Financial Assessment of Mediclinic International and NMC Health

This article evaluates the financial performance of Mediclinic International and NMC Health through vertical and horizontal analysis of their income statements and balance sheets. It also discusses potential problems and challenges faced by both companies and proposes recommendations for ABC Laboratories. The article concludes that Mediclinic International is financially stronger than NMC Health.

Running head: HEALTHCARE MANAGEMENT
Healthcare Management
Name of the Student:
Name of the University:
Authors Note:

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Table of Contents
Introduction:...............................................................................................................................2
1. Examining the reports and making adequate financial assessments:.....................................2
1.1 Vertical Analysis Mediclinic International and NMC Health:............................................2
1.2 Horizontal Analysis Mediclinic International and NMC Health:........................................7
1.3 Financial ratio Analysis Mediclinic International and NMC Health:................................11
2. Discussing the strong points in Mediclinic International and NMC Health financial state:14
3. Discussing potential problems and challenges faced by both the companies:.....................14
4. Assessing financial performance of Mediclinic International and NMC Health:................15
5. Making comparison between the Mediclinic International and NMC Health:....................16
6. Proposing the optimal choice for ABC Laboratories:..........................................................17
Conclusion:..............................................................................................................................18
Reference and Bibliography:....................................................................................................19

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Introduction:
The overall assessment mainly AIMS in identifying the financial performance of
Mediclinic International and NMC Health. Relevant ratios of both the companies are mainly
calculated to identify the financial performance and detect any Trend in the financial growth.
With the use of vertical and horizontal analysis both the company's rising or declining trend
are detected. Furthermore, ratios such as profitability, liquidity, efficiency, and financial
leverage is used to detect the financial consistency of both the companies. After the detection
of the financial performance of Mediclinic International and NMC Health relevant
recommendations are conducted for ABC Laboratories, which could help them in their
operations.
1. Examining the reports and making adequate financial assessments:
1.1 Vertical Analysis Mediclinic International and NMC Health:
Revenue
Cost of sales
Administration and other operating expenses
Other gains and losses
Operating profit
Depreciation
Finance income
Finance cost
Share of profit of equity accounted investments
Profit before tax
Income tax expense
Profit for the year
-80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120%
Vertical Analysis Mediclinic for Income Statement
2013 2014 2015 2016
Figure 1: Vertical analysis for income statement of Mediclinic International
(Source: As created by the author)

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Revenue
Gross profit
Other income
Transaction costs
Amortisation
PROFIT FROM OPERATIONS
Finance income
Profit before tax
Profit for the year
-80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120%
Vertical Analysis NMC Health for Income Statement
2013 2014 2015 2016
Figure 2: Vertical analysis for Income statement of NMC Health
(Source: As created by the author)
From the evaluation of vertical analysis for NMC health It could be identified that
cost of sales of the company has relatively declined over the period which helped in boosting
gross profits. However, profit from operations has also improved over the fiscal years, while
profits from operations has remain constant from 2013 to 2016 indicating a higher
administrative expense conducted by the organization. The rising financing cost and other
expenses has relatively declined the profits from 13% to 12% in 201 (NMC 2018). From the
evaluation of Mediclinic International vertical analysis of income Street relevant financial
improvements can be identified. Incremental cost of sales and administrative expenses can be
seen in a fiscal year. However, decline in operating profits from operations was seen in four
fiscal years. The major difference in the expenses or cost incurred by Mediclinic International
is the declining finance cost incurred by the organization. This relevant reduction in finance
cost has posted profitability of the company from negative 3% to positive 9% in 2016
(Ir.mediclinic.com 2018).

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Non-current assets
Property, equipment and vehicles
Intangible assets
Equity accounted investments
Other investments and loans
Receivables
Derivative financial instruments
Deferred income tax assets
Current assets
Inventories
Trade and other receivables
Current income tax assets
Derivative financial instruments
Cash and cash equivalents
Total assets
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
Vertical Analysis Mediclinic for Balance Sheet
2013 2014 2015 2016
Share capital
Treasury shares
Other reserves
Non-controlling interests
LIABILITIES
Borrowings
Retirement benefit obligations
Derivative financial instruments
Trade and other payables
Provisions
Derivative financial instruments
Total liabilities
-60.00% -40.00% -20.00% 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
Vertical Analysis Mediclinic for Balance Sheet
2013 2014 2015 2016
Figure 3: Vertical analysis for Balance Sheet statement of Mediclinic International
(Source: As created by the author)

