- Global Pharma News & Resources

SYNLAB delivers record growth in Q1 2021

DGAP-News: SYNLAB AG / Key word(s): Quarter Results
12.05.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

SYNLAB delivers record growth in Q1 2021

- Nearly doubling revenue (+96%) in Q1'21 at EUR 938 million

- Strong SARS-CoV-2 testing volumes in Q1'21, above Q4'20

- Sustained underlying organic growth[1] at +3.7% supported by successful "For You" growth initiatives

- Adjusted EBITDA multiplied by 3.8x at EUR 324 million, margin showing strong volume leverage

- Record unlevered FCF of EUR 182 million driving major leverage ratio reduction at 2.3x, pre-IPO

- M&A activity resuming, with 10 acquisitions completed year-to-date (~EUR 44 million of EV)

- Successful IPO, with EUR 400 million raised to further reduce leverage

- SYNLAB to comfortably exceed EUR 3 billion of revenue in FY 2021

SYNLAB, (ISIN: DE000A2TSL71, SYMBOL: SYAB) the largest European clinical laboratory and medical diagnostic services company, announces SYNLAB Limited's unaudited consolidated (SYNLAB Group) Q1 results.

"Strong business momentum from late 2020 has continued and even accelerated in the first quarter of 2021. We recorded sustained growth in our underlying business, in line with previous quarters, while continuously playing a leadership role in the COVID-19 response, with testing volumes in March 2021 at the highest levels since the start of the pandemic. Less than two weeks after our successful IPO, these results give us great confidence that we should comfortably exceed EUR 3 billion of revenue in FY 2021, giving us increased means to implement our strategy for further profitable growth. I am equally proud of the major progress SYNLAB has made in its Environmental, Social and Governance agenda, with the publication in March of our first ESG report[2], which also sets measurable targets for our extra-financial performance." says Mathieu Floreani, CEO of SYNLAB Group.

SYNLAB Group[3] Key figures (€m)

  Q1 2021 Q1 2020 Growth
Revenue 938.2 479.5 +95.6%
Adjusted EBITDA 324.1 85.0 x3.8
Adjusted EBITDA margin 34.5% 17.7% +16.8pts
Adjusted operating profit 280.3 45.4 x6.2
Net profit 188.8 (18.0) +207m
Unlevered Free cash flow 181.8 11.3 +170m

Financial update: strong profitable growth in Q1 2021

Q1 2021 revenues increased by 96% compared with Q1 2020 at EUR 938.2 million. This record growth was established against a comparison base which included a very strong March 2020 SARS-CoV-2 attrition impact[4] in several geographies (total Q1 2020 attrition impact of EUR 46 million), partly mitigated by the strong start to the year (+4.9% underlying organic growth in Jan.-Feb. 2020) and the early ramp-up of SARS-CoV-2 testing capabilities in several countries.

Q1 2021 organic growth was 96% with:

- high demand for SARS-CoV-2 diagnostics across markets, with Q1 2021 volumes exceeding that of Q4 2020. March 2021 testing volumes were at the highest level since the start of the pandemic. SYNLAB carried out 7.1 million PCR tests and 0.8 million non-PCR tests in Q1 2021, for an estimated SARS-CoV-2 revenue contribution of ~EUR 406 million, of which EUR 430 million from testing revenue and an estimated EUR 24 million attrition impact;

- robust underlying organic growth of 3.7% (excluding SARS-CoV-2 revenue contribution), supported by successful "For You" growth initiatives (Blood collection points network optimization, Hospitals) and positive price in multiple countries;

Excluding SARS-CoV-2 testing, total organic growth was 8.7%.

Currency variations had a small negative impact in Q1 2021, driven by further weakening of emerging currencies against the Euro. M&A had a small positive contribution, reflecting subdued M&A activity in previous quarters.

