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2016-02-12

Capio AB: Capio AB (publ) Full year report January - December 2015

October - December 2015

? Net sales were MSEK 3,512 (3,452). Organic sales growth was 2.7%
(3.2) and total sales growth was 1.7% (5.2)

? Operating result (EBITDA) was MSEK 285 (293)[1] with an operating
margin of 8.1% (8.6)[1]. EBITDA decreased by -2.7% on an adjusted
basis

? Operating result (EBITA) was MSEK 179 (181)[1] with an operating
margin of 5.1% (5.3)[1]. EBITA decreased by -1.1% on an adjusted
basis

? Earnings per share[2] was SEK 0.88 (-0.65) and adjusted earnings
per share[2] was SEK 0.90 (1.13)

January - December 2015

? ?Net sales were MSEK 13,486 (13,200). Organic sales growth was
2.9% (4.0) and total sales growth was 2.2% (6.3)

? ?Operating result (EBITDA) was MSEK 1,001 (972)[1] with an
operating margin of 7.4% (7.4)[1]. EBITDA increased by 3.0% on an
adjusted basis

? Operating result (EBITA) was MSEK 592 (544)[1] with an operating
margin of 4.4% (4.1)[1]. EBITA increased by 8.8% on an adjusted basis

? Earnings per share[2] was SEK 1.45 (-0.04) and adjusted earnings
per share[2] was SEK 2.44 (2.29)

? Proposed dividend SEK 0.50 per share (0.00)
? Proposal to issue a convertible debenture loan to employees
[1] For reported numbers for 2014 refer to page 2. Refer to page 30 for definitions of EBITDA and EBITA.
[2] Earnings per share and adjusted earnings per share before and after dilution were the same. Refer to note 2 for calculations of earnings per share.

CEO comments:

"Capio Nordic and Capio Germany continued with good margin improvement
- in Capio France all but four out of 22 hospitals have together
fully compensated for the government's price reduction and two
national strikes in the private healthcare sector."

We have a clear strategy and focus: In continental Europe, Modern
Medicine is driving Rapid Recovery with shorter treatment times and a
higher proportion of outpatient treatments. In the Nordics, Modern
Management will increase the direct patient time for medical staff
thus driving higher productivity through empowered people.

In financial terms this translates for the Group into 2.9% organic
sales growth for the full year (2.7% in the quarter) and an
improvement in adjusted operating result (EBITA) of 8.8% (-1,1% in
the quarter). The operating margin was 4.4% in 2015 (4.1% in
2014)[1].

In the Nordics the focus is on more patient time for doctors and
nurses through less administrative duties. Several projects are
currently under implementation in order to speed up this development
in 2016.

Organic sales growth was 4.6% for the full year (4.1% in the quarter)
and the adjusted operating result (EBITA) was up 20.6% (22.5% in the
quarter). There was good sales growth and positive development of
operating results in Capio St. G?ran's Hospital, Specialist Clinics
and Norway. In order to increase productivity (more visits per doctor
and nurse) within Proximity Care, a program has been initiated during
the fourth quarter resulting in a staff reduction of 90 FTEs (out of
~2,000), of which the majority relates to temporary staff positions.
The number of listed patients is foreseen to remain stable or grow
slightly. Half the program is effective from January 2016 and the
remaining reductions are planned to come gradually over the year.

In France the number of patients operated on increased by 2.2%,
including a 6.1% outpatient growth and a -5.0% inpatient decrease in
2015. This means that we are successful in Rapid Recovery moving
patients from in- to outpatient treatments in line with our strategy.
The share of outpatients operated on increased by 2 p.p. compared to
2014 and corresponded to 67% out of the total number of patients
operated on. The average outpatient surgery rate in French hospitals
was 45% in 2014. We have also seen that the average length of stay
(AVLOS) is continuing to decrease with 2.9% for comparable DRGs
(Diagnosis Related Groups) within MSO (Medicine, Surgery and
Obstetric) during the year. The total patient growth of almost 4% has
been achieved with only a 2% increase in staff.

The newly opened Belharra hospital in Bayonne has developed according
to plan. The ongoing integration of the Parisis hospital impacted the
result negatively during the second half of the year with the bulk of
the integration costs now taken. In the fourth quarter there was a
short political strike among doctors protesting against certain
government actions.

The French government made an unusually large general price reduction
of 2.5% on medical sales from March 1, 2015. In December the
Government also withdrew an expected price reimbursement, which also
impacted the quarter negatively. All but four hospitals out of 22
have together fully compensated for the negative effects from both
prices and strikes during the year. These four hospitals, where the
Tonkin hospital in Lyon and the C?dres hospital in Toulouse are the
most significant, are under intense treatment of organization,
management and medical development resulting in higher productivity.

Organic sales growth in Capio France of 0.7% in 2015 (0.9% in the
quarter) included the above mentioned effects and the strike effects
in the first and fourth quarters. In 2015, the adjusted operating
result (EBITA) was down with 8.9% (-32.0% in the quarter) also
reflecting the above mentioned effects.

In Germany the organic sales growth was 2.0% for the full year (2.1%
in the quarter) and operating result (EBITA) was up with 34.5% in
2015 (68.4% in the quarter), reflecting mainly an improved
performance in the Dannenberg hospital.

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 12, 2016 at 15.00 (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 www.capio.com. To participate in the telephone
conference, please register at www.capio.com
(http://edge.media-server.com/m/p/eq24p3pb) and dial in five minutes
prior to the start of the conference call.

Sweden: + 46 8 566 426 90
UK: + 44 2030 089 801
US: +1 646 722 48 97
Finland: +35 898 171 04 91
France: +33 170 72 15 41
Prior to the start of the telephone conference, presentation slides
will be available at www.capio.com.

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

For further information
Thomas Berglund, President and CEO
Telephone: +46 733 88 86 00 E-mail: thomas.berglund@capio.com
Olof Bengtsson, CFO
Telephone: +46 761 18 74 69 E-mail: olof.bengtsson@capio.com
Kristina Ekeblad, Investor Relations Manager
Telephone: +46 708 31 19 40 E-mail: kristina.ekeblad@capio.com
Henrik Brehmer, SVP Corporate Communications and Public Affairs
Telephone: +46 761 11 34 14 E-mail: henrik.brehmer@capio.com
For further information regarding Capio's IR activities, refer to
www.capio.com (http://www.capio.com/investors)

Capio AB (publ) discloses the information provided herein pursuant to
the Securities Markets Act and/or the Financial Instruments Trading
Act. The information was submitted for publication at 13.30 (CET) on
February 12, 2016.

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 in four countries through its
hospitals, specialist clinics and primary care units. In 2015,
Capio's 12,360 employees provided healthcare services during 4.6
million patient visits across the Group's facilities in Sweden,
Norway, France and Germany, generating net sales of MSEK 13,486.
Capio operates across three geographic segments: Nordic (54 percent
of Group net sales 2015), France (38 percent of Group net sales 2015)
and Germany (8 percent of Group net sales 2015). For more information
about Capio, please see www.capio.com.

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http://news.cision.com/capio-ab/r/capio-ab--publ--full-year-report-janua...
http://mb.cision.com/Main/277/9913480/476558.pdf

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