MED LIFE GROUP
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS
ADOPTED BY EUROPEAN UNION
Name of the issuing company: MED LIFE S.A.
Registered Office: Bucharest, 365 Calea Griviței, district 1, Romania
Fax no.: 0040 374 180 470
Unique Registration Code at the National Office of Trade Registry: 8422035
Order number on the Trade Registry: J40/3709/1996
Subscribed and paid-in share capital: RON 132.870.492
Regulated market on which the issued securities are traded: Bucharest Stock Exchange
CONTENTS: | PAGE: |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 2 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 3 |
CONSOLIDATED STATEMENT OF CASH FLOWS | 4 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 5 - 6 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 7 - 65 |
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language.
MED LIFE GROUP
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2023
(all amounts are expressed in RON, unless otherwise specified)
December 31, | December 31, | |||
Note | 2023 | 2022 | ||
ASSETS | ||||
Non-current Assets | ||||
Goodwill | 4 | 445,395,617 | 368,672,606 | |
Intangible assets | 5 | 118,906,011 | 100,192,265 | |
Property, plant and equipment | 5 | 1,101,015,115 | 828,501,060 | |
Right-of-use asset | 13 | 396,569,537 | 306,413,389 | |
Other financial assets | 5.4 | 40,942,540 | 82,810,704 | |
Total Non-Current Assets | 2,102,828,820 | 1,686,590,024 | ||
Current Assets | ||||
Inventories | 6 | 109,657,497 | 98,770,370 | |
Trade Receivables | 7.1. | 261,664,410 | 221,358,860 | |
Other assets | 7.2. | 50,216,242 | 44,362,334 | |
Cash and cash equivalents | 8 | 100,271,093 | 89,068,154 | |
Prepayments | 9 | 11,699,369 | 11,826,587 | |
Total Current Assets | 533,508,611 | 465,386,305 | ||
TOTAL ASSETS | 2,636,337,431 | 2,151,976,329 | ||
LIABILITIES & SHAREHOLDER'S EQUITY | ||||
Non-Current Liabilities | ||||
Lease liability | 13,14 | 309,158,946 | 225,175,340 | |
Other long term debt | 11 | 47,775,013 | 21,657,277 | |
Interest-bearing loans and borrowings | 14 | 1,040,639,641 | 803,273,659 | |
Deferred tax liability | 26 | 44,897,775 | 44,250,160 | |
Total Non-Current Liabilities | 1,442,471,375 | 1,094,356,436 | ||
Current Liabilities | ||||
Trade and other payables | 10 | 404,553,771 | 335,356,742 | |
Overdraft | 14 | 29,835,472 | 27,801,016 | |
Current portion of lease liability | 13,14 | 99,589,187 | 77,141,698 | |
Current portion of interest-bearing loans and borrowings | 14 | 82,297,342 | 55,695,054 | |
Current tax liabilities | 26 | 321,242 | 814,508 | |
Provisions | 12 | 11,116,544 | 9,783,326 | |
Other liabilities | 11 | 71,960,475 | 68,989,304 | |
Total Current Liabilities | 699,674,033 | 575,581,648 | ||
TOTAL LIABILITIES | 2,142,145,408 | 1,669,938,084 | ||
SHAREHOLDER'S EQUITY | ||||
Share capital and Share premium | 15 | 132,562,338 | 83,812,556 | |
Treasury shares | (681,892) | (3,219,219) | ||
Reserves | 17 | 212,560,216 | 204,591,243 | |
Retained earnings | 70,850,636 | 131,596,254 | ||
Equity attributable to owners of the Group | 415,291,298 | 416,780,834 | ||
Non-controlling interests | 18 | 78,900,725 | 65,257,411 | |
TOTAL EQUITY | 494,192,023 | 482,038,245 | ||
TOTAL LIABILITIES AND EQUITY | 2,636,337,431 | 2,151,976,329 |
Mihail Marcu, | Alina Irinoiu, | |
CEO | CFO |
The accompanying notes are an integral part of the consolidated financial statemetns. | page 2
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language
MED LIFE GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2023
(all amounts are expressed in RON, unless otherwise specified)
12 months ended December 31, | |||
Note | 2023 | 2022 | |
Revenue from contracts with customers | 19 | 2,210,435,349 | 1,795,432,748 |
Other operating income | 20 | 11,300,635 | 14,118,061 |
Operating Income | 2,221,735,984 | 1,809,550,809 | |
Consumable materials and repair materials | 21 | (389,887,326) | (311,233,127) |
Third party expenses | (625,309,108) | (468,196,458) | |
Salary and related expenses | 23 | (543,024,486) | (442,897,905) |
