DGAP-News: Asklepios Kliniken: Asklepios finishes FY2010 on a high note, reporting a strong period of growth. Sharp increase in the number of patients, revenues and earnings
(firmenpresse) - DGAP-News: Asklepios Kliniken GmbH / Key word(s): Final Results
Asklepios Kliniken: Asklepios finishes FY2010 on a high note,
reporting a strong period of growth. Sharp increase in the number of
patients, revenues and earnings
11.04.2011 / 08:08
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Hamburg, March 30, 2011. Asklepios finished FY2010 on a high note,
reporting strong growth in all its key performance indicators (KPIs). The
dynamic development of one of the largest privately managed clinic
operators in Germany continued despite a challenging overall economic
climate. The clinic group's revenues increased 6.6% to EUR 2,305 million
(2009: EUR 2,163 million) on the back of a 6.5% rise in the number of
patients treated. EBITDA soared over 15%, driven by efficiency improvements
and other process optimization measures.
Dr. Tobias Kaltenbach, Chairman of the Asklepios Group management board,
said 'The excellent developments in fiscal 2010 follow on the heels of a
very successful 2009. The increased number of patients clearly confirmed
our broad strategy. New and attractive high-quality medical offers and
state-of-the-art processes for in-patient treatment enabled us once again
to generate strong growth.' Group CEO and CFO Stephan Leonhard added: 'We
succeeded in beating our ambitious growth and income targets in almost
every area. In doing so, the performance of our Hamburg clinics in fiscal
2010 was particularly prominent, standing out as one of the most successful
business years in our corporate history.'
The group's cashflow also improved, despite adverse market fundamentals.
The increase in revenues helped drive an impressive 15.9% rise in earnings
before interest, taxes, depreciation and amortization (EBITDA) at EUR 229
million (EUR 199 million). Operating margin also rose from 9.1% to 9.9%. At
the same time, a disproportionate 21.3% rise in EBIT to EUR 161 million
(EUR 133 million) translated to a 7.0% EBIT margin.
Asklepios Kliniken Hamburg made a significant contribution to the dynamic
success of fiscal 2010 with an 8.4% growth in revenues and 35.6% rise in
EBITDA. Despite a EUR 23 million extraordinary negative bookkeeping item
consisting of the revaluation of a Greek holding and the cessation of
defunct transaction obligations, an improvement in net interest results
nevertheless permitted a slight increase in consolidated net income to EUR
90 million (EUR 88 million). The underlying net profit margin was 3.9%;
adjusted for the extraordinary items the net profit margin was 4.9%.
In FY2010, Asklepios generated a strong net cashflow of EUR 222 million
which was used primarily for investments in the existing portfolio and for
repaying financial liabilities. Net debt at the fiscal 2010 balance sheet
cutoff date was EUR 448 million, of which EUR 284 million was attributable
to subordinated capital. Net debt declined sharply by EUR 120 million
compared to a year earlier. Excluding the subordinated capital, group
indebtedness fell to 0.9 times EBITDA.
'With the placement of our debut EUR 150 million bond and associated
opening to the capital markets, Asklepios now has access to a new strategic
source of financing. The bond which carries a 4% coupon and runs until
September 2017 considerably improves our maturity profile,' Mr. Leonhard
explains.
The concern had a very sound financial structure at year end 2010,
reflected in its 30.4% equity ratio. The Asklepios Group had EUR 263
million of liquid funds and over EUR 470 million of untapped credit lines
at its disposal for supporting further growth.
With a 20%-plus market share, the Asklepios Kliniken GmbH healthcare group
is one of the Top 3 operators of private hospitals and healthcare
facilities in Germany. The clinic group pursues a responsible, sustainable,
quality- and innovation-centric growth strategy. Since its formation over a
quarter of a century ago, Asklepios has remained faithful to these
principles which have rewarded it with dynamic growth. The group currently
has 68 clinics with around 18,000 beds and ca. 35,000 employees across
Germany. In FY 2010, over 1.6 million patients were treated at Asklepios
establishments.
Contact:
Dr. Kai Gregor Klinger
Group Director - Corporate Finance&Investor Relations
Asklepios Kliniken GmbH
Tel.: +49 (6174) 90 1192 - Fax: +49 (6174) 90 1110
Email: k.klinger(at)asklepios.com - www.asklepios.com
End of Corporate News
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119236 11.04.2011
Datum: 11.04.2011 - 08:08 Uhr
Sprache: Deutsch
News-ID 33746
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