Today, Delaware Investments Dividend and Income Fund, Inc. (NYSE: DDF) (the Fund), a New York Stock Exchange“listed closed-end fund trading under the symbol DDF, announced that, effective September 30, 2020, Michael G. Wildstein will be appointed as co-manager for the Fund. Mr. Wildstein will join Kristen E. Bartholdson, Adam H. Brown, Chris Gowlland, Nikhil G. Lalvani, John P. McCarthy, and Robert A. Vogel in making day-to-day investment decisions for the Fund.
Michael G. Wildstein, CFA, Senior Managing Director, is head of US credit and insurance for Macquarie Investment Management Fixed Income (MFI). He manages corporate credit-related portfolios. Before joining the team, he was a senior corporate bond analyst for MFI, focused on the telecommunications sector for high-grade and high yield portfolios. Prior to joining Macquarie Investment Management (MIM) in March 2007 as a senior research analyst, Wildstein spent five years at Merrill Lynch Investment Managers in various roles that included portfolio manager for the core bond team, corporate bond research analyst, and corporate bond trader. Prior to this, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned an MBA from Drexel University and a bachelors degree from the University of Tampa.
The Fund is a diversified closed-end fund. The primary investment objective is to seek high current income; capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 65% of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities, which may include up to 25% in real estate investment trusts (REITs) and real estate industry operating companies. Up to 35% of the Fund’s total assets may be invested in nonconvertible debt securities consisting primarily of high-yield, high-risk corporate bonds. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives.
Macquarie Investment Management, a member of Macquarie Group, is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the team level in pursuit of opportunities that matter for clients. In the US, retail investors recognize our Delaware Funds by Macquarie as one of the longest standing mutual fund families, with more than 90 years in existence. Macquarie Investment Management is supported by the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of asset management, investment, banking, financial and advisory services.
Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment advisor. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. For more information about Delaware Funds by Macquarie, visit delawarefunds.com or call 800 523-1918.
Other than Macquarie Bank Limited (MBL), none of the entities referred to in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL, a subsidiary of Macquarie Group Limited and an affiliate of Macquarie Investment Management. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
New long-term results from the international TARGIT-A breast cancer study, based on ZEISS technology, have been published1
JENA, GERMANY – Newsaktuell – August 27, 2020 – Use of targeted intra-operative radiotherapy (TARGIT), as a single dose – with ZEISS INTRABEAM – directly after removal of a tumor, confirmed as non-inferior, when compared with external beam radiotherapy (EBRT). Within the accuracy of the study, the risk of a local tumor recurrence in the breast is similar and non-breast cancer death is reduced. The TARGIT-A randomized, multi-center phase 3 study involving 2298 patients with a median patient follow-up time of 8.6 years meets the highest scientific standards.
Globally more than 40,000 patients have already been treated, in over 350 breast cancer centers, with the TARGIT method. “Single dose intra-operative radiotherapy for early stage breast cancer can be a better alternative to conventional whole breast radiotherapy for most patients during primary tumor management ” stated the principal investigator Professor Jayant Vaidya, Professor of Surgery and Oncology and Scientific Director at University College London when presenting the results of the study. “These excellent results provide real clinical justification for single intraoperative radiation in suitable patients with early breast cancer. It is now essential to develop the corresponding treatment guidelines as soon as possible”, added Professor Jeffrey Tobias, Professor of Oncology at University College London and joint initiator of the TARGIT-A study.
The local, recurrence-free survival rate of women treated with single dose TARGIT is non-inferior when compared with EBRT. The mortality in the TARGIT arm was even lower because of fewer cardio-vascular deaths.
“We are delighted with the positive results, as the ZEISS INTRABEAM 600 now represents an outstanding treatment alternative for many patients. We are confident that the procedure can now find its way into everyday clinical practice” said Ludwin Monz, CEO of Carl Zeiss Meditec AG.
‘This study reflects two decades of interdisciplinary clinical research by leading radiation oncologists, surgeons, physicists and health economists. The TARGIT-A trial has offered many breast cancer patients a treatment that is well tolerated, effective, convenient and highly cost efficient’, summarized Professor William Small, Professor of Radio-oncology at Loyola University, Chicago and one of the world’s leading radiation oncologists.
