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MEDICLIN AG — Interim / Quarterly Report 2015
May 8, 2015
280_10-q_2015-05-08_6a755dfc-b0a6-43a4-9d99-02dc36e2c271.pdf
Interim / Quarterly Report
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MediClin integrates.
| INTERIM REPORT Q1 MEDICLIN Aktiengesellschaft from 1 January 2015 to 31 March 2015
MediClin – A company of the Asklepios Group
Key data of the quarterly business development in the Group
| In millions of € | Q1 2015 | Q1 2014 |
|---|---|---|
| Sales | 136.6 | 132.4 |
| EBITDAR | 17.5 | 14.7 |
| EBITDAR margin in % | 12.8 | 11.1 |
| EBITDA | 6.0 | 3.3 |
| EBITDA margin in % | 4.4 | 2.5 |
| EBIT (operating result) | 1.6 | –1.0 |
| EBIT margin in % | 1.2 | –0.8 |
| Financial result | –0.8 | –1.0 |
| Result after tax attributable to shareholders of MediClin AG | 0.8 | –1.7 |
| Earnings per share in € | 0.02 | –0.04 |
| Balance sheet total | 327.5 | 315.2 |
| Equity | 146.6 | 149.1 |
| Equity ratio in % | 44.8 | 47.3 |
| Financial liabilities (to banks) | 49.9 | 56.1 |
| Cash and cash equivalents | 22.2 | 11.1 |
| Net debt | 27.7 | 45.0 |
| Cash flow from operating activities | 3.4 | 4.1 |
| Cash flow from operating activities per share in € | 0.07 | 0.09 |
| Gross capital expenditure | 6.8 | 5.0 |
| Thereof subsidies | 0.4 | 0.7 |
| Number of shares in millions | 47.50 | 47.50 |
| Number of cases (inpatient) | 29,509 | 29,590 |
| Number of beds (end of quarter) | 8,005 | 7,975 |
| Number of full-time employees (quarterly average) | 6,463 | 6,364 |
| Occupancy rates in % | 86.6 | 86.1 |
Due to arithmetical reasons, calculation differences of + / – one unit (€,%, etc.) may occur. Percentage rates have been determined on the basis of € values.
Interim Group management report of MEDICLIN Aktiengesellschaft
for the period from 1 January 2015 to 31 March 2015
Report on the economic position for the first quarter of 2015
General statement on results of operations, financial position and net assets
Group sales of EUR 136.6 mill. were 3.1% higher in the first quarter of 2015 than in the comparable prior-year quarter. Sales in the post-acute segment were significantly up on sales in the first quarter of 2014, nearly reaching the high levels of the third and fourth quarters of 2014. In the acute segment, sales decreased compared to the previous year's first quarter.
The Group EBIT amounts to EUR 1.6 mill., thus increasing by EUR 2.6 mill. on the previous year's comparable quarter. The post-acute segment made the largest contribution to the earnings improvement.
Cash and cash equivalents amounted to EUR 22.2 mill. (Q1 2014: EUR 11.1 mill.). In the first quarter of 2015, (gross) capital expenditure was EUR 6.8 mill. (Q1 2014: EUR 5.0 mill.); capital expenditure was thus up EUR 1.8 mill. on the previous year, but still within the frame of the annual planning.
The good start into the 2015 financial year indicates that the sales and earnings targets for the Group and the segments can be reached.
The macroeconomic and sector-specific environment
There were no changes worth mentioning in the first quarter of 2015 to the macroeconomic and sector-specific environment as described in the 2014 Annual Report.
Results of operation, financial position and net assets
Results of operation
Sales development and performance of the Group operating result
In the first quarter of 2015, MediClin generated Group sales of EUR 136.6 mill. (Q1 2014: EUR 132.4 mill.), up EUR 4.2 mill. or 3.1% on the previous year's value. The sales growth was mainly supported by the post-acute segment (EUR +5.2 mill.). The occupancy rate in the Group improved on the previous year to 86.6% (Q1 2014: 86.1%).
Expense items
| Q1 2015 | Q1 2014 | |
|---|---|---|
| Raw materials and consumables used in millions of € | 25.9 | 28.2 |
| Cost of materials ratio in % | 19.0 | 21.3 |
| Staff costs in millions of € | 82.3 | 79.1 |
| Staff costs ratio in % | 60.2 | 59.8 |
| Depreciation and amortisation in millions of € | 4.5 | 4.3 |
| Other operating expenses in millions of € | 24.2 | 23.6 |
Raw materials and consumables used dropped by EUR 2.3 mill. despite the increase in sales; this is due to both strict cost control within the Group and the sales decline in the acute segment.
Staff costs increased by EUR 3.2 mill. or 4.0%, particularly as a result of the considerable increase in the head count compared to the previous year (+99 full-time employees). Staff costs further include a EUR 0.3 mill. increase in expenses for vacations and flexitime.
