October – December 2015 · Net sales were MSEK 3,512 (3,452). Organic sales growth was 2.7% (3.2) and total sales growth was 1.7% (5.2) · Operating result (EBITDA) was MSEK 285 (293)[1] with an operating margin of 8.1% (8.6)[1]. EBITDA decreased by -2.7% on an adjusted basis · Operating result (EBITA) was MSEK 179 (181)[1] with an operating margin of 5.1% (5.3)[1]. EBITA decreased by -1.1% on an adjusted basis · Earnings per share[2] was SEK 0.88 (-0.65) and adjusted earnings per share[2] was SEK 0.90 (1.13) January – December 2015 · Net sales were MSEK 13,486 (13,200). Organic sales growth was 2.9% (4.0) and total sales growth was 2.2% (6.3) · Operating result (EBITDA) was MSEK 1,001 (972)[1] with an operating margin of 7.4% (7.4)[1]. EBITDA increased by 3.0% on an adjusted basis · Operating result (EBITA) was MSEK 592 (544)[1] with an operating margin of 4.4% (4.1)[1]. EBITA increased by 8.8% on an adjusted basis · Earnings per share[2] was SEK 1.45 (-0.04) and adjusted earnings per share[2] was SEK 2.44 (2.29) · Proposed dividend SEK 0.50 per share (0.00) · Proposal to issue a convertible debenture loan to employees [1] For reported numbers for 2014 refer to page 2. Refer to page 30 for definitions of EBITDA and EBITA. [2] Earnings per share and adjusted earnings per share before and after dilution were the same. Refer to note 2 for calculations of earnings per share. CEO comments: “Capio Nordic and Capio Germany continued with good margin improvement – in Capio France all but four out of 22 hospitals have together fully compensated for the government’s price reduction and two national strikes in the private healthcare sector.” We have a clear strategy and focus: In continental Europe, Modern Medicine is driving Rapid Recovery with shorter treatment times and a higher proportion of outpatient treatments. In the Nordics, Modern Management will increase the direct patient time for medical staff thus driving higher productivity through empowered people. In financial terms this translates for the Group into 2.9% organic sales growth for the full year (2.7% in the quarter) and an improvement in adjusted operating result (EBITA) of 8.8% (-1,1% in the quarter). The operating margin was 4.4% in 2015 (4.1% in 2014)[1]. In the Nordics the focus is on more patient time for doctors and nurses through less administrative duties. Several projects are currently under implementation in order to speed up this development in 2016. Organic sales growth was 4.6% for the full year (4.1% in the quarter) and the adjusted operating result (EBITA) was up 20.6% (22.5% in the quarter). There was good sales growth and positive development of operating results in Capio St. Göran’s Hospital, Specialist Clinics and Norway. In order to increase productivity (more visits per doctor and nurse) within Proximity Care, a program has been initiated during the fourth quarter resulting in a staff reduction of 90 FTEs (out of ~2,000), of which the majority relates to temporary staff positions. The number of listed patients is foreseen to remain stable or grow slightly. Half the program is effective from January 2016 and the remaining reductions are planned to come gradually over the year. In France the number of patients operated on increased by 2.2%, including a 6.1% outpatient growth and a -5.0% inpatient decrease in 2015. This means that we are successful in Rapid Recovery moving patients from in- to outpatient treatments in line with our strategy. The share of outpatients operated on increased by 2 p.p. compared to 2014 and corresponded to 67% out of the total number of patients operated on. The average outpatient surgery rate in French hospitals was 45% in 2014. We have also seen that the average length of stay (AVLOS) is continuing to decrease with 2.9% for comparable DRGs (Diagnosis Related Groups) within MSO (Medicine, Surgery and Obstetric) during the year. The total patient growth of almost 4% has been achieved with only a 2% increase in staff. The newly opened Belharra hospital in Bayonne has developed according to plan. The ongoing integration of the Parisis hospital impacted the result negatively during the second half of the year with the bulk of the integration costs now taken. In the fourth quarter there was a short political strike among doctors protesting against certain government actions. The French government made an unusually large general price reduction of 2.5% on medical sales from March 1, 2015. In December the Government also withdrew an expected price reimbursement, which also impacted the quarter negatively. All but four hospitals out of 22 have together fully compensated for the negative effects from both prices and strikes during the year. These four hospitals, where the Tonkin hospital in Lyon and the Cèdres hospital in Toulouse are the most significant, are under intense treatment of organization, management and medical development resulting in higher productivity. Organic sales growth in Capio France of 0.7% in 2015 (0.9% in the quarter) included the above mentioned effects and the strike effects in the first and fourth quarters. In 2015, the adjusted operating result (EBITA) was down with 8.9% (-32.0% in the quarter) also reflecting the above mentioned effects. In Germany the organic sales growth was 2.0% for the full year (2.1% in the quarter) and operating result (EBITA) was up with 34.5% in 2015 (68.4% in the quarter), reflecting mainly an improved performance in the Dannenberg hospital. Thomas Berglund President and CEO Presentation of the full year report Investors, analysts and media are invited to participate in a telephone conference on February 12, 2016 at 15.00 (CET). President and CEO Thomas Berglund and CFO Olof Bengtsson will present the report and answer questions. The telephone conference will be audio casted live on www.capio.com. To participate in the telephone conference, please register at www.capio.com (http://edge.media-server.com/m/p/eq24p3pb) and dial in five minutes prior to the start of the conference call. Sweden: + 46 8 566 426 90 UK: + 44 2030 089 801 US: +1 646 722 48 97 Finland: +35 898 171 04 91 France: +33 170 72 15 41 Prior to the start of the telephone conference, presentation slides will be available at www.capio.com. A recorded version of the audio cast will be available at www.capio.com during the afternoon (CET). For further information Thomas Berglund, President and CEO Telephone: +46 733 88 86 00 E-mail: thomas.berglund@capio.com Olof Bengtsson, CFO Telephone: +46 761 18 74 69 E-mail: olof.bengtsson@capio.com Kristina Ekeblad, Investor Relations Manager Telephone: +46 708 31 19 40 E-mail: kristina.ekeblad@capio.com Henrik Brehmer, SVP Corporate Communications and Public Affairs Telephone: +46 761 11 34 14 E-mail: henrik.brehmer@capio.com For further information regarding Capio’s IR activities, refer to www.capio.com (http://www.capio.com/investors) Capio AB (publ) discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 13.30 (CET) on February 12, 2016. About Capio Capio AB (publ) is a leading, pan-European healthcare provider offering a broad range of high quality medical, surgical and psychiatric healthcare services in four countries through its hospitals, specialist clinics and primary care units. In 2015, Capio’s 12,360 employees provided healthcare services during 4.6 million patient visits across the Group’s facilities in Sweden, Norway, France and Germany, generating net sales of MSEK 13,486. Capio operates across three geographic segments: Nordic (54 percent of Group net sales 2015), France (38 percent of Group net sales 2015) and Germany (8 percent of Group net sales 2015). For more information about Capio, please see www.capio.com.
Capio AB (publ) Full year report January – December 2015
| Source: Capio AB
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