DGAP-News: Asklepios Kliniken GmbH: Over a million patients treated in Asklepios Clinics in the first six months
(firmenpresse) - DGAP-News: Asklepios Kliniken GmbH / Key word(s): Half Year Results
Asklepios Kliniken GmbH: Over a million patients treated in Asklepios
Clinics in the first six months
29.08.2013 / 08:00
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Over a million patients treated in Asklepios Clinics in the first six
months
Organic growth improves in the second quarter - operative margin in the
first six months still under that of the previous year
Hamburg, 29 August 2013. Once again, the Asklepios Group cared for
considerably more patients in the first six months: Although the number of
beds remained virtually unchanged, the number of patients treated rose by
5,6% to 1,043,030 million, the growth resulting from the outpatients'
department alone. The turnover increased thanks to the exclusively
organically achieved growth by 2.6% to EUR 1,514.2 million. (1st Half-year
2012: EUR 1,472.5 million). The growth thereby increased in the second
quarter of 2013, increasing by 4.1%.
On the other hand, the operative result (EBITDA) was negative, falling by
7.1% to EUR 120.4 million (1st half-year 2012: EUR 129.6 million). The
EBITDA margin fell proportionately to 8.0%, lying 0.8 percentage points
under the figures for the same period last year. Factors that had a
negative effect the figures were additional staff, increases in tariffs and
also increased energy and insurance costs. With the high turnover and
effective cost management, the situation already showed improvements in the
second half of the year, where Asklepios lay only slightly below the
previous year's level for the same period, with an EBITDA margin of 9.0%
At EUR 68.0 million and a margin of 4.5% (1st six months of 2012: EUR 79.9
million or 5.4%), the result before interest and taxes (EBIT) was also
below the previous year's level. Besides the developments regarding costs,
write-offs also increased by 5.6%. Reasons for this were the relative
reduction in subsidies and the increase in self-financing of investments in
the preceding years. The surplus for the concern amounted to EUR 45.0
million after EUR 55.9 million in the same period last year. Thus, the
operating margin amounted to 3.0% (1st six months of 2012: 3.8%). Besides
the reduction in the operative results and the development of the operative
cash-flow, the repayment of leans to benefactors also made itself felt.
Dr. Ulrich Wandschneider, Chairman of the concern's management board,
explains: 'The health politics of the country have, with the measures
decided upon in the middle of the year, reacted to the extremely tense
economical situation of many public hospitals in particular, without
solving the problems relating to payment structures in hospitals. The
divergence of costs and income put pressure on the results, especially at
the beginning of the year. The Asklepios Group will make use of every
possibility to improve the efficiency and the strength of performance of
our clinics. Part of our preventive measures programme 'nextStep' is to
establish concern-wide and cross-location processes wherever it makes sense
to do so.'
Solid financial structures
The finance and balance structures of Asklepios remain solid. The
won-capital quota lay at 33.0% on the cut-off date (31 December 2012:
32.2%). Liquid assets to the tune of EUR 90.5 million and unused lines of
credit amounting to more than EUR 207.4 millionensure that the concern has
adequate financial reserves for investments and growth. The net debt as of
cut-off date 30 June 2013 was at EUR 647.7 million, of which EUR 98.3
million was allotted to subordinate capital. IN real terms, the level of
debt lay at 2.5 times the EBITDA (31 December 2012: 2.3 times).
Stephan Leonhard, acting chairman of the concern's management board and
CFO, elaborates: 'In the first half of the year, Asklepios the financing of
the concern developed successfully, ensuring long-term security. Thereby, a
new consortium credit of EUR 325 million for the future refinancing of
existing credit arrangements was obtained on very favourable terms. The
financial flexibility and the maturity structure were thereby improved in
the long term. The conditions and the time of the finance package confirm
the confidence that the capital markets have in the long-term strength and
stability of the Asklepios business model.'
Forecast
In the middle of the business year 2013, Asklepios lies below the results
for the same period in the previous year, due to the gap between earnings
and cost developments, with the operative result, despite the expectation
of an upward swing. In the second half of the year, earnings should improve
due to the effects of seasonal recovers and the planned relief measures
from which the hospital sector will profit. This will also bring the
improvement of the operative results into view. Depending on the
development of the performance during the remainder of the year and the
speed at which the planned measures are implemented, it will be possible to
reach figures approaching our goal for the business year 2013. The goals
for 2013 allow for organic growth to the tune of 2 to 4% and an increase in
operative results. According to previous experience, positive effects are
expected for the budget negotiations with the various benefactors in the
second half of the year. The most recent developments regarding the payment
of the benefactors are already having a positive effect on the earnings
situation in hospitals in 2013, and it looks even better for 2014.
Asklepios is continuing with the implementation of their own measure within
the 'nextStep' programme. The results of this effort to improve the
potential of costs and efficiency will be visible in the next quarter.
About Asklepios:
The health concern Asklepios Clinics GmbH counts among the leading private
operators of hospitals and health facilities in Germany. The clinic group
adheres to high quality, innovatively organised and sustainable growth
strategy. On this basis, Asklepios has developed dynamically since it was
founded 25 years ago. Currently, the group employs more than 45,000 people
in 140 health facilities throughout Germany. In the previous business year
or 2012, approximately 2.0 million patients were treated in Asklepios
facilities.
Contact for media representatives:
Thomas Pfaadt
Concern Area Leader, Financing&Investor Relations
Tel: +49 6174 90-1192 - Fax: +49 6174 90-1110
t.pfaadt(at)asklepios.com; www.asklepios.com/ir
End of Corporate News
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