LIMES Schlosskliniken : Half-year Report 2024

Published: 2024-09-03 02:15:04 ET LIK.DE

Half-Year Report 2024

LIMES SchlossklinikenHalf-Year Report 20242

LIMES Schlosskliniken

AT A GLANCE

January - June

Change

Group performance indicators

2024

2023

Total revenues

18,710 kEUR

14,150 kEUR

32.2%

Patient days

24,731

17,724

39.5%

Gross earnings (EBITDA)

3,521 kEUR

2,881 kEUR

22.2%

EBITDA margin

18.8%

20.4%

-7.6%

Amortisation

1,304 kEUR

1,080 kEUR

20.8%

Operating result (EBIT)

2,217 kEUR

1,801 kEUR

23.1%

EBIT margin

11.8%

12.7%

-8.3%

Financial result

Earnings before taxes

Result for shareholders of the parent company during the period

-205 kEUR

-181 kEUR

13.1%

2,012 kEUR

1,620 kEUR

24.2%

1,828 kEUR

950 kEUR

92.5%

Long-term assets

18,054 kEUR

15,719 kEUR

14.9%

Short-term assets

15,352 kEUR

10,844 kEUR

41.6%

Balance sheet total

33,406 kEUR

26,563 kEUR

25.8%

Equity

18,328 kEUR

12,541 kEUR

46.1%

Equity ratio

54.9%

47.2%

16.2%

Equity-like funds/shareholder loans

2,050 kEUR

2,060 kEUR

-0.5%

Expanded equity ratio

61.0%

55.0%

11.0%

Liquid assets

7,832 kEUR

6,252 kEUR

25.3%

Result per share as per DVFA*

(German Association for Financial

6.24 EUR

3.24 EUR

92.5%

Analysis and Asset Management)

Employees at end of period

210

177

18.6%

No-par shares

293,192

0.0%

* based on number of no-par value shares in

293,192

0.0%

cisculation

LIMES Schlosskliniken

Half-Year Report 2024

Bsuiness performance from 1 January to 30 June 2024

Dear Shareholders in LIMES Schlosskliniken and other interested parties,

the first six months of the current financial year went according to our ambitious plans. The LIMES Group has continued to develop dynamically. The range of treatments offered was well received by patients. Compared to the same period of the previous year, patient days in the clinics increased by + 40 %. Total revenues increased by + 32 %. Occupancy rates at the German LIMES Schlosskliniken developed positively. The performance of PRC Zurich was weaker in the first half of the year. However, we expect a significantly stronger performance for PRC Zurich in the II. half-year. The results of the Clinicum Alpinum in Liechtenstein have been included in the half-year report for the first time.

Due to the positive patient response, we were able to maintain our occupancy rate across all clinics at 73%, despite the inclusion of new capacity at the Clinicum Alpinum and the admission of a further 10 treatment places at the LIMES Schlossklinik Fürstenhof.

We expect business to develop well over the remaining six months. The focus is currently on completing the property at Abtsee. This should be completed by the end of this year. Construction work at the clinic in Lindlar has resumed. The handover of the new LIMES Schlossklinik Bergisches Land is scheduled for the beginning of the second quarter of next year. Together with the LIMES Schlossklinik Abtsee, this will provide the LIMES Group with an additional 180 treatment places in 2025.

LIMES Schlosskliniken

Half-Year Report 2024

We are pleased that the LIMES brand stands for high-quality psychiatric services in the spectrum of stress-related illnesses, depression, trauma and personality disorders and is increasingly being well received on the market.

Revenue development

On a consolidated basis, we were able to generate total income of EUR 18.7 million (+ 32 %) in the first half of 2024. All operating clinics recorded good occupancy rates. The number of patient days increased by + 40 % to a total of 24,731. The consolidation of the Clinicum Alpinum had the greatest effect. The clinic's total revenues increased by + 23 % in the first six months. The revenue of LIMES Schlossklinik Mecklenburgische Schweiz increased by + 13 % and the revenue of LIMES Schlossklinik Fürstenhof increased by + 31 %.

