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6-K 1 dp216917_6k.htm FORM 6-K

 

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2024

 

 Commission File Number: 001-41982

 

Auna S.A.

(Exact name of registrant as specified in its charter)

 

‎ 6, rue Jean Monnet

L-2180 Luxembourg

Grand Duchy of Luxembourg

‎+51 1-205-3500‎

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

  Form 40-F  

 

 

 

 

 

 


 

 

TABLE OF CONTENTS

 

EXHIBIT  
99.1 Press release dated August 21, 2024 – Auna Announces 2Q24 Financial Results
99.2 Unaudited Condensed Consolidated Interim Financial Statements as of and for the three-month and six-month periods ended June 30, 2024

 

 


SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    Auna S.A.
     
     
      By: /s/ Gisele Remy
        Name: Gisele Remy
        Title: Chief Financial Officer

Date: August 21, 2024

 

 

 

 

 

EX-99.1 2 dp216917_ex9901.htm EXHIBIT 99.1

Exhibit 99.1

 

Auna Announces 2Q24 Financial Results

 

Adjusted EBITDA increases 31% YoY, consolidating strong results

 

OncoMexico launched in Monterrey

 

Luxembourg, August 21, 2024 – Auna (NYSE: AUNA) (“Auna” or the “Company”), a leading healthcare platform in Latin America with operations in Mexico, Colombia and Peru, today announced unaudited financial results for the second quarter ended June 30, 2024 (“second quarter 2024” or “2Q24”). Financial results are expressed in Peruvian Soles (“S/” or PEN”) and are presented in accordance with International Financial Reporting Standards (“IFRS”), unless otherwise noted.

 

2Q24 Consolidated Highlights

 

Consolidated Revenue increased 18% YoY to S/1,120 million

 

Operating profit increased 34% YoY to S/183 million

 

Adjusted EBITDA increased 31% YoY to S/248 million, equivalent to 25% FXN (Foreign Exchange Neutral)

 

Adjusted EBITDA Margin of 22.1%, up 2.0 p.p. YoY and 0.5 p.p. YTD

 

Leverage ratio improved to 4.13x from 4.46x in 1Q24 and 4.89x in 2Q23

 

Recent Event

 

On July 1, 2024, Auna announced the launch of OncoMexico, the country’s first integrated oncology insurance, in Monterrey. The pilot phase during 2024 will develop and confirm the capabilities needed for full deployment in 2025. OncoMexico offers access to prevention, early detection, and treatment of cancer, the third leading cause of death in Mexico. OncoMexico is the first step toward replicating in Mexico the vertically integrated healthcare model that Auna successfully operates in Peru.

 

Message from Auna’s Executive Chairman and President

 

Second quarter results affirm again the effectiveness of our business model and how increased scale and maturity drive incremental value throughout our platforms of care. During the quarter we gained momentum, with Adjusted EBITDA increasing 31% YoY, or 25% FXN YoY, and keeping us on track to deliver at least 20% FXN Adjusted EBITDA growth this year. Our strong quarterly performance was achieved despite additional investments made to implement the AunaWay in Monterrey, where we continue to make headway recruiting the right physicians and expanding our delivery of high-complexity care. As more physicians recognize the many distinct advantages of the AunaWay and join our team, we are beginning to see increases in doctor productivity. New physician recruitment and compensation models are producing growth in a number of high-complexity services.

 

1 


During the remainder of the year and into 2025 we expect to harvest our efforts to raise occupancy levels in Mexico, particularly occupancy related to high-complexity care. All of this is a deliberate and gradual process that results from fostering our unique culture of patient care in Monterrey.

 

Both our Peruvian and Colombian operations continued to perform well during the quarter, further validating our scalable business model and growth strategy. Given the increasing predictability of our diversified regional platform’s performance, we remain confident in our plan to achieve similar performance levels in Mexico.

 

Our payors are also integral to succeeding in Mexico, many of which are already familiar with Auna’s high standards of care. We are offering them tailored products and bundled services similar to those in Peru and Colombia, where we have forged many win-win partnerships.

 

We are very proud to have launched OncoMexico. Leveraging our 35 years of experience in integrated oncological services and AunaSeguros’ (previously Dentegra) strong and extensive distribution platform in Mexico, we will gradually roll out OncoMexico, the country’s first integrated cancer insurance plan. We intend to replicate our past success, including the goal of operating with the same long-term Medical Loss Ratio (“MLR”) and high standards of OncoSalud. During the rest of this year, we will establish the necessary capabilities to roll-out OncoMexico at scale in 2025, including commercial, clinical and risk-underwriting operations, among others.

 

Looking ahead, we remain excited about Auna’s near and long-term growth opportunities, particularly given that we are in the relatively early stages of penetrating Spanish-speaking Latin America’s fragmented and underserved healthcare market. Through our unique operating model and scalable regional platform, we will continue to disrupt, modernize, and increase access to integrated healthcare in the region, always with the aim of providing high value to our patients, their families, Auna staff, and shareholders.

 

Overview of 2Q24 Consolidated Results

 

Consolidated revenues increased 18% YoY to S/1,120 million, or 12.5% FXN, as a result of Auna’s business mix, with revenues increasing 15% and 18% FXN in Peru and Colombia, respectively. In Mexico, revenues increased 3% FXN, reflecting an improved service mix through the implementation of the AunaWay.

 

Auna’s Peruvian operation continues to outperform, demonstrating again the success of the Company’s vertically integrated business model when operating at scale.

 

2 


Adjusted EBITDA increased 31% YoY, or S/58 million, to S/248 million, or 25% on an FXN basis, with the corresponding margin expanding to 22.1% on solid revenue growth and increasing efficiencies across local and regional levels as the Company continues to capture synergies and streamline processes. Operating profit increased 34% YoY, mainly due to a 19% increase in gross profit.

 

Net finance costs were S/182 million. When excluding FX effects, net interest expenses would have been S/133 million, an increase of 5% versus 2Q23. These FX effects include a negative non-cash accounting FX expense of S/49 million, corresponding mainly to the movement of the Peruvian Sol below the floor of USD/PEN hedges.

 

Net Income was S/8 million in 2Q24, compared to a Net loss of S/8 million in 1Q24 and Net income of S/23 million in 2Q23. The increases in Operating profit and deferred tax benefits versus 2Q23 were offset by the abovementioned negative FX effect.

 

Adjusted Net Income was S/13 million in 2Q24, lower than S/36 million in 2Q23 and S/22 million in 1Q24, mainly due to the negative non-cash FX effect explained above. On a quarterly per share basis, Auna reported Net Income of S/0.05 and Adjusted Net Income of S/0.12, both based on a weighted average number of outstanding shares of 73,970,299, which includes a stock-based payment for 52,722 shares granted but not yet issued.

 

Business performance

 

HEALTHCARE SERVICES MEXICO

 

(Explanations of variances are in local currency)

 

Auna′s Healthcare Services and AunaSeguros operations in Mexico accounted for 27% of consolidated revenues and 40% of Adjusted EBITDA.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

              Δ 2Q'24 vs 2Q'23 Δ YTD'24 vs YTD'23
Healthcare Services Mexico
Key Operating Metrics
    2Q'24 (USD) 2Q'24 YTD'24   As Reported   Local Currency As Reported   Local Currency
Beds #     708 708   0%     0%    
Surgeries # (000)     5 10   6%     2%    
Emergency treatments # (000)     9 19   -9%     -1%    
Occupancy (operating capacity) %       62.1%         -1.4 p.p.    
Occupancy (total capacity) %       41.3%         -1.0 p.p.    
Key Financial Metrics                        
Revenue     79 302 611   7%   3% 11%   4%
Segment Adjusted EBITDA     26 100 204   4%   0% -3%   -8%
Segment Adjusted EBITDA margin %     33.1% 33.4%   -1.2 p.p.     -4.5 p.p.    

 

Revenue

 

Revenue in Mexico increased 3% YoY, primarily driven by an increase in the number of surgeries, aligned with the Company’s plans to grow high-complexity procedures.

 

3 


Auna remains focused on increasing growth and profitability in Mexico by raising occupancy levels and further increasing the delivery of high-complexity services.  To achieve these goals, the Company is making progress with two parallel initiatives: (i) a physician relationship and incentive model focused on recruiting doctors in higher-complexity specialties, and on retaining current doctors and improving their productivity by offering them competitive incentives, and; (ii) tailor-made products and programs for payors, that are aimed at increasing referrals to Auna’s network.

 

These initiatives are expected to have a greater impact on Mexico′s revenue and profitability in the second half of 2024 and in 2025. However, the Company is already experiencing increases in doctor productivity under the new physician relationship and incentive model, with higher volumes of certain high-complexity services, mainly surgeries, in 2Q24.

 

Adjusted EBITDA

 

Adjusted EBITDA in Mexico was flat YoY with a healthy margin of 33.1% despite YoY increases in operating costs and SG&A incurred to strengthen local and regional capabilities.