Social contributions | 23 | (19,480,725) | (15,852,088) |
Depreciation, amortization and impairment of fixed assets | 5,13 | (197,390,915) | (152,410,751) |
Impairment losses and gains (including reversals of | 7 | (2,688,649) | (4,851,599) |
impairment losses) | |||
Commodities expenses | 22 | (208,134,799) | (209,975,320) |
Other operating expenses | (144,302,612) | (109,903,888) | |
Operating expenses | (2,130,218,620) | (1,715,321,136) | |
Operating Profit | 24 | 91,517,364 | 94,229,673 |
Finance cost | (82,170,695) | (42,489,150) | |
Interest income | 24 | 3,423,077 | - |
Other financial income | 24 | 1,221,841 | - |
Other financial expenses | 24 | (9,692,103) | (2,183,221) |
Financial result | 24 | (87,217,880) | (44,672,371) |
Profit Before Tax | 26 | 4,299,484 | 49,557,301 |
Income tax expense | (8,464,341) | (12,124,746) | |
Profit After Tax | (4,164,857) | 37,432,555 | |
Owners of the Group | 18 | 3,684,292 | 32,173,072 |
Non-controlling interests | (7,849,149) | 5,259,483 | |
Earnings per share | 16 | ||
Basic earnings per share | 0.007 | 0.061 | |
Diluted earnings per share | 16 | 0.007 | 0.061 |
Other comprehensive income items that will not | |||
be reclassified to profit or loss |
Revaluation of land and buildings Deferred tax on other comprehensive income components TOTAL OTHER COMPREHENSIVE INCOME
Total other comprehensive income attributable Owners of the Group
Non-controlling interests
- 66,292,412
- (10,606,786)
- 55,685,626
- 54,012,309
- 1,673,317
TOTAL COMPREHENSIVE INCOME | (4,164,857) | 93,118,181 | |
Total comprehensive income attributable to: | |||
Owners of the Group | 3,684,292 | 86,185,381 | |
Non-controlling interests | 18 | (7,849,149) | 6,932,800 |
*The amounts for 2022 on Basic and diluted earnings per share were properly restated to reflect the bonus issue that took place in 2023, while for the weighted average number of shares for 2023, the bonus issue is reflected as if the shares were outstanding from the beginning of the year (1st of January 2022) - please also refer to Note 16.
Mihail Marcu, | Alina Irinoiu, | |
CEO | CFO |
The accompanying notes are an integral part of the consolidated financial statemetns. | page 3
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language
MED LIFE GROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2023
(all amounts are expressed in RON, unless otherwise specified)
12 months ended December 31, | |||||
Note | 2023 | 2022 | |||
Profit before tax | 26 | 4,299,484 | 49,557,301 | ||
Adjustments for | |||||
Depreciation, amortization and impairment of fixed assets | 5,13 | 197,390,915 | 152,410,751 | ||
Provisions for liabilities and charges | 838,338 | 625,545 | |||
Interest revenue | 24 | (3,423,077) | (1,261,843) | ||
Interest expense | 24 | 82,170,695 | 42,489,150 | ||
Allowance for expected credit losses and receivables written- | 2,688,649 | 4,851,599 | |||
off | 7 | ||||
Financial Discounts | 2,850 | - | |||
Other non-monetary gains | 20 | - | (6,671,334) | ||
Unrealized exchange loss | 24 | 9,692,103 | 3,501,567 | ||
Other income | 24 | (1,221,841) | - | ||
Operating cash flow before working capital changes | 292,438,116 | 245,502,736 | |||
(Increase) in accounts receivable | (61,538,538) | (36,113,768) | |||
(Increase) in inventories | (5,962,324) | (12,198,174) | |||
Decrease in prepayments | 855,343 | 156,186 | |||
Increase in accounts payable | 30,126,281 | 31,216,630 | |||
Cash generated from working capital changes | (36,519,238) | (16,939,126) | |||
Cash generated from operations | |||||
255,918,878 | 228,563,610 | ||||
Interest Paid | 14 | (61,662,770) | (32,377,399) | ||
Interest received | 3,423,077 | 1,261,843 | |||
Income Tax Paid | 26 | (14,171,759) | (12,832,118) | ||
Net cash from operating activities | 183,507,426 | 184,615,936 | |||
Acquisition of subsidiary net of cash acquired and advances | (66,544,664) | (316,554,749) | |||
for acquisition of subsidiaries | |||||
4,27 | |||||
Purchase of intangible assets | 5 | (18,639,571) | (20,243,591) | ||
