DGAP-News: Asklepios maintains healthy growth in first half of FY2010. Sharp rise in number of patients, revenues and earnings

Asklepios Kliniken GmbH / Key word(s): Half Year Results

07.09.2010 07:01 
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Hamburg, 7th September 2010. The Asklepios Group reported significant
increases in the number of patients treated (+12.3 percent at over 814,000)
and turnover +7.2 percent at 1,139.3 million Euros (H1/2009: 1,063.2
million Euros) in the first half of FY2010. The hospital group which, with
over 20 percent market share is one of the three largest operators of
private hospitals in Germany, also reported a 22.5 percent jump in earnings
realised through revenue growth and process optimisation.

Stephan Leonhard, Asklepios Group Managing Director and CFO said: 'Our
excellent performance in 2010 follows on the heels of the company's record
results in 2009. The surge in new patients confirms our strategic fit,
focusing clearly on high medical quality and modern processes for treating
in-patients, which were enabled by heavy investment in our hospitals. We
remain optimistic about the remainder of the year and stand by our 2010
targets of ca. 2.3 billion Euros revenues, a 10-percent-plus increase in
the operating result, and a gearing of net debt to EBITDA of less than
2.5x'.

Attractive and high quality medical services were the main drivers of the
Group's entirely organic growth. The positive revenue trend combined with
accompanying efficiency measures and process improvements also led to a
sharp rise in earnings before interest, taxes and depreciation (EBITDA) of
22.5 percent to 106.2 million Euros (H1/2009: 86.7 million Euros).
Furthermore, significant improvements in capital costs and a much stronger
financial result drove a 52 percent increase in consolidated net income of
53.7 million Euros (H1/2009: 35.4 million Euros). The current net profit
margin is 4.7 percent.

Significant portion of net cash flow invested in medical care 

In the first half of 2010 Asklepios generated a net cash flow from
operations of 107.6 million Euros, which was used primarily for investments
and the repayment of financial liabilities. As expected group net debt as
of 30th June 2010 reduced to 518.4 million Euros, of which 283.3 million
Euros was attributable to subordinated capital. Without taking the
subordinated capital in account, net debt declined to 1.1 times the EBITDA
(as of 31st December 2009: 1.4 times).

Asklepios Group thus continues to enjoy a sound financial structure with an
equity ratio of 30.0 percent. When subordinated capital is included, the
ratio rises to 44.5 percent. Cash and cash equivalents and untapped lines
of credit of over 470 million Euros provide the Group with sufficient
financial headroom for growth and investments. www.asklepios.com

Dr. Kai Gregor Klinger
Director - Investor Relations & Corporate Finance 
Asklepios Kliniken GmbH
Tel.: +49 (6174) 90 1192 - Fax: +49 (6174) 90 1110
ir@asklepios.com

Rudi Schmidt
Director Corporate Communications & Marketing
Tel.: +49 (0)40 18 18-82 66 30 - Fax: +49 (0)40 18 18-82 66 39
24-hours-press-office: +49 (0)40 18 18-82 88 88
rudi.schmidt@asklepios.com




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