EX-99.2 3 dp211540_ex9902.htm EXHIBIT 99.2

 

Exhibit 99.2

 

   
 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries
Condensed Consolidated Interim Financial Statements

 

March 31, 2024

 

 

 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries

 

Condensed Consolidated Interim Financial Statements

 

March 31, 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 - 8

 

 

 

 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries
Condensed Consolidated Interim Statement of Financial Position
As of March 31, 2024 and December 31, 2023

 

In thousands of soles March 31,
2024		 December 31, 2023   In thousands of soles

March 31,

2024

 December 31, 2023
Assets       Liabilities    
Current assets       Current liabilities    
Cash and cash equivalents 313,444 241,133   Loans and borrowings 459,704 385,300
Trade accounts receivable 941,009 860,916   Lease liabilities 31,637 31,867
Other assets 188,550 222,728   Trade accounts payable 805,183 749,349
Inventories 126,559 130,521   Other accounts payable 514,201 463,600
Derivative financial instruments 3 721   Provisions 18,555 19,074
Other investments 99,020 93,132   Insurance contract liabilities 51,261 39,853
Total current assets 1,668,585 1,549,151   Deferred income 244 267
        Total current liabilities 1,880,785 1,689,310
Non-current assets            
Trade accounts receivable 578 420   Non-current liabilities    
Other assets 22,203 21,573   Loans and borrowings 3,368,901 3,376,282
Investments in associates and joint venture 20,427 20,584   Lease liabilities 120,168 126,178
Other investments 312 289   Trade accounts payable 4,144 3,906
Property, furniture, and equipment 2,597,045 2,573,140   Other accounts payable 267,031 221,132
Intangible assets 3,183,199 3,129,187   Deferred tax liabilities 459,568 495,826
Right-of-use assets 133,874 139,386   Deferred income 305 352
Investment properties 7,095 6,959   Total non-current liabilities 4,220,117 4,223,676
Derivative financial instruments 78,187 81,492   Total liabilities 6,100,902 5,912,986
Deferred tax assets 188,901 167,371        
Total non-current assets 6,231,821 6,140,401   Equity    
        Share capital 17,385 8,820
        Share premium 1,208,496 -
        Reserves 794,851 1,823,364
        Retained losses (379,955) (366,899)
        Equity attributable to the owner of the Company 1,640,777 1,465,285
        Non-controlling interest 158,727 311,281
        Total equity 1,799,504 1,776,566
Total assets 7,900,406 7,689,552   Total liabilities and equity 7,900,406 7,689,552

1 

 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries
Condensed Consolidated Interim Statement of Income and Other Comprehensive Income (Loss)
For the three months ended March 31, 2024 and 2023

 

In thousands of soles

Three-month period

ended March 31

2024 2023
Revenue    
Insurance revenue 252,196 213,726
Healthcare services revenue 751,178 617,747
Sale of medicines 72,655 62,473
Total revenue from contracts with customers 1,076,029 893,946
Cost of sales and services (661,634) (566,035)
Gross profit 414,395 327,911
Selling expenses (53,251) (45,663)
Administrative expenses (190,927) (143,972)
Reversal (loss) for impairment of trade receivables 196 (1,160)
Other income 11,464 7,628
Operating profit 181,877 144,744
Finance income 8,739 17,735
Finance costs  (176,675) (139,395)
Net finance cost  (167,936) (121,660)
Share of profit of equity-accounted investees 2,239 1,162
Profit before tax 16,180 24,246
 Income tax expense (24,516) (24,116)
(Loss) profit for the period (8,336) 130
Other comprehensive loss    

Items that are or may be reclassified

subsequently to profit or loss

    
Cash flow hedges (9,378) (343)
Foreign operations – foreign currency translation differences 48,812 110,882
Equity-accounted investees – share of OCI - (39)
Changes in fair value of put and call liability (2,405) (4,024)
Income tax 1,987 101
Other comprehensive income for the period, net of tax 39,016 106,577
Total comprehensive income for the period 30,680 106,707
Loss (income) attributable to:    
Owner of the Company  (13,335) (3,824)
Non-controlling interest  4,999 3,954
  (8,336) 130
Total comprehensive income attributable to:    
Owner of the Company 23,324 99,238
Non-controlling interest 7,356 7,469
  30,680 106,707
Earnings per share    
Basic and diluted earnings per share       (0.28) (0.09)

