110 MANAGEMENT REPORT ADDENDUM 2009 278.9 million). Assets acquired on takeovers ac- counted for 123.3 million (previous year: 3.6 mil- lion) and current capital expenses for 291.1 million (previous year: 275.3 million) of total net invest- ments during the year under review. Investment for hospital takeovers was attributable entirely to the acquisition of the MEDIGREIF group. As at the balance sheet date there are still purchase price payments outstanding of 0.5 million. An analysis of investments in 2009 by region is given below: m Baden-Wuerttemberg 8.1 Bavaria 50.0 Brandenburg 4.7 Hesse 121.8 Lower Saxony 81.7 Mecklenburg-West Pomerania 101.8 North Rhine-Westphalia 2.9 Saxony 23.6 Saxony-Anhalt 120.3 Thuringia 30.9 Total investment 545.8 Deduct: grants under KHG 131.4 Net investment 414.4 Under company purchase agreements we still have outstanding investment obligations of 277.7 million until 2012. These obligations for the most part relate to new hospital buildings or refurbishments of exist- ing hospital buildings, as well as investments in medi- cal technology, which are slated to come on stream in 2012. ADDENDUM 2009 During the first two months of 2010, share prices for the most part moved sideways. The price of the RHÖN-KLINIKUM share remained stable within a range of 17.18 ­ 19.06. These fluctuations in the share price were disproportionately moderate com- pared with the DAX® and MDAX® indices. The positive trend in service volumes of the year 2009 continued without interruption in the first two months of financial year 2010. We are firmly con- vinced that, assuming normal business performance also in 2010, we will generate organic growth in ser- vice volumes of up to 5% which may translate into revenues growth of up to 3%. We steadfastly pursued our integration and restruc- turing efforts. With our subsidiaries we have begun to implement a list of binding measures to raise per- formance and efficiency. On 18 February 2010 the rating agency Moody's, rec- ognising our significantly improved financial base, upgraded the rating of RHÖN-KLINIKUM AG from Baa3 to Baa2. The rating was issued with a stable outlook. On 4 March 2010, RHÖN-KLINIKUM AG success- fully placed on the market a bond with a volume of 400 million and a maturity of six years. The bond's coupon is 3.875% at an issue price of 99.575%. The issue proceeds will be used to refinance existing fi- nancial liabilities as well as for general company pur- poses. The bond was oversubscribed by more than twelve times. It was subscribed by 350 investors from over 25 countries. A listing on the Luxembourg Stock Exchange is planned. OUTLOOK STRATEGIC OBJECTIVES We wholly maintain our successful growth strategy with the goal of establishing a full-coverage health- care network with integrated outpatient and inpa- tient structures in Germany. To this end we are striv- ing to steadily expand and network our facilities in the outpatient and inpatient areas. We are seeking to gradually get closer to realising our goals through medical performance networks and partnerships. Our restructuring expertise as well as our innovative strength are the mainstays of our care and growth concept. We will steadily work towards further developing our business model from that of a classic hospital op- erator to integrated healthcare provider. In this way we secure high-quality medical care within our hos- pital network, win the trust of patients and put our- selves in the position to achieve further increases in revenues and earnings. Within the bounds set by
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