembre 2023 |
| 31 de diciembre 2022 | |
EGP'000 |
| EGP'000 | |
Dividendos en efectivo sobre acciones ordinarias declarados y pagados: |
| ||
Nil per qualifying ordinary share US$ 0.116 per share | - | 1,304,805 | |
- | 1,304,805 |
During the year ended December 31, 2022 during the Company's annual general meeting (AGM) held in London on 7 June 2022, IDH's shareholders approved a record-breaking dividend distribution of 0.116 US$ per share or US$ 69.6 million in aggregate.
23. Important Eventos
On March 8, 2023, the Group completed the establishment of Medical Health Development Company, a limited liability company based in Saudi Arabia with a total stake of 51% directly and indirectly through one of the Group's subsidiaries, where Integrated Diagnostics Holdings (IDH) owns 30% and Al Makhbaryoun Al Arab LLC ("Biolab")-Jordan a subsidiary owns 21%.
The Central Bank of Egypt increased the interest rate by 200 points, to reach 19.25% instead of 17.25%. This was by a decision of the Monetary Policy Committee, according to the meeting held on March 30, 2023. And increased the interest rate by 100 points, to reach 20.25% instead of 19.25%. This was by a decision of the Monetary Policy Committee, according to the meeting held on 6 August 2023.
During April 2023, an armed conflict began in Sudan that led to security unrest across the country. Business has been temporarily frozen in the branches of the Sudan Laboratory Company and Ultra Lab until further notice, which will greatly affect the profits of the geographical sector in the subsequent period. The Group's management is closely monitoring the situation and is currently evaluating the impact of these events on the Group's business results and activities. Therefore, the company's management has evaluated the business results, and a provision has been formed for 5 M.
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