Offenburg, January 19, 2024

MEDICLIN reports result of portfolio review: Sale of MEDICLIN Herzzentrum Coswig likely
 

• MEDICLIN close to the sale of the MEDICLIN Herzzentrum Coswig  
• Agreement reached on key points with potential buyer, sale is highly probable
• Goodwill impairment leads to reduced EBIT forecast for 2023
• "A further step towards the consequent realisation of our strategy to become the leading post-acute provider in Germany."

Sale of the MEDICLIN Herzzentrum Coswig

MEDICLIN Aktiengesellschaft (“MEDICLIN”) is close to the sale of the MEDICLIN Herzzentrum Coswig, Coswig.  An agreement on all key points has already been reached with the potential buyer. The sales process is in the final phase and is assumed to be more likely than not. MEDICLIN had initiated a portfolio review in 2023, as a consequence of which the MEDICLIN Herzzentrum Coswig is to be sold. The first quarter of 2024 is expected to be a possible transition date for the facility.

"We have developed a clear strategy over the past year. Our goal is to become the leading post-acute provider in Germany. We are convinced that the potential new owner will offer the MEDICLIN Herzzentrum Coswig a very good perspective as part of a regional network, so that it can fully exploit and further develop its excellent medical potential and thus also give all employees secure and good prospects for the future,” says Dr Joachim Ramming, CEO of MEDICLIN.

Impairment of goodwill

As part of the sales process, impaired goodwill was identified for the MEDICLIN Herzzentrum Coswig. There will be an impairment depending on the final purchase price, which, together with additionally identified impaired goodwill for two other facilities in the acute segment, will lead to a total negative impact on Group-EBIT of around EUR 30 million for the year 2023. In the 2023 consolidated financial statements, the facility to be sold will be reported as an "asset held for sale" in accordance with IFRS 5.

New EBIT guidance for 2023

The mentioned impairment losses, which total approximately EUR 30 million for the three facilities, will have a negative impact on Group-EBIT for the year 2023. The annual EBIT forecast of EUR 36-38 million specified in the interim report for the third quarter of 2023 will therefore not be achieved. The Management Board of MEDICLIN now assumes an Group-EBIT of EUR 10-15 million for the year 2023.

 "We have identified a need for impairment totalling around EUR 30 million in the acute segment. The lion's share of this relates to the MEDICLIN Herzzentrum Coswig, which is to be sold. The impairment losses will have a one-off negative impact on our earnings, although our liquidity position will not be affected. Group-EBIT for 2023 is expected to amount to EUR 10-15 million," comments Tino Fritz, CFO of MEDICLIN.


About MEDICLIN Aktiengesellschaft (Ticker: MED; WKN: 659 510)
MEDICLIN includes 32 clinics, six care facilities and ten medical care centers. The Group has around 8,300 beds/care places and employs around 10,000 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