 

PERU OPERATIONS: HEALTHCARE SERVICES PERU AND ONCOSALUD PERU

 

Auna′s Healthcare Services and OncoSalud Peru (Auna’s Healthcare plans in Peru) accounted for 39% of consolidated revenues and 38% of Adjusted EBITDA.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

Healthcare Services Peru and
Oncosalud Peru
Key Financial Metrics
    2Q'24 (USD) 2Q'24 YTD'24   Δ 2Q'24 vs 2Q'23 Δ YTD'24 vs YTD'23
Revenue     115 441 859   15% 14%
Healthcare Services Peru     67 255 496   18% 16%
Oncosalud Peru     70 269 522   17% 16%
Holding and Eliminations (*)       (83) (159)   30% 26%
Consolidated Peru Adjusted EBITDA     24 93 179   96% 65%
Healthcare Services Peru     10 40 77   318% 146%
Oncosalud Peru     14 54 102   40% 32%
Consolidated Peru Adj. EBITDA margin %     21.2% 20.8%   8.7 p.p. 6.4 p.p.
Healthcare Services Peru       15.6% 15.5%   11.2 p.p. 8.2 p.p.
Oncosalud Peru       19.9% 19.5%   3.3 p.p. 2.4 p.p.
                 
(*) Relates to intersegment revenue elimination.              

 

4 


 

Healthcare Services Peru
Key Operating Metrics
    2Q'24 (USD) 2Q'24 YTD'24   Δ 2Q'24 vs 2Q'23 Δ YTD'24 vs YTD'23
Beds #     375 375   0% 0%
Surgeries # (000)     5 10   1% 2%
Emergency treatments # (000)     47 86   -9% -4%
Occupancy (operating capacity) %       82.2%     5.9 p.p.
Occupancy (total capacity) %       71.9%     5.8 p.p.
Key Financial Metrics                
Revenue     67 255 496   18% 16%
External revenues     48 183 357   12% 11%
Intercompany revenue     19 72 139   35% 31%
Segment Adjusted EBITDA     10 40 77   318% 146%
Segment Adjusted EBITDA margin %     15.6% 15.5%   11.2 p.p. 8.2 p.p.

 

Healthcare Plans Peru
Key Operating Metrics
    2Q'24 (USD) 2Q'24 YTD'24   Δ 2Q'24 vs 2Q'23 Δ YTD'24 vs YTD'23
Plan memberships # (000)     1,263 1,263   5% 5%
Oncological Plans # (000)     972 972   3% 3%
Average monthly revenue per plan membership     15.57 60.60 59.64   2% 3%
Preventive check-ups # (000)     25 52   -24% -23%
Patients treated # (000)     13 45   -3% 3%
MLR %       58.6%     7.4 p.p.
Oncological Plans %       54.7%     5.2 p.p.
Key Financial Metrics                
Revenue     70 269 522   17% 16%
External revenues     67 258 502   17% 16%
Intercompany revenue     3 11 20   7% 2%
Segment Adjusted EBITDA     14 54 102   40% 32%
Segment Adjusted EBITDA margin %     19.9% 19.5%   3.3 p.p. 2.4 p.p.

 

Consolidated Revenue from Peru increased 15% YoY, or S/57 million, to S/441 million. This growth was mainly due to a 5% increase in memberships in the Healthcare Plans business and an 18% revenue increase in the Healthcare Services business, mainly due to higher occupancy and an improvement in the mix of services and specialties as the Company continues to focus on high-complexity care.

 

5 


Consolidated Adjusted EBITDA in Peru almost doubled YoY, growing from S/46 million to S/93 million, with the margin expanding 8.7 p.p. to 21.2%. Since 2021, Auna has implemented several initiatives to improve the profitability of its operations in Peru, which continue to positively impact performance. These measures have resulted in sustained growth in plan memberships, occupancy at the Company’s healthcare facilities, and high-complexity services. The continuous implementation of an effective pricing strategy across services and segments also contributed to improved profitability. In addition to revenue growth, improved efficiencies reduced SG&A by 6% YoY. The oncological MLR of the Healthcare Plans business in Peru was 54.7% as of June 30, 2024. MLR increased mainly due to an increase in intercompany fees between Auna’s OncoSalud insurance company and its integrated oncology hospitals.

 

HEALTHCARE SERVICES COLOMBIA

 

(variance explanations are in local currency)

 

Auna′s Healthcare services operations in Colombia accounted for 34% of consolidated revenues and 23% of Adjusted EBITDA.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

              Δ 2Q'24 vs 2Q'23 Δ YTD'24 vs YTD'23
Healthcare Services Colombia
Key Operating Metrics
    2Q'24 (USD) 2Q'24 YTD'24   As Reported   Local Currency As Reported   Local Currency
Beds #     1,116 1,116   1%     1%    
Surgeries # (000)     12 24   -2%     -1%    
Emergency treatments # (000)     34 71   17%     4%    
Occupancy (operating capacity) %       87.2%         2.1 p.p    
Occupancy (total capacity) %       80.6%         6.0 p.p    
Key Financial Metrics                        
Revenue     99 378 727   34%   18% 36%   17%
Segment Adjusted EBITDA     15 58 108   25%   10% 31%   13%
Segment Adjusted EBITDA margin %     15.3% 14.8%   -1.1 p.p     -0.5 p.p.    

 

Revenue

 

Revenue increased 18% YoY, primarily driven by an improvement in the revenue mix as well as an increase in occupancy.

 

Adjusted EBITDA

 

Adjusted EBITDA in Colombia increased 10% YoY, with a margin decrease of 1.1 p.p. to 15.3%, mainly attributable to an increase in the impairment for doubtful accounts, given the current market environment in Colombia.

 

6 


Balance Sheet & Cash Flow

 

Consolidated Debt

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

    Jun-24 (USD) Jun-24 Dec-23 Jun-23   Δ Jun-24 vs
      Dec-23 Jun-23
(+) Loans and borrowings   987 3,780 3,762 3,410   0% 11%
Short term debt   135 516 385 379   34% 36%
Long term debt   852 3,263 3,376 3,031   -3% 8%
(+) Lease Liabilities   38 147 158 154   -7% -4%
Gross Debt   1,025 3,927 3,920 3,564   0% 10%
(-) Cash and cash equivalents / marketable securities   41 158 241 259   -35% -39%
Net Debt   984 3,769 3,678 3,306   2.5% 14.0%
Leverage Ratio     4.13x 4.46x 4.89x   -0.33x -0.76x

 

Gross Debt at the close of 2Q24 increased 10% YoY, or S/363 million, to S/3,927 million, due to: (i) a S/211 million increase related to previously reported refinancing activities in 2023, including the 2029 bond exchange premium, and; (ii) a S/152 million FX accounting effect. Compared to 4Q23, gross debt remained flat, with a small increase of S/7 million.

 

Debt Leverage decreased to 4.13x at the end of 2Q24 from 4.46x at year-end 2023 and 4.86x at the end of 2Q23, consistent with the Company's deleveraging plan, the medium-term target of which is 3.0x Net Debt-to-Adjusted LTM EBITDA.

 

Consolidated Debt Amortization Profile

 

(Figures in millions of Soles, unless expressed otherwise)

 

  Total Leases Y1 Y2 Y3 Y4 Y5 Y6+
Loans and Borrowings 3,780 0 516 601 416 553 721 972
Financial Leases 67 0 20 16 12 5 5 9
Operating Leases 81 81 0 0 0 0 0 0
Gross Debt 3,927 81 536 618 428 557 726 981

 

As of 2Q24. Excludes interest. Reflects figures post-refinancing. Y1 = July 2024 to June 2025, Y2 = July 2025 to June 2026, Y3 = July 2026 to June 2027, Y4 = July 2027 to June 2028, Y5 = July 2028 to June 2029, and Y6+ = July 2029 to September 2035.

 

7 


Cashflow and Cash Conversion Cycle

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

 

    YTD'24 (USD) YTD'24 YTD'23   Δ YTD'24 vs YTD'23
Net cash from operating activities    71  271  269   1%
Net cash used in investing activities    (30)  (116)  (56)   107%
Net cash used in from financing activities    (61)  (232)  (146)   59%
Cash and cash equivalents at the end of the period    41  158  259   -39%
             
    LTM Jun-23 LTM Mar-24 LTM Jun-24    
Days Sales Outstanding   79 86 87    
Days Inventory Outstanding   56 64 64    
Days Payable Outstanding   104 119 124    
Cash Conversion Cycle   31 31 27    
*Measured on an average basis according to last twelve months results.      

 

Net cash from operating activities increased 1.0% YoY, or S/2 million, to S/271 million during the six months ended June 30, 2024. Operating cash flow was impacted by a S/38 million increase in tax payments in Mexico and Peru, due to higher profits and lower tax credits.

 

Net cash used in investing activities increased 107% YoY, or S/60 million, to S/116 million during the six months ended June 30, 2024, mainly due to non-recurring impacts related to investments in both periods. During the first six months of 2023, net cash used in extraordinary inorganic activity resulted in a positive YoY impact of S/13 million. In addition, during the same period in 2023, Auna paid for the acquisition of AunaSeguros and made a partial payment of the IMAT Oncomedica earnout obligation, although these payments were offset by a positive impact related to an IMAT Oncomedica escrow account release and to the compensation of the advance payment made for the acquisition of the Monterrey healthcare business. During the six months ended June, 2024, investing activities included the extraordinary inorganic impact of a S/47 million payment for the IMAT Oncomedica earnout obligation, with no offset during the period. The balance of investments during 2Q24 was mainly maintenance of CapEx across the three geographies and AunaSeguro’s reserve requirements, which remained relatively flat versus the comparable period in 2023.

 

Net cash used in financing activities during the six months ended 2024 was S/232 million, or an increase of S/86 million versus the comparable period in 2023, mainly due net inflows corresponding to refinancing activities in 2Q23, reducing financing cashflow consumption in 2Q23.

