Earnings Release • Sep 30, 2015
Earnings Release
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AEVIS VICTORIA Half-Year Report 2015
AEVIS VICTORIA SA invests in services to people, healthcare, life sciences, hotels and lifestyle. AEVIS's main shareholdings are Genolier Swiss Medical Network, the second largest group of private clinics in Switzerland, Victoria-Jungfrau Collection AG, a luxury hotel group managing four palace hotels in Switzerland, Swiss Healthcare Properties AG, a company specialised in healthcare real estate and NESCENS SA, a brand dedicated to better aging. AEVIS is also active in the ambulance business with Ambulances Services Odier SA. AEVIS is listed on the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW).
| (In thousands of CHF unless otherwise stated) |
HY2015 | HY2014 Restated* |
FY2014 Restated* |
|---|---|---|---|
| Revenue | 290'968 | 268'869 | 542'372 |
| EBITDA | 32'987 | 36'110 | 65'039 |
| EBITDA margin | 11.3% | 13.4% | 12.0% |
| Depreciation and amortisation | (19'994) | (21'552) | (37'312) |
| EBIT | 12'993 | 14'558 | 27'727 |
| EBIT margin | 4.5% | 5.4% | 5.1% |
| Financial result | (11'122) | (10'414) | (20'502) |
| Profit for the period | 71 | 2'808 | 5'754 |
| Market price per share at end of period | 46.40 | 33.50 | 45.00 |
| Number of outstanding shares | 15'029'954 | 14'211'905 | 14'390'416 |
| Market capitalisation | 697'390 | 476'099 | 647'569 |
*Adoption of Swiss GAAP FER 31. See note 2 of the consolidated financial statements for further information.
Genolier Swiss Medical Network SA (GSMN), founded in 2002, is the 2nd largest network of private clinics in Switzerland, present in the three main linguistic regions. GSMN's growth strategy focuses on the creation of a national network through the acquisition of clinics and the restructuring of their operations. GSMN's main objective is to offer first class hospital care to Swiss and foreign patients. Its distinctive features include high quality services, an excellent medical and hotel infrastructure and a pleasant environment. Equipped with the latest medical technologies, GSMN stands for reliability, competence and well-being. GSMN today operates 15 private clinics in Switzerland, with around 1'250 admitting physicians and 2'750 employees. GSMN is also affiliated to Pyramide am See, which manages 2 clinics in the canton of Zurich. The medical competences of the GSMN clinics are recognised beyond the Swiss borders with, for example, the first Breast Centre of a group of private clinics to be certified in French speaking Switzerland, a pain clinic in Basel, expertise and high-tech oncology equipment and recognised maternity wards. GSMN is a 100% subsidiary of AEVIS VICTORIA. www.gsmn.ch
Swiss Healthcare Properties AG (SHP), founded in 1997, is a unique healthcare real estate company in Switzerland. The portfolio of SHP, with a market value of CHF 740.7 million and a rental surface of 126'000 sqm as per 30.06.2015, consists of 29 quality entities situated in premium locations. All properties are fully let, mainly to the various GSMN clinics, and have been bought or constructed in the context of the development of the group. SHP's properties present a development potential of approximately 15'000 to 20'000 rentable sqm. SHP has a buy/build & hold strategy with a long-term perspective of ongoing renovation and maintenance programs. The real estate company is committed over the long-term to the clinic's operations growth but also aims to realise healthcare-related real estate acquisitions with reliable operators outside the GSMN network. SHP is a 100% subsidiary of AEVIS VICTORIA. www.shp.net
The Victoria-Jungfrau Collection (VJC) comprises four leading five-star hotels situated in the most sought-after locations in Switzerland: Victoria-Jungfrau Grand Hotel & Spa in Interlaken, Palace Luzern, Eden au Lac in Zurich and Bellevue Palace in Bern. The four hotels are individually managed but all share a commitment to personal hospitality and top-quality service. The historic establishments with Swiss tradition offer luxurious accommodation, gourmet cuisine, wellness and contemporary infrastructure to their guests. The Victoria-Jungfrau Collection yearly counts around 160'000 overnight bookings. VJC is a 100% subsidiary of AEVIS VICTORIA.