Q1 2021 adjusted EBITDA rose to EUR 324.1 million compared with EUR 85.0 million in Q1 2020. The EUR 239.5 million organic increase in adjusted EBITDA was mostly driven by i) a surge in volume and overall positive pricing ii) contained inflation of personnel and other OPEX costs and iii) productivity gains related to the SALIX program, in line with previous quarters and annual targets.

The strong volume leverage translated into adjusted EBITDA margin expansion, at 34.5%, increasing materially from 17.7% in Q1 2020 but also higher than the 31.8% EBITDA margin recorded in Q4 2020.

Q1 2021 adjusted operating profit was multiplied by 6.2x to reach EUR 280.3 million, with margin expanding materially. Operating profit grew by the same amount, with slightly lower customer list amortization at EUR 12.4 million offset by slightly higher OPEX adjustments -mostly IPO and acquisition-related- at EUR 9.7 million. Total adjustments reduced materially as a % of adjusted EBITDA.

Q1 2021 net profit reached EUR 188.8 million, driven by higher operating profit and lower financial costs, partly offset by higher income tax from improved financial performance. A residual sale of the A&S business, classified as discontinued operations, had a positive EUR 17.9 million impact on net profit.

Operating cash flow expanded materially in the quarter, driven by profit growth and despite the negative impact of SARS-CoV-2 testing activity on working capital. DSOs stood at 73 days at the end of Q1 2021, compared with 56 days at the end of Q1 2020 (and 77 days at end December 2020).

A moderate increase in net CAPEX, of which EUR 3.6 million related to SARS-CoV-2 testing, and in Lease payments, together representing 5.3% of Q1 2021 revenue, resulted in record unlevered free cash flow of EUR 181.8 million. The cash conversion ratio (Unlevered free cash flow / adjusted EBITDA) was 56%.

Q1 2021 strong cash generation enabled SYNLAB to deleverage organically: at end March 2021, its adjusted net debt[5] stood at EUR 2,127 million compared with EUR 2,254 million at end December 2020. Net debt to LTM pro-forma adjusted EBITDA[6] leverage ratio dropped to 2.3x compared with 3.3x at the end of 2020, the lowest level achieved since the creation of the SYNLAB Group.

Successful IPO completed on the Frankfurt Stock Exchange

On 30 April 2021 SYNLAB was successfully listed on the Frankfurt Stock exchange. The Offering comprised 22.2 million newly issued ordinary shares from a capital increase, and up to 20.7 million ordinary shares from the Pre-IPO shareholders. The total offer volume was EUR 772 million (assuming full exercise of the Greenshoe option), including gross primary proceeds of EUR 400 million used to further deleverage the Group and pursue its value enhancing growth strategy.

Refinancing and further debt reduction post Q1 2021

Capitalizing on its strengthened financial position, SYNLAB issued on 4 May 2021 a new EUR 735 million Term-Loan with a 5-year maturity, a new EUR 500 million RCF, and cancelled its undrawn EUR 250 million RCF. On 5 May 2021, using the proceeds from the new issuance and the IPO, SYNLAB repaid EUR 850 million of outstanding Notes and EUR 300 million of Term-Loans. Following these successful transactions, SYNLAB significantly reduces its debt level, has no debt maturity before 2026, benefits from lower interest rates, in line with guidance given at the IPO, and further diversifies its pool of banking partners.

Business update: delivering on growth strategy

Leadership in SARS-CoV-2 pandemic response

SARS-CoV-2 testing continued at a sustained pace in the quarter, with volumes at levels never seen since the start of the pandemic in several countries. The bulk of tests carried out were PCR tests, with antibody testing rising gradually. In addition, SYNLAB's leading capabilities in sequencing put the company at the forefront of the sequencing campaign in Europe, notably in Germany.

