- SYNLAB Group is a leading international medical diagnostics provider. SYNLAB offers a full range of innovative and reliable medical diagnostics for patients, practising doctors, clinics and the pharmaceutical industry.
- Providing the leading level of service within the industry, SYNLAB is the partner of choice for diagnostics in human and veterinary medicine. The Group continuously innovates medical diagnostic services for the benefit of patients and customers.
- SYNLAB operates in 36 countries across four continents and holds leading positions in most markets. Around 20,000 employees, including over 1,200 medical experts, as well as a large number of other specialists such as biologists, chemists and laboratory technicians, contribute every day to the Group's worldwide success. SYNLAB carries out 500 million laboratory tests per year and achieved revenues of EUR 2.6 billion in 2020.
- More information can be found on www.synlab.com
Financial calendar
Q2/H1 Results 12 August 2021 (pre-market) Q3 Results 10 November 2021 (pre-market) Q4/FY Results 16 March 2022 (pre-market)
This document does not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities in any jurisdiction. Statements made in this document may include forward-looking statements. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "expects," "expected," "may," "will," "would," "should," "seeks," "pro forma," "anticipates," "intends," "plans," "estimates," "estimated," or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. These statements are not guarantees of future actions or performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual actions or results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and SYNLAB undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It should be noted that past performance is not a guide to future performance. Interim results are not necessarily indicative of full-year results. Certain data included in this document are "non-IFRS" measures. These non-IFRS measures may not be comparable to similarly titled financial measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards or any other generally accepted accounting principles. Although SYNLAB believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included in this document. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. APPENDIX
The financial information disclosed in this press release for SYNLAB or SYNLAB Group relates in each case to the consolidated financial information of SYNLAB Limited. Listed SYNLAB AG did not generate any revenue in Q1 2021 and only became SYNLAB Group's new parent company with the contribution of all shares in SYNLAB Limited on 27 April 2021.
I. ALTERNATIVE PERFORMANCE MEASURES
This announcement includes certain financial measures that are not presented in accordance with IFRS or any other internationally accepted accounting principles.
Organic growth is a non-IFRS measure calculating the growth in revenue for a given period compared to the comparable period of the prior year for the same scope of businesses, excluding discontinued operations, and in constant currency, i.e. using the exchange rates of the prior year reported period.
When calculating organic growth, SYNLAB uses the scope of businesses that have been consolidated in the Group's financial statement of the previous financial year. Revenue contribution from businesses acquired in the course of prior year but not consolidated for the full year are adjusted as if they had been consolidated as from January of prior year. All revenues from businesses acquired since 1 January of the current year are excluded from the calculation.
Adjusted EBITDA (AEBITDA), is operating profit adjusted for (by adding-back) the following:
- depreciation and amortization;
- impairment of goodwill;
- expenses for restructuring and other significant items;
- acquisition related expenses;
- as well as other items of non-recurring nature included in operating costs (i.e. solely share-based payments in 2020).
LTM pro-forma adjusted EBITDA is adjusted EBITDA pro-forma for all acquisitions carried out over the last twelve months.
Adjusted operating profit (AOP) is operating profit adjusted for the following:
- customer list amortization;
- impairment of goodwill;
- expenses for restructuring and other significant items;
- acquisition related expenses;
- other items of non-recurring nature included in operating costs (i.e. solely share-based payments in 2020).
Adjusted net profit is defined as profit adjusted for adjustment items (see adjusted operating profit definition) and for the tax effect on adjustment items.
Adjusted net debt is defined as sum of financial debt including loans and borrowings (adding back capitalized transactions costs) and lease liabilities, net of cash & cash equivalents.
Unlevered free cash flow pre-M&A (uFCF) is defined as the sum of cash flow from operating activities of continuing operations, net CAPEX (defined as the cash outflow from purchase of intangibles and property, plant and equipment, net of proceeds from sale of intangibles and property, plant and equipment) and leases (defined as the sum of lease repayments and lease interest).
II. Q1 2021 SEGMENT REPORTING
(EURM) Revenue AOP Q1'21 Q1'20 Organic Growth Underlying Growth Q1'21 Q1'20 Margin, Q1'21 Margin, Q1'20 France 228.6 117.9 92.9% 2.2% 70.0 20.2 30.6% 17.1% Germany 178.8 113.0 58.3% 0.3% 46.4 6.5 25.9% 5.7% South 264.2 142.9 84.3% 5.8% 63.7 9.3 24.1% 6.5% North & East 266.6 105.8 154.6% 5.0% 100.2 9.5 37.6% 9.0% SYNLAB Group 938.2 479.5 95.7% 3.7% 280.3 45.4 29.9% 9.5%
III. 2020 QUARTERLY VIEW BY SEGMENT
(EURM)
Revenue
Q1'20 Q2'20 Q3'20 Q4'20 FY'20 France 118 118 177 234 647 Germany 113 121 150 196 580 South 143 163 232 261 799 North & East 106 100 150 239 595 SYNLAB Group 480 503 708 930 2,621 AOP Q1'20 Q2'20 Q3'20 Q4'20 FY'20 France 20 20 48 56 145 Germany 6 14 20 57 97 South 9 21 46 55 131 North & East 10 9 33 81 132 SYNLAB Group 45 64 147 248 504
IV. OPERATING PROFIT TO ADJUSTED EBITDA AND ADJUSTED OPERATING PROFIT RECONCILIATION (EURM)
Q1 2021 Q1 2020 Operating profit 258.1 24.7 Restructuring and other significant expenses 4.7 8.0 Acquisitions related income / (expenses) 4.3 (1.5) Impairment of non-current assets - 0 Customer list amortization 12.4 12.9 Share-based payments 0.7 1.4 Other adjustments - - Adjusted operating profit (AOP) 280.3 45.4 Depreciation and amortization 56.3 52.5 Customer list amortization (elimination) (12.4) (12.9) Adjusted EBITDA (AEBITDA) 324.1 85.0 SIMPLIFIED CASH FLOW (EURM) Q1 2021 Q1 2020 Adjusted EBITDA (AEBITDA) 324.1 85.0 Movements in working capital (84.1) (23.8) Income tax paid (12.1) (3.3) Change in provisions and other 3.4 (6.1) Operating cash flow 231.4 51.8 Net purchase capex (20.2) (13.8) Leases (29.4) (26.7) Unlevered free cash flow 181.8 11.3 Net interest (36.9) (33.8) Free cash flow 144.9 (22.5) Net acquisitions (22.2) 7.2 NET DEBT RECONCILIATION (EURM) AND LEVERAGE CALCULATION Q1 2021 FY 2020 Loans and borrowings at carrying amount 2,155 2,718 Capitalized transaction costs 24 19 Lease liabilities 435 422 Cash and cash equivalents (487) (905) Adjusted net financial debt 2,127 2,254 LTM pro-forma AEBITDA 921.2 685.4 Leverage ratio 2.3x 3.3x VII. CONSOLIDATED P&L STATEMENT For the three months ended 31 March Continuing operations 2021 2020
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