Nescens SA - Swiss Anti-Aging Science – Adding Life to LifeTM
Nescens is the result of a unique blend of medical and scientific expertise, born out of the vision of Professor Jacques Proust, a pioneer in the field of the biology of aging who created the Centre for the Prevention of Aging at Clinique de Genolier. Nescens is the first brand that developed a general and personalized medical accompaniment for successful aging. In its Preventive Medicine Centres, Medical Spas and Clinics, Nescens offers medical check-ups, better-aging therapeutic programmes, plastic surgery and beauty treatments or also antiaging enhancing cosmeceuticals. In this way, Nescens supports the prevention, reduction or slowing down of the effects of aging. Nescens also created a centre of excellence in regenerative medicine in the form of Nescens Swiss Stem Cell Science. Its main activity is to promote, manage and organise the collection, treatment, cryopreservation and autologous use of stem cells for therapies or aesthetic enhancements and also to participate in international scientific research programmes. AEVIS VICTORIA owns 36.2% of Nescens SA and 84% of Laboratoires Genolier SA, the company developing high-end cosmeticeuticals. AEVIS owns 70% of Nescens Swiss Stem Cell Science SA and 100% of Clinique Nescens Paris Spontini, its first clinic entirely dedicated to plastic surgery.
www.nescens.com
Ambulances Services Odier SA is an ambulance company specialised in the transportation of patients and injured. With 20 ambulances and around 80 employees and a market share of approximately 40%, Ambulances Services Odier SA is the most important private player in the canton of Geneva. The company is specialised in repatriations, urgent patient transports, hospital transfers and organ and blood transportation. AEVIS VICTORIA owns 93.4% of Ambulances Services Odier SA.
www.asgge.ch
Les Hauts de Genolier is a unique concept in Switzerland, an alliance between premier hotel services and medical care supplied by Clinique de Genolier. The facility is designed for residents of all ages who wish to remain independent while benefitting from tailor-made services, during long or short-term stays and within a secure medical environment. Les Hauts de Genolier counts 63 spacious suites with balcony, offering a magnificent view over Lake Geneva and Mont- Blanc. AEVIS VICTORIA owns 100% of Les Hauts de Genolier SA. www.hdg.ch
| 30.06.2015 | 31.12.2014 | |
|---|---|---|
| Share capital (in CHF) | 75'176'035 | 71'981'475 |
| Number of registered shares issued* | 15'035'207 | 14'396'295 |
| Nominal value per registered share (in CHF) | 5 | 5 |
| Number of treasury shares | 5'253 | 5'879 |
| Number of registered shares outstanding | 15'029'954 | 14'390'416 |
*The issuing of 638'912 new registered shares in relation with the merger by absorption of Victoria-Jungfrau Collection AG has been approved by the Annual General Meeting of June 29, 2015 and published in the Commercial Register on July 3, 2015.
| (in CHF unless otherwise stated) | 30.06.2015 | 31.12.2014 |
|---|---|---|
| High | 47.25 | 45.00 |
| Low | 34.35 | 30.00 |
| End price | 46.40 | 45.00 |
| Average volume per day (in units) | 2'204 | 4'324 |
| Market capitalisation | 697'389'866 | 647'568'720 |
The registered shares of AEVIS VICTORIA SA are traded on the Swiss Reporting Standard of SIX Swiss Exchange.
| Valor symbol: | AEVS | Bloomberg: | AEVS SW Equity |
|---|---|---|---|
| Valor no.: | 1248819 | Reuters: | AEVS.S. |
| ISIN: | CH0012488190 |
AEVIS VICTORIA SA has currently issued three fixed rate bonds.