 

8 


About AUNA

 

Auna is a leading healthcare platform in Latin American healthcare company with operations in Mexico, Peru and Colombia, prioritizing prevention and concentrating on high-complexity diseases that contribute the most to healthcare expenditures. Our mission is to transform healthcare by providing access to a highly integrated healthcare offering in the underpenetrated markets of Spanish-Speaking Americas. Founded in 1989, Auna has built one of Latin America′s largest modern healthcare platforms that consists of a horizontally integrated network of healthcare facilities and a vertically integrated portfolio of oncological plans and selected general healthcare plans. As of June 30, 2024, Auna’s network included 31 healthcare network facilities, consisting of hospitals, outpatient, prevention and wellness facilities with a total of 2,308 beds, and 1.3 million healthcare plans.

 

For more information visit www.aunainvestors.com

 

Conference Call Details

 

When: 5:00 p.m. Eastern time, August 21st, 2024

 

Who: Mr. Suso Zamora, Executive Chairman of the Board and President; Mrs. Gisele Remy, Chief Financial Officer and Executive Vice President;

 

Ms. Ana Maria Mora, Head of Investor Relations

 

Dial-in: +1 888 596 4144 (U.S. domestic), +1 646 968 2525 (International)
Passcode: 3884034

 

To access Auna′s financial results call via telephone, callers need to press # to be connected to an operator.

 

Webcast: click here

 

Definitions and Concepts

 

Figures in US dollars (US$ or USD) for 2Q24 are presented for indicative purposes and were calculated using an FX rate of US$1= S/3.831. All comparisons in this announcement are year-over-year (“YoY”), unless otherwise noted; additionally, results are presented in an FX neutral basis (“FXN”) for consolidated revenues, consolidated cost of sales and services, consolidated selling and administrative expenses and consolidated adjusted EBITDA, as well as, in local currency for the Mexico and Colombia segments, to eliminate the effect of foreign exchange, or “FX,” volatility between the comparison periods.

 

Financial results are preliminary and subject to year-end audit and adjustments for the year ended, December 31, 2024.

 

Use of Non-IFRS Financial Measures

 

This release includes financial measures defined as “non-IFRS financial measures” by the SEC, including: EBITDA, Segment EBITDA, Adjusted EBITDA, Adjusted Net Income, FX Neutral, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income Margin and Leverage Ratio because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

 

9 


 

In addition, management and our board of directors use these non-IFRS financial measures to assess our financial performance and believe they are helpful in highlighting trends in our core operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding the growth of our business. These are not measures of operating performance under IFRS and have limitations as analytical tools. You should not consider such measures either in isolation or as substitutes for analyzing our results as reported under IFRS. Additionally, our calculations of EBITDA, Segment EBITDA, Adjusted EBITDA, Adjusted Net Income, EBITDA Margin, Adjusted EBITDA Margin, Adjusted Net Income Margin, FX Neutral and Leverage Ratio may be different from the calculations used by other companies for similarly titled measures, including our competitors, and therefore may not be comparable to those of other companies.

 

EBITDA: is calculated as profit (loss) before tax for the period plus net finance cost and depreciation and amortization. EBITDA is a key metric used by management and our board of directors to assess our financial performance.

 

EBITDA Margin: is calculated as EBITDA divided by total revenue from contracts with customers.

 

Adjusted EBITDA: is calculated as profit (loss) before tax for the period plus net finance cost, depreciation and amortization, pre-operating expenses for projects under construction, business development (income) expenses for expansion into new markets, change in fair value of earn-out liabilities, stock-based consideration and personnel non-recurring compensation.

 

Adjusted EBITDA Margin: is calculated as Adjusted EBITDA divided by total revenue from contracts with customers.

 

Adjusted Last Twelve Month (“LTM”) EBITDA: is calculated by adding the last four quarters beginning with the corresponding period.

 

Segment EBITDA: is calculated as segment profit before tax plus net finance cost and depreciation and amortization.

 

Segment EBITDA Margin: is calculated as segment EBITDA divided by total segment revenue from contracts with customers.

 

Segment Adjusted EBITDA: is calculated as segment profit (loss) before tax for the period plus net finance cost, depreciation and amortization, pre-operating expenses for projects under construction, business development (income) expenses for expansion into new markets, change in fair value of earn-out liabilities, stock-based consideration and personnel non-recurring compensation.

 

10 


Segment Adjusted EBITDA Margin: is calculated as segment Adjusted EBITDA divided by total Segment revenue from contracts with customers.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

              Δ 2Q'24 vs   Δ YTD'24 vs
    2Q'24 (USD) 2Q'24   YTD'24   1Q'24 2Q'23   YTD'23
Profit (Loss) before Tax   1 3   19   -82% -93%   -71%
(+) Net Finance Cost   48 182   350   8% 90%   61%
(+) Depreciation and Amortization   15 56   112   -1% -1%   -7%
(=) EBITDA   63 241   482   0% 24%   19%
(+) Adjustments   1.9 7.1   7.8          
Pre-operating expenses   0.5 1.8   2.2          
Business development expenses   0.4 1.4   1.4          
Change in fair value of earn-out liabilities   0.0 0.0   0.0          
Stock-based consideration   0.1 0.3   0.6          
Personnel non-recurring compensation   0.9 3.6   3.6          
(=) Adjusted EBITDA   65 248   489   3% 31%   22%
Adjusted EBITDA Margin     22.1%   20.7%   -0.3 p.p. 2.0 p.p.   -0.1 p.p.

 

(a) Pre-operating expenses consist of legal and administrative expenses incurred in connection with medical facilities under construction, such as Clínica Chiclayo, costs relating to the Torre Trecca PPP, and legal and administrative expenses incurred in connection with the acquisition of land banks for future facilities.

 

(b) Business development expenses consist of expenses incurred in connection with projects to expand into new markets, including through greenfield projects and M&A activity.

 

(c) Change in fair value of earn-out liabilities related to the acquisition of IMAT Oncomedica.

 

(d) Stock-based consideration includes share-based payments plans for non-executive members of the Board of Directors

 

(e) Personnel non-recurring compensation related to the implementation of an efficiency program across business units aimed at streamlining processes and capturing synergies on the local and regional levels.

 

At the segment level, 2Q24 adjustments include i) Pre-operating expenses of S/1.6 million in Healthcare Services Mexico and S/.2 million in Holdings and eliminations; ii) Business development expenses of S/1.4 million in Healthcare Services Mexico; iii) Stock based consideration of S/.3 million in Holdings and eliminations, and iv) Personnel non-recurring compensation of S/2 million in Healthcare Services Mexico and S/1.6 million in Healthcare Services Peru.

 

In 2Q23 adjustments include i) Pre-operating expenses of S/.3 million in Holdings and eliminations; and ii) Change in fair value of earn out liabilities of S/-4.1 million in Healthcare Services Colombia.

 

Consolidated Peru Adjusted EBITDA: is calculated by adding Healthcare Services Peru segment Adjusted EBITDA plus Oncosalud Peru segment Adjusted EBITDA.

 

Consolidated Peru Adjusted EBITDA margin: is calculated as Healthcare Services Peru segment Adjusted EBITDA plus Oncosalud Peru segment Adjusted EBITDA, divided by total revenues from Healthcare Services Peru Segment plus total revenues from Oncosalud Peru segment.

 

 

11 


Adjusted Net Income: is calculated as profit (loss) for the period plus adjustments as described below.

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

    2Q'24 (USD) 2Q'24 2Q'23 YTD'24 YTD'23
Net Income (Loss)   2 8 23 (0) 23
(+) Pre-operating expenses   0.5 1.8 0.3 2.2 0.3
(+) Business development expenses   0.4 1.4 0.0 1.4 0.6
(+) Change in fair value of earn-out liabilities   0.0 0.0 -4.1 0.0 -4.1
(+) Stock-based consideration   0.1 0.3 0.0 0.6 0.0
(+) Personnel non-recurring compensation   0.9 3.6 0.0 3.6 0.0
(+) Non-cash and extraordinary financial costs   0.0 0.0 18.6 29.6 18.6
(+) Allocated tax effects   (0.6) (2.1) (1.1) (2.3) (1.3)
(=) Adjusted Net Income   3 13 36 35 37

 

(a) Pre-operating expenses consist of legal and administrative expenses incurred in connection with medical facilities under construction, such as Clínica Chiclayo, costs relating to the Torre Trecca PPP, and legal and administrative expenses incurred in connection with the acquisition of land banks for future facilities.

(b) Business development expenses consist of expenses incurred in connection with projects to expand into new markets, including through greenfield projects and M&A activity.

(c) Change in fair value of earn-out liabilities related to the acquisition of IMAT Oncomedica.

(d) Stock-based consideration includes share-based payments plans for non-executive members of the Board of Directors.

(e) Personnel non-recurring compensation related to the implementation of an efficiency program across business units aimed at streamlining processes and capturing synergies on the local and regional levels.

(f) Non-cash and extraordinary financial costs include; 1) one-time extraordinary costs of refinancing activities; ii) non-cash derivative costs related to mark to market of legacy derivatives related to extinguished financings; and iii) non-cash effects related to early extinguishment of financings.

(g) Allocated tax effects neutralize the tax shield that the items considered as adjustment have generated in the taxable profit.

 

Basic and Diluted Earnings per Share: Basic and Diluted Earnings per Share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period, which excludes treasury shares.

 

Adjusted Basic and Diluted Earnings per Share: Adjusted Basic and Diluted Earnings per Share is calculated by dividing profit attributable to owners of Adjusted Net Income of the Company by the weighted average number of ordinary shares outstanding during the period, which excludes treasury shares.

