29.04.2016 – 07:23

AEVIS VICTORIA SA

EQS-Adhoc: AEVIS VICTORIA SA: Publication of Annual Report 2015 - Revenues of CHF 577.7 million and normalised EBITDA of CHF 69.4 million

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.

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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.

End of ad hoc announcement

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The issuer is responsible for the contents of the release.
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