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Al Noor Hospitals Group Plc

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Al Noor Hospitals Group Plc Tuesday 12 August 2014: FOR IMMEDIATE RELEASE Al Noor Hospitals Group Plc. Results for the Six Months Ended 30 June 2014 Good results and a confident outlook London and Abu Dhabi: Al Noor Hospitals Group Plc. (ANHA.L; the "Company" or "Al Noor"), the largest private healthcare service provider in Abu Dhabi, today announces its results for the six months ended 30th June, 2014. Financial summary – All figures in US$ H1 2014 (US $) H1 2013 (US $) Change Revenue $224.8m $179.5m +25.2% Underlying Operating Profit (1) $46.2m $37.7m +22.5% Underlying EBITDA (1,2) $51.7m $41.3m +25.2% EBITDA Margin 23.0% 23.0% 0% Net Cash Position $86.3m $88.0m -1.9% Profit Before Tax $45.6m $24.8m 83.9% Underlying Profit Before Tax $45.6m $34.1m 33.6% Proposed dividend GBP 3.7p per share - - (1) H1 2013 is before IPO costs (2) Represents operating profit after adding back depreciation of $5.5m for H1 2014 and $3.6m for H1 2013. Operational highlights . Outpatient volumes rose 19.7% compared with H1 2013. Inpatient volumes increased 1.2% compared with H1 2013; . Number of Revenue-Generating Doctors increased by 106, a 26.8% increase since H1 2013. Of these, 31 were added in the six months ended 30th June. In the first half of the year, three new medical centers were opened, bringing the total number of centers to 16. 1 Dr. Kassem Alom, CEO, Al Noor Hospitals Group Plc said: “I am pleased to announce that our 2014 first half results have shown further strong profitable growth. Trading in the second half of the year has begun in line with management expectations. We remain on track to deliver strong growth through our physician hiring programme and the opening of three medical centres. We remained focused on M&A activity to both consolidate our home market and enter into new ones. We look forward to the future with confidence.” Outlook Trading in the second half of the year is in line with our expectations, and we are on track to deliver strong growth and achieve our objectives for 2014. We continue to pay special attention to physician recruitment and licensing, and to focus on potential inorganic opportunities to both consolidate our core market and enter new ones. We operate in one of the fastest growing sectors in the Gulf region due to a rapidly ageing demographic, an increasing incidence of lifestyle-related medical conditions such as diabetes and obesity, and service gaps in the current healthcare market. Our growth strategy will continue to focus on meeting the strong demand driven by these three factors. The Board continues to view the outlook with confidence. Enquiries: Al Noor Hospitals Group plc Dr Sami Alom +971 2 406 6992 Pramod Balakrishnan +971 2 406 6945 Brunswick Group Jon Coles / Craig Breheny / Simone Selzer +44 20 7404 5959 Rupert Young / Jeehan Balfaqaih +971 4 446 6270 Cautionary statement These Interim Results have been prepared solely to provide additional information to shareholders to assess the Group’s performance in relation to its operations and growth potential. These Interim Results should not be relied upon by any other party or for any other reason. Any forward looking statements made in this document are done so by the directors in good faith based on the information available to them up to the time of their approval of this report. However, such statements should be treated with caution due to the inherent 2 uncertainties, including both economic and business risk factors, underlying any such forward- looking information. About Al Noor Al Noor Hospitals Group Plc provides primary, secondary and tertiary care in the Emirate of Abu Dhabi and the wider region through its portfolio of hospitals and medical centres. As of 30 June 2014, the company had 223 operational beds and 610 physicians, more than any other private competitor in Abu Dhabi. Al Noor was the first private hospital in Abu Dhabi City to obtain Joint Commission International (“JCI”) accreditation, and today all of its hospitals are accredited. The company is listed in on the London Stock Exchange (ticker: ANHA.L). For more information, please go to www.alnoorhospital.com. 3 CEO’s review Al Noor delivered a strong performance for the first half of the year with revenues, operating profits and underlying EBITDA all seeing double digit year-on-year growth and Underlying EBITDA margins remaining steady at 23%. We continue to work on hiring and retaining our physicians. Despite a slowdown in physician intake in Q2 due to slower physician hiring, we added 31 revenue-generating physicians during the first six months, which contributed to the rise in outpatient volumes. Acquired centres also contributed to volume growth. The company expects to meet the target