Institut für Notfallmedizin (IfN) - Zentrum für medizinische Simulation
Asklepios reports sales increase with its final figures for 2011
Working in cooperation with MediClin should result in local advantages
After a successful in 2011, the Asklepios Group closed the business year, maintaining its position as one of the leading hospital concerns in Germany. Thereby, the share in MediClin public limited company was increased to over 52 percent. Supported by high organic growth, the group recorded a patient increase of 9.1 percent to more than 1.7m patients. Correspondingly, sales increased by twelve percent to 2,577m Euro (previous year: 2,280m Euro).
Due to the difficult macroeconomic environment, the operating result based on EBITDAR is only slightly above the level of the previous year. Stephan Leonhard, Vice Chairman of Corporate Management and CFO said: “The Asklepios Group made good progress in the past fiscal year and reached a record high in sales value in the long business history of the group. One third of the growth resulted from the increase in the demand for our health services and two thirds from the fully consolidated MediClin AG since 1st September 2011.” Dr. Ulrich Wandschneider, Chairman of Concern Management, adds: “Asklepios was able to continuously develop in all areas, particularly in the areas of quality, personnel, efficiency, IT and environmental sustainability.”
Despite the positive sales development, earnings before interest, taxes, depreciation and leasing costs (EBITDAR) only increased by 1.0 percent to 243.1m Euro (previous year: 240,6m Euro). The corresponding operating margin declined by 1.1 percentage points to 9.5 percent. The dynamic level of development of earnings in previous years could not be maintained due to higher costs.
Asklepios Clinics Hamburg
The positive development of the Asklepios Clinics Hamburg, Europe’s largest clinic cluster, continued in the previous fiscal year. Thereby new ‘best’ records were set for organic growth (+7.2 percent) as well as margin development (EBITDAR margin: 10.9 percent). “With the successful turnaround of our clinics in Hamburg, Asklepios has underlined its competency to achieve synergies within the group thereby enabling sustainable increases in profitability,” explains Stephan Leonhard. Earnings before interest and taxes (EBIT) amounted to 135,4m Euro at a margin of 5.3 percent (previous year: 159,9m Euro, or. 7.0 percent respectively.
The Asklepios Clinics consolidated net income declined in the fiscal year 2011 to 34,5m Euro (previous year: 88,4m Euro). Net income, adjusted by the non-cash effect of the write-off of our share in Greece, amounts to 85,5m Euro. “The write-off was done before the backdrop of the significant deterioration of the country-related risks, as we want to maintain our share in the Clinic Group Athens Medical Centre,” explains Stephan Leonhard. The underlying return on sales amounted to 1.3 percent, the adjusted return on sales amounted to 3.4 percent.
Working in cooperation with MediClin AG creates growth potential
„In the concern group, consisting of Asklepios Clinics Hamburg and MediClin, both positioned throughout Germany, local advantages will be achieved through regional cooperation,“ says Dr. Ulrich Wandschneider.
Solid balance sheet and financing structure, equity ratio 31.1 percent
The Asklepios Group generated a net cash flow of 201m Euro in 2011; a significant part thereof will be used for investments in stock as well as dept repayments. At the close of the fiscal year 2011, the net debt amounted to 499m Euro, of which 182m Euro was allotted to subordinate capital. The leverage ratio regardless of subordinate capital therefore lies at 1.5 times EBITDA. At the end of the fiscal year 2011, the Group continued to maintain a strong financial structure with an equity ratio of 31.1 percent. The Asklepios Group had liquid assets in the amount of 183m Euro, as well as unused credit lines of more than 378m Euro available to support further growth.
The healthcare group Asklepios Clinics GmbH ranks among the three largest private operators of hospitals and healthcare facilities in Germany. The clinic group follows a sustainable growth strategy based on responsibility, high quality and innovative strength. Based on this, Asklepios has been rewarded with dynamic growth since its founding more than 25 years ago. Currently the concern has more than 140 healthcare facilities and employs more than 44,000 people throughout Germany. During the last business year 2011, more than 1.7m patients were treated at Asklepios Group facilities.