Full-Year Financial Information as of December 31, 2016 IFRS -
Regulated Information - Audited
Cegedim is making great strides on its business model
transformation, and the strategic repositioning is starting to pay
off
- Revenues up 4.4% like for like in 2016
- Adjusted EBITDA lower over the full year but up in the fourth
quarter
- Numerous new product launches
- Growth expected to pick up speed in the fourth quarter of
2017
Disclaimer: Cegedim's management believes that the non-IFRS
measure of adjusted EBITDA - when considered alongside its IFRS
financial statements - is useful for helping investors and its own
senior management understand its businesses and current operating
trends. Adjusted EBITDA is equal to consolidated EBITDA adjusted
for the €4.0m of negative impact from impairment of receivables in
the Healthcare Professional division |
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Boulogne-Billancourt, March 22, 2017
Cegedim, an innovative technology and
services company, posted consolidated 2016 revenues of €440.8
million, up 3.4% on a reported basis and 4.4% like for like
compared with the same period in 2015. EBITDA came to €61.4 million
in 2016, down 21.8% year on year. Adjusted EBITDA came to €65.4
million in 2016, down 16.7% year on year
The business model transformation initiated in
fall 2015 is beginning to pay off, as shown by the increase in
like-for-like revenue growth to 5.4% in the fourth quarter and 4.4%
over the full year 2016. The decline in EBITDA was chiefly
attributable to execution of the transformation plan, which
includes transitioning to a business process outsourcing (BPO)
model and to SaaS formats, and investing in R&D. Due to a
change in strategy with respect to two legal disputes with US
clients, the Group signed agreements that led it to reclassify
significant receivables as losses in 2016. Because these losses
cannot be categorized as exceptional expenses under IFRS, the Group
is communicating an adjusted EBITDA figure.
In 2016, the transformation project resulted in
several changes in senior management within the Healthcare
professionals division in the US, UK and France. At the same time,
investments devoted to R&D allowed Cegedim to launch a number
of new products, notably in SaaS format. For example, the Group
began to market its Smart Rx product for French pharmacists, Pulse
Cloud Practice Management for US doctors, Vision anywhere for UK
doctors, and a full SaaS e-invoicing platform using open source
technology. The Group also substantially expanded its BPO offering
for US doctors, HR departments and insurance companies, notably
signing a major BPO contract with social protection and insurance
group KLESIA and at the end of the year with the mutual insurance
group YSTIA.
Simplified income statement
|
FY 2016 |
FY 2015 |
Chg. |
|
In €m |
In % |
In €m |
In % |
In % |
Revenue |
440.8 |
100.0% |
426.2 |
100.0% |
+3.4% |
EBITDA |
61.4 |
13.9% |
78.5 |
18.4% |
(21.8)% |
Adjusted EBITDA |
65.4 |
14.8% |
78.5 |
18.4% |
(16.7)% |
Depreciation |
(34.3) |
- |
(30.4) |
- |
+12.8% |
EBIT before special items |
27.1 |
6.1% |
48.1 |
11.3% |
(43.7)% |
Special items |
(24.1) |
- |
(6.7) |
- |
+261.5% |
EBIT |
2.9 |
0.7% |
41.4 |
9.7% |
(92.9)% |
Cost of net financial debt |
(25.8) |
- |
(40.8) |
- |
(36.8)% |
Tax expenses |
(4.1) |
- |
17.6 |
- |
n.m. |
Consolidated profit from continuing activities |
(25.6) |
- |
19.5 |
- |
n.m. |
Net earnings from activities held for sale |
(1.1) |
- |
47.5 |
- |
n.m. |
Profit attributable to the owners of the parent |
(26.7) |
- |
67.0 |
- |
n.m. |
EPS before special items |
(0.9) |
- |
1.6 |
- |
n.m. |
In 2016. Cegedim posted consolidated revenues of
€440.8 million up 3.4% on a reported basis. Excluding an
unfavorable currency translation effect of 1.7% and a 0.8% boost
from acquisitions revenues rose 4.4%.
In like-for-like terms the Health Insurance HR
and e-services division's revenues rose by 10.5%, whereas the
Healthcare professionals division's revenues fell by 2.8%.
EBITDA declined by €17.1 million or 21.8%
to €61.4 million. The full year 2016 margin fell to 13.9% from
18.4% a year earlier. It is worth noting that more than 72% of this
decline occurred during the first half of 2016.
Adjusted EBITDA amounted to €65.4 million
in 2016, down by €13.1 million or 16.5%. The full year 2016 margin
fell to 14.8% from 18.4% a year earlier.
