(Alliance News) - Garofalo Health Care Spa announced Thursday the approval of its consolidated financial statements and draft separate financial statements as of December 31, 2023, reporting a year ended with a group profit of EUR20.8 million from EUR21.4 million in 2022.

This figure, the company writes, "is affected by the performance of the Aurelia Hospital group which is totally unrepresentative of current and future prospects as a result of a financial year characterized almost entirely by the liquidation process and the resulting extensive management inefficiencies."

Excluding the contribution of the Aurelia group, acquired in 2023, profit would have been EUR22.4 million, thus up 6.0 percent on 2022.

Revenues amounted to EUR368.7 million from EUR322.6 million in 2022, up 46 percent.

Consolidated adjusted Ebitda is EUR67.1 million from EUR58.6 million in the previous year.

Consolidated Ebit is EUR39.2 million, up from EUR31.7 million in 2022.

Consolidated Net Financial Position is EUR205.7 million from EUR145.0 million in the previous year.

The board also resolved to submit a new buyback plan of up to EUR7.0 million to the shareholders' meeting.

The results, comments CEO Maria Laura Garofalo, "exceeded our expectations, with organic revenue growth of 3 percent above the industry average" of about 2 percent. Growth driven by a significant increase in private "out-of-pocket" business, which in January and February 2024 rose as high as 16 percent."

"The year 2023," the Ad continues, "was also the year in which we took over the Aurelia Hospital group, imparting a clear acceleration in the second half of the year. We are confident that the acquisition made, whose Enterprise Value is lower than the market value of the real estate owned, will give us important satisfaction already in 2024 in which we expect a significant increase in Ebitda such as to bring the acquisition multiple of the operation to a level lower than that, today, recognized by the Stock Exchange to GHC.

Garofalo Health Care's stock rises 0.6 percent to EUR4.84 per share.

By Chiara Bruschi, Alliance News reporter

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