EQS-Adhoc: AEVIS VICTORIA SA: Publication of Annual Report 2015 - Revenues of CHF 577.7 million and normalised EBITDA of CHF 69.4 million
29.04.2016 – 07:23
EQS Group-Ad-hoc: AEVIS VICTORIA SA / Key word(s): Final Results AEVIS VICTORIA SA: Publication of Annual Report 2015 - Revenues of CHF 577.7 million and normalised EBITDA of CHF 69.4 million 29.04.2016 / 07:15 Release of an ad hoc announcement pursuant to Art. 53 KR. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Press release Fribourg, 29 April 2016 AEVIS VICTORIA - Publication of Annual Report 2015 - Revenues of CHF 577.7 million and normalised EBITDA of CHF 69.4 million Significant increase of first quarter 2016 results AEVIS VICTORIA SA today published its Annual Report 2015. AEVIS VICTORIA SA was able to further shape and grow its operations. Total revenues grew by 6.5% to CHF 577.7 million and net revenues increased to CHF 510.2 million in the year under review. EBITDA 2015 amounted to CHF 64.5 million, corresponding to a slightly lower EBITDA margin of 12.6% (2014: 13.4%), amongst others due to the decrease of the tariffs of the basic health insurance. Factoring-out lower reimbursement tariffs in hospital segment, normalised EBITDA reached CHF 69.4 million corresponding to a normalised EBITDA margin of 13.5%. Higher depreciation and financial expenses have impacted the profit for the period which fell to CHF 3.8 million compared to CHF 5.8 million in the previous year. The two main divisions of AEVIS VICTORIA SA have strongly decreased their costs structure and are ideally positioned to face future challenges, as shown by the strongly progressing first quarter results of 2016. The Board of Directors will propose to the Annual General Meeting a distribution from capital contribution reserves of CHF 0.55 per share, in line with its long-term distribution policy. Hospitals Swiss Medical Network realised a net turnover of CHF 416.9 million, up by 1.1% (2014: CHF 412.2 million), despite lower DRG and TARMED rates for the domestic activity as well as a decrease in the number of foreign patients. Pressure on revenues was absorbed by an overall increase in the number of patients treated in the network′s hospitals, by the recruiting of new admitting physicians as well as by the integration of Clinique Montbrillant in La-Chaux-de-Fonds. On a normalised level, factoring out the adverse effect of the lower DRG and TARMED rates, 2015 EBITDAR (EBITDA excluding rent) amounted to CHF 75.8 million corresponding to an EBITDAR margin of 18.0%. Investments in infrastructure of nearly CHF 23 million secured the high quality of healthcare provided to the Group's patients. Further, Swiss Medical Network continued to advocate for a more efficient healthcare system and has continued to decrease its DRG tariffs (baserates) for all its listed hospitals in 2016 to help contain healthcare costs. Hospitality Despite a challenging environment, Victoria-Jungfrau Collection AG improved its results in 2015. The four luxury hotels of the Group achieved a turnover of CHF 77.0 million. Gross operating profit (GOP) further increased and reached CHF 13.0 million, up by 5.7%. The well-diversified client portfolio enabled market share gains while additional cost savings contributed to the improved profitability. Overnight stays increased by 4.1% to 169'585 and the average room rate increased to CHF 377 (2014: CHF 371). The hotels generated an EBITDAR of CHF 15.9 million (2014: CHF 12.7 million) corresponding to an EBITDAR margin of 20.7% (2014: 21.0%). The operations of the Palace Lucerne have been sold and a management contract was signed with the new owner. Real Estate AEVIS VICTORIA′s real estate is composed of healthcare- and hospitality-related real estate and is organised in two dedicated entities: Swiss Healthcare Properties SA (SHP) and Park Résidence AG in Interlaken (PRI). Rental income amounted to CHF 36.4 million (2014: CHF 32.2 million), and EBITDAR surged to CHF 32.5 million (2014: CHF 28.0 million), which mostly corresponds to intercompany payments with AEVIS VICTORIA′s hospital and hotel segments. As of 31 December 2015, the real estate portfolio consisted of 40 properties on 16 sites, representing a total rentable surface of more than 172′000 sqm with a market value of CHF 932.1 million. All properties are fully let (no vacancies). The loan to value of the real estate segment reached a solid 42.9%. Results Q1 2016 In the first quarter of 2016, AEVIS VICTORIA realised a net revenue of CHF 125.5 million (2015: CHF 123.2 million) and an EBITDAR of CHF 21.2 million (2015: CHF 16.0 million), corresponding to a margin of 16.9% (2015: 13.0%). The first quarter EBITDA amounted to CHF 18.2 million (2015: CHF 12.6 million), corresponding to an EBITDA margin of 14.5% (2015: 10.2%). AEVIS VICTORIA plans to issue a new bond in the second quarter of 2016 in order to repay the bond AEV12 which matures in August 2016. Outlook For the entire business year 2016, AEVIS VICTORIA SA expects to realise a turnover of approximately CHF 600 million, based on an unchanged portfolio consolidated over a 12-month period. AEVIS VICTORIA SA continues to target an EBITDA margin of more than 20% in the mid-term, based on optimised processes and higher utilisation of its infrastructure. Detailed reporting AEVIS VICTORIA SA's Annual Report 2015 can be downloaded via this link:http://www.aevis.com/aevis/pdf/AEVIS_AR_2015.pdf Conference Call today at 14.00 CET AEVIS VICTORIA SA will present an overview of its operational and financial results of 2015 as well as its future development plans during a conference call today at 14.00 CET. A corresponding presentation can be found on the AEVIS VICTORIA website. Dial-in details: Tel +41 22 580 59 81 / Pin 485348# For further information: AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich Edwin van der Geest, vdg@dynamicsgroup.ch, +41 (0) 43 268 32 35 or +41 (0) 79 330 55 22 Philippe R. Blangey, prb@dynamicsgroup.ch, +41 (0) 43 268 32 35 or +41 (0) 79 785 46 32 AEVIS VICTORIA SA - Investing for a better life AEVIS VICTORIA SA invests in services to people, healthcare, hospitality, life sciences and lifestyle. AEVIS′s main shareholdings are Swiss Medical Network SA, the second largest group of private hospitals in Switzerland, Victoria-Jungfrau Collection AG, a luxury hotel group managing four luxury hotels in Switzerland, a hospitals and hospitality real estate division comprising 40 properties, Medgate, the leading telemedicine provider in Switzerland, and NESCENS SA, a brand dedicated to better aging. AEVIS is listed on the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW).www.aevis.com. End of ad hoc announcement -------------------------------------------------------------------------------- 29.04.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive: http://switzerland.eqs.com/de/News The issuer is responsible for the contents of the release. -------------------------------------------------------------------------------- 459007 29.04.2016