Earnings performance

The LIMES Group recorded good earnings in the first six months. The reported operating result was burdened by start-up costs for the two new locations amounting to 360 kEUR.

At Group level, the gross earnings (EBITDA) for the first six months of the current financial year amounted to 3,521 kEUR (p. y.: 2,881 kEUR).

Depreciation and amortization increased by + 20.7 % to 1,304 kEUR in the first six months due to acquisitions.

The operating result EBIT at Group level amounted to 2,217 kEUR (p. y.: 1,801 kEUR), an

increase of 23%. The financial result amounted to - 205 kEUR (p. y.: -181 kEUR).

The consolidated earnings for the period and the result for shareholders of the parent company during the period amounted to +1,828 kEUR (p. y.: +950 kEUR) for the first six months of the current financial year.

The cash flow from operating activities was 2,153 kEUR (p. y.: 3,353 kEUR) in the first half of the year.

The cash flow from investing activities was -1,092 kEUR (p. y.: -5,695 kEUR).

The cash flow from financing activities was -1,729 kEUR (p. y.: -2,313 kEUR).

Assets and financial position

LIMES Schlosskliniken has a solid financial base. With total assets of EUR 33.4 million (p. y.: EUR 26.6 million), equity including shareholder loans amounts to 61.0% ( p. y.: 55.0%).

At the end of the first half of the year, the company had liquid assets of EUR 7.8 million ( p.y.: EUR 6.3 million). The Abtsee clinic property and the conversion and renovation costs incurred will be financed from the company's existing cash and cash equivalents as well as

LIMES Schlosskliniken

Half-Year Report 2024

debt capital. Against this background and the free cash flow, we are well positioned for further growth.

Long-term assets amounted to 18,054 kEUR (p. y.: 15,719 kEUR). This item mainly consists of goodwill of 9,088 kEUR from the initial consolidation of the clinic Mecklenburgische Schweiz and goodwill from the acquisition of the Swiss PRC Group and Clinicum Alpinum Liechtenstein. Goodwill is amortized over a period of 10 years. 8,488 kEUR (p. y.: 6,576 kEUR) is tied up in property, plant and equipment. The increase is due to the acquisition of land for the Abtsee property and the conversion and renovation work. Short-term assets increased to 15,352 kEUR (p. y.: 10,844 kEUR).

AGM

On June 10, 2024, we held our Annual General Meeting at the Sofitel Frankfurt. We welcomed the direct dialog with our shareholders. All items on the agenda were discussed and approved by our shareholders.

Employees

As of June 30, 2024 LIMES Schlosskliniken had a total of 210 employees (p. y.: 177).

Risks and opportunities

The risks and opportunities to which our company's business activities are exposed are described in detail in the Group Status Report, which we have published alongside our Consolidated Financial Statements for 2023. These Consolidated Financial Statements are available on the company's website (www.limes-schlosskliniken.de/en/). In the reporting period, there were no significant changes to the opportunities and risks described in this report.

Outlook

After a good performance so far in the first half of the year, we expect the positive business trend to continue in the second half. As things stand, completion of the Abtsee clinic property will take until the end of the year, meaning that the planned start-up costs will only be incurred after a delay.

With regard to the Lindlar project, a solution has been worked out with the French property owner that will allow the property to be completed. The remaining construction work and the missing furnishings will be completed or added in the coming months. The property is scheduled to be handed over within the first few months of 2025.

With the start of operations at the new locations LIMES Schlossklinik Abtsee and LIMES Schlossklinik Bergisches Land, we expect a significant increase in our revenue and gross earnings (EBITDA) in the medium term.

LIMES Schlosskliniken

Half-Year Report 2024

We are delighted to be able to offer our patients the best treatment options in special locations in line with our Healing Environment approach and personalized psychiatry.