In parallel, SARS-CoV-2 testing services are also growing, as testing is also paramount to the "back to normal" phase. The flagship UEFA partnership signed in 2020 and which covers 55 countries is still ongoing, and SYNLAB has signed more than 7,700 "Safe at work" contracts with corporate clients from program launch to end March 2021. SYNLAB sees continuous traction in this market. Recent partnerships include PCR testing services for Amazon in Italy, Radisson hotels across 15 countries, and for athletes of various disciplines (for example FC Barcelona, Hungarian Olympic Committee). SYNLAB is also active in testing of younger people: testing concepts and focused solutions for schools and kids overall are being implemented in several countries, including France, Germany, and Portugal.

Continuously delivering on growth strategy of customer centric medical excellence

In addition to the major efforts put in fighting the SARS-CoV-2 pandemic, SYNLAB continuously delivers on its growth strategy of customer centric medical excellence, based on four pillars:

1) Superior patient and clinician experience

In Q1 2021, mobilization has started for the South-East London contract, which officially started on April 1st, 2021 and is set to generate GBP 1.9 billion of revenue over the next 15 years. Key milestones include the signing of the hub lease and the start of the building work to transform an office building into a 65,000ft2 state-of-the-art laboratory building and associated center of excellence for pathology learning. To manage this major contract, a new executive leadership is now in place with medical leadership appointment also well underway.

Further "For You" growth initiatives were rolled-out in the quarter, including Blood collection points network optimization in France and Italy and the extension of the Net Promoter Score campaign to measure customer satisfaction.

2) Operational excellence

Operational excellence at SYNLAB covers a number of programs. IT is a key enabler, and SYNLAB made important progress in various initiatives in Q1 2021: rollout of LIS solutions is progressing well (for example in France), and the ERP implementation is ongoing as planned in region South and in the UK.

In Q1, SYNLAB has also continued to implement its big modernization program, which aims at renewing more than 1,000 instruments across its labs network in the near future. March was marked by the go live of a fully automated solution in one of its largest labs, located in Augsburg (Germany), which will enable to handle several million tests per year and serve a growing number of customers.

Finally, the SALIX efficiency program enabled EUR 4.5 million of savings, in line with previous quarters and yearly targets.

3) ESG: Employee engagement as a key success factor

In March 2021, SYNLAB published its first ever ESG report. This report is the result of a preliminary materiality assessment started in 2020, reflecting on SYNLAB's most significant ESG risks and opportunities from both the company and its stakeholders' perspectives. SYNLAB's material ESG Topics have 3 main pillars: SYNLAB Green, SYNLAB Care and SYNLAB Citizenship, with clearly defined, measurable targets out to 2025.

Improving the group-wide employee engagement survey -SYNLAB Dialogue- scores year-on-year to 2025, is one of these targets. Results of the 2021 survey were shared with all employees in March and they are very encouraging: participation reached 65% (above 12,000 employees), in 30 countries plus headquarters. The employee engagement score, measured against 3 drivers (Say, Stay, Strive), increased significantly compared with last survey, showing growing employee engagement at SYNLAB.

4) Efficient capital deployment: M&A update (as of 30 April 2021)

M&A activity has resumed since January 2021, with 10 bolt-on acquisitions completed for a total Enterprise Value of c. EUR 44 million, already substantially above the total level of 2020.

SYNLAB further expanded its presence in Italy, with three bolt-on acquisitions in the Lazio region and one in the Napoli region. In addition, three bolt-on acquisitions were closed in France, one in Spain, one in Colombia and one in Germany. With the latter, completed early April, SYNLAB reinforced its presence in the Northern region through the acquisition of a cytology lab.

Governance update

In the context of the change in legal structure to a German stock corporation (AG), the Company also established a Supervisory Board. It is chaired by Prof. Dr. David Ebsworth. Prof. Ebsworth has over 40 years of experience in the healthcare industry. The Supervisory Board consists of twelve members with six shareholder representatives -of which 4 independent- and six employee representatives.