Other operating expenses were EUR 0.6 mill. higher than the previous year's value, mainly because of higher legal and consultancy costs, a rise in IT and organisational expenses and write-downs on receivables.
The Group operating result (Group EBIT) improved by EUR 2.6 mill. compared to the previous year, up from EUR –1.0 mill. to EUR 1.6 mill. The financial result amounted to EUR –0.8 mill. (Q1 2014: EUR –1.0 mill.). The result after tax attributable to shareholders of MediClin AG in the first quarter of 2015 improved by EUR 2.5 mill. over the previous year's quarter from EUR –1.7 mill. to EUR 0.8 mill.
The result after tax attributable to shareholders of MediClin AG per share came out to EUR 0.02 (Q1 2014: EUR –0.04).
The sales and earnings performance at segment level is illustrated in more detail in the segment reporting section.
Statistical performance data
Post-acute segment
| Q1 2015 | Q1 2014 | Change in % | |
|---|---|---|---|
| Number of cases (inpatient) | 18,609 | 18,334 | +1.5 |
| Length of stay in days | 25.3 | 25.5 | –0.8 |
| Occupancy rate in % | 86.5 | 86.4 | +0.1 |
| Beds on reporting date | 6,033 | 6,018 | +0.2 |
Acute segment
| Q1 2015 | Q1 2014 | Change in % | |
|---|---|---|---|
| Number of cases (inpatient) | 10,900 | 11,256 | –3.2 |
| Case mix points | 12,753 | 13,468 | –5.3 |
| Length of stay in days | 10.5 | 9.9 | + 6.1 |
| Length of stay in days without psychiatry/psy chosomatics |
7.7 | 7.5 | +2.7 |
| Beds on reporting date | 1,542 | 1,517 | +1.6 |
Nursing care business area
| Q1 2015 | Q1 2014 | Change in % | |
|---|---|---|---|
| Occupancy rate in % | 94.8 | 91.7 | +3.4 |
| Nursing care places on reporting date | 430 | 440 | –2.3 |
Group
| Q1 2015 | Q1 2014 | Change in % | |
|---|---|---|---|
| Number of cases (inpatient) | 29,509 | 29,590 | –0.3 |
| Occupancy rate in % | 86.6 | 86.1 | +0.6 |
| Beds/nursing care places on reporting date |
8,005 | 7,975 | +0.4 |
Segment reporting
Sales
| In millions of € | Q1 2015 | Q1 2014 | Change in % |
|---|---|---|---|
| Post-acute | 79.2 | 74.0 | +6.9 |
| Acute | 53.1 | 54.4 | –2.4 |
| Other activities and reconciliation | 4.3 | 4.0 | +8.1 |
| Thereof nursing care business area | 3.4 | 3.3 | +6.0 |
| Group | 136.6 | 132.4 | + 3.1 |
Sales in the post-acute segment were EUR 5.2 mill. higher than in the same period of the previous year. As in the second half of the 2014 financial year, the sales increase was supported by newly created capacities in psychosomatics, neurology and – in the meantime – also geriatrics. In the acute segment, sales decreased by EUR 1.3 mill. In the nursing care business area, sales improved by EUR 0.1 mill. despite a lower number of places.
Raw materials and consumables used
| Q1 2015 | Q1 2014 | Change in % | |
|---|---|---|---|
| Post-acute | |||
| Raw materials and consumables used in millions of € |
17.5 | 17.5 | +0.3 |
| Cost of materials ratio in % | 22.1 | 23.6 | – |
| Acute | |||
| Raw materials and consumables used in millions of € |
13.5 | 15.1 | –10.8 |
| Cost of materials ratio in % | 25.4 | 27.8 | – |
The post-acute segment managed to keep the cost of raw materials and consumables used stable despite the sales increase by applying strict cost management. In addition to strict control of the expenses, the sales decline also cut raw materials and consumables used in the acute segment.
Staff costs
| Q1 2015 | Q1 2014 | Change in % | |
|---|---|---|---|
| Post-acute | |||
| Staff costs in millions of € | 42.0 | 39.1 | +7.2 |
| Staff costs ratio in % | 53.0 | 52.9 | – |
| Acute | |||
| Staff costs in millions of € | 28.4 | 28.6 | –0.6 |
| Staff costs ratio in % | 53.4 | 52.5 | – |
The higher staff costs in the post-acute segment are attributable to the considerable increase in employees (+109 full-time employees). In the acute segment, in turn, the number of employees decreased (–36 full-time employees), leading to a moderate decline in staff costs.