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Non-current assets
Intangible assets
Deferred tax assets
Advances paid for acquisitions
Current assets
Accounts receivable and prepayments
Amounts due from related parties
Bank deposits
Total assets
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00%
Vertical Analysis NMC Health for Balance Sheet
2013 2014 2015 2016
Share capital
Group restructuring reserve
Option redemption reserves
Equity attributable
Total equity
Non-current liabilities
Employees' end of service benefits
Option redemption payable
Current liabilities
Other payables
Bank overdrafts and other short term borrowings
Employees' end of service benefits
Total liabilities
-20% 0% 20% 40% 60% 80% 100% 120%
Vertical Analysis NMC Health for Balance Sheet
23.72% 9.24% 19.31% 8.37% 4.05% 8.15% 5.95% 20.71%
Figure 4: Vertical analysis for Balance Sheet statement of NMC Health
(Source: As created by the author)
From the valuation of figure 3 and 4, vertical analysis on balance sheet of NMC
health and Mediclinic International can be identified. From the evaluation, majority of the
total assets of Mediclinic International is in their noncurrent assets. This indicates low
accumulation of current assets maintained by the company, to support its short-term
liabilities. However. this non-accumulation of adequate inventories and cash relatively
increases trade receivables of the organization. The high trade receivables would eventually

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indicate blockage of essential capital, which is used in the business process. More majority of
the total equity and liability section is compliant with total equity, which is relatively
increased in 4 fiscal years. The total liabilities section mainly holds 45.49% of the total equity
and liability part of the balance sheet. the total liabilities section mainly comprises of 33.4%
of non-current liabilities while current liability only 12.02%. Moreover, debt of the
organization has relatively declined over the period which helped in reducing the finance cost
(Ir.mediclinic.com 2018). However, trade payables have been declining over the period,
which Indicates the credit provision provided to the company.
The evaluation also indicates that total Assets of the organization is relatively divided
in non-current and current assets, where maximum of the investment of non-current assets are
conducted in property and intangibles. Moreover, the current assets investments are mainly
conducted on account receivables, cash, and inventories, which will be used by NMC Health
to improve its financial position. However, from the valuation it could be understood that
total equity only holds 41% of total liabilities and equity of the organization. On the other
hand, 59% of total liabilities is used by NMC Health for supporting has operations. This high
accumulation of debt is relatively depicting the weak financial position of NMC Health
(NMC 2018).
From the evaluation it could be detected that Mediclinic International is more
financially sound than NMC Health.

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1.2 Horizontal Analysis Mediclinic International and NMC Health:
Revenue
Cost of sales
Administration and other operating expenses
Other gains and losses
Operating profit
Depreciation
Finance income
Finance cost
Share of profit of equity accounted investments
Profit before tax
Income tax expense
Profit for the year
-200.00% 0.00% 200.00% 400.00% 600.00% 800.00% 1000.00%
Horizontal Analysis Income Statement
Mediclinic
2013 2014 2015 2016
Figure 5: Horizontal analysis for income statement of Mediclinic International
(Source: As created by the author)
Revenue
Gross profit
Other income
Transaction costs
Amortisation
PROFIT FROM OPERATIONS
Finance income
Profit before tax
Profit for the year
-200% -100% 0% 100% 200% 300% 400% 500% 600%
Horizontal Analysis Income Statement NMC
Health
2013 2014 2015 2016
Figure 6: Horizontal analysis for Income statement of NMC Health
(Source: As created by the author)

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The evaluation of horizontal analysis mainly helps in identifying the change in trend
of Mediclinic International in past 4 fiscal years. Drastic progress can be seen in revenue
generation capacity of the company from 2013 to 2016. Moreover, the profitability of the
organization has relatively increased by 270.68% in the four fiscal years. Moreover, the profit
before tax of the organization has relatively increased due to the declining finance cost of the
organization. This exponential profit witnessed by Mediclinic International is due to the loss,
which incurred during 2013 (Ir.mediclinic.com 2018).
The evaluation helps in depicting the relevant increment in revenues, cost of sales and
other administrative expenses incurred during the fiscal years. the company's overall
financial performance has a relatively increased in comparison to 2016. However, the
increment is not as Mediclinic International, who experienced exponential growth. This
relevant increment in profits indicates the rising trend, which is obtained by the organization
during the fiscal years. Therefore, it could be stated that financial position of Mediclinic is far
better than NMC Health (NMC 2018).
Share capital
Treasury shares
Other reserves
Non-controlling interests
LIABILITIES
Borrowings
Retirement benefit obligations
Derivative financial instruments
Trade and other payables
Provisions
Derivative financial instruments
Total liabilities
-2000.00% 0.00% 2000.00% 4000.00% 6000.00% 8000.00%
Horizontal Analysis Balance sheet Mediclinic
2013 2014 2015 2016