Outlook: EUR 3 billion revenue to be comfortably exceeded in 2021

SARS-CoV-2 testing assumptions

To date, SYNLAB has seen no slowdown in the monthly run-rate for SARS-CoV-2 testing revenues. SYNLAB anticipates the revenue-enhancing effects of SARS-CoV-2 testing to continue through 2021, with the net revenue-enhancing impact peaking during 2021 and decreasing, but remaining meaningful, in the mid-term.

Q2 2021 outlook

In Q2 2021, SYNLAB expects sustained activity in SARS-CoV-2 testing, underlying organic growth acceleration thanks to the commencement of services for the South East London (SEL) contract, which started on April, 1st 2021, and sustained M&A activity based on its strong pipeline, with 3 acquisitions already closed since 31 March 2021.

FY 2021 outlook

Based on the very strong start to the year which is, as described in the outlook section of the IPO prospectus, above anticipated levels, SYNLAB expects the EUR 3 billion revenue mark to be comfortably exceeded in 2021, with a very material contribution of SARS-CoV-2 testing.

The Group expects underlying organic growth to reach ~10%, enhanced by the full roll-out effects of "For You" growth initiatives and the contribution of the SEL contract.

Based on the 10 acquisitions carried out since the beginning of the year and its strong M&A pipeline, SYNLAB expects its FY 2021 M&A spending to be in line with the EUR 200 million of M&A spending per annum set as mid-term guidance.

Unlevered free cash flow (pre-M&A) is expected to amount to EUR 300 to 350 million.

Q1 2021 Segment performance

FRANCE (24% of Group revenue)

  Q1 2021 Q1 2020 Growth
Revenue 229 118 +94%
Adjusted operating profit 70 20 x3.5
Adjusted operating profit margin 30.6% 17.1% +13.5pts


France revenue grew by 94% in Q1 2021 at EUR 229 million compared with EUR 118 million in Q1 2020.

Organic growth was 93%, including:

- strong SARS-CoV-2 testing revenue contribution against a Q1 2020 which included a material SARS-CoV-2 attrition impact. SYNLAB recorded further volume growth compared with Q4 2020, with March 2021 testing volumes at the highest level since the start of the pandemic;

- underlying organic growth of 2.2%, including volume growth, positive impact of specific "For You" growth initiatives implemented since Q1 2020 (mainly around BCP network optimization) and stable prices.

Adjusted operating profit stood at EUR 70 million, representing a 30.6% margin (+13.5 pts vs. Q1 2020), reflecting the strong volume leverage of the business.

In Q1 2021, SYNLAB closed three bolt-on acquisitions in France representing total annualized revenue of ~EUR 14 million.

GERMANY (19% of Group revenue)

  Q1 2021 Q1 2020 Growth
Revenue 179 113 +58%
Adjusted operating profit 46 6 x7.2
Adjusted operating profit margin 25.9% 5.7% +20.2pts


Germany revenue grew by 58%, all organically, in Q1 2021 at EUR 179 million compared with EUR 113 million in Q1 2020 including:

- material SARS-CoV-2 testing revenue contribution, with volumes reducing from Q4 2020 however, due to confinement measures in January and February. Volumes picked up again in March 2021;

- subdued reported underlying organic growth of 0.3%, due to a negative calendar impact (~EUR 2 million) and volume softness in the West region, due to temporary resource constraints. Prices were broadly stable.

Adjusted operating profit stood at EUR 46 million, representing a 25.9% margin (+20.2 pts vs. Q1 2020). This major increase reflects the strong volume leverage of the business.

SOUTH (28% of Group revenue)

  Q1 2021 Q1 2020 Growth
Revenue 264 143 +85%
Adjusted operating profit 64 9 x6.9
Adjusted operating profit margin 24.1% 6.5% +17.6pts

South revenue grew by 85% in Q1 2021 at EUR 264 million compared with EUR 143 million in Q1 2020.

