RHÖN-KLINIKUM AG | 11/07/2014

Interim Report for the Third Quarter: Adjusted Portfolio – Commenced Share Buy Back – Focus on Strategic Re-Orientation

  • Over a million patients from January to September
  • Revenues amount to EURO 1.24 billion
  • EBITDA stands at EURO 1.39 billion

Over one million patients (1,045,273 to be exact) were treated in the hospitals of RHÖN KLINIKUM AG in the first three quarters of 2014. Revenues for the period from January up to September are at EURO 1.24 billion. Due to the proceeds from the sale of a total of 41 hospitals to Fresenius / Helios, earnings before interest, taxes, depreciation and amortisation (EBITDA) amount to EURO 1.39 billion.

Like the annual trend, the financial figures for the first nine months also reflect the extraordinary situation caused by the transaction. The financial statement for the first two months of the year was drawn up with the full consolidation of the previous portfolio of 54 hospitals in its entirety while the reduced portfolio is included since March. With the sale of the facilities in Cuxhaven, Boizenburg and Waltershausen-Friedrichroda it has also been possible in the past few weeks to sell the three hospitals which had initially remained in the corporate group for anti-trust reasons. All the sales associated with the transaction have now generally been concluded. Apart from the transfers in the portfolio which were staggered in time there are also other primarily positive one-off effects but also burdens influencing our financial figures, both of which can generally be attributed to the transaction.
Commenced Share Buy-Back

On October 16 the disbursement of most of the sales proceeds in an amount of up to EURO 1.7 billion was commenced via share buy-back with a subsequent capital decrease. This instrument allows the sales proceeds to be disbursed in a manner that limits the impact on the share price, thus benefiting shareholders. The capital decrease associated with the buy-back also reflects the smaller structure of RHÖN-KLINIKUM AG. Furthermore the tradable put options also give investors the possibility to decide whether they wish to offer all or some of their shares to the company at the modified framework conditions outside usual stock trading or continue to invest them. This is the first time in Germany that this financial instrument is used in this way.

With the consent of the supervisory board's audit committee, the board of management of the company has determined the offer price for the public purchase offer at EURO 25.18 per share. The time limit for acceptance ends on November 14, 2014. The board of management considers it possible that the cancellation of up to 47 % of the shares in connection with the share buy-back process will possibly also lead to a change in the shareholder structure.


RHÖN-KLINIKUM AG will refrain from giving a target for revenues and earnings for the current financial year 2014 due to the significantly modified corporate structure, the extraordinary financial effects as a result of the sale transaction and the consequences on operative business.

We continue to adhere to our mid-term outlook with revenues of EURO 1.06 billion to 1.12 billion and earnings before interest, taxes, depreciation and amortisation (EBITDA) of between EURO 145 million and 155 million for the coming business 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. Furthermore a possible change in the strategic shareholders could also influence the medium to long-term direction of the company with corresponding effects on operative development in the medium term.

"The structural re-orientation of RHÖN-KLINIKUM AG has now been completed with the sale of the three facilities which initially remained in our corporate group," said CEO Dr. Dr. Martin Siebert. "In future we shall be able to concentrate our management capacities more strongly on pressing ahead with the strategic re orientation of our company geared to innovation and treatment excellence. Together with the Medical Board consisting of top class experts from all our locations we shall intensify our efforts to provide cutting-edge medical care for everyone with state-of-the-art medical therapies and processes in our hospitals," Dr. Dr. Siebert continued.