 

  2Q'24 (USD) 2Q'24 2Q'23 YTD'24 YTD'23
Net Income (Loss) 2 8 23 (0) 23
Income (Loss) attributable to Owner of the company 1 4 2 (10) (2)
Weighted average number of ordinary shares at June 30   74.0 43.9 60.6 43.9
Basic and diluted earnings per share 0.01 0.05 0.04 (0.16) (0.05)
Adjusted Net Income (Loss) 3 13 36 35 37
Income (Loss) attributable to owners of Adjusted Net Income 2 9 15 25 12
Weighted average number of ordinary shares at June 30   74.0 43.9 60.6 43.9
Adjusted Basic and Diluted Earnings per Share 0.03 0.12 0.35 0.42 0.27

 

12 


Leverage Ratio: We calculate Leverage Ratio as (i) current and non-current loans and borrowings plus current and non-current lease liabilities minus (ii) cash and cash equivalents, divided by (iii) Last twelve months Adjusted EBITDA.

 

  Jun-23 Dec-23 Jun-24
 
Current and non-current loans & borrowings 3,410 3,762 3,780
Current and non-current lease liabilities 154 158 147
Cash and cash equivalents 259 241 158
Net Debt 3,306 3,678 3,769
Adjusted LTM EBITDA 676 825 913
Leverage Ratio 4.89x 4.46x 4.13x

 

Net Debt: We calculate Net Debt as Gross Debt minus Cash and cash equivalents.

 

    Jun-23 Dec-23 Jun-24
   
(+) Loans and borrowings   3,410 3,762 3,780
Short term debt   379 385 516
Long term debt   3,031 3,376 3,263
(+) Lease Liabilities   154 158 147
Gross Debt   3,564 3,920 3,927
(-) Cash and cash equivalents   259 241 158
Net Debt   3,306 3,678 3,769

 

FX Neutral: FX Neutral (“FXN”) measures are prepared and presented to eliminate the effect of foreign exchange, or “FX,” volatility between the comparison periods, allowing management and investors to evaluate financial performance despite variations in foreign currency exchange rates, which may not be indicative of core operating results and business outlook.

 

FX Neutral measures are presented because management believes that these non-IFRS financial measures can provide useful information to investors, securities analysts and the public in their review of operating and financial performance, although they are not calculated in accordance with IFRS or any other generally accepted accounting principles and should not be considered as a measure of performance in isolation.

 

The FX Neutral measures were calculated to present what such measures in preceding periods would have been had exchange rates remained stable from these preceding periods until the date of the Company's most recent financial information.

 

The FX Neutral measures for the three months ended June 30, 2023 were calculated by multiplying the as reported amounts of Revenue, Adjusted EBITDA and the key business metrics for such period by the average Mexican pesos / Peruvian soles exchange rate for the three months ended June 30, 2023 (MXN 4.7747 to PEN 1.00) and the average Colombian pesos / Peruvian soles exchange rate for the three months ended June 30, 2023 (COP 1,189.3388 to PEN 1.00); then using such results to re-translate the corresponding amounts back to Peruvian soles by dividing them by the average Mexican pesos / Peruvian soles and Colombian pesos / Peruvian soles exchange rate for the three months ended June 30, 2024 (MXN 4.5975 to PEN 1.00 / COP 1,048.4972 to PEN 1.00), so as to present what certain of statement of profit and loss amounts and key business metrics would have been had exchange rates remained stable from this past period until the three months ended June 30, 2024.

 

13 


 

Safe Harbor Statement

 

This press release contains forward-looking statements. Forward-looking statements convey our current expectations or forecasts of future events. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from the forward-looking statements that we make. Forward-looking statements typically are identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” ”estimate,” “intend,” “project,” “plan,” “believe,” “potential,” “continue,” “is/are likely to, ”or other similar expressions. Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, our expected 2024 Adjusted EBITDA growth, the expected impact on revenues and profitability of certain initiatives we are pursuing in Mexico and our target leverage level. Any or all of our forward-looking statements in this press release may turn out to be inaccurate. Our actual results could differ materially from those contained in forward-looking statements due to a number of factors.

 

The forward-looking statements in this press release represent our expectations and forecasts as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see our Form F-1 filing with the U.S. Securities and Exchange Commission.

 

2024 Financial Guidance Disclaimer

 

Auna′s guidance is based on management’s current performance outlook and expected macroeconomic and regulatory conditions in the three countries where the Company operates. Any changes in these conditions could have an impact on the guidance provided.

 

The 2024 financial guidance reflects management’s current assumptions regarding numerous evolving factors that are difficult to accurately predict, including those discussed in the Risk Factors set forth in the Company’s Form F-1 filed with the United States Securities and Exchange Commission (the “SEC”). Reconciliations of forward-looking non-IFRS measures, specifically the 2024 EBITDA guidance, to the relevant forward-looking IFRS measures are not being provided, as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such guidance and reconciliations. Due to this uncertainty, the Company cannot reconcile projected EBITDA to projected net income without unreasonable effort.

 

14 


The 2024 financial guidance constitutes forward-looking statements. For more information, see the “Forward-Looking Statements” section in this release.

 

IR Contact

 

Email: contact@aunainvestors.com

 

- Financial Tables Follow –

 

15 


Balance Sheet

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  Jun-24 (USD) Jun-24 Dec-23   Δ Jun-24 vs Dec-23
Assets          
Current assets          
Cash and cash equivalents  41  158  241    (83)
Trade accounts receivable  255  976  861    115
Other assets  60  231  223    9
Inventories  32  123  131    (7)
Derivative financial instruments  -   -   1    (1)
Other investments  27  102  93    9
Total current assets  415  1,591  1,549    42
Non-current assets          
Trade accounts receivable  0  1  0    0
Other assets  6  23  22    1
Investments in associates and joint venture  6  22  21    2
Property furniture and equipment  645  2,470  2,573    (103)
Intangible assets  779  2,984  3,129    (145)
Right-of-use assets  33  128  139    (12)
Investment properties  2  7  7    (0)
Derivative financial instruments  17  66  81    (15)
Deferred tax assets  53  201  167    34
Other investments  0  0  0    (0)
Total non-current assets  1,541  5,902  6,140    (239)
Total assets  1,956  7,492  7,690    (197)
Liabilities          
Current liabilities          
Loans and borrowings  135  516  385    131
Lease liabilities  8  31  32    (1)
Trade accounts payable  220  843  749    94
Other accounts payable  127  485  464    22
Provisions  4  17  19    (2)
Insurance contract liabilities  12  45  40    5
Deferred income  0  0  0    (0)
Total current liabilities  506  1,938  1,689    248
Non-current liabilities          
Loans and borrowings  852  3,263  3,376    (113)
Lease liabilities  30  116  126    (10)
Trade accounts payable  1  4  4    (0)
Other accounts payable  23  88  221    (133)
Derivative financial instruments  11  42  -     42
Deferred tax liabilities  106  407  496    (89)
Deferred income  0  0  0    (0)
Total non-current liabilities  1,023  3,920  4,224    (304)
Total liabilities  1,529  5,858  5,913    (55)
Total Equity  427  1,635  1,777    (142)
Total liabilities and equity  1,956  7,492  7,690    (197)

 

16 


Income Statement

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  2Q'24 (USD) 2Q'24 2Q'23 YTD'24 YTD'23   Δ 2Q'24 vs Δ YTD'24 vs
    2Q'23 YTD'23
Revenue                
Healthcare Services Mexico       79      302      281        611        552   7% 11%
Healthcare Services Colombia       99      378      282        727        534   34% 36%
Healthcare Services Peru & Oncosalud Peru     115      441      383        859        754   15% 14%
- Healthcare Services Peru       67      255      217        496        429   18% 16%
- Oncosalud Peru       70      269      230        522        451   17% 16%
- Holding and eliminations     (22)      (83)      (64)      (159)      (126)   30% 26%
Total Revenue 292 1,120 946 2,197 1,840   18% 19%
Cost of sales and services (181) (693) (586) (1,355) (1,152)   18% 18%
Gross profit 112 427 360 842 688   19% 22%
Gross margin   38.1% 38.0% 38.3% 37.4%   0.1 p.p. 0.9 p.p.
Selling expenses     (12)      (48)      (51)      (101)         (97)   -7% 4%
Administrative expenses     (53)    (202)    (191)      (392)      (335)   5% 17%
(Loss) reversal for impairment of trade receivables       (1)         (3)         (2)           (3)           (3)   88% 2%
Other income and expenses, net         2           8        20           19           28   -63% -32%
Operating profit 48      183      136        365        281   34% 30%
Finance income         2           7        33           15           51   -80% -70%
Finance costs     (49)    (189)    (129)      (365)      (268)   46% 36%
Net finance cost     (48)    (182)      (96)      (350)      (217)   90% 61%
Share of profit of equity accounted investees         1 2 2 5 3   36% 60%
Profit (loss) before tax 1           3        42           19           66   -93% -71%
Income tax expense (benefit)         1           5      (19)         (19)         (43)   -126% -55%
Net Income (Loss)         2           8        23           (0)           23   -65% -102%
EBITDA                
Healthcare Services Mexico 25        95        96        199        209   -1% -5%
Healthcare Services Colombia 15        58        50        108           86   15% 25%
Healthcare Services Peru & Oncosalud Peru 24        92        48        177        109   92% 63%
- Healthcare Services Peru 10        38        10           75           31   302% 141%
- Oncosalud Peru 14        54        38        102           77   40% 32%
- Holding and eliminations       (1)         (4)         (1)           (2)             0      
Total EBITDA       63      241      194        482        404   24% 19%
Adjusted EBITDA                
Healthcare Services Mexico 26      100        96        204        209   4% -3%
Healthcare Services Colombia 15        58        46        108           82   25% 31%
Healthcare Services Peru & Oncosalud Peru 24        93        48        179        109   96% 65%
- Healthcare Services Peru 10        40        10          77          31   318% 146%
- Oncosalud Peru 14        54        38        102          77   40% 32%
- Holding and eliminations       (1)         (3)         (1)           (1) 1      
Total Adjusted EBITDA       65      248      190        489        401   31% 22%
Adjusted EBITDA Margin                
Healthcare Services Mexico   33.1% 34.3% 33.4% 37.9%   -1.2 p.p. -4.5 p.p.
Healthcare Services Colombia   15.3% 16.5% 14.8% 15.4%   -1.1 p.p. -0.5 p.p.
Healthcare Services Peru & Oncosalud Peru   21.2% 12.5% 20.8% 14.4%   8.7 p.p. 6.4 p.p.
- Healthcare Services Peru   15.6% 4.4% 15.5% 7.3%   11.2 p.p. 8.2 p.p.
- Oncosalud Peru   19.9% 16.6% 19.5% 17.2%   3.3 p.p. 2.4 p.p.
Adjusted EBITDA Margin   22.1% 20.1% 22.3% 21.8%   2.0 p.p. 0.5 p.p.