Carl Zeiss Meditec AG (ISIN: DE0005313704) is one of the world’s leading medical technology companies and is included in the German MDAX and TecDAX stock indices. The Company supplies innovative technologies and application-oriented solutions designed to help doctors improve the quality of life of their patients. The company offers complete solutions for the diagnosis and treatment of eye diseases — including implants and consumables. In microsurgery, the Company provides innovative visualization solutions. With approximately 3,230 employees worldwide, the company generated revenue totaling €1,459.3 million in fiscal year 2018/19 (ended 30 September).
The company is headquartered in Jena, Germany. The company has subsidiaries in Germany and abroad; more than 50 percent of its employees are based in the US, Japan, Spain and France. The Center for Application and Research (CARIn) in Bangalore, India and the Carl Zeiss Innovations Center for Research and Development in Shanghai, China, strengthen the Company’s presence in these rapidly developing economies. Around 41 percent of Carl Zeiss Meditec AG shares are in free float. The remaining approx. 59 percent are held by Carl Zeiss AG, one of the world’s leading companies in the optical and optoelectronic industries.
No question, 2020 has been a troublesome year. What could make it worse? An abundance of severe storms that could affect and disrupt homes, families and businesses across the country.
With a record nine named storms so far this year, expert predictions indicate that the 2020 hurricane season, which lasts through November, is likely to be the most active on record. In fact, the presence of hurricanes Marco and Laura, was the first time two named hurricanes occupied the Gulf of Mexico at the same time.
The National Oceanographic and Atmospheric Administration (NOAA) recently updated its 2020 hurricane outlook, predicting up to 25 named storms (winds of 39+ mph), which would make the year a record-breaker.1
This year, however, there is the added complication of COVID-19. How does a pandemic affect storm preparation for those who may be in harms way?
Storms and flooding already present a lot of dangers. Coronavirus is another level of risk on top of the others, explained Peter Duncanson, Director of Commercial Restoration for ServiceMaster Restore. ServiceMaster Restore specializes in storm damage restoration and infection prevention.
This year, said Duncanson, people must prepare to remain safe from COVID-19 in what may be difficult circumstances before, during and after the storm.
Citing recommendations from the Centers for Disease Control and Prevention (CDC) and other sources, Duncanson listed several considerations for storm preparation in the age of coronavirus:
Dealing with storms and any resulting flooding or damage is always stressful and potentially dangerous. Take extra precaution this year and stay safe from coronavirus, too.
ServiceMaster Brands is a leading provider of cleaning, disinfection, restoration and related services in both the residential and commercial markets, operating through an extensive service network of providers in all 50 U.S. states and 10 countries. The companys well-recognized brands include ServiceMaster Restore (restoration and reconstruction), ServiceMaster Clean (commercial cleaning), Merry Maids (residential cleaning), AmeriSpec (home inspections) and Furniture Medic (cabinet and furniture repair). ServiceMaster Brands is a business unit of ServiceMaster Global Holdings, Inc. (NYSE: SERV), a leading provider of essential residential and commercial services. To learn more about ServiceMaster Brands go to www.servicemaster.com.
New Frontier Health Corporation (NFH or the Company) (NYSE: NFH), operator of the premium healthcare services provider United Family Healthcare (UFH”), today announced its unaudited financial results for the second quarter ended June 30, 2020.
Financial and Operating Highlights1 All comparisons made on both a year-over-year (yoy) and quarter-on-quarter (qoq) basis. 2
* Bed utilization is calculated based on the weighted average maximum bed capacity for the period.
The Board of Directors (the Board) of the Company appointed Mr. Carl Wu, a current member of the Board and Chairman of the Executive Committee of NFH, as President of NFH and appointed David Zeng, another current member of the Board, as Chief Operations Officer (COO) of NFH, effective August 1, 2020. Mr. Wu and Mr. Zeng together will form a new President and COO Office within NFH, which will replace the COO Office led by Jeffrey Staples, who has resigned from the Company for personal reasons. Mr. Wu will maintain his responsibility as Chairman of the Executive Committee. The President and COO Office will retain the same reporting lines as the previous COO Office.
Mr. Antony Leung, Chairman of NFH, commented, Similar to many others in the industry, our business continued to be negatively affected by the COVID-19 pandemic during the quarter. However, the COVD-19 situation in China now seems to be under control. Although there is no assurance of the future path of the disease, we expect that any future outbreaks can be more easily controlled by effective public health measures. In the second quarter, we were glad to see a revenue recovery and operational ramp-up trend that led to quarter-over-quarter growth as well as improved profitability on the back of our previously announced efficiency initiatives. Our outpatient visits increased quarter-over-quarter, driving similar, sequential growth in revenues across all asset categories. We remain confident in our company and expect to continue to execute our operational and strategic plans.