2 

 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries
Condensed Consolidated Interim Statement of Changes in Equity
For the three months ended March 31, 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  -     -     -     -     -     -    - - (3,824) (3,824) 3,954 130
Other comprehensive loss for the period  -     -     -    107,328 (2,708) 2,466 - (4,024) - 103,062 3,515 106,577
Total comprehensive loss for the period       107,328 (2,708) 2,466 - (4,024) (3,824) 99,238 7,469 106,707
Dividend distribution  -     -     -     -     -     -     -     -     -     -    (6,841) (6,841)
Total transactions with the owner of the Company  -     -     -     -     -     -     -     -     -     -    (6,841) (6,841)
Balances as of March 31, 2023 236,547 386,045 56,314 (83,061) (17,841) (14,290) - 695,309 (94,806) 1,164,217 493,710 1,657,927
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
Profit for the period - - - - - - - - (13,335) (13,335) 4,999 (8,336)
Other comprehensive income for the period - - - 46,455 (6,569) (822) - (2,405) - 36,659 2,357 39,016
Total comprehensive income for the period - - - 46,455 (6,569) (822) - (2,405) (13,335) 23,324 7,356 30,680
Issuance of common stock, net of issuance costs 1,112 1,208,496 - - - - - - - 1,209,608 - 1,209,608
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)
Equity-settled share-based payment - - - - - - - - 279 279 - 279
Total transactions with the owner of the Company 8,565 1,208,496 - 18,909 - - - (1,084,081) 279 152,168 (159,910) (7,742)
Balances as of March 31, 2024 17,385 1,208,496 79,782 205,430 (147) (30,370) 231 539,925 (379,955) 1,640,777 158,727 1,799,504

3 

 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries
Condensed Consolidated Interim Statement of Cash Flows
For the three months ended March 31, 2024 and 2023

 

  Three-month period ended
March 31
In thousands of soles 2024 2023
Cash flows from operating activities    
(Loss) profit for the period                   (8,336) 130
Adjustments for:    
Depreciation 29,975 39,526
Depreciation of right-of-use assets 6,788 6,114
Amortization 19,671 18,865
(Gain) loss for Impairment of inventories                       (1,039) 456
Equity-settled share-based payment transactions 279 -   
Loss on disposal of property, furniture, and equipment 175 224
Gain on disposal of right-of-use assets net of leases liabilities 60 (6)
Loss on disposal of intangibles                                 -    3
(Gain) loss for impairment of trade receivables                           (196) 1,160
Share of profit of equity-accounted investees                      (2,239) (1,162)
Technical provisions and other provisions                            257 551
Finance income                      (8,739) (17,735)
Finance costs 176,675 139,395
Income tax expense 24,516 24,116
Net changes in assets and liabilities:    
Trade accounts receivable and other assets                  (109,174) (91,198)
Inventories                         6,140 (6,164)
Trade accounts payable and other accounts payable                     52,223 41,525
Provisions                        (1,144) (2,942)
Insurance contract liabilities                       10,621 4,685
Cash from operating activities          196,513 157,543
Income tax paid                   (47,206) (10,497)
Interest received 5,010 4,280
Net cash from operating activities          154,317 151,326
Cash flows from investing activities    
Acquisition of subsidiary, net of cash acquired                                 -    (60,209)
Purchase of properties, furniture, and equipment                     (18,130) (19,565)
Proceeds from sale of property, furniture, and equipment                             (97) -
Purchase of intangibles                      (8,372) (5,291)
Purchase of other investments                      (4,370) (5,808)
Proceeds from advance payment for purchase of shares                                 -    11,592
Payment for contingent consideration                                 -    (614)
Net cash used in investing activities          (30,969) (79,895)
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                      (5,806) -   
Proceeds from loans and borrowings                    161,637 229,162
Payment of loans and borrowings                 (163,652) (164,434)
Payment of lease liabilities                      (11,199) (10,112)
Payment for derivatives premiums                        (1,168) -
Payment for costs of Extinguishment of debt                    (15,837) -   
Interest paid                     (88,118) (69,570)
Acquisition of non-controlling interest            (1,202,825) -   
Net cash used in financing activities          (59,174) (14,954)
Net increase in cash and cash equivalents 64,174 56,477
Cash and cash equivalents at January 1 241,133 208,694
Exchange difference on cash and cash equivalents for the period 8,137 190
Cash and cash equivalents at March 31 313,444 265,361
Transactions not representing cash flows    
Assets acquired through finance lease and other financing 869 4,376
Assets acquired from suppliers in installments 1,619 4,038

4 

 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 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. (Formerly Known as Auna S.A.A.) and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2024

 

For the three months period ended March 31, 2024:

 

In thousands of soles Reportable segments    

Oncosalud

 

Peru

 

