MEDICLIN AG — Earnings Release 2003

Feb 27, 2004

News Details

Corporate | 27 February 2004 09:22

MediClin AG reports preliminary Group figures for financial year 2003

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– MediClin AG reports preliminary Group figures for financial year 2003 – Sales revenues of Euro 360 million three percent below the previous year – Implemented measures taking effect – Balanced result expected for 2004 Frankfurt, 27 February, 2004 – MediClin AG, one of the large German clinic operators, earned sales revenues including inventory changes of Euro 360.0 million in 2003, a decline of Euro 11.2 million or 3 percent in comparison with the previous year’s figure of Euro 371.2 million. In comparison to 2002, at 75.0 percent (previous year: 79.2 percent), there has been a marked reduction in the Group’s occupancy rate as a result of the economic situation. This affected mostly the post-acute segment due to a stronger dependency on central operating cost carriers. Results of operations improved in the second half of the financial year 2003. This is mainly due to the significant optimisation of cost structures in comparison to the previous year: Despite a decline in sales of more than Euro 11 million and excluding special influences, an operating result slightly under the previous year’s level (previous year: minus Euro 6.3 million), could be achieved. The operating result is adversely affected by not sustainable one-off costs amounting to approximately Euro 3,3 million. The special influences include one-off costs of Euro 1.3 million in the human resources sector and value adjustments resulting from final consolidation. Overall, the operating result saw a Euro 3.3 million decline to minus Euro 9.6 million. The preliminary consolidated loss for the year amounts to Euro 16.8 million (previous year: consolidated net loss of Euro 13.5 million). Earnings per share are minus Euro 0.53 (previous year: minus Euro 0.43). All the measures introduced by MediClin in 2003 will be continued in order to further improve the earnings and cost structure at the clinics; the sales and marketing activities that were increasingly carried out in 2003 will be expanded. As from April 2004, services covering nursing stages one to three and short-term nursing care will be offered at six locations. The MediClin Board presumes that, as early as in 2004, costs will almost be covered in the nursing care sector which will then have a total of 400 beds. The respective locations will see additional positive effects due to improved capacity utilisation. The Board expects slight sales growth for financial year 2004. It is assumed that the Company’s results of operation will improve perceptibly as a consequence of the introduced activities. A balanced result is expected for 2004. The final annual financial statements for 2003 will be published on 30 March, 2004 and the Annual Report will also be available as of that date. About MediClin AG (Ticker: MED; WKN: 659 510) MediClin AG is a nation-wide clinics operator with head office in Frankfurt; central administration of clinics operations and facilities is located in Offenburg. MediClin owns 33 facilities at 29 locations in eleven federal states, and has a total capacity of 7,800 beds. The clinics include acute care hospitals, general hospitals and specialist clinics as well as clinics providing post acute treatment and medical rehabilitation. MediClin has about 6,900 employees. For further Information: MediClin AG MediClin GmbH Investor Relations Public Relations Alexandra Mühr Gabriele Eberle Wilhelm-Leuschner-Straße 9-11 Okenstraße 27 60329 Frankfurt am Main 77652 Offenburg Phone +49 (0) 69 25 60 02-31 Phone +49 (0)7 81 4 88-1 80 Fax +49 () 69 25 60 02-69 Fax +49 (0)7 81 4 88-1 84 E-Mail: alexandra.muehr@mediclin.de E-Mail: gabriele.eberle@mediclin.de end of message, (c)DGAP 27.02.2004 ——————————————————————————– WKN: 659510; ISIN: DE0006595101; Index: Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg und Stuttgart 270922 Feb 04