101 GROUP MANAGEMENT REPORT COMPANY ON THE MOVE REPORT OF THE BOARD OF MANAGEMENT CORPORATE RESPONSIBILITY CONSOLIDATED FINANCIAL STATEMENTS FORECAST REPORT entities will be transferred to Fresenius / Helios. As at the key date of 31 December 2013, the assets and liabilities held for sale will be reported separately on the Group balance sheet under the items "Assets held for sale" and "Liabilities held for sale" applying IFRS 5. In this regard we refer to the disclosures in the Notes to this Annual Report. We are not able to assess the financial impact of this event after the balance sheet date. In the stand-alone annual financial statements of RHÖN- KLINIKUM AG, a net distributable profit for financial year 2013 of 1,704.5 million is reported. This net distributable profit arises from part of the sold hospitals for which the conditions of profit realisation were met as on the key date. Apart from that, no particularly significant events have occurred since 31 December 2013 that are expected to have a material influence on the net assets, financial posi- tion and results of operations for the Group of RHÖN- KLINIKUM AG. 4 FORECAST REPORT 4.1 STRATEGIC OBJECTIVES We are focusing on expanding competencies oriented on science-driven medical care while remaining one of the largest hospital operators in Germany. Our high level of investments, which were financed from the surpluses generated by our hospitals, is what forms the basis of sustainable, efficient and thus also affordable hospital care. In this regard we deliberately focus on the real needs of patients and create the basis for the patient- oriented, accessible medical care of tomorrow. In future also, sound organic and acquisition-driven growth will be the main factor behind the Group's devel- opment. Within the bounds set by legislation within the German healthcare system, organic growth is possible only to a limited extent. We will not lose sight of the qualitative and quantitative broadening of our service offering at our existing sites. Together with co-operation partners we are seeking to establish in our regions a full-coverage healthcare net- work. Within our Group we will consistently promote the trans- fer of knowledge between our university hospitals in Gießen and Marburg as well as our other scientific sites. All our hospitals are to have access as quickly as possible to the latest scientific findings implemented in diagnosis and treatment procedures. 4.2 ECONOMIC AND LEGAL ENVIRONMENT Based on recent events in Europe, the outlook for the fur- ther trend in the German economy is uncertain. The eco- nomic outlook for the euro zone continues to be on a downward trend given its risks. Leading economic insti- tutes expect gross domestic product within the euro zone to see a further slight decline. A sustained stabilisa- tion would be possible only if the countries actually suc- ceeded in implementing the planned reform and if the political situation stabilised. According to forecasts for 2013, the statutory health insur- ance funds and the Central Health Fund are once again witnessing record surpluses. Given changes in demographics, we expect demand for hospital services to continue to rise in the current year 2014 and in the coming years. However, this rising de- mand is not being fully reflected in terms of remunera- tion since under the well-known statutory provisions price discounts have to be accepted for surplus service volumes demanded and rendered ­ irrespective of whether or not these have been agreed. On the cost side we expect that the year 2014 will also see significant rises in wages and the cost of materials of over 2% to 3% which will not be offset on the revenue side. The remuneration of hospitals did see a slight improve- ment with the new provisions on the orientation value (Orientierungswert) introduced at the beginning of Au- gust 2013. The purpose of the orientation value, to be cal- culated by the German Federal Statistical Office (Destatis) from the trend of various cost components, is to define the scope of price adjustments for hospital services. Origi- nally, it was to completely replace the rate of change in aggregate income (Grundlohnrate) as the assessment ba- sis. Under the new provision, however, the orientation value is compared with the rate of change in aggregate income, with the higher value being applied. For 2014 the rate of change in aggregate income will be applied.
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