DGAP-News: RHÖN-KLINIKUM AG (english)

RHÖN-KLINIKUM AG:Q1 2007 results



RHÖN-KLINIKUM AG / Quarter Results/Results Forecast



03.05.2007



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announcement.

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RHÖN-KLINIKUM AG, Bad Neustadt /Saale:

- Q1 2007 results -



Revenue raised by 10.6% to EUR 502.0 million

Rise in net consolidated profit to EUR 25.2 million as expected

EBITDA increase to EUR 61.1 million

EBIT increase to EUR 40.4 million

EBT growth to EUR 35.0 million

Earnings per share EUR 0.46

Continuation of sound financial structures

Operating cash flow at EUR 45.9 million

Investments of EUR 31.5 million

388,882 patients treated by Group hospitals during the first quarter

Group staff of 31,426 as at 31 March 2007

45 hospitals with 14,577 beds/places as at 31 March 2007

First forecast confirmation for 2007: revenue of EUR 2.0 billion and net

consolidated profit of EUR 102 million



Bad Neustadt a.d.Saale, 3 May 2007 ----- The interim report for the three

months ended 31 March 2007 once again confirms the successful course taken

by the listed hospital Group headquartered in the Rhön. Of the growth in

revenues by EUR 48.2 million to EUR 502.0 million (Q1 of previous year: EUR

453.8

million/ + 10.6%), EUR 29.6 million is accounted for by revenue from

Universitätsklinikum Gießen und Marburg in January 2007. Since the

first-time consolidation took place only on 1 February 2006, no

year-on-year quarterly comparison is possible. The remaining rise in

revenues of EUR 18.6 million corresponds to organic growth in revenues of

4.1% and reflects the development in case numbers with growth rates of 2.0%

in the acute inpatient area and 13.0% in the outpatient area.



Net consolidated profit in Q1 2007 saw a slightly disproportionate rise to

EUR 25.2 million (Q1 of previous year: EUR 22.7 million/+ 11.0%).

Universitätsklinikum Gießen und Marburg improved its result and reduced the

loss in the first quarter of 2007 to EUR 0.4 million (previous year: - EUR 2.6

million for the months of February and March; first-time consolidation only

from 1 February 2006). The other hospitals also improved their results for

the first quarter of 2007 compared with Q1 of the previous year by EUR 0.3

million in total. This made it possible to compensate for the following

burdening effects: the increase in VAT to 19% (which has a cost effect in

the hospital area), the statutory reform impost for hospitals of 0.5% of

revenues, and start-up financing for integrated care.



In EBITDA (earnings before interest, taxes, depreciation and amortisation),

the first quarter of 2007 recorded a gain by EUR 9.1 million or 17.5% to EUR

61.1 million (Q1 of previous year: EUR 52.0 million) and in the operating

result (EBIT = earnings before interest and taxes) by EUR 4.6 million (+12.9

%) to EUR 40.4 million (Q1 of previous year: EUR 35.8 million). EBT (earnings

before tax) saw a slightly disproportionate gain of 7.0% (Q1 of previous

year: 6.9%) by EUR 3.8 million to EUR 35.0 million (Q1 of previous year: EUR

31.2

million). The depreciation and amortisation item rose disproportionately in

the first quarter of 2007 as a result of the commissioning of new and

refurbished hospital buildings during 2006 (Hildburghausen, Frankfurt

(Oder), Nienburg) and the first quarter of 2007 (Pirna). Income tax rose in

line with the increase in the assessment basis and due to the impact of the

recognition of the corporate tax claim at the end of 2006.



At the end of the first quarter of 2007, earnings per share stood at EUR 0.46

(Q1 of previous year: EUR 0.42 adjusted / +11.1%).



'Revenues and net consolidated profit have thus developed in line with

expectations', said Wolfgang Pföhler, chairman of the Board of Management

of RHÖN-KLINIKUM AG.



Investments in the first quarter of 2007 of EUR 31.5 million (Q1 of previous

year: EUR 25.9 million) relate exclusively to replacement and top-up

investments at existing hospitals; these were financed fully from the

operating cash flow of EUR 45.9 million (Q1 of previous year: EUR 38.9

million).



Coverage of long-term assets by long-term financing is 101.2 %; these

assets are financed by equity and long-term debt at matching maturities.

Short-term loan capital continues to exceed short-term financial debt. 'The

Group continues to enjoy stable and sound financial structures', explained

Dietmar Pawlik, the company's CFO.



In the first three months of 2007 a total of 388,882 patients (Q1 of

previous year: 313,774/+23.9%) were treated in the Group's hospitals.

Roughly 87% of this growth was accounted for by outpatient attendances

which in turn were largely driven by the first-time inclusion of full

first-quarter service volumes of the polyclinical facilities of the

university hospitals in Gießen and Marburg (previous year 1 February to 31

March) and the first-time inclusion of service volumes at the medical care

centres (MVZs). Adjusting for these effects, the rise compared with the

same period last year was 13%.



At the reporting date 31 March 2007, the Group employed a staff of 31,426

(31 December 2006: 30,409). The increase by 1,017 versus the last reporting

date is attributable to the ten service companies that commenced their

operations, adding 1,284 persons through transfers of staff previously

employed with external service companies working for the Group. At the

Group's hospitals the number of employees declined by 267 versus the last

reporting date.



As at the reporting date 31 March 2007, RHÖN-KLINIKUM Group had 45

hospitals with 14,577 beds/places at a total of 34 sites in eight federal

states. The newly acquired district hospital Kreiskrankenhaus Köthen with

264 beds will be consolidated with effect from 1 April 2007. That will

bring the Group's capacity to 14,841 beds/places in 46 facilities at 35

sites in nine federal states.



'We will continue this strategic growth course also in financial year

2007', said a convinced Wolfgang Pföhler. 'Not including possible takeovers

of further hospitals, we therefore confirm our revenue forecast of EUR 2.0

billion.



At the Results Press Conference on 19 April 2007, we already reported that

the members of the Board of Management and the Supervisory Board are

waiving those components of their variable remuneration that are

attributable to a one-off corporation tax effect (Section 37 Corporation

Tax Act). This is expected to bring an additional earnings effect of

roughly EUR 1.6 million in Q2 2007. We took this as an occasion to raise our

stated forecast for net consolidated profit by EUR 2 million to EUR 102

million. In this connection we expect to achieve an overall balanced result

at Universitätsklinikum Gießen und Marburg in 2007 and to be able to fully

offset the additional burdens for our hospitals of roughly EUR 39 million

expected in 2007 from changes in legislation', concluded Wolfgang Pföhler





Brigitte Sallwey

Sallwey & Partner

Telemansntr. 18

D-60323 Frankfurt/Main

Tel.: (+49)069-97203628





DGAP 03.05.2007

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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

www: www.rhoen-klinikum-ag.com

ISIN: DE0007042301

WKN: 704230

Indices: MDAX

Listed: Amtlicher Markt in Frankfurt (Prime Standard), München;

Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg, Stuttgart



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