DGAP-News: RHÖN-KLINIKUM AG (english)
RHÖN-KLINIKUM AG: Results of mH1 2007RHÖN-KLINIKUM AG / Half Year Results/Forecast
09.08.2007
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RHÖN-KLINIKUM AG, Bad Neustadt/Saale
- Results of H1 2007 -
Success and growth course confirmed
Revenue raised by 7.4% to EUR 1.0 billion
Expectations met with net consolidated profit of EUR 52.6 million
Universitätsklinikum Gießen/Marburg reaches break-even
Forecast confirmation for full-year 2007: Revenue of EUR 2 billion
and net consolidated profit of EUR 102 million
Note: The Company reports in accordance with International Financial
Reporting Standards (IFRS) in their version applicable for 2007. In
accordance with the first-time application of the provisions of the
Transparency Directive Implementing Act
(Transparenzrichtlinien-Umsetzungsgesetz, TUG), which replaces existing
quarterly reporting practice, the Half-Year Financial Report is currently
presented with abridged Consolidated Interim Financial Statements and
Consolidated Interim Report of the Management. As a result, the statements
made no longer relate to the second quarter but to the first half of the
financial year 2007. You can find additional informations related to
Q2/2007 in the notes.
Bad Neustadt a. d. Saale, 9 August 2007 ----- The chairman of the Board of
Management of the listed hospital group RHÖN-KLINIKUM AG, Wolfgang Pföhler,
regards the performance and results of the first and second quarter of 2007
'as a confirmation of our success and growth course. Both patient contacts
and revenues and net consolidated profit were raised once again versus the
previous year.'
Compared with the first half of 2006, revenues grew in the first six months
of 2007 by EUR 68.9 million (+7.4%) to EUR 1,007.0 million (previous year: EUR
938.0 million).
Of this growth in revenue, EUR 42.0 million stems from consolidation effects
(first-time consolidation of Universitätsklinikum Gießen und Marburg GmbH
from 1 February 2006 and of Kreiskrankenhaus Köthen from 1 April 2007) and
EUR 26.9 million (2.9%) from organic growth.
Compared with the first half of 2006, net consolidated profit rose by EUR 7.0
million (+15.5%) to reach EUR 52.6 million (previous year: EUR 45.6 million) on
the back of a gain (+20.6%) in EBITDA by EUR 21.3 million to EUR 124.9 million
(previous year: EUR 103.6 million), the increase (+13.6%) in EBIT by EUR 9.7
million to EUR 80.8 million (previous year: EUR 71.1 million) and (+17.6%) in
EBT by EUR 11.0 to 73.4 million (previous year: EUR 62,5 million). This was in
line with the expectations of the Group's management. Net consolidated
profit in the first half corresponds to earnings per share of EUR 0.97
(previous year: EUR 0.84 adjusted).
Various legislation measures (increase in VAT to 19%, introduction of the
reform impost for hospitals through revenue deduction from hospital
remuneration, as well as continuation of revenue deductions to finance
integrated care) as well as the impact of changes in doctors' pay burdened
the Group in the first half of 2007 to the tune of some EUR 19.5 million and
were completely offset. 'Various counter-
measures already introduced in the previous year as part of the ten point
programme have been successfully executed', said Wolfgang Pföhler.
The positive performance was helped in particular by the complete
elimination of losses at Universitätsklinikum Gießen und Marburg GmbH which
had burdened consolidated earnings. In the first half of 2007, the
university hospital reached break-even and generated a surplus of EUR 0.4
million (previous year: loss of EUR 5.6 million). Gerald Meder, deputy
chairman of the Board of Management of RHÖN-KLINIKUM AG and chairman of the
management of Universitätsklinikum Gießen und Marburg GmbH, explains in
this regard: 'The positive development of Universitätsklinikum Gießen und
Marburg GmbH is now also showing up more and more clearly in the earnings
figures. We are convinced we will be able to continue this positive trend
in the second half.'
The first-time consolidation of Krankenhaus Köthen (264 beds) on 1 April
2007 burdened consolidated half-year earnings by EUR 0.5 million.
Driven by acquisitions and investments, the Company's assets increased by EUR
47.7 million (+2.4%).
As at the reporting date of 30 June 2007, equity capital of EUR 751.9 million
(31 December 2006: EUR 728.7 million) is reported, with dividend payments to
shareholders and minority owners in the amount of EUR 29.5 already being
included. The equity ratio rose slightly from 36.7% to 37.2%.
Overall, 98.2% of non-current assets is covered by equity and non-current
liabilities. Net debt to banks rose since the last reporting date from EUR
439.0 million by EUR 53.7 million to EUR 492.7 million as at 30 June 2007. Not
included in the calculation of net debt are marketable securities worth EUR
11.5 million.
Internal financing strength has increased significantly. Compared with the
same period last year, cash flow rose by EUR 18.7 million or 23.9% to reach EUR
96.8 million.
