Genolier Swiss Medical Network (GSMN) / Final Results/Final Results Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Genolier Swiss Medical Network enjoys profits again in 2008 EBITDA increases by 144% to CHF 10.5 million Genolier Swiss Medical Network (GSMN.SW) published its 2008 Annual Report today. This is the first fiscal year comprising Healthcare activities only. Turnover increased by 9.5% to CHF 127.8 million (2007: CHF 116.7 million) and EBITDA by 144% to CHF 10.5 million (2007: CHF 4.3 million). With a net gain of CHF 164,000, GSMN (formerly known as AGEFI Groupe or Agen Holding) thus puts an end to a trend of negative results since 2001. The Publishing Division AGEFI, sold in March 2009, still brings these results down by more than CHF 1.1 million. The disposal of the majority of the Publishing Division will generate an extraordinary gain of almost CHF 3 million in 2009. Results as at 31 December 2008 show a strong performance compared to 2007 and confirm GSMN's capacity to restructure and manage clinics. A noticeably higher turnover, a decrease of more than CHF 2.5 million in payroll costs, and effective cost control allowed GSMN to generate operating income of more than CHF 3 million (compared to a loss of almost CHF 2 million in 2007). Stripping out the loss of CHF 1 million linked to its publishing activities, the company would report a net income of CHF 1.3 million. The operating cash flow of the remaining activities amounts to CHF 11.5 million, up 104%. All entities (Clinique de Genolier, Clinique Valmont-Genolier, Clinique de Montchoisi and Clinique Générale) generated cash flow. The Group initiated a cost savings plan in 2007. The administrative centre in Signy was closed, and each clinic set up its own integrated accounting service. Several services, such as medical analysis (FuturLab) and cleaning (ISS) and laundry services (Lavotel), were outsourced and entrusted to specialized companies. These measures allowed a payroll reduction of more than CHF 2.5 million, and the set-up of a decentralized administrative structure allows the absorption of new entities without significantly increasing costs. The current financial crisis particularly affects our foreign patients. This adverse effect has been, and will be, offset by diversifying our patient sources and by prospecting new markets. Developing a local and regional clientele remains our priority. In 2009, GSMN will continue to step up its communication and awareness policy among physicians and the public. Including income from the Centre médico-chirurgical des Eaux-Vives, GSMN forecasts a turnover of almost CHF 145 million in 2009, but expects a more difficult economic and legal environment in the coming years. The LAMal reforms, slated to take effect in 2012, could have negative consequences if no initiatives are undertaken by private clinics at the national or cantonal level. Our growth policy encourages both organic growth and the pursuit of new partnerships and acquisitions. This policy led to the acquisition of the Centre médico-chirurgical des Eaux-Vives (CMEV), an outpatient consultation and radiotherapy center. The transaction was finalized on 17 March 2009 and financed through the issuing of 560'000 GSMN shares from the authorized capital. CMEV enjoyed turnover of CHF 8 million and EBITDA of CHF 1.4 million in 2008. This Centre is expected to bring in CHF 10 million in 2009 and almost CHF 12 million in the mid-term. Construction of our secure medical residence, Les Hauts de Genolier, is completed and the residence will open this summer. Clinique de Genolier will be in charge of the medical services of this residence, which features 63 junior suites. In 2010, Clinique de Montchoisi will be equipped with a new Radiology Centre as well as an underground car park, both of which will favour its growth. Negotiations are underway with Privatklinik Bethanien in Zurich. If successful, it will become the network's first clinic in German-speaking Switzerland and a development platform for GSMN in this region. Through a letter of intent, GSMN has a 3-month period to carry out exclusive negotiations with Privatklinik Bethanien and foresees the acquisition of at least 90% of its capital. Completion of the deal is scheduled for late June 2009. The potential integration of this clinic, whose yearly turnover nears CHF 50 million, would be an additional step towards the realization of GSMN's long-term vision: the creation of a network of private clinics present in several cantons in all regions of Switzerland. Following the disposal of the Publishing Division AGEFI, Genolier Swiss Medical Network also announces an amendment to the list of the members of Senior Management as per the directive on information relating to Corporate Governance and Article 74a para. 1 of the Listing Rules of the Swiss Exchange (SIX). Senior Management is now made up of Antoine Hubert (CEO), Georges Gard (CFO), Louis Martin (COO) and Valérie Dubois-Héquet (Chief Sales Officer). A press conference will take place this morning at 10:00 am at the Warwick Hotel, 14 rue de Lausanne, in Geneva. The Annual Report is available online (www.gsmn.ch). GSMN (Genolier Swiss Medical Network) AG is the leading private hospital network in French-speaking Switzerland. Its growth strategy is focused on building a national network by acquiring clinics and integrating their operations. GSMN's main goal is to provide premium hospital care to Swiss and foreign patients. GSMN stands out from other healthcare providers through its high-quality services, brand value, pleasant working environment and an experienced and entrepreneurial management team. GSMN currently manages 5 fully-owned private facilities in its portfolio (Clinique de Genolier, Clinique de Montchoisi, Clinique Valmont-Genolier, Clinique Générale and Centre médico-chirurgical des Eaux-Vives), with 338 operating beds and more than 200 additional licensed beds, offering the potential for significant organic growth. In 2009, GSMN forecasts turnover of more than CHF 145 million. The Group is listed on the Main Segment of the SIX Swiss Exchange (GSMN.SW). For more information: GSMN press service Media Impact - Gérard Sermier Rue de Lausanne 42 ‐ 1201 Geneva Tel +41 (0)22 732 59 97 ‐ Fax +41 (0)22 738 62 01 info@mediaimpact.ch 28.04.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------