Nightingale Health Plc: Unaudited financial information in accordance with IFRS for the comparative half-year periods

Company release, 22 March 2023 at 12 p.m. (EET)

Nightingale Health Plc ("Nightingale Health" or the "Company") published on 27 October 2022 its first consolidated financial statements prepared in accordance with IFRS for the financial year ended 30 June 2022. Before publishing the consolidated financial statements Nightingale Health provided comparative information on its consolidated statement of income, statement of financial position and key financials for the financial year ended 30 June 2021 and for the opening IFRS statement of financial position as at the transition date, 1 July 2020. The Company also announced that it will publish comparative IFRS information for the half-year periods ended on 31 December 2021 and 30 June 2022 before the publication of the H1/2022-2023 half-year report.

In this company release Nightingale Health publishes comparative IFRS information for the half-year periods ended on 31 December 2021 and 30 June 2022.

The financial information in this company release has not been audited.

Key financials for the half-year period 1 July 2021 – 31 December 2021

 

—   Revenue was EUR 1,272 thousand

—   EBITDA was EUR -4,128 thousand

—   Operating loss was EUR -5,907 thousand

—   Loss for the period was EUR -5,758 thousand

—   Earnings per share (EPS) amounted to EUR -0.1 (Series A shares and EMP shares) and EUR -0.1 (Series B shares)

—   Cash and cash equivalents at the end of the period totaled EUR 105,413 thousand

 

Key financials for the half-year period 1 January 2022 – 30 June 2022

 

—   Revenue was EUR 1,041 thousand

—   EBITDA was EUR -5,261 thousand

—   Operating loss was EUR -7,727 thousand

—   Loss for the period was EUR -10,332 thousand

—   Earnings per share (EPS) amounted to EUR -0.17 (Series A shares and EMP shares) and EUR -0.17 (Series B shares)

—   Cash and cash equivalents at the end of the period totaled EUR 95,279 thousand

 

Consolidated statement of income and comprehensive income 1 Jul 2021 – 31 Dec 2021*

EUR thousand		FAS 1 Jul 2021 – 31 Dec 2021		Total IFRS adjustments			IFRS 1 Jul 2021 – 31 Dec 2021
Revenue		1,322		-50			1,272
Other income		20		1			21
Materials and services		-404		-			-404
Employee benefits		-1,139		-1,747			-2,887
Depreciation, amortization, and impairment losses		-1,526		-252			-1,778
Other expenses		-3,050		944			-2,107
Share of joint venture’s result		-2		-22			-24
Operating profit (loss)		-4,780		-1,126			-5,907
Finance income		171		-117			54
Finance costs		-453		-63			-515
Fair value change in investment in convertible loan		-		537			537
Net finance items		-281		357			76
Profit (loss) before tax		-5,062		-769			-5,831
Income tax expense		-1		73			72
Profit (loss) for the period		-5,063		-696			-5,758
Consolidated statement of comprehensive income
Profit (loss) for the period		-5,063		-696			-5,758
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign operations - foreign currency translation differences, net of tax		-		-9			-9
Other comprehensive income for the period, net of tax		-		-9			-9
Total comprehensive income for the period		-5,063		-705			-5,768

Consolidated statement of income and comprehensive income 1 Jan 2022 – 30 Jun 2022*

EUR thousand	FAS 1 Jan 2022 –30 Jun 2022	FAS- correction	Total IFRS adjustments	IFRS 1 Jan 2022 – 30 Jun 2022
Revenue	884	-	157	1,041
Other income	242	-	-	242
Materials and services	-633	-	-	-633
Employee benefits	-1,845	-	-1,767	-3,613
Depreciation, amortization, and impairment losses	-1,713	-	-753	-2,466
Other expenses	-3,262	-	963	-2,299
Share of joint venture’s result	23	-	-22	1
Operating profit (loss)	-6,305	-	-1,422	-7,727
Finance income	755	-	-124	631
Finance costs	-706	-	43	-663
Fair value change in investment in convertible loan	-4,103	588	910	-2,604
Net finance items	-4,053	588	829	-2,636
Profit (loss) before tax	-10,358	588	-593	-10,363
Income tax expense	45	-	-14	31
Profit (loss) for the period	-10,313	588	-607	-10,332
Consolidated statement of comprehensive income
Profit (loss) for the period	-10,313	588	-607	-10,332
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign operations - foreign currency translation differences, net of tax	-	-	38	38
Other comprehensive income for the period, net of tax	-	-	38	38
Total comprehensive income for the period	-10,313	588	-569	-10,294

* A more detailed bridge calculation of the IFRS transition from the consolidated statement of income is presented in appendix A of this company release. The adjustments made are described in more detail in Note 2 Transition to IFRS of the consolidated financial statements of 1 July 2021–30 June 2022.

Consolidated statement of financial position 31 Dec 2021*

EUR thousand	FAS 31 Dec 2021	Total IFRS adjustments	IFRS 31 Dec 2021
Assets
Non-current assets
Goodwill	710	-247	463
Intangible assets	15,692	-1,746	13,946
Property, plant and equipment	1,460	1,580	3,041
Right-of-use assets	-	5,061	5,061
Equity-accounted investees	53	48	101
Investment in convertible loan	3,649	420	4,068
Other assets	491	-185	307
Total non-current assets	22,056	4,930	26,987
Current assets
Inventories	536	-	536
Trade and other receivables	1,197	-11	1,186
Cash and cash equivalents	105,413	-	105,413
Total current assets	107,147	-11	107,136
Total assets	129,203	4,920	134,123
Equity and liabilities
Equity
Share capital	80	-	80
Reserve for invested unrestricted equity	147,338	-5,010	142,327
Translation differences	3	-1	2
Retained loss	-27,097	4,854	-22,243
Total equity	120,324	-157	120,167
Liabilities
Non-current liabilities
Loans and borrowings	2,288	689	2,978
Lease liabilities	-	2,615	2,615
Total non-current liabilities	2,288	3,305	5,593
Current liabilities
Loans and borrowings	1,711	354	2,065
Lease liabilities	-	1,447	1,447
Advances received	1,701	-	1,701
Trade and other payables	3,179	-29	3,150
Total current liabilities	6,591	1,772	8,363
Total liabilities	8,879	5,077	13,956
Total equity and liabilities	129,203	4,920	134,123

 

* A more detailed bridge calculation of the IFRS transition from the consolidated statement of financial position is presented in appendix B of this company release. The adjustments made are described in more detail in Note 2 Transition to IFRS of the consolidated financial statements of 1 July 2021–30 June 2022.

For further information, please contact:

CEO Teemu Suna

[email protected]

 

Certified Adviser:

Oaklins Merasco Ltd, tel. +358 9 6129 670

Appendices

Nightingale Health Plc Company release IFRS comparative information, which includes:

Appendix A Consolidated statement of income and consolidated statement of comprehensive income 1 Jul 2021 – 31 Dec 2021 and 1 Jan 2022 – 30 Jun 2022.

Appendix B Consolidated statement of financial position 31 Dec 2021

About Nightingale Health

Nightingale Health is The Preventative Health Company. Staying healthy is one of the top priorities in human life. Our health has a profound impact on our quality of life, and it’s also strongly connected to the lives of those close to us. Nightingale Health enables prevention by combining the power of our in-house developed, advanced blood analysis technology with unprecedented access to global health repositories and world-leading medical research. With this combination, we go beyond the traditional healthcare and wellbeing tools: We provide the scientific connection to multiple health and disease outcomes and the ability to predict future healthy years.