109CONSOLIDATED TREND MANAGEMENT REPORT Our finance management has to deal with the com- peting goals of securing liquidity, minimising risk, and ensuring profitability and flexibility. In this re- gard, top priority is given to securing liquidity with the objective of fixing terms at matching maturities and in line with the Company's planning and project horizon. Apart from internal cash flows, various credit lines which are provided by several financial institutions and are independent from one another are available in sufficient volume to secure liquidity. Any temporary cash investments are performed on extremely conservative terms. The next objective is to limit financial risks. These can arise in the form of follow-on financings and interest rate fluctuations. The business model of RHÖN-KLINIKUM AG is oriented to the long term. For this reason we regularly secure our financing require- ments long-term to minimise the risk of refinancing. We use interest hedging transactions to limit the risk arising from fluctuating interest rates. In this way we make our interest expense predictable in the medium term. With regard to the objective of profitability, we seek to optimise returns. We manage our financing structures using the follow- ing key financial ratios: Key financial ratios Target value 2009 2008 Net debt to banks/ EBITDA 3 1.4 2.3 EBITDA/ net interest expenditure 6 12.2 9.0 Our internal financing strength has increased sig- nificantly. Compared with the same period last year, cash flow rose by 24.5 million or 11.5% to reach 238.3 million (previous year: 213.8 million). The Group's financial structures were boosted sig- nificantly as a result of the capital increase. As at the balance sheet date, we have available credit lines as well as liquidity available in the short term amount- ing to over 500 million. Our medium-to-long-term financing requirement is monitored continuously, and negotiations relating to follow-on contracts are taken up well in advance. Giving due regard to all the circumstances of finan- cial year 2009, the Board of Management makes the following overall statement on the Group's economic position: Nearly all of the Group's hospitals succeeded in rais- ing their service volumes, earnings strength and effi- ciency in compliance with all existing market regula- tions. Thanks to the growth in internal financing and the expansion in the equity basis from the capital increase, the Company's financial stability has im- proved substantially. The initial basis for a signifi- cant growth phase has been created. Net financing debt stands at 16.6% and the equity ratio at 59.0% of the adjusted balance sheet total. The Group's better financial basis was recognised by the rating agency Moody's in February 2010 with an upgrade in the rating from Baa3 to Baa2. INVESTMENTS Aggregate investments of 545.8 million (previ- ous year: 358.2 million) in financial year 2009 are shown in the following table: Use of grants Use of own funds Total m m m Current capital expenditure 41.4 291.1 332.5 Hospital takeovers 90.0 123.3 213.3 Total 131.4 414.4 545.8 During financial year 2009, we invested a total of 545.8 million (previous year: 358.2 million) in intangible assets, in property, plant and equip- ment as well as in investment property. Of this total, 131.4 million (previous year: 79.3 million) relates to grants under the Hospital Financing Act (KHG) re- flected as a deduction from costs. In the consolidated financial statements we report net investments of 414.4 million (previous year:
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