GÖTEBORG, Sweden, Oct. 11, 2018 /PRNewswire/ -- In light of
the ongoing public takeover offer from Ramsay Générale de Santé,
Capio announces preliminary quarterly results for the period
July-September 2018 ahead of the
preannounced date for the publication of the interim report on
October 30, 2018.
Preliminary quarterly results for the Capio Group:
- Continued strong development in the Nordics while France is improving in a weak market and
Germany under restructuring
according to plan
- Investments in digitalization of healthcare impacted the Nordic
segment by MSEK -12 (-2) in the quarter
- Net sales MSEK 3,816 (3,455). Organic sales growth 2.1% (2.2)
and total sales growth 10.4% (9.1)
- EBITDA* MSEK 189 (168) and margin 5.0% (4.9). EBITDA
increased by 13%
- EBITA* MSEK 66 (53) and margin 1.7% (1.5%). EBITA
increased by 25%
During July - September (Q3) 2018 net sales in the Group
amounted to MSEK 3,816 (3,455), which corresponds to a total sales
growth of 10.4% (9.1) and an organic sales growth of 2.1% (2.2).
EBITDA increased by 13% to MSEK 189 (168), corresponding to a
margin of 5.0% (4.9). EBITA increased by 25% to MSEK 66 (53),
corresponding to a margin of 1.7% (1.5). Q3 is the seasonally
weakest quarter for the Group, especially impacting the French and
German segments.
In the Nordic segment the strong development in line with
historical trends continues. All Swedish Business Areas are
contributing to the development. The investments in the
digitalization of healthcare continued and the result impact in
Capio Go and Capio Proximity Care of the new digital services was
MSEK -12 (-2) in Q3. The acquisition of Legevisitten was completed
on September 3, 2018 and the
acquisition contributes positively to the result in the quarter.
Net sales in the Nordic segment in the quarter amounted to MSEK
2,213 (2,007). Total sales growth was 10.3% (16.6) and organic
sales growth was 2.6% (4.3). EBITDA was MSEK 172 (153), which is an
increase of 12% and EBITA was MSEK 127 (107) which is an increase
of 19%. Adjusted for the result effect from the investment in
digitalization of healthcare, the increase in EBITDA was 19% and
the increase in EBITA was 28%.
The French segment had net sales of MSEK 1,331 (1,188) in
the quarter, which corresponds to an organic sales growth of 2.9%
(-0.8), partly impacted by two extra working days during the
quarter compared with the same period in 2017. EBITDA was MSEK 47
(29), which is an increase of 62% and EBITA was MSEK -20 (-31),
which was a 36% improvement. In general the French market has been
characterized by low volumes in the quarter. The two new hospitals,
La Croix du Sud in Toulouse and
Medipole in Lyon, will open at the
end of October and at the end of December respectively.
In the German segment net sales were MSEK 272 (260) in
the quarter, which corresponds to an organic growth of -4.8% (2.4).
EBITDA was MSEK -10 (6) and EBITA was MSEK -19 (-2) in the quarter.
In the General Hospitals action plans are implemented and new
medical teams are now in place in most hospitals to improve the
focus on Modern Medicine and reducing AVLOS. The Specialized
Hospitals are adjusting to the price reduction impacting parts of
the business as well as the shift from in- to outpatients.
The Operating cash flow in the quarter was MSEK -162 (-73). The
third quarter is normally the weakest quarter from a cash flow
perspective as production is lower in the vacation period and
seasonal effects are impacting working capital negatively. Net cash
flow was MSEK -623 (-143) and is mainly explained by the cash out
flow from the acquisitions of MSEK -362 (0) and paid non-recurring
items of MSEK -39 (-7).
As per September 30, 2018,
Operating Capital Employed amounted to MSEK 1,300 (1,008 as of
December 31, 2017) which corresponds
to 8.0% (6.6) of sales. Capital Employed was MSEK 10,408 (9,447 as
of December 31, 2017) and Return on
Capital Employed was 6.2% (7.0). Net debt amounted to MSEK 4,529
(3,691 as of December 31, 2017) which
corresponds to a financial leverage of 4.0x (3.3). If adjusted for
the full year effect of acquisitions the leverage is 3.8x (3.2).
The increase in leverage is mainly related to acquisitions and the
weak Swedish krona.
In Q4 2018 Capio will report costs in relation to the now
cancelled sale of the French operations to Vivalto including the
cost coverage-fee of up to MEUR 5.0, and non-recurring cost,
advisory and legal fees for the Ramsay GdS public cash offer.
A full interim report for the period January-September 2018 will be published as planned on
October 30th.
Contact:
Olof Bengtsson
CFO
Telephone: +46-761-18-74-69
E-mail: olof.bengtsson@capio.com
Kristina Ekeblad
IR manager
Telephone: +46-708-31-19-40
E-mail: kristina.ekeblad@capio.com
* EBITDA/EBITA: before amortizations of group surplus
values, restructuring and other non-recurring items and acquisition
related costs.
This is a non-official translation of the Swedish original
wording. In case of differences between the English translation and
the Swedish original, the Swedish text shall prevail.
This is information that Capio AB (publ) is obliged to make
public pursuant to the EU Market Abuse Regulation. The information
was submitted for publication, through the agency of the contact
person set out above, at 8:15 (CET) on October 11, 2018.
Capio AB (publ) is a leading, pan-European healthcare
provider offering a broad range of high quality medical, surgical
and psychiatric healthcare services through its hospitals,
specialist clinics and primary care units. Capio operates in five
countries; Sweden, Norway, Denmark, France and Germany. In 2017, Capio's 13,314 employees
(average full-time equivalents) provided healthcare services during
5.1 million patient visits across the Group's facilities,
generating net sales of MSEK 15,327. Capio operates across three
geographic segments: Nordic (57% of Group net sales 2017),
France (35% of Group net sales
2017) and Germany (8% of Group net
sales 2017). For more information about Capio, please see
www.capio.com.
This information was brought to you by Cision
http://news.cision.com
http://news.cision.com/capio-ab/r/capio-publishes-preliminary-quarterly-results-for-the-period-july-september-2018,c2642071
The following files are available for download:
http://mb.cision.com/Main/277/2642071/924758.pdf
|
PDF
|