Purchase of property, plant and equipment | 5 | (201,317,379) | (149,107,846) | ||
Net cash used in investing activities | (286,501,614) | (485,906,186) | |||
Proceeds from loans | 14 | 284,583,155 | 411,844,392 | ||
Payment of loans | 14 | (77,658,667) | (73,446,528) | ||
Payment of principal portion of lease liabilities | 14 | (83,856,889) | (69,381,986) | ||
Dividends paid to NCI | 18 | (1,397,470) | (136,861) | ||
Payments for purchase of treasury shares | (488,718) | (7,851,825) | |||
Additional participation interest acquired | 4,27 | (6,984,284) | (6,527,676) | ||
Net cash from/(used in) financing activities | 114,197,127 | 254,499,516 | |||
Net change in cash and cash equivalents | 11,202,939 | (46,790,734) | |||
Cash and cash equivalents beginning of the period | 89,068,154 | 135,858,888 | |||
Cash and cash equivalents end of the period | 100,271,093 | 89,068,154 | |||
Mihail Marcu, | Alina Irinoiu, | |
CEO | CFO |
The accompanying notes are an integral part of the consolidated financial statemetns. | page 4
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language
MED LIFE GROUP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2023
(all amounts are expressed in RON, unless otherwise specified)
Balance as at December 31, 2022 Profit of the year
Total comprehensive income
Recognition of other reserves for fiscal purposes (legal reserves) (Note 17) Recognition of other reserves (Note 17) Increase in share capital through incorporation of reserves (Note 15)
Additional non-controlling interest arising as of result of business combinations (Note 18)
Subsequent acquisition of NCI (Note 18)
Distribution of dividends (Note 18)
Increase from own shares acquisition (Note 15)
Net release of own shares used for acquiring additional NCI (Note 15)
Increase in premiums due to difference btw FV and cost of own shares when the change was made (Note 15)
Balance as at December 31, 2023
Treasury | Share | Legal reserves | Revaluation | Accumulated | Attributable to | Non- | ||
Share Capital | and other | owners of the | controlling | Total Equity | ||||
shares | premium | Reserve | Results | |||||
reserves | Group | interests | ||||||
33,217,623 | (3,219,219) | 50,594,933 | 55,094,194 | 149,497,049 | 131,596,254 | 416,780,834 | 65,257,411 | 482,038,245 |
- | - | - | - | - | 3,684,292 | 3,684,292 | (7,849,149) | (4,164,857) |
- | - | - | - | - | 3,684,292 | 3,684,292 | (7,849,149) | (4,164,857) |
- | - | - | 821,321 | - | (821,321) | - | - | - |
- | - | - | 7,147,652 | - | (7,147,652) | - | - | - |
99,652,869 | - | (50,594,933) | - | - | (49,057,937) | - | - | - |
- | - | - | - | - | - | - | 27,511,565 | 27,511,565 |
- | - | - | - | - | (7,403,000) | (7,403,000) | (4,118,681) | (11,521,681) |
- | - | - | - | - | - | - | (1,900,421) | (1,900,421) |
- | (488,718) | - | - | - | - | (488,718) | - | (488,718) |
- | 3,026,045 | - | - | - | - | 3,026,045 | - | 3,026,045 |
- | - | (308,155) | - | - | - | (308,155) | - | (308,155) |
132,870,492 | (681,892) | (308,155) | 63,063,167 | 149,497,049 | 70,850,636 | 415,291,298 | 78,900,725 | 494,192,023 |
Please refer to Note 18 for transactions during 2023 with Non-controlling interest. | ||
Mihail Marcu, | Alina Irinoiu, | |
CEO | CFO |
The accompanying notes are an integral part of the consolidated financial statemetns. | page 5
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language
MED LIFE GROUP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2023
(all amounts are expressed in RON, unless otherwise specified)
Balance as at December 31, 2021
Profit of the year Revaluation of Land and Buildings (Note 5, 17) Deferred tax related to other elements of the overall result (Note 26) Total comprehensive income Recognition of other reserves for fiscal purposes (legal reserves) (Note 17)
Recognition of other reserves (Note 17)
Additional non-controlling interest arising as of result of business combinations (Note 18)
Subsequent acquisition of NCI (Note 18)
Increase from own shares acquisition (Note 15)
Net release of own shares used for acquiring additional NCI (Note 15)
