MEDICLIN AG — Earnings Release 2002

Apr 17, 2003

News Details

Corporate | 17 April 2003 10:52

MediClin AG english

MediClin AG uses 2002 for consolidation Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– -Sales revenue increased by 19.4 per cent to 371.2 million Euro in comparison with the previous year -Lower utilisation and special influences lead to a negative result -Measures for income improvement initiated -Proposed divided of 0.10 Euro -Outlook: positive operating result, moderate sales growth Frankfurt, 17 April 2003 On todays press conference, the MediClin AG Board of Management expressed dissatisfaction with the economic result achieved in financial year 2002. The Board of Management stressed, however, that measures had already been taken in 2002 to increase the groups profitability and, in particular, the profitability of clinics showing a weak performance. The income situation in financial year 2002 does in no way reflect the actual earnings power of our group. The weak occupancy rates at some clinics at year end, the reorganization of clinics and also market influences conceal the economic potential existing in our facilities said Rainer J. Räsch, Chairman of the MediClin AG Board of Management. Increase in sales revenues including inventories changes by 19.4 per cent Consolidated sales including changes in inventories amounted to 371.2 million Euro (previous year: 311 million Euro). Adjusted for the companies consolidated in 2002 for the first time, sales were approximately 14 million Euro down on the previous years value. The main reasons for this development were the continued weak economy and the tense job market situation which lead to a reluctance to make use of medical services and thus to a decline in occupancy. Utilization fell by 1.9 percentage points to 79.2 per cent in comparison with the previous year. This had a corresponding adverse effect on the operative result which is minus 6.3 million Euro (previous year: 15.6 million Euro). In addition, one-off expenses and special influences associated with the reorientation and restructuring of clinics had a negative influence on the operating result. At year end, the group disclosed a net loss for the year of 13.5 million Euro (previous year: net profit 8.8 million Euro). Economic situation impacted on the acute and post-acute segments The market segments serviced by MediClin are internally subdivided into an acute and a post-acute segment: acute medical services are covered by hospitals and post-acute services relate to medical rehabilitation in the form of subsequent nursing treatment and curative methods. The post-acute segment generated sales revenues including changes in inventories of 224.5 million Euro (previous year: 208.2 million Euro), and the amount of 146.7 million Euro (previous year: 102 million Euro) was generated by the acute- care segment. The acute segments share in total sales thus increased by 39.5 per cent (previous year; 33.1 per cent). The consolidated operating result before interest and taxes was minus 8.5 million Euro for the post-acute segment and plus 2.2 million Euro (previous year: 7.9 million Euro) in the acute segment. The occupany rate of rehabilitation facilities was 79.3 per cent (previous year: 83.9 per cent); the occupancy rate of hospitals came to 78.7 per cent (previous year: 77.8 per cent). Supervisory Board approves the Board of Managements Dividend Proposal At the Supervisory Board meeting held yesterday, the Supervisory Board approved the Board of Managements proposal that a dividend of 0.10 Euro per share be paid. Also, together with the Board of Management, the Supervisory Board decided on further organizational and structural measures aimed at improving the groups earnings position. Outlook takes into account low economic growth in Germany Since business activities and the economic situation as a whole will not undergo any substantial changes in Germany in 2003, the MediClin Board of Management expects moderate sales growth with, however, a perceptible improvement in the earnings structure. One acquisition preferable in the acute area is planed for this year. The annual financial statements for the year 2002 and the Annual Report 2002 are published on the Internet pages of the company. 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 44 clinics and facilities is in Offenburg. The MediClin facilities are distributed over 36 locations in 11 federal states and have a total capacity of over 9,500 beds. They include general hospitals, special treatment facilities, specialised hospitals, clinics for medical rehabilitation/subsequent nursing treatment and nursing facilities. Two facilities are run in the form of management agreements; more than 10,000 employees are working for MediClin. Alexandra Mühr Gabriele Eberle Investor Relations Public Relations 60329 Frankfurt am Main 77652 Offenburg Tel. (0 69) 25 60 02-31 Tel. (07 81) 4 88-1 80 Fax (0 69) 25 60 02-69 Fax (07 81) 4 88-1 84 E-Mail: alexandra.muehr@mediclin.deE-Mail: gabriele.eberle@mediclin.de http://www.mediclin.de end of message, (c)DGAP 17.04.2003 ——————————————————————————– WKN: 659510; ISIN: DE0006595101; Index: SDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover und Stuttgart 171052 Apr 03