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RHÖN-KLINIKUM AG | 08/08/2014

Interim Report for the First Six Months: Financial Figures Significantly Influenced by Extraordinary Effects – All Sold Shares Transferred to Fresenius/Helios – Continued Corporate Re-Orientation

  • 862,586 patients treated from January to June
  • Revenues amount to EURO 959.1 million
  • EBITDA stands at EURO 1.35 billion due to sales proceeds

A total of 862,586 patients were treated in the hospitals of RHÖN-KLINIKUM AG in the first six months of 2014. Revenues for this period are at EURO 959.1 million while earnings before interest, taxes, depreciation and amortisation (EBITDA) amount to EURO 1.35 billion due to the sales proceeds. As for the first quarter of the current financial year, the financial figures for the first six months were also significantly influenced by the sale to Fresenius/Helios of a total of 40 hospitals and associated facilities. The financial figures for the first six months reflect this extraordinary situation: the financial statement for the first two months of the year was drawn up with the full consolidation of the previous portfolio in its entirety while the reduced portfolio is included since March. Added to this are numerous primarily positive one-off effects but there are also burdens, both of which can generally be attributed to the transaction.

The sale transaction has now been concluded with Dr. Horst Schmidt Kliniken transferred in the second quarter following approval by the town of Wiesbaden.

Structured tender procedures have now been commenced for the hospitals in Boizenburg and Waltershausen-Friedrichroda which initially remain in our corporate group for anti-trust reasons. The aim of the tender procedures is to guarantee unrestricted medical care as in the past and to ensure a secure future as well as to protect the interests of both patients and employees.

It has now been possible in a second anti-trust procedure to sell to Fresenius/Helios the hospital in Cuxhaven which also initially remained in our corporate group: following another investigation of the current hospital market, the German Bundeskartellamt (Federal Anti-Trust Office) was indeed able to clear the change of ownership of the hospital as it had originally been planned. The shares were transferred on July 31, 2014.

Outlook

The further consolidation and structural changes in the company will continue to have considerable influence on the remainder of 2014. RHÖN-KLINIKUM AG will therefore refrain from giving a target for revenues and earnings for the current financial year 2014.

The company expects revenues of EURO 1.06 billion to EURO 1.12 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) of between EURO 145 million and EURO 155 million for the coming financial year 2015 – the first full financial year with the current hospital portfolio. Due to the regulated hospital market in Germany this outlook is subject to any statutory interventions which may affect the framework conditions for financing hospitals.

"We shall continue to press ahead consistently to transform RHÖN-KLINIKUM AG into a company geared in an even more dedicated manner to innovation and treatment excellence. A major role is played here by our Medical Board consisting of top-class experts from all our locations who are emphatically committed to the further development of our medical strategy and the implementation of innovative therapy and medical processes," said CEO Dr. Dr. Martin Siebert. "Regarding our medical care network, we are currently working together with our partners on the structural and organisational implementation. The aim is a national network of qualified service providers offering additional out-patient and in patient services both for patients with statutory health insurance and those with private health insurance. This is to be financed through an additional insurance scheme paid for by employers."