AEVIS VICTORIA SA: Publication of Annual Report 2015 - Revenues of CHF 577.7 million and normalised EBITDA of CHF 69.4 million Freitag, 29. April 2016 - 08:15

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.

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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.