Cologne, 03 September 2024

Dr. Gert Frank

Dr. Kjell Brolund-Spaether

Board of Directors

LIMES Schlosskliniken

Half-Year Report 2024

Consolidated balance sheet as per 30 June 2024

Assets

30 Jun 24

30 Jun 23

Change

EUR

A. Long-term assets

I. Intangible assets

Concessions/rights/licenses

478,166

82,685

> 100.0%

Goodwill

9,087,923

9,059,487

0.3%

9,566,089

9,142,171

4.6%

II. Fixed assets

Properties and buildings

4,077,320

3,943,919

3.4%

Technical equipment, plant and machinery

379,373

367,875

3.1%

Other plant, operating and business equipment

2,637,409

2,042,038

29.2%

Assets under construction

1,394,174

222,570

> 100.0%

8,488,277

6,576,401

29.1%

18,054,366

15,718,573

14.9%

B. Short-term assets

I. Inventories

90,156

77,305

16.6%

II. Receivables and other assets

Trade receivables

5,364,847

2,969,416

80.7%

Other assets

1,620,125

1,442,631

12.3%

6,984,971

4,412,047

58.3%

III. Cash in hand and bank balances

7,831,681

6,251,858

25.3%

IV. Prepaid Expensens

444,788

103,050

> 100.0%

15,351,596

10,844,260

41.6%

Total assets

33,405,962

26,562,833

25.8%

Equity and liabilities

A. Equity

Subscribed capital

293,192

0.0%

II.

Non-controlling interests

1,513,888

85,181

> 100.0%

III.

Capital reserves

7,529,813

7,411,014

1.6%

IV.

Revenue reserves

1,264,741

1,286,705

-1.7%

Balance sheet profit

7,726,084

3,465,044

> 100.0%

Total Equity

18,327,718

12,541,135

46.1%

B. Long-term provisions

4,500

0.0%

C. Short-term provisions

433,839

660,895

-34.4%

D. Long-term liabilities

Liabilities to financial institutions

8,670,570

8,050,000

7.7%

Other Liabilities

2,050,093

2,060,000

-0.5%

Of which to shareholders

(2,050,093)

(2,060,000)

-0.5%

10,720,663

10,110,050

6.0%

E. Short-term liabilities

Liabilities to financial institutions

134

-100.0%

Advance payments received

39,444

Trade payables

1,807,380

1,794,270

0.7%

Other liabilities

2,072,417

1,451,850

42.7%

3,919,242

3,246,253

20.7%

Total Equity and liabilities

33,405,962

26,562,833

25.8%

LIMES Schlosskliniken

Half-Year Report 2024

Consolidated income statement

1 January to 30 June 2024

Jan-Jun 2024

Jan-Jun 2023

Change

EUR

Total revenues

18,710,093

14,150,052

32.2%

of which sales revenue

18,591,366

13,983,159

33.0%

of which other operating income

118,727

166,893

28.9%

Expenditure on raw materials, auxiliary

920,627

688,716

33.7%

materials and consumables

Expenditure on services received

551,720

796,434

30.8%

Personell expenses

8,674,992

6,387,523

35.8%

Amortization of intangible assets and

depreciation of property, plant and

1,304,433

1,079,974

20.8%

equipment

Other operating expenses

5,042,180

3,396,220

48.5%

of which rent / cost of rooms

2,085,501

1,167,077

78.7%

of which marketing expenses

1,458,756

1,168,549

24.8%

Operating result (EBIT)

2,216,592

1,801,184

23.1%

Financial result

-204,790

-181,070

13.1%

Profit from ordinary operations

2,011,801

1,620,115

24.2%

Taxes on income and earnings

326,833

279,596

16.9%

Consolidated net income for the period

1,684,968

1,340,519

25.7%

Earnings from non-controlling interests

Result for sharehodlers of the parent company during the period

Gross earnings in the period (EBITDA)

Result per share (undiluted)