 

17 


Statement of Cash Flows

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  Jun-24 (USD) YTD'24 YTD'23   Δ YTD'24 vs YTD'23
Cash flows from operating activities          
(Loss) profit for the period               (0)              (0)            23                 (23)
Adjustments for:          
Depreciation               16             60            70                 (10)
Depreciation of right-of-use assets                 4             14            12                    1
Amortization               10             39            38                    1
(Gain) loss for Impairment of inventories               (1)              (2)            (0)                  (2)
Equity-settled share-based payment transactions                 0               1            -                       1
Gain (loss) on disposal of property furniture and equipment                 0               1             1                  (0)
Loss on disposal of right-of-use assets net of leases                 0               0            (0)                    0
Loss on disposal of intangibles                 0               1             0                    1
Other income for reversal of contingent consideration               -                 -               (4)                    4
(Gain) loss for impairment of trade receivables                 1               3             3                    0
Share of profit of equity-accounted investees               (1)              (5)            (3)                  (2)
Technical provisions and other provisions                 0               0             0                    0
Finance income               (4)            (15)          (51)                  36
Finance costs               95            365          268                  97
Income tax expense                 5             19            43                 (24)
Net changes in assets and liabilities          
Trade accounts receivable and other assets              (55)          (212)         (130)                 (81)
Inventories                 2               7             1                    6
Trade accounts payable and other accounts payable               24             92            45                  47
Provisions               (1)              (2)            (1)                  (1)
Insurance contract liabilities                 2               6            20                 (14)
Cash generated from operating activities               97            371          335                  36
Income tax paid              (29)          (111)          (73)                 (38)
Interest received                 3             12             7                    5
Net cash from operating activities               71            271          269                    3

 

18 


  Jun-24 (USD) YTD'24 YTD'23   Δ YTD'24 vs YTD'23
Cash flows from investing activities          
Acquisition of subsidiary net of cash acquired               -                 -             (60)                  60
Purchase of properties furniture and equipment               (9)            (35)          (40)                    5
Purchase of intangibles               (6)            (22)          (15)                  (7)
Dividends from equity-accounted investees                 0               1            -                       1
Other assets (Trust funds)               -                 -               95                 (95)
Purchase of other investments net of sales               (3)            (13)          (15)                    2
Proceeds from sale of property furniture and equipment                 0               0             1                  (0)
Payment for contingent consideration              (12)            (47)          (33)                 (14)
Proceeds from advance payment for purchase of shares               -                 -               12                 (12)
Net cash used in investing activities             (30)          (116)          (56)                (60)
Financing activities          
Proceeds from issuance of common stock in initial public offering, net of issuance costs             331         1,268            -                1,268
Payments of initial public offering costs               (4)            (16)            -                    (16)
Proceeds from loans and borrowings             124            475       2,261            (1,786)
Payment for loans and borrowings            (114)          (437)      (2,112)             1,674
Payment for lease liabilities               (6)            (23)          (20)                  (2)
Payment for costs of Extinguishment of debt               (4)            (17)            -                    (17)
Payment for derivatives premiums               (9)            (35)          (15)                 (20)
Interest paid              (60)          (229)         (253)                  24
Dividends paid               -                 -               (7)                    7
Acquisition of non-controlling interest            (318)        (1,218)            -               (1,218)
Net cash used in financing activities             (61)          (232)        (146)                (86)
Net increase in cash and cash equivalents              (20)            (77)            67               (143)
Cash and cash equivalents at January 1               63            241          209                  32
 Exchange difference on cash and cash equivalents for the period               (2)              (7)          (17)                  10
 Cash and cash equivalents at the end of the period               41            158          259               (101)

 

19 


Historical Financial Metrics

 

(Figures in millions of Soles and millions of US Dollars, unless expressed otherwise)

 

  2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24
                   
Revenue                  
Oncosalud Peru 199 204 215 221 230 237 244 253 269
Healthcare Services Peru 179 193 190 212 217 230 225 241 255
Healthcare Services Colombia 239 254 237 252 282 324 335 349 378
Healthcare Services Mexico 0 0 216 271 281 294 284 308 302
Holding and eliminations (52) (54) (54) (62) (64) (69) (67) (76) (83)
Total revenue from contracts with customers 566 597 804 894 946 1,015 1,021 1,076 1,120
Cost of sales and services (358) (380) (525) (566) (586) (643) (645) (662) (693)
Gross profit 208 217 279 328 360 372 376 414 427
Selling expenses (45) (44) (39) (46) (51) (55) (42) (53) (48)
Administrative expenses (115) (114) (153) (144) (191) (177) (193) (191) (202)
Impairment losses on trade receivables 1 1 (2) (1) (2) (1) (2) 0 (3)
Other expenses 0 0 (1) 0 0 0 (21) 0 0
Other income 9 5 6 8 20 10 13 11 8
Operating profit 59 66 90 145 136 149 130 182 183
Finance income 1 1 (2) 18 33 3 39 9 7
Finance costs (73) (83) (124) (139) (129) (175) (340) (177) (189)
Net finance cost (72) (82) (126) (122) (96) (172) (302) (168) (182)
Share of profit of equity-accounted investees 1 1 1 1 2 2 1 2 2
Profit (loss) before tax (12) (16) (36) 24 42 (20) (170) 16 3
Income tax (expense) benefit (5) 17 (37) (24) (19) 3 (50) (25) 5
Net Income (17) 1 (73) 0 23 (18) (219) (8) 8
EBITDA 86 94 155 210 194 210 188 241 241
EBITDA Adjustments                  
Net Income (17) 1 (73) 0 23 (18) (219) (8) 8
Income tax expense 5 (17) 37 24 19 (3) 50 25 (5)
Net finance cost 72 82 126 122 96 172 302 168 182
Depreciation and amortization 25 27 64 65 56 59 56 56 56
Pre-operating expenses 9 4 21 0 0 1 0 0 2
Business development expenses 1 1 1 1 0 0 0 0 1
Change in fair value of earn-out liabilities 0 0 0 0 (4) 0 21 0 0
Stock-based consideration 0 0 0 0 0 0 4 0 0
Personnel non-recurring compensation 0 0 0 0 0 0 0 0 4
Adjusted EBITDA 95 98 177 211 190 211 213 241 248

 

20 


Key Operating Metrics

 

  YTD'24 YTD'23 % Change
Oncosalud Peru      
Plan memberships (1) (2)    1,263,495    1,204,040 4.9%
Average monthly revenue per plan member (3)  S/     59.64  S/     57.97 2.9%
Preventive check-ups (4) 51,909 67,577 -23.2%
Patients treated (5) 44,581 43,218 3.2%
Medical loss ratio (6) 58.6% 51.2% 7.4 p.p
       
Healthcare Services      
Total bed capacity (1)          2,199          2,192 0.3%
Surgeries (7)         44,119         43,908 0.5%
Emergency treatments (8)       175,188       176,719 -0.9%
Occupancy (operating capacity) (9) 79.9% 77.7% 2.1 p.p
Occupancy (total capacity) (10) 66.5% 62.7% 3.7 p.p

 

1) As of period end and as reported to the National Superintendence of Health Susalud. Includes Oncology plans and Health plans.

2) Includes active plan members and inactive members. Inactive members are defined as those plan members that have not paid monthly fees due for up to three months. As of June 30, 2024, we had 1,155,041 active members and 108,454 inactive members.

3) Total revenue for the period corresponding to insurance revenue in the OncoSalud Peru segment divided by the average number of plan members during the period, divided by the number of months in the period.

4) Preventive check-ups consider Oncology check-ups at the Centro de Bienestar Ambulatorio – CBA (wellness center) in Lima, Peru. The number of Healthcare checkups is negligent.

5) Number of individual plan members receiving treatment for cancer during the period, which may include multiple instances of treatment per plan member.

6) MLR is calculated as (i) claims for medical treatment generated by our prepaid oncology and general healthcare plans plus (ii) technical reserves relating to plan members treated pursuant to such plans, whether at our facilities or third-party facilities, divided by revenue generated by our prepaid oncology and general healthcare plans.

7) Number of surgeries includes surgeries outpatient surgeries and cesarean sections

8) Emergency care includes the number of visits in the emergency room and may include several visits per patient.