Depreciation charges rose €3.9 million
from €30.4 million for 2015 to €34.3 million for 2016. Amortization
of R&D expenses over the period increased by €1.1 million.
EBIT from recurring operations fell €21.0
million in 2016 or 43.7% to €27.1 million. The margin fell to 6.1%
in 2016 from 11.3% in 2015.
Special items amounted to a charge of
€24.1 million over 2016 compared with a charge of €6.7 million over
2015. This increase was chiefly due to the €5.4 million increase in
restructuring costs due to the implementation of new organizational
structures, the €4.6 million fine related to the Tessi
litigation, the € 7.5 million of allowance for legacy
software and the impact of moving the corporate headquarters.
The net cost of financial debt amounted
to €25.8 million in 2016 compared with €40.8 million in 2015, a
decrease of €15.0 million or 36.8%. This figure represented 5.8% of
2016 revenues, compared with 9.6% of 2015 revenues. The decline
reflects the positive impact on interest expenses of the early
redemption of the bond maturing in 2020 with a coupon of 6.75% in
the first quarter of 2016, made possible by the signing of a new
revolving credit facility of €200 million with a interest rate of
1.4% in January 2016. During the first half of 2016, interest
expenses amounted to €23.9 million compared to €1.9 million in the
second half.
Tax amounted to a charge of €4.1 million
in 2016 compared with an income of €17.6 million in 2015, a
decrease of €21.7 million. This was chiefly due to the
non-recognition of deferred tax assets in 2016, contrary to
2015.
Thus, the consolidated net result from
continuing activities came to a loss of €25.6 million at
end-December 2016 compared with a profit of €19.5 million in the
year-earlier period. Earnings per share before special items
came to loss of €1.2 at end of December 2016 compared with a €1.6
profit a year earlier.
Analysis of business trends by division
|
|
Revenue |
|
EBIT before special items |
|
EBITDA |
|
Adjusted EBITDA |
In
€m |
|
2016 |
2015 |
|
2016 |
2015 |
|
2016 |
2015 |
|
2016 |
2015 |
Health Insurance. HR and
e-services |
|
262.3 |
234.7 |
|
28.6 |
30.5 |
|
43.9 |
46.5 |
|
43.9 |
46.5 |
Healthcare
Professionals |
|
175.2 |
187.2 |
|
3.2 |
18.7 |
|
16.9 |
30.0 |
|
20.9 |
30.0 |
Activities not
allocated |
|
3.3 |
4.2 |
|
-4.7 |
-1.1 |
|
0.7 |
2.0 |
|
0.7 |
2.0 |
Cegedim |
|
440.8 |
426.2 |
|
27.1 |
48.1 |
|
61.4 |
78.5 |
|
65.4 |
78.5 |
- Health insurance. HR and e-services
The division's 2016 revenues came to €262.3
million, up 11.8% on a reported basis. The July 2015 acquisition
of Activus in the UK made a positive contribution of
1.4%. Currencies had virtually no impact. Like-for-like revenues
rose 10.5% over the period.The Health insurance, HR
and e-services division represented 59.5% of consolidated
revenues from continuing activities, compared with 55.1% over the
same period a year earlier.
This significant 2016 revenue growth was chiefly
attributable to:
- Cegedim Insurance Solutions, with double-digit growth in the
iGestion BPO business for health insurance companies and mutual
insurers, continued robust growth in the third party payment flow
management activity, and a very fine performance in software and
services devoted to the personal protection insurance sector,
including double-digit growth in the fourth quarter despite the
impact of transitioning to SaaS format.
- Excellent momentum at the Cegedim e-business unit, and a strong
acceleration in the fourth quarter. In addition, Cegedim e-business
fully benefited from the start of operations with new clients on
its Global Information Services SaaS platform for digital data
exchanges, including payment platforms.
- The start of operations with numerous clients on the Cegedim
SRH SaaS platform for human resources management, resulting in
double-digit revenue growth over the full year.
The division's 2016 EBITDA came to €43.9
million, down €2.6 million, or 5.7%. The EBITDA margin came to
16.7%. vs. 19.8% a year earlier. It is worth noting that the EBITDA
was up €0.5 million in Q4 2016 over the same period a year
earlier.
The decline in EBITDA took place entirely in the
first half of 2016, with a decrease of €2.9 million. EBITDA
increased by €0.5 million in the second half of 2016:
- The start of operations with BPO clients for iGestion;
- Cegedim Insurance Solutions switching its core products over to
SaaS format, the start of operations with numerous new clients, and
the start of new projects for existing clients;
- A difference in the timing of promotional campaigns in 2016
compared to 2015 for RNP.
