| In thousands of soles | March 31,
2024 | December 31, 2023 | | In thousands of soles | March 31, 2024 | December 31, 2023 |
| Assets | | | | Liabilities | | |
| Current assets | | | | Current liabilities | | |
| Cash and cash equivalents | 313,444 | 241,133 | | Loans and borrowings | 459,704 | 385,300 |
| Trade accounts receivable | 941,009 | 860,916 | | Lease liabilities | 31,637 | 31,867 |
| Other assets | 188,550 | 222,728 | | Trade accounts payable | 805,183 | 749,349 |
| Inventories | 126,559 | 130,521 | | Other accounts payable | 514,201 | 463,600 |
| Derivative financial instruments | 3 | 721 | | Provisions | 18,555 | 19,074 |
| Other investments | 99,020 | 93,132 | | Insurance contract liabilities | 51,261 | 39,853 |
| Total current assets | 1,668,585 | 1,549,151 | | Deferred income | 244 | 267 |
| | | | | Total current liabilities | 1,880,785 | 1,689,310 |
| Non-current assets | | | | | | |
| Trade accounts receivable | 578 | 420 | | Non-current liabilities | | |
| Other assets | 22,203 | 21,573 | | Loans and borrowings | 3,368,901 | 3,376,282 |
| Investments in associates and joint venture | 20,427 | 20,584 | | Lease liabilities | 120,168 | 126,178 |
| Other investments | 312 | 289 | | Trade accounts payable | 4,144 | 3,906 |
| Property, furniture, and equipment | 2,597,045 | 2,573,140 | | Other accounts payable | 267,031 | 221,132 |
| Intangible assets | 3,183,199 | 3,129,187 | | Deferred tax liabilities | 459,568 | 495,826 |
| Right-of-use assets | 133,874 | 139,386 | | Deferred income | 305 | 352 |
| Investment properties | 7,095 | 6,959 | | Total non-current liabilities | 4,220,117 | 4,223,676 |
| Derivative financial instruments | 78,187 | 81,492 | | Total liabilities | 6,100,902 | 5,912,986 |
| Deferred tax assets | 188,901 | 167,371 | | | | |
| Total non-current assets | 6,231,821 | 6,140,401 | | Equity | | |
| | | | | Share capital | 17,385 | 8,820 |
| | | | | Share premium | 1,208,496 | - |
| | | | | Reserves | 794,851 | 1,823,364 |
| | | | | Retained losses | (379,955) | (366,899) |
| | | | | Equity attributable to the owner of the Company | 1,640,777 | 1,465,285 |
| | | | | Non-controlling interest | 158,727 | 311,281 |
| | | | | Total equity | 1,799,504 | 1,776,566 |
| Total assets | 7,900,406 | 7,689,552 | | Total liabilities and equity | 7,900,406 | 7,689,552 |
| In thousands of soles | Three-month period ended March 31 |
| 2024 | 2023 |
| Revenue | | |
| Insurance revenue | 252,196 | 213,726 |
| Healthcare services revenue | 751,178 | 617,747 |
| Sale of medicines | 72,655 | 62,473 |
| Total revenue from contracts with customers | 1,076,029 | 893,946 |
| Cost of sales and services | (661,634) | (566,035) |
| Gross profit | 414,395 | 327,911 |
| Selling expenses | (53,251) | (45,663) |
| Administrative expenses | (190,927) | (143,972) |
| Reversal (loss) for impairment of trade receivables | 196 | (1,160) |
| Other income | 11,464 | 7,628 |
| Operating profit | 181,877 | 144,744 |
| Finance income | 8,739 | 17,735 |
| Finance costs | (176,675) | (139,395) |
| Net finance cost | (167,936) | (121,660) |
| Share of profit of equity-accounted investees | 2,239 | 1,162 |
| Profit before tax | 16,180 | 24,246 |
| Income tax expense | (24,516) | (24,116) |
| (Loss) profit for the period | (8,336) | 130 |
| Other comprehensive loss | | |
Items that are or may be reclassified subsequently to profit or loss | | |
| Cash flow hedges | (9,378) | (343) |
| Foreign operations – foreign currency translation differences | 48,812 | 110,882 |
| Equity-accounted investees – share of OCI | - | (39) |
| Changes in fair value of put and call liability | (2,405) | (4,024) |
| Income tax | 1,987 | 101 |
| Other comprehensive income for the period, net of tax | 39,016 | 106,577 |
| Total comprehensive income for the period | 30,680 | 106,707 |
| Loss (income) attributable to: | | |
| Owner of the Company | (13,335) | (3,824) |
| Non-controlling interest | 4,999 | 3,954 |
| | (8,336) | 130 |
| Total comprehensive income attributable to: | | |
| Owner of the Company | 23,324 | 99,238 |