Increase in premiums due to difference between fair value and cost of own shares when the exchange was made (Note 15)
Balance as at December 31, 2022
Treasury | Share | Legal reserves | Revaluation | Accumulated | Attributable to | Non- | ||
Share Capital | and other | owners of the | controlling | Total Equity | ||||
shares | premium | Reserve | Results | |||||
reserves | Group | interests | ||||||
33,217,623 | (4,015,977) | 49,177,468 | 41,850,760 | 95,484,740 | 122,394,796 | 338,109,410 | 43,295,149 | 381,404,558 |
- | - | - | - | - | 32,173,072 | 32,173,072 | 5,259,483 | 37,432,555 |
- | - | - | - | 64,300,368 | - | 64,300,368 | 1,992,044 | 66,292,412 |
- | - | - | - | (10,288,059) | - | (10,288,059) | (318,727) | (10,606,786) |
- | - | - | - | 54,012,309 | 32,173,072 | 86,185,381 | 6,932,800 | 93,118,181 |
- | - | - | 885,378 | - | (885,378) | - | - | - |
- | - | - | 12,358,056 | - | (12,358,056) | - | - | - |
- | - | - | - | - | - | - | 21,895,097 | 21,895,097 |
- | - | - | - | - | (9,728,180) | (9,728,180) | (6,865,635) | (16,593,814) |
- | (7,851,825) | - | - | - | - | (7,851,825) | - | (7,851,825) |
- | 8,648,583 | - | - | - | - | 8,648,583 | - | 8,648,583 |
- | - | 1,417,465 | - | - | - | 1,417,465 | - | 1,417,465 |
33,217,623 | (3,219,219) | 50,594,933 | 55,094,194 | 149,497,049 | 131,596,254 | 416,780,834 | 65,257,411 | 482,038,245 |
During 2022, the Group performed the revaluation of Land and Buildings owned - please refer to Note 5 and Note 26 for relevant disclosures and overall impact.
Mihail Marcu, | Alina Irinoiu, | ||||
CEO | CFO | ||||
The accompanying notes are an integral part of the consolidated financial statemetns. | | page 6 |
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language
MED LIFE GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
(all amounts are expressed in RON, unless otherwise specified)
1. DESCRIPTION OF THE BUSINESS
Med Life S.A. ("MedLife" or the "Parent Company" or the "Company") is a joint-stock company incorporated in 1996, in accordance with the laws and regulations of Romania, with headquarters in 365 Calea Grivitei, Bucharest, with a share capital of RON 132,870,492, having a nominal share value of 0.25 RON.
The Company's activity resides in conducting healthcare services through medical centres with national coverage.
MedLife, together with its subsidiaries ("MedLife Group" or the "Group"), is offering a large range of medical services, through a network of 35 hyperclinics, 68 clinics, 15 hospitals - located in Bucharest, Arad, Sibiu, Brasov, Cluj, Ploiesti and Pitesti, 39 laboratories, 21 pharmacies and 18 dental clinics. The Group has also over 170 private clinic partners around Romania.
Medlife is the leading private health care services provider in Romania in terms of sales, having a significant market share at a national level.
The ultimate parent of the Group is Med Life SA. In accordance with the provisions of the Law no. 129/2019, the Group has identified the following controlling parties:
The Marcu family:
- Mr. Mihail Marcu, considering his quality of shareholder of the Company, which holds a percentage of 14.7672% of its share capital;
- Mr. Nicolae Marcu, considering his quality of shareholder of the Company, which holds a percentage of 10.4127% of its share capital;
- Mrs. Mihaela Gabriela Cristescu, considering her quality of shareholder of the Company, which holds a percentage of 14.0443% of its share capital.
Considering the family relations between the persons mentioned above, namely the fact that Mr. Mihail Marcu and Mr. Nicolae Marcu are the sons of Mrs. Mihaela Gabriela Cristescu, and the fact that together they own more than 25% of the total share capital of the company, for to pursue the purpose of the law, even if the law refers to the natural person, this expression of the law does not exclude the hypothesis of natural persons acting together, to the extent that it is established that they control the company together and are the final beneficiaries of its activity.