Segment results
| In millions of € | Q1 2015 | Q1 2014 |
|---|---|---|
| Post-acute | 0.7 | –1.8 |
| Acute | 3.2 | 3.1 |
| Other activities and reconciliation | –2.3 | –2.3 |
| Group | 1.6 | –1.0 |
Higher sales in the post-acute segment and lower expenses in the acute segment lead to earnings improvements in both segments.
Development of the coverage provider structure
Pursuant to IFRSs (IFRS 8.34 "Information about Transactions with Major Customers"), an entity is required to disclose information on the degree of dependency on major customers. The statutory social security pension funds and the public health insurance funds are the two largest funding agencies for medical rehabilitation. In the acute sector, the public health insurance funds are the main funding agencies.
Supervision and control of sales generated with coverage providers is carried out with the help of monthly statistics on the coverage providers. These statistics document the services invoiced to the individual coverage providers on the basis of accomplished nursing days. According to these statistics, the social security pension funds accounted for 49.0% (Q1 2014: 48.7%) of services in the post-acute segment in the first quarter of 2015, while the public health insurance funds accounted for 42.6% (Q1 2014: 42.7%). In the acute segment, 93.0% of services (Q1 2014: 92.1%) were attributable to the public health insurance funds.
Segment results and net assets
| In millions of € | January –March 2015 | |||||
|---|---|---|---|---|---|---|
| Post-acute | Acute | Other activities |
Subtotal | Reconcili ation |
Total | |
| Sales | 79.2 | 53.1 | 17.2 | 149.5 | –12.9 | 136.6 |
| Thereof total sales | 80.2 | 53.9 | 18.3 | 152.4 | 0.0 | 152.4 |
| Thereof internal sales | 1.0 | 0.8 | 1.1 | 2.9 | 12.9 | 15.8 |
| Raw materials and consumables used Staff costs |
–17.5 –42.0 |
–13.5 –28.4 |
–7.2 –11.5 |
– 38.2 – 81.9 |
12.3 –0.4 |
– 25.9 – 82.3 |
| Other operating expenses | –18.0 | –6.5 | –2.9 | – 27.4 | 3.2 | – 24.2 |
| Segment result | 0.7 | 3.2 | –1.4 | 2.5 | – 0.9 | 1.6 |
| Thereof non-cash items: | ||||||
| Scheduled depreciations/ | ||||||
| write-ups | –2.4 | –3.7 | –0.3 | – 6.4 | 0.0 | – 6.4 |
| Release of special item | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Allowances | 0.2 | 1.8 | 0.0 | 2.0 | 0.0 | 2.0 |
| Allocation of provisions/ liabilities |
0.0 | –0.1 | 0.0 | – 0.1 | 0.0 | – 0.1 |
| Release of provisions/liabilities | –8.9 | –6.1 | –12.8 | – 27.8 | –0.4 | – 28.2 |
| Financial revenues | 0.1 | 0.0 | 0.1 | 0.2 | –0.2 | 0.0 |
| Financial costs | –0.3 | –0.3 | –0.3 | – 0.9 | 0.1 | – 0.8 |
| Financial result | – 0.2 | – 0.3 | – 0.2 | – 0.7 | – 0.1 | – 0.8 |
| Taxes on income | 0.1 | 0.0 | – 0.2 | – 0.1 | 0.1 | 0.0 |
| Assets | 127.8 | 160.9 | 7.7 | 296.4 | 31.1 | 327.5 |
| Liabilities | 24.3 | 23.7 | 78.5 | 126.5 | 54.4 | 180.9 |
| Gross capital expenditure | 4.5 | 1.7 | 0.6 | 6.8 | 0.0 | 6.8 |
| In millions of € January – March 2014 |
||||||
|---|---|---|---|---|---|---|
| Post-acute | Acute | Other activities |
Subtotal | Reconcili ation |
Total | |
| Sales | 74.0 | 54.4 | 16.6 | 145.0 | –12.6 | 132.4 |
| Thereof total sales | 75.0 | 55.6 | 17.9 | 148.5 | 0.0 | 148.5 |
| Thereof internal sales | 1.0 | 1.2 | 1.3 | 3.5 | 12.6 | 16.1 |
| Raw materials and consumables used |
–17.5 | –15.1 | –7.8 | – 40.4 | 12.2 | – 28.2 |
| Staff costs | –39.1 | –28.6 | –10.8 | – 78.5 | –0.6 | – 79.1 |
| Other operating expenses | –18.4 | –6.3 | –2.4 | – 27.1 | 3.5 | – 23.6 |
| Segment result | –1.8 | 3.1 | –1.7 | – 0.4 | – 0.6 | –1.0 |
| Thereof non-cash items: | ||||||
| Scheduled depreciations/ write-ups |
–2.2 | –3.9 | –0.3 | – 6.4 | 0.0 | – 6.4 |
| Release of special item | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Allowances | 0.1 | 2.0 | 0.0 | 2.1 | 0.0 | 2.1 |
| Allocation of provisions/ liabilities |
0.0 | 0.2 | 0.0 | 0.2 | 0.0 | 0.2 |
| Release of provisions/liabilities | –7.8 | –5.5 | –4.1 | –17.4 | –0.2 | –17.6 |