| Non-controlling interest | 7,356 | 7,469 |
| | 30,680 | 106,707 |
| Earnings per share | | |
| Basic and diluted earnings per share | (0.28) | (0.09) |
| | | | Equity attributable to the owner of the Company | | | |
| In thousands of soles | Share capital | Share premium | Other
capital
reserve | Translation reserve | Cost of
hedging reserve | Hedging reserve | Fair value reserve | Merger and other reserves | Retained (losses) earnings | Total | Non-
controlling
interest | Total equity |
| Balances as of December 31, 2022 | 236,547 | 386,045 | 56,314 | (190,389) | (15,133) | (16,756) | - | 699,333 | (90,982) | 1,064,979 | 493,082 | 1,558,061 |
| Balances as of January 1, 2023 | 236,547 | 386,045 | 56,314 | (190,389) | (15,133) | (16,756) | - | 699,333 | (90,982) | 1,064,979 | 493,082 | 1,558,061 |
| Profit for the period | - | - | - | - | - | - | - | - | (3,824) | (3,824) | 3,954 | 130 |
| Other comprehensive loss for the period | - | - | - | 107,328 | (2,708) | 2,466 | - | (4,024) | - | 103,062 | 3,515 | 106,577 |
| Total comprehensive loss for the period | | | | 107,328 | (2,708) | 2,466 | - | (4,024) | (3,824) | 99,238 | 7,469 | 106,707 |
| Dividend distribution | - | - | - | - | - | - | - | - | - | - | (6,841) | (6,841) |
| Total transactions with the owner of the Company | - | - | - | - | - | - | - | - | - | - | (6,841) | (6,841) |
| Balances as of March 31, 2023 | 236,547 | 386,045 | 56,314 | (83,061) | (17,841) | (14,290) | - | 695,309 | (94,806) | 1,164,217 | 493,710 | 1,657,927 |
| Balances as of December 31, 2023 | 8,820 | - | 79,782 | 140,066 | 6,422 | (29,548) | 231 | 1,626,411 | (366,899) | 1,465,285 | 311,281 | 1,776,566 |
| Profit for the period | - | - | - | - | - | - | - | - | (13,335) | (13,335) | 4,999 | (8,336) |
| Other comprehensive income for the period | - | - | - | 46,455 | (6,569) | (822) | - | (2,405) | - | 36,659 | 2,357 | 39,016 |
| Total comprehensive income for the period | - | - | - | 46,455 | (6,569) | (822) | - | (2,405) | (13,335) | 23,324 | 7,356 | 30,680 |
| Issuance of common stock, net of issuance costs | 1,112 | 1,208,496 | - | - | - | - | - | - | - | 1,209,608 | - | 1,209,608 |
| Capitalization of merger reserve | 7,453 | - | - | - | - | - | - | (7,453) | - | - | - | - |
| Acquisition of non-controlling interest | - | - | - | 18,909 | - | - | - | (1,076,628) | - | (1,057,719) | (159,910) | (1,217,629) |
| Equity-settled share-based payment | - | - | - | - | - | - | - | - | 279 | 279 | - | 279 |
| Total transactions with the owner of the Company | 8,565 | 1,208,496 | - | 18,909 | - | - | - | (1,084,081) | 279 | 152,168 | (159,910) | (7,742) |
| Balances as of March 31, 2024 | 17,385 | 1,208,496 | 79,782 | 205,430 | (147) | (30,370) | 231 | 539,925 | (379,955) | 1,640,777 | 158,727 | 1,799,504 |
| | Three-month period ended
March 31 |
| In thousands of soles | 2024 | 2023 |
| Cash flows from operating activities | | |
| (Loss) profit for the period | (8,336) | 130 |
| Adjustments for: | | |
| Depreciation | 29,975 | 39,526 |
| Depreciation of right-of-use assets | 6,788 | 6,114 |
| Amortization | 19,671 | 18,865 |
| (Gain) loss for Impairment of inventories | (1,039) | 456 |
| Equity-settled share-based payment transactions | 279 | - |
| Loss on disposal of property, furniture, and equipment | 175 | 224 |
| Gain on disposal of right-of-use assets net of leases liabilities | 60 | (6) |
| Loss on disposal of intangibles | - | 3 |
| (Gain) loss for impairment of trade receivables | (196) | 1,160 |
| Share of profit of equity-accounted investees | (2,239) | (1,162) |
| Technical provisions and other provisions | 257 | 551 |
| Finance income | (8,739) | (17,735) |
| Finance costs | 176,675 | 139,395 |
| Income tax expense | 24,516 | 24,116 |
| Net changes in assets and liabilities: | | |
| Trade accounts receivable and other assets | (109,174) | (91,198) |
| Inventories | 6,140 | (6,164) |
| Trade accounts payable and other accounts payable | 52,223 | 41,525 |
| Provisions | (1,144) | (2,942) |