The impact was partially offset by an increase
of activity at Cegedim e-business and Cegedim SRH and the fine
performance in processing third-party payment flows for insurance
companies.
The division's 2016 revenues came to €175.2
million, down 6.4% on a reported basis. Currency effects made a
negative contribution of 3.7%. There was no impact from
acquisitions or divestments. Like-for-like revenues fell 2.8% over
the period.The Healthcare professionals
division represented 39.7% of consolidated revenues from
continuing activities, compared with 43.9% over the same period a
year earlier.
The decline in revenues in 2016 and in the last
quarter was chiefly attributable to:
· The
transition of clients in certain markets, who are increasingly
attracted to cloud-based offerings, over to SaaS versions;
· In the
UK, the fact that the Group only began marketing the new SaaS
offering to doctors in January 2017;
· The
September 2016 release in France of the new Smart Rx offering - a
comprehensive pharmacy management solution built around a hybrid
architecture that combines local and cloud-based computing. The new
solution allows networks amongst individual pharmacies and links
with healthcare professionals. The launch of this new offering,
combined with implementation of a new organization, should enable
this business to return to growth in the months ahead.
These performances were partially offset by:
- Double-digit growth at Pulse over the full year, despite a
contraction in the last quarter owing to the postponement of
certain projects, mainly related to the unit's RCM offerings. The
Group has implemented a new, more responsive organization that
should enable the business to return to a path of sustainable
growth, particularly in BPO.
- Robust growth in products and services designed for physical
therapists and nurses in France;
- Double-digit growth at Cegelease, which offers financial
leases
The division' 2016 EBITDA came to €16.9
million, down €13.2 million, or 43.8%. The EBITDA margin came to
9.6% vs 16.0% a year earlier. The division' 2016 Adjusted EBITDA
came to €20.9 million, down €9.2 million, or 30.5%. The EBITDA
margin came to 11.9% vs 16.0% a year earlier. It is worth noting
that the Adjusted EBITDA was up €0.5 million in Q4 2016 over the
same period a year earlier.
The decline in EBITDA was chiefly attributable
to investments made to ensure future growth. The Group was mainly
penalized by the investments it made in:
- France, to develop the new hybrid offering for pharmacies;
- The US, focusing on Revenue Cycle Management (RCM) activities
and SaaS electronic health records (EHR);
- The UK, to launch a cloud-based offering for UK doctors in
2017.
EBITDA felt a pinch from efforts to switch
Belgian doctors over to SaaS format and reorganize the business in
the US this summer.
The decline was partially offset by an increase
in the computerization of physical therapists and nurses in
France
The division's 2016 revenues came to €3.3
million, down 21.6% on a reported basis and like for like. There
were no currency effects and no acquisitions or divestments. The
Activities not allocated division represented 0.7% of
consolidated revenues from continuing activities, compared with
1.0% over the same period a year earlier.
This trend reflects the return to a normal level
of billing.
The division' 2016 EBITDA came division
EBITDA came to €0.7 million, down €1.3 million over the same period
a year earlier. In the third quarter of 2016.
This trend reflects the return to a normal level
of billing.
Financial resources
Cegedim's consolidated total balance
sheet amounted to €709.1 million, at December 31, 2016.
Acquisition goodwill represented €199.0
million at December 31, 2016, compared with €188.5 million at
end-2015. The €10.4 million increase, equal to 5.5%, was mainly
attributable to the acquisition in November 2016 in France of
Futuramedia Group for €17.3 million, partly offset by the euro's
appreciation against the British pound, for a total of €4.5
million. Acquisition goodwill represented 28.1% of the total
balance sheet at December 31, 2016, compared with 21.8% on December
31, 2015.
Cash and equivalents came to €20.8
million at December 31, 2016, a decrease of €210.5 million compared
with December 31, 2015. The drop was principally due to the early
redemption of the 2020 bond for a nominal value of €340.1 million,
payment of a €15.9 million early redemption premium, and the €21.4
million impact of changes in consolidation scope, partly offset by
drawing €190.0 million from the €200 million revolving credit
facility. Cash and equivalents represented 2.9% of the total
balance sheet at December 31, 2016, compared with 26.8% at December
31, 2015.
Shareholders' equity fell by €39.1
million, i.e. 17.2%, to €188.9 million at December 31, 2016,
compared with €228.1 million at December 31, 2015.
