Asklepios Group with a successful start to its 2015 anniversary year
The healthcare group Asklepios Kliniken GmbH started the 2015 financial year successfully, as shown by the interim report as of 31 March, published today. The company, founded 30 years ago in June 1985, therefore continued the positive development of the previous year. Between January and March, the Group’s hospitals treated 558,690 patients, 2.9% more than in the same quarter of the previous year (3M 2014: 542,741 patients). Revenue increased to EUR 774.1 million (3M 2014: EUR 753.7 million); the purely organic growth amounted to 2.7%. While the number of beds was largely stable (-0.1% to 26,550 beds), the number of employees grew by 0.6% to 34,396 full-time equivalents. Utilisation increased from 83.9% in the same quarter of the previous year to 85.4% in the first quarter of 2015.
The positive revenue trend in combination with successful cost management resulted, as in the previous year, in an improvement of key earnings figures. The operating result (EBITDA; earnings before interest, taxes, depreciation and amortisation) increased by 16.5% to EUR 74.6 million (3M 2014: EUR 64.0 million), equating to an improved EBITDA margin of 9.6% (3M 2014: 8.5%). While the staff costs ratio increased slightly from 65.6% to 65.8%, mainly because of the increase in medical personnel as an investment in the quality of medical outcomes and future performance increases, the cost of materials ratio was 22.3%, lower than in the same quarter of the previous year (3M 2014: 22.8%). The ratio of the cost of materials to revenue also declined by 0.3 percentage points compared to 2014 as a whole. Consolidated interim income (net income) in the first quarter of 2015 increased by 29.7% to EUR 31.3 million (3M 2014: EUR 24.1 million), equating to a return on sales of 4.0% (3M 2014: 3.2%).
Stephan Leonhard, Vice-Chairman of the Group management team and CFO, explains: “We are confident of outperforming the market with the Asklepios Group’s needs-based, high quality medical offering. The figures for the first quarter of 2015 confirm this position. We are therefore confident for the year as a whole as well, and confirm our forecast for 2015.” In this forecast, Asklepios assumes continued organic revenue growth of approximately 2% to 4% and a further sustained increase in the operating result in the current financial year.
Net cash from operating activities amounted to EUR 71.6 million, higher than in the previous year (EUR 70.6 million). While EBITDA rose sharply, the change in working capital, particularly trade receivables, also had a notable effect here.
Strong position in terms of balance sheet and financing
On 31 March 2015, the Group’s net debt amounted to EUR 641.3 million (31 December 2014: EUR 581.5 million). As on 31 December 2014, EUR 47.0 million of this figure are still related to subordinated capital at a higher interest rate. At 1.9 times EBITDA, the debt ratio was at the previous year’s level. The interest coverage factor (EBITDA/interest result) improved further in the first three months of 2015 to 8.3 (3M 2014: 7.5). Cash and cash equivalents and unutilised credit facilities offer the Group financial reserves totalling EUR 634.0 million available at short notice (31 December 2014: EUR 682.7 million). This means the Asklepios Group remains in a strong position in terms of both the balance sheet and financing.
The consolidated interim report as of 31 March 2015 will be published in the Investor Relations section of the Asklepios website (www.asklepios.com) during the course of today.
About Asklepios
The Asklepios Kliniken GmbH healthcare group is among the leading private operators of hospitals and healthcare facilities in Germany. The clinic group pursues a responsible, sustainable growth strategy that is geared towards high quality and innovative strength. On this basis, Asklepios has developed dynamically since it was founded 30 years ago. The Group currently has around 150 healthcare facilities nationwide and employs more than 45,000 people. In the last financial year 2014, approximately 2.2 million patients were treated in Asklepios Group facilities.
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Mirjam Constantin
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Rune Hoffmann
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