| Insurance contract liabilities | 10,621 | 4,685 |
| Cash from operating activities | 196,513 | 157,543 |
| Income tax paid | (47,206) | (10,497) |
| Interest received | 5,010 | 4,280 |
| Net cash from operating activities | 154,317 | 151,326 |
| Cash flows from investing activities | | |
| Acquisition of subsidiary, net of cash acquired | - | (60,209) |
| Purchase of properties, furniture, and equipment | (18,130) | (19,565) |
| Proceeds from sale of property, furniture, and equipment | (97) | - |
| Purchase of intangibles | (8,372) | (5,291) |
| Purchase of other investments | (4,370) | (5,808) |
| Proceeds from advance payment for purchase of shares | - | 11,592 |
| Payment for contingent consideration | - | (614) |
| Net cash used in investing activities | (30,969) | (79,895) |
| Cash flows from financing activities | | |
| Proceeds from issuance of common stock in initial public offering, net of issuance costs | 1,267,794 | - |
| Payments of initial public offering costs | (5,806) | - |
| Proceeds from loans and borrowings | 161,637 | 229,162 |
| Payment of loans and borrowings | (163,652) | (164,434) |
| Payment of lease liabilities | (11,199) | (10,112) |
| Payment for derivatives premiums | (1,168) | - |
| Payment for costs of Extinguishment of debt | (15,837) | - |
| Interest paid | (88,118) | (69,570) |
| Acquisition of non-controlling interest | (1,202,825) | - |
| Net cash used in financing activities | (59,174) | (14,954) |
| Net increase in cash and cash equivalents | 64,174 | 56,477 |
| Cash and cash equivalents at January 1 | 241,133 | 208,694 |
| Exchange difference on cash and cash equivalents for the period | 8,137 | 190 |
| Cash and cash equivalents at March 31 | 313,444 | 265,361 |
| Transactions not representing cash flows | | |
| Assets acquired through finance lease and other financing | 869 | 4,376 |
| Assets acquired from suppliers in installments | 1,619 | 4,038 |
The Group has determined four reportable segments. These operating segments are components of a company about which separate financial information is available that is regularly evaluated by the Board of Directors (Chief operating decision maker) in deciding how to allocate resources and assess performance.
The following summary describes the operations of each reportable segment.
Information related to each reportable segment is set out below. Segment profit (loss) before tax is used to measure performance because the chief operating decision maker believes that this information is the most relevant for the Group.
| In thousands of soles | Reportable segments | | |
Oncosalud Peru | Healthcare services in Peru | Healthcare services in Colombia | Healthcare services in Mexico | Total reportable segments | Holding and eliminations | Total |
| 2024 | | | | | | | |
| External revenues | 244,841 | 173,859 | 348,886 | 308,443 | 1,076,029 | - | 1,076,029 |
| Inter-segment revenue (i) | 8,595 | 67,067 | - | - | 75,662 | (75,662) | - |
| Segment revenue | 253,436 | 240,926 | 348,886 | 308,443 | 1,151,691 | (75,662) | 1,076,029 |
| External cost of service | (75,709) | (162,010) | (259,847) | (164,068) | (661,634) | - | (661,634) |
| Inter-segment cost of service (i) | (67,191) | (7,970) | - | - | (75,161) | 75,161 | - |
| Segment cost of service | (142,900) | (169,980) | (259,847) | (164,068) | (736,795) | 75,161 | (661,634) |
| Gross profit | 110,536 | 70,946 | 89,039 | 144,375 | 414,896 | (501) | 414,395 |
| External selling expenses | (41,148) | (4,512) | (1,731) | (5,700) | (53,091) | (160) | (53,251) |
| Segment selling expenses | (41,148) | (4,512) | (1,731) | (5,700) | (53,091) | (160) | (53,251) |
| External administrative expenses | (17,449) | (25,670) | (48,290) | (66,411) | (157,820) | - | (157,820) |
| Inter-segment administrative expenses | (77) | (499) | - | - | (576) | 576 | - |
| Corporate expenses | (14,840) | (15,076) | (2,952) | (2,230) | (35,098) | 1,991 | (33,107) |
| Segment administrative expenses | (32,366) | (41,245) | (51,242) | (68,641) | (193,494) | 2,567 | (190,927) |