Shareholders' equity represented 26.6% of the total balance sheet
at end-December 2016, compared with 26.4% at end-December 2015.
Net financial debt amounted to €226.8
million at end-December 2016. up €59.2 million compared with
end-December 2015. It is worth noting that 41.6m of €59.2m are
related to acquisition and to the bond early redemption. It
represented 120.1% of Group shareholders' equity at December 31.
2016.
Before the net cost of financial debt and
taxes, cash flow was €57.5 million at December 31. 2016,
compared with €76.0 million at December 30. 2015.
Highlights
Apart from the items cited below, to the best of
the company's knowledge, there were no events or changes during the
period that would materially alter the Group's financial
situation.
In January 2016, the Group took out a new
five-year revolving credit facility (RCF) of €200 million. The
applicable interest rate for this credit facility is Euribor plus a
margin. The Euribor rate can be the 1-, 3- or 6- month rate; if
Euribor is below zero. it will be deemed to be equal to zero. The
margin can range from 0.70% to 1.40% depending on the leverage
ratio calculated semi-annually in June and December (Refer to point
2.4.1.1 on page 14 of the Q2-2016 Quarterly Financial Report).
- Exercise of the call option on the entire 2020 bond
On April 1. 2016. Cegedim exercised its call
option on the entire 6.75% 2020 bond with ISIN code XS0906984272
and XS0906984355, for a total principal amount of €314.814.000.00
and a price of 105.0625%, i.e. a total premium of €15.937.458.75.
The company then cancelled these securities. The transaction was
financed by drawing a portion of the RCF obtained in January 2016
and using the proceeds of the sale to IMS Health. Following this
transaction, the Group's debt comprised the €45.1 million FCB
subordinated loan, the partially drawn €200 million RCF, and
overdraft facilities.
- S&P has raised Cegedim's rating to BB with positive
outlook
After Cegedim announced that it would redeem the
entire 6.75% 2020 bond, rating agency Standard and Poor's raised
the company's rating on April 28. 2016. to BB with a positive
outlook.
- Acquisition of Futuramedia Group
Cegedim announced on November 2. 2016, that it
had signed a heads of agreement to acquire Futuramedia Group. This
deal will strengthen the digital offerings of its subsidiary RNP,
which specializes in pharmacy displays in France. The acquisition
was completed on November 30. 2016.
In 2015. Futuramedia Group generated revenues of
around €5.4 million. It will have an accretive impact on Cegedim
Group's margins and began contributing to the Group's consolidation
scope from January 1. 2017.
The Kadrige business was sold to IMS Health on
November 9. 2016.
Significant post-closing transactions and events
Apart from the items cited below, to the best of
the company's knowledge, there were no events or changes during the
period that would materially alter the Group's financial
situation.
On February 10. 2017. Cegedim was ordered to pay
€4.636.000 to the Tessi company for failing to meet certain
contractual obligations with respect to an asset sale made on July
2. 2007.
Cegedim has decided to appeal this decision.
However, because this was an enforceable decision, the sum of
€4.636.000 was recorded as Group debt at December 31. 2016, under
the heading "Other non-financial debt", and is expected to be paid
in 2017.
Cegedim has received notification that it is
being sued jointly with IMS Health by Euris for unfair competition.
Cegedim has filed a motion claiming that IMS Health should be the
sole defendant.
- Partial interest rate hedging
To hedge part of the Group's exposure to euro
interest rate fluctuations linked to its RCF, the Group carried out
an interest rate swap on February 17. 2016. Under the zero-premium
swap agreement. Cegedim receives the 1-month Euribor rate if it
exceeds 0%, receives nothing otherwise, and pays a fixed rate of
0.2680%.
- Acquisition of B.B.M Systems in the UK
On February 23. 2017. Cegedim acquired UK
company B.B.M. Systems through its Alliadis Europe Ltd subsidiary.
The deal strengthens the Group's expertise in developing
Cloud-based products for general practitioners.
B.B.M. Systems had 2016 revenues of around €0.7
million and earned a profit. It will contribute to the Group's
scope of consolidation from March 1. 2017.
Outlook
Cegedim continues to reinvent itself in 2017,
pursuing innovation and investing in business model transformation.
Cegedim is making great strides on its transformation. As a result,
growth is expected to pick up speed in the fourth quarter of 2017
and lay the groundwork for improving profitability.
Thus, in 2017. Cegedim expects:
- Like-for-like revenue growth between 4.0% and 6.0%;
- EBITDA in a range of €66.0 million to €72.0 million
inclusive.
