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Fresenius Vamed

2013 was a year with record sales and earnings. Sales exceeded the €1 billion mark for the first time. We thus achieved our goal a year ahead of plan. Order intake and order backlog increased to a new all-time high.

Key figures FreSEnius Vamed


  2013 € in millions 2012 € in millions Change
Sales 1.020 846 21%
EBIT 55 51 8%
Net income1 37 35 6%
Operating cash flow 31 35 -11%
Capital expenditure / acquisitions 27 55 -51%
Order intake 744 657 13%
Employees (December 31) 7.010 4.432 58%

  2013 € in millions 2012 € in millions Change
Sales 1.020 846 21%
EBIT 55 51 8%
Net income1 37 35 6%
Operating cash flow 31 35 -11%
Capital expenditure / acquisitions 27 55 -51%
Order intake 744 657 13%
Employees (December 31) 7.010 4.432 58%

Fresenius Vamed manages projects and provides services for hospitals and other health care facilities worldwide. Our portfolio ranges along the entire value chain: from project development, planning, and turnkey construction, via maintenance, and technical management, to total operational management. This entire competency enables us to support complex health care facilities efficiently and successfully at each level of their life cycle. The company is also a pioneer in public-private partnership (PPP) models for hospitals and other health care facilities.

With its comprehensive range of services, and as a worldwide-acting provider of a full line of services for the health care industry, VAMED holds a unique position: We have successfully completed approximately 650 projects in 72 countries.

BUSINESS DEVELOPMENT

In 2013, sales increased to €1,020 million (2012: €846 million). Organic sales growth was 13%, acquisitions contributed 8%.

The table shows the sales development by activity:

€ in millions20132012Change% of total sales
Project business58350615%57%
Service business43734029%43%

€ in millions20132012Change% of total sales
Project business58350615%57%
Service business43734029%43%

Order intake and order backlog for projects developed as follows:

€ in millions20132012Change
Order intake74465713%
Order backlog (December 31)1,13998715%

€ in millions20132012Change
Order intake74465713%
Order backlog (December 31)1,13998715%

EBIT improved by 8% to €55 million (2012: €51 million). The EBIT margin was 5.4% (2012: 6.0%). In the project business, EBIT increased to €27 million (2012: €25 million) and to €28 million in the service business (2012: €26 million). Net income¹ was €37 million, an increase of 6% (2012: €35 million).

The business model has a low capital intensity. This is reflected in the share of property, plant and equipment in the balance sheet of 19% and the pre-tax return on equity of 19.8% (2012: 20.8%).

PROJECT BUSINESS

The project business comprises the consulting, project development, planning, turnkey construction, and financing management of projects. VAMED responds flexibly to the local needs of clients, providing custom-tailored solutions all from one source. We also carry out projects in cooperation with partners. Among public clients there is growing interest in public-private partnership (PPP) models. Up to the end of 2013, 21 of these models had been or are currently being implemented.

In Europe, the focus was on Austria and Germany. Three new rehabilitation facilities in Austria began operations in 2013. The new building for the Hofheim am Taunus hospital and the turnkey construction of the new examination and treatment center at Cologne’s University Hospital (UB West) have been projects in Germany. In Bosnia and Herzegovina, we completed the turnkey construction of the 220-bed Bijeljina General Hospital. In Russia, VAMED continued the renovation and expansion of Sochi’s Municipal Hospital.

In Africa, we successfully continued our work on the turnkey construction of five polyclinics in Gabon as well as on projects in Nigeria and Ghana. In Latin America, we completed our first project in Honduras, and in Trinidad and Tobago the company modernized the San Fernando General Hospital. In China, we were able to enter the private hospital sector with the construction of an acute care and rehabilitation hospital in Haikou, in southern China.

SERVICE BUSINESS

VAMED offers a full range of facility management services for health care facilities. Modular in design, our service offering encompasses every aspect of technical, commercial, and infrastructural facility management. This ranges from building and equipment maintenance, medical technology management, and technical management through to the operational management of health care facilities. Our integrated portfolio of services is aimed at the optimal operation of a health care facility.

VAMED was responsible for the total operational management of 43 health care facilities on three continents with approximately 5,000 beds in 2013. Worldwide, VAMED provides technical operation services to more than 380 hospitals with about 110,000 beds.

In Austria, VAMED continued its partnership with Vienna’s General Hospital and University Hospital (AKH), one of the largest hospitals in Europe. We have been responsible for its technical management since 1986. We also carried out the further extension of AKH Vienna. We were also successful in the area of rehabilitation: With the start-up of hospitals in Kitzbühel and Vienna-Baumgarten, VAMED is now responsible for ten facilities, making it the largest private rehabilitation provider in Austria.

A consortium led by VAMED in Germany has been responsible for all technical and infrastructural services at Berlin’s Charité Hospital since 2006. In the Czech Republic, we acquired three clinics and expanded our portfolio to seven locations with approximately 1,000 beds.

In Gabon, VAMED is responsible for the overall management of seven regional hospitals and for the technical management of three hospitals in Libreville.

VAMED VITALITY WORLD

Based on our decades of experience in the health care sector, VAMED Vitality World’s thermal spa and wellness resorts have succeeded in bridging the gap between preventive medicine and health care tourism. With approximately 2.5 million visitors annually in our eight thermal spas and wellness resorts we are the market leader in Austria.

Please refer to the Management Report for the 2014 financial outlook of Fresenius Vamed. For further information on VAMED, please see Fresenius Vamed’s website at www.vamed.com.

1 Net income attributable to VAMED AG
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