Asklepios posts solid growth in first quarter of 2018

Asklepios is matching the positive development achieved in the 2017 financial year. Its hospitals and medical facilities treated more patients than in the same period of the previous year. At the same time, consolidated revenue rose as a result of organic growth, while EBITDA and consolidated net income for the period also increased. On this basis, Asklepios sees good conditions for sustainable growth over the remainder of the financial year and is confirming its forecast for 2018 as a whole.

Revenue totalled EUR 847.4 million in the first quarter of 2018, up EUR 34.9 million or 4.3% year-on-year (3M 2017: EUR 812.5 million).

In the period from January to March 2018, the healthcare facilities of the Asklepios Group cared for a total of 582,186 patients, 1.0% more than in the same period of the previous year (3M 2017: 576,375). However, the number of cost weights decreased by 1.0% to 152,503 (3M 2017: 154,065).

EBITDA amounted to EUR 79.4 million in the first three months of 2018, up 1.6% on the same period of the previous year (3M 2017: EUR 78.2 million). The operating EBITDA margin was 9.4% (3M 2017: 9.6%). In the first quarter of 2018, the cost of materials ratio came to 21.5% (3M 2017: 21.3%). The staff costs ratio increased to 66.5% (3M 2017: 66.1%). The other expenses ratio (not including rental expenditure) was up year-on-year at 8.1% (3M 2017: 7.9%).

Consolidated net income for the period from January to March 2018 amounted to EUR 28.9 million in total (3M 2017: EUR 28.3 million), corresponding to a return on sales of 3.4% (3M 2017: 3.5%).

In the first quarter of 2018, net cash flow from operating activities increased by EUR 2.6 million to EUR 53.2 million (3M 2017: EUR 50.6 million) and was thus up 5.1% year-on-year. Capital expenditure including subsidies amounted to EUR 50.7 million in the reporting period (3M 2017: EUR 60.6 million), with a share of own funds of 68.5% (3M 2017: 79.3%).

The Asklepios Group’s financial position is stable. As at 31 March 2018, the Group’s net debt amounted to EUR 878.9 million (31 December 2017: EUR 874.6 million). The debt ratio came to 2.2 times the EBITDA of the past 12 months (31 December 2017: 2.2 times). The equity ratio of 35.6% was higher than at the end of 2017 (31 December 2017: 34.4%). Cash and cash equivalents amounted to EUR 496.8 million (31 December 2017: EUR 612.3 million) and unused credit facilities totalled EUR 461.6 million as at 31 March 2018. The Group thus has sufficient financial resources to fund further corporate growth.