 Healthcare services in Peru Healthcare services in Colombia Healthcare services in Mexico Total reportable segments Holding and eliminations Total
2024              
External revenues 244,841 173,859 348,886 308,443 1,076,029 - 1,076,029
Inter-segment revenue (i) 8,595 67,067 - - 75,662 (75,662) -
Segment revenue 253,436 240,926 348,886 308,443 1,151,691 (75,662) 1,076,029
External cost of service (75,709) (162,010) (259,847) (164,068) (661,634) - (661,634)
Inter-segment cost of service (i) (67,191) (7,970) - - (75,161) 75,161 -
Segment cost of service (142,900) (169,980) (259,847) (164,068) (736,795) 75,161 (661,634)
Gross profit 110,536 70,946 89,039 144,375 414,896 (501) 414,395
External selling expenses (41,148)              (4,512) (1,731) (5,700)              (53,091)                 (160)              (53,251)
Segment selling expenses (41,148) (4,512) (1,731) (5,700) (53,091) (160) (53,251)
External administrative expenses (17,449) (25,670) (48,290)            (66,411)            (157,820)                      -               (157,820)
Inter-segment administrative expenses (77) (499) -                      -                      (576)                   576                        -   
Corporate expenses (14,840) (15,076) (2,952)              (2,230)              (35,098)                1,991              (33,107)
Segment administrative expenses (32,366) (41,245) (51,242) (68,641) (193,494) 2,567 (190,927)
Impairment losses on trade receivables 85 242 (3) (205) 119 77 196
Other income 600 1,483 1,684 8,097 11,864 (400) 11,464
Inter-segment other income 1,732 5 - - 1,737 (1,737) -
Other income 2,332 1,488 1,684 8,097 13,601 (2,137) 11,464
Segment operating profit (loss) 39,439 26,919              37,747              77,926              182,031                 (154)              181,877
Share of profit of equity accounted investees, net of taxes 1,013                      -    1,226                      -    2,239                      -    2,239
Exchange difference, net (1,605)              (1,422)              (1,222)                 6,799                    2,550                   364                  2,914
Interest expense, net (6,242)            (11,536)            (29,485)            (96,271)            (143,534)            (27,316)            (170,850)
Segment profit (loss) before tax 32,605 13,961 8,266            (11,546)                43,286            (27,106)                16,180
Other disclosures              
Depreciation and amortization (7,808) (10,240) (10,671) (25,563) (54,282) (2,152) (56,434)
Capital expenditure (3,530) (6,566) (8,999) (4,107) (23,202) (2,551) (25,753)
Segment assets 2,148,373 911,477 2,475,809 3,866,625 9,402,284       (1,501,878) 7,900,406
Segment liabilities 1,082,933 577,162 1,544,164 2,425,685 5,629,944 470,958 6,100,902

6 

 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2024

 

For the three months period ended March 31, 2023:

 

In thousands of soles   Reportable segments    

Oncosalud

 

Peru

 

 Healthcare services in Peru Healthcare services in Colombia Healthcare services in Mexico Total reportable segments Holding and eliminations Total
2023              
External revenues 211,762 158,983 252,291 270,910 893,946 - 893,946
Inter-segment revenue (i) 8,847 53,029 - - 61,876 (61,876) -
Segment revenue 220,609 212,012 252,291 270,910 955,822 (61,876) 893,946
External cost of service (68,182) (153,176) (181,388) (163,289) (566,035) - (566,035)
Inter-segment cost of service (i) (53,008) (8,337) - - (61,345) 61,345 -
Segment cost of service (121,190) (161,513) (181,388) (163,289) (627,380) 61,345 (566,035)
Gross profit 99,419 50,499 70,903 107,621 328,442 (531) 327,911
External selling expenses (37,546) (5,038) (1,330) (1,635) (45,549) (114) (45,663)
Segment selling expenses (37,546) (5,038) (1,330) (1,635) (45,549) (114) (45,663)
External administrative expenses (16,769) (20,854) (41,278) (33,867) (112,768) - (112,768)
Inter-segment administrative expenses (175) (1,136) - - (1,311) 1,311 -
Corporate expenses (16,325) (14,167) (1,473) - (31,965) 761 (31,204)
Segment administrative expenses (33,269) (36,157) (42,751) (33,867) (146,044) 2,072 (143,972)
Impairment losses on trade receivables 156 1,315 (2,216) (361) (1,106) (54) (1,160)
Other expenses - - - - - - -
Other income 139 878 1,234 5,376 7,627 1 7,628
Inter-segment other income 2,385 210 - - 2,595 (2,595) -
Other income 2,524 1,088 1,234 5,376 10,222 (2,594) 7,628
Segment operating profit (loss) 31,284 11,707 25,840 77,134 145,965 (1,221) 144,744
Share of profit of equity accounted investees, net of taxes 466 - 696 - 1,162 - 1,162
Exchange difference, net (520) 501 22,422 3,108 25,511 (12,211) 13,300
Interest expense, net (7,802) (9,775) (21,457) (73,055) (112,089) (22,871) (134,960)
Segment profit (loss) before tax 23,428 2,433 27,501 7,187 60,549 (36,303) 24,246
Other disclosures              
Depreciation and amortization (7,293) (10,114) (9,021) (35,805) (62,233) (2,271) (64,504)
Capital expenditure (2,616) (1,941) (23,313) (18,046) (45,916) (1,897) (47,813)
Segment assets 1,985,143 853,156 1,912,016 3,623,280 8,373,595 (1,294,270) 7,079,325
Segment liabilities 1,028,607 561,953 1,398,581 2,221,006 5,210,147 261,922 5,472,069

7 

 

Auna S.A. (Formerly Known as Auna S.A.A.) and Subsidiaries
Notes to the Condensed Consolidated Interim Financial Statements
March 31, 2024

 

(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.

 

8