Asklepios Kliniken: Stable development continues in H1 2022

DGAP-News: Asklepios Kliniken

/ Key word(s): Half Year Results/Half Year Report

Asklepios Kliniken: Stable development continues in H1 2022
25.08.2022 / 10:00

The issuer is solely responsible for the content of this announcement.

Asklepios Kliniken: Stable development continues in H1 2022

  • Consolidated revenue amounts to EUR 2,608.9 million.
  • Energy prices and inflation pose new challenges for hospital market

Hamburg, 25 August 2022. Asklepios Kliniken GmbH & Co. KGaA has closed the first half of 2022 with a stable development of consolidated revenue and consolidated net operating income (EAT). Following the challenges resulting from the pandemic, the healthcare market is now facing new risks, in particularly from high inflation and rising energy costs.

From January to June 2022, Asklepios Kliniken treated a total of 1,749,734 patients (6M 2021: 1,447,999) in its healthcare facilities. This represents an increase in utilisation year-on-year, primarily due to an increase in outpatient treatments and the resumption of elective procedures. The number of cost weights in the first half of 2022 was 298,202 (6M 2021: 300,185). “After more than two years of the coronavirus pandemic, we are very pleased that more than 1.7 million patients placed their trust in us in the first half of 2022. This is also reflected in our stable revenue growth,” says Kai Hankeln, CEO of Asklepios Kliniken.

Asklepios Kliniken generated revenue of EUR 2,608.9 million in the first six months of 2022 (6M 2021: EUR 2,526.4 million). With a stable EBITDA margin of 9.2% (6M 2021: 9.2%), EBITDA increased to EUR 240.7 million (6M 2021: EUR 231.2 million). In the same period, Asklepios generated EBIT of EUR 81.0 million, corresponding to a margin of 3.1% (6M 2021: EUR 79.1 million or 3.1%). Consolidated net income (EAT) amounted to EUR 55.1 million and was thus above the previous year’s figure (6M 2021: EUR 43.0 million). This corresponds to an EAT margin of 2.1% (6M 2021: 1.7%).

The absolute cost of materials rose disproportionately to revenue by EUR 24.7 million, from EUR 608.8 million to EUR 633.5 million due to price increases for energy, fuels and medical supplies. As a result, the cost of materials ratio increased slightly to 24.3% (6M 2021: 24.1%) and was higher than the previous year’s high figure due to the pandemic. Absolute staff costs climbed by EUR 48.6 million or 2.9% to EUR 1,734.7 million, while the staff costs ratio fell slightly from 66.7% to 66.5%. Overall, the rise in absolute staff costs resulted from the 2.4% increase in the number of employees by full-time equivalents to 49,788 (6M 2021: 48,621) as well as from general wage increases. “In view of the acute inflation, it is urgently necessary to support hospitals that have been impacted by the pandemic in order to continue providing high-quality care in the future,” says Kai Hankeln, CEO of the Asklepios Group. “To ensure this, we need far-reaching structural reforms in addition to inflation compensation, which is necessary in the short term. Otherwise, we run the risk of catapulting Germany’s hospitals into a dangerous economic downward spiral.”

The Asklepios Group’s financial position was stable at the end of the first half of 2022. As at 30 June 2022, the Group’s net debt amounted to EUR 1,771.7 million (31 December 2021: EUR 1,794.9 million). Cash and cash equivalents amounted to EUR 614.9 million (31 December 2021: EUR 647.2 million). The ratio of net debt to EBITDA excluding the effects of the application of IFRS 16 Leases remains unchanged at 3.1x EBITDA for the past 12 months (31 December 2021: 3.1x).

Asklepios is consistently pursuing its investment strategy and continues to invest in its healthcare facilities and strategically important projects.  In the first half of 2022, Asklepios invested a total of EUR 118.9 million including subsidies (6M 2021: EUR 146.9 million). The share of own funds amounted to EUR 81.9 million (6M 2021: EUR 110.6 million) and thus around 68.9% (6M 2021: 75.6%) of total investments. Net cash flow from operating activities decreased to EUR 124.4 million in the first six months of 2022 (6M 2021: EUR 261.7 million). In view of the current challenges, the central warehouse in Bad Oldesloe, which will be completed in the first half of 2022, is of great importance. It will ensures supply security, features a high level of digitalisation and automation, and will lead to positive economies of scale in purchasing through access to international suppliers and central procurement.

The successful placement of a Schuldschein loan agreement marked an important step in recent months. “As a company with a long-term focus, we hedge against financial market risks at an early stage and ensure an optimal distribution of our maturities in order to further strengthen our financing profile. The Schuldschein loan agreement successfully placed at the beginning of July is an important milestone in this regard, enabling us to refinance ourselves at an early stage against the backdrop of geopolitical uncertainties and volatile capital markets,” explains Hafid Rifi, CFO of Asklepios Kliniken. “Our strong internal financing power today is the basis for tomorrow’s investments. In the future, we will continue to ensure that Asklepios remains a pioneer in the areas of digitalisation and outpatient treatment.”

In the further course of the financial year, Asklepios sees a possible adverse impact on business development from persistently high inflation and the uncertain energy supply situation. However, in addition to cost increases, regulatory decisions such as the structural reform of the hospital market will also have a significant impact. In view of the major economic challenges facing the entire healthcare system, Asklepios is urging rapid, unbureaucratic decisions to ease the burden on German hospitals.

You can find our interim group report H1 2022 on our homepage: Investor Relations – Asklepios Kliniken International

About Asklepios

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 been developing dynamically since it was founded over 35 years ago. The Group currently has around 170 healthcare facilities throughout Germany. These include acute care hospitals of all different care levels, university hospitals, specialist clinics, psychiatric facilities, forensic institutions, rehabilitation clinics, nursing homes and medical centres. In the 2021 financial year, over 3.5 million patients were treated at the Asklepios Group’s facilities. The company has more than 67,000 employees.

IR contact

Mirjam Constantin
Head of Group ESG & Sustainability/ Manager Investor Relations
Asklepios Kliniken GmbH & Co. KGaA
Debusweg 3 – 61462 Königstein-Falkenstein
Tel.: +49 61 74 90-1166
Fax: +49 61 74 90-1110
ir@asklepios.com

PR contact

Rune Hoffmann
Head of Corporate Communications & Marketing
Asklepios Kliniken GmbH & Co. KGaA
Rübenkamp 226 – 22307 Hamburg
Tel.: +49 40 1818-82 6630
Fax: +49 40 1818-82 6639 
presse@asklepios.com

Visit Asklepios online, on Facebook or on YouTube:

www.asklepios.com

www.facebook.com/asklepioskliniken

www.youtube.com/asklepioskliniken

 

 


25.08.2022 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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