MEDICLIN reaches agreement regarding early renewal of lease agreements for 20 clinic locations and settlement of lease dispute with (former) shareholders

MediClin AG / Key word(s): Miscellaneous

MEDICLIN reaches agreement regarding early renewal of lease agreements for 20 clinic locations and settlement of lease dispute with (former) shareholders

25-Oct-2022 / 19:17 CET/CEST

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.

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Offenburg, October 25, 2022

MEDICLIN reaches agreement regarding early renewal of lease agreements for 20 clinic locations and settlement of lease dispute with (former) shareholders

MEDICLIN Aktiengesellschaft (MEDICLIN) has reached an agreement with PATRIZIA Frankfurt Kapitalverwaltungsgesellschaft mbH as trustee for the OIK-Fonds MediClin, in which (also former) shareholders or companies affiliated with them hold a significant stake, on an early renewal of the existing lease agreements for 20 clinic locations. The leases for the clinic real estates in question would have expired in 2027. In addition, as part of this agreement, MEDICLIN agreed with its current or former shareholders ERGO Group AG, DKV Deutsche Krankenversicherung Aktienge-sellschaft, and Provinzial Rheinland Lebensversicherung Aktiengesellschaft on a settlement of the lawsuit filed by the Company in mid-2016 with the Offenburg Regional Court to reclaim rent payments that, in the Company’s opinion, were above market rates.

The terms of the new leases will apply from January 1, 2023 and will result in liquidity relief in the order of approximately 11 million euros p.a. from 2023 onwards.

In the consolidated financial statements for 2022, the balance sheet total as of December 31, 2022 is expected to increase by around 65 million euros due to the recalculation of rights of use (lease liabilities) in accordance with IFRS 16. The impact on the group operating result for 2022 is ex-pected to be in the low single digit million euro range.

Subject matter of the lawsuit to be settled under the agreement is a reclaim of rent payments that, in MEDICLIN’s opinion, were above market rates in the period from January 1, 2005 to August 31, 2015, which amounts to around 181 million euros plus interest.

The agreement reached by the parties is still to be formalized by way of a court settlement. The conclusion of the court settlement is scheduled for October 26, 2022. The Supervisory Board of the Company approved the conclusion of the settlement on October 25, 2022.

 

About MEDICLIN Aktiengesellschaft (Ticker: MED; WKN: 659 510)

MEDICLIN includes 35 clinics, seven care facilities and eleven medical care centers. The Group has around 8,350 beds/care places and employs around 10,200 people. In a strong network, MEDICLIN offers the patient integrative care from the first visit to the doctor through the operation and subsequent rehabilitation to outpatient aftercare. Doctors, therapists and nurses work together in a carefully coordinated manner. MEDICLIN designs the care and support of people in need of care according to their individual needs and personal needs.

MEDICLIN ─ a company of the Asklepios Group.


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