ЕМС announces H1 2022 IFRS financial results

Nicosia, Cyprus, 29 August 2022. United Medical Group CY PLC (hereafter the “company”, and together with its subsidiaries the “group” or “EMC”; Moscow Exchange ticker GEMC), a leading multidisciplinary provider of premium healthcare services in Russia operating under the European Medical Center brand, has announced its IFRS financial results for the six months to 30 June 2022 (H1 2022).


EUR mln

H1 2022

H1 2021


Revenue, EUR mln




Revenue, RUB mln


12 079.4


Adjusted revenue, EUR mln




Adjusted revenue, RUB mln


12 007.8


Adjusted EBITDA




Adjusted EBITDA margin 



-4.8 ppt

Net profit
















Net debt




Net debt/LTM adjusted EBITDA




  • In 2021, adjusted revenue amounted to EUR 139.8 mln (an increase of 3.4% y/y).
  • Adjusted consolidated revenue of the Group in rubles amounted to RUB 25,105.4 million (an increase of 26.3% y/y), as an effect of the strengthening of the ruble exchange rate.
  • Adjusted EBITDA amounted to EUR 51.7 million (a decrease of 7.8% y/y). Adjusted EBITDA margin was 37.0%, which is still higher than the industry average.
  • Due to volatility in the financial markets, the Company received one-off financial losses related to 1) change in fair value of derivative financial instruments used to hedge debt obligations; 2) an increase in interest costs on loans and borrowings, as a result of an increase in the key rate of the Central Bank of the Russian Federation; 3) foreign exchange loss, due to the strengthening of the ruble. As a result, the Company received a net loss of EUR 4.0 million (against a net profit of EUR 38.4 million y/y). The Company expects a reverse effect on financial results, subject to a change in the FX rate trend. Excluding these one-off expenses, the company's net profit amounted to EUR 33.5 million.
  • The Company's capex amounted to EUR 47.0 million (an increase of 304.9% y/y), due to investments in the acquisition of the Astra 77 business, the market leader in equipment, reagents and services in the field of laboratory diagnostics. The company has been successfully developing since 1996 and provides both ready-made solutions for medical laboratories and supplies equipment for research in the areas of biochemistry, hematology, immunochemistry, microbiology, preanalytics and other areas of medical research. In 2021, the company's revenue amounted to 4.9 billion rubles, EBITDA 1.8 billion rubles, net profit 1.5 billion.
  • Excluding acquisition investments, the Company's capital expenditures amounted to EUR 2.6 million (a decrease of 77.6% y/y), as the company passed the peak of its investment cycle.
  • EMC's net debt as of June 30, 2022 amounted to EUR 254.4 million compared to EUR 172.0 million as of December 31, 2021. The ratio of net debt to EBITDA was 2.28x versus 1.48x in December 2021. The increase in debt obligations is due to the conversion of ruble-nominated loans into the presentation currency of the financial statements – euro, as well as the new investment loan for the purchase of Astra 77.



H1 2022

H1 2021


Outpatient clinic




     Visits, number




     Average check, EUR








     Hospital admissions, number




     Average check, EUR




  • The number of outpatient clinic visits amounted to 238,258 (a decrease of 19.5% y/y). At the same time, the Company maintains share of regular customers who make more than 1 visit during the period at a level of more than 80%.
  • The average purchase amount for outpatient services amounted to EUR 300 (an increase of 14.9% y/y), due to the revision of prices in euros at the beginning of 2022. As a result, the absolute majority of specializations demonstrated an increase in the average check in euros. At the same time, the strengthening of the ruble has made the clinic's services more accessible and allows us to maintain demand in all specializations.
  • The number of hospital admissions amounted to 13,632 (an increase of 64.7% y/y), primarily in key areas of oncology (chemotherapy), radiation therapy, radionuclide diagnostics and therapy.
  • The average receipt for hospital services, excluding day clinic (where chemotherapy services are mainly provided), amounted to EUR 7,759 (an increase of 10.2% y/y).
  • The increase in the number of chemotherapy treatments with a lower average check to 6,974 (an increase of 160.3% y/y) had an impact on the blurring of the average check in the hospital, which amounted to EUR 4,099.

EMC CEO Andrey Yanovsky commented:

"In a difficult economic situation, the company demonstrates sustainable results. Revenue grew by 3.4%, while the EBITDA margin remains high.

Despite the reduction in outpatient visits at the beginning of the year, the market is now recovering and people are gradually returning to the consumption of planned medical services. We are noticing an increase in applications for medical services coming through the website and mobile application, and we are actively increasing the number of services provided remotely. Wherever our customers are, they can always get online advice, conduct remote diagnostics and much more. The share of our regular customers is about 85%, which is the best confirmation of our commitment to the highest quality of service. The geography of new clients is also growing, they come to us from the CIS, the countries of the Middle East, and from Europe.

Our company continues to expand. The reconstruction of the new medical center on the base of MONIKI Institute is proceeding according to the schedule. We have already purchased all the necessary equipment and significantly increased the stocks of the most popular medicines. This allowed us to steadily go through the transition period and overcome the supply chains’ disruption effect. In matters of supplying "heavy" equipment, we continue to work with market leaders such as Siemens, Philips or Varian, but at the same time we maintain relationships with suppliers who can provide quality and high-class service, incl. from Asia. In this area, we are actively studying world experience. For example, we look at what equipment from Asia is used in leading US clinics, how many studies and courses of therapy were actually conducted there, what clinical results were obtained using this equipment.

In the second quarter, we completed the acquisition of Astra 77. The European Medical Center has been fruitfully cooperating with Astra for many years, and the acquisition of the company will strengthen EMC's position in the dynamically developing laboratory research market. It is important that the company is engaged not only in the supply of complex medical equipment, but also in its maintenance, which is critical in the current conditions. Astra is also has deep expertise in the field of digitalization, efficiency improvement and laboratory design, has many years of experience working with the largest centralized laboratories in both public and commercial segments, allowing them to increase the efficiency, productivity and quality of their research.

The Company's debt increased as a result of the acquisition of Astra 77 and the strengthening of the ruble, but generally remains at a comfortable level. The FX forwards provide hedging of currency risks. All loans are serviced on schedule and covenants are fully observed. We do not plan to further increase our leverage and do not exclude the payment of dividends in the event of relations recovery between Euroclear and NSD.

I want to especially note that the Company has retained its staff and expertise. In the first half of the year, we did not lose a single key foreign specialist, which means EMC is still the company of choice for doctors to work.

I thank our team, customers and partners, shareholders and investors for their loyalty, support and well-coordinated interaction. We intend to continue progressive development, meeting the expectations of all the company's stakeholders.”