Definitions

Key Performance Indicators

Number of outpatients Number of patient visits, for patients with length of stay shorter than 24 hours.

Number of inpatients Number of patient visits, for patients with length of stay longer than 24 hours.

Average length of stay (AVLOS) Average length of an inpatient stay measured in number of days. AVLOS presented excludes psychiatry, rehabilitation, nursing and eating disorder patients. AVLOS in France has also been adjusted for the effect from the transfer between in- and outpatient treatments. These adjustments have been made in order to
show a comparable AVLOS between segments and over time.

Number of employees Number of employees as full-time equivalents
on average during the year.

Income Statement

Total sales growth, % Increase in net sales for the period as a percentage of the previous year’s net sales.

Organic sales growth, % Increase in net sales for the period, adjusted
for acquisitions/divestments and changes in exchange rates, as a percentage of the previous year’s net sales adjusted for divestments.

Operating result (EBIT) Operating result before interest and income tax.

Operating result (EBITA) Operating result before amortizations of group surplus values, restructuring and other non-recurring items and acquisition related costs.

Operating result (EBITDA) Operating result (EBITA) adjusted for depreciations and impairments related to operating fixed assets.
Operating result (EBITDAR) Operating result (EBITDA) adjusted for rent of premises.

Adjusted profit/loss for the period Profit/loss for the period attributable
to Parent Company shareholders adjusted for amortization of group surplus values, restructuring and other non-recurring items, acquisition related costs and write-off of capitalized borrowing costs, net of income tax.

Earnings per share (before dilution) Profit/loss for the period attributable
to Parent Company shareholders in relation to the average number of outstanding common shares during the period. Refer to Note 26 for calculations of earnings per share before dilution.

Earnings per share (after dilution) Profit/loss for the period attributable
to Parent Company shareholders, excluding the net cost of outstanding convertible debenture loans issued during the third quarter
2016, in relation to the average number of shares including effects from the convertible debenture loans. Refer to Note 26 for calculations
of earnings per share after dilution.

Adjusted earnings per share (before dilution) Adjusted profit/loss for the period attributable to Parent Company shareholders in relation to the average number of outstanding common shares during the period. Refer to Note 26 for calculations of adjusted earnings per share after dilution.

Adjusted earnings per share (after dilution) Adjusted profit/loss for the period attributable to Parent Company shareholders, excluding the net cost of outstanding convertible debenture loans issued during the third quarter 2016, in relation to the average number of shares including effects from the convertible  debenture loans. Refer to Note 26 for calculations of adjusted earnings per share after dilution.

Capital employed and financing

Net customer receivables and DSO Accounts receivables and accrued production less bad debt provision and advances from customers.DSO, Days sales outstanding, average number of days outstanding on net sales, at balance sheet date.

Operating capital employed Operating capital employed consists of non-interest bearing operating assets and liabilities, mainly operating fixed assets, net customer receivables, supplier payables and other operating assets and liabilities.

Other capital employed Other operating capital employed consists of acquisition related surplus values (real estate, goodwill, trademark and other surplus values), tax assets and liabilities and other non-operating capital employed items.

Capital employed Capital employed includes all non-interest bearing assets and liabilities as well as provisions for employee-benefits.

Return on capital employed Operating result (EBITA) as a percentage
of capital employed.

Net debt The Group’s external interest-bearing assets and liabilities adjusted for cash and cash equivalents.

Financial leverage Financial leverage is the closing balance of net debt in relation to operating result (EBITDA).

Cash flow

Net capital expenditures Investments in fixed assets, net of divestments
of fixed assets excluding items classified as non-operating, for the period.

Net investments Investments in fixed assets, net of divestments of fixed assets, depreciations and impairments, excluding items classified as non-operating, for the period.

Operating cash flow Operating cash flow relates to operating result (EBITA) adjusted for net investments and changes in working capital.

Free cash flow before financial items Corresponds with operating cash flow less income taxes paid.

Free cash flow after financial items Corresponds with free cash flow before financial items less net financial items paid.

Cash conversion Cash conversion in % is defined as the cash flow related to operating result (EBITA).

Acquisitions and divestments of companies in the operational cash flow statement relate to the total net debt impact.

Other

RTM Rolling 12 month.

Self-employed doctors in France Self-employed individual doctors
active in Capio’s French hospitals.

Sick leave Sick leave as a % of the employees’, directly employed by
Capio (as full-time equivalents), normal working time (260 days).

Employee turnover Employees leaving since year end as a % of the average no of employees directly employed by Capio (individuals).