82 MANAGEMENT REPORT FOR THE YEAR 2008 management report n We have comfortably achieved our growth targets and fully met expectations for revenues ( 2.13 billion) and net consolidated profit ( 122.6 million). n In the current global financial markets crisis we are building on a foundation of transparency, quality and integrity to further strengthen the trust placed in our Company. n Rising patient treatments (+6.7%), rising revenues (+5.2%), rising earnings (+10.3%) and rising cash flows (+11.9%) confirm the soundness and durability of our business model, also in times of crisis. n The Group's change from operator of hospitals to an integrated provider of healthcare services is in full swing. n Given that restructuring of facilities we have acquired since 2004 has been proceeding as planned, we have completely eliminated convergence risks Group- wide. From 2009, convergence profits will feed through to margins. SUMMARY In 2008, the turmoil on the financial markets crisis was unable to affect RHÖN-KLINIKUM AG either in its growth targets or its efficiency. Our business model has proven itself crisis-proof and stable. As in the past, we were able to raise our service volumes, revenues and earnings also in our twentieth year as a listed company. With revenues of 2.13 billion and a net consolidated profit of 122.6 million we met the expectations we had set for ourselves. We are satisfied with the restructuring successes achieved in 2008 on the whole, especially in the context of difficult frame- work conditions within the healthcare industry and in healthcare policy. In 2008 we succeeded throughout the Group in coping with all convergence risks in connection with the adjustment of individual facility prices to prices applying nationally. Future price rises will contribute to growth in margins. We have responded to the global loss of trust in securities and the abilities of managers that has accompanied the financial markets crisis externally, by proactively communicating our corporate transparency, and internally, by stringent compliance rules. Moreover, we have reinforced treatment quality Group-wide by introducing an additional system for reporting incidents of "near-miss malpractice" known as CIRS (critical incident reporting system). In the interest of ensuring higher planning certainty for our shareholders, we have modified our dividend policy: with immediate effect, we will pay a fixed