We are also excited that Carl and David have formally joined the leadership team, Mr. Leung continued. They have been working closely with the executive team over the last several months and have been making significant progress in a number of strategic areas while improving the performance of the Company. I look forward to working closely with Roberta, Carl and David, and the management and medical teams to continue delivering world class healthcare to patients in China.
Ms. Roberta Lipson, Chief Executive Officer of NFH and founder of UFH, added, We are happy to see signs of recovery this quarter. Both outpatient visits and inpatient admissions across our network rebounded steadily in April and May, with an acceleration toward the end of May as the government eased COVID-19 related restrictions. Despite the second outbreak in Beijing in June, which was quickly contained, our outpatient volume achieved a 41% increase from the previous quarter. Meanwhile, we made progress on our strategic growth initiatives. For example, our hospital in Guangzhou, which first opened its doors in the fourth quarter of 2018, started to achieve monthly EBITDA breakeven in May 2020. Our Shanghai United Family Hospital launched its Center for Healthy Aging this quarter, providing health management services to patients aged 60 and older, reflecting the needs of Shanghais shifting demographic. In Beijing, both our Beijing United Family Hospital and our New Hope Oncology Center expanded their capabilities with investments in equipment upgrades. We also opened our Beijing United Family Tianchen Clinic in partnership with the Asia Infrastructure Investment Bank.
In addition to making progress in pursuit of our strategic growth, we are proud of our contributions to societys needs during the outbreak. Many of our facilities have been approved to provide COVID-19 polymerase chain reaction (PCR) tests and antibody tests to patients on-site. In addition, our Beijing United Family Hospital was one of a select few private hospitals approved to carry out the supporting lab work, and we believe that both of these efforts will translate into business growth, as this testing brings more people through our doors to experience UFHs environment and service for the first time. As our business continues its expected return to normal growth, we remain focused on network efficiency, expansion asset ramp-up, core market facilities, and service line development. Finally, I want to thank our team, which has made a significant effort to protect each other, our patients, and their families during this difficult time, concluded Ms. Lipson.
For management purposes, the Company is organized into business units based on the category and stage of development of the Companys healthcare facilities and geographic locations. There are three reportable operating segments, as follows:
(a) Tier 1 Operating Assets: the existing general healthcare facilities located in tier 1 cities in China, such as Beijing United Family Hospital (BJU), Shanghai United Family Hospital (PXU), and their associated clinics. (b) Tier 2 Operating and Other Assets: the existing general healthcare facilities located in tier 2 cities in China, such as Tianjin United Family Hospital (TJU), Qingdao United Family Hospital (QDU), and other assets, such as a Beijing United Family Rehabilitation Hospital (Rehab) and other clinic assets. (c) Expansion Assets: the facilities recently opened or about to open including Shanghai Xincheng United Family Hospital (PDU), Guangzhou United Family Hospital (GZU), and Beijing Jingbei Women and Childrens United Family Hospital (DTU).
Revenue was RMB548.9 million ($77.7 million) in the second quarter, representing a decrease of 12.6% yoy from RMB628.1 million in the second quarter of 2019. The decrease primarily resulted from a decline in patient volume as patients postponed or cancelled non-emergency medical services due to the impact of COVID-19. However, revenue increased by 27.4% from the prior quarter due to strong recovery in patient volume and demand for premium healthcare service.
Operating expenses were RMB565.1 million ($80.0 million) in the second quarter, representing a decrease of 10.8% yoy from RMB633.7 million and a slight increase of 1.1% qoq.
As a result of the above, loss from operations in the second quarter of 2020 was RMB16.2 million ($2.3 million) compared to loss from operations of RMB5.6 million ($0.8 million) in the prior year period. Loss before income taxes in the second quarter of 2020 was RMB72.4 million ($10.2 million), compared to loss before income taxes of RMB52.6 million ($7.4 million) in the prior year period. Net loss in the second quarter of 2020 was RMB79.3 million ($11.2 million) compared to net loss of RMB75.2 million ($10.6 million) in the prior year period. The increase in losses yoy mainly resulted from an expanded cost basis, reflecting full operations of the new PXU facility, the revenue decline caused by the pandemic, and increased finance costs due to the Company’s Senior Secured Term Loan, and which were partially offset by cost-saving initiatives and cost reductions as a benefit of government policies in response to the COVID-19 pandemic.
