Genolier Swiss Medical Network (GSMN): revenues of CHF 139.5 million in 2009

Genolier Swiss Medical Network (GSMN) / Preliminary Results/Preliminary Results

26.02.2010 07:31

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Third quarter activities affected by restructuring measures and building
works on two clinics.

Genolier Swiss Medical Network (GSMN) generated revenues of CHF 139.5
million in 2009, a 9% improvement on 2008 and a 3.6% like-for-like
increase. Ongoing restructuring measures impacted on activities at Clinique
Valmont and Clinique de Montchoisi in the second half of the year. The
Centre medico-chirurgical des Eaux-Vives (CMEV), acquired in March 2009,
contributed CHF 6.9 million to Group revenues in 2009. With the acquisition
of Privatklinik Bethanien on 1 January 2010, the Group is aiming to realise
around CHF 200 million in revenues for the 2010 financial year.

Clinique de Genolier and Clinique Générale in Fribourg increased revenue by
6% and 10.5% to CHF 74 million and CHF 27.5 million respectively. Clinique
Valmont, which abandoned its cardiology rehabilitation activities for
strategic reasons in August 2009, saw a fall in revenues to CHF 13.5
million (CHF 15.5m). Nevertheless, revenues from the neurological and
orthopaedic rehabilitation activities that the clinic continues to offer
increased sharply. The restructuring is therefore expected to have a
positive effect on future profitability.

An extension is being built at Clinique de Montchoisi, aimed to house its
radiology service and a car park. The works began in July 2009 and caused a
15-day interruption of activities at the clinic. They are due to be
completed in October 2010. On completion, Clinique de Montchoisi will be
easily accessible to patients and doctors alike, and will also feature
state-of-the-art equipments. A restaurant will also be opened for patients
and the public, bringing facilities into line with those of the rest of the

Privatklinik Bethanien in Zurich, for which an agreement was finalized in
November 2009, was consolidated into GSMN on 1 January 2010. Bethanien
earned CHF 52.5 million in revenues in 2009 and is expected to contribute
approximately 25% of GSMN's projected revenues of CHF 200 million for 2010.
Genolier Swiss Medical Network will publish its full results and Annual
Report for the 2009 financial year on Thursday 29 April 2010.

Genolier Swiss Medical Network AG (GSMN) 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 through its high-quality services,
brand value, congenial working environment and an experienced and
entrepreneurial management team. GSMN currently manages 6 private
facilities (Clinique de Genolier, Privatklinik Bethanien, Clinique de
Montchoisi, Clinique Valmont, Clinique Générale and Centre
medico-chirurgical des Eaux-Vives), with 561 admitting physicians and 781
employees. The Group is listed on the Main Segment of the SIX Swiss
Exchange (GSMN.SW).

Press Service
Delia Panchard 
Responsable RP & Presse
Tél. 022 366 92 87

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