Organic growth was 84% including:

- material SARS-CoV-2 testing revenue contribution, with further volumes growth compared with Q4 2020;

- underlying organic growth of 5.8%, with all countries recording growth except for Switzerland (13% of SOUTH revenue), which was mainly impacted by the rollover effect of 2020 customer losses, and, to a minor extent, price reduction implemented in December 2020. Other countries experienced volume growth and broadly stable prices and the positive impact of "For You" growth initiatives. Iberia (32% of SOUTH revenue) recorded low single digit underlying organic growth, while LATAM (16% of SOUTH revenue) and Italy (39% of SOUTH revenue) grew mid to high and double digit respectively, with Italy growth also lifted by a very positive working-day effect (+3 working days vs. Q1 2020).

Adjusted operating profit reached EUR 64 million, representing a 24.1% margin (+17.6 pts vs. Q1 2020). Margins were up across the board reflecting the strong volume leverage of the business.

In Q1 2021, SYNLAB closed four bolt-on acquisitions in the South segment, all located in Italy representing total annualized revenue of ~EUR 4 million.

NORTH & EAST (29% of Group revenue)

  Q1 2021 Q1 2020 Growth
Revenue 267 106 +152%
Adjusted operating profit 100 10 x10.5
Adjusted operating profit margin 37.6% 9.0% +28.6pts

North & East was the fastest growing segment in Q1 2021, with revenue growing 152% at EUR 267 million compared with EUR 106 million in Q1 2020.

Organic growth was 155% including:

- material SARS-CoV-2 testing revenue contribution, with a sharp volume increase compared with Q4 2020. March testing was at the highest level since the start of the pandemic in a number of countries, also benefitting from short-term SARS-CoV-2 testing contracts in North Europe;

- underlying organic growth of 5.0%, driven by volume growth and positive pricing in many countries, further enhanced by specific "For You" growth initiatives. The UK and North[7] (73% of NORTH & EAST revenue) grew slightly above segment growth, with Belgium and the UK clear outperformers in the quarter, thanks to volume growth and "For You" growth initiatives. Central Europe (19% of NORTH & EAST revenue) recorded low single digit growth with mixed performances across countries. Emerging markets (8% of NORTH & EAST revenue) recorded double digit growth.

Adjusted operating profit stood at EUR 100 million, representing a 37.6% margin (+28.6 pts vs. Q1 2020). Strong margin expansion reflected strong volume leverage, with further uplift driven by short-term SARS-CoV-2 testing contracts in North Europe.

Conference call
SYNLAB will hold its Q1'21 results conference call today at 3:00 PM CEST, hosted by Mathieu Floreani, CEO of SYNLAB and Sami Badarani, CFO of SYNLAB.
Direct link to webcast by clicking here

For more information:

Media contact:
Carolin Amann, FTI Consulting
+49 (0) 175 299 3048
Investor contact:
Mark Reinhard, SYNLAB
+49 (0) 170 118 3753


- SYNLAB Group is a leading international medical diagnostics provider. SYNLAB offers a full range of innovative and reliable medical diagnostics for patients, practising doctors, clinics and the pharmaceutical industry.

- Providing the leading level of service within the industry, SYNLAB is the partner of choice for diagnostics in human and veterinary medicine. The Group continuously innovates medical diagnostic services for the benefit of patients and customers.

- SYNLAB operates in 36 countries across four continents and holds leading positions in most markets. Around 20,000 employees, including over 1,200 medical experts, as well as a large number of other specialists such as biologists, chemists and laboratory technicians, contribute every day to the Group's worldwide success. SYNLAB carries out ~500 million laboratory tests per year and achieved revenues of EUR 2.6 billion in 2020.