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Non-current assets
Property, equipment and vehicles
Intangible assets
Equity accounted investments
Other investments and loans
Receivables
Derivative financial instruments
Deferred income tax assets
Current assets
Inventories
Trade and other receivables
Current income tax assets
Derivative financial instruments
Cash and cash equivalents
Total assets
-2000.00% 0.00% 2000.00% 4000.00% 6000.00% 8000.00% 10000.00% 12000.00%
Horizontal Analysis Balance sheet Mediclinic
2013 2014 2015 2016
Figure 7: Horizontal analysis for Balance Sheet statement of Mediclinic International
(Source: As created by the author)
Non-current assets
Intangible assets
Deferred tax assets
Advances paid for acquisitions
Current assets
Accounts receivable and prepayments
Amounts due from related parties
Bank deposits
Total assets
-10000% 0% 10000% 20000% 30000% 40000% 50000% 60000% 70000%
Horizontal Analysis Balance sheet NMC Health
2013 2014 2015 2016

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Share capital
Group restructuring reserve
Option redemption reserves
Equity attributable
Total equity
Non-current liabilities
Employees' end of service benefits
Option redemption payable
Current liabilities
Other payables
Bank overdrafts and other short term borrowings
Employees' end of service benefits
Total liabilities
-2000% 0% 2000% 4000% 6000% 8000% 10000% 12000%
Horizontal Analysis Balance sheet NMC Health
2013 2014 2015 2016
Figure 8: Horizontal analysis for Balance Sheet statement of NMC Health
(Source: As created by the author)
The relevant evaluation of balance sheet mainly depicts rising trend of both total
assets and total liabilities of the organization. Exponential growth in equity accounted
investments can be seen from the horizontal analysis while increment in non-current assets of
the company is more than its current assets. This relatively indicates the strengthening
financial position of Mediclinic International due to rising assets of the organization.
Moreover, the total liabilities of the company have not grown immensely, as compared to the
total assets, which indicates its financial position. On the other hand, total equity section of
the company has grown by 227.31% in 2016 as compared to 2013, which indicates low
accumulation of debt conducted by the company (Ir.mediclinic.com 2018).
Moreover, from the valuation you could be understood that total assets of the
company as its financially grown by 184% in four fiscal years (NMC 2018). The increment in
non-current assets was exponentially higher than the current assets of the organization, as
seen in a horizontal analysis. However, the composition of accounts receivable is relatively

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higher, which could relatively block essential capital. However, the equity section has
experienced an exponential growth in total liabilities by 221% in 2016. On the other hand, the
equity section of the company has only grown by 114%. This relatively indicates that NMC
Health has accumulated debt to support its financial operations, which increases the chance of
insolvency for the company.
1.3 Financial ratio Analysis Mediclinic International and NMC Health:
Profitability ratio 2016 2015 2014 2013
Gross profit margin 38.29% 34.62% 32.49% 33.68%
Net profit margin 12.40% 9.74% 12.04% 12.55%
Liquidity ratio 2016 2015 2014 2013
Current ratio 1.74 1.50 1.56 2.13
Quick ratio 1.52 1.17 1.26 1.76
Efficiency ratio 2016 2015 2014 2013
Total asset turnover ratio 64.75% 73.27% 72.93% 71.97%
Accounts receivable 3.72 3.68 3.53 3.15
Leverage ratio 2016 2015 2014 2013
Debt Ratio 59.05% 65.63% 52.34% 52.27%
Debt to Equity Ratio 45.28% 50.23% 39.57% 40.78%
Table 1: Stating the Financial ratio of NMC Health
(Source: As created by the author)

