Capio AB (publ) Interim report January – March 2017

January - March 2017

  • Net sales MSEK 3,914 (3,603). Organic sales growth 3.3% (3.7) and total sales growth 8.6% (3.6)
  • Operating result (EBITDA)[1] MSEK 342 (296) and margin 8.7% (8.2). EBITDA increased by 15.5%
  • Operating result (EBITA)[1] MSEK 232 (195) and margin 5.9% (5.4). EBITA increased by 19.0%  
  • Operating result (EBIT) MSEK 209 (176) and margin 5.3% (4.9). EBIT increased by 18.8%
  • Profit for the period[1] MSEK 152 (122). Earnings per share after dilution[2] SEK 1.10 (0.86)

[1] Refer to page 32 for definitions of EBITDA and EBITA. Profit for the period refers to profit attributable to parent company shareholders.
[2] Refer to note 2 for calculations of earnings per share (before and after dilution).

CEO comments:

“A solid start to the year.” 

  • Total sales growth was close to 9%, of which organic sales growth was 3.3%. The EBITA growth was 19%
  • A continued and further strengthened positive development in Nordic and Germany with 42% and 22% EBITA growth respectively, from higher volumes, productivity improvements and leverage from acquisitions
  • France continued the persistent work to compensate for the government’s price reductions and has so far fully compensated the 2% price reduction in money terms. The aim is to reach an unchanged EBITA margin for the full year
  • Recent acquisitions are strengthening our Nordic and German operations, adding net sales of MSEK 900 on a full year basis
  • We are increasing our efforts in digitalization, starting in prim­ary care in Sweden with our 750,000 listed patients

continued to show solid net sales and result growth in line with expectations. Organic sales growth in the quarter was 4.9% and total sales growth was 13.1%. The operating result (EBITA) increased by 42% and the margin (EBITA) improved by 110 basis points to 5.1%. The result development was positively impacted by the Easter calendar effect.

The productivity increase in primary care in Sweden conti­n­ued and Capio S:t Göran’s hospital in Stock­holm contin­ued to enjoy good sales growth. Specialist care is successfully developing the geriatric business in Stockholm resulting in good growth, and is continuing the work to streamline its offer in the free healthcare choice market. A country wide orthopedics division has been formed with the ambition to help to eliminate waiting lists in this specialty in the 21 county councils.

Digital test consultations within primary care will start during the spring and summer with a full roll-out of digital doctor consultations from the autumn and onwards.

In France the aim this year is to keep the EBITA margin flat and in a longer perspective increase margins despite the tough pricing environment. The tools for this are a continued implementation of Modern Medicine leading to a more Rapid Recovery for patients and a larger proportion of treatments being made without over-night stay in hospital. Improved medical quality and expansions in new specialties will continue to drive the patient growth.

Germany continues the good trend from last year. 4.6% organic sales growth and 22% EBITA growth do not only reflect an Easter calendar effect, but also continuous improvements in the general hospitals.

The focus going forward is of course on securing the ongoing positive trends in the current business by intensified work with Modern Medicine and Modern Management.

Since the end of 2016, we have increased acquisition activities. We have so far added net sales of MSEK 900 from acquisitions on a full year basis. Acquisitions made have margins above group average and will contribute positively to the margin develop­ment in 2017 and will gradually be enhanced further by synergies. The acquisition activity is expected to continue.

Thomas Berglund

President and CEO

Presentation of the interim report
Investors, analysts and media are invited to participate in a telephone conference on May 3, 2017 at 13.30 pm (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 To participate in the telephone conference, please register at and dial in five minutes prior to the start of the conference call.

Sweden: +46 8 566 426 92
UK: +44 203 008 98 01
US: +1 855 753 22 35
Finland: +35 898 171 04 93
France: +33 170 75 07 12

Prior to the start of the telephone conference, presentation slides will be available at

A recorded version of the audio cast will be available at during the afternoon (CET).

For further information

Thomas Berglund, President and CEO
Telephone: +46 733 88 86 00, E-mail:

Olof Bengtsson, CFO
Telephone: +46 761 18 74 69, E-mail:

Kristina Ekeblad, Investor Relations Manager
Telephone: +46 708 31 19 40, E-mail:

Henrik Brehmer, SVP Group Communication and Public Affairs
Telephone: +46 761 11 34 14, E-mail:

For further information regarding Capio’s IR activities, refer to

This information 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 Henrik Brehmer set out above, at 12.30 (CET) on May 3, 2017.

About 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. Since the Danish operation was acquired at the beginning of 2017, Capio operates in five countries; Sweden, Norway, Denmark, France and Germany. In 2016, Capio’s 12,435 employees provided healthcare services during 4.7 million patient visits across the Group’s facilities, generating net sales of MSEK 14,069. Capio operates across three geographic segments: Nordic (54% of Group net sales 2016), France (38% of Group net sales 2016) and Germany (8% of Group net sales 2016). For more information about Capio, please see