| AEV12 | AEV13 | AEV14 | |
|---|---|---|---|
| Bond type | Fixed rate | Fixed rate | Fixed rate |
| Nominal amount | CHF 80.0 million | CHF 100.0 million | CHF 145.0 million |
| Securities number | CH0187896698 | CH0214926096 | CH0240109592 |
| Interest rate | 4.25% | 3.50% | 2.75% |
| Term | 03.08.2012 to 03.08.2016 | 02.07.2013 to 02.07.2018 | 04.06.2014 to 04.06.2019 |
| Maturity | 03.08.2016 at par value | 02.07.2018 at par value | 04.06.2019 at par value |
The following shareholders held more than 3% on 30 June 2015:
| Total shareholders (30 June 2015) | 2'886 |
|---|---|
| Kuwait Investment Office | 3.55% |
| Research, Services and Investments SA | 78.03% |
| Group A. Hubert / M. Reybier / M.R.S.I. Medical |
| November 2015 | Publication of 3Q 2015 turnover |
|---|---|
| March 2016 | Publication of the 2015 turnover |
| 29 April 2016 | Publication of the 2015 Annual Results |
| May 2016 | Publication of 1Q 2016 turnover |
| 14 June 2016 | Ordinary general shareholders meeting for the year 2015 |
| 30 September 2016 | Publication of the 2016 half-year results |
| November 2016 | Publication of 3Q 2016 turnover |
SIX SAG SA Share Register Administration Baslerstrasse 100 / P.O. Box CH-4601 Olten Tel +41 58 399 61 00 [email protected]
AEVIS VICTORIA SA (AEVIS) further sharpened its profile and increased its level of specialisation in the reporting period. Most importantly, AEVIS successfully completed the build-up of its third pillar of activities with the 100% integration of the luxury hotel business and the associated name change. Both general assemblies of AEVIS Holding SA and Victoria-Jungfrau Collection AG (VJC) approved the merger through the absorption of Victoria-Jungfrau Collection AG by AEVIS to create AEVIS VICTORIA SA on 29 June 2015. In return for their VJC shares, the shareholders received newly issued AEVIS shares at an exchange ratio of eight AEVIS shares for one VJC share. The new AEVIS shares are entitled to dividends for the full fiscal year, as the transaction entered into force retroactively as of 1 January 2015.
In the first half-year 2015, AEVIS realised total revenues of CHF 291.0 million, up by 8.2% from the previous year. EBITDA declined slightly to CHF 33.0 million (2014: CHF 36.1 million) or 11.3% (2014: 13.4%) of revenues due to lower reimbursement tariffs at GSMN, fewer foreign patients and the negative impact of the consolidation of the hotel subsidiary as of Q1 2015, the three first months of the year traditionally being the least performing in the hotel sector (in 2014, the hotel business was consolidated as of the second quarter). Financial expenses of more than CHF 11 million following substantial investments, acquisitions and the issuance of three bonds in the recent past further impacted results. As a consequence, a net profit for the period under review of CHF 0.07 million was achieved compared to CHF 2.80 million a year ago.
AEVIS continues to strive for operational excellence. It is our goal to satisfy our patients and clients as much as possible and deliver a superior price-performance ratio. We therefore continue to invest in our people with dedicated training and quality programs, such as the newly launched Genolier Academy. These offerings will help transform AEVIS and its subsidiaries into a preferred employer in its areas of activity.
Genolier Swiss Medical Network (GSMN) continued its development with the integration of Clinique Montbrillant in La Chaux-de-Fonds. The clinic is specialised in orthopaedics, ophthalmology, gynaecology and general surgery, and realises a turnover of around CHF 15 million per year. Clinique Montbrillant was formally integrated into GSMN Neuchatel SA, allowing it to offer medical services together with Hôpital de la Providence, which was successfully repositioned in the last few months, to the entire canton of Neuchatel.
Surging business with Swiss patients resulted in total revenues for the 15 clinics and the residence Les Hauts de Genolier of CHF 217.0 million in the reporting period, 2.3% above the previous year. Anticipated TARMED (the ambulatory tariff structure) price reductions of 8.5% for 2015 had a negative impact on the reimbursements in the amount of CHF 1.7 million. In addition, DRG system changes together with reduced base rates in the combined amount of CHF 0.8 million further impacted profitability. The number of foreign patients decreased, mainly due to sanctions against Russia and intensified competition in the field of medical tourism, and led to a loss of sales in the amount of CHF 7 million. To counteract these developments, GSMN will initiate additional measures to increase efficiency and cost-effectiveness. On the other hand, these new tariffs will have an even more substantial effect on poorly managed private clinics and many public hospitals with substandard competitiveness. As a result, consolidation in the industry could intensify even more and open up further expansion opportunities for GSMN. The pipeline currently looks promising, and it is expected that GSMN will continue to expand its unique network of medical excellence in the months to come.