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From the valuation of financial ratios relevant growth is witness in profitability ratio
of NMC Health from 2013 to 2016. The financial ratios such as leverage, liquidity, and
efficiency has mainly declined over the period of 4 fiscal years. This relatively indicates
drawback for the organization in maintaining adequate financial position in the market. The
profitability ratio of NMC Health has also not improved adequately in four fiscal years,
where only gross profit margin is increased from 33.68% to 38.29%. On the other hand, net
profit margin has declined from 12.55% to 12.40% (NMC 2018). Ratios such as quick ratio
and accounts receivable ratio also portray financial stability of NMC Health. Financial
problems can be seen in total asset turnover ratio, current ratio, debt to equity ratio, debt ratio
and net profit margin has been identified for NMC Health.
Profitability ratio 2016 2015 2014 2013
Gross profit margin 40.01% 40.11% 43.63% 43.19%
Net profit margin 9.02% 12.85% 11.76% -3.46%
Liquidity ratio 2016 2015 2014 2013
Current ratio 1.20 1.68 1.36 1.46
Quick ratio 1.11 1.54 1.25 1.35
Efficiency ratio 2016 2015 2014 2013
Total asset turnover ratio 38.50% 47.07% 49.65% 45.71%
Accounts receivable 4.32 4.95 5.18 4.79
Leverage ratio 2016 2015 2014 2013
Debt Ratio 45.49% 58.14% 64.07% 68.27%
Debt to Equity Ratio 28.11% 26.84% 43.07% 46.46%

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Table 2: Stating the Financial ratio of Mediclinic International
(Source: As created by the author)
Improvements in profitability ratio, leverage ratio and total asset turnover ratio can be
identified from the above table. This relevant increment or improvements in the ratios
indicate the financial strength of Mediclinic International, which depicts financial strength of
the company. The profitability ratio as a relatively improved for Mediclinic International, as
gross profit margin has declined while net profit margin of the company has improved
exponential. This relatively indicates that the management has curbed all the irrelevant
administrative expenses. Moreover, the leverage ratio indicates that both debt to equity and
debt ratio as a relatively declined indicating low accumulation of debt to finance operations
of the organization. This indicates low chance of insolvency for Mediclinic International in
any given period. The problematic areas that could be identified for Mediclinic International
liquidity ratio and account receivables ratio, which relatively declined over the period of four
fiscal years (Ir.mediclinic.com 2018).
After comparing both company’s financial ratios Mediclinic International has been
identified to be the most viable company with high financial position. The financial ratios
evaluated for both Mediclinic and NMC health depicts adverse evaluation, as increment in
profitability would decrease financial stability of the companies. this relatively indicates that
Mediclinic International has high value of profitability due to the reducing administrative cost
accumulated by the company (Czajor and Michalak 2017). In addition, the ratios also indicate
a solvent position for Mediclinic international. On the other hand, profitability of NMC
Health has declined over the period due to the rising cost, which is evaluated from the ratio.
The company’s Account receivable has improved, while net profitability has declined.

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2. Discussing the strong points in Mediclinic International and NMC Health financial
state:
From the relevant evaluation of horizontal analysis, vertical analysis, and financial
ratios relevant strong points of Mediclinic International and NMC health can be identified.
The evaluation indicates that Mediclinic International as well to be improved that financial
strength in the past four fiscal years by acquiring higher level of assets within the
organization. The relevant increment in assets has allowed Mediclinic International to obtain
high net profitability from its operations. the company has a relatively reduced its debt
accumulation, while increasing the level of current assets, which could help in supporting it
short term financial obligations (Shaverdi et al. 2016). The financial ratios mainly depict the
strength of Mediclinic international in conducting its operations adequately.
The major strength of the major strength of NMC Health is its rising profitability,
which is acquired by the organization. The liquidity ratio of the company is relatively
adequate where it indicates that no extra burden on inventory is are conducted, which could
directly hamper its capital. The accounts receivable condition of the company has also
improved over the four-fiscal year, which indicates that companies receiving the payments
earlier than expected from the customer. Moreover, the evaluation also indicates the financial
strength and capacity of the organization to support its ongoing operations (Ferrer and Tang
2016).
3. Discussing potential problems and challenges faced by both the companies:
There are certain problems and challenges that is faced by both the companies, which
was evaluated with the help of horizontal analysis, vertical analysis, and financial ratios. The
major concern that is hindering the operations of Mediclinic International are the declining
gross profit, inappropriate current ratio, and reducing efficiency ratio of the company.

