6 TO OUR SHAREHOLDERS THE STOCK MARKETS IN 2009 The aftermath of the global financial and economic crisis continued to weigh heavily on the capital mar- kets in 2009. The most important stock markets sus- tained high losses starting from January and bottom- ing out at the beginning of March 2009, after which a powerful market recovery on the back of state in- tervention measures was witnessed. These took the form of economic stimulus packages and policies of low interest rates. The German leading index DAX® , for example, rose over the year by 23.8 per cent to 5,957.43 points, with the second-tier-stock index MDAX® climbing by 34.0 per cent to reach 7,507.04 points. PERFORMANCE OF RHÖN-KLINIKUM SHARE WAS STABLE, BUT LAGGED BEHIND RECOVERY OF THE MDAX® In the spring of 2009, the share of RHÖN-KLINIKUM AG largely escaped the massive slide in share prices on the stock markets. At year-end the share price was quoted at 17.12 euros, which translates into a moderate price gain of 0.3 per cent over the year. With a volatility of 27.7 per cent, the share was rela- tively stable compared with the other MDAX® stocks (31.4 per cent). However, the RHÖN-KLINIKUM share lagged behind the positive trend of the MDAX® . As at 31 December 2009, the RHÖN-KLINIKUM share ranked 7th (previous year: 6th ) by capitalisation in the MDAX® in which it has a weighting of 3.5 per cent. At year-end, the 138.23 million non-par shares in issue had a market capitalisation of 2.37 billion euros (previous year: 1.77 billion euros). This rise is also attributable to the capital increase performed on 6 August 2009. A total of 104.9 million RHÖN-KLINIKUM shares (+2.0 per cent), or nearly 1.7 billion euros, were traded on the German stock exchanges (including the Xetra® ) during reporting year 2009. Intraday trading volume averaged roughly 415,537 non-par shares or 6.5 million euros, with Xetra® trading accounting for 97.5 per cent. The operative business of RHÖN-KLINIKUM AG is not affected by the financial markets crisis. Our finan- cial structures have been considerably strengthened by the capital increase in a total gross volume of 460 million euros. We are not affected by the credit crunch being experienced by small and medium- sized enterprises (SMEs) and do not have any bor- rowing difficulties. RHÖN-KLINIKUM AG, particularly in times of crisis, is seen by lenders as a safe invest- ment opportunity. From a strategic perspective we see tremendous opportunities in the current economic situation be- cause the financial manoeuvring room of munici- pal hospital operators is narrowing as tax revenues 20 40 60 80 100 120 140 J F M A M J J A S NO D 5 10 15 20 25 % RHÖN-KLINIKUM share on a short-term comparison ... 400 200 600 1,000 800 1,200 5 15 10 20 25 89 91 93 95 97 99 01 03 0705 09 % ... and a long-term comparison with the MDAX® THE RHÖN-KLINIKUM SHARE Low volatility despite difficult times Board of Management and Supervisory Board propose dividend of 0.30 per share RHÖN-KLINIKUM share ®MDAX
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