GSMN progressed in terms of quality and further invested in its infrastructure. Renovation work has been completed at Privatklinik Lindberg in Winterthur, which is now a state-of-the-art private clinic after investments of more than CHF 11 million. To offer patients the best possible treatment, the maternity units of Privatklinik Lindberg and Privatklinik Bethanien have been merged and concentrated at the Zurich location. The same bundling of core competencies has been carried out with the maternity units of Privatklinik Obach and Privatklink Villa im Park, which are now centralised in Rothrist.
In order to manage the ongoing regulatory challenges and unequal treatment of contracted clinics, internal and organisational adaptations have been put in place. All contracted clinics of GSMN, focusing on clients with supplementary insurance, have been bundled into a new entity called GSMN Suisse SA. At the same time, the clinics in canton Ticino are now combined in a subsidiary named GSMN Ticino SA. The reinforced organisational structure combined with high quality and up-to-date infrastructure and equipment put GSMN in an ideal position to meet the challenges of a changing healthcare market in Switzerland.
During the first six months of 2015, SHP acquired the building and construction project of CIC Clinic in Clarens (near Montreux), a leading operator of outpatient surgery. SHP generated a rental income of CHF 18.5 million, up by 16.7% compared to the same period last year. The real estate portfolio of SHP consisted of 29 properties on 14 sites, representing a total rentable surface of 126'195 m2. The current portfolio has a further development potential of approximately 15'000 to 20'000 rentable m2, up to 35'000 m2 with new zoning plans. All properties were fully let (no vacancies). The portfolio reached a market value of CHF 740.7 million at the end of June 2015, as estimated by Wüest & Partner, compared to CHF 684 million six months ago. Internal reorganisations were carried out to rationalise administrative and technical operations as well as intensify the collaboration with Patrimonium Healthcare Property Advisors.
Capital expenditures for acquisitions will decrease substantially in the coming quarters. Nevertheless, the anticipated development of GSMN's clinic activities implies a need for additional surfaces on various sites in the coming years. Various actions are being carried out to meet this need, seeking to increase the ground area ratio, changing area plans, or searching for buildings near current clinics. Overall, healthcare-related real estate remains more resilient to market challenges such as tighter credit-granting rules or immigration uncertainties, as witnessed in the residential and office real estate market in Switzerland.
The first quarter is usually the most challenging period for city hotels in Switzerland. 2015 was no exception, and the tourism industry was further impacted by the Swiss National Bank and its decision to float the exchange rate against the Euro. Since April, however, results have been constantly improving and the summer months were clearly above average. The crises in Russia and the devaluation of the Ruble led to a decline in the number of Russian clients. However, VJC was able to offset the impact and compensate with customers from China, USA and the Middle East, each growing at a solid rate of more than 20% compared to a year earlier.
In total, VJC achieved a turnover of CHF 32.9 million in the first half-year 2015, down 3.5% from the previous year. The number of guests increased by 2% to 75'415, mainly due to a positive development in business groups and leisure groups, while the number of overnight stays dropped by 1.2% to 45'265 and the average room rate declined by 2.8% to CHF 345. VJC was able to regain ground in the summer months as business expanded at an above-average rate. As a consequence, results at the end of July 2015 were already above the previous year, highlighted by a turnover of CHF 40.5 million, a total of 93'794 guests and an average room rate of CHF 359.
The management team will continue to exploit synergies in IT, sales and marketing, procurement and human resources. Furthermore, the gastronomy offer will be upgraded and help to reposition the hotels. For example, the Restaurant La Terrasse at the Victoria-Jungfrau Grand Hotel & Spa in Interlaken will undergo an extensive renovation and get a completely new concept to unlock the future. Similar projects are foreseen in our other hotels.
