Financial Performance - Consolidated Revenue increased 4% YoY to S/1,063 million, or +11% FXN in 4Q24, and increased 13% YoY to S/4,386 million, or +12% FXN in FY24[6][16] - Adjusted EBITDA increased 19% YoY to S/254 million, or +28% FXN in 4Q24, and increased 20% YoY to S/993 million, or +20.1% FXN in FY24[6][19] - Net Income improved to S/24 million in 4Q24 from a loss of S/219 million in 4Q23, and for FY24, Net Income was S/124 million compared to a Net Loss of S/214 million in FY23[23] - Adjusted Net Income was S/36 million in 4Q24, versus a loss of S/6 million in 4Q23, and for FY24, Adjusted Net Income was S/146 million compared to S/14 million in FY23[24] - Adjusted EBITDA for FY 24 was S/993 million, reflecting a 20% increase compared to FY 23, with an Adjusted EBITDA margin of 23.9%[66] - Operating profit for FY 24 increased by 40% to 784 million Soles[97] - Net income for FY 24 was 124 million Soles, up 158% from FY 23[97] - Total EBITDA for FY 24 was 1,012 million Soles, a 26% increase compared to FY 23[97] Operational Efficiency - Oncology Plans MLR was 53.0%, improving 2.4 p.p. from FY23, reflecting enhanced operational efficiency[6] - Total capacity utilization increased to 66.4%, up 2.6 p.p. from FY23, demonstrating improved resource utilization[6] - Total capacity utilization improved to 66.4% in FY 24 from 63.8% in FY 23, an increase of 2.6 percentage points[101] - The medical loss ratio increased to 57.3% in FY 24 from 53.8% in FY 23, indicating a 3.5 percentage point rise[101] Debt and Financial Flexibility - Leverage Ratio improved to 3.6x from 3.7x in 3Q24 and 4.5x in 4Q23, indicating a stronger balance sheet[6][7] - Consolidated debt decreased 4% YoY to S/3,768 million at the end of 4Q24, mainly due to a S/226 million decrease in FX and amortization of financial leases[43] - The leverage ratio decreased to 3.6x at the end of 4Q24, consistent with the company's deleveraging plan targeting less than 3.0x Net Debt-to-Adjusted EBITDA[44] - Auna plans to further reduce debt and generate additional excess cash flow in 2025, enhancing financial flexibility[14] Revenue Growth - Total revenue from Peru increased 10% YoY in 4Q24 to S/442 million, driven by a 7% rise in plan memberships and a 9% increase in Healthcare Services revenue[33] - Segment revenue from Colombia increased 14% YoY in 4Q24 to S/353 million, primarily due to the implementation of risk-sharing models and price adjustments[39] - Oncosalud Peru's revenue increased 13% YoY in 4Q24 to S/276 million, supported by a 7% rise in plan memberships[33] - Healthcare Services Peru's revenue reached S/245 million in FY24, reflecting a 13% increase compared to FY23[32] - Total revenue for FY 24 reached 4,386 million Soles, a 13% increase compared to FY 23[97] Cash Flow and Investments - Net cash from operating activities for FY 24 increased by 15% YoY to S/668 million, with cash generated from operating activities rising by 24%[49] - Net cash used in investing activities rose by 37% YoY to S/237 million, including a S/60 million reduction in inorganic CapEx related to the acquisition of Dentegra[50] - Net cash used in financing activities increased by 13% YoY to S/418 million, primarily due to S/502 million in interest and hedge premium payments[51] - Cash generated from operating activities for FY 24 was 842 million Soles, a 161% increase from FY 23[98] Corporate Governance and Structure - The company appointed two independent directors to its Board, enhancing its corporate governance structure[52] Market Expansion - The company is pursuing market expansion through greenfield projects and M&A activities, as indicated by the business development expenses[76] Miscellaneous - Auna signed a five-year exclusive agreement with a physician group in Mexico to strengthen its oncology services[10] - The company expects to maintain a guideline of 20% FXN Adjusted EBITDA growth annually, with performance in Colombia being a key factor[14] - Auna successfully closed a private placement of USD 57.83 million in December 2024, increasing the total outstanding amount of its 10.000% Senior Secured Notes due 2029 to USD 310.84 million[46] - Auna's network included 31 healthcare facilities with a total of 2,323 beds and 1.4 million healthcare plans as of December 31, 2024[54] - Days Sales Outstanding increased to 83 days in LTM Dec-24 from 74 days in LTM Dec-23, indicating a longer collection period[48] - Auna's cash and cash equivalents at the end of FY 24 were S/236 million, a slight decrease of 2% from FY 23[47] - Total assets decreased to 7,081 million Soles in December 2024 from 7,690 million Soles in December 2023, reflecting a reduction of 609 million Soles[95] - Current liabilities increased to 1,945 million Soles in December 2024 from 1,689 million Soles in December 2023, an increase of 256 million Soles[96] - Trade accounts receivable rose to 962 million Soles in December 2024, up by 101 million Soles from 861 million Soles in December 2023[95] - Non-recurring financial costs included a significant reduction in extraordinary costs, decreasing from 234.1 million Soles in FY 2023 to 35.2 million Soles in FY 2024[75] - The average monthly revenue per plan in Oncosalud Peru remained stable at S/61.19, with a 0% change YoY[33] - Average monthly revenue per plan member increased by 1.1%, from S/ 58.25 in FY 23 to S/ 58.92 in FY 24[101] - The number of patients treated increased by 2.7%, from 57,022 in FY 23 to 58,559 in FY 24[101] - Emergency treatments rose by 3.6%, from 353,303 in FY 23 to 365,942 in FY 24[101]
Auna S.A.(AUNA) - 2024 Q4 - Annual Report