Ad-hoc | 26 May 2009 07:01
Genolier Swiss Medical Network (GSMN) / Quarter Results/Quarter Results Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- First quarter turnover up by 12% to CHF 34.3 million Clinique de Genolier increases turnover by nearly 14% GSMN realised a consolidated turnover of CHF 34.3 million in the first quarter of 2009, up by 12% compared to the same period in 2008 (CHF 30.6 million), thus confirming the resilience of the healthcare sector in the current crisis. Clinique de Genolier, the Group's flagship establishment, improved turnover by as much as 14%, confirming a positive trend that started in 2003. Genolier Swiss Medical Network gave up control of its publishing division AGEFI in February, thus completing its refocusing on healthcare activities. Including Centre médico-chirurgical des Eaux-Vives (CMEV) in Geneva, which is consolidated since 1 March 2009, the Group expects to generate a turnover of around CHF 145 million in 2009. GSMN, Genolier Swiss Medical Network AG, a company listed on the SIX Swiss Exchange (GSMN:SW), realised a turnover of CHF 34.3 million - up by 12% compared to the same period last year - in the first quarter of 2009. Clinique de Genolier, the Group's flagship establishment, generated a turnover of nearly CHF 18 million, up 14% (CHF 15.8 million), while Clinique Générale in Fribourg and Clinique de Montchoisi boosted their turnover by 12.2% and 3% respectively. Clinique Générale, which was the main source of the Group's losses in 2006 and 2007, has therefore achieved its turnaround. CMEV, which is consolidated since 1 March 2009, contributed only CHF 750,000 to this increase. The acquisition of Bethanien Clinic in Zurich is ongoing and should be completed by the end of June 2009. Genolier Swiss Medical Network will thus gain a foothold in German-speaking Switzerland, and this will act as a vital platform for the Group's further expansion throughout the country. Bethanien Clinic generates an annual turnover of around CHF 50 million, with 180 admitting physicians and 350 employees. The Group has recently decentralized its administrative organization, particularly in the field of financial management of its units, and the integration of this clinic will thus be possible without additional central staffing. Genolier Swiss Medical Network SA will hold its Ordinary General Meeting on 10 June 2009 at 11 am at Clinique de Genolier. In addition to the usual agenda items, the election to the Board of Directors of Antoine Hubert, co-founder and current CEO of GSMN, will be proposed. Antoine Hubert will pursue the Group's development as Managing Director. The creation of conditional capital and the renewal of the authorized capital will also be proposed to the shareholders, in order to ensure financing for future growth and allow the Group to issue convertible loans. The movement towards consolidation in this sector is still in its embryonic stage in Switzerland and Europe, and the current period should offer GSMN interesting acquisitions and partnership opportunities. GSMN (Genolier Swiss Medical Network) AG is the leading private hospital network in French-speaking Switzerland. Its growth strategy is focused on building a national network by acquiring clinics and integrating their operations. GSMN's main goal is to provide premium hospital care to Swiss and foreign patients. GSMN stands out from other healthcare providers through its high-quality services, brand value, pleasant working environment and an experienced and entrepreneurial management team. GSMN currently manages 5 private facilities in French-speaking Switzerland (Clinique de Genolier, Clinique de Montchoisi, Clinique Valmont-Genolier, Clinique Générale, Centre medico-chirurgical des Eaux-Vives), with nearly 400 admitting physicians and 500 employees. In 2009, GSMN forecasts turnover of around CHF 145 million. The Group is listed on the Main Segment of the SIX Swiss Exchange (GSMN.SW). For more information please contact: GSMN press service Media Impact Gérard Sermier Rue de Lausanne 42 ‐ 1201 Geneva Tel. +41 (0)22 732 59 97 ‐ Fax +41 (0)22 738 62 01 info@mediaimpact.ch 26.05.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------