In the current business year 2015, AEVIS expects to realise a turnover of approximately CHF 600 million, based on an unchanged portfolio consolidated over a 12-month period. Despite the seasonal impacts on AEVIS' profitability level during the first half-year 2015, AEVIS continues to target an EBITDA margin of more than 20% in the mid-term, based on optimised processes and higher utilisation of its infrastructure. This will imply a free cash flow margin of around 10%, on which a payout ratio of 30% will be applied.
Christian Wenger Antoine Hubert Chairman of the Board Delegate of the Board
Consolidated financial statements of AEVIS VICTORIA SA
| (In thousands of CHF) Note |
1st half 2015 | 1st half 2014 Restated |
|---|---|---|
| Total revenue | 290'968 | 268'869 |
| External services | (32'557) | (29'970) |
| Net revenue 4 |
258'411 | 238'899 |
| Total operating expenses | (225'424) | (202'789) |
| EBITDA (Earnings before interest, taxes, depreciation and amortisation) |
32'987 | 36'110 |
| Depreciation and amortisation | (19'994) | (21'552) |
| Profit from operating activities | 12'993 | 14'558 |
| Financial result | (11'122) | (10'414) |
| Share of profit / (loss) of equity accounted investees | 39 | 114 |
| Ordinary result | 1'910 | 4'258 |
| Extraordinary result 5 |
(75) | – |
| Profit before taxes | 1'835 | 4'258 |
| Income taxes | (1'849) | (1'555) |
| Profit/(loss) for the period before minority interests | (14) | 2'703 |
| Minority interests | 85 | 105 |
| Profit for the period | 71 | 2'808 |
| Weighted average number of outstanding shares | 14'256'059 | 14'259'155 |
| Earnings per share (in CHF) | 0.00 | 0.20 |
| Potential dilutive effect of share-based payment plans | 0.00 | (0.01) |
| Diluted earnings per share (in CHF) | 0.00 | 0.19 |
| (In thousands of CHF) | 30.06.2015 | 31.12.2014 Restated |
|---|---|---|
| Assets | ||
| Total current assets | 236'618 | 227'274 |
| Total non-current assets | 1'127'054 | 1'061'330 |
| Total assets | 1'363'672 | 1'288'604 |
| Liabilities and equity | ||
| Total current liabilities | 309'076 | 259'952 |
| Total non-current liabilities | 747'039 | 709'450 |
| Total liabilities | 1'056'115 | 969'402 |
| Equity | ||
| Equity before minority interests | 307'795 | 270'456 |
| Total equity including minority interests | 307'557 | 319'202 |
| Total liabilities and equity | 1'363'672 | 1'288'604 |
| (In thousands of CHF) | Share capital |
Share pre mium |
Trea sury shares |
Offset goodwill |
Cur rency trans lation diffe rences |
Retained earnings / (accu mulated deficit) |
Total before minority inte rests |
Mino rity inte rests |
Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 January 2014 (before restatement) |
71'699 | 239'591 | (344) | (85'899) | 10 | 5'171 | 230'228 | 2'691 | 232'919 |
| Changes in accounting principles |
– | 378 | – | – | – | (378) | – | – | – |
| Balance at 1 January 2014 (restated) |
71'699 | 239'969 | (344) | (85'899) | 10 | 4'793 | 230'228 | 2'691 | 232'919 |
| Profit for the period (restated) | – | – | – | – | – | 2'808 | 2'808 | (105) | 2'703 |
| Capital contribution distribution | – | (7'826) | – | – | – | – | (7'826) | – | (7'826) |
| Acquisition of subsidiaries | – | – | – | 49'289 | – | – | 49'289 | 45'855 | 95'144 |
| Purchase of minority interests | – | – | – | – | – | (79) | (79) | (65) | (144) |
| Purchase of treasury shares | – | – | (7'134) | – | – | – | (7'134) | – | (7'134) |
| Sale of treasury shares | – | (85) | 3'155 | – | – | – | 3'070 | – | 3'070 |
| Share-based payments (restated) |
– | 189 | – | – | – | – | 189 | – | 189 |
| Currency translation differences | – | – | – | – | 10 | – | 10 | – | 10 |
| Balance at 30 June 2014 (restated) |
71'699 | 232'247 | (4'323) | (36'610) | 20 | 7'522 | 270'555 | 48'376 | 318'931 |
