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RHÖN-KLINIKUM AG | 07/20/2009

RHÖN-KLINIKUM AG generates record earnings in the first half of 2009

  • Record levels for key ratios in the first half of 2009: 903,094 patients (+8.4%) / revenues of € 1.14 billion (+8.6%) / net consolidated profit of € 65.8 million (+6.3%)
  • EBITDA € 140.5 million (+9.3%) / EBIT € 91.2 million (+5.8%)
  • Forecast for full-year 2009 reaffirmed
  • Capital increase announced to finance growth plans

RHÖN-KLINIKUM AG achieved record levels in all its key ratios in the first half of 2009.

A total of 903,094 patients were treated in the Group’s hospitals in the first six months of 2009. This translates into a rise of 8.4% compared with the same period last year. Revenuesclimbed by 8.6% to reach € 1.14 billion. Net consolidated profit also rose by 6.3% to reach € 65.8 million in the first half of 2009. During the reporting period, EBITDA stood at € 140.5 million, exceeding the figure of the same period in 2008 by 9.3%. During the same period,EBIT grew by 5.8% to € 91.2 million.

“We have achieved a record result in difficult economic times. This success confirms our strategy and our long-term-oriented business model”, emphasised Wolfgang Pföhler, chairman of the Board of Management of RHÖN-KLINIKUM AG.

Operating cash flow grew by 11.9% and reached € 116.5 million in the first six months of the current financial year.

After deducting minority interests in profit of € 3.8 million from net consolidated profit of the first half, EPS rises from € 0.57 to € 0.60.

The Group currently has 48 hospitals with 14,860 beds at a total of 37 sites in 9 federal states. The Group had 34,226 employees (+5.7%) within its hospital network as at the reporting date.

Outlook
“We are right on target and therefore reaffirm our forecast for financial year 2009”, said Wolfgang Pföhler upon publication of the half-year figures. For financial year 2009 the Group expects to generate revenues of € 2.3 billion and a net consolidated profit of € 130 million within a possible fluctuation range of plus or minus € 5 million in view of the related risks and opportunities.

Capital increase
Against the background of the sustained recession and in anticipation of a new wave of hospital privatisations, the Board of Management and the Supervisory Board jointly resolved to effect a capital increase. “It is an opportunity for shareholders to invest in our business model and, together with us, to push ahead the Company’s growth”, explained Wolfgang Pföhler.

“Our financing is very sound”, reported Dr. Erik Hamann, CFO of RHÖN-KLINIKUM AG. “The capital increase is expected to be used to finance the Group’s planned growth.” 

The Company yesterday published the terms of the capital increase according to which the Company’s registered share capital will be increased from currently EUR 259,200,000.00 by up to EUR 86,380,000.00 to up to EUR 345,580,000.00 against cash contributions through issuance of up to 34,552,000 non-par shares each having a notional nominal amount in the registered share capital of EUR 2.50. The new shares, subject to approval of the securities prospectus by the Federal Financial Supervisory Authority (BaFin), are scheduled to be offered to the Company’s shareholders for subscription during the period from 22 July 2009 to 4 August 2009 (in each case inclusive) at a subscription price of EUR 13.30 per new share and in a ratio of 3 existing shares to 1 new share.  Trading in subscription rights is expected to be permitted on the Frankfurt Stock Exchange during the period from 22 July 2009 to 31 July 2009 (in each case inclusive). The capital increase – accompanied by syndicate banks led by  COMMERZBANK Aktiengesellschaft and Morgan Stanley Bank AG – is intended to raise gross proceeds of up to 460 million euros. The management board will determine with the Supervisory Board’s consent the final issue volume after the end of the subscription period and after the private placement, presumably on 5 August 2009.

Wolfgang Pföhler explained: “We are taking this step out of a position of strength and want to send a clear signal to public operators that we will be available at an early stage as a discussion partner for a possible privatisation.” With its pursued growth course, RHÖN-KLINIKUM Group is steadfastly continuing its transition from classic hospital operator to integrated healthcare provider. The objective is to build up a Germany-wide healthcare network covering all care levels and making it possible for patients to reach one of the Group’s facilities within a maximum 1.5 to two hours’ drive. “Our vision is to be able to make generalised, high-quality healthcare provision in Germany accessible and affordable for everyone”, explained Wolfgang Pföhler in conclusion.

Due to the planned capital increase, the Company has brought forward the publication of its half-year figures, which had originally been planned for 6 August 2009.