'The Group continues to enjoy stable and sound financial structures',
stated Dietmar Pawlik, the Company's CFO.
Of the investments amounting to EUR 121.5 million (previous year: EUR 276.3
million) in the first six months of 2007, EUR 46.9 million was attributable
to investments funded from grants under the Hospital Financing Act (KHG)
and deducted from total investments pursuant to the relevant provisions of
IFRS. In the further course of 2007 we have planned to invest a further
amount of roughly EUR 145 million.
As at 30 June 2007, a total of 46 hospitals with 14,861 beds/places at a
total of 35 sites in nine federal states were consolidated.
'To ensure better integration of outpatient and inpatient care, we have
founded ten medical care centres (MVZ) since 2005. As we intend to fully
exploit the many benefits from linking the MVZs to our hospitals - inter
alia by shifting tasks to the outpatient area, avoiding redundant
availability of large medical equipment units and higher pre- and
post-inpatient quality in diagnosis and therapy -, the establishment of
further new MVZs will follow', explained the chairman of the Board of
Management. For the further course of financial year 2007, commissionings
with 23 doctor's practices are planned at a total of seven sites.
In the first six months a total of 782,718 patients (up by 105,103 patients
/ +15.5%; previous year: 677,615) were treated in the Group's hospitals and
MVZs. Of this increase, outpatient treatments account for roughly 85.3%.
After deducting consolidation effects (Universitätsklinikum Gießen und
Marburg GmbH, Krankenhaus Köthen and first-time inclusions at the MVZs),
this leaves organic growth in patient numbers of 21,707 patients or 3.2%.
This growth is distributed nearly uniformly over the entire Group.
With effect from 1 January 2007 a total of ten service companies were
started within the Group for provision of infrastructural services
(including cleaning, catering, facility management services). With these
further price reductions are being sought through competition within the
Group.
At 30 June 2007, the Group had 31,844 employees (31 December 2006: 30,409).
The newly consolidated facility in Köthen added 396 new employees. By 30
June 2007, following the integration of ten service companies, the Group
took over a total of 1,558 employees from external service companies that
had previously served the Group. The hospitals consolidated at the end of
2006 witnessed a slight decline in staff numbers (-519).
'Now that the legislative process for the corporate tax reform in Germany
is about to be concluded, we assume that income tax rates will be lowered.
RHÖN-KLINIKUM AG will benefit from lower corporate tax rates, the specific
extent of which we will make known after publication of the revised
corporation tax act', said Wolfgang Pföhler.
'Based on the current framework conditions, we confirm our revenue forecast
for full-year 2007 of EUR 2 billion and our earnings forecast of EUR 102
million. With new ideas and business models for high-quality, generalised
and affordable healthcare we will further expand our lead in innovation and
opinion on the hospital market', said Pföhler in conclusion.
Notes / Q2-2007
Key ratios Q2/2007 vs. Q2/2006
EUR millio Q2/2007 /// Q2/2006 /// Change (%)
Revenues 505.0 /// 484.3 /// 4.3
EBITDA 63.8 /// 51.6 /// 23.6
EBITDA-ratio (%) 12.6 /// 10.7 /// 17.8
EBIT 40.4 /// 35.3 ///14.4
EBIT-ratio (%) 8.0 /// 7.3 /// 9.6
EBT 38.4 /// 31.2 /// 23.1
EBT-ratio (%) 7.6 /// 6.5 /// 16.9
Net consolidated
profit according
to IFRS 27.4 /// 22.9 /// 19.7
Earnings share
of minority owners 1.2 /// 0.9 /// 33.3
Earnings share
of RHÖN-KLINIKUM AG
shareholders 26.2 /// 22.0 /// 19.1
Return on revenues (%) 5.4 /// 4.8 /// 12.5
Operating cash flow 50.8 /// 39.2 /// 29.6
Equity capital
according to IFRS 751.9 /// 688.5 ///9.2
Balance sheet total
according to IFRS 2,027.3 /// 1,993.8 /// 1.7
Investments 43.1 /// 66.6 /// -35.3
Earnings per share (EUR) 0.51 /// 0.42 /// 21.4
Number of employees (
at 30.06.) 31,844 /// 30,785 /// 3.4
Case numbers
(patients treated) 393,836 /// 363,841 /// 8.2
Beds and places 14,861 /// 14,620 /// 1.6
Brigitte Sallwey
Telemannstr. 18
D 60323 Frankfurt
Tel.: (+49)(0)69-97203628
DGAP 09.08.2007
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Language: English
Issuer: RHÖN-KLINIKUM AG
Schlossplatz 1
97616 Bad Neustadt a.d.Saale
Deutschland
Phone: +49 (0)9771 - 65-0
Fax: +49 (0)9771 - 97 467
E-mail: fire.ir@rhoen-klinikum-ag.com
Internet: www.rhoen-klinikum-ag.com
ISIN: DE0007042301
WKN: 704230
Indices: MDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
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