9) Occupancy (operating capacity) is calculated as (i) (x) total number of days in which any of our beds had a hospitalized patient during the period divided by (y) total number of operating beds, times (ii) total number of days during the period.

10) Occupancy (total capacity) is calculated as (i) (x) total number of days in which any of our beds had a hospitalized patient during the period divided by (y) total number of beds, times (ii) total number of days during the period.

 

21 

EX-99.2 3 dp216917_ex9902.htm EXHIBIT 99.2

Exhibit 99.2

 

 

 

 

Auna S.A. and Subsidiaries Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Financial Statements

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Auna S.A. and Subsidiaries

 

 

 

June 30, 2024

 

 

 

Contents Page
Condensed Consolidated Interim Statement of Financial Position 1
Condensed Consolidated Interim Statement of Income and Other  
Comprehensive Income (Loss) 2
Condensed Consolidated Interim Statement of Changes in Equity 3
Condensed Consolidated Interim Statement of Cash Flows 4
Operating Segments 5 - 10

 

 


Auna S.A. and Subsidiaries
Condensed Consolidated Interim Statement of Financial Position
As of June 30, 2024 and December 31, 2023

 

In thousands of soles   June 30, 2024   December 31, 2023   In thousands of soles  

June 30, 2024

  December 31, 2023
Assets                   Liabilities                
Current assets                   Current liabilities                
Cash and cash equivalents     157,729       241,133     Loans and borrowings     516,417       385,300  
Trade accounts receivable     976,381       860,916     Lease liabilities     31,363       31,867  
Other assets     231,284       222,728     Trade accounts payable     843,101       749,349  
Inventories     123,058       130,521     Other accounts payable     485,238       463,600  
Derivative financial instruments     —         721     Provisions     16,677       19,074  
Other investments     102,292       93,132     Insurance contract liabilities     44,702       39,853  
Total current assets     1,590,744       1,549,151     Deferred income     204       267  
                    Total current liabilities     1,937,702       1,689,310  
Non-current assets                                    
Trade accounts receivable     512       420     Non-current liabilities                
Other assets     22,592       21,573     Loans and borrowings     3,263,415       3,376,282  
Investments in associates and joint venture     22,261       20,584     Lease liabilities     115,821       126,178  
Other investments     282       289     Trade accounts payable     3,599       3,906  
Property, furniture, and equipment     2,469,691       2,573,140     Other accounts payable     87,780       221,132  
Intangible assets     2,984,030       3,129,187     Deferred tax liabilities     406,977       495,826  
Right-of-use assets     127,768       139,386     Deferred income     252       352  
Investment properties     6,662       6,959     Derivative financial instruments     42,218       —    
Derivative financial instruments     66,491       81,492     Total non-current liabilities     3,920,062       4,223,676  
Deferred tax assets     201,457       167,371     Total liabilities     5,857,764       5,912,986  
Total non-current assets     5,901,746       6,140,401                      
                    Equity                
                    Share capital     17,385       8,820  
                    Share premium     1,207,515       —    
                    Reserves     631,128       1,823,364  
                    Retained losses     (375,914 )     (366,899 )
                    Equity attributable to the owner of the Company     1,480,114       1,465,285  
                    Non-controlling interest     154,612       311,281  
                    Total equity     1,634,726       1,776,566  
Total assets     7,492,490       7,689,552     Total liabilities and equity     7,492,490       7,689,552  

 

1 


Auna S.A. and Subsidiaries
Condensed Consolidated Interim Statement of Income and Other Comprehensive Income (Loss)
For the three and six months ended June 30, 2024 and 2023

  

 

Three-month period

ended June 30

Six-month period

ended June 30

In thousands of soles   2024   2023   2024   2023
Revenue                
Insurance revenue     256,336       177,858       508,532       391,584  
Healthcare services revenue     784,082       702,499       1,535,260       1,320,246  
Sale of medicines     80,066       65,529       152,721       128,002  
Total revenue from contracts with customers     1,120,484       945,886       2,196,513       1,839,832  
Cost of sales and services     (693,124 )     (586,183 )     (1,354,758 )     (1,152,218 )
Gross profit     427,360       359,703       841,755       687,614  
Selling expenses     (47,652 )     (51,108 )     (100,903 )     (96,771 )
Administrative expenses     (201,559 )     (191,489 )     (392,486 )     (335,461 )
Loss for impairment of trade receivables     (3,031 )     (1,615 )     (2,835 )     (2,775 )
Other income     7,600       20,371       19,064       27,999  
Operating profit     182,718       135,862       364,595       280,606  
Finance income     6,580       33,090       15,319       50,825  
Finance costs     (188,700 )     (128,844 )     (365,375 )     (268,239 )
Net finance cost     (182,120 )     (95,754 )     (350,056 )     (217,414 )
Share of profit of equity-accounted investees     2,277       1,669       4,516       2,831  
Profit before tax     2,875       41,777       19,055       66,023  
 Income tax expense     5,049       (19,276 )     (19,467 )     (43,392 )
(Loss) profit for the period     7,924       22,501       (412 )     22,631  
Other comprehensive loss                                
Items that are or may be reclassified subsequently to profit or loss                                
Cash flow hedges     (6,543 )     41,995       (15,921 )     41,652  
Foreign operations – foreign currency translation differences     (164,986 )     94,759       (116,174 )     205,641  
Equity-accounted investees – share of OCI     —         39       —         —    
Changes in fair value of Put and Call liability     2,405       49,748       —         45,724  
Other investments at FVOCI – net change in fair value     559       —         559       —    
Income tax (expense) benefit     1,321       (12,493 )     3,308       (12,392 )
Other comprehensive (loss) income for the period, net of tax     (167,244 )     174,048       (128,228 )     280,625  
Total comprehensive (loss) income for the period     (159,320 )     196,549       (128,640 )     303,256  
(Loss) income attributable to:                                
Owner of the Company     3,753       1,747       (9,582 )     (2,077 )
Non-controlling interest     4,171       20,754       9,170       24,708  
      7,924       22,501       (412 )     22,631  
Total comprehensive (loss) income attributable to:                                
Owner of the Company     (155,205 )     119,548       (131,881 )     218,786  
Non-controlling interest     (4,115 )     77,001       3,241       84,470  
      (159,320 )     196,549       (128,640 )     303,256  
Earnings per share                                
Basic and diluted earnings per share     0.05       0.04       (0.16 )     (0.05 )

 

2 


Auna S.A. and Subsidiaries
Condensed Consolidated Interim Statement of Changes in Equity
For the six months ended June 30, 2024 and 2023

 

            Equity attributable to the owner of the Company            
In thousands of soles  

Share

capital

 

Share

premium

  Other
capital
reserve
  Translation reserve  

Cost of
hedging

reserve

 

Hedging

reserve

  Fair value reserve  

Merger

and other reserves

  Retained (losses) earnings   Total   Non-
controlling
interest
 

Total

equity

Balances as of December 31, 2022     236,547       386,045       56,314       (190,389 )     (15,133 )     (16,756 )     —         699,333       (90,982 )     1,064,979       493,082       1,558,061  
Balances as of January 1, 2023     236,547       386,045       56,314       (190,389 )     (15,133 )     (16,756 )     —         699,333       (90,982 )     1,064,979       493,082       1,558,061  
Profit for the period     —         —         —         —         —         —         —         —         (2,077 )     (2,077 )     24,708       22,631  
Other comprehensive income for the period     —         —         —         158,688       (29,802 )     55,946       —         36,031       —         220,863       59,762       280,625  
Total comprehensive income for the period     —         —         —         158,688       (29,802 )     55,946       —         36,031       (2,077 )     218,786       84,470       303,256  
Dividend distribution     —         —         —         —         —         —         —         —         —         —         (6,841 )     (6,841 )
Transfer to legal reserve     —         —         16,807       —         —         —         —         —         (16,807 )     —         —         —    
Contributions from non-controlling
Shareholders
    —         —         —         —         —         —         —         (1,016 )     —         (1,016 )     1,032       16  
Total transactions with the owner of the Company     —         —         16,807       —         —         —         —         (1,016 )     (16,807 )     (1,016 )     (5,809 )     (6,825 )
Balances as of June 30, 2023     236,547       386,045       73,121       (31,701 )     (44,935 )     39,190       —         734,348       (109,866 )     1,282,749       571,743       1,854,492  
Balances as of December 31, 2023     8,820       —         79,782       140,066       6,422       (29,548 )     231       1,626,411       (366,899 )     1,465,285       311,281       1,776,566  
Loss for the period     —         —         —         —         —         —         —         —         (9,582 )     (9,582 )     9,170       (412 )
Other comprehensive loss for the period     —         —         —         (110,245 )     7,653       (20,266 )     559       —         —         (122,299 )     (5,929 )     (128,228 )
Total comprehensive loss for the period     —         —         —         (110,245 )     7,653       (20,266 )     559       —         (9,582 )     (131,881 )     3,241       (128,640 )
Issuance of common stock, net of issuance costs     1,112       1,207,515       —         —         —         —         —         —         —         1,208,627       —         1,208,627  
Capitalization of merger reserve     7,453       —         —         —         —         —         —         (7,453 )     —         —         —         —    
Acquisition of non-controlling interest     —         —         —         18,909       —         —         —         (1,076,628 )     —         (1,057,719 )     (159,910 )     (1,217,629 )
Change in fair value of put and call liability     —         —         —         —         —         —         —         (4,765 )     —         (4,765 )     —         (4,765 )
Equity-settled share-based payment     —         —         —         —         —         —         —         —         567       567       —         567  
Total transactions with the owner of the Company     8,565       1,207,515       —         18,909       —         —         —         (1,088,846 )     567       146,710       (159,910 )     (13,200 )
Balances as of June 30, 2024     17,385       1,207,515       79,782       48,730       14,075       (49,814 )     790       537,565       (375,914 )     1,480,114       154,612       1,634,726