| Financial revenues | 0.0 | 0.0 | 0.2 | 0.2 | –0.2 | 0.0 |
| Financial costs | –0.2 | –0.3 | –0.5 | –1.0 | 0.0 | –1.0 |
| Financial result | – 0.2 | – 0.3 | – 0.3 | – 0.8 | – 0.2 | –1.0 |
| Taxes on income | 0.1 | 0.0 | 0.2 | 0.3 | 0.0 | 0.3 |
| Assets | 125.3 | 163.8 | 7.2 | 296.3 | 18.9 | 315.2 |
| Liabilities | 23.5 | 21.2 | 61.2 | 105.9 | 60.2 | 166.1 |
| Gross capital expenditure | 2.8 | 1.9 | 0.3 | 5.0 | 0.0 | 5.0 |
Capital expenditure
Gross additions to non-current assets
| In thousands of € | Q1 2015 | Q1 2014 |
|---|---|---|
| Licences, concessions | 411 | 262 |
| Goodwill | 0 | 69 |
| Land, buildings | 349 | 5 |
| Technical equipment, EDP | 83 | 83 |
| Operating and office equipment | 3,183 | 2,545 |
| Payments on account and assets under construction | 2,757 | 2,028 |
| Total | 6,783 | 4,992 |
In the first quarter of 2015, capital expenditure was up EUR 1.8 mill. on the first quarter of 2014. A large amount of this capital expenditure was used in the first quarter of 2015 to reconstruct and expand the neurology department at MediClin Klinik am Brunnenberg, Bad Elster, and to expand the acute neurology department at MediClin Hedon Klinik, Lingen.
Liquidity
The cash and cash equivalents trend is shown in the following table:
| In millions of € | Q1 2015 | Q1 2014 |
|---|---|---|
| Cash flow from operating activities | 3.4 | 4.1 |
| Thereof total consolidated result | 0.8 | –1.8 |
| Cash flow from investing activities | –4.4 | –3.0 |
| Cash flow from financing activities | –3.1 | –3.2 |
| Cash flow for the period | –4.1 | –2.1 |
| Cash and cash equivalents at the beginning of the period | 26.3 | 13.2 |
| Cash and cash equivalents at the end of the period | 22.2 | 11.1 |
The cash flow for the period results primarily from changes in the cash flow from investing activities, which amounted to EUR – 4.4 mill. (Q1 2014: EUR –3.0 mill.). EUR 5.0 mill. thereof was invested in property, plant and equipment (Q1 2014: EUR 3.2 mill.), while payments received from investment subsidies amounted to EUR 1.0 mill. (Q1 2014: EUR 0.2 mill.).
Net assets
Balance sheet structure
| In millions of € | 31.03.2015 | In % of balance sheet total |
31.12.2014 | In % of balance sheet total |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | 220.5 | 67.3 | 216.8 | 67.8 |
| Current assets | 107.0 | 32.7 | 102.8 | 32.2 |
| 327.5 | 100.0 | 319.6 | 100.0 | |
| Equity and liabilities | ||||
| Equity | 146.6 | 44.8 | 153.9 | 48.2 |
| Non-current liabilities | 119.3 | 36.4 | 112.3 | 35.1 |
| Current liabilities | 61.6 | 18.8 | 53.4 | 16.7 |
| 327.5 | 100.0 | 319.6 | 100.0 |
The balance sheet total has increased by EUR 7.9 mill. since 31 December 2014. Noncurrent assets increased by EUR 3.7 mill. with property, plant and equipment and deferred tax assets each rising by EUR 1.8 mill. Current assets rose by EUR 4.2 mill. Mainly due to invoicing reasons, trade receivables were up EUR 5.4 mill. and other current assets were up EUR 3.0 mill. on the figures as of the balance sheet date 31 December 2014. Other current assets include EUR 4.8 mill. in receivables pursuant to the hospital financing law, compared to EUR 3.3 mill. as of 31 December 2014.
On the liabilities side, equity decreased by EUR 7.3 mill., mainly as a result of changes in the revenue reserve. The revenue reserve includes the actuarial losses/gains shown in other comprehensive income from calculating the pension provisions in accordance with IAS 19. The rate for discounting pension obligations was reduced from 2.5% (31.12.2014) to 1.5 % in the first quarter of 2015. This increased pension obligations as shown in noncurrent liabilities by EUR 9.7 mill. At the same time, non-current liabilities to banks dropped by EUR 2.8 mill. The increase in current liabilities is mainly due to higher obligations from staff costs on the reporting date (vacations, flexitime, bonus payments) as well as liabilities pursuant to hospital financing law with a simultaneous decline in trade payables.