As of June 30, 2020, the Company had RMB845.8 million ($119.7 million) in cash and cash equivalents. Cash generated from operating activities for the second quarter were RMB386.6 million ($54.7 million), cash used for investing activities were RMB112.6 million ($15.9 million), and cash used for financing activities were RMB476.8 million ($67.5 million) for repayment of IFC loans and increased interest from Senior Secured Term Loan.
The Companys outpatient visits and inpatient admissions continued to be lower during the quarter compared to the prior year period. The Companys facilities have been significantly affected by the governments COVID-19 related restrictions, including: 1) closing borders to foreigners, which led to fewer expatriate patients in the Companys facilities; 2) temporary suspension of multi-site practice for physicians; and 3) restrictions on types of services offered at medical facilities. Despite these restrictions, the Companys facilities saw strong volume recovery month over month as Chinas COVID-19 cases generally continued to decrease and restrictive regulations were relaxed or removed completely.
In April, May, and June, the Company saw a steady rebound in both outpatient visits and inpatient admissions across the UFH network. Then, beginning at the end of May when the government lowered its COVID-19 response level and reduced or removed many of the remaining restrictions, volumes rebounded at an even faster rate. This change was primarily driven by demand in family medicine, pediatrics, and emergency care as patients returned to UFH for their regular healthcare needs.
On June 11, a new outbreak of COVID-19 cases was identified in Beijings FengTai district. In response to the new cases, the Beijing government raised its COVID-19 response level and mandated that many of the prior precautions be re-implemented across Beijing, including restrictions on doctors practicing at multiple sites, stricter protocols for providing care for fever patients, and limitations on the number of non-COVID patients that can be seen each day to maintain social distancing practices. As a result of these measures, the Companys facilities in Beijing saw an immediate drop in patient volumes. From the start of this second outbreak until the end of June, outpatient visit volumes at BJU and associated clinics fell by approximately 25%, and inpatient admissions fell by approximately 7% from the level seen in the earlier part of June. The Companys facilities in other cities were not negatively affected by the second outbreak in Beijing and continued to steadily recover during this time. Despite the impact of the June outbreak, group wide revenue in June continued to recover to 97% of prior year revenue. Beijing has since returned to its more open status as the outbreak was quickly contained by mid-July.
Although overall patient volumes for the second quarter were lower than in the same period of 2019, the Company saw a strong rebound compared to the first quarter of 2020. During the second quarter of 2020, outpatient volumes were 40.5% higher than the prior quarter. Every reporting asset category saw an improvement in outpatient volumes on a quarter-over-quarter basis. Outpatient volume growth has been particularly strong in dental, family medicine, pediatrics, and emergency medicine. Inpatient admissions did not increase quarter over quarter, primarily due to 1) second wave of COVID-19 outbreak in Beijing, 2) lower admissions in the pediatrics department, as schools stayed closed and enhanced personal hygiene and protective measures for school children were implemented. However, the Company experienced strong growth in other departments including internal medicine, surgery, orthopedics, which recorded over 20% qoq growth in terms of inpatient admissions in Q2 2020.
With the second outbreak brought under control, the Beijing government lowered its COVID-19 response level from Level 2 back to Level 3 on July 20, 2020. With this change, most of the restrictions were removed or significantly reduced. The Companys Beijing facilities immediately saw an increase in volumes. Since then, UFH has seen continued growth, with weekly revenue consistently higher than it was during the same period a year ago.
With the closing of international borders and other travel restrictions within China since the start of the pandemic, the Company has seen a higher volume and revenue contribution from Chinese patients. During the recovery process, there has been strong growth in the Chinese patient population at all UFH facilities. Since the beginning of the second quarter, Chinese patient numbers not only returned to prior levels but also have achieved year-over-year increase, demonstrating the resilience and strong demand for premium private healthcare service from Chinese patients. Despite monthly improvements in foreign patient volumes during the same period, there is still a sizeable gap compared to pre-COVID-19 periods during second quarter. However, during July, the Company has seen the first year-over-year increase in terms of revenue from expatriate patients. With domestic travel restrictions already eased and international borders opening on a controlled basis, the Company expects foreign patient volumes to experience year over year growth in the near future.