- More information can be found on

Financial calendar

Q2/H1 Results 12 August 2021 (pre-market)
Q3 Results 10 November 2021 (pre-market)
Q4/FY Results 16 March 2022 (pre-market)

This document does not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities in any jurisdiction.
Statements made in this document may include forward-looking statements. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "expects," "expected," "may," "will," "would," "should," "seeks," "pro forma," "anticipates," "intends," "plans," "estimates," "estimated," or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. These statements are not guarantees of future actions or performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual actions or results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and SYNLAB undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It should be noted that past performance is not a guide to future performance. Interim results are not necessarily indicative of full-year results.
Certain data included in this document are "non-IFRS" measures. These non-IFRS measures may not be comparable to similarly titled financial measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards or any other generally accepted accounting principles. Although SYNLAB believes these non-IFRS financial measures provide useful information to users in measuring the financial performance and condition of its business, users are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included in this document. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.


The financial information disclosed in this press release for SYNLAB or SYNLAB Group relates in each case to the consolidated financial information of SYNLAB Limited. Listed SYNLAB AG did not generate any revenue in Q1 2021 and only became SYNLAB Group's new parent company with the contribution of all shares in SYNLAB Limited on 27 April 2021.


This announcement includes certain financial measures that are not presented in accordance with IFRS or any other internationally accepted accounting principles.

Organic growth is a non-IFRS measure calculating the growth in revenue for a given period compared to the comparable period of the prior year for the same scope of businesses, excluding discontinued operations, and in constant currency, i.e. using the exchange rates of the prior year reported period.

When calculating organic growth, SYNLAB uses the scope of businesses that have been consolidated in the Group's financial statement of the previous financial year. Revenue contribution from businesses acquired in the course of prior year but not consolidated for the full year are adjusted as if they had been consolidated as from January of prior year. All revenues from businesses acquired since 1 January of the current year are excluded from the calculation.

Adjusted EBITDA (AEBITDA), is operating profit adjusted for (by adding-back) the following:

- depreciation and amortization;

- impairment of goodwill;

- expenses for restructuring and other significant items;

- acquisition related expenses;

- as well as other items of non-recurring nature included in operating costs (i.e. solely share-based payments in 2020).

LTM pro-forma adjusted EBITDA is adjusted EBITDA pro-forma for all acquisitions carried out over the last twelve months.

Adjusted operating profit (AOP) is operating profit adjusted for the following:

- customer list amortization;

- impairment of goodwill;

- expenses for restructuring and other significant items;

- acquisition related expenses;

- other items of non-recurring nature included in operating costs (i.e. solely share-based payments in 2020).

Adjusted net profit is defined as profit adjusted for adjustment items (see adjusted operating profit definition) and for the tax effect on adjustment items.

Adjusted net debt is defined as sum of financial debt including loans and borrowings (adding back capitalized transactions costs) and lease liabilities, net of cash & cash equivalents.

Unlevered free cash flow pre-M&A (uFCF) is defined as the sum of cash flow from operating activities of continuing operations, net CAPEX (defined as the cash outflow from purchase of intangibles and property, plant and equipment, net of proceeds from sale of intangibles and property, plant and equipment) and leases (defined as the sum of lease repayments and lease interest).


(EURM) Revenue AOP
  Q1'21 Q1'20 Organic Growth Underlying Growth Q1'21 Q1'20 Margin, Q1'21 Margin, Q1'20
France 228.6 117.9 92.9% 2.2% 70.0 20.2 30.6% 17.1%
Germany 178.8 113.0 58.3% 0.3% 46.4 6.5 25.9% 5.7%
South 264.2 142.9 84.3% 5.8% 63.7 9.3 24.1% 6.5%
North & East 266.6 105.8 154.6% 5.0% 100.2 9.5 37.6% 9.0%
SYNLAB Group 938.2 479.5 95.7% 3.7% 280.3 45.4 29.9% 9.5%





  Q1'20 Q2'20 Q3'20 Q4'20 FY'20
France 118 118 177 234 647
Germany 113 121 150 196 580
South 143 163 232 261 799
North & East 106 100 150 239 595
SYNLAB Group 480 503 708 930 2,621


  Q1'20 Q2'20 Q3'20 Q4'20 FY'20
France 20 20 48 56 145
Germany 6 14 20 57 97
South 9 21 46 55 131
North & East 10 9 33 81 132
SYNLAB Group 45 64 147 248 504



