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Fresenius Helios

2013 was an excellent year. Fresenius Helios achieved strong EBIT growth of 21%. We increased the EBIT margin of our established clinics to 11.8%. The acquisition of hospitals from Rhön-Klinikum AG is an important milestone for Fresenius Helios.

Key figures FreSEnius Helios


  2013 € in millions 2012 € in millions Change
Sales 3,393 3,200 6%
EBIT 390 322 21%
Net income1 275 203 35%
Operating cash flow 258 240 8%
Capital expenditure / acquisitions 2,357 759 --
Order intake n / a n / a
Employees (December 31) 42,913 42,881 0%

  2013 € in millions 2012 € in millions Change
Sales 3,393 3,200 6%
EBIT 390 322 21%
Net income1 275 203 35%
Operating cash flow 258 240 8%
Capital expenditure / acquisitions 2,357 759 --
Order intake n / a n / a
Employees (December 31) 42,913 42,881 0%

At the end of 2013, the HELIOS Group operated 74 hospitals. In addition to 51 acute care hospitals, including 6 maximum care clinics in Berlin-Buch, Duisburg, Erfurt, Krefeld, Schwerin, and Wuppertal, the HELIOS Group has 23 post-acute care hospitals. 35 outpatient facilities and 13 nursing homes are also affiliated with HELIOS. The Group has more than 23,000 beds and treats over 2.9 million patients – including more than 780,000 inpatients – each year. HELIOS had about 43,000 employees at the end of 2013.

Business Development

In 2013, Fresenius Helios increased its sales by 6% to €3,393 million (2012: €3,200 million). Organic sales growth was 3%. Acquisitions contributed 4%. Divestitures reduced sales growth by 1%.

The acute care hospitals accounted for 88% of sales (2012: 88%), while the post-acute care hospitals accounted for 9% (2012: 9%); 3% was attributable to other revenues (2012: 3%).

Fresenius Helios achieved EBIT growth of 21% to €390 million (2012: €322 million). The EBIT margin was 11.5%. Net income¹ increased to €275 million, and surpassed the prior-year figure clearly by 35% (2012: €203 million).

Sales and earnings were much improved:

€ in millions20132012Change
Sales3,3933,2006%
thereof acute care2,9962,8146%
thereof post-acute care2932747%
EBIT39032221%
EBIT margin in %11.510.1
Net income127520335%

€ in millions20132012Change
Sales3,3933,2006%
thereof acute care2,9962,8146%
thereof post-acute care2932747%
EBIT39032221%
EBIT margin in %11.510.1
Net income127520335%

Sales of the established hospitals (consolidation > 1 year) grew by 3% to €3,275 million (2012: €3,193 million). EBIT improved by 19% to €386 million (2012: €324 million). The EBIT margin increased to 11.8% (2012: 10.1%).

We have established a development plan for hospitals acquired, which we converted to the EBIT benchmark and a six-year planning period beginning in 2013. It will apply both to our acute and post-acute care hospitals. The new development plan provides for the EBIT margin to improve by two percentage points each year. The current status is shown in the table below.

Clinic Development Plan Acute And Post-acute Care Hospitals 2013


 Years in portfolio
< 1123456> 6Total
Number of clinics 1231-644874
Sales in million € 39015538-1963122,1983,289
Target 
EBIT margin in % 2.04.06.08.010.012.012.0 – 15.0
EBIT in million € 7.86.22.3-19.637.4263.8337.1
Reported 
EBIT margin in % 11.40.53.4-7.512.813.011.8
EBIT in million € 44.60.81.3-14.739.9285.9387.2
Number of clinics > target 91--221731
Number of clinics < target 321-423143

 Years in portfolio
< 1123456> 6Total
Number of clinics 1231-644874
Sales in million € 39015538-1963122,1983,289
Target 
EBIT margin in % 2.04.06.08.010.012.012.0 – 15.0
EBIT in million € 7.86.22.3-19.637.4263.8337.1
Reported 
EBIT margin in % 11.40.53.4-7.512.813.011.8
EBIT in million € 44.60.81.3-14.739.9285.9387.2
Number of clinics > target 91--221731
Number of clinics < target 321-423143

The business of Fresenius Helios generates stable cash flows. The cash flow margin was 7.6% (2012: 7.5%). In 2013, days sales outstanding were 42 days (2012: 43 days). Bad debt as a percentage of sales was again low at 0.2%.

Expansion in the Hospital market

On February 20, 2014, Fresenius Helios has received antitrust approval for the acquisition of 40 hospitals and 13 outpatient facilities from Rhön-Klinikum AG. For two hospitals, HSK Dr. Horst Schmidt Kliniken in Wiesbaden and Klinikum Salzgitter, the approval of municipal shareholders is still pending.

The transaction provides Fresenius Helios with the opportunity to create a nationwide hospital network.

HOSPITAL ADMISSIONS AND TREATMENTS

Due to the broad range of services and high treatment quality of HELIOS, we were able to again increase the number of inpatients and outpatients treated:

20132012Change
Inpatient and semi-inpatient admissions807,178778,8174%
Acute care hospitals754,703729,6733%
Post-acute care hospitals52,47549,1447%
Outpatient admissions2,373,7812,118,11212%

20132012Change
Inpatient and semi-inpatient admissions807,178778,8174%
Acute care hospitals754,703729,6733%
Post-acute care hospitals52,47549,1447%
Outpatient admissions2,373,7812,118,11212%

Moreover, our other structural data and performance indicators also improved:

20132012Change
Acute care hospitals51502%
Beds18,88518,7011%
Length of stay (days)6.66.7-1%
Post-acute care clinics23225%
Beds4,6174,5851%
Length of stay (days)26.527.0-2%
Occupancy83%85%

20132012Change
Acute care hospitals51502%
Beds18,88518,7011%
Length of stay (days)6.66.7-1%
Post-acute care clinics23225%
Beds4,6174,5851%
Length of stay (days)26.527.0-2%
Occupancy83%85%

INVESTMENTS

Fresenius Helios invested €2,443 million (2012: €836 million). Of this amount, €2,185 million accounted for acquisitions, including advances made in the amount of €2.18 billion for the acquisition of hospitals and outpatient facilities of Rhön-Klinikum AG. Furthermore, we invested €258 million primarily in the modernization of hospitals. Own investments were €172 million, about 5% of sales.

€ in millions20132012Change
Investments2,443836192%
Own investments (property, plant and equipment)172180-4%
Subsidies1 (property, plant and equipment)867712%
Acquisitions2,185579--

€ in millions20132012Change
Investments2,443836192%
Own investments (property, plant and equipment)172180-4%
Subsidies1 (property, plant and equipment)867712%
Acquisitions2,185579--

Please refer to the Management Report for the 2014 financial outlook of Fresenius Helios. For further information, please see our website www.helios-kliniken.de.

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