| Impairment losses on trade receivables | 85 | 242 | (3) | (205) | 119 | 77 | 196 |
| Other income | 600 | 1,483 | 1,684 | 8,097 | 11,864 | (400) | 11,464 |
| Inter-segment other income | 1,732 | 5 | - | - | 1,737 | (1,737) | - |
| Other income | 2,332 | 1,488 | 1,684 | 8,097 | 13,601 | (2,137) | 11,464 |
| Segment operating profit (loss) | 39,439 | 26,919 | 37,747 | 77,926 | 182,031 | (154) | 181,877 |
| Share of profit of equity accounted investees, net of taxes | 1,013 | - | 1,226 | - | 2,239 | - | 2,239 |
| Exchange difference, net | (1,605) | (1,422) | (1,222) | 6,799 | 2,550 | 364 | 2,914 |
| Interest expense, net | (6,242) | (11,536) | (29,485) | (96,271) | (143,534) | (27,316) | (170,850) |
| Segment profit (loss) before tax | 32,605 | 13,961 | 8,266 | (11,546) | 43,286 | (27,106) | 16,180 |
| Other disclosures | | | | | | | |
| Depreciation and amortization | (7,808) | (10,240) | (10,671) | (25,563) | (54,282) | (2,152) | (56,434) |
| Capital expenditure | (3,530) | (6,566) | (8,999) | (4,107) | (23,202) | (2,551) | (25,753) |
| Segment assets | 2,148,373 | 911,477 | 2,475,809 | 3,866,625 | 9,402,284 | (1,501,878) | 7,900,406 |
| Segment liabilities | 1,082,933 | 577,162 | 1,544,164 | 2,425,685 | 5,629,944 | 470,958 | 6,100,902 |
| In thousands of soles | | Reportable segments | | |
Oncosalud Peru | Healthcare services in Peru | Healthcare services in Colombia | Healthcare services in Mexico | Total reportable segments | Holding and eliminations | Total |
| 2023 | | | | | | | |
| External revenues | 211,762 | 158,983 | 252,291 | 270,910 | 893,946 | - | 893,946 |
| Inter-segment revenue (i) | 8,847 | 53,029 | - | - | 61,876 | (61,876) | - |
| Segment revenue | 220,609 | 212,012 | 252,291 | 270,910 | 955,822 | (61,876) | 893,946 |
| External cost of service | (68,182) | (153,176) | (181,388) | (163,289) | (566,035) | - | (566,035) |
| Inter-segment cost of service (i) | (53,008) | (8,337) | - | - | (61,345) | 61,345 | - |
| Segment cost of service | (121,190) | (161,513) | (181,388) | (163,289) | (627,380) | 61,345 | (566,035) |
| Gross profit | 99,419 | 50,499 | 70,903 | 107,621 | 328,442 | (531) | 327,911 |
| External selling expenses | (37,546) | (5,038) | (1,330) | (1,635) | (45,549) | (114) | (45,663) |
| Segment selling expenses | (37,546) | (5,038) | (1,330) | (1,635) | (45,549) | (114) | (45,663) |
| External administrative expenses | (16,769) | (20,854) | (41,278) | (33,867) | (112,768) | - | (112,768) |
| Inter-segment administrative expenses | (175) | (1,136) | - | - | (1,311) | 1,311 | - |
| Corporate expenses | (16,325) | (14,167) | (1,473) | - | (31,965) | 761 | (31,204) |
| Segment administrative expenses | (33,269) | (36,157) | (42,751) | (33,867) | (146,044) | 2,072 | (143,972) |
| Impairment losses on trade receivables | 156 | 1,315 | (2,216) | (361) | (1,106) | (54) | (1,160) |
| Other expenses | - | - | - | - | - | - | - |
| Other income | 139 | 878 | 1,234 | 5,376 | 7,627 | 1 | 7,628 |
| Inter-segment other income | 2,385 | 210 | - | - | 2,595 | (2,595) | - |
| Other income | 2,524 | 1,088 | 1,234 | 5,376 | 10,222 | (2,594) | 7,628 |
| Segment operating profit (loss) | 31,284 | 11,707 | 25,840 | 77,134 | 145,965 | (1,221) | 144,744 |
| Share of profit of equity accounted investees, net of taxes | 466 | - | 696 | - | 1,162 | - | 1,162 |
| Exchange difference, net | (520) | 501 | 22,422 | 3,108 | 25,511 | (12,211) | 13,300 |
| Interest expense, net | (7,802) | (9,775) | (21,457) | (73,055) | (112,089) | (22,871) | (134,960) |
| Segment profit (loss) before tax | 23,428 | 2,433 | 27,501 | 7,187 | 60,549 | (36,303) | 24,246 |
| Other disclosures | | | | | | | |
| Depreciation and amortization | (7,293) | (10,114) | (9,021) | (35,805) | (62,233) | (2,271) | (64,504) |
| Capital expenditure | (2,616) | (1,941) | (23,313) | (18,046) | (45,916) | (1,897) | (47,813) |
| Segment assets | 1,985,143 | 853,156 | 1,912,016 | 3,623,280 | 8,373,595 | (1,294,270) | 7,079,325 |
| Segment liabilities | 1,028,607 | 561,953 | 1,398,581 | 2,221,006 | 5,210,147 | 261,922 | 5,472,069 |
