Annual results at the end of June 2018
Resilient operating results in an unfavourable context
- Annual published turnover rose 0.3% to EUR 2,241.5 million (a 0.7% increase on a like-for-like basis) despite two business days less;
- Slight decline in reported EBITDA to EUR 255.6 million i.e. -3.9% (down 2.1% at constant scope) and limited decrease in margin rate (11.4% vs. 11.9% the previous year);
- Net profit group share of EUR 7.3 million (versus a profit of €57 million in 2017) due to exceptional restructuring charges;
- Reduction in net financial debt, amounting to EUR 927.1 million at the end of June 2018 (compared with EUR 964 million at end June 2017).
- Concerning the public offer on Capio announced on 13 July 2018, the estimated date for publication of the offer document describing the Offer is 5 September 2018, and the estimated acceptance period is 6 September to 7 December 2018
| According to Pascal Roché, Group Chief Executive Officer : "Despite a continuing context of falling prices and a general slowdown in activity, the diversification of our businesses and the accelerated implementation of our strategy have enabled us to record satisfactory operating results. The decrease in net income is mainly due to exceptional restructuring charges, which will bear fruit in the future. Similarly, we continued to invest heavily in and strengthen our leadership in the digitization of the patient journey, quality enhancements and safety. After these years of price cuts, we expect that the hospital plan to be announced by the government will implement a multi-year approach, focusing on quality and additional resources." The Board of Directors, meeting on 24 August, approved the consolidated financial statements for the year ended June 2018. The audit procedures have been completed and the audit report is being issued.The financial statements and reports will be made available to the public upon publication of the Company's activity report at the end of October 2018. | In € millions | from 1 July 2017 to 30 June 2018 |
Change | from 1 July 2016 to 30 June 2017 |
Turnover | 2,241.5 | +0.3% | 2,234.4 | Gross Operating Profit (EBITDA) | 255.6 | -3.9% | 265.9 | Current operating profit | 125.7 | -5.1% | 132.5 | As a % of turnover | 5.6% | -0.3 points | 5.9% | Operating profit | 65.8 | -52.5% | 138.6 | Net income - Group share | 7.3 | -87.2% | 57.0 | Net earnings per share (in €) | 0.10 | -86.7% | 0.75 | ||||||||||||||||||||
| In € millions - | from 1 July 2017 to 30 June 2018 |
from 1 July 2016 to 30 June 2017 |
Change | Île-de-France | 931.6 | 927.8 | 0.4% | Auvergne Rhône Alpes | 362.9 | 328.0 | 10.6% | Nord – Pas de Calais - Picardie | 358.7 | 358.9 | -0.1% | Provence Alpes Côte d’Azur | 163.6 | 165.0 | -0.8% | Bourgogne Franche Comté | 103.5 | 106.5 | -2.8% | Other regions | 316.7 | 311.0 | 1.8% | Other activities | 4.5 | 37.2 | -87.9% | Published turnover | 2,241.5 | 2,234.4 | 0.3% | Of which: - Organic | 2,215.4 | 2,201.0 | 0.7% | Of which organic within France | 2,191.2 | 2,177.5 | 0.6% | Of which organic within Italy | 24.2 | 23.5 | 3.0% | - Changes in scope of consolidation | 26.1 | 33.4 | -21.9% | |
