10 Mar 2020 16:11
FOR IMMEDIATE RELEASE | 10 March 2020 |
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NMC Health plc
("NMC" or the "Company")
Update on financial position
NMC announced on 2 March 2020 the appointment of Moelis and PwC to support the Company in its discussions with lenders and to assist in providing transparency with respect to its financial position.
The Board of NMC received an update on 10 March 2020 that the Group's debt position was materially above the last reported number as at 30 June 2019, and is currently estimated to be around $5 billion. The work on verifying this figure is ongoing.
In addition to $2.1 billion Group debt reported at 30 June 2019, the Company has identified over $2.7 billion in facilities that had previously not been disclosed to or approved by the Board.
NMC is continuing to work with its advisers to understand the exact nature and quantum of the undisclosed facilities. The Board believes that some proceeds may have been utilised for non-Group purposes.
NMC is fully focused on safeguarding its operational liquidity to continue funding existing operations throughout its various subsidiaries and recently successfully completed the payment of its February payroll.
At a time of increasing sensitivity towards the provision of public health care, NMC has reported a strong operating start to the year and has provided services in the months of January and February to over 900,000 outpatients, 24,000 inpatients and 1,700 maternity deliveries in the UAE.
The individual responsible for releasing this announcement is Simon Watkins, Group Company Secretary.
Enquiries:
NMC Health plc |
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Simon Watkins, Group Company Secretary | +44 (0) 203 205 7313 |
Asjad Yahya, Head of Investor Relations | +971 (0) 56 219 0975
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FTI Consulting | |
Edward Bridges / Simon Conway / Victoria Foster Mitchell | +44 (0)20 3727 1000 |
Shane Dolan | +971 (0)4 437 2100 |
About NMC Health
NMC is one of the leading private healthcare operators in the Gulf Cooperation Council ("GCC") with an international network of multi-specialty inpatient and outpatient clinics and hospitals, specialized maternity and fertility clinics, and long-term care homes hospitals across nineteen countries. NMC also ranks as one of the top two in-vitro fertilisation operators globally. The NMC Health group is recognised as a leading provider of long-term medical care in the UAE through its subsidiary ProVita. Pursing a selective international expansion programme since 2016, NMC has total capacity of 2,207 licensed beds across its network. Moreover, the recent formation of a joint venture with GOSI/Hassana Investment Company provides a solid platform for continued growth in the GCC region's largest healthcare market. The NMC Health group treated over 7.5 million patients in 2018. The NMC Health group is also a leading UAE supplier of products and consumables coming from healthcare related products. NMC reported revenues of US$2.1 billion for the year ended 31 December 2018.
In April 2012, NMC was listed on the Premium Segment of the London Stock Exchange.