Interim report January June 2015

Transcription

1 Interim report January June 205 Telephone conference July 2, 205 Thomas Berglund, CEO Olof Bengtsson, CFO

2 Stable improvements in sales growth and operating results in all segments Highlights - January-June 205 Stable development in H 205 with 3.2% organic sales growth, 6.7% EBITDA growth and 5.% EBITA growth Modern Medicine driving Rapid Recovery with shorter AVLOS in continental Europe Modern Management increases patient time for medical staff driving higher productivity in the Nordics Capio listed on Nasdaq Stockholm June 30, 205 long term ownership increased transparency access to capital For reported numbers for 204 refer to page 4 in the published Interim report and refer to page 27 for definitions of EBITDA and EBITA. Set to speed up change in European healthcare Capio AB (publ) 2

3 Group financial development Capio Group APR - JUN JAN - JUN FULL YEAR Change, % Change, % RTM 204 Reported net sales 3,44 3,357 6,99 6,728 3,39 3,200 Exchange rate difference Divestments and other items impacting comparability, Adjusted net sales 3,44 3, ,99 6, ,338 3,26 Total sales growth, % Organic sales growth, % Reported operating result (EBITDA) ,028,02 The French sale and leaseback transaction Divestments and other items impacting comparability, Adjusted operating result (EBITDA) , Adjusted operating margin (EBITDA), % Reported operating result (EBITA) The French sale and leaseback transaction Divestments and other items impacting comparability, Adjusted operating result (EBITA) Adjusted operating margin (EBITA), % Net capital expenditure In % of net sales Structural changes made in 204. Adjustments refer to the handover of a Nordic contract business in late 204, the divestment of Capio UK and the French sale and leaseback transaction of seven hospital properties (the French SLB transaction). Refer to page 3 in the published Interim report. 2 Adjustments refer to the sale of Capio UK and the handover of a Nordic contract business in late 204. Refer to page 3 in the published Interim report. Good organic sales growth mainly from Net sales and organic sales growth (RTM) Operating result (EBITDA) and margin (RTM) Net capital expenditure and in % of sales (RTM) Nordic segment MSEK % 4, , , , , , , Q2 Q3 Q4 Q Q Net sales, RTM Organic sales growth, % RTM MSEK %,400 4,200 2, Q2 Q3 Q4 Q Q Operating result (EBITDA) RTM Op margin (EBITDA), % RTM Development adjusted for structural changes made in 204. Refer to page 4 and note 6 in the published quarterly report. MSEK % Q2 Q3 Q4 Q Q Net capital expenditure, RTM In % of sales, RTM Continued margin improvement in all segments Lower net capex mainly due to timing differences Capio AB (publ) 3

4 Segment - Capio Nordic Capio Nordic APR JUN JAN - JUN FULL YEAR Change, % Change, % RTM 204 Reported net sales,856,827 3,697 3,626 7,99 7,28 Exchange rate difference Divestments and other items impacting comparability, Adjusted net sales,856, ,697 3, ,22 6,963 Total sales growth, % Organic sales growth, % Reported operating result (EBITDA) Divestments and other items impacting comparability, Adjusted operating result (EBITDA) Adjusted operating margin (EBITDA), % Reported operating result (EBITA) Divestments and other items impacting comparability, Adjusted operating result (EBITA) Adjusted operating margin (EBITA), % Structural changes made in 204. Adjustments refer to the handover of a Nordic contract business in late 204, the divestment of Capio UK and the French sale and leaseback transaction of seven hospital properties (the French SLB transaction). Refer to page 3 in the published Interim report. 3 Adjustments refer to the handover of a Nordic contract business in late 204. Refer to page 3 in the published Interim report. Sales growth driven by free healthcare choice and contracts Positive development in St Göran s Hospital, Specialist Clinics and Norway Strong focus on improving performance in Proximity Care Increased focus on Modern Management to drive productivity Stable growth and result development Capio AB (publ) 4