Operations and turnover :The Group’s consolidated turnover for the financial year ending in June 2018 was EUR 2,241.5 million, compared with EUR 2,234.4 million for the period 1 July 2016 to 30 June 2017. This increase in turnover is the result of the strategy of consolidating the clusters' medical projects, in particular with the acquisition in July 2017 of Hôpital Privé de l'Est Lyonnais, and the sale of non-strategic assets such as the Herbert clinic within the Pays de Savoie cluster.On a like-for-like basis, turnover increased by 0.7% despite 2 working days less.At the end of June 2018, total activity (excluding emergencies) increased by 0.9% in terms of hospital admission volume. The breakdown by business segment is as follows:
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Code ISIN et Euronext Paris : FR0000044471Site Internet : www.ramsaygds.com |
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| Relations Investisseurs/Analystes Relations PresseArnaud Jeudy Caroline DesaegherTél. + 33 (0)1 87 86 21 88 Tél. +33 (0)1 87 86 22 11 a.jeudy@ramsaygds.fr c.desaegher@ramsaygds.fr | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| a conference call in english will be held today at 7.30 p.m. (Paris time) – Dial-in at the following numbersFrom France: +33 (0)1 76 77 22 61From Great Britain: +44 (0)330 336 6025From Australia : +61 (0)2 8524 5352Access code: 465602 |
GlossaryConstant scope of consolidation- The restatement of the scope of consolidation for incoming entities is as follows:
|
| Selected financial information |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
| ( in million euros ) | from 1 July 2015 to 30 June 2016 | from 1 July 2016 to 30 June 2017 | from 1 July 2017 to 30 June 2018 |
| TURNOVER | 2,226.9 | 2,234.4 | 2,241.5 |
| Personnel expenses and profit sharing | (959.3) | (967.8) | (971.5) |
| Purchased consumables | (449.2) | (445.0) | (450.0) |
| Other operating income and expenses | (280.3) | (278.3) | (280.7) |
| Taxes and duties | (92.6) | (95.0) | (93.8) |
| Rents | (175.7) | (182.4) | (189.9) |
| EBITDA | 269.8 | 265.9 | 255.6 |
| Depreciation | (130.8) | (133.4) | (129.9) |
| Current operating profit | 139.0 | 132.5 | 125.7 |
| Restructuring costs | (5.0) | (1.7) | (58.0) |
| Result of the management of real estate and financial assets | 1.5 | 7.8 | (1.9) |
| Impairment of goodwill | (21.1) | -- | -- |
| Other non-current income and expenses | (24.6) | 6.1 | (59.9) |
| Operating profit | 114.4 | 138.6 | 65.8 |
| Gross interest expenses | (43.5) | (40.4) | (39.8) |
| Income from cash and cash equivalents | 0.6 | 0.6 | 0.7 |
| Net interest expenses | (42.9) | (39.8) | (39.1) |
| Other financial income | 0.1 | 0.4 | 1.2 |
| Other financial expenses | (4.5) | (5.3) | (4.4) |
| Other financial income and expenses | (4.4) | (4.9) | (3.2) |
| Corporate income tax | (24.9) | (29.0) | (8.5) |
| Amount attributable to associates | -- | -- | 0.1 |
| NET PROFIT FOR THE PERIOD | 42.2 | 64.9 | 15.1 |
| Revenues and expenses recognized directly as equity | |||
| - Retirement commitments | (2.0) | (2.0) | (0.1) |
| - Change in fair value of hedging financial instruments | (20.4) | 8.8 | -- |
| - Translation differential | -- | -- | |
| - Income tax on other comprehensive income | 7.7 | (3.2) | 1.0 |
| Results recognized directly as equity | (14.7) | 3.6 | 0.9 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 27.5 | 68.5 | 16.0 |
| PROFIT ATTRIBUTABLE TO (in million euros) | from 1 July 2015 to 30 June 2016 | from 1 July 2016 to 30 June 2017 | from 1 July 2017 to 30 June 2018 |
| Group’s share of net earnings | 36.9 | 57.0 | 7.3 |
| Non-controlling interests | 5.3 | 7.9 | 7.8 |
| NET PROFIT FOR THE PERIOD | 42.2 | 64.9 | 15.1 |
| NET EARNINGS PER SHARE (in euros) | 0.49 | 0.75 | 0.10 |
| NET DILUTED EARNINGS PER SHARE (in euros) | 0.49 | 0.75 | 0.10 |
| TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO (in million euros) | from 1 July 2015 to 30 June 2016 | from 1 July 2016 to 30 June 2017 | from 1 July 2017 to 30 June 2018 |
| Group’s comprehensive income for the period | 22.2 | 60.6 | 8.2 |
| Non-controlling interests | 5.3 | 7.9 | 7.8 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 27.5 | 68.5 | 16.0 |
| CONSOLIDATED BALANCE SHEET – ASSETS | ||||
| ( in million euros ) | 06-30-2016 | 06-30-2017 | 06-30-2018 | |
| Goodwill | 741.2 | 727.1 | 754.4 | |
| Other intangible fixed assets | 27.3 | 23.1 | 23.8 | |
| Tangible fixed assets | 921.9 | 877.9 | 869.2 | |
| Investments in associates | 0.6 | 0.5 | 0.6 | |
| Other long-term investments | 50.7 | 49.6 | 69.1 | |
| Deferred tax assets | 46.5 | 33.3 | 45.2 | |
| NON CURRENT ASSETS | 1,788.2 | 1,711.5 | 1,762.3 | |
| Inventories | 54.7 | 62.3 | 67.8 | |
| Trade and other receivables | 175.6 | 158.3 | 157.6 | |
| Other current assets | 206.8 | 224.8 | 190.6 | |
| Tax assets | 14.4 | 6.0 | 9.8 | |
| Current financial assets | 1.3 | 2.0 | 0.3 | |
| Cash and cash equivalents | 112.8 | 180.8 | 308.0 | |
| Assets held for sale | -- | -- | 5.6 | |
| CURRENT ASSETS | 565.6 | 634.2 | 739.7 | |
| TOTAL ASSETS | 2,353.8 | 2,345.7 | 2,502.0 | |
| CONSOLIDATED BALANCE SHEET - LIABILITIES AND EQUITY | |||
| (in million euros ) | 06-30-2016 | 06-30-2017 | 06-30-2018 |
| Share capital | 56.9 | 56.9 | 56.9 |
| Additional paid-in capital | 71.2 | 71.2 | 71.2 |
| Consolidated reserves | 236.4 | 276.9 | 334.8 |
| Group’s share of net profit | 36.9 | 57.0 | 7.3 |
| Group’s share of equity | 401.4 | 462.0 | 470.2 |
| Non-controlling interests | 36.4 | 40.0 | 40.8 |
| TOTAL SHAREHOLDERS’ EQUITY | 437.8 | 502.0 | 511.0 |
| Borrowings and financial debts | 1,110.0 | 1,099.8 | 1,195.6 |
| Provisions for retirement and other employee benefits | 47.4 | 50.6 | 51.0 |
| Non-current provisions | 26.2 | 27.0 | 63.5 |
| Other long term liabilities | 23.2 | 13.4 | 12.2 |
| Deferred tax liabilities | 81.0 | 58.3 | 50.9 |
| NON CURRENT LIABILITIES | 1,287.8 | 1,249.1 | 1,373.2 |
| Current provisions | 14.8 | 12.9 | 17.8 |
| Accounts payable | 200.7 | 186.4 | 191.9 |
| Other current liabilities | 340.0 | 327.0 | 329.5 |
| Tax liabilities | 17.9 | 14.9 | 13.3 |
| Short-term borrowings | 54.8 | 53.4 | 63.7 |
| Bank overdraft | --- | --- | --- |
| Liabilities related to assets held for sale | --- | --- | 1.6 |
| CURRENT LIABILITIES | 628.2 | 594.6 | 617.8 |
| TOTAL EQUITY AND LIABILITIES | 2,353.8 | 2,345.7 | 2,502.0 |
| consolidated statement of changes in equity | ||||||||
| (in million euros) | SHARE CAPITAL | ADDITIONAL PAID IN CAPITAL | RESER- VES |
RESULTS RECOGNISED DIRECTLY AS EQUITY | TOTAL COMPRE HENSIVE INCOME FOR THE PERIOD |
GROUP’S SHARE OF EQUITY |
NON CONTROLLING INTERESTS | SHARE-HOLDERS’ EQUITY |
| Shareholders’ equity at June 30, 2015 | 42.3 | 4.2 | 243.4 | (0.2) | 4.9 | 294.6 | 13.5 | 308.1 |
| Capital increase (including net fees) | 14.6 | 67.0 | -- | -- | -- | 81.6 | -- | 81.6 |
| Treasury shares | -- | -- | -- | -- | -- | -- | -- | -- |
| Stocks options and free share | -- | -- | -- | -- | -- | -- | -- | -- |
| Prior year appropriation of earnings | -- | -- | 4.9 | -- | (4.9) | -- | -- | -- |
| Distribution of dividends | -- | -- | -- | -- | -- | -- | (2.9) | (2.9) |
| Change in consolidation scope | -- | -- | 3.0 | -- | -- | 3.0 | 20.5 | 23.5 |
| Total comprehensive income for the period | -- | -- | -- | (14.7) | 36.9 | 22.2 | 5.3 | 27.5 |