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Moreover, from the horizontal analysis it is also indicated that the company can generate
adequate profitability but relevant increment in accounts receivable is relatively reducing the
cash availability to the company. The company has highly invested in non-current assets
which has reduced is capability to support its current assets which is seen from the evaluation
(Laitinen, Lukason and Suvas 2014).
Major problems that is identified from the operations of NMC Health is the declining
net profit margin, in courses total asset turnover and rising leverage ratio. This relatively
indicates that due to administrative expenses the net profit margin of the company is
declining while gross profit margin is increasing. Moreover, the total asset turnover ratio is
declining due to the reduced net profit obtained by the company. Furthermore, the debt
accumulation of the company is relatively higher, which is increasing debt ratio and debt
equity ratio in the past fiscal years. This relevant increment in debt would eventually raise the
finance cost and hinder its profitability in future (Choi, Kim and Oh 2017).
4. Assessing financial performance of Mediclinic International and NMC Health:
Therefore, it could be understood that financial performance of both the companies
has relatively improved over the fiscal years, which could be seen from the evaluation of
horizontal analysis, vertical analysis, and financial ratios. Mediclinic International as a
relatively improved its financial performance over the fiscal years, which could be identified
from the rising financial trend of the organization. The company has increased its
profitability, while reducing its actual financial expenses during the fiscal years. this
relatively indicates the rising trend of the organization in acquiring higher profits each fiscal
year. the company has also focus its finances in assets, which has increased exponentially
over the fiscal years (Pech et al. 2015).

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Moreover, NMC Health is focused in raising its overall profitability by accumulating
high end revenues. However, the company's financial performance has deteriorated due to the
rising finance cost incurred by the company. The profitability has declined steadily over the 4
fiscal years, which relatively indicates the declining trend of the organization. The rising
finance cost is due to the accumulation of debt that has been conducted by the company.
Therefore, the financial performance of NMC Health has relatively deteriorated, due to the
accumulation of high end debt (Rashid et al. 2015).
5. Making comparison between the Mediclinic International and NMC Health:
The comparison between Mediclinic International and NMC Health needs to be
conducted to identify the most viable option for ABC Laboratories, which could help them
make their strategic decision. From the evaluation it could be identified that the financial
position of NMC Health has relatively deteriorated over the fourth fiscal years due to the
rising accumulation of financial debt. These financial debts were mainly conducted to
increase the relevant operations of the organization and supported day to day lineage.
However, this continued accumulation of debt mainly rose the total liabilities of the company
reducing its actual equity to support its operations. This relatively increases the Finance cost
of the organization, which reduced its actual financial strength and profitability over the fiscal
years.
On the other hand, the financial evaluation of Mediclinic international mainly
indicates the overall increment in profitability accumulated by the company. The increment
in profit is mainly due to the rising revenue and reducing cost incurred by the company
during the fiscal year. The company has exponentially reduced its overall administrative cost
and Finance cost over the past fiscal years. This decline in finance cost was mainly conducted
due to the reduced accumulation of debt to support operations of the company. Hence,

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financial viability of the organization improved over the fiscal years in comparison with
NMC Health. This directly indicates financial viability of Mediclinic international for
increasing its overall financial strength over the fiscal years.
Therefore, after comparing both the company's financial performance it could be
identified that Mediclinic International has high financial strength, which could be used by
ABC Laboratories in their strategic decisions. Hence, it could be identified that financial
performance of Mediclinic International is relatively higher than NMC Health. This
segregation and identification of the financial strength could eventually allow ABC
Laboratories to make adequate strategic decision to improve their financial position. The
selection of NMC Health would risk the operational capability of ABC Laboratories, while
the selection of Mediclinic International would boost the performance of the company
(Erdogan, Erdogan and Ömürbek 2015).
6. Proposing the optimal choice for ABC Laboratories:
From the valuation of the financial report of both performance of Mediclinic
International and NMC Health can be identified. This financial evaluation could eventually
help in identifying the strength and capability of the companies to support relevant
collaboration with ABC Laboratories. From the valuation it could be understood that
choosing Mediclinic International is most viable option for ABC Laboratories, as their
financial performance has relatively increased over the four fiscal years. In addition, the
company’s financial position and acid accumulation has relatively improved over the period.
Therefore, it could provide a strategic improvement for ABC Laboratories to collaborate with
Mediclinic international. On the other hand, NMC Health’s financial progress as well please
load due to the accumulation of high debt, which could in turn hamper strategic position of

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ABC Laboratories. The weak financial position of NMC health makes them unsuitable for the
collaboration, as they might increase financial burden on ABC Laboratories.
Conclusion:
The whole assessment focuses in identifying the financial viability of both Mediclinic
International and NMC Health, which could allow ABC Laboratories to make adequate
strategic decision. This decision could eventually allow ABC Laboratories to improve its
financial position in the market. The recommendations are mainly conducted for Mediclinic
international, as they have low financial debt and high profits. On the other hand, the
financial position of NMC Health has declined over the period indicating the high debt
accumulation conducted by the company. Therefore, the strategic decision could allow ABC
Laboratories to provide specialized medical testing and laboratory analysis for Mediclinic
International.

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