July – September 2015 · Net sales were MSEK 3,055 (3,020). Organic sales growth was 2.3% (4.2) and total sales growth was 1.1% (6.6) · Operating result (EBITDA) was MSEK 188 (184)1 with an operating margin of 6.2% (6.1)1. EBITDA increased by 2.2% on an adjusted basis · Operating result (EBITA) was MSEK 86 (79)1 with an operating margin of 2.8% (2.6)1. EBITA increased by 8.9% on an adjusted basis · Earnings per share2 was SEK 0.20 (-0.25) and adjusted earnings per share2 was SEK 0.32 (0.24) January – September 2015 · Net sales were MSEK 9,974 (9,748). Organic sales growth was 2.9% (4.3) and total sales growth was 2.3% (6.7) · Operating result (EBITDA) was MSEK 716 (679)1 with an operating margin of 7.2% (7.0)1. EBITDA increased by 5.4% on an adjusted basis · Operating result (EBITA) was MSEK 413 (363)1 with an operating margin of 4.1% (3.7)1. EBITA increased by 13.8% on an adjusted basis · Earnings per share2 was SEK 0.53 (0.61) and adjusted earnings per share2 was SEK 1.52 (1.17) 1 For reported numbers for 2014 refer to page 4. Refer to page 28 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 continue to improve – Capio France is on track to compensate for the government’s price reduction.” 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 in the first nine months (2.3% in the quarter) and an improvement in adjusted operating result (EBITA) of 13.8% (8.9% in the quarter). 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 4.8% in the first nine months (4.2% in the quarter) and the adjusted operating result (EBITA) was up 19.8% (17.6% 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 Proximity Care there is a very strong focus on increasing the time for patients through more doctor visits per day among other actions. In France the number of patients operated on increased by 2.5%, including a 6.7% outpatient growth and a -5.2% inpatient decrease in the first nine months. 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 has increased by 3 p.p. compared to the first nine months in the previous year 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 -2.5% for comparable DRGs (Diagnosis Related Groups) within MSO (Medicine, Surgery and Obstetric) during the first nine months. The French government made a general price reduction of -2.5% on medical sales from March 1, 2015. In the third, seasonally weak, quarter net sales were negatively impacted by this price reduction. Productivity improvements almost compensated for the price reduction in the quarter. The opening of the Belharra hospital in Bayonne and the ongoing integration of the Parisis hospital impacted the result negatively in the quarter. The organic sales growth in Capio France of 0.6% in the first nine months (-0.7% in the quarter) includes the above mentioned effects and the strike effect from the first quarter. For the first nine months, the adjusted operating result (EBITA) was slightly up with 2.4% (-27.6% in the quarter) reflecting that the price reduction was almost compensated for. In order to mitigate the negative price effect, Capio France has, from the first quarter 2015, put several programs in place to speed up the implementation of Modern Medicine driving Rapid Recovery. The programs are not yet fully up to speed, but are expected to have full effect in 2016. In Germany the organic sales growth was 2.0% (4.1% in the quarter) and operating result (EBITA) was up with 16.7%, reflecting an improved performance in the general hospitals, mainly the hospital in Dannenberg. Thomas Berglund President and CEO Presentation of the interim report Investors, analysts and media are invited to participate in a telephone conference on November 4, 2015 at 9.30 am (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/qdqoxxed) and dial in five minutes prior to the start of the conference call. Sweden: + 46 8 566 426 63 UK: + 44 20 342 814 16 US: +1 855 753 22 35 Finland: +358 981710491 France (toll free): 0805980143 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 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/investors (http://www.capio.com/investorrelations) 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 08.00 (CET) on November 4, 2015. 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 2014, Capio’s 12,357 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 13,200. Capio operates across three geographic segments: Nordic (54 percent of Group net sales 2014), France (37 percent of Group net sales 2014) and Germany (9 percent of Group net sales 2014). For more information about Capio, please see www.capio.com (http://media.ne.cision.com/l/ewcdzuqo/www.capio.com/).
Capio AB (publ) Interim Report January – September 2015
| Source: Capio AB
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