| Shareholders’ equity at June 30, 2016 | 56.9 | 71.2 | 251.3 | (14.9) | 36.9 | 401.4 | 36.4 | 437.8 |
| Capital increase (including net fees) | -- | -- | -- | -- | -- | -- | -- | -- |
| Treasury shares | -- | -- | -- | -- | -- | -- | -- | -- |
| Stocks options and free share | -- | -- | -- | -- | -- | -- | -- | -- |
| Prior year appropriation of earnings | -- | -- | 36.9 | -- | (36.9) | -- | -- | -- |
| Distribution of dividends | -- | -- | -- | -- | -- | -- | (4.8) | (4.8) |
| Change in consolidation scope | -- | -- | -- | -- | -- | 0.5 | 0.5 | |
| Total comprehensive income for the period | -- | -- | -- | 3.6 | 57.0 | 60.6 | 7.9 | 68.5 |
| Shareholders’ equity at June 30, 2017 | 56.9 | 71.2 | 288.2 | (11.3) | 57.0 | 462.0 | 40.0 | 502.0 |
| Capital increase (including net fees) | -- | -- | -- | -- | -- | -- | -- | -- |
| Treasury shares | -- | -- | -- | -- | -- | -- | -- | -- |
| Stocks options and free share | -- | -- | -- | -- | -- | -- | -- | -- |
| Prior year appropriation of earnings | -- | -- | 57.0 | -- | (57.0) | -- | -- | -- |
| Distribution of dividends | -- | -- | -- | -- | -- | -- | (7.0) | (7.0) |
| Change in consolidation scope | -- | -- | -- | -- | -- | -- | -- | |
| Total comprehensive income for the period | -- | -- | -- | 0.9 | 7.3 | 8.2 | 7.8 | 16.0 |
| Shareholders’ equity at June 30, 2018 | 56.9 | 71.2 | 345.2 | (10.4) | 7.3 | 470.2 | 40.8 | 511.0 |
| statement of income and expenses recognized directly in equity | ||||||
| (in million euros) | 06-30-2016 | Income and expenses July 1, 2016 to June 30, 2017 | 06-30-2017 | Income and expenses July 1, 2017 to June 30, 2018 | 06-30-2018 | |
| Translation differential | (0.3) | -- | (0.3) | -- | (0.3) | |
| Retirement commitments | (3.7) | (1.2) | (4.9) | 0.5 | (4.4) | |
| Fair value of hedging financial instruments | (10.9) | 4.8 | (6.1) | 0.4 | (5.7) | |
| Results recognized directly as equity (Group's share) | (14.9) | 3.6 | (11.3) | 0.9 | (10.4) | |
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||
| (in million euros) | from 1 July 2015 to 30 June 2016 | from 1 July 2016 to 30 June 2017 | from 1 July 2017 to 30 June 2018 |
| Total net consolidated profit | 42.2 | 64.9 | 15.1 |
| Depreciation | 130.8 | 133.4 | 129.9 |
| Other non-current income and expenses | 24.6 | (6.1) | 59.9 |
| Amount attributable to associates associées | --- | --- | (0.1) |
| Other financial income and expenses | 4.4 | 4.9 | 3.2 |
| Cost of net financial debt | 42.9 | 39.8 | 39.1 |
| Income tax | 24.9 | 29.0 | 8.5 |
| Gross operating surplus | 269.8 | 265.9 | 255.6 |
| Non-cash items relating to recognition and reversal of provisions (transactions of a non-cash nature) | (1.2) | 0.3 | (2.9) |
| Other non-current income and expenses paid | (7.3) | (9.8) | (18.0) |
| Change in other non-current assets and liabilities | 19.7 | (2.0) | (13.5) |
| Cash flow from operations before cost of net financial debt and tax | 281.0 | 254.4 | 221.2 |
| Income tax paid | (18.1) | (23.5) | (26.4) |
| Change in working capital requirement | (66.9) | (21.5) | 19.1 |
| NET CASH FLOWS FROM OPERATING ACTIVITIES: (A) | 196.0 | 209.4 | 213.9 |
| Investments in tangible and intangible assets | (109.0) | (102.2) | (62.6) |
| Disposals of tangible and intangible assets | 1.0 | 27.9 | 7.2 |
| Acquisition of entities | (112.0) | 0.3 | (21.1) |
| Disposal of entities | 1.6 | 14.8 | 0.5 |
| Dividends received from non-consolidated companies | 0.1 | 0.4 | 0.6 |
| NET CASH FLOWS FROM INVESTING ACTIVITIES: (B) | (218.3) | (58.8) | (75.4) |