 

 

 

3 


Auna S.A. and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows
For the six months ended June 30, 2024 and 2023

 

    Six-month period ended June 30
In thousands of soles   2024   2023
Cash flows from operating activities                
(Loss) profit for the period     (412 )     22,631  
Adjustments for:                
Depreciation     59,840       70,239  
Depreciation of right-of-use assets     13,608       12,364  
Amortization     38,947       38,230  
(Reversal) Impairment of inventories     (2,194 )     (456 )
Equity-settled share-based payment transactions     567       —    
Loss on disposal of property, furniture, and equipment     813       1,234  
Loss (Gain) on disposal of right-of-use assets net of leases liabilities     60       (6 )
Loss on disposal of intangibles     1,168       3  
Loss for impairment of trade receivables     2,835       2,775  
Share of profit of equity-accounted investees     (4,516 )     (2,831 )
Technical provisions and other provisions     440       200  
Other income for reversal of contingent consideration     —         (4,095 )
Finance income     (15,319 )     (50,825 )
Finance costs     365,375       268,239  
Income tax expense     19,467       43,392  
Net changes in assets and liabilities:                
Trade accounts receivable and other assets     (211,635 )     (130,329 )
Inventories     6,505       573  
Trade accounts payable and other accounts payable     91,516       44,664  
Provisions     (2,146 )     (1,258 )
Insurance contract liabilities     5,834       20,148  
Cash from operating activities     370,753       334,892  
Income tax paid     (111,496 )     (73,296 )
Interest received     12,137       7,186  
Net cash from operating activities     271,394       268,782  
Cash flows from investing activities                
Acquisition of subsidiary, net of cash acquired     —         (59,994 )
Purchase of properties, furniture, and equipment     (34,880 )     (40,134 )
Proceeds from sale of property, furniture, and equipment     127       522  
Purchase of intangibles     (22,010 )     (14,676 )
Dividends from equity-accounted investees     622       —    
Other assets (Trust funds)     —         94,539  
Purchase of other investments     (12,819 )     (14,691 )
Proceeds from advance payment for purchase of shares     —         11,592  
Payment for contingent consideration     (46,991 )     (33,210 )
Net cash used in investing activities     (115,951 )     (56,052 )
Cash flows from financing activities                
Proceeds from issuance of common stock in initial public offering, net of issuance costs     1,267,794       —    
Payments of initial public offering costs     (15,842 )     —    
Proceeds from loans and borrowings     474,540       2,261,000  
Payment of loans and borrowings     (437,446 )     (2,111,504 )
Payment of lease liabilities     (22,607 )     (20,403 )
Payment for derivatives premiums     (35,328 )     (15,044 )
Contributions from non-controlling shareholders     —         16  
Payment for costs of Extinguishment of debt     (16,607 )     —    
Interest paid     (229,067 )     (253,325 )
Dividend paid     —         (6,841 )
Acquisition of non-controlling interest     (1,217,629 )     —    
Net cash used in financing activities     (232,192 )     (146,101 )
Net (decrease) increase in cash and cash equivalents     (76,749 )     66,629  
Cash and cash equivalents at January 1     241,133       208,694  
Exchange difference on cash and cash equivalents for the period     (6,655 )     (16,537 )
Cash and cash equivalents at June 30     157,729       258,786  
Transactions not representing cash flows                
Assets acquired through finance lease and other financing     4,653       4,601  
Assets acquired from suppliers in installments     137       9,470  

 

4 


Auna S.A. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2024

 

Operating Segments

 

A. Basis for segmentation

 

The Group has determined four reportable segments. These operating segments are components of a company about which separate financial information is available that is regularly evaluated by the Board of Directors (Chief operating decision maker) in deciding how to allocate resources and assess performance.

 

The following summary describes the operations of each reportable segment.

 

Reportable segments Operations
Oncosalud Peru Including our prepaid oncologic healthcare plans and healthcare services related to the treatment of cancer.
Healthcare services in Peru Corresponds to medical services within the network of clinics and health centers in Peru.
Healthcare services in Colombia Corresponds to medical services within the network of clinics and health centers in Colombia.
Healthcare services in Mexico Corresponds to medical services within the network of clinics and health centers, and the insurance business in Mexico.

 

B. Information about reportable segments

 

Information related to each reportable segment is set out below. Segment profit (loss) before tax is used to measure performance because the chief operating decision maker believes that this information is the most relevant for the Group.

 

5 


Auna S.A. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2024

 

For the three months period ended June 30, 2024:

 

    Reportable segments
In thousands of soles  

Oncosalud

Peru

 

Healthcare services in Peru

 

Healthcare services in Colombia

 

Healthcare services in Mexico

 

Total reportable segments

 

Holding and eliminations

 

Total

2024                            
External revenues     257,589       182,916       377,624       302,355       1,120,484       —         1,120,484  
Inter-segment revenue (i)     10,952       72,077       —         —         83,029       (83,029 )     —    
Segment revenue     268,541       254,993       377,624       302,355       1,203,513       (83,029 )     1,120,484  
External cost of service     (78,814 )     (170,403 )     (273,191 )     (170,716 )     (693,124 )     —         (693,124 )
Inter-segment cost of service (i)     (72,215 )     (10,313 )     —         —         (82,528 )     82,528       —    
Segment cost of service     (151,029 )     (180,716 )     (273,191 )     (170,716 )     (775,652 )     82,528       (693,124 )
Gross profit     117,512       74,277       104,433       131,639       427,861       (501 )     427,360  
External selling expenses     (40,099 )     (5,688 )     (1,583 )     18       (47,352 )     (300 )     (47,652 )
Segment selling expenses     (40,099 )     (5,688 )     (1,583 )     18       (47,352 )     (300 )     (47,652 )
External administrative expenses     (19,522 )     (25,563 )     (52,312 )     (63,039 )     (160,436 )     —         (160,436 )
Inter-segment administrative expenses     (94 )     (2,238 )     —         —         (2,332 )     2,332       —    
Corporate expenses     (17,493 )     (14,908 )     (2,953 )     (2,232 )     (37,586 )     (3,537 )     (41,123 )
Segment administrative expenses     (37,109 )     (42,709 )     (55,265 )     (65,271 )     (200,354 )     (1,205 )     (201,559 )
Impairment losses on trade receivables     17       162       (2,995 )     (210 )     (3,026 )     (5 )     (3,031 )
Other income     591       1,324       1,094       4,342       7,351       249       7,600  
Inter-segment other income     3,773       496       —         —         4,269       (4,269 )     —    
Other income     4,364       1,820       1,094       4,342       11,620       (4,020 )     7,600  
Segment operating profit (loss)     44,685       27,862       45,684       70,518       188,749       (6,031 )     182,718  
Share of profit of equity accounted investees, net of taxes     930       —         1,347       —         2,277       —         2,277  
Exchange difference, net     173       (3,733 )     (36,485 )     (19,005 )     (59,050 )     9,557       (49,493 )
Interest expense, net     (4,206 )     (11,635 )     (28,301 )     (62,039 )     (106,181 )     (26,446 )     (132,627 )
Segment profit (loss) before tax     41,582       12,494       (17,755 )     (10,526 )     25,795       (22,920 )     2,875  
Other disclosures                                                        
Depreciation and amortization     (7,956 )     (10,473 )     (10,828 )     (24,504 )     (53,761 )     (2,200 )     (55,961 )
Capital expenditure     (4,416 )     (9,278 )     (12,863 )     (6,301 )     (32,858 )     (3,069 )     (35,927 )
Segment assets     52,473       59,213       (103,508 )     (358,346 )     (350,168 )     (57,748 )     (407,916 )
Segment liabilities     24,482       51,944       (56,140 )     (186,564 )     (166,278 )     (76,860 )     (243,138 )

 

6 


Auna S.A. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2024

 

For the three months period ended June 30, 2023:

 

    Reportable segments
In thousands of soles  

Oncosalud

Peru

 

Healthcare services in Peru

 

Healthcare services in Colombia

 

Healthcare services in Mexico

 

Total reportable segments

 

Holding and eliminations

 

