Capio AB (publ) Interim report January – September 2018

July - September 2018

  • Net sales MSEK 3,816 (3,455). Organic sales growth 2.1% (2.2) and total sales growth 10.4% (9.1)
  • EBITDA[1] MSEK 189 (168) and margin 5.0% (4.9). EBITDA increased by 12.5%
  • EBITA[1] MSEK 66 (53) and margin 1.7% (1.5). EBITA increased by 24.5%
  • Operating result (EBIT) MSEK -39 (18) and margin -1.0% (0.5). EBIT decreased by 316.7%
  • Profit for the period[2] MSEK -54 (-7). Earnings per share after dilution[2] SEK -0.36 (-0.03)

January - September 2018

  • Net sales MSEK 12,151 (11,250). Organic sales growth 1.6% (2.0) and total sales growth 8.0% (8.8) 
  • EBITDA[1] MSEK 782 (766) and margin 6.4% (6.8). EBITDA increased by 2.1% 
  • EBITA[1] MSEK 415 (427) and margin 3.4% (3.8). EBITA decreased by 2.8%   
  • Operating result (EBIT) MSEK 260 (335) and margin 2.1% (3.0). EBIT decreased by 22.4%
  • Profit for the period[2] MSEK 145 (215). Earnings per share after dilution[2] SEK 1.05 (1.53)

[1] Refer to page 34 in Interim report January–September 2018 for definitions of EBITDA and EBITA.
[2] Profit for the period refers to profit attributable to parent company shareholders. Refer to note 2 in Interim report January–September 2018 for calculation of earnings per share (before and after dilution).

CEO comment:

“Nordic develops well while France improves in a weak market and Germany is under restructuring.”

  • Organic sales growth of 2.1% and EBITA growth of 24.5% in the seasonally weak third quarter, especially impacting the French and German segments
  • The Nordic segment confirmed the strong development from previous quarters, in line with historical trends
  • Q3 is the fourth consecutive quarter in France demonstrating a positive change of trend. Improvements achieved in a market characterized by low volume growth
  • The ongoing restructuring impacted the development in Germany negatively in the quarter as foreseen. Visible effects are expected during 2019

In the Nordic segment, the third quarter confirmed a good development in line with historical trends. Nordic reached an 18.7% EBITA increase in Q3 and for the first nine months the increase was 13.1%. This included MSEK 30 of additional costs for digitalization in Capio Go and Capio Proximity Care and adjusted for this the EBITA increase for the first nine months was 22.7%.

The work to accelerate specialization and digitalization is continuing and as previously announced, a closer coordina­tion and cooperation between the Nordic countries is curr­ently being prepared. This collaboration includes a closer know-how exchange and procurement cooperation as well as joint IT based tools, supporting good service to patients and efficient proc­esses. Capio’s combination of digital and physical healthcare constitutes a unique patient offering and will transform healthcare provision in Sweden and the Nordics both in terms of availability for patients and staff productivity.

The acquisition of Legevisitten with annual net sales of approximately MSEK 600 was closed in early September and the operations are now being integrated in the Swedish specialist and primary care operations.

The French segment
improved in Q3 2018 in a market characterized by low volume growth. Organic sales growth in the quarter was supported by two more working days compared with the same period in 2017. The two hospital projects are progressing and La Croix du Sud in Toulouse will open at the end of October while Médipôle Lyon-Villeurbanne in Lyon will open at the end of December. In the third quarter two existing hospital properties were impaired with a total of MSEK -45 (refer to note 3 in Interim report January-September 2018 for further information).

The ongoing restructuring impacted the development negatively in the German segment in the quarter as foreseen. Action plans are imple­mented and new medical teams are in place in some of the general hospitals while the specialist business is adap­ting to new market conditions. Visible effects are expected during 2019.

On October 8, 2018 Ramsay Générale de Santé (Ramsay GdS) increased its public cash offer to the shareholders in Capio to SEK 58 per share. On October 10, Ramsay GdS announced that the acceptance level condition was lowered to 75%. Following the increased offer and the lower accep­tance level, Capio’s board of directors on October 10 announced its unanimous recommendation to the Capio shareholders to accept the increased offer. As a result, the Board also decided to withdraw its proposal regarding the sale of Capio France and consequently cancelled the extraordinary general meeting to resolve on such sale that was called to be held on October 18. A minor part of the advisory and transac­tion costs related to the cash offer and the earlier planned divestment of Capio France were reflected in the Q3 results (MSEK -17) while the remaining costs, estimated at approximately MSEK -135, will be accounted for in Q4 (including the cost-coverage fee of MEUR 5.0 payable to Vivalto Santé).

Attila Vegh

President and CEO

For further information
Attila Vegh, President and CEO
Telephone: +46 733 34 24 42, 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

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