RHÖN-KLINIKUM AG / Half Year Results/Interim Report
07.08.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Confirmation of growth course: Revenues raised by 4.3% to 1.05 billion
(first half of 2007: 1.01 billion)
Net consolidated profit: sharp rise by 17.7% to 61.9 million (first half
of 2007: 52.6 million)
Group wants to take new approaches to cross-sector cooperation
Forecast confirmed for full-year 2008: revenues of 2.1 billion and net
consolidated profit of 123 million
Note: The Company reports according to International Financial Reporting
Standards (IFRS) in their version applicable for 2008. For the first time,
an auditors review of the Half-Year Financial Report was performed by the
statutory auditor.
Bad Neustadt a. d. Saale, 7 August 2008 ----- 'The further increase in key
performance ratios during the first six months of 2008 confirms our growth
course which we will continue also in the second half despite challenging
framework conditions', stated Wolfgang Pföhler, chairman of the Board of
Management of RHÖN-KLINIKUM AG. 'RHÖN-KLINIKUM AG stands on a solid
foundation. We combine good medicine with good business judgment and will
therefore be successful in the future as well.'
Compared with the first half of 2007, revenues rose during the first six
months of 2008 by 43.2 million (+4.3%) to 1,050.2 million (previous
year: 1,007.0 million). The first-time consolidation of Kreiskrankenhaus
Köthen as at 1 April 2007 accounts for 7.2 million of this rise in
revenues, and organic growth for the lion's share of 36.0 million.
Compared with the first half of 2007, RHÖN-KLINIKUM AG achieved a rise
(+3.0%) in EBITDA by 3.7 million to 128.6 million (previous year:
124.9 million) and an increase (+6.7%) in EBIT by 5.4 million to 86.2
million (previous year: 80.8 million) as well as a rise in net
consolidated profit by 9.3 million or 17.7% to 61.9 million (previous
year: 52.6 million), thus meeting the targets set by the Groups
Management. Net consolidated profit in the first half corresponds to
earnings per ordinary share of 0.57 (previous year: 0.48).
8.1 million of the 9.3 million improvement in net consolidated profit
is accounted for by the first-time application of the lowered corporation
tax rate and the resulting lower earnings tax burden. Despite challenging
framework conditions and sharp rises in personnel and material costs,
RHÖN-KLINIKUM AG succeeded in once again raising operating consolidated
profit by broadening its offering and exercising strict cost management.
The remaining increase in earnings is 1.2 million. Adjusted for one-off
valuation effects in 2007 of 0.4 million, the increase in operating
earnings in the first half stood at 1.6 million, which stemmed among
other things from the further improvement, to 0.5 million, at
Universitätsklinikum Gießen und Marburg GmbH. After burdening the earnings
result last year by 0.5 million, Krankenhaus Köthen GmbH, consolidated on
1 April 2007, contributed 0.2 million to consolidated earnings in the
first half of 2008.
Driven by investments, the Companys assets increased by 3.6 million
(+0.2%).
As at 30 June 2008, the Company reported equity capital of 845.1 million
(as at 30 June 2007: 751.9 million, 31 December 2007: 810.8 million),
with distributions to shareholders and minority owners in the amount of
32.3 million already included. The equity ratio saw a slight rise from
39.1% to 40.8%.
Overall, 100.4% of non-current assets is covered by equity and non-current
liabilities. Net debt to banks rose since the last reporting date from
496.2 million to 555.2 million as at 30 June 2008.
Internal financing strength was raised. Compared with the same period last
year, operating cash flow rose from 96.8 million by 7.5% to reach 104.1
million.
'The Group continues to enjoy stable and sound financial structures',
confirms Dietmar Pawlik, the Companys CFO.
Of the investments made in the Group during the first six months of 2008,
22.0 million was attributable to investments funded from grants under the
Hospital Financing Act (KHG) (previous year: 46.9 million) and deducted
from total investments pursuant to the relevant provisions of IFRS. For the
second half of financial year 2008, investments of roughly 150 million
have been planned.
As at 30 June 2008 we consolidate 46 hospitals with 14,584 beds/places at a
total of 35 sites in nine federal states.
During the first six months a total of 833,375 patients (previous year:
782,718; a rise of 6.5% or 50,657 patients) were treated at our Group
hospitals and medical care centres (MVZs). After deducting consolidation
effects (Krankenhaus Köthen), this translates into organic growth of 44,756
patients or 5.7%. This growth is distributed nearly uniformly over the
entire Group.
At 30 June 2008, the Group employed 32,385 persons (31 December 2007:
32,222). The number of employees will further increase with the first-time
consolidation of St. Petri-Hospital in Warburg in the second half of 2008.
'With the takeover of St. Petri-Hospital in Warburg we will expand our
hospital network to 47 facilities', Wolfgang Pföhler said. By this
acquisition RHÖN-KLINIKUM AG confirms its goal of continuing to achieve
qualitative growth through the acquisition of hospitals at all levels of
care. St. Petri-Hospital, a standard care facility, has 153 beds and an
annual revenue volume of roughly 15 million. 'The facilitys first-time
consolidation is slated for the second half of 2008. We are well prepared
to take further hospitals into the Group.'
Besides the acquisition and restructuring of hospitals, the Company is
taking new approaches to outpatient-inpatient cooperation. In this regard
Wolfgang Pföhler adds that this ensures a stable cross-sector medical
platform for better patient care. 'We are seeking a partnership of equals
between community-based and hospital doctors, and offer community-based
doctors the opportunity to combine medical expertise with economic
commitment under their own responsibility through their stake in our
facilities. This cooperation holds considerable quality advantages for
patients and also leads to lower costs', states the chairman of the Board
of Management.
In conclusion, Wolfgang Pföhler confirmed the earnings forecast of
RHÖN-KLINIKUM AG: 'Based on the current framework conditions and on the
results of the first half of 2008, we confirm our revenue forecast for
full-year 2008 of 2.1 billion and our earnings forecast of 123 million.
We continue to pursue organic growth coupled with qualitative
acquisitions-driven growth in inpatient care as well as
outpatient-inpatient cooperation.'
RHÖN-KLINIKUM AG
Contact: Dr. Irmgard Stippler
Divisional Head of Corporate Communication
Schlossplatz 1
97616 Bad Neustadt/Saale
Tel.: 09771/65 1321
Fax: 09771/65 1306
E-mail: irmgard.stippler@rhoen-klinikum-ag.com
http://www.rhoen-klinikum-ag.com
DGAP 07.08.2008
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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: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: RHÖN-KLINIKUM AG: Results for the first half of 2008
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