Employees
A comparison of the first quarters reveals that the number of employees, calculated in full-time employees, increased particularly strongly in the post-acute segment, which is due to the larger range of services on offer. The Group employed an average of 245 trainees in the first quarter of 2015 (Q1 2014: 210 trainees).
Average of number of employees in the Group and in the segments
| Shown in full-time employees | Q1 2015 | Q1 2014 | Change |
|---|---|---|---|
| Post-acute | 3,350 | 3,241 | +109 |
| Acute | 1,967 | 2,003 | –36 |
| Other activities | 1,146 | 1,120 | +26 |
| Thereof nursing care business area | 179 | 176 | +3 |
| Thereof service business area (including administration) |
967 | 944 | +23 |
| Group | 6,463 | 6,364 | + 99 |
Key data per full-time employee in the Group
| In € | Q1 2015 | Q1 2014 |
|---|---|---|
| Sales per full-time employee | 21,130 | 20,804 |
| Staff costs per full-time employee | 12,731 | 12,431 |
Compared with the previous year's quarter, sales per full-time employee rose by 1.6%, while staff costs increased by 2.4%.
Report concerning related parties
Business relations to related parties were the same in the first quarter of 2015 as those to the parties and companies listed in the 2014 Annual Report. Business relations to related parties are handled at normal market conditions and amount to the following:
| In millions of € | Q1 2015 | Q1 2014 |
|---|---|---|
| Income | ||
| Revenues from post-acute, acute and nursing care services | 0.4 | 0.4 |
| Real estate management income | 0.1 | 0.1 |
| Pension payments of MAUK1 | 0.2 | 0.2 |
| Expenses | ||
| Leasing expenses2 | 11.0 | 11.0 |
| Real estate management costs | 0.2 | 0.2 |
| Insurance premiums | 0.4 | 0.6 |
| Service contracts | 1.7 | 1.4 |
| Remuneration for key management personnel | 0.5 | 0.5 |
| Payments to MAUK1 | 0.2 | 0.0 |
| In millions of € | 31.03.2015 | 31.12.2014 |
| Receivables | ||
| Repayment claims from preliminary financing of clinic expansion | ||
| and building measures | 0.1 | 0.1 |
| Receivables from post-acute, acute and nursing care services | 0.1 | 0.1 |
| Liabilities | ||
| Service contracts | 0.1 | 0.6 |
| Provision for insurance benefits | 0.2 | 0.1 |
| Provisions for remuneration for key management personnel | 0.9 | 0.8 |
1 Mitarbeiterunterstützungskasse der vereinigten Klinikbetriebe (MAUK)
2 Leasing expenses include EUR 10.8 mill. (Q1 2014: EUR 10.8 mill.) in rental payments to the OIK-Immobilienfonds; for more details, see the following explanatory notes on the OIK-Immobilienfonds
OIK-Immobilienfonds
In the 2014 financial year the Management Board of MediClin was presented a legal opinion that had been commissioned by a shareholder and illustrated that shareholder's legal view. The paper states that the rents paid by the Company to the OIK-Fonds for the clinics that were pooled in the real estate fund between 1999 and 2002 and rented back are considered too high. Furthermore, the legal opinion points out that claims might arise and illustrates the special situation in that the shareholders of the fund simultaneously are or were direct or indirect shareholders of MediClin AG (including, among others, ERGO Versicherungsgruppe AG (ERGO) and, unti 2011, Provinzial Rheinland Lebensversicherung AG (Provinzial).
Since the Management Board is responsible for ensuring that the Company conducts its business in compliance with the laws, it is obliged to investigate the suspicions that were expressed in the opinion commissioned by one of its shareholders and to examine any potential legal consequences resulting therefrom.
The analysis of the appropriateness of rents commissioned by MediClin is still pending. The findings regarding the appropriateness of the rents do not yet allow for a final assessment of the compliance of those rents with standard market rates now and in the past. These circumstances have no effects on the balance sheet.
Subsequent events
Since the interim reporting date, there have been no occurrences of particular significance that would have to be reported here.
Forecast, risk and opportunity report
As of today there have been no major changes to the information published in the Forecast Report section of the 2014 Annual Report that could have a material impact on MediClin's future business development.
No new noteworthy risks or opportunities have arisen during the first quarter of the 2015 financial year, and there were no changes in the risk and opportunity management; hence we refer to the information provided in the 2014 Annual Report.
