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Earnings Release • Sep 30, 2009

News Details

Ad-hoc | 30 September 2009 17:37

Genolier Swiss Medical Network (GSMN): First-half results: increase in revenues and EBITDA

Genolier Swiss Medical Network (GSMN) / Half Year Results/Half Year Results

30.09.2009

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Genolier Swiss Medical Network, (SIX: GSMN), the leading private hospital
network in French-speaking Switzerland, presented its half-yearly report
today. Revenues (CHF 71.3 million, +11.2%) and EBITDA (CHF 6.02 million
+67.1%) are both up on 2008. Operating profit totalled CHF 2.06 million
(previous year: CHF 0.34 million), while net income after tax came to CHF
4.7 million, after factoring in the sale of a majority stake in Agefi.
Although GSMN has been relatively unscathed by the current difficult
economic situation, the Group is not issuing a forecast for 2009 and 2010.

The results as at 30 June 2009 show a sharp rise over the same period last
year and reflect the progress made in the gradual process of restructuring
the GSMN clinics. Revenues in the first half of 2009 totalled CHF 71.3
million, an increase of 11.2% on the same period in 2008 (CHF 63.4
million). EBITDA reached CHF 6.02 million (CHF 3.6 million, +67.1%). GSMN's
operating profit rose strongly to CHF 2.06 million (CHF 0.34 million as at
30 June 2008), while cash flow came to CHF 6.06 million (CHF 4.9 million).
Net income after tax for the period came to CHF 4.7 million (CHF -0.78
million) by virtue of the sale of a majority stake in Agefi.

GSMN's five facilities are cash flow generators. The optimisation plan for
the network's umbrella structures, which was instituted after completion of
the restructuring of the various units, enabled GSMN to reduce overhead
costs by more than CHF 1 million in the first half of 2009, despite the
costs incurred by the process of acquiring Bethanien private clinic in
Zurich. This strategic acquisition should be finalised in the near future
and will mark a step forward in the realisation of GSMN's ambition to
become a national player. Centre medico-chirurgical des Eaux-Vives (CMEV),
which has been fully integrated since 1 March, contributed CHF 2.9 million
to total Group revenues and CHF 0.6 million to EBITDA.

In connection with the 2012 revision of the Swiss Health Insurance Law,
GSMN is opting for agreed establishment status (exclusion from Cantonal
hospital lists) for Clinique de Genolier, Montchoisi and Valmont. However,
GSMN intends to remain a healthcare provision partner to the Cantons by
negotiating specific service agreements with the health authorities.
Fribourg's Clinique Générale is already on the Canton's hospital list, and
a definitive decision on the subject will be taken in 2010 after
discussions with the cantonal authorities. GSMN believes that healthy
competition between the public and private sectors will reduce costs and
guarantee service quality.

The half-yearly report will be available at www.gsmn.ch after the close of
stock exchange trading.

Genolier Swiss Medical Network AG (GSMN) is the leading private hospital
network in French-speaking Switzerland. Its growth strategy is focused on
building a national network by acquiring clinics and integrating their
operations. GSMN's main goal is to provide premium hospital care to Swiss
and foreign patients. GSMN stands out from other healthcare providers
through its high-quality services, brand value, congenial working
environment and an experienced and entrepreneurial management team. GSMN
has 5 fully owned private facilities in its portfolio (Clinique de
Genolier, Clinique de Montchoisi, Clinique Valmont-Genolier, Clinique
Générale, Centre medico-chirurgical des Eaux-Vives), with nearly 400
admitting physicians and 600 employees. The Group is listed on the Main
Segment of the SIX Swiss Exchange (GSMN.SW).

Séverine Van der Schueren
General Secretary GSMN
Tel. 022 366 99 87
svanderschueren@gsmn.ch

30.09.2009 Financial News transmitted by DGAP

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