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Capio AB: Capio AB (publ) Interim report January - March 2016

January - March 2016

· Ÿ Net sales was MSEK 3,603 (3,478). Organic sales growth was 3.7%
(2.9) and total sales growth was 3.6% (3.2)

· Ÿ Operating result (EBITDA)[1] was MSEK 296 (291) with an
operating margin of 8.2% (8.4). EBITDA increased by 1.7%

· Ÿ Operating result (EBITA)[1] was MSEK 195 (191) with an
operating margin of 5.4% (5.5). EBITA increased by 2.1%

· Ÿ Earnings per share[2] was SEK 0.86 (0.59) and adjusted earnings
per share[2] was SEK 0.97 (0.75)

· Ÿ The timing of Easter holidays impacted the development in the
quarter negatively with an estimated result impact of MSEK -20

· Ÿ Net capex RTM was MSEK 432, which corresponded to 3.2% of net

· Ÿ Net debt as of March 31, 2016 was MSEK 3,009, which
corresponded to a financial leverage of 3.0x

CEO comments:

"Our efforts to implement Modern Medicine and Modern Management are
giving results."

· Continued AVLOS reduction in all segments
· Good patient growth in the French segment
· Productivity improvements in Proximity Care in Sweden according to

· Strong focus on price compensation in France
· Increased acute care capacity at Capio S:t Göran's Hospital in

Solid operational development

Our strong focus on medical development in the Group continued to
deliver improvements in the first quarter 2016. Better treatment
methods have reduced the average length of stay (AVLOS) by -5%
compared to the first quarter last year. This is more notable in
France and Germany where treatment times in general are long and less
in the Nordics with already short treatment times. Shorter stays in
hospital not only means a quicker recovery for the patients, but also
less exposure to the hospital environment with less infections as a

Our Rapid Recovery approach has in France resulted in good growth in
patient volumes, even when considering the impact last year from the
limited doctor strike against the French government. The number of
outpatients has grown by about 11% and the number of inpatients has
grown by almost 6% in France during the first quarter 2016. Inpatient
growth in the Nordics was also strong with a 4% growth overall which
included a 7% inpatient growth in Capio S:t Göran.

Our ambition to increase productivity in Proximity Care in Sweden is
following the plan made during autumn 2015, reducing the number of
employees with a full year number of -90 FTE in 2016. As the
Stockholm County Council is changing from per visit payment to a
higher degree of fixed capitation payment, as most other county
councils already have done, the number of doctor visits has also
decreased according to plan.

Sound financial development

The operational development in the segments is positively impacting
the financial development. The Group's organic sales growth is up
close to one percentage point from 2.9% to 3.7% despite the negative
Easter effect in the first quarter, which is primarily seen in the
Nordics and Germany (Easter holidays occurred in March this year but
in April 2015).

The operating result (EBITA) was up 2.1% despite the Easter effect
with an estimated impact of MSEK -20.

In France, last year's price decrease of -2.5% has been fully
compensated for during the quarter. The 2016 price decrease effective
March 1 has so far been partly compensated for, resulting in stable
results. While reinforced productivity measures deployed in 2015 are
delivering according to plan, additional activities are introduced to
compensate for the 2016 price decrease. We strongly believe in our
strategic focus on Rapid Recovery and the ongoing shift from in- to
outpatient care, which is well in line with national ambitions to
improve French healthcare.

Our main focus for the rest of 2016

Following the challenging pricing environment in France our most
important target is to fully compensate this year's price decrease.
The ongoing AVLOS reduction has not yet been fully reflected in the
personnel costs. Thus we are intensively working with this potential
and have also increased our focus on procurement activities.

In the Nordics, our most important target is to complete the ongoing
productivity project and implement the employee reduction program in
Proximity Care. This is well on way and when completed we will
accelerate the work to implement digitalized consultation pathways
for patients.

Capio S:t Göran has during April 2016 opened the new accident and
emergency department (A&E) with capacity to receive more than 100,000
patients per year. During the start-up phase of the new A&E patient
volumes will gradually build up and we estimate a 40% volume growth
over the coming 5 years. To accommodate this growth the hospital will
be enlarged with approximately 60 new beds (333 beds today), during
the same period of time, which together with a continued shortening
of AVLOS will facilitate this growth.

Our strategy of Modern Medicine and Modern Management works, both to
handle challenging market conditions and to drive new business
opportunities in our current platform and through acquisitions.

Thomas Berglund

President and CEO

[1] Refer to page 23 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.

Presentation of the interim report

Investors, analysts and media are invited to participate in a
telephone conference on May 11, 2016 at 13.30 (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 90

UK: +44 203 008 9807

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

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

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

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

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


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 12.30 (CET) on
May 11, 2016.


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