Financial results
Our operating income was once again higher than in previous years (increase of approximately € 104 million (6.75%)). This increase is partially due to higher proceeds from care services (e.g. Indexation and expensive drugs) and partially to an increase in other revenue (settlements from previous years, externally funded research projects and higher revenue from consolidated entities). Healthcare revenues in 2023 contrary to previous years were influenced to a limited extent by COVID-19. The settlement of the subsidy from the Ministry of Health for the upscaling of IC related to COVID-19 over the years 2020, 2021 and 2022 made a positive contribution of € 29.3 million on operating income.
As opposed to the increase in operating income, there were also higher costs. Our staff costs went up 7,5% from 2022 (increase of approximately € 61,5 million). The increase in staff costs is mainly due to CLA developments.
On balance, these developments have led to a consolidated result of € 58,8 million. This is approximately € 29.3 million more than the consolidated result for 2022 and approximately € 57,7 million more than the budget for 2023. This result is due especially to a cumulation of incidental income and expenses that came out positively in terms of balance. In terms of budget, the following incidental assets were recorded: availability contribution from the Ministry of Health for ICU capacity € 10.8 million and COVID-19-related special revenues from previous years € 10.8 million.
The increased income and expenses from expensive drugs and externally funded research projects contributed only slightly to the increase in result.
For these developments, income and expenses were more or less equal to each other. The annual increases in the cost of expensive drugs underline the importance of all projects and initiatives undertaken to mitigate this increase. An important initiative here pertains to the agreement that the Dutch Federation for University Medical Centers (NFU) made with health insurers regarding transformation funds.
The result was added as a whole to our equity capital. This enabled us to maintain our healthy equity position. Our financial ratios went up slightly compared to previous years and remain healthy. We thereby amply meet the minimum requirements agreed with our banks in terms of capital ratio and Debt-Service Coverage Ratio (DSCR). At the end of 2023 the positive cash balance was € 466 million. We expect that with the implementation of our Strategic Housing Development Vision (SOH) it will become essential to attract additional funding as from 2026.
Consolidated participating interests had a positive impact on our result on balance of about € 7.2 million. This effect is mainly due to the sale of our shareholding in JCR BV. The Executive Board intends to use resources from the proceeds of the sale of the shares to ensure the continuity of clinical research.
