Corporate | 26 April 2006 07:00

RHÖN-KLINIKUM AG:Q1 2006 results

Corporate-news transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. —————————————————————————— Press Release RHÖN-KLINIKUM AG, Bad Neustadt a. d. Saale: – Q1 2006 results – – Revenue raised by 33.2% to € 453.8 million – Rise in net consolidated profit to € 22.7 million as expected – Continuation of sound financial structures – 313,774 patients treated by Group hospitals during the first quarter – Group staff of 30,967 as at 31 March 2006 – 45 hospitals with 14,620 beds/places as at 31 March 2006 – First forecast confirmation for 2005: revenue of € 1.9 billion and net consolidated profit of € 93 million Bad Neustadt a. d. Saale, 26 April 2006 —– With its interim report for the three months ended 31 March 2006 submitted today, RHÖN-KLINIKUM Group reports a substantial rise in revenues to € 453.8 million (previous year: € 340.7 million / +33.2%). This rise in revenues compared with the same period last year mainly stems from the first-time consolidation of Universitätsklinikum Gießen und Marburg GmbH from February 2006 which added revenues of € 69.6 million, from two hospitals consolidated for the first time from the middle of 2005 and two further facilities on 1 January 2005 contributing € 19.7 million, and from internal growth of € 23.8 million (+ 7%). Net consolidated profit of € 22.7 million (previous year: € 22.2 million/+2.2%) in the first quarter of 2006 is burdened by losses at Universitätsklinikum Gießen und Marburg in the amount of € 2.6 million in the period from 1 February 2006. The currently foreseeable losses of Universitätsklinikum Gießen und Marburg, which are estimated at € 7 million for the period from 1 February to 31 December 2006, can be offset by progress in hospital restructuring measures, so that the burdens on earnings will diminish successively – with reference to the respective quarter – over the remaining nine months of the financial year. At the end of the first quarter of 2006, earnings per share stood at € 0.42 (previous year: € 0.41 adjusted / + 2.4%). “Revenues and net consolidated profit developed in line with our expectations“, said Wolfgang Pföhler, chairman of the Board of Management of RHÖN-KLINIKUM AG. As expected, margins declined as a result of the still inefficient structures of the newly consolidated hospitals compared with the Group’s long-standing facilities. In the first quarter of 2006 EBITDA* recorded a rise to € 52.0 million (previous year: € 48.9 million / +6.3%), and the operating result (EBIT) stood at € 35.8 million, up 5.3% versus its pre-year level of € 34.0 million. Earnings before tax (EBT) gained € 0.8 million (+2.6%) to reach € 31.2 million (previous year: € 30.4 million). ______________ * Earnings before depreciation/amortisation, interest and income tax Of the investments made by the Group in the first three months of 2006 totalling € 230.7 million (previous year: € 177,0 million /+28.7%), € 204.8 million was used for tangible fixed assets acquired on hospital takeovers and € 25.9 million for investment in the Group’s long-standing facilities (new and top-up investments as well as fixtures and equipment). € 38.9 million of this investment volume (previous year: € 37.3 million/ +4.3%) was financed from the operating cash flow and € 64.1 million from an increase in net debt to banks as well as the use of interest-free short- and long-term loan capital. “Net debt to banks rose from € 301.0 million at the end of 2005 to € 365.1 million at the end of the first quarter of 2006 as a result of purchase price payments for the hospitals taken over. Coverage of non-current assets by equity capital and non-current liabilities is 88.4%. The equity ratio declined from 39.6 % at the end of financial year 2005 to 33.3% as at 31 March 2006. This comes as a result of the Company’s buoyant growth and accompanying increase in assets and loan capital. The Group continues to enjoy stable and sound financial structures.”, said Dietmar Pawlik, who has been on the Board of Management since the beginning of the year with responsibility for Financing, Investor Relations and Controlling. In the first three months of 2006 our hospitals treated 313,774 patients (previous year: 233,788 / + 34.2%) on an inpatient, day-case and outpatient basis. Compared with the first quarter of the previous year, average per-case revenue rose by 3.6% in the inpatient area and by 18.1% in the outpatient area. The much higher per-case revenues at Universitätsklinikum Gießen und Marburg (€ 4,016 for inpatient cases and € 127 for outpatient cases) compared with the long-standing facilities brought an increase in average per-case revenue within the Group. At 31 March 2006, the Group employed 30,967 persons (at 31 December 2005: 21,226), with 9,934 added by the newly consolidated facilities. The hospitals consolidated at the end of 2005 witnessed a slight decline in staff numbers (-193). Currently we operate 45 hospitals at a total of 34 sites with 14,620 beds/places approved under federal state hospital requirement plans. The newly acquired hospitals add 2,660 beds to the Group, with 2,262 of these being contributed by the Gießen and Marburg sites. Due to the disputed prohibition of the takeover by the German Cartel Office, the figures do not include the district hospitals in Bad Neustadt/Saale and Mellrichtstadt. “We will maintain our growth course in financial year 2006 with our focus on qualitative and economically sound growth”, said Wolfgang Pföhler, chairman of the Board of Management of RHÖN-KLINIKUM AG. “Acquisition offers that do not meet our standards will be refused without exception. Given the massive pressure on hospital budgets, the convergence phase of DRGs, the trend towards the replacement of inpatient service volumes, the withdrawal of the federal states from investment financing and the mounting debt of the German state, we will be able to achieve further growth for our company on our terms for the foreseeable future”. Without taking account of possible further acquisitions, the forecast for revenues of € 1.9 billion and the forecast for net consolidated profit of € 93 million are confirmed. **************** For Sallwey & Partner RHÖN-KLINIKUM AG Telemannstr. 18 Salzburger Leite 1 60323 Frankfurt/Main 97616 Bad Neustadt a. d. Saale Contact: http://www.rhoen-klinikum-ag.com Brigitte Sallwey Tel.: 069 97 203 628 e-mail: sallwey@rhoen-klinikum-ag.com Brigitte Sallwey (+49) 069-97203628 (+49) 0171 6942 140 (c)DGAP 26.04.2006 ————————————————————————— language: English emitter: RHÖN-KLINIKUM AG Salzburger Leite 1 97616 Bad Neustadt/ Saale Deutschland phone: +49 (0)9771 – 65-0 fax: +49 (0)9771 – 97 467 email: fire.ir@rhoen-klinikum-ag.com WWW: www.rhoen-klinikum-ag.com ISIN: DE0007042301 WKN: 704230 indexes: MDAX stockmarkets: Amtlicher Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg, Stuttgart End of News DGAP News-Service —————————————————————————