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RHÖN-KLINIKUM AG | 10/26/2006

Q3-2006 and 1-9/2006 results

  • Q3 2006:
    • Revenue € 489.8 million / net consolidated profit € 24.5 million before consideration of earnings share of minority owners EBITDA € 58.6 million / EBIT € 39.3 million
  • Q1 – Q3 2006:
    • Revenue € 1,427.9 million / net consolidated profit € 70.1 million before consideration of earnings share of minority owners 
    • EBITDA € 162.2 million / EBIT € 110.4 million
    • Growth in revenues and net consolidated profit underpin own forecast for full-year result
  • As at reporting date (30 September 2006), the Group has 45 hospitals with 14,690 beds/places at a total of 34 sites
  • A total of 1,037,764 patients were treated in the Group’s facilities in the first nine months
  • 30,611 persons were employed with the Group as at 30 September 2006

The key results for Q3 2006 published today by RHÖN-KLINIKUM AG, the listed hospital group with headquarters in the Rhön, underpin the Group’s own forecasts for full-year 2006: revenue of € 1.9 billion, net consolidated profit of € 93.0 million, earnings per share of € 1.72.

In the third quarter of 2006 the Group generated revenues of € 489.8 million (Q3 2005: € 356.4 million); looking at the first 9 months of 2006, revenues totalled € 1,427.9 million (9M 2005: € 1,044.7 million). “The 36.7% rise in revenues in the first nine months of 2006 was mainly driven by the first-time consolidation of Universitätsklinikum Gießen und Marburg GmbH contributing € 280.9 million (with 2,262 beds/places) from 1 February 2006 and of two further hospitals, Frankenwaldklinik in Kronach and Heinz-Kalk-Krankenhaus in Bad Kissingen, adding revenue of € 30.0 million (with 398 beds/places, from 1 January 2006)”, said Dietmar Pawlik, CFO of RHÖN-KLINIKUM AG. “Adjusted for accounting changes in connection with the promotion of training and education, organic growth versus the same period last year was € 39.6 million (3.6%).”

Net consolidated profit (before consideration of earnings share of minority owners of 1.0 / previous year: 0.9 million) reached € 24.5 million in the third quarter of 2006, a rise of 7.9% over the previous year’s figure of € 22.7 million. With reference to the first nine months of 2006 the rise in net consolidated profit (before consideration of earnings share of minority owners of 3.1 / previous year 3.2 million) was 4.5% (2006: € 70.1 million / last year: € 67.1 million). At the end of the first nine months, earnings per share stood at € 1.29 (previous year: € 1.23). The result for the first nine months of 2006 was burdened by the € 6.5 million loss at Universitätsklinikum Gießen und Marburg as expected, but this was offset by improvements at the other hospitals.

“The restructuring of Gießen/Marburg is moving ahead as planned”, explained 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 2006 the key ratio EBITDA saw an improvement by 16.3% to € 58.6 million (previous year: € 50.4 million) and EBIT gained 10.1% to reach € 39.3 million (up from € 35.7 million the year before); earnings before tax (EBT) also improved, by 6.6% to € 33.8 million (vs. € 31.7 million last year). Over the first nine months of 2006 EBITDA rose by 8.8% to € 162.2 million (previous year: € 149.1 million), EBIT by 5.7% to € 110.4 million (previous year: € 104.4 million) and EBT by roughly 4.0% to € 96.3 million (previous year: € 92.6 million).

The disproportionate rise in materials and consumables used recorded in the first nine months of 2006 (9M 2006: € 364.9 million / previous year: € 259.6 million) as well as the strong rise in the employee benefits item (9M 2006: € 842.7 million / previous year: € 589.1 million) are attributable to the hospitals newly consolidated in the current financial year. These have rationalisation potential due to unfavourable structures versus our long-standing facilities.

At 30 September 2006, cash and cash equivalents showed an increase by € 86.9 million to € 224.6 million (previous year: € 137.7 million). The Group enjoys sound financial structures. “We have continued to improve our internal financing strength”, explained Pawlik. “In the first nine months of financial year 2006, our operating cash flow rose 8.9% to € 122.0 million (previous year: € 112.0 million).” In the third quarter of 2006, cash flow was € 43.8 million (€ 37.4 million).

As at the reporting date 30 September 2006, the Group has 45 hospitals with 14,690 beds/places at a total of 34 sites. In the first nine months a total of 1,037,764 patients (previous year: 729,522; + 308,242) were treated in the Group’s facilities, with the third quarter accounting for 360,149 of these (previous year: 241,687; + 118,462).

At the reporting date 30 September 2006, the Group employed 30,611 persons (at 31 December 2005: 21,226), with 9,677 added by the facilities newly consolidated in 2006.

“It is now known what impact the health reform will have. These burdens can be compensated by numerous countermeasures. With its solution and industry expertise RHÖN-KLINIKUM AG has repeatedly shown it knows how to respond to such changes.”, explained Wolfgang Pföhler, chairman of the Board of Management of RHÖN-KLINIKUM AG.

Thanks to its future-oriented concepts – from the flow principle to the electronic patient file as well as a new professional model for doctors – RHÖN-KLINIKUM AG enjoys a leading competitive position in the privatisation of university hospitals. RHÖN-KLINIKUM AG sees its strategy of profitable growth as wholly confirmed.