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RHÖN-KLINIKUM AG, Bad Neustadt/Saale
Results for financial year 2007
Results for Q1 2008
Forecast for further course of 2008
Bad Neustadt a.d. Saale/Frankfurt am Main, 24 April 2008 ----- At its annual Results Press Conference held today in Frankfurt am Main the Board of Management of the listed hospital group with headquarters in the Rhön confirmed the trend figures already published in February and thus its own forecasts. “Nearly all important performance ratios are above the previous year’s results. A closer look at the figures shows that RHÖN-KLINIKUM AG has once again clearly demonstrated its operative performance”, stated Wolfgang Pföhler, chairman of the Board of Management of the hospital group. Results for financial year 2007 Consolidated revenues rose by 4.8% to reach € 2.02 billion (previous year: € 1.93 billion), for the first time breaking the “sonic barrier” of € 2 billion for revenues. With the rise in net consolidated profit by 1.9% to € 111.2 million (previous year: € 109.1 million), the Group’s expectations were met. Excluding the one-off tax effects in 2006 (€ 19.1 million) and 2007 (€ 8.6 million) as well as the effect from the revaluation of financial instruments (€ 2.4 million), net consolidated profit on an adjusted basis grew disproportionately by € 10.2 million to € 100.2 million (previous year: € 90.0 million). EBITDA (earnings before interest, tax and depreciation/amortisation) rose by 12.8% to reach € 249.3 million (previous year: € 221.1 million). Operating earnings EBIT rose by € 11.4 million to € 157.5 million (previous year: € 146.1 million). This includes the net loss for the year of € 0.3 million recorded at Krankenhaus Köthen GmbH consolidated for the first time in 2007. EBT (earnings before tax) grew 9.1% to reach € 137.1 million (previous year: € 125.7 million). Operating cash flow grew 15.8% to reach € 191.0 million (previous year: € 165.0 million), which does not include one-off non-cash effects. Earnings per ordinary share stood at € 1.03 (previous year: € 1.01). “In 2007 we demonstrated that we can manage hospitals profitably at all care levels. All of our long-standing facilities are making a positive contribution to net consolidated profit. At Universitätsklinikum Gießen und Marburg GmbH, a net profit of € 1.1 million (compared with a net loss of € 6.8 million in financial year 2006) clearly shows that our restructuring expertise can also be deployed at university hospitals”, explains Wolfgang Pföhler. With more construction projects than ever seen in the Group's history, the foundation is being laid for further growth over the coming years. The 46 hospitals belonging to RHÖN-KLINIKUM Group at year-end 2007 treated a total of 1,544,451 patients (+10.8%); of these, 552,538 (+5.0%) were treated on an acute inpatient basis, 903,633 (+5.2%) as outpatients and 9,555 (+5.0%) in the rehab and other areas. At the medical care centres (MVZs) belonging to the Group, 78,725 patients were treated. At 31 December 2007, the number of employees at the Group (by headcount) was 32,222 (previous year: 30,409). The rise in the personnel cost ratio to 59.5% (previous year: 58.3%) as well as the decline in the cost-of-materials ratio from 25.4% to 24.5% was the result of wage and price factors, restructuring results and the launch of our service companies that we operated together with various service partners since 1 January 2007. “These service companies provide our hospitals with cleaning and catering services”, stated Dietmar Pawlik, the company’s CFO. The Board of Management and the Supervisory Board will propose to this year’s Annual General Meeting (17 June 2008, Congress Center Frankfurt/Main) the distribution of a dividend of € 0.28 (previous year: € 0.25) per ordinary non-par share with dividend entitlement (DE 0007042301; 103,680,000 non-par shares). Results for Q1 2008 The Group is pleased with the interim report for the first quarter of 2008. Consolidated revenues rose by € 18.7 million to € 520.7 million (Q1 of previous year: € 502.0 million). Net consolidated profit in Q1 2008 rose significantly to € 29.6 million (Q1 of previous year: € 25.2 million/+ 17.5%). In EBITDA (earnings before interest, taxes, depreciation and amortisation), the first quarter of 2008 recorded a gain by € 3.1 million or 5.1% to € 64.2 million (Q1 of previous year: € 61.1 million) and in the operating result (EBIT = earnings before interest and taxes) by € 3.3 million (+8.2%) to € 43.7 million (Q1 of previous year: € 40.4 million). EBT (earnings before tax) grew 1.1% to reach € 35.4 million (Q1 of previous year: € 35.0 million). At the end of the first quarter of 2008, earnings per share stood at € 0.27 (Q1 of previous year: € 0.23). “The Group has maintained the positive momentum from 2007 going into 2008. Many of our hospitals are seeing significant expansions in service volumes”, declares Wolfgang Pföhler. Investments in the first quarter of 2008 of € 40.3 million (Q1 of previous year: € 31.5 million) were financed fully from the operating cash flow of € 52.0 million (Q1 of previous year: € 45.9 million). Coverage of long-term assets by long-term financing is 99.4%; these assets are financed by equity and long-term debt at matching maturities. Short-term loan capital continues to exceed short-term financial debt. “We continue to enjoy stable and sound financial structures oriented on the long term.”, explains Dietmar Pawlik, the company’s CFO. In the first three months of 2008 a total of 410,194 patients (Q1 of previous year: 388,882/+5.5%) were treated in the Group’s hospitals. At the reporting date 31 March 2008, the Group’s employees numbered 32,303 (31 December 2007: 31,222). As at the reporting date 31 March 2008, RHÖN-KLINIKUM Group had 46 hospitals with 14,584 beds/places at a total of 35 sites in nine federal states. Forecast for the further course of 2008 As Pföhler explained, wage increases from higher collectively agreed rates for doctors and other hospital staff were already reflected in the company’s planning for 2008. “We will firstly cope with rising wages and salaries with rationalisation measures and are also looking to refinance these through expansions in service volumes. In this way we will considerably improve our competitive position.” Given the state of the economy as well as rising personnel and energy costs, the scope of the federal states and municipalities to continue operating their hospitals under public ownership is considerably narrowed. The Group is well placed to take up further hospitals at all care levels. The chairman of the Board of Management stated that attracting and retaining committed doctors is key to more innovation and growth within the Group. “We have to win over dedicated doctors to implement our guiding principle of ‘Quality and service for everyone’”. 2007 saw the launch of a further and higher-qualification training offensive for doctors within the RHÖN-KLINIKUM Group. The stated objective is for the Group, as an innovative operator of hospitals, to attract and retain dedicated and committed doctors. Particularly in order to get young doctors being trained as specialists to take an early interest in a career with the Group, the Company has been forging ahead with the formation of regional further-training networks. From Pföhler’s statements it could be gathered that the first positive results in this area have been achieved. “We are optimistic and confident going into financial year 2008”, Wolfgang Pföhler said. “Without taking account of possible further acquisitions, we expect revenues of nearly € 2.1 billion and net consolidated profit of € 123 million”, Pföhler explained in conclusion.
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