Preliminary financial report for 2015 The activity level in 2015 has been higher than 2014 with 601 thousand examinations compared with last year's level of 547 thousand. With this production the company has generated income of MNOK 517 compared to MNOK 461 last year. Reported EBITDA is also up to MNOK 145 against last year's MNOK 114. The average income per examination at 861 NOK is strong based on a relatively high number of MRI and CT patients. This is up from NOK 841 last year. The number of MRI examinations per opening hours has increased from 3,81 in 2014 to 3,93 at the end of 2015. The company is continously working to improve this measure of efficiency. The company opened its first clinic in Sweden (Uppsala) in 2015. With a production of 31 thousand examinations the branch was already at break even earnings wise in 2015. The company has participated in public tenders for the Health Region South-East (Helse Sør-Øst) and Health Region North (Helse Nord) and been awarded continued contract for Health North and enlarged scope for Health South-East. Both of these with effect from 1st January 2016 running for three years with possibility for prolongation with up to one year. Curato participated also in a public tender also for the Health Region West (Helse Vest), and was awarded contract in it's locations in Bergen and Stavanger with effect from September 2016. In addition, it has been awarded a contract for two new locations in Blekinge, Sweden. Depreciations include an amount of NOK 57,9m which relates to depreciations on fair value adjustments that appeared as a result of the change of ownership in 2013. With an equity ratio of 24,8% and NOK 113,1m available in cash and bank deposits the financial position of the company is strong. Highlights from the fourth quarter include - Renewed contract with Helth Region West, clinics Bergen and Stavanger. - Awarded contract in Blekinge, Sweden.
Oslo, 27th January 2016
Board and CEO Curato Holding AS Group
Curato Holding AS - Group Consolidated statement of profit and loss
Operating expenses Cost of goods sold Salaries and payroll costs Depreciation and amortization on increased fair value adj. Depreciation and amortization other Impairment Other operating expenses Total Operating expenses
Tax Result for the period
2
Full Year Ending 31.12.2015 31.12.2014
5
4
Curato Holding AS - Group Consolidated statement of financial position Amounts in NOK thousands Assets
Liabilities Provisions Other non-current liabilities Current liabilities
6
Curato Holding AS - Group Cash flow statement All figures in NOK 1 000
YTD 2015
Cash flow from operating activities Result before tax Taxes paid Depreciations and amortizations Profit/(loss) on sale material assets Difference on pension paid and cost pension Interest income Interest costs Finance items without cash effect Changes in stock, receivables, payables and accruals Net Cash flow from operating activities
Cash flow from investments activities Cash flow for purchase of material and immaterial assets Net payment on purchase of subsidiary Payment received for sale of material and immaterial assets Received interest Net Cash flow from investments activities
-24 893 0 772 1 246 -22 874
-31 586 23 006 438 1 723 -6 420
-29 882 23 006 438 3 105 -3 334
Net cash flow before finance items
120 173
50 349
96 906
Cash flow from finance items Repayment of interest bearing debt Interest paid Net Cash flow from finance items
-33 593 -44 230 -77 822
-502 981 -39 409 -542 391
-526 107 -50 250 -576 357
Net cash flow for the period Cash and cash equivalents 01.01 Cash and cash equivalents end period
42 351 70 795 113 146
-492 042 550 437 58 395
-479 451 550 246 70 795
Curato Holding AS - Group
Consolidated statement of changes in equity Year to date period ending 31.12.2015
Amounts in NOK thousands
Equity as of 1st January 2015
Share Capital 2 075
Share premium 205 925
Profit for the period Exchange rate differences Equity as of end of period
2 075
205 925
Retained earnings -43 303
Total 164 697
24 493
24 493
-18 810
409 189 599
Curato Holding AS - Group
Notes to interim group results For the period ending 31.12.2015 Note - 1 - Accounting principles The interim results are presented according to IAS 34 and general accounting principles in Norway. The principles used are the same as for the annual accounts for 2014. The preliminary accounts have not been audited. Note - 2 - Segment reporting The group's only business is within medical radiology and the group does therefore not need to report on segment.
Note - 3 - Interim cyclicality The group has no material fluctuation in production and turnover during the year. In 2014 the lowest quarter was 6 % below average and the highest was 5 % above average. Based on this structure the company has chosen not to report on cycliacality. Note - 4 - Tax calculated For interim reporting the tax has not been calculated. The expected tax rate has been used with correction for known factual tax adjustment. For Norway this is 27 % while 22 % has been used for Sweden. Note - 5 - Pension The group's major pension plan is a contribution plan where the group contributes with monthly fees and does not have any obligation after that. It does however also have a pension benefit plan for a few employees where the liability is calculated at year end by authorized actuaries. The cost for this plan amounts to less than 2 % of total pension costs and it has not been updated as of interm reporting. Note - 6 - Equity and loan The group amortized MNOK 20 on the bond loan in November 2015 and has amortization of MNOK 20 in November 2016.
Curato Holding AS - Group
Statement from the chief executive and chief financial officers For the period ending 31.12.2015 The chiefexecutive and chieffinancial oflicers ofthe group have today discussed and approved the interim financial report for the period ending 3l .12.2015. The accounts have been prepared according to IAS 34 Interim reporting and general Norwegian
accounting priciples.
The chief executive and chieffinancial oflicers find the report to present the accurate picture ofthe operational and financial status ofthe group, and to be presented in accordance with the accounting principles mentioned. It also gives according the board's and chiefexcecutive oflice/s bestjudgement, the correct description ofthe material risk and uncertainty factors for the group's operational and financial statement.