| Dividends paid to minority interests of consolidated companies: (a) | (2.9) | (4.8) | (7.0) |
| Net interest expense paid: (b) | (42.9) | (39.8) | (39.1) |
| Debt issue costs: (c) | --- | --- | (4.9) |
| Cash flow before change in borrowings: (d) = (A+B + a + b + c) |
(68.1) | 106.0 | 87.5 |
| Increase in borrowings: (e) | 329.1 | 41.6 | 122.2 |
| Repayment of borrowings: (f) | (268.3) | (79.6) | (82.5) |
| NET CASH USED FOR FINANCING ACTIVITIES: (C) = a + b + c + e + f | 15.0 | (82.6) | (11.3) |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: ( A + B + C ) | (7.3) | 68.0 | 127.2 |
| Cash and cash equivalents at beginning of period | 120.1 | 112.8 | 180.8 |
| Cash and cash equivalents at end of period | 112.8 | 180.8 | 308.0 |
| Net indebtedness at beginning of period | 729.3 | 1,047.0 | 964.0 |
| Cash flow before change in borrowings: (d) | 68.1 | (106.0) | (87.5) |
| Capitalization of financial leases | 16.9 | 34.7 | 68.7 |
| Loan issue charges fixed assets | 4.3 | 4.3 | (1.4) |
| Assets held for sale | (2.0) | -- | -- |
| Fair value of financial hedging instruments | 13.6 | (5.0) | (0.9) |
| Change in scope of consolidation and other | 216.8 | (11.0) | (15.8) |
| Net indebtedness at end of period | 1,047.0 | 964.0 | 927.1 |
Update on the public offer to the shareholders of Capio AB (publ.) (“Capio”)
- Ramsay Générale de Santé (“RGdS”) announced on 13 July 2018 a public offer to acquire all shares in the Nasdaq Stockholm listed Capio AB (publ) (“Capio”) for SEK 48.5 in cash per share (the “Offer”).
- The estimated date for publication of the offer document describing the Offer (the “Offer Document”) is 5 September 2018, and the estimated acceptance period is 6 September to 7 December 2018.
- The European Commission issued on 13 August 2018 a decision referring the entire case to the French Competition Authority.
- RGdS notes that Capio announced on 21 August 2018 the potential disposal of its French activities (“Capio France”) to Vivalto Santé (“Vivalto”) subject to a number of conditions (including regulatory approvals, approval of Capio’s shareholders at an EGM and confirmatory due diligences by Vivalto).
- RGdS’s Offer is, amongst other things, conditional upon Capio not disposing its non-Nordic operations.
- Based on information published by Capio, Vivalto’s offer on Capio France values such assets at an EBITDA (RTM June 2018) multiple of 9.0 (excluding earn-out) to 9.6x (including maximum earn-out) and is still subject to contingencies despite access to due diligence on those assets, which RGdS did not have. Such multiples are below the one offered by RGdS on Capio as a whole through its 48.5SEK per share all cash offer, standing above 10x(1) (RTM June 18).
- RGdS also notes that the offer received by Capio on Capio France is uncertain and remains subject to a number of contingencies including in particular Vivalto’s satisfactory confirmatory due diligence.
- As part of its ongoing strategy to create a leading private health care operator in Europe, RGdS continuously reviews its options including organic and inorganic opportunities based on a rigorous investment approach, the potential acquisition Capio being one of them. Since the announcement of the public offer on Capio, RGdS did not hold any discussions with the Board of Directors of Capio about a potential increase of its offer. RGdS confirms however that, as customary in this type of situation, it had contacts since the announcement of the Offer with several investors to give them details on its Offer based on public information.