  Q1 2021 Q1 2020
Operating profit 258.1 24.7
Restructuring and other significant expenses 4.7 8.0
Acquisitions related income / (expenses) 4.3 (1.5)
Impairment of non-current assets - 0
Customer list amortization 12.4 12.9
Share-based payments 0.7 1.4
Other adjustments - -
Adjusted operating profit (AOP) 280.3 45.4
Depreciation and amortization 56.3 52.5
Customer list amortization (elimination) (12.4) (12.9)
Adjusted EBITDA (AEBITDA) 324.1 85.0
  Q1 2021 Q1 2020
Adjusted EBITDA (AEBITDA) 324.1 85.0
Movements in working capital (84.1) (23.8)
Income tax paid (12.1) (3.3)
Change in provisions and other 3.4 (6.1)
Operating cash flow 231.4 51.8
Net purchase capex (20.2) (13.8)
Leases (29.4) (26.7)
Unlevered free cash flow 181.8 11.3
Net interest (36.9) (33.8)
Free cash flow 144.9 (22.5)
Net acquisitions (22.2) 7.2
  Q1 2021 FY 2020
Loans and borrowings at carrying amount 2,155 2,718
Capitalized transaction costs 24 19
Lease liabilities 435 422
Cash and cash equivalents (487) (905)
Adjusted net financial debt 2,127 2,254
LTM pro-forma AEBITDA 921.2 685.4
Leverage ratio 2.3x 3.3x


    For the three months ended 31 March
Continuing operations   2021 2020
€ 000 € 000
Revenue   938,214 479,549
Material and related expenses   (243,039) (111,346)
Payroll and related expenses   (268,921) (205,299)
Other operating income   7,945 3,811
Other operating expenses   (110,816) (83,094)
Depreciation and amortization   (56,271) (52,504)
Operating profit before acquisition, restructuring and impairment of non-current assets   267,112 31,117
Restructuring and other significant expenses   (4,695) (7,981)
Acquisitions related income / (expenses)   (4,280) 1,524
Impairment of non-current assets   - (1)
Operating profit   258,137 24,659
Share of loss of associates and other non-controlling interest   (907) (112)
Profit / (Loss) on disposal of investment   - 676
Finance income   8,823 4,860
Finance costs   (37,595) (44,854)
Profit/Loss before taxes   228,458 (14,771)
Income tax expenses   (57,534) (3,320)
Profit / (loss) for the year from continuing operations   170,924 (18,091)
Discontinued operations      
Profit for the year from discontinued operations   17,868 59
Net result for the year   188,792 (18,032)
Profit attributable to non-controlling interests   646 330
Loss attributable to equity holders of the parent company   188,146 (18,362)
Net profit/loss for the period   188,792 (18,032)



    31/03/2021 31/12/2020
  € 000 € 000
Goodwill   2,246,398 2,212,128
Intangible assets   704,668 715,380
Property, Plant and Equipment   217,778 217,069
Right of Use assets   415,337 401,109
Investments in associates   4,633 4,574
Other non-current assets   40,649 38,611
Deferred tax assets   31,666 29,017
Total non-current assets   3,661,129 3,617,888
Inventories   137,107 149,055
Trade accounts receivables   592,409 534,910
Other current assets   85,824 72,194
Cash and cash equivalents   487,136 904,900
Assets classified as held for sale   - 4,242
Total current assets   1,302,476 1,665,301
TOTAL ASSETS   4,963,605 5,283,189
Contributed capital   134,388 134,388
Additional paid-in capital   1,524,339 1,523,590
Cumulative translation adjustment   (1,668) (8,365)
Accumulated deficit   (252,020) (443,973)
Total parent company interests   1,405,039 1,205,640
Non-controlling interests   (2,311) (2,088)
TOTAL EQUITY   1,402,728 1,203,552
Loans and borrowings (non-current)   2,131,766 2,680,895
Non-current lease liabilities   347,053 338,166
Employee benefits liabilities   45,723 47,806
Non-current provisions   2,547 2,458
Other non-current liabilities   31,192 27,191
Deferred tax liabilities   169,934 171,638
Total non-current liabilities   2,728,215 3,268,154
Current loans and borrowings   23,748 36,750
Current lease liabilities   87,911 83,745
Trade accounts payable   334,167 386,523
Contract liabilities   5,737 22,935
Current provisions   6,982 6,440
Income tax liabilities   100,258 48,326
Other current liabilities   273,859 224,449
Liabilities associated
assets classified as disco
  - 2,315
Total current liabilities   832,662 811,483
TOTAL LIABILITIES   3,560,877 4,079,637
TOTAL LIABILITIES AND EQUITY   4,963,605 5,283,189



