Managers' Transactions & Directors' Dealings | 09.08.2007



RHÖN-KLINIKUM AG: Results of mH1 2007

RHÖN-KLINIKUM AG / Half Year Results/Forecast


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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


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


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


Language: English


Schlossplatz 1

97616 Bad Neustadt a.d.Saale


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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