As one of the most widely recognized premium private healthcare providers in China, many of the Companys facilities have been approved to provide COVID-19 PCR tests and COVID-19 antibody tests to patients on site and for group testing for corporate and school partners at their work sites or campuses. During the second quarter, BJU was one of only a few private hospitals approved to carry out the supporting laboratory work. This ability to do the work in-house gives BJU the opportunity to provide patients high-quality testing with a higher turnaround time than waiting for over-burdened government and commercial labs to conduct the lab work.
The Company has provided more than 24,000 PCR tests and antibody tests as of the date of this release. The Company has been working with some of Chinas top multi-national corporations, state-owned enterprises, schools, and embassies to tailor clinical arrangements to meet their testing needs. Under these arrangements, UFH provides COVID-19 testing to its partners employees and, in some cases, to their customers, which could potentially generate additional revenue and attract new patients to the Companys network.
After only 21 months of operations, GZU reported positive EBITDA for the first time in May. June and July EBITDA continued to be positive as well. Even during the COVID-19 period, GZU has seen months of continuous strong volume and revenue growth, driven by OBGYN, postpartum care, dermatology, internal medicine, orthopedics, and surgeries, as well as other services.
In April, the Companys newest clinic, Beijing United Family Tianchen Clinic, opened on the west side of Beijing inside the China headquarters building of the Asia Infrastructure Investment Bank (AIIB). This new clinic, operated in partnership with AIIB, provides the banks employees with access to quality healthcare. Through the clinic, UFH will provide AIIB employees with basic family medicine services and access to a variety of specialty services at other UFH clinics and hospitals through tele-medicine as well as referrals to other sites for care as needed. Under the partnership agreement with AIIB, UFH will have minimal capital investment requirements and no rental cost while receiving a monthly health management fee from AIIB. This exciting new model is expected to give UFH the ability to directly support its long-term partners health needs, and the Company expects to replicate this model with other corporate partners.
At the end of June, NFH signed an agreement to be the sole medical provider for employees and guests at the upcoming Universal Beijing Resort. The 4.4 km2 destination park located to the southeast of Beijing is expected to feature a theme park, hotels, and iMax theater complex, as well as extensive dining and shopping attractions. NFH will begin to staff the on-site medical center starting in the fourth quarter of 2020. Under this agreement, the Company will provide frontline medical services, ambulance coordination, and health patrols on the property.
During the quarter, both Beijing United Family Hospital and New Hope Oncology Center invested in upgrading their technical capabilities. Of note, the New Hope Oncology Center in Beijing upgraded its Varian Linear Accelerator to include the latest Varian Eclipse Treatment Planning software, bringing the latest developments in radiation therapy to the center. This upgrade is expected to provide several key benefits, including: (i) the ability to create better clinical treatment plans for patients and move more quickly from assessment and diagnosis to starting treatment; (ii) a reduction in patients treatment time and the potential to produce better clinical outcomes; and (iii) the ability to connect with other specialty centers to collaborate more efficiently.
On April 1, 2020, one affiliate of the Company entered into a definitive agreement for the sale of 80% equity interest in Beijing Youhujia Healthcare Management Co. Ltd. (YHJ) to one affiliate of New Frontier Group. This disposition was completed on April 28, 2020. YHJ will continue to support UFHs postpartum rehabilitation business in the provision of postpartum nursing services while UFH will continue to provide YHJ with nursing training to help enhance service quality. YHJ was not profitable in either fiscal year 2019 or the first quarter of 2020.
Despite the challenges brought on by COVID-19, the Company expects to record 2-5% revenue growth in the third quarter of 2020 as compared to the third quarter of 2019, as patient volumes are expected to steadily recover.
The Companys Annual Report for the year ended December 31, 2019 (the Annual Report) was filed with the U.S> Securities and Exchange Commission (the SEC) on March 31, 2020. A copy of the report can be found under the Financials section of the Companys investor relations website at www.nfh.com.cn or on the SECs website at www.sec.gov. Shareholders may request a hard copy of the Companys audited financial statements for the year ended December 31, 2019, which were included in the Annual Report, free of charge by filling out the “Information Request Form” in the Resources section of the Companys investor relations website.