-143,404

390,528

> 100.0%

1,828,373

949,991

92.5%

3,521,024

2,881,159

22.2%

6.24

3.24

92.5%

LIMES Schlosskliniken

Half-Year Report 2024

Consolidated cash flow statement

1 January to 30 June 2024

Jan-Jun 2024

Jan-Jun 2023

Change

EUR

Consolidated net income for the period

1,684,968

1,340,519

25.7%

Amortisation and depreciation of assets

1,304,433

1,079,974

20.8%

Increase in Provisions

-139,514

37,073

> 100.0%

Decrease/increase in inventories

-8,363

6,905

> 100.0%

Decrease/increase in receivables

-754,439

171,856

> 100.0%

Decrease/increase in other assets that are not

-42,322

129,524

> 100.0%

attributable to investment or financial activities

Decrease/increase in liabilities

124,976

1,095,973

-88.6%

Decrease/increase in other liabilities that are not

-194,871

-441,830

-55.9%

attributable to investment or financial activities

Profit/loss from the disposal of fixed assets

-21,690

-12,651

71.5%

Interest income

-35,400

-29,430

20.3%

Interest costs

240,028

210,499

14.0%

Balance of income tax expense and payments

-4,418

-234,845

-98.1%

Cash flow from operating activities

2,153,388

3,353,568

-35.8%

Investments in intangible fixed assets

-142

-1,279,257

-99.9%

Disposals from items of tangible fixed assets

7,810

-100.0%

Investments in tangible fixed assets

-1,127,713

-4,452,484

-74.7%

Interest received

35,400

29,430

20.3%

Cashflow aus der Investitionstätigkeit

-1,092,456

-5,694,501

-80.8%

Payments from the repayment of loan liabilities

-1,489,380

-2,107,450

-29.3%

Interest paid

-240,028

-210,499

14.0%

Effect of exchange rate changes on equity

4,714

-100.0%

Cash flow from financing activities

-1,729,408

-2,313,236

-25.2%

Change in cash and cash equivalents

-668,475

-4,654,168

-85.6%

Cash in hand and bank balances at start of period

8,518,882

10,925,653

-22.0%

Further cash and cash equivalents at start of period

1,573

-3,933

> 100.0%

Cash and cash equivalents at start of period

8,520,455

10,921,720

-22.0%

Cash and cash equivalents at end of period

7,851,980

6,267,552

25.3%

Cash in hand and bank balances at end of period

7,831,681

6,251,858

25.3%

Further cash and cash equivalents at end of period

20,299

15,744

28.9%

LIMES Schlosskliniken

Half-Year Report 2024

Notes on the interim consolidated financial statements for the period 1 January 2024 to 30 June 2024

Accounting principles

The interim consolidated financial statements of LIMES Schlosskliniken AG as per 30 June 2024 were prepared in compliance with the accounting principles set out in the German Commercial Code (HGB).

As described in the notes to the consolidated financial statements for 2023, the principles governing accounting and consolidation were observed.

Consolidated companies

The consolidated companies are defined pursuant to Arts. 294-296 of the German Commercial Code. Thus the interim consolidated financial statements apply to the following companies:

Company

Stake

30 June 2024

30 June 2023

LIMES Schlossklinik Mecklenburgische Schweiz GmbH,

100 %

Teschow

LIMES Schlossklinik Fürstenhof GmbH, Bad Brückenau

100 %

LIMES Schlossklinik Bergisches Land GmbH, Lindlar

100 %

LIMES Properties GmbH

100 %

LIMES Schlossklinik Abtsee GmbH

100 %

LIMES Prime GmbH

100 %

n.a.

Swiss Clinic Group AG

56 %

Paracelsus Recovery Group AG

56 %

Clinicum Alpinum AG

51 %

n.a.

The first-time consolidation of Swiss Clinic Group AG and Paracelsus Recovery Group AG took place on 31 December 2021. Clinicum Alpinum AG was consolidated for the first time as per 31 December 2023. The consolidation of the Swiss subsidiaries occured as per 30 June 2023 at an exchange rate of CHF/EUR 1.0380. LIMES Prime GmbH was founded on March 5, 2024 as a shelf company for possible acquisitions.

Disclaimer

Limes Schlosskliniken AG published this content on 03 September 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 03, 2024 at 06:14:07 UTC.