| Balance at 1 January 2015 (restated) |
71'981 | 232'991 | (248) | (44'626) | (151) | 10'509 | 270'456 | 48'746 | 319'202 |
| Profit for the period | – | – | – | – | – | 71 | 71 | (85) | (14) |
| Capital increase | 3'195 | (2) | – | – | – | – | 3'193 | – | 3'193 |
| Acquisition of subsidiaries | – | – | – | (211) | – | – | (211) | (162) | (373) |
| Purchase of minority interests | – | 25'493 | – | – | – | 9'739 | 35'232 | (48'737) | (13'505) |
| Purchase of treasury shares | – | – | (18'095) | – | – | – | (18'095) | – | (18'095) |
| Sale of treasury shares | – | (85) | 18'132 | – | – | – | 18'047 | – | 18'047 |
| Share-based payments | – | 174 | – | – | – | – | 174 | – | 174 |
| Currency translation differences | – | – | – | – | (1'072) | – | (1'072) | – | (1'072) |
| Balance at 30 June 2015 | 75'176 | 258'571 | (211) | (44'837) | (1'223) | 20'319 | 307'795 | (238) | 307'557 |
| (In thousands of CHF) | 1st half 2015 | 1st half 2014 Restated |
|---|---|---|
| Profit for the period | 71 | 2'808 |
| Cash flow from operating activities before changes in working capital | 18'172 | 23'314 |
| Cash flow from operating activities | 10'052 | 6'551 |
| Cash flow used in investing activities | (63'023) | (74'297) |
| Cash flow from financing activities | 27'106 | 81'392 |
| Currency translation effect on cash and cash equivalents | (87) | (16) |
| Change in cash and cash equivalents | (25'952) | 13'630 |
| Cash and cash equivalents at beginning of the period | 48'574 | 29'065 |
| Cash and cash equivalents at the end of the period | 22'622 | 42'695 |
AEVIS VICTORIA SA (hereafter "The Company") has its registered offices at rue Georges-Jordil 4, 1700 Fribourg, Switzerland. The Company's purpose consists of holding interests in financial, commercial and industrial enterprises in Switzerland and abroad, in areas such as medical treatment, healthcare and hotels.
These condensed consolidated financial statements cover the unaudited interim results for the six months ended 30 June 2015. They have been prepared in accordance with Swiss GAAP FER. The consolidated interim financial statements for 2015 have been prepared in accordance with FER 31 "Supplementary recommendation for listed companies".
The consolidated financial statements were authorised for issue by the Board of Directors on 28 September 2015 and include the Company, its subsidiaries and its interests in associates (together "The Group").
The first-time adoption of Swiss GAAP FER 31 impacts the following areas of corporate accounting of the Group:
According to Swiss GAAP FER 31, share-based compensation is valued at present value when granted and is recognized over the vesting period as personnel expenses and as equity (for instruments with equity compensation) or liabilities (for instruments with cash compensation).
The implementation of Swiss GAAP FER 31 resulted in a restatement of the financial statements of 2014. The following adjustments were made to the income statement for the first six months of 2014:
| (In thousands of CHF) | 1st half 2014 |
|---|---|
| Profit for the period before adjustment | 2'997 |
| Share-based payments (personnel expenses) | (189) |
| Profit for the period after adjustment | 2'808 |
No other additional provisions of Swiss GAAP FER 31 have an influence on the consolidated balance sheet and income statement of the Group. However, in order to comply with Swiss GAAP FER 31, additional disclosures have been included in the consolidated financial statements and the notes to the consolidated financial statements.
As from 2015, the Group uses the proportional consolidation method instead of the equity method to include joint venture companies in the scope of consolidation.