A conference call and webcast to discuss New Frontier Healthcares financial results and guidance will be held at 8:00 a.m. U.S. Eastern Time on Thursday, August 27, 2020 (or Thursday, August 27, 2020, at 8:00 pm Beijing Time). Interested parties may listen to the conference call by dialing numbers below:
United States: 1-877-407-0789 International: 1-201-689-8562 China Domestic: 86 400 120 2840 Hong Kong: 800 965 561 Conference ID: 13708749
Participants are encouraged to dial into the call at least 15 minutes in advance due to high call volume
The webcast will be available on the Companys investor relations website at www.nfh.com.cn and will be archived on the site shortly after the call has concluded. A presentation to accompany the call will also be available for download on the website.
New Frontier Health Corporation (NYSE: NFH) is the operator of United Family Healthcare (UFH), a leading private healthcare provider offering comprehensive premium healthcare services in China through a network of private hospitals and affiliated ambulatory clinics. UFH currently has nine hospitals in operation or under construction in all four tier 1 cities and selected tier 2 cities. Additional information may be found at www.nfh.com.cn.
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, without limitation, NFHs ability to address the effects of the COVID-19 pandemic; NFHs ability to manage patient inflows; and NFHs ability to prevent the spread of COVID-19 within its facilities; NFHs ability to grow its business manage its growth; the benefits and synergies of the business combination it completed in December 2019, including anticipated cost savings, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which the Company operates. Such forward-looking statements are based on available current market material and managements expectations, beliefs and forecasts concerning future events impacting NFH. These forward-looking statements are not guarantees of future results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NFHs control that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of such risks, please refer to NFHs Annual Report on Form 20-F, filed with the SEC on March 31, 2020 and NFHs subsequent filings with the SEC. NFH undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The discussion and analysis includes certain measures, including Adjusted EBITDA (before IFRS 16 adoption), which have not been prepared in accordance with IFRS. This measure does not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. This measure should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. We use this measure to evaluate our operating results and for financial and operational decision-making purposes. We believe that Adjusted EBITDA is helpful in comparing our performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance, and in identifying underlying operating results and trends.
Adjusted EBITDA (before IFRS 16 adoption), is calculated as net loss plus (i) depreciation and amortization, (ii) finance costs/(income), (iii) other gains or losses, (iv) other expenses (such as share based compensation), (v) provision for income taxes, as further adjusted for (vi) certain monitoring fees paid to certain shareholders prior to the Business Combination, (vii) lease expense adjustments as a result of adoption of IFRS 16, (viii) transaction related costs (such as insurance amortization), and (ix) severance costs as a result of the restructuring process mainly in corporate headquarters since the second quarter of 2020. UFH adopted IFRS 16 on January 1, 2019, and recognized lease liabilities and corresponding right-of-use assets for all applicable leases, and recognized interest expense accrued on the outstanding balance of the lease liabilities and depreciation of right-of-use assets. As a result, the adoption of IFRS 16 caused depreciation and amortization and finance costs to increase in 2019, and excluded all applicable lease expenses in Adjusted EBITDA. For ease of comparison to prior periods, the Company eliminated the impact of IFRS 16 on Adjusted EBITDA.
The translations from Renminbi to U.S. dollars included in the financial statements and elsewhere in this press release have been included for purposes of convenience were made at a rate of RMB7.0651 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2020.
1 As a result of the adoption of International Financial Reporting Standard 16 (IFRS 16), effective January 1, 2019, related lease expenses have been reflected in depreciation and amortization expenses and finance costs. Segment revenue and Adjusted EBITDA (before IFRS 16 adoption) are presented for the purposes of comparison with prior years. The financial statements have been translated into United States dollars for convenience purposes at a rate of RMB7.0651 to US$1.00, the exchange rate on June 30, 2020, set forth in the H.10 statistical release of the Federal Reserve Board.
2 The Company acquired UFH in a business combination that closed on December 18, 2019. The financial results for the quarter ended June 30, 2019 presented herein are those of the Companys wholly owned subsidiary, Healthy Harmony Holdings, L.P. (the Predecessor), while the financial results for the quarter ended June 30, 2020, presented herein are those of the combined Company (the Successor).
3 Adjusted EBITDA (before IFRS 16 adoption) is a non-IFRS performance measure. See Non-IFRS Financial Measures for a reconciliation of Adjusted EBITDA to its most comparable financial measure calculated in accordance with IFRS.
4Complete practicing licenses means after receiving the formal approval of practicing license for medical institutions and obstetrics operating license.
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