As at 31 March As at 31 March
2021 2020
€ 000 € 000
Operating profit   258,137 24,659
Depreciation, amortization, impairment   56,271 52,545
Change in provisions   1,010 739
Loss from the disposal of non-current assets   174 26
Other non-cash revenues and expenses   11,952 923
Operating cash flow before changes in net working capital   327,544 78,892
Change in inventories   12,327 (7,433)
Change in trade accounts receivable   (62,944) 4,257
Change in trade accounts payable   (46,686) (22,574)
Change in other net working capital   13,197 1,941
Income tax paid   (12,082) (3,278)
Cash flow from operating activities (A) operating operations   231,356 51,805
Cash flow from operating activities (A) discontinued operations   1,233 9,438
Cash flow from operating activities (A)   232,589 61,243
Acquisition of subsidiaries, net of cash acquired and changes      
in debt related to acquisitions   (31,710) (1,880)
Purchase of intangibles and property, plant and equipment   (20,652) (14,130)
Sale of subsidiaries, net of cash disposed and changes in debt   9,530 9,058
Proceeds from sale of intangibles and property, plant and equipment   421 353
Increase in other non-current assets   - (27)
Decrease in other non-current assets   15 479
Interest received   117 59
Cash flow used in investing activities (B) continued operations   (42,279) (6,088)
Cash flow used in investing activities (B) discontinued operations   - (1,986)
Cash flow used in investing activities (B)   (42,279) (8,074
Interest paid   (39,944) (37,556)
New loans, borrowings and other financial liabilities   - 219,003
Repayment of loans, borrowings and other financial liabilities   (544,064) (460)
Repayment of lease liabilities   (26,397) (23,031
Dividends paid and other payments to non-controlling interests   (838) (1,115)
Cash flow used in financing activities (C) continued operations   (611,243) 156,841
Cash flow used in financing activities (C) discontinued operations   (22) (2,197)
Cash flow used in financing activities (C)   (611,265) 154,644
TOTAL CASH FLOWS (A+B+C)   (420,956) 207,813
Cash and cash equivalent at the beginning of the period   904,707 238,580
Net foreign exchange differences   3,158 304
Cash and cash equivalent at the end of the period   486,909 446,697
CASH EQUIVALENTS (417,798) 208,117

[1] Excluding estimated revenue growth related to SARS-CoV-2 contribution (testing revenue net of attrition impact)
[2] ESG report: Our medical excellence for you - your access to the most innovative laboratory services | SYNLAB
[3] Please refer to the Appendix regarding the use of SYNLAB and SYNLAB Group in this press release.
[4] Attrition impact on revenue from confinement measures, such as closures of blood collection points or patients delaying non-critical medical care, that resulted in temporary decreases in ordinary testing volumes
[5] As defined in Appendix
[6] As defined in Appendix
[7] Belgium, Nordics

12.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at

Language: English
Company: SYNLAB AG
Moosacher Straße 88
80809 Munich
Phone: +49 1701183753
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1195495

End of News DGAP News Service

Editor Details

Last Updated: 12-May-2021