5 Segment - Capio France Capio France APR JUN JAN - JUN FULL YEAR Change, % Change, % RTM 204 Reported net sales,304,226 2,67 2,45 5,035 4,869 Exchange rate difference Adjusted net sales,304, ,67 2, ,058 4,999 Total sales growth, % Organic sales growth, % Reported operating result (EBITDA) The French sale and leaseback transaction Adjusted operating result (EBITDA) Adjusted operating margin (EBITDA), % Reported operating result (EBITA) The French sale and leaseback transaction Adjusted operating result (EBITA) Adjusted operating margin (EBITA), % Structural changes made in 204. Adjustments refer to the handover of a Nordic contract business in late 204, the divestment of Capio UK and the French sale and leaseback transaction of seven hospital properties (the French SLB transaction). Refer to page 3 in the published Interim report. Modern Medicine speeds up Rapid Recovery and lower AVLOS In- to outpatient shift continues: 6.6% outpatient growth Share of outpatients operated on increased to 67% Program to mitigate neg. price effects in Q start to deliver New modern hospital in Bayonne to open in August 205 Rapid Recovery strategy continues to deliver Capio AB (publ) 5

6 France - Modern Medicine in focus with new facilities Modern Medicine and streamlined facilities drive Rapid Recovery and increased productivity Capio Clinique Belharra - Bayonne Three hospitals in Bayonne merged into a new modern hospital designed for Modern Medicine to open in August 205 New pure outpatient hospital in Domont near Paris to open in autumn 206 Capio Clinique de Domont Strengthening Modern Medicine strategy in Toulouse through the merger of two hospitals in 208 Projects facilitated by operational leases Capio Clinique Croix du Sud - Toulouse Capio AB (publ) 6

7 Segment - Capio Germany Capio Germany APR - JUN JAN - JUN FULL YEAR Change, % Change, % RTM 204 Reported net sales ,55,23 Exchange rate difference Adjusted net sales ,60,53 Total sales growth, % Organic sales growth, % Operating result (EBITDA) Operating margin (EBITDA), % Operating result (EBITA) Operating margin (EBITA), % Patient case mix and pricing support organic sales growth General hospitals show positive result development (mainly the Dannenberg hospital) Bad Kötzting hospital divested A platform for increased focus on Modern Medicine Capio AB (publ) 7

8 Cash flow APR - JUN JAN - JUN FULL YEAR Capio Group, MSEK RTM 204 Net debt opening -3,426-5,59-3,440-5,402-3,359-5,402 Operating result (EBITA) Capital expenditure Divestments of fixed assets Net capital expenditure In % of net sales Add-back depreciation Net investments Change in net customer receivables Other changes in operating capital employed Operating cash flow Cash conversion, % Income taxes paid Free cash flow before financial items Cash conversion, % Net financial items paid Free cash flow after financial items Cash conversion, % Acquisitions/divestments of companies Divestment of French properties 0 2,23 0 2,23-6 2,25 Received/paid restructuring and other non-recurring items Shareholder transactions Net cash flow 475 2, , ,248 Cash conversion, % 349.3, Other items affecting net debt Net debt closing -3,03-3,359-3,03-3,359-3,03-3,440 Net capex at 2.% YTD and at 2.9% RTM Restructuring items include French SLB tax payment MSEK -374 in Q2 205 New share issue of net MSEK 669 on June 30 Other items include write-off of capitalized borrowing costs for the previous Group financing facility Capio AB (publ) 8

9 Capital employed & financing Capio Group, MSEK 30 Jun 30 Jun 3 Dec Operating capital employed,37,595,403 In % of net sales Other capital employed 6,492 6,08 6,27 Capital employed 7,863 7,676 7,620 Return on capital employed, % Net debt 3,03 3,359 3,440 Financial leverage Equity 4,832 4,37 4,80 Financing 7,863 7,676 7,620 Operating capital employed lower due to working capital improvements and lower capex Net debt lower due to good cash flow and new share issue adjusted financial leverage at 3x end June 205 New 5 year MEUR 500 Group financing at IPO Capio AB (publ) 9

10 Financial calendar Q3 Interim report due November 4, 205 Full year report due February 2, 206 Capital market day planned to be held in mid March 206 focus on the Capio model and strategy Capio AB (publ) 0

11 Questions and Answers Capio AB (publ)

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