MEDICLIN AG — Earnings Release 2003

Nov 28, 2003

News Details

Corporate | 28 November 2003 09:38

MediClin AG: Compact04 causes continuous income improvement

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– – Third quarter operating result and consolidated result positive – MediClin plans a further segment the setting up of a nursing care unit Frankfurt am Main, 28 November 2003 The Board of MediClin AG, one of the largest clinic operators in Germany, will suggest a new concept to the Supervisory Board at its next meeting in mid-December: The setting up of a nursing care unit as a supplement to the existing acute and post-acute segments. Due to their spatial structures and logistic possibilities, some of our clinics are ideally suited to implement nursing care facilities said Rainer J Räsch, Chairman of the Board of MediClin AG. We are convinced Räsch continued, that nursing care is a growth market; we would derive dual benefit from optimising the use of our locations. On the one hand, we would improve individual cost structures, and on the other, we would expand our local services within the sense of comprehensive medical care. MediClins internal rules of procedere includes the offer of nursing care services. After retrograde development at the beginning of the year, sales revenues are 2.8 percent down on the last years level In the first nine months of financial year 2003, MediClin achieved consolidated sales including inventory changes, of Euro 273 million (p.y.: Euro 280.8 m.). Group occupancy was 76.7 % (p.y.: 80.4 %). After nine months, the operating result amounted to minus Euro 5 million (p.y.: Euro 1.9 m.). Sales revenues in the acute segment were Euro 109.2 million (p.y.: Euro 111.4 m.) and the segment result was Euro 4.2 million (p.y.: Euro 4.4.m.). In the post-acute care segment, the group achieved sales revenues of Euro 163.8 million (p.y.: Euro 169.4 m.) and a result of minus Euro 9.2 million (p.y.: minus Euro 2.5 m.). The consolidated net loss after nine months was minus Euro 10.3 million (p.y.: minus Euro 2.3 m.). Third quarter operating result and consolidated sales both positive Results in the third quarter of 2003 were satisfactory. Against the background of an only slight sales increase of about Euro 1 million in comparison to the previous quarter, group productivity increased perceptibly and the operating result improved by Euro 5.6 million, from minus Euro 3.3 million to Euro 2.3 million in comparison with the previous quarter. The consolidated result in the third quarter rose in comparison to the previous quarter by Euro 5.2 million to Euro 0.3 million. Revenues generated in the post-acute segment amounted to Euro 55.9 million and a result of minus Euro 0.6 million was achieved in the third quarter which is an improvement in comparison to the previous quarters. Sales were down by Euro 0.2 million compared to the second quarter, the segment result rose by Euro 2.6 million. In the acute segment sales saw a Euro 37.1 million increase (previous quarter: Euro 36 m.). In a quarterly comparison, the segment result improved by Euro 3 million to Euro 2.9 million. Here, too, the measures implemented have caused a noticeable productivity increase. Weak fourth quarter expected Compact04 proceeds according to plan The Compact04 program includes measures aimed at better adapting MediClin to market changes through flexibilisation and cost management. Among these measures are structural changes on the revenue and cost side that already took effect in the 2003 third quarter results. Moreover, developments concerning the introduction of new services are at an advanced stage. Traditionally, sales and results are weaker in the fourth quarter than in the third quarter. The Board therefore assumes that no distinct changes in results will be achieved in 2003 in comparison to last year. As expected, measures implemented within the scope of Compact04 have shown first effects; they will only take full effect in financial year 2004. About MediClin AG (Ticker: MED; WKN: 659 510) MediClin AG is a nation-wide clinic operator with head office in Frankfurt .The administrative headquarters of the clinics and facilities is in Offenburg. The 33 MediClin owned facilities are distributed over 28 locations in 11 federal states and have a total capacity of over 7,800 beds. They include acute clinics, i.e. general hospitals, special treatment facilities, specialised hospitals, and post acute clinics for post acute treatment and medical rehabilitation. MediClin has more than 6,900 employees. For more information: MediClin AG Investor Relations Alexandra Mühr Wilhelm-Leuschner-Straße 9-11 60329 Frankfurt am Main Phone +49 (0)69 25 60 02-31 Fax +49 (0)69 25 60 02-69 E-Mail: alexandra.muehr@mediclin.de MediClin GmbH Public Relations Gabriele Eberle Okenstraße 27 77652 Offenburg Phone +49 (0)781 488-180 Fax +49 (0)781 488-184 E-Mail: gabriele.eberle@mediclin.de end of message, (c)DGAP 28.11.2003 ——————————————————————————– WKN: 659510; ISIN: DE0006595101; Index: SDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover und Stuttgart 280938 Nov 03