Asklepios Kliniken: Increase in patient numbers and revenue in first half of 2019
DGAP-News: Asklepios Kliniken / Key word(s): Half Year Results
Asklepios: Increase in patient numbers and revenue in first half of 2019
- Revenue up 3.2% at EUR 1,755.4 million
- Number of patients increases by 3.8% to 1,227,556
- Investments from own funds up 22.0% at EUR 93.1 million
Hamburg, 22 August 2019. In the first half of 2019, Asklepios Kliniken GmbH & Co. KGaA generated revenue growth of 3.2% to EUR 1,755.4 million and increased its investments from own funds by 22.0%. Operating performance and the development of our EAT margin did not meet our expectations.
A total of 1,227,556 patients were treated at Asklepios's healthcare facilities in the period from January to June 2019, representing a year-on-year increase of 3.8% (6M 2018: 1,182,742). The trend toward outpatient care continued. The number of cost weights - the key figure used to bill medical services in hospitals - declined by 3.2% to 289,875 (6M 2018: 299,433).
"We are delighted that over 44,000 more patients than in the previous year chose to place their trust in us in the first six months of 2019. This is also reflected in our stable revenue growth. Although this puts us ahead of our full-year forecast, operating performance and the development of our EAT margin in particular are failing to meet our expectations," says Kai Hankeln, CEO of Asklepios. "We pressed ahead with the establishment of new digital business models in the first half of 2019. In June, we acquired an 80% stake in Belgian company Pulso Europe BV. On 1 July 2019, our hospital group also acquired an 80% stake in Fürstenberg Institut GmbH, Germany's largest EAP provider and an expert in the provision of services that promote health and performance in the workplace."
These acquisitions will bolster Asklepios's newly established "corporate health" business segment. Both companies are perfect additions to the existing portfolio of companies including INSITE Interventions, TALINGO EAP and Asklepios Connecting Health.
In the first half of 2019, cash flow from operating activities totalled EUR 68.8 million (6M 2018: EUR 135.3 million). Capital expenditure amounted to EUR 126.1 million (6M 2018: EUR 114.7 million), including EUR 93.1 million (6M 2018: EUR 76.3 million) from own funds. This corresponds to an increased own funds ratio of 73.9% (6M 2018: 66.5%). "We will continue to enhance patient well-being in line with our corporate strategy "Digital HealthyNear". As well as investing in digital applications, we continuously invested in training for our employees and medical equipment for our hospitals with a view to providing the best possible level of care to our patients and constantly improving medical quality," says Hafid Rifi, CFO of Asklepios.
As at 30 June 2019, the company's net debt totalled EUR 1,111.2 million (31 December 2018: EUR 1,027.0 million). The ratio of net debt to EBITDA for the past 12 months was 2.7x (31 December 2018: 2.6x). The equity ratio was 32.9% (31 December 2018: 36.9%), while cash and cash equivalents amounted to EUR 267.2 million (31 December 2018: EUR 351.6 million).
For the 2019 financial year, we anticipate organic revenue growth that lies above our previous forecast of 2.5% to 3.0%. Consolidated net income (EAT) is falling short of our expectations to date. At this time, we are reiterating our forecast of a slight year-on-year increase in EAT. Although our equity has increased by 1,6% compared with the end of 2018, the equity ratio as at 30 June 2019 was 32,9%, and thus lower than the figure as at 31 December 2018 (36,9%). We put this down to balance sheet extension as a result of IFRS 16 effects. Taking into account the effects of IFRS 16, we expect our equity ratio to remain stable as against the previous year.
Our consolidated interim report on H1 2019 and the corporate news can be found at www.asklepios.com/ir.
Asklepios Kliniken is one of the leading private operators of hospitals and healthcare facilities in Germany. The hospital group stands for highly qualified care for its patients, with a clear commitment to medical quality, innovation and social responsibility. On this basis, Asklepios has grown dynamically since it was founded almost 35 years ago. The Group currently has around 160 healthcare facilities throughout Germany, including acute care hospitals for all levels of care, specialist clinics, psychiatric and forensic facilities, rehabilitation clinics, nursing homes and medical service centres. In the 2018 financial year, 2.3 million patients were treated at the Asklepios Group's facilities. The company has more than 47,000 employees.
22.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.