Χρηματοοικονομική ανάλυση εισηγμένων και μη εισηγμένων επιχειρήσεων του κλάδου Υγείας στο Χρηματιστήριο Αξιών Αθηνών
Financial analysis of listed and unlisted companies in the sector of Health in the Athens Stock Exchange
SubjectΟικονομικά της υγείας ; Υπηρεσίες υγείας -- Διοίκηση και οργάνωση ; Health care organizations -- Economic apects ; Διοίκηση και οργάνωση υπηρεσιών υγείας -- Οικονομικές απόψεις
This thesis deals with the financial analysis of the five largest private companies in the health sector in Greece. The aims of this study are the followings: the analysis of the economic environment and its effects on the companies under study. the analysis of the health sector, through the commentary of its main determinants. the analysis of the balance sheet and income statement of operations. the analysis of financial statements through the investigation of major ratios and tables of capital movements. Conclusions This work refers to the six-year period 2004-2009. Five companies in the health sector are studied (YGEIA S.a., IASO S.a., IATRIKO S.a., EUROMEDICA S.a.,METROPOLITAN S.a.). The first four of them are listed on the Athens Stock Exchange (ASE). The conclusions that emerged from the analysis are: The Greek economy during the decade 2000-2010, showed significant variations in the growth of GDP, which was due to several domestic and international factors. The most important factor in the first five years was the completion of the works of the Athens 2004 Olympic Games. This had as a consequence the high rates of growth of GDP, which continued until 2007. The recession that hit the world economy since 2007 in conjunction with the reduction in private consumption and public and private investment, initially led to a substantial decline in growth in 2008, culminating in the negative values of the years 2009-2010. The favorable conditions until 2007 held a government debt (as a percentage of GDP) to an acceptable level regarding the obligations of Greece to the European Union. The state debt has changed dramatically since 2007, following a steep upward trend, reaching 143% of GDP in 2010. All the studied companies followed developmental policy during the period 2004-2009, increasing the elements of their balance sheets. The vast majority of the companiesliabilities comes from short-and long-term obligations with the exception of IASO. The development strategy of the companies, was based on business investment in fixed assets, mainly buildings, equipment and investments in other companies. The companies turnover shows an upward trend over time with a corresponding rise in the cost of sales. The profitability of the companies varies, as appropriate, depending on the progress of their profits with IASO presenting the highest rates. The credit of the companies is much larger than that which they themselves give to their customers ensuring this way their funding substantially from their suppliers in a short term period, justifying to some extent the low liquidity which they have presented in some periods. The companies studied, are characterized as intense fixed assets. The viability of the companies, despite the negative macroeconomic climate is high, mainly because of the minor impact that the crisis which struck Greece over recent years had in the health sector, the increase in turnover, the chosen extension strategy as well as the ability of firms to raise funds with beneficial terms, even under difficult conditions. The path of the companies shares listed on ASE was dramatically affected by the crisis in the Greek economy and followed the general path of the shares of the Stock Exchange. Thus, the upward trend of the shares since the beginning of 2004 until the autumn of 2007 was followed by a strong downward leading the stock prices at the end of 2009 to the levels of 2004. Finally, the companies capitals are ensured through their short-term obligations, longterm lending and an increase in their equity capitals. These funds have been channelled mainly to the increase of circulating assets, purchase and expansion of buildings and equipment as well as investments in other companies. In some cases, part of the funds is allocated to repay both long-term and short-term liabilities. The information sources originate mainly from the websites of the companies and their annual informative reports. All the diagrams related to each chapter are listed at the end of this chapter while all the analytic tables of the financial statements (balance sheets, income statements), ratios and capital movements are given in the annex.