Except for the above mentioned changes, the Group has applied the same accounting policies as described in the 2014 Annual Report.
The following changes to the scope of consolidation took place in the first half of 2015:
| Entity | Event / Date | Capital share | Capital share |
|---|---|---|---|
| 30.06.2015 | 31.12.2014 | ||
| Ambulances Odier SA | Acquired on 13.01.2015 | 100.00% | – |
| GSMN Zürich AG | Increase in participation on 18.02.2015 | 100.00% | 80.00% |
| Montbrillant SA | Acquired on 30.03.2015 | 100.00% | – |
| Victoria-Jungfrau Collection AG | Increase in participation on 29.06.2015 | 100.00% | 71.17% |
Victoria-Jungfrau Collection AG is a holding company with several subsidiaries. All group companies are listed in note 7.
| (In thousands of CHF) | 1st half 2015 | 1st half 2014 |
|---|---|---|
| Private clinics | 217'015 | 212'168 |
| Hotels* | 32'595 | 20'635 |
| Real estate | 18'996 | 16'027 |
| Other | 7'834 | 5'643 |
| Corporate | 102 | 93 |
| Net revenue of the segments | 276'542 | 254'566 |
| Inter-segment transactions | (18'131) | (15'667) |
| Net consolidated revenue of the Group | 258'411 | 238'899 |
*The hotels segment was included in the scope of consolidation on April 1, 2014. Therefore only three months were included in the 2014 figures.
Because of competitive disadvantages compared to non-listed and larger competitors as well as other stakeholders, the Group decided to only disclose the net revenue by segment.
The extraordinary result of CHF 0.1 million (2014: nil) is related to the legal case of 2010.
On September 1, 2015, Swiss Healthcare Properties SA sold a building in Clarens (canton Vaud).
| Segment / Company name | Location | Activity | In % on group level | ||
|---|---|---|---|---|---|
| 30.06.2015 | 31.12.2014 | ||||
| Corporate | |||||
| AEVIS VICTORIA SA (formerly AEVIS Holding SA)1 | Fribourg | Holding company | a) | 100.0 | 100.0 |
| Victoria-Jungfrau Collection AG (merged)1 | Interlaken | Holding company | a) | 100.0 | 71.2 |
| Private clinics | |||||
| Genolier Swiss Medical Network SA | Genolier | Holding company | a) | 100.0 | 100.0 |
| GSMN Suisse SA (formerly GSMN Vaud SA)2 | Genolier | Clinics | a) | 100.0 | 100.0 |
| GSMN Zürich AG2 | Zürich | Clinics | a) | 100.0 | 80.0 |
| GSMN Ticino SA (formerly Salus Medica Clinic SA)3 | Sorengo | Clinics | a) | 100.0 | 100.0 |
| Ars Medica Clinic SA (merged)3 | Gravesano | Clinic | a) | 100.0 | 100.0 |
| GSMN Neuchâtel SA | Neuchâtel | Clinics | a) | 100.0 | 100.0 |
| Montbrillant SA (merged)4 | La Chaux-de-Fonds | Clinic | a) | 100.0 | 0.0 |
| Centre Médico-Chirurgical des Eaux-Vives SA | Geneva | Day clinic | a) | 100.0 | 100.0 |
| Clinique Générale – Ste-Anne SA | Fribourg | Clinic | a) | 100.0 | 100.0 |
| Clinique Médico-Chirurgicale de Valère SA | Sion | Clinic | a) | 92.3 | 92.3 |
| Genolier Swiss Visio Network SA | Genolier | Ophthalmology | a) | 80.0 | 80.0 |
| IRJB Institut de Radiologie du Jura Bernois SA | Saint-Imier | Radiology institute | a) | 51.0 | 51.0 |
| IRP Institut de Radiologie Providence SA | Neuchâtel | Radiology institute | a) | 51.0 | 51.0 |
| Klinik Pyramide am See AG | Zurich | Clinic | c) | 20.0 | 20.0 |
| Klinik Villa im Park AG | Rothrist | Clinic | a) | 100.0 | 100.0 |
| Les Hauts de Genolier SA5 | Genolier | Patient hotel | a) | 100.0 | 100.0 |
