AEVIS VICTORIA SA / Key word(s): 9 Month figures
28-Nov-2018 / 17:49 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
Fribourg, 28 November 2018
AEVIS VICTORIA SA – Adjusted revenues at 30 September 2018 amounted to CHF 473.7 million
As at 30 September 2018, total revenues of AEVIS VICTORIA SA amounted to CHF 469.1 million (2017: CHF 487.0 million). Net revenues (medical fees excluded) amounted to CHF 411.3 million (2017: CHF 427.9 million). The various negative effects, such as the complete closure for renovation of the Eden au Lac in Zurich, the renovation works in several hospitals and the TARMED tariff reduction, were partially offset by a positive dynamic of the foreign patients in the Swiss Medical Network hospitals (+24% to CHF 23.0 million) and in the Victoria-Jungfrau Collection hotel business (+10.4% to CHF 48.6 million, Eden au Lac excluded).
The adjusted total revenues of AEVIS VICTORIA amounted to CHF 473.7 million, representing a slight decrease of 2.7% compared to 2017 (CHF 487.0 million). The adjusted net revenues (medical fees excluded) amounted to CHF 415.8 million (2017: CHF 427.9 million). The adjustment can be explained by an exceptional activation in 2017 (Q4) and an exceptional depreciation in 2018 (Q2) following a judgment of the Federal Court allowing a retroactive TARMED reduction for the fiscal years 2014 to 2017.
Swiss Medical Network, the main subsidiary of AEVIS VICTORIA, is continuing to implement the CHF 25 million cost optimisation and reduction plan initiated in 2018. This programme will have full effect from the fourth quarter of 2018 and will continue in 2019 with additional efficiency gains of more than CHF 10 million. The activity of the hospitals stabilised during the third quarter of 2018, which is also characterised by a strong increase in foreign patients and the recruitment of new medical talent. A significant increase in activities is expected from the end of the first quarter of 2019 with the opening of a day clinic at Clinique Générale Beaulieu, a medical centre at Clinique de Valère and a major expansion at Privatklinik Villa im Park. These three reopenings mark the end of the important renovation works with major impact on the hospital activity in 2018.
Swiss Medical Network aims to become a Swiss player in integrated care with a presence throughout the country, by integrating additional hospitals and medical centres. Following the acquisition of the surgical activities of Siloah AG and two medical centres in Solothurn and Oerlikon, Swiss Medical Network is currently working on the acquisition of several other entities in various Swiss cities.
Victoria-Jungfrau Collection, the hospitality segment of AEVIS VICTORIA, generally performed well, in line with Swiss tourism. In 2019, it will benefit from the effects of the reopening of Eden au Lac (summer 2019) after complete renovation and an additional restaurant at the Bellevue Palace in Bern, le Nouma, which will open in December 2018. In the real estate segment, in order to best realise the value of its assets to pursue growth, the group pursues an independence strategy for its medical real estate company Infracore SA, which should materialise in the first half of 2019.
AEVIS VICTORIA supports the growth of its subsidiaries and may call on the capital markets in the coming months, depending on market conditions and the completion of development projects, in particular through a capital increase of moderate size to finance these operations. This would also improve the company’s stock market profile and visibility, in particular by increasing the free float and liquidity of the share.
For further information:
AEVIS VICTORIA SA – Investing for a better life
End of ad hoc announcement