MEDICLIN Aktiengesellschaft
Offenburg, 30 April 2015
The Management Board
Forward-looking statements
This report contains forward-looking statements that are based on management's current expectations. Words such as "anticipate", "assume","believe","estimate","intend","can/could","plan","project","should" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that are based on the current assumptions and forecasts of MediClin AG management. Should any of these risks and uncertainties materialise, or if the assumptions underlying any of the forward-looking statements prove incorrect, then the actual results may be materially different from those expressed or implied by such statements. MediClin AG does not intend or assume any obligation to continuously update these forwardlooking statements, so as to adapt them to events or developments that occur after the release of this interim report.
MediClin AG > Interim report as of 31 March 2015
Consolidated interim financial statements of MEDICLIN Aktiengesellschaft
for the period from 1 January 2015 to 31 March 2015
Consolidated interim balance sheet as of 31 March 2015
ASSETS
| In thousands of € | 31.03.2015 | 31.12.2014 | |
|---|---|---|---|
| NON-CURRENT ASSETS | |||
| Intangible assets | |||
| Concessions, licences | 1,790 | 1,765 | |
| Goodwill | 48,589 | 48,589 | |
| Payments on account | 281 | 192 | |
| 50,660 | 50,546 | ||
| Property, plant and equipment | |||
| Land, land rights and buildings including buildings on third-party land |
104,086 | 105,115 | |
| Technical equipment and machines | 10,674 | 11,058 | |
| Operating and office equipment | 37,535 | 36,970 | |
| Payments on account and assets under construction | 5,010 | 2,393 | |
| 157,305 | 155,536 | ||
| Other financial assets | |||
| Investment in stock of subsidiaries | 65 | 65 | |
| Other loans and other financial assets | 7 | 3 | |
| Reinsurance cover | 1,458 | 1,458 | |
| 1,530 | 1,526 | ||
| Other non-current assets | |||
| Non-current tax refund claims | 143 | 141 | |
| Receivables pursuant to hospital financing law | 1,700 | 1,700 | |
| 1,843 | 1,841 | ||
| Deferred tax assets | 9,131 | 7,339 | |
| 220,469 | 216,788 | ||
| CURRENT ASSETS | |||
| Inventories | 6,345 | 6,359 | |
| Trade receivables | 67,377 | 61,974 | |
| Other current assets | |||
| Prepaid expenses | 2,440 | 776 | |
| Receivables pursuant to hospital financing law | 4,806 | 3,339 | |
| Other assets | 2,899 | 3,014 | |
| 10,145 | 7,129 | ||
| Current tax refund claims | 80 | 86 | |
| Cash and cash equivalents | 22,170 | 26,347 | |
| Non-current assets held for sale | 932 | 932 | |
| 107,049 | 102,827 | ||
| 327,518 | 319,615 |
EQUITY AND LIABILITIES
| In thousands of € | 31.03.2015 | 31.12.2014 | |
|---|---|---|---|
| EQUITY | |||
| Shares MediClin Group | |||
| Subscribed capital | 47,500 | 47,500 | |
| Capital reserve | 129,392 | 129,392 | |
| Revenue reserve | –24,740 | –16,645 | |
| Consolidated balance sheet loss | –5,128 | –5,910 | |
| 147,024 | 154,337 | ||
| Non-controlling interests | –455 | –390 | |
| 146,569 | 153,947 | ||
| NON-CURRENT LIABILITIES | |||
| Non-current financial liabilities | |||
| Liabilities to banks | 43,447 | 46,267 | |
| Other financial liabilities | 7,758 | 7,839 | |
| 51,205 | 54,106 | ||
| Non-current provisions | |||
| Provisions for pensions and similar commitments | 58,029 | 48,166 | |
| Other provisions | 6,030 | 6,019 | |
| 64,059 | 54,185 | ||
| Deferred tax liabilities | 4,045 | 4,040 | |
| 119,309 | 112,331 | ||
| CURRENT LIABILITIES | |||
| Trade payables | 10,951 | 13,040 | |
| Current financial liabilities | |||
| Liabilities to banks | 6,406 | 6,645 | |
| Other financial liabilities | 431 | 407 | |
| 6,837 | 7,052 | ||
| Other current liabilities | |||
| Liabilities pursuant to hospital financing law | 6,872 | 6,068 | |
| Other liabilities | 30,838 | 20,834 | |
| 37,710 | 26,902 | ||
| Current provisions | 5,626 | 5,931 | |
| Current tax liabilities | 516 | 412 | |
| 61,640 | 53,337 | ||
| 327,518 | 319,615 |
Consolidated interim profit and loss account
| In thousands of € | January – March 2015 |
January – March 2014 |
|---|---|---|
| Sales | 136,563 | 132,395 |
| Other operating income | 1,869 | 1,770 |
| Total operating performance | 138,432 | 134,165 |
| Raw materials and consumables used | ||
| a) Cost of raw materials and supplies | –14,964 | –16,293 |
| b) Cost of purchased services | –10,982 | –11,904 |
| – 25,946 | – 28,197 | |
| Staff costs | ||
| a) Wages and salaries | – 70,800 | – 68,077 |
| b) Social security, pension and retirement | –11,479 | –11,036 |
| – 82,279 | – 79,113 | |
| Other operating expenses | – 24,159 | – 23,563 |
| Result before interest, taxes, depreciation and amortisation/EBITDA | 6,048 | 3,292 |
| Depreciation and amortisation | – 4,455 | – 4,339 |