| Privatklinik Obach AG | Solothurn | Clinic | a) | 100.0 | 100.0 |
| Schmerzklinik Basel AG | Basel | Clinic | a) | 100.0 | 100.0 |
| Hotels | |||||
| Victoria-Jungfrau Collection AG (formerly SHI Swiss Hotels Investments S.A.) |
Interlaken | Hotel investments | a) | 100.0 | 100.0 |
| Grand Hotel Victoria-Jungfrau AG | Interlaken | Hotel | a) | 100.0 | 71.2 |
| Grand Hotel Victoria-Jungfrau AG | Interlaken | Hotel | a) | 100.0 | 71.2 |
|---|---|---|---|---|---|
| Hotel Bellevue Palace AG | Bern | Hotel | a) | 100.0 | 71.2 |
| Hotel Eden au Lac AG | Zurich | Hotel | a) | 100.0 | 71.2 |
| Palace Hotel Luzern AG | Luzern | Hotel | a) | 100.0 | 71.2 |
| VJC-Management AG | Interlaken | Management | a) | 100.0 | 71.2 |
| Segment / Company name | Location Activity |
In % on group level | |||
|---|---|---|---|---|---|
| 30.06.2015 | 31.12.2014 | ||||
| Real estate | |||||
| Park Résidence AG | Interlaken | Real estate | a) | 100.0 | 71.2 |
| Patrimonium Healthcare Property Advisors AG | Baar | Real estate management |
b) | 50.0 | 50.0 |
| Swiss Healthcare Properties AG | Fribourg | Healthcare real estate | a) | 100.0 | 100.0 |
| Swiss Hospitality Properties AG | Interlaken | Real estate | a) | 100.0 | 100.0 |
| Others | |||||
| Ambulances Services Odier SA (formerly AS Ambulances Services SA)6 |
Geneva | Ambulance services | a) | 93.4 | 93.4 |
| Ambulances Odier SA (merged)6 | Geneva | Ambulance services | a) | 93.4 | 0.0 |
| Laboratoires Genolier SA | Genolier | Cosmetics | a) | 84.0 | 84.0 |
| NESCENS SA | Genolier | Better-aging | c) | 36.2 | 36.2 |
| Société Clinique Spontini SAS | Paris | Aesthetic clinic in France |
a) | 100.0 | 100.0 |
| Swiss Stem Cell Science SA | Fribourg | Stem Cells | a) | 70.0 | 70.0 |
| Academy & Finance SA | Geneva | Organisation of seminars |
c) | 22.5 | 22.5 |
| Agefi Com SA | Geneva | Publishing (dormant) | c) | 49.0 | 49.0 |
| AGEFI, Société de l'Agence Economique et Financière SA |
Lausanne | Publishing | c) | 49.0 | 49.0 |
| Publications Financières LSI SA | Geneva | Publishing (dormant) | a) | 100.0 | 100.0 |
a) Fully consolidated
b) Proportional method
c) Equity method
1) Victoria-Jungfrau Collection AG was merged in June 2015 into AEVIS Holding SA which was then renamed to AEVIS VICTORIA SA with retroactive effect from 01.01.2015.
2) GSMN Zürich AG was merged in March 2015 into GSMN Vaud SA which was then renamed to GSMN Suisse SA with retroactive effect from 30.09.2014.
3) Ars Medica Clinic SA was merged in June 2015 into Salus Medica Clinic SA which was then renamed to GSMN Ticino SA with retroactive effect from 01.01.2015.
4) Montbrillant SA was merged in June 2015 into GSMN Neuchâtel SA with retroactive effect from 01.01.2015.
5) The patient hotel Les Hauts de Genolier SA has been reported under the segment "Other healthcare and wellness activities" in the former segment information and was reclassified to the "Clinics" segment in the new segment information under Swiss GAAP FER 31. The previous year figures are presented accordingly.
6) Ambulances Odier SA was merged in June 2015 into AS Ambulances Services SA which was then renamed to Ambulances Services Odier SA with retroactive effect from 01.01.2015.
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