DGAP-News: Asklepios hospitals continue upward trend in the third quarter
(firmenpresse) - DGAP-News: Asklepios Kliniken GmbH / Key word(s): Quarter Results
Asklepios hospitals continue upward trend in the third quarter
29.11.2013 / 13:26
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* Number of patients treated develops positively
* Improved margin year-on-year in Q3 2013; EBITDA increases by 7.2% to
EUR71.4 million
* Promissory note loan ('Schuldscheindarlehen') of EUR300 million placed
successfully
* Further improvement of balance sheet ratios; increasing equity ratio
Hamburg, 29 November 2013. The Asklepios Group continued to grow in the
first nine months of the 2013 financial year: From January to September,
509,866 inpatients were treated, an increase of 0.5% compared to the same
period of the previous year (9M 2012: 507,098). The number of outpatients
increased by 8.9% to 1,069,444 (9M 2012: 981,954). High demand for
inpatient medical services in the third quarter meant that after nine
months Asklepios is now above the previous year here, too. The purely
organic growth is also reflected by revenue, which increased by 2.9% to
EUR2,251.0 million (9M 2012: EUR2,188.1 million).
In January to September 2013, operating earnings (EBITDA) declined by 2.2%
year-on-year to EUR191.8 million, EBITDA (9M 2012: EUR196.1 million). The
EBITDA margin moved down accordingly from 9.0% to 8.5%. As well as the
modest start to the year, extraordinary and non-recurring effects, such as
consulting expenses, made a notable impact here. After nine months,
earnings before interest and taxes (EBIT) at EUR112.4 million with a margin
of 5.0% were 7.2% lower than in the previous year (9M 2012: EUR121.1
million with a margin of 5.5%). This is primarily due to higher
depreciation and amortisation expenses for increased internally financed
investments (+5.7%). Consolidated net income fell by 10.1% and totalled
EUR73.4 million (9M 2012: EUR81.7 million), which equates to a return on
sales of 3.3% (9M 2012: 3.7%).
Net cash flow (operating cash flow) held steady at the level of the
previous year at EUR184.8 million (9M 2012: EUR184.6 million). This was
partly due to the improvement in working capital. A good half of operating
cash flow was used for investments in property, plant and equipment and
around a third to repay the comparatively expensive subordinated capital.
In the third quarter of 2013 alone, the operating margin at 9.7% was higher
than in the comparative period for the first time this year (Q3 2012:
9.3%); in absolute terms, EBITDA improved by 7.2% to EUR71.4 million (Q3
2012: EUR66.6 million).
'As well as to seasonal effects, the positive operating performance in the
third quarter is attributable in particular to our medical services, which
are in line with demand. Our service-related efforts mean that supply is
taken where demand among the population is highest, although wage and price
increases cannot be compensated for in the short term. This makes it all
the more gratifying that interest payments fell by around EUR3 million in
the first nine months of the year, which was made possible by our
sustainable refinancing strategy. We can only successfully combat the
existing discrepancy between costs and revenue in the hospital sector with
the combined effects of various measures', Stephan Leonhard, Vice Chairman
and CFO, underlined the positive development in Q3 2013.
Financing measures offer great financial scope and high flexibility
The financingand balance sheet ratios remain very sound and improved again
compared to the mid-year financial statements. On 30 September 2013, the
equity ratio was 33.5% (30 June: 33.0%). Cash and cash equivalents of
EUR128.5 million and unutilised credit facilities of more than EUR272
million mean that the Group has sufficient financial reserves for capital
expenditure and growth. As of the reporting date, net debt amounted to
EUR597.0 million, of which EUR67.9 million related to subordinated capital.
The debt ratio was therefore 2.3 times EBITDA (30 June 2013: 2.5 times).
In October, the Asklepios Group placed a promissory note loan of EUR300
million at very attractive conditions. Because the promissory note was six
times oversubscribed, the originally planned total loan was tripled to
EUR300 million. The three offered tranches have terms of five, seven and
ten years, whereby EUR100 million relates to the ten-year tranche alone. In
addition to savings banks, private banks and cooperative banks,
institutional and international investors from Europe, China, Japan, India
and others contributed more than a third to the transaction. Altogether,
the group of creditors comprises 120 members. Together with the bond issued
in 2010 and the EUR325 million syndicated loan concluded in the middle of
this year, whose utilisation so far has been repaid with funds from the
promissory note issue, the Asklepios Group's financing is thus secured with
a high degree of flexibility for the long term.
Outlook
The determining factors for the Asklepios Group's targets for the year as a
whole are the growth in patient numbers, the outcome of the outstanding
budget negotiations at hospital level, the effects of the measures to
increase earnings as part of 'nextStep' and the specific cash inflow from
the 'Aid package for hospitals'. The business goals for 2013 include
organic revenue growth in a range of 2% to 4% and an increase in operating
earnings (EBITDA); in terms of earnings, achieving this target remains an
ambitious challenge.
The full consolidated interim report on the first nine months of 2013 will
be made available for download on the Asklepios website (www.asklepios.com)
today.
About Asklepios:
The healthcare group Asklepios Kliniken GmbH is a leading private operator
of hospitals and healthcare facilities in Germany. The Group pursues a
responsible, sustainable growth strategy that is geared towards high
quality and innovative strength. With this approach, Asklepios has enjoyed
dynamic development since its formation more than 25 years ago. At present,
the Group has 140 healthcare facilities and employs more than 45,000 people
throughout Germany. In the previous financial year, 2012, around 2.0
million patients were treated in Asklepios Group facilities.
Contact:
Thomas Pfaadt
Head of Corporate Finance&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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242382 29.11.2013
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Datum: 29.11.2013 - 13:26 Uhr
Sprache: Deutsch
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