Total

2023                            
External revenues     219,846       163,205       281,521       281,314       945,886       —         945,886  
Inter-segment revenue (i)     10,257       53,561       —         —         63,818       (63,818 )     —    
Segment revenue     230,103       216,766       281,521       281,314       1,009,704       (63,818 )     945,886  
External cost of service     (66,432 )     (160,121 )     (203,026 )     (156,604 )     (586,183 )     —         (586,183 )
Inter-segment cost of service (i)     (52,854 )     (9,104 )     —         —         (61,958 )     61,958       —    
Segment cost of service     (119,286 )     (169,225 )     (203,026 )     (156,604 )     (648,141 )     61,958       (586,183 )
Gross profit     110,817       47,541       78,495       124,710       361,563       (1,860 )     359,703  
External selling expenses     (42,035 )     (4,426 )     (1,598 )     (2,893 )     (50,952 )     (156 )     (51,108 )
Segment selling expenses     (42,035 )     (4,426 )     (1,598 )     (2,893 )     (50,952 )     (156 )     (51,108 )
External administrative expenses     (19,516 )     (24,889 )     (46,382 )     (58,525 )     (149,312 )     —         (149,312 )
Inter-segment administrative expenses     (230 )     (1,540 )     —         —         (1,770 )     1,770       —    
Corporate expenses     (21,954 )     (19,053 )     (1,473 )     —         (42,480 )     303       (42,177 )
Segment administrative expenses     (41,700 )     (45,482 )     (47,855 )     (58,525 )     (193,562 )     2,073       (191,489 )
Impairment losses on trade receivables     232       (230 )     (1,140 )     (406 )     (1,544 )     (71 )     (1,615 )
Other expenses                                                        
Other income     379       1,702       11,642       6,648       20,371       —         20,371  
Inter-segment other income     2,765       287       —         —         3,052       (3,052 )     —    
Other income     3,144       1,989       11,642       6,648       23,423       (3,052 )     20,371  
Segment operating profit (loss)     30,458       (608 )     39,544       69,534       138,928       (3,066 )     135,862  
Share of profit of equity accounted investees, net of taxes     581       —         1,088       —         1,669       —         1,669  
Exchange difference, net     1,996       1,222       53,943       14,448       71,609       (41,647 )     29,962  
Interest expense, net     (5,767 )     (11,167 )     (22,037 )     (63,568 )     (102,539 )     (23,177 )     (125,716 )
Segment profit (loss) before tax     27,268       (10,553 )     72,538       20,414       109,667       (67,890 )     41,777  
Other disclosures                                                        
Depreciation and amortization     (7,231 )     (10,144 )     (9,844 )     (26,843 )     (54,062 )     (2,267 )     (56,329 )
Capital expenditure     (4,820 )     (5,200 )     (16,161 )     7,849       (18,332 )     (2,736 )     (21,068 )
Segment assets     31,027       27,362       188,459       92,852       339,700       (232,060 )     107,640  
Segment liabilities     (46,528 )     32,042       (34,811 )     51,991       2,694       (142,290 )     (139,596 )

 

7 


Auna S.A. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2024

 

For the six months period ended June 30, 2024:

  

    Reportable segments
In thousands of soles  

Oncosalud

Peru

 

Healthcare services in Peru

 

Healthcare services in Colombia

 

Healthcare services in Mexico

 

Total reportable segments

 

Holding and eliminations

 

Total

2024                            
External revenues     502,430       356,775       726,510       610,798       2,196,513       —         2,196,513  
Inter-segment revenue (i)     19,547       139,144       —         —         158,691       (158,691 )     —    
Segment revenue     521,977       495,919       726,510       610,798       2,355,204       (158,691 )     2,196,513  
External cost of service     (154,523 )     (332,413 )     (533,038 )     (334,784 )     (1,354,758 )     —         (1,354,758 )
Inter-segment cost of service (i)     (139,406 )     (18,283 )     —         —         (157,689 )     157,689       —    
Segment cost of service     (293,929 )     (350,696 )     (533,038 )     (334,784 )     (1,512,447 )     157,689       (1,354,758 )
Gross profit     228,048       145,223       193,472       276,014       842,757       (1,002 )     841,755  
External selling expenses     (81,247 )     (10,200 )     (3,314 )     (5,682 )     (100,443 )     (460 )     (100,903 )
Segment selling expenses     (81,247 )     (10,200 )     (3,314 )     (5,682 )     (100,443 )     (460 )     (100,903 )
External administrative expenses     (36,971 )     (51,233 )     (100,602 )     (129,450 )     (318,256 )     —         (318,256 )
Inter-segment administrative expenses     (171 )     (2,737 )     —         —         (2,908 )     2,908       —    
Corporate expenses     (32,333 )     (29,984 )     (5,905 )     (4,462 )     (72,684 )     (1,546 )     (74,230 )
Segment administrative expenses     (69,475 )     (83,954 )     (106,507 )     (133,912 )     (393,848 )     1,362       (392,486 )
Impairment losses on trade receivables     102       404       (2,998 )     (415 )     (2,907 )     72       (2,835 )
Other income     1,191       2,807       2,778       12,439       19,215       (151 )     19,064  
Inter-segment other income     5,505       501       —         —         6,006       (6,006 )     —    
Other income     6,696       3,308       2,778       12,439       25,221       (6,157 )     19,064  
Segment operating profit (loss)     84,124       54,781       83,431       148,444       370,780       (6,185 )     364,595  
Share of profit of equity accounted investees, net of taxes     1,943       —         2,573       —         4,516       —         4,516  
Exchange difference, net     (1,432 )     (5,155 )     (37,707 )     (12,206 )     (56,500 )     9,921       (46,579 )
Interest expense, net     (10,448 )     (23,171 )     (57,786 )     (158,310 )     (249,715 )     (53,762 )     (303,477 )
Segment profit (loss) before tax     74,187       26,455       (9,489 )     (22,072 )     69,081       (50,026 )     19,055  
Other disclosures                                                        
Depreciation and amortization     (15,764 )     (20,713 )     (21,499 )     (50,067 )     (108,043 )     (4,352 )     (112,395 )
Capital expenditure     (7,946 )     (15,844 )     (21,862 )     (10,408 )     (56,060 )     (5,620 )     (61,680 )
Segment assets     2,200,846       970,690       2,372,301       3,508,279       9,052,116       (1,559,626 )     7,492,490  
Segment liabilities     1,107,415       629,106       1,488,024       2,239,121       5,463,666       394,098       5,857,764  

 

8 


Auna S.A. and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
June 30, 2024

 

For the six months period ended June 30, 2023:

 

    Reportable segments
In thousands of soles  

Oncosalud

Peru

 

Healthcare services in Peru

 

Healthcare services in Colombia

 

Healthcare services in Mexico

 

Total reportable segments

 

Holding and eliminations

 

Total

2023                            
External revenues     431,608       322,188       533,812       552,224       1,839,832       —         1,839,832  
Inter-segment revenue (i)     19,104       106,590       —         —         125,694       (125,694 )     —    
Segment revenue     450,712       428,778       533,812       552,224       1,965,526       (125,694 )     1,839,832  
External cost of service     (134,614 )     (313,297 )     (384,414 )     (319,893 )     (1,152,218 )     —         (1,152,218 )
Inter-segment cost of service (i)     (105,862 )     (17,441 )     —         —         (123,303 )     123,303       —    
Segment cost of service     (240,476 )     (330,738 )     (384,414 )     (319,893 )     (1,275,521 )     123,303       (1,152,218 )
Gross profit     210,236       98,040       149,398       232,331       690,005       (2,391 )     687,614  
External selling expenses     (79,581 )     (9,464 )     (2,928 )     (4,528 )     (96,501 )     (270 )     (96,771 )
Segment selling expenses     (79,581 )     (9,464 )     (2,928 )     (4,528 )     (96,501 )     (270 )     (96,771 )
External administrative expenses     (36,285 )     (45,743 )     (87,660 )     (92,392 )     (262,080 )     —         (262,080 )
Inter-segment administrative expenses     (405 )     (2,676 )     —         —         (3,081 )     3,081       —    
Corporate expenses     (38,279 )     (33,220 )     (2,946 )     —         (74,445 )     1,064       (73,381 )
Segment administrative expenses     (74,969 )     (81,639 )     (90,606 )     (92,392 )     (339,606 )     4,145       (335,461 )
Impairment losses on trade receivables     388       1,085       (3,356 )     (767 )     (2,650 )     (125 )     (2,775 )
Other expenses                                                        
Other income     518       2,580       12,876       12,024       27,998       1       27,999  
Inter-segment other income     5,150       497       —         —         5,647       (5,647 )     —    
Other income     5,668       3,077       12,876       12,024       33,645       (5,646 )     27,999  
Segment operating profit (loss)     61,742       11,099       65,384       146,668       284,893       (4,287 )     280,606  
Share of profit of equity accounted investees, net of taxes     1,047       —         1,784       —         2,831       —         2,831  
Exchange difference, net     1,476       1,723       76,365       17,556       97,120       (53,858 )     43,262  
Interest expense, net     (13,569 )     (20,942 )     (43,494 )     (136,623 )     (214,628 )     (46,048 )     (260,676 )
Segment profit (loss) before tax     50,696       (8,120 )     100,039       27,601       170,216       (104,193 )     66,023  
Other disclosures                                                        
Depreciation and amortization     (14,524 )     (20,258 )     (18,865 )     (62,648 )     (116,295 )     (4,538 )     (120,833 )
Capital expenditure     (7,436 )     (7,141 )     (39,474 )     (10,197 )     (64,248 )     (4,633 )     (68,881 )
Segment assets     2,016,170       880,518       2,100,475       3,716,132       8,713,295       (1,526,330 )     7,186,965  
Segment liabilities     982,079       593,995       1,363,770       2,272,997       5,212,841       119,632       5,332,473  

 

(i) Inter-segment cost of service (claims expense) from the Oncosalud Peru segment and intersegment revenue from our Healthcare Services in Peru segment are presented on a gross basis by adding the corresponding profit margin markup by our Healthcare Services in Peru segment and vice versa. Likewise, our Oncosalud Peru segment consolidates Oncocenter Peru S.A.C., a subsidiary providing healthcare services related to the exclusive treatment of cancer. In the separate financial statements of Oncocenter Peru S.A.C., the revenue mainly consists of the insurance claims expense recorded as cost of sales in the separate financial statements of Oncosalud S.A.C., our insurance subsidiary that is also consolidated in Oncosalud Peru segment. In the segment consolidation process the related revenues from such healthcare services are eliminated with the corresponding claims expense of our insurance subsidiary Oncosalud S.A.C., while the external cost (third parties) of services incurred by Oncocenter Peru S.A.C. remains.

 

9