(1) Based RTM EBITDA as of 30 June 2018. Entreprise Value of Capio based on 141.2M Capio shares valued at 48.5 SEK per share and customary debt and debt-like items as of 30 June 2018.
Important reminder regarding the Offer
An offer document will be approved and registered by the Swedish Financial Supervisory Authority, and made public by RGdS, prior to the commencement of the acceptance period of the Offer. It is reminded that the Offer, is not being made to, and acceptances will not be approved from, persons whose participation in the Offer requires that an additional offer document is prepared or registration effected or that any other measures are taken in addition to those required under Swedish law (including Nasdaq Stockholm’s Takeover Rules), except where there is an applicable exemption.
Statements in this press release relating to future status or circumstances, including statements regarding future performance, growth and other trend projections and the other benefits of the Offer, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside RGdS’ control. Any such forward-looking statements speak only as of the date on which they are made and RGdS has no obligation (and undertakes no such obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.
This press release has been published in French, English and, with respect to the section named “Update on the public offer to the shareholders of Capio AB (publ)”, in Swedish. In the event of any discrepancy regarding this section between the three language versions, the English version shall prevail.
Information for U.S. securityholders
The Offer described in the Offer Document is made for the securities of Capio and is subject to the laws of Sweden. It is important that U.S. holders understand that the Offer and the Offer Document are subject to disclosure and takeover laws and regulations in Sweden that may be different from those in the United States. To the extent applicable, RGdS will comply with Regulation 14E under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). RGdS intends to treat the Offer as one to which the “Tier II” exemption mentioned in Rule 14d-1(d) under the Exchange Act applies.
Neither the U.S. Securities and Exchange Commission nor any securities commission of any state of the United States has (a) approved or disapproved the Offer, (b) passed upon the merits or fairness of the Offer, or (c) passed upon the adequacy or accuracy of the disclosure in the Offer Document. Any representation to the contrary is a criminal offence in the United States.
Swedish translation of the section
named “Update on the public offer to the shareholders of Capio AB (publ.)”
Uppdatering rörande det offentliga uppköpserbjudandet till aktieägarna i Capio AB (publ) (”Capio”)
- Den 13 juli 2018 offentliggjorde Ramsay Générale de Santé (”RGdS”) ett offentligt uppköpserbjudande att förvärva samtliga aktier i Nasdaq Stockholm-noterade Capio AB (publ) för 48,50 kronor kontant per aktie (”Erbjudandet”).
- Beräknat datum för offentliggörande av erbjudandehandlingen som beskriver Erbjudandet (”Erbjudandehandlingen”) är den 5 september 2018 och den beräknade acceptfristen löper från och med den 6 september till och med den 7 december 2018.
- Den 13 augusti 2018 beslutade EU-kommissionen att hänskjuta hela ärendet till den franska konkurrensmyndigheten.
- RGdS noterar att Capio, den 21 augusti 2018, offentliggjorde en föreslagen avyttring av dess franska verksamhet (”Capio Frankrike”) till Vivalto Santé (”Vivalto”), villkorat av uppfyllandet av ett antal villkor (däribland myndighetsgodkännanden, godkännande från Capios aktieägare vid en extra bolagsstämma och Vivaltos due diligence-undersökning).
- RGdS erbjudande är bl.a. villkorat av att Capio inte avyttrar dess icke-nordiska verksamheter.
- Enligt information som har offentliggjorts av Capio motsvarar Vivaltos bud på Capio Frankrike en EBITDA-multipel (rullande 12 månader per juni 2018) om 9,0 (exklusive tilläggsköpeskilling) upp till 9,6 (inklusive maximal tilläggsköpeskilling) och avyttringen är föremål för vissa villkor trots möjligheten att genomföra en due diligence-undersökning på dessa tillgångar, vilket RGdS inte har haft. Dessa multiplar är lägre än den multipel som erbjuds av RGdS genom Erbjudandet om 48,50 kronor per aktie, vilken överstiger 10,0[1] (rullande 12 månader per juni 2018).
- RGdS noterar också att det erbjudande som Capio har erhållit för Capio Frankrike är osäkert och att det är föremål för flera villkor, inklusive framförallt Vivaltos bekräftande due diligence-undersökning.
