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RHÖN-KLINIKUM AG | 10/25/2007

Q1 – Q3 2007

Q1 – Q3 2007:

  • Revenue € 1,5 billion / net consolidated profit € 86.9 million before minority interests in profit
  • EBITDA € 188.2 million / EBIT € 122.7 million
  • Growth in revenues and net consolidated profit underpin own forecast for full-year result

 

Q3 2007:

  • Revenue € 505.6 million / net consolidated profit € 34.3 million
  • EBITDA € 63.2 million / EBIT € 41.9 million

 

The key results for Q3 2007 as well as the cumulative results for the first nine months are today published by RHÖN-KLINIKUM AG, the listed hospital group with headquarters in the Rhön. “We have succeeded in continuing our growth course and further expanding our market position despite the difficult environment”, said Wolfgang Pföhler, chairman of the Board of Management of RHÖN-KLINIKUM AG.

In the third quarter of 2007 the Group generated revenues of € 505.6 million (Q3-2006: € 489.8 million); looking at the first 9 months of 2007, revenues recorded a rise of 5.9 per cent to total € 1,512.5 million (1-9/2006: € 1,427.9 million).

Net consolidated profit (before minority interests in profit of € 1.6 million/previous year: € 1.1 million) in the third quarter of 2007 reached € 34.3 million (previous year: € 24.5 million). After deducting interests of minority owners in profit amounting to € 1.6 million, this corresponds to an EpS of € 0.32 (previous year: € 0.23). “Adjusted for the tax effect from the revaluation of the deferred tax items (€ 10.0 million) and the required impairment on the value of the financial instruments (€ 1.4 million after tax), an operating consolidated profit of € 25.7 million was generated which exceeds net consolidated profit from the same quarter last year by € 1.2 million or 4.9%”, explained Dietmar Pawlik, CFO of RHÖN-KLINIKUM AG.

In the first nine months the Group’s management recorded a net consolidated profit of € 86.9 million (previous year: € 70.1 million) before minority interests in profit amounting to € 3.9 million (previous year: € 3.1 million). This corresponds to a rise of 24.0% (previous year: 4.5%) . “Without the aforementioned one-off tax effect and without the effect from the market valuation of our financial instruments, net consolidated profit rose by € 5.6 million or 8.0%, which is disproportionate to growth in revenues and in line with our expectations. “This development was made possible in particular by improvements in pre-tax earnings at the hospitals acquired since 2006”, explains Wolfgang Pföhler, chairman of the Board of Management of RHÖN-KLINIKUM AG.

“Universitätsklinikum Gießen und Marburg GmbH contributed decisively to the positive development in earnings. After reaching break-even in the first half on 2007, this positive trend becomes more and more sustainable”, said Gerald Meder, chairman of the Management Board of Universitätsklinikum Gießen und Marburg GmbH and deputy chairman of the Board of Management of RHÖN-KLINIKUM AG.

In the third quarter of 2007 the key ratio EBITDA saw an improvement by 7.8% to € 63.2 million (previous year: € 58.7 million) and EBIT gained 6.4% to reach € 41.9 million (up from € 39.4 million the year before); earnings before tax (EBT) also improved, by 1.1% to € 34.2 million (vs. € 33.9 million last year). Over the first nine months of 2007 EBITDA rose by 16,0% to € 188.2 million (previous year: € 162.3 million), EBIT by 11.1% to € 122.7 million (previous year: € 110.5 million) and EBT by roughly 11.8% to € 107.7 million (previous year: € 96.3 million).

Compared with the previous year, the cost-of-materials ratio declined slightly, whereas the personnel cost ratio saw a slight rise. This essentially comes as a result of the ten service companies that came on stream. The services purchased externally last year were fully recognised as services procured under the item ‘materials and consumables used’, whereas this year they are reported under the employee benefits expense item.

In the first nine months the operating cash flow grew by 15,3% to € 140.7 million (previous year: € 122.0 million). “In the third quarter of 2007, cash flow was € 47.5 million (€ 43.8 million). “Our internal financing strength has increased significantly”, said Dietmar Pawlik.

As at the reporting date (30 September 2007), the Group consolidates 46 hospitals with 14,845 beds/places at a total of 35 sites. In the first nine months a total of 1,165,138 (1,037,764; + 127,374) patients were treated in the Group’s facilities, with the third quarter accounting for 382,420 of these (previous year: 360,149; + 22,271).

As at the reporting date 30 September 2007, the Group employed a staff of 32,094 (31 December 2006: 30,409). The facility in Köthen, newly consolidated from 1 April 2007, added 396 new employees. By 30 September 2007, following the integration of ten service companies, a total of 1,718 employees were taken over from external service companies that had previously served the Group. The hospitals consolidated at the end of 2006 witnessed a slight decline in staff numbers.

 “Given our positive expectations for business performance in the fourth quarter of 2007, we re-affirm our revenue forecast for the full year of € 2 billion and the updated earnings forecast of just over € 110 million”, stated Wolfgang Pföhler in closing.