Ad-hoc | 18 August 2011 18:20
Genolier Swiss Medical Network (GSMN) / Key word(s): Half Year Results/Half Year Results 18.08.2011 18:20 Release of an ad hoc announcement pursuant to Art. 72 KR --------------------------------------------------------------------------- A 46.8% increase in EBITDA to CHF 11.05 million The Group of private clinics Genolier Swiss Medical Network (GSMN.SW) has achieved soaring profits for the first half-year of 2011. For a turnover of CHF 100.6 million, up by 3% (CHF 97.8m), the Group's EBITDA was CHF 11.05 million (CHF 7.5m) and the ordinary result CHF 2.2 million (CHF 0.9m). After extraordinary expenses, in particular the costs associated with recourse taken by shareholders against the takeover bid by M.R.S.I., net earnings were CHF 1.42 million (CHF 0.49m). The improved earnings are the result of considerable investments made in the Group's corporate units and a particular focus on controlling costs. The current GSMN structure will make it possible to integrate new facilities without any increase in costs. All facilities, with the exception of the Clinique Générale in Fribourg (-1% to CHF 14.4m) and Privatklinik Bethanien in Zurich (-12% to CHF 23.9m, due to major works) have seen their turnover increase. Montchoisi, with its new radiology centre and improved access, saw an increase of 7% to CHF 10.6m (CHF 9.9m); Genolier, despite major disruptions caused by works on the operating theatre, grew by 8% to CHF 38.4m (CHF 35.5m); Valmont saw a 10% increase to CHF 6 million; and the Centre médico-chirurgical des Eaux-Vives achieved CHF 4.7 million, 25% more than for the first half-year of 2010. The medical residence Les Hauts de Genolier, which was opened in 2010, saw the greatest increase (77%), with total turnover of CHF 2.2 million (CHF 1.25m). The overall growth in turnover, considered on a like-for-like basis, and the various rationalisations have resulted in a growth in EBITDA of 46.8% to CHF 11.05 million. The commissioning of the new operating theatre at Clinique de Genolier in July 2011 represents the end point of a considerable investment programme since the takeover of the different entities. At the acquisition of each facility, after an initial phase of analysis and observation, Genolier Swiss Medical Network introduces a specific programme of investments designed to ensure that each facility meets exacting standards of quality in terms of medical and accommodation infrastructures. GSMN's goal is to provide an environment that allows the practice of state-of-the-art medicine by independent physicians throughout its network. The large-scale and continued pursuit of this strategy, applied by the Group since its inception, encourages sustainable development rather than an immediate return on investment, so as to ensure the long-term existence of the Group and the continued quality of the services it provides. Genolier Swiss Medical Network, the second-largest group of private clinics in Switzerland, chose to acquire minority shareholdings in the 2nd half-year in Klinik Lindberg in Winterthur (49%) and Klinik Pyramide am See in Zurich (20%). These clinics will not be consolidated but synergies will be developed between these two facilities and the Group's Zurich clinic, Privatklinik Bethanien. GSMN is thus continuing its development strategy through collaborations, purchases of shareholdings and acquisitions, with the aim of becoming a standard-setter in Switzerland. Rapid consolidation of the sector is needed to guarantee the continued existence of a high-quality private offering that will allow insured patients to freely choose their service providers and independent physicians and to address the uncertainties and challenges associated with the introduction of the provisions of LaMal 2012. GSMN also signed a convention with the shareholders of Centre Suisse de Prévention du Vieillissement SA in order to increase its participation from 13.33% to 33.33%. The Half-Yearly Report is accessible on the website www.gsmn.ch at the following link: http://ir.gsmn.ch/genolierswiss/pdf/GSMN_HY_2011.pdf Genolier Swiss Medical Network SA (GSMN) is the second largest network of private clinics in Switzerland. Its growth strategy focuses on the creation of a national network through the acquisition of clinics and the restructuring of their operations. GSMN's main aim is to offer first class hospital care to Swiss and foreign patients. The distinctive features of GSMN include its high quality services, its brand value, a pleasant working environment and an experienced management team with an entrepreneurial approach. GSMN currently operates seven private establishments in Switzerland (Clinique de Genolier, Clinique de Montchoisi, Clinique Valmont, Clinique Générale, Centre médico-chirurgical des Eaux-Vives, Privatklinik Bethanien and Klinik Lindberg), with more than 660 practising physicians and 1'000 employees. The Group is listed on the Domestic Standard of the SIX Swiss Exchange (GSMN:SW). For more information: Séverine Van der Schueren Secretary General Tel. 022 366 99 87 svanderschueren@gsmn.ch 18.08.2011 News transmitted by EquityStory AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. 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