of an additional 70-80 physicians in 2014 Inpatient volumes were flat overall, with increases at Airport Road Hospital and Al Ain Hospital offset by a reduction at Khalifa Street Hospital, due to the major refurbishment programme. To deliver sustainable growth, we are working passionately on continuing to enhance the quality of our services and improving the overall patient experience at our Hospitals and Medical Centers. At Khalifa Street Hospital, we are taking up additional space in the existing building, and enhancing the interiors of the premises to improve the patient experience. Construction on the new 40-bed hospital in Al Ain is on schedule and we continue to expect to commission the hospital in 2016 as planned. During the first six months, three new medical centers have been opened at Bateen, and Baniyas which are in neighborhoods with a significant Emirati population, and the ICAD medical center which is in an industrial workers residential facility. Expanding our medical centre network helps increase our footprint and drive volumes to our hospitals. As part of our strategy to expand into the remainder of the UAE, we have signed a lease to open a medical center in Sharjah in a commercial center. This medical center is expected to be operational in Q2 2015. The company continues to make good progress on the integration of the Gulf International Cancer Center, which was acquired on February of this year. GICC is the only private cancer treatment centre in the Emirate of Abu Dhabi. By acquiring GICC we have added a high-growth service to our portfolio and further differentiated ourselves from our competitors. Developing a cancer center is challenging due to rarity of expertise in the region, high Capex required, and long gestation period. GICC is well equipped, with surplus capacity and employs well-known and highly experienced physicians. The new consolidated laboratory has been installed at the Khalifa Street Hospital and integration with other facilities is being worked upon. We are also making good progress on the various other operational initiatives, and the Group has successfully completed the first phase of SAP by implementing finance and materials management modules. This project is expected to run for the next 21 months with a phased implementation of various modules of SAP. On August 6th, 2014, the Board, as part of its succession plan, announced that Dr. Kassem Alom will be vacating the post of Chief Executive and stepping down as an Executive Director of the Company on October 1st 2014. On that date, he will be appointed Non- Executive Deputy Chairman of the Company, initially to ensure a smooth handover of responsibilities to the new Chief Executive, and then to provide support to the Company as 4 needed. Ronald Lavater will become Chief Executive on that date. Mr. Lavater, a US citizen, joins from Johns Hopkins Medicine International (JHI), a well-respected global healthcare company, where he is currently serving as a Senior Executive for the Middle East Region. From 2009 through 2013, he was Chief Executive Officer of the JCI accredited Corniche Hospital in Abu Dhabi, the largest maternity and neo-natal hospital in the UAE. Business Update Operating KPI's H1 2014 H1 2013 Change Out Patient Visits1 1,009,323 843,375 19.7% Average revenue per out-patient (US $)2 168 152 10.5% Out-patient revenues (US$, m) 3 174.3 133.9 30.2% In-patient admissions1 20,771 20,516 1.12 Average revenue per in-patient (US $)2 2,431 2,225 9.3% In-patient revenues (US $, m) 50.5 45.6 10.7% Total revenue (US $, m) 224.8 179.5 25.2% Bed Occupancy Rate4 76% 68% 11.9% Average Length of Stay 1.83 1.74 0.09 Physical KPI's # H1 2014 H1 2013 Increase No. of Operating Beds 223 227 (4) No. of Revenue Generating Doctors 501 395 106 No. of Other Support Doctors 109 109 - No. of Nursing staff 803 770 33 No. of Other Medical Staff 5 729 635 94 No. of Admin Support Staff 1,750 1,572 178 1 Excludes follow-up visits 2 Includes Net revenue from provision of medical and hospital services, laboratory, radiology and pharmacy services and excludes Projects revenue, Commercial dept. revenue, and Other Misc. Income 3 Includes revenues from projects, Pharmacy, Commercial Division, and other miscellaneous income. 4 Calculated by dividing the number of total in-patient nights by the number of bed days (number of days multiplied by number beds) available during the period. 5 Includes pharmacists, assistant pharmacists, technicians and other medical staff. #Physical KPI’s are at the end of the period. Operating performance continued to improve, in line with our expectations. Revenue improved by 25.2% to US$224.8, Underlying EBITDA grew to US$51.7m, representing a 25.2% increase on the same period last year, and Underlying EBITDA margin remained steady at 23.0%.
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