- Som en del av dess pågående strategi att skapa en ledande privat sjukvårdsleverantör i Europa undersöker RGdS kontinuerligt sina alternativ, inklusive organiska möjligheter och icke-organiska möjligheter baserade på en noggrann investeringsstrategi, vilket innefattar det potentiella förvärvet av Capio. RGdS har inte haft några diskussioner med Capios styrelse om en potentiell höjning av vederlaget i Erbjudandet efter det att Erbjudandet offentliggjordes. RGdS bekräftar dock att det, som sedvanligt i denna typ av situation, har varit i kontakt med flera investerare och gett dem detaljer om Erbjudandet baserat på offentlig information.
Viktig påminnelse angående Erbjudandet
En erbjudandehandling kommer att godkännas och registreras av Finansinspektionen, och offentliggöras av RGdS, före det att acceptfristen i Erbjudandet inleds. Det påminns om att Erbjudandet inte riktar sig till, och att inga anmälningssedlar kommer att accepteras från, personer vars deltagande i Erbjudandet kräver att någon ytterligare erbjudandehandling upprättas eller att registreringar sker eller att någon annan åtgärd vidtas utöver vad som krävs enligt svensk lag (inklusive Nasdaq Stockholms Takeover-regler), förutom om något undantag är tillämpligt.
Uttalanden i detta pressmeddelande som rör framtida förhållanden eller omständigheter, inklusive information om framtida resultat, tillväxt och andra utvecklingsprognoser samt andra effekter av Erbjudandet, utgör framtidsinriktad information. Sådan information kan exempelvis kännetecknas av att den innehåller ord som ”förutses”, ”tros”, ”förväntas”, ”avses”, ”planeras”, ”ämnas”, ”eftersträvas”, ”kommer” eller ”kan” eller liknande uttryck. Framtidsinriktad information är till sin natur förknippad med risker och osäkerhetsmoment eftersom den avser förhållanden och är beroende av omständigheter som inträffar i framtiden. Till följd av ett flertal faktorer, vilka flera ligger utom RGdS kontroll, kan framtida förhållanden komma att avsevärt avvika från vad som uttryckts eller antytts i den framtidsinriktade informationen. All sådan framtidsinriktad information gäller endast för den dagen den lämnades och RGdS har ingen skyldighet (och åtar sig ingen sådan skyldighet) att uppdatera eller ändra någon sådan information till följd av ny information, framtida händelser eller andra förhållanden.
Avsnittet ”Uppdatering rörande det offentliga uppköpserbjudandet till aktieägarna i Capio AB (publ) (”Capio”)” i detta pressmeddelande har offentliggjorts på svenska, engelska och franska. Vid en eventuell avvikelse mellan de tre språkversionerna ska den engelska språkversionen ha företräde.
Information för värdepappersinnehavare i USA
Erbjudandet som beskrivs i Erbjudandehandlingen avser aktierna i Capio och regleras av svensk lag. Det är viktigt att amerikanska värdepappersinnehavare förstår att Erbjudandet och Erbjudandehandlingen regleras av svenska offentliggörande- och takeover-regler som kan skilja sig från de regler som gäller i USA. RGdS kommer att följa Regulation 14E enligt den vid var tid gällande U.S. Securities Exchange Act of 1934 (”U.S. Exchange Act”) i den utsträckning denna är tillämplig. RGdS avser att behandla Erbjudandet som ett erbjudande för vilket det s.k. Tier II-undantaget enligt Rule 14d-1(d) i U.S. Exchange Act är tillämpligt.
Varken den amerikanska värdepappersmyndigheten Securities and Exchange Commission eller någon annan värdepappersmyndighet i någon amerikansk delstat har (a) godkänt eller underkänt Erbjudandet, (b) bedömt eller uttalat sig om Erbjudandets skälighet eller (c) bedömt eller uttalat sig om riktigheten eller tillförlitligheten i Erbjudandehandlingen. Att påstå motsatsen är en brottslig gärning i USA.
[1] Baserat på EBITDA rullande 12 månader per den 30 juni 2018. Capios rörelsevärde (EV) är baserat på 141,2 miljoner Capio-aktier värderade till 48,50 kronor per aktie och sedvanliga skuld och skuldliknande poster per den 30 juni 2018