The entities part of MedLife Group as at December 31, 2023 and December 31, 2022 are as follows (ownership percentage):
The accompanying notes are an integral part of the consolidated financial statemetns. | page 7
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language
MED LIFE GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
(all amounts are expressed in RON, unless otherwise specified)
No.
1
2 3
4
5 6
7
8 9 10 11 12
13
14 15 16 17
18
19 20 21 22
23
24 25 26
27
28 29
30
31
32 33 34 35
Entity
Policlinica de Diagnostic Rapid SA Medapt SRL (indirect)* Histo SRL (indirect)* Policlinica de Diagnostic Rapid Medis SRL (indirect)*
Bahtco Invest SRL** Med Life Ocupational SRL
Pharmalife-Med SRL
Med Life Broker de Asigurare si Reasigurare SRL Accipiens SA Genesys Medical Clinic SRL (indirect)* Bactro SRL (indirect)* Transilvania Imagistica SA (indirect)*
Biofarm Farmec SRL (indirect)*
RUR Medical SRL (indirect)** Biotest Med SRL Vital Test SRL Centrul Medical Sama SA Ultratest SA (direct and indirect)* Diamed Center SRL Prima Medical SRL Stem Cells Bank SA Dent Estet Clinic SA Green Dental Clinic SRL (indirect)* Dentist 4 Kids SRL (indirect)* Dent A Porter SRL (indirect)* Dentestet Kids SRL (indirect)* Aspen Laborator Dentar SRL (indirect)* Centrul Medical Panduri SA Almina Trading SA Anima Specialty Medical Services SRL Anima Promovare si Vanzari SRL (indirect)* Valdi Medica SA Clinica Polisano SRL Solomed Clinic SA Solomed Plus SRL (indirect)*
Main activity | Location | 31December | 31 December |
2023 | 2022 | ||
Medical Services | Brasov, Romania | 83% | 83% |
Medical Services | Brasov, Romania | 83% | 83% |
Medical Services | Brasov, Romania | 49.8% | 49.8% |
Medical Services | Sfantu Gheorghe, | 66.4% | 66.4% |
Romania | |||
Development of building | Bucharest, Romania | 100% | 100% |
projects | |||
Medical Services | Bucharest, Romania | 100% | 100% |
Distribution of Pharmaceutical | Bucharest, Romania | 100% | 100% |
Products in specialised stores | |||
Insurance broker | Bucharest, Romania | 99% | 99% |
Rental activities | Arad, Romania | 83% | 83% |
Medical Services | Arad, Romania | 83% | 83% |
Medical Services | Deva, Romania | 83% | 83% |
Medical Services | Oradea, Romania | 83% | 83% |
Distribution of Pharmaceutical | Arad, Romania | 100% | 100% |
Products in specialised stores | |||
Medical Services | Brasov, Romania | 83% | 83% |
Medical Services | Bucharest, Romania | 100% | 100% |
Medical Services | Iasi, Romania | 100% | 100% |
Medical Services | Craiova, Romania | 90% | 90% |
Medical Services | Craiova, Romania | 92.2% | 92.2% |
Medical Services | Bucharest, Romania | 100% | 100% |
Medical Services | Craiova, Romania | 100% | 100% |
Medical Services | Timisoara, Romania | 100% | 100% |
Dental healthcare | Bucharest, Romania | 65% | 60% |
Dental healthcare | Bucharest, Romania | 33.2% | 31% |
Dental healthcare | Bucharest, Romania | 65% | 60% |
Dental healthcare | Bucharest, Romania | 33.5% | 31% |
Dental healthcare | Bucharest, Romania | 34.4% | 32% |
Dental healthcare | Bucharest, Romania | 48.8% | 45% |
Medical Services | Bucharest, Romania | 100% | 100% |
Medical Services | Targoviste, Romania | 90% | 90% |
Medical Services | Bucharest, Romania | 100% | 100% |
Medical Services | Bucharest, Romania | 100% | 100% |
Medical Services | Cluj, Romania | 55% | 55% |
Medical Services | Sibiu, Romania | 100% | 100% |
Medical Services | Pitesti, Romania | 80% | 80% |
Medical Services | Pitesti, Romania | 80% | 80% |
The accompanying notes are an integral part of the consolidated financial statemetns. | page 8
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language
MED LIFE GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
(all amounts are expressed in RON, unless otherwise specified)
