Asklepios Clinics show solid Results in the first Quarter
Solid results were recorded for Asklepios in the first quarter of 2012. The number of patients has increased by 18.9 percent, to more than 484,000 patients, compared to the first quarter of the previous year. Included are the financial results of MediClin AG. This inclusion resulted in a revenue increase of 26.7 percent (of which 5.2 percentage points organic) to 748.6 million Euro (Q1/2011: 590.7 million Euro). Despite structural costs in terms of legal framework stipulations, the operating costs of EBITDAR increased by 41.0 percent to more than 76.3 million Euro.
Stephan Leonhard, vice president of Corporate Management and CFO said: ”As we predicted at the end of last year, financial pressure on the health and rehabilitation sector has increased even more.“
The net profit is 24.2 million Euro compared to the 25.8 million Euro recorded in the same quarter of the previous year (-6.2 percent). This negative result is mainly due to significantly higher taxes through the consumption of the tax loss carry-forward. The total return amounts to 3.2 percent. The EBIT increased by +4.8 million Euro to 38.7 million Euro, corresponding to a margin of 5.2 percent (Q1/2011: 5.7 percent).
The net cash flow, compared to the same quarter of the previous year, increased by +6.3 percent to 45.4 million Euro. These funds were primarily used for investments; clearly demonstrating the continuously strong internal financial capability of the group.
Solid balance- and financing structure: Capital adequacy ratio of 31.8 percent
By the end of the quarter, the net debt amounted to just 515.5 million Euro, of which 181.8 million Euro was attributable to subordinated capital. Without considering the subordinated debt, the debt-equity ratio is at 1.5 times the EBITDA (as of 31.12.2011: 1.5-fold). With these results, Asklepios ended the first quarter with a continuously sound financial structure. The equity-capital ratio was at 31.8 percent, and when including the subordinated capital, it amounted to 39.2 percent. Liquid assets and unused credit lines of more than 531 million Euro provided the group with sufficient financial reserves for growth and investment.
Clinics in Hamburg continue to develop positively
The Asklepios Clinics in the Hamburg region also delivered positive end of quarter results, showing a fully organic revenue growth of +9.9 percent, resulting in an increase in the EBITDA by +33.7 percent, with an EBITDA margin of 11.5 percent - a significant contribution to the success of the entire group.
Cooperation with MediClin off to a successful start
In affiliation with the MediClin AG, the Asklepios group has created additional synergies and growth potential. Common areas of potential were identified and analysed within the framework of the integration of MediClin AG, and preliminary discussions have already been held about site-related cooperation between the holding companies.