| Operating result | 1,593 | –1,047 |
| Financial result | ||
| a) Other financial revenues | 11 | 2 |
| b) Other financial costs | – 800 | – 993 |
| – 789 | – 991 | |
| Result before tax | 804 | –2,038 |
| Taxes on income | –19 | 270 |
| Result after tax | 785 | –1,768 |
| Thereof attributable to shareholders of MediClin AG | 782 | –1,747 |
| Thereof attributable to the non-controlling interests | 3 | – 21 |
| Result after tax attributable to shareholders of MediClin AG per share | ||
| Undiluted (in €) | 0.02 | – 0.04 |
| Diluted (in €) | 0.02 | – 0.04 |
Consolidated interim statement of comprehensive income
| In thousands of € | January – March 2015 |
January – March 2014 |
|---|---|---|
| Total consolidated result | 785 | – 1,768 |
| Other comprehensive income | ||
| Change in actuarial gains (+)/losses (–) from DBOs and similar commitments | –9,698 | –1,529 |
| Taxes on income | 1,535 | 242 |
| Additions to value adjustments that are not reconciled to the Group result | – 8,163 | –1,287 |
| Thereof attributable to shareholders of MediClin AG | –8,095 | –1,275 |
| Thereof attributable to non-controlling interests | –68 | –12 |
| Additions to value adjustments that are reconciled to the Group result | 0 | 0 |
| Group comprehensive income | – 7,378 | – 3,055 |
| Thereof attributable to shareholders of MediClin AG | –7,313 | –3,022 |
| Thereof attributable to the non-controlling interests | –65 | –33 |
Consolidated cash flow statement
| In thousands of € | January – March 2015 |
January – March 2014 |
|---|---|---|
| Operating result (EBIT) | 1,593 | –1,047 |
| Result of finance activities | –789 | –991 |
| Result of income taxes | –19 | 270 |
| Total consolidated result | 785 | –1,768 |
| Depreciation on fixed asset items | 4,455 | 4,339 |
| Change in deferred taxes | –1,787 | –512 |
| Change in non-current provisions | 9,874 | 1,774 |
| Change in current provisions | –305 | 80 |
| Result from the disposal of fixed asset items | –17 | –15 |
| Result from other non-cash items | –8,163 | –1,287 |
| Change in non-current tax refund claims | –2 | – 3 |
| Change in current tax refund claims | 6 | –213 |
| Change in other non-current assets | 0 | 500 |
| Change in other current assets | –8,945 | –3,893 |
| Change in other current liabilities | 7,479 | 5,073 |
| Cash flow from operating activities | 3,380 | 4,075 |
| Payments received from the disposal of fixed assets | 21 | 137 |
| From the disposal of property, plant and equipment | 21 | 137 |
| Payments received from investment subsidies | 976 | 229 |
| Cash used for investments in fixed assets | – 5,438 | – 3,364 |
| In intangible assets | –389 | –207 |
| In property, plant and equipment | –5,049 | –3,157 |
| Cash flow from investing activities | – 4,441 | – 2,998 |
| Repayment of financial liabilities | –3,116 | –3,181 |
| Cash flow from financing activities | – 3,116 | – 3,181 |
| Cash flow for the period | – 4,177 | – 2,104 |
| Cash and cash equivalents at the beginning of the period | 26,347 | 13,219 |
| Cash and cash equivalents at the end of the period | 22,170 | 11,115 |
The cash and cash equivalents at the end of the period correspond to the balance sheet item "cash and cash equivalents" and encompass only cash in hand and current bank credit balances.
Statement of changes in equity
| In thousands of € | Subscribed capital |
Capital reserve |
Revenue reserve |
Consolidated balance sheet result |
Shares MediClin Group |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|
| As of 01.01.2014 Group comprehensive |
47,500 | 129,392 | –10,082 | –14,413 | 152,397 | –208 | 152,189 |
| income | – | – | –1,2741 | –1,748 | – 3,022 | –33 | –3,055 |
| As of 31.03.2014 | 47,500 | 129,392 | –11,356 | –16,161 | 149,375 | – 241 | 149,134 |
| In thousands of € | Subscribed capital |
Capital reserve |
Revenue reserve |
Consolidated balance sheet result |
Shares MediClin Group |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|
| As of 01.01.2015 | 47,500 | 129,392 | –16,645 | –5,910 | 154,337 | –390 | 153,947 |
| Group comprehensive |
|||||||
| income | – | – | –8,0951 | 782 | –7,313 | –65 | –7,378 |
| As of 31.03.2015 | 47,500 | 129,392 | – 24,740 | – 5,128 | 147,024 | – 455 | 146,569 |
1 Adjustment in accordance with IAS19
Other information
General information
The unaudited consolidated interim financial statements of MEDICLIN Aktiengesellschaft for the first quarter of the 2015 financial year were prepared in accordance with International Accounting Standard (IAS) 34. In the interim report, the Group principally applied the same accounting policies as in the consolidated financial statements for the 2014 financial year; it should thus be read in conjunction with the Annual Report published by the Group for the 2014 financial year.
