AEVIS VICTORIA SA / Key word(s): Annual Results
31-March-2022 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Art. 53 LR
Fribourg, 31 March 2022
AEVIS VICTORIA SA achieved very strong results on its investments in 2021 with a holding income of CHF 216.4 million and a net profit of CHF 197.6 million
On a consolidated basis, revenues rose by 22.1% to CHF 895 million and EBITDA by 114.0% to
CHF 78.4 million
AEVIS VICTORIA SA (AEVIS) achieved a strong result on its investments in fiscal year 2021, with a net profit of CHF 197.6 million. Strategically, the transformation process into an investment company was taken a further step forward with the initial sale of 10% of Swiss Medical Network to Medical Properties Trust, Inc., combined with several transactions to strengthen AEVIS' investment portfolio. Operationally, the performance of Swiss Medical Network has generally progressed well, while Victoria-Jungfrau, gradually recovering from the pandemic, remained affected by the crisis in 2021. Consolidated EBITDA amounted to CHF 78.4 million, for revenues of CHF 895.0 million.
Strategic investment portfolio adjustments
On the holding level, 10% of Swiss Medical Network was sold to Medical Property Trust, Inc. at an enterprise value of CHF 1.7 billion. Moreover, 60% of Swiss Ambulance Rescue Genève was sold to Touring Club Suisse. The holding portfolio is being further enlarged with the gradual acquisition of up to 27% of Batgroup SA (Batgroup), the parent company of Batmaid, the leading on-demand home-cleaning platform in Switzerland. After the reporting period, the entire 40% participation in Medgate was sold to the German Otto Group in March 2022, generating a profit of CHF 47.0 million.
This investment activity has allowed to realize substantial profit at the holding level
AEVIS' full-year 2021 statutory financials (holding, non-consolidated) show a very strong performance based on the transactions completed and the dividend payment received from Infracore. In total, statutory income reached CHF 216.4 million and statutory profit CHF 197.6 million. The balance sheet was further deleveraged as the Group repaid the maturing CHF 150 million bond in June 2021, and the capitalization was thereby further strengthened. As a result, and in-line with the company's dividend policy, the Board of Directors will propose an ordinary distribution of CHF 0.40 and an extraordinary distribution of CHF 0.60 per share to the Annual General Meeting.
Among the participations of AEVIS, Swiss Medical Network has enlarged it scope with the increase in the participations in Hôpital du Jura bernois SA (up from 35% to 52%), Rosenklinik AG in Rapperswil (up from 40% to 100%) and Klinik Pyramide am See AG in Zurich (up from 20% to 100%) as well as the 80% acquisition of 11 Xundheitszentren of the Caisse des Médecins/Ärztekasse. Victoria-Jungfrau has strengthened in early 2022 with the acquisition of the boutique luxury hotel L'Oscar London. Swiss Hotel Properties SA acquired the historic L'Oscar hotel building and an adjacent property (both freehold), offering 39 rooms and a total surface of 5'200 sqm.
Strong operating results with consolidated revenues up by 22%
On a consolidated basis, AEVIS recorded total revenues of CHF 895.0 million, significantly up by 22.1% compared to the previous year (CHF 733.0 million). Organically, the growth amounted to 9.8%. The higher revenues were converted into increased operating profits, which were further supported by strict cost management and lower expenses. Consolidated EBITDAR reached CHF 152.4 million (2020: CHF 99.3 million), corresponding to an operating margin of 19.4%, significantly above the previous year (2020: 15.5%). Consolidated net profit amounted to CHF 4.6 million, compared to a loss of CHF 30.9 million in the previous year.
Operating profitability increases significantly
Swiss Medical Network grew strongly in the reporting year thanks to a significant extension of the consolidation scope. At the same time, the Group's hospitals also grew organically by 6.4%, recovering and profiting from a normalization following the ban on elective surgery at the start of the COVID pandemic. Total revenue amounted to CHF 760.1 million, implying a growth of 19.0% over the previous year (CHF 638.5 million). Net revenue (medical fees excluded) amounted to CHF 652.4 million, 19.3% higher than in 2020 (CHF 546.7 million). EBITDAR increased to CHF 121.6 million (2020: CHF 100.5 million), corresponding to a solid operating margin of 18.6%.
Victoria-Jungfrau registered 183'900 overnight stays (2020: 111'780). Operating revenues reached CHF 114.3 million, 57.2% more than in the previous year (CHF 72.7 million). The restaurant situation is gradually normalizing since the restaurants reopened in May 2021.
The composition of the hotel properties of Swiss Hotel Properties remained unchanged in the reporting period. The portfolio consists of 18 unique buildings in five locations offering a total of 941 rooms with a market value of CHF 530.8 million as of 31 December 2021. The Infracore portfolio (30% stake) developed successfully in 2021. The portfolio value increased to CHF 1.2 billion.
In line with its investment activity, the Group's current investment portfolio should generate significant dividends and capital gains at the holding level in 2022, which should allow continuing and intensifying its dividend policy in 2023.
Operationally, AEVIS expects further growth at Swiss Medical Network and a positive development in the hotel business. The real estate segment will also be considerably strengthened with the ongoing projects. Due to the diversity of its participations and the current macroeconomic challenges, the Group is refraining from issuing consolidated revenue or margin targets for the financial year 2022.
AEVIS VICTORIA SA's Annual Report 2021 can be downloaded via this link:
Webcast today at 10.30 CET
AEVIS VICTORIA SA will present its Annual Results 2021 during a webcast today at 10:30 CET. The results call will be headed by Antoine Hubert, Delegate of the Board. The conference will be held in English.
For participants to the conference call (slides only, no audio, no delay):
Conference Call Details / Dial in numbers :
CH: ++41 (0)44 580 7279
DE: ++49 (0)69 22222 5197
UK: ++44 (0)330 165 4012
US: ++1 646 828 8073
Confirmation Code: 6391013
For further information:
AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich
Philippe R. Blangey, firstname.lastname@example.org, +41 (0) 43 268 32 35 or +41 (0) 79 785 46 32
Séverine Van der Schueren, email@example.com, +41 (0) 79 635 04 10
AEVIS VICTORIA SA - Investing for a better life
AEVIS VICTORIA SA invests in healthcare, hospitality & lifestyle and infrastructure. AEVIS′s main shareholdings are Swiss Medical Network SA (90%, directly and indirectly), the only Swiss private network of hospitals present in the country's three main language regions, Victoria-Jungfrau AG, a luxury hotel group managing ten luxury hotels in Switzerland and abroad, Infracore SA (30%, directly and indirectly), a real estate company dedicated to healthcare-related infrastructure, Swiss Hotel Properties SA, a hospitality real estate division, 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.
File: AEVIS VICTORIA SA achieved very strong results on its investments in 2021 with a holding income of CHF 216.4 million and a net profit of CHF 197.6 million
End of ad hoc announcement