No. | Entity | Main activity | Location |
36 | Ghencea Medical Center SA | Medical Services | Bucharest, Romania |
37 | Sfatul medicului SRL | Medical Platform | Bucharest, Romania |
38 | RMC Dentart (indirect)* | Dental healthcare | Budapesta, Ungaria |
39 | RMC Medical (indirect)* | Medical Services | Budapesta, Ungaria |
40 | RMC Medlife | Holding | Budapesta, Ungaria |
41 | Badea Medical SRL | Medical Services | Cluj, Romania |
42 | Oncoteam Diagnostic SRL** | Medical Services | Bucharest, Romania |
43 | Centrul medical Micromedica | Medical Services | Piatra Neamt, |
SRL | Romania | ||
44 | Micromedica Targu Neamt | Medical Services | Targu Neamt, |
SRL (indirect)* | Romania | ||
45 | Micromedica Bacau SRL | Medical Services | Bacau, Romania |
(indirect)* | |||
46 | Micromedica Roman SRL | Medical Services | Roman, Romania |
(indirect)* | |||
47 | Medrix Center SRL | Medical Services | Roznov, Romania |
(indirect)* | |||
48 | Spitalul Lotus SRL | Medical Services | Ploiesti, Romania |
49 | Labor Maricor SRL (indirect)* | Medical Services | Bacau, Romania |
50 | Centrul Medical Matei | Medical Services | Bucharest, Romania |
Basarab SRL (indirect)* | |||
51 | Pharmachem Distributie SRL | Distribution of | Bucharest, Romania |
Pharmaceutical Products |
Distribution of
52 CED Pharma SRL (indirect)* Pharmaceutical Products in Bucharest, Romania
specialised stores
Leti Pharm 2000 SRL | Distribution of | ||
53 | Pharmaceutical Products in | Bucharest, Romania | |
(indirect)* | |||
specialised stores | |||
Distribution of | |||
54 | Monix Pharm SRL (indirect)* | Pharmaceutical Products in | Bucharest, Romania |
specialised stores | |||
55 | KronDent SRL (indirect)* | Dental healthcare | Brasov, Romania |
56 | Medica SA | Medical Services | Sibiu, Romania |
57 | Dent Estet Ploiesti SRL | Dental healthcare | Ploiesti, Romania |
(indirect)* | |||
58 | The Lab Stomestet SRL | Dental healthcare | Cluj, Romania |
(indirect)* | |||
59 | Stomestet SRL (indirect)* | Dental healthcare | Cluj, Romania |
60 | Stomestet Plus SRL | Dental healthcare | Cluj, Romania |
(indirect)* | |||
61 | Costea Digital Dental SRL | Dental healthcare | Oradea, Romania |
(indirect)* | |||
62 | Expert Med Centrul Medical | Medical Services | Galati, Romania |
Irina (indirect)* | |||
63 | MNT Healthcare Europe SRL | Medical Services | Ilfov, Romania |
64 | MNT Asset Management SRL | Holding | Bucharest, Romania |
(indirect)* | |||
65 | Clinica Life-Med SRL | Medical Services | Bucharest, Romania |
(indirect)* | |||
66 | Pro Life Clinics SRL | Medical Services | Iasi, Romania |
(indirect)* | |||
67 | Onco Card SRL (indirect)* | Medical Services | Brasov, Romania |
68 | Onco Card Invest SRL | Holding | Brasov, Romania |
(indirect)* | |||
69 | Tomorad Expert SRL | Medical Services | Sfantu Gheorghe, |
(indirect)* | Romania | ||
70 | IT Repair SRL (indirect)* | Medical Services | Targu Mures, |
Romania | |||
31December 31 December
20232022
100% | 100% |
100% | 100% |
87.6% | 81.3% |
87.6% | 81.3% |
87.6% | 81.3% |
65% | 65% |
100% | 79% |
100% | 100% |
100% | 100% |
100% | 100% |
100% | 100% |
100% | 100% |
100% | 100% |
100% | 100% |
100% | 100% |
75% | 75% |
100% | 100% |
100% | 100% |
100% | 100% |
39% | 36% |
60% | 60% |
33.2% | 30.6% |
39% | 36% |
39% | 36% |
39% | 36% |
38.4% | 36% |
76% | 76% |
50% | 50% |
50% | 50% |
100% | 100% |
60% | 60% |
83% | 83% |
83% | 83% |
66.4% | 66.4% |
49.8% | 49.8% |
The accompanying notes are an integral part of the consolidated financial statemetns. | page 9
The English version of the consolidated financial statements represents a translation of the original consolidated financial statemetns issued in Romanian language
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