Capio AB (publ) Full year report January – December 2017

October - December 2017

  • Net sales MSEK 4,077 (3,725). Organic sales growth 3.4% (2.9) and total sales growth 9.4% (6.1)
  • ŸEBITDA[1] MSEK 348 (289) and margin 8.5% (7.8). EBITDA increased by 20.4%
  • ŸEBITA[1] MSEK 232 (183) and margin 5.7% (4.9). EBITA increased by 26.8%  
  • ŸOperating result (EBIT) MSEK 205 (153) and margin 5.0% (4.1). EBIT increased by 34.0%
  • ŸProfit for the period[2] MSEK 155 (135). Earnings per share after dilution[2] SEK 1.09 (0.96)

January - December 2017

  • ŸNet sales MSEK 15,327 (14,069). Organic sales growth 2.4% (3.3) and total sales growth 8.9% (4.3)
  • ŸEBITDA[1] MSEK 1,114 (1,061) and margin 7.3% (7.5). EBITDA increased by 5.0%
  • ŸEBITA[1] MSEK 659 (644) and margin 4.3% (4.6). EBITA increased by 2.3%  
  • ŸOperating result (EBIT) MSEK 540 (558) and margin 3.5% (4.0). EBIT decreased by 3.2%
  • ŸProfit for the period[2] MSEK 370 (404). Earnings per share after dilution[2] SEK 2.62 (2.86)
  • ŸProposed dividend SEK 0.95 per share (0.90)

[1] Refer to page 34 in full year report January – December 2017 for definitions of EBITDA and EBITA.
[2] Profit for the period refers to profit attributable to parent company shareholders. Refer to note 2 in full year report January – December 2017 for calculation of earnings per share (before and after dilution).

CEO comments:

“Solid Q4 – now speeding up the journey of specialization and digitalization.”

In October we set two targets: to reach a Group EBITDA growth for the full year 2017 of 5-7% and to increase the French EBITA margin in Q4 2017 compared with Q4 2016. We are now delivering a 5% full year EBITDA increase for the Group and a 100 basis points Q4 EBITA margin increase for France. Organic sales growth increased in Q4, especially in France, which contributed to the margin improvements. 

The solid result growth in Q4 for the Group (20%+ of both EBITDA and EBITA) was mainly driven by actions taken in the French hospitals for improved productivity, supported by a positive calendar effect, and a continued solid development in the Nordic business. The Nordic development was supported by a positive trend change in the Stockholm primary care and contributions from acquisitions. The German segment has underperformed our expectations due to a continued weaker sales growth than expected. Actions are being taken both to improve sales and adjust costs. There is a continued strong focus on improvements in all segments and we pay special attention to France that now has to demonstrate and confirm a continued ability to compensate for the price reductions and develop the business further.

As a Group, we are now prepared to accelerate specialization in all geographies. Below, France and Sweden are in focus.

Specialization will further develop Capio France
Since 2015, we have met the price decreases in France with productivity improvements, enabled by modernization of the healthcare provided – Rapid Recovery. We are seen as a leader in this area.

We now start another transition – from a fully geographical organization to a specialized organization that can be more efficient in attracting patients and doctors to our Rapid Recovery offering, driving growth and synergies of scale.

The five largest Capio hospitals, representing more than 50% of the French net sales, are now organized under one management team led by the country president. This increases focus and facilitates knowledge sharing in core activities, improves processes, and coordinates important specialties between the hospitals.

The smaller hospitals will be focused on fewer specialties, increasing quality, productivity and volume. Certain specialties will also be gathered in separate organizations to have full focus on providing the best and most efficient care to patients in these areas of care. In addition, we are upgrading the IT environment, to increase automation and facilitate digitalization, and are strengthening procurement management to improve performance.

Digitalization transforms healthcare provision in Sweden
The obvious effect from digital consultations in primary care is improved availability, while the most important medical outcome of the way Capio drives digitalization is improved quality. Capio’s unique feature is also the implementation of digital consultations combined with our 83 physical primary care centers in Sweden. This creates a coherent patient pathway to Capio’s 750,000 listed patients and increases Capio’s attractiveness to patients, hence representing a growth driver for our primary care business in Sweden over the coming years.

Going forward
The specialization of the French organization and the digital transformation in Sweden will support organic sales growth and operating margin going forward. Acquisitions will continue to contribute to the total growth of the Group.

Thomas Berglund
President and CEO

Presentation of the full year report
Investors, analysts and media are invited to participate in a telephone conference on February 7, 2018 at 09.30 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 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 93
UK: +44 20 3008 9804
US: +1 855 753 2237
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 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 08.00 (CET) on February 7, 2018.

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 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