EU endorsement
In the first quarter of 2015, the EU Commission did not publish any new standards or interpretations or amendments thereto other than those listed in the 2014 Annual Report.
Standards that have in the meantime been adopted by the International Accounting Standards Board (IASB)
In the first quarter of 2015, the IASB did not publish any new standards or interpretations or amendments thereto.
Corporate decision-making bodies
Management Board
Volker Feldkamp Jens Breuer Chairman of the Management Board Chief Financial Officer
Supervisory Board
Dr.Ulrich Wandschneider, Chairman Hans Hilpert1, Vice Chairman Michael Bock Walburga Erichsmeier1 Dr.Tom Giesler1 Irmtraut Gürkan Carsten Heise Rainer Laufs Stephan Leonhard Thomas Müller1 Eleonore Seigel1 Matthias H. Werner1
1 Employee representatives
Supervisory Board Committees
General and Personnel Committee Audit Committee
Dr.Ulrich Wandschneider (Chairman) Stephan Leonhard (Chairman) Michael Bock Michael Bock Dr. Tom Giesler Walburga Erichsmeier Hans Hilpert Dr. Tom Giesler Stephan Leonhard Carsten Heise Thomas Müller Eleonore Seigel
Mediation Committee pursuant Nomination Committee
Dr.Ulrich Wandschneider (Chairman) Carsten Heise Hans Hilpert Stephan Leonhard Matthias H. Werner
to Section 27 MitbestG Dr.Ulrich Wandschneider (Chairman)
Key data on the MediClin share
ISIN: DE 000659 5101; WKN: 659 510; Ticker: MED
| In € per share | Q1 2015 | Q1 2014 |
|---|---|---|
| Earnings un/diluted | 0.02 | –0.04 |
| Cash flow from operating activities | 0.07 | 0.09 |
| Book value1 at end of quarter | 3.10 | 3.14 |
| Share price at end of quarter | 3.550 | 4.400 |
| 52-week high | 4.475 | – |
| 52-week low | 3.322 | – |
| Market capitalisation at end of quarter in millions of € | 168.6 | 209.0 |
| Number of shares in millions | 47.50 | 47.50 |
1 Equity less non-controlling interests
Source: Deutsche Börse AG; Xetra/status: 31.03.2015
Financial calendar
20 February 2015
Press release for the preliminary figures for the 2014 financial year
19 March 2015
Financial statements press and analysts' conference for the 2014 financial year
30 April 2015 Press release for the 1st quarter 2015
8 May 2015 Publication of the interim report for the 1st quarter 2015
28 May 2015 Annual General Meeting
31 July 2015 Press release for the 1st half-year 2015
7 August 2015 Publication of the interim report for the 1st half-year 2015
4 November 2015 Press release for the 1st –3rd quarter 2015
6 November 2015 Publication of the interim report for the 1st –3rd quarter 2015
Imprint
MEDICLIN Aktiengesellschaft
Okenstr. 27 77652 Offenburg Germany Phone +49 (0) 7 81/4 88-0 Fax +49 (0) 7 81/4 88-133 E-mail [email protected] www.mediclin.de
Public Relations
Gabriele Eberle Phone +49 (0) 7 81/4 88-180 Fax +49 (0) 7 81/4 88-184 E-mail [email protected]
Investor Relations
Alexandra Mühr Phone +49 (0) 7 81/4 88-189 Fax +49 (0) 7 81/4 88-184 E-mail [email protected]
This interim report appears in German (original version) and English (non-binding translation).
Successful managers have a profound interest in people. The core values here are trust and esteem, made visible by setting a good example and by successful communication.
Daniel Beggiato, Recruiting and Personnel Development
Reliable leadership and communication are built on a joint understanding of the role of leader and clearly defined targets. This creates a scope of action and competence that my team and I can use cooperatively to achieve the Company targets.
Dr. Ralph Bürgy, Quality, Organisation & Revision
Leadership and communication are essential to responsible and transparent management. Therefore the Company places great value on creating the required structural basis across all the levels of the hierarchy.
Prevention | Acute care | Post-acute care | Nursing care