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AEVIS VICTORIA SA

Investor Presentation • Mar 27, 2017

808_ip_2017-03-27_3a84fb9d-4014-41e0-b5b3-5d348d1e5a84.pdf

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Annual Results 2016Presentation

27 March2017

Disclaimer

• This communication contains statements that constitute "forward‐looking statements". In this communication, such forward‐looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward‐looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond AEVIS VICTORIA SA's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in AEVIS VICTORIA SA's past and future filings and reports and in past and future filings, press releases, reports and other information posted on AEVIS VICTORIA SA's group companies websites. Readers are cautioned not to put undue reliance on forward‐looking statements, which speak only of the date of this communication. AEVIS VICTORIA SA disclaims any intention or obligation to update and revise any forward‐looking statements, whether as a result of new information, future events or otherwise. This presentation does not constitute an offer tosell or a solicitation to purchase any securities of AEVIS VICTORIA SA.

AEVIS VICTORIA– Group Structure

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• AEVIS VICTORIA invests in various other activities along the value chain of its main segments. Activities range from early‐stage (such as AEVIS VICTORIA's participation in the field of stem cells) to companies under restructuring (such as AEVIS VICTORIA′s ambulanceservices)

AEVIS VICTORIA– Value Creation through M&A

AEVIS VICTORIA– Highlights 2016

Continuationof AEVIS VICTORIA's growth strategy with three acquisitions:

  • Clinique Générale‐Beaulieu in Geneva integrated in Swiss Medical Network
  • Hotel Crans Ambassador in Crans‐Montana integrated in Victoria‐Jungfrau Collection
  • Diversification of investment portfolio through a minority participation of 40% in Medgate, the leading Swiss telemedicine provider
  • Strong improvement of profitability with improved EBITDA and EBIT margins of 14.4% and 6.1%respectively (2015: 12.7% and 4.7%)
  • Substantial increaseof operating cash flow from CHF 36.6m to CHF 55.6m
  • EBITDAR margins of the hospital and hospitality main segments exceeded 20.0% for the firsttime
  • Pro forma total revenues and EBITDA including 12 months of Générale‐Beaulieu amounted to CHF 664.9mand CHF 86.7m
  • 2017 guidance (based on unchanged perimeter):
  • Total revenues of more than CHF 700m
  • Net revenues of more than CHF 600m
  • EBITDAof more than CHF 100m

AEVIS VICTORIA– Share Price Development

The AEVIS VICTORIAshare price looks attractive

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AEVIS VICTORIA shares are part of the Swiss Performance Index SPI, the SXI Life Sciences Index(SLIFE) and the SXI Bio+Medtech Index (SBIOM)

AEVIS VICTORIA– Key Financials

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Comments

  • • Total revenues reached CHF 592.6mfor the first time and net revenues (medical fees excluded) amounted to CHF517.1m
  • • Excluding the revenue of Palace Lucerne in 2015, net revenue growth amounted to5.4%
  • • Substantial efficiency gains led to an 11.1% increase in EBITDAR to CHF 87.1m corresponding to a solid EBITDARmargin of 16.9%
  • • Pro forma consolidation of Générale‐ Beaulieu for 12 months brings total revenues to CHF 664.9m and EBITDARto more than CHF 100m
  • • Real estate portfolio grew to over CHF 1billion

* 12 months consolidationof Générale‐Beaulieu

AEVIS VICTORIA– EBITDA Bridge Analysis

  • • Theabove bridge analysis shows the EBITDA 2016 normalised for one‐time items in 2016
  • •Furthermore, a pro forma EBITDA was calculated :

*

  • The loss contributions of the entities still being restructured were excluded to provide a picture of the profitability of the Group's mature activities*
  • Générale‐Beaulieu was consolidated for 12 months (instead of 2) in order to illustrate the full impact of theintegration of the hospital

AEVIS VICTORIA– Segment Reporting

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Key Figures Hospital Segment

  • • Revenue growth of 7.9% (with organic growth of 4.3% excluding acquisitions):
  • Higher number of patients
  • Increase in foreign patients of nearly 10%
  • Successful recruitment of 76 newphysicians
  • Integration of Clinique Générale‐Beaulieu (2 months)
  • • Synergies and efficiency gains led to an improved EBITDAR margin of 20.6%, bringing the group closer to its long‐term targeted EBITDAR margin of 22%

Key Figures Hospitality Segment

  • • Despite the challenges to the Swiss tourism industry, VJC hotelsperformed well due to its well‐diversified client base
  • • The number of overnight stays staid constant at 169'000 while the average room rate increased from 366 last year to 372this year (for the three 12 month consolidated hotels)
  • • The management fee from the Palace in Lucerne and the exploitation of synergies within the group led to an EBITDAR margin of 20.1%
  • • In December 2016, VJC acquired the operations of the Hotel Crans Ambassador, a luxury sport resort in Crans‐Montana
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*Buildings fully owned by AEVIS VICTORIA

Key Figures Real Estate Segment

  • • Real estate in Switzerland remains resilient to market challenges and AEVIS VICTORIA's real estate portfolio was again fully let in 2016
  • • With a continuing expansion in 2016 the real estate portfolio crossed the CHF 1 billion threshold:
  • Acquisition of an office building in Echandens
  • Acquisition of the Générale‐Beaulieu hospital building andthree adjacent buildings in Geneva
  • • Wüest Partner market values of real estate imply hidden reserves of CHF 111.5mcompared to activated book values
  • • The portfolio, furthermore, comprises additional development potential of around 40'000m2

AEVIS VICTORIA– Outlook 2017

  • AEVIS VICTORIA expects to realise a total of more than CHF 700m and net revenues of more than CHF 600m, based on an unchanged portfolio consolidated over a 12‐month period
  • EBITDAis expected to reach more than CHF 100m for the first time
  • Continuation of the group's growth strategy with 1‐2 targeted acquisitions in the current year
  • Turnaroundor exit of loss making participations of the group
  • Objective to reach an EBITDA margin of 20% in 2018

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