Cegedim expects to see the full positive impact
of its investments, reorganization and transformation in 2018.
In 2017, the Group does not expect any
significant acquisitions and is not issuing any earnings guidance
or estimates
In 2016, the UK accounted for 12.7% of
consolidated Group revenues and 14.8% of consolidated Group
EBIT.
Cegedim deals in local currency in the UK, as it
does in every country where it is present. Thus. Brexit is unlikely
to have a material impact on Group EBIT.
With regard to healthcare policy, the Group has
not identified any major European programs at work in the UK and
expects UK policy to be only marginally affected by Brexit.
Starting in 2017. Cegedim will only publish
half-year and annual results. It will, however, continue to publish
quarterly revenues.
The figures cited above include guidance on
Cegedim's future financial performances. This forward-looking
information is based on the opinions and assumptions of the Group's
senior management at the time this press release is issued and
naturally entails risks and uncertainty. For more information on
the risks facing Cegedim, please refer to points 2.4. "Risk factors
and insurance", and 3.7. "Outlook", of the 2016 Registration
Document that will be published no later than March 31. 2017.
|
March
23 2017. at 10:00am CET April 27 2017. after market
closing June 15 2017 at 9:30am CET July 27 2017 after
market closing September 21 2017 after market closing |
Analyst
meeting (SFAF meeting) Q1 2017 revenues Shareholders' meeting Q2
2017 Revenues Half-year 2017 earnings |
Financial calendar
March 22. 2017. at 6:15pm (Paris
time) |
The Group will hold a conference call hosted by Jan
Eryk Umiastowski, Cegedim Chief Investment Officer and Head of
Investor Relations. The FY 2016 earnings presentation is available
at: The website: The Group's financial communications app. Cegedim
IR. To download the app. visit:
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx The
webcast is available at the following address:
http://bit.ly/2lPms19 |
Contact numbers: |
France: +33 1 70 77 09 37 United States: +1
866 907 5928 UK and others: +44 (0)20 7107 1613 |
No access code required |
Informations additionnelles
The Audit Committee met on March 20. 2017. At its on meeting on
March 22. 2017. the board of directors approved the consolidated
financial statement for 2016.The audit of the consolidated
financial statements has been completed and the audit report will
be issued once the verification of the management report has been
finalized. |
|
The
2016 Registration Document will be available no later than March
31. 2017: on our website In French:
http://www.cegedim.fr/finance/documentation/Pages/rapports.aspx In
English:
http://www.cegedim.com/finance/documentation/Pages/reports.aspx on
Cegedim IR. the Group's financial communications app To download
the app. visit
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx. |
Appendices
Balance sheet as December 31. 2016
- Assets as of December 31. 2016
In thousands of euros |
09.30.2016 |
12.31.2015(1) |
Goodwill on acquisition |
198,995 |
188,548 |
Development costs |
12,152 |
16,923 |
Other intangible fixed assets |
127,293 |
108,166 |
Intangible fixed assets |
139,445 |
125,089 |
Property |
459 |
459 |
Buildings |
4,712 |
5,021 |
Other tangible fixed assets |
26,548 |
16,574 |
Construction work in progress |
508 |
51 |
Tangible fixed assets |
32,227 |
22,107 |
Equity investments |
1,098 |
1,098 |
Loans |
3,508 |
3,146 |
Other long-term investments |
4,126 |
5,730 |
Long-term invetsments - excluding equity shares in equity method
companies |
8,733 |
9,973 |
Equity shares in equity method companies |
9,492 |
10,105 |
Government - Deferred tax |
28,784 |
28,722 |
Accounts receivable: Long-term portion |
29,584 |
26,544 |
Other receivables: Long-term portion |
0 |
1,132 |
Non-current assets |
447,260 |
412,219 |
Services in progress |
1,034 |
- |
Goods |
6,735 |
8,978 |
Advances and deposits received on orders |
1,773 |
218 |
Accounts receivables: Short-term portion |
167,361 |
161,923 |
Other receivables: Short-term portion |
53,890 |
32,209 |
Cash equivalents |
8,000 |
153,001 |
Cash |
12,771 |
78,298 |
Prepaid expenses |
10,258 |
16,666 |
Current Assets |
261,823 |
451,293 |
Assets of activities held for sale |
- |
768 |
Total Assets |
709,082 |
864,280 |
- Liabilities and shareholders' equity as of December 31.
2016
In thousands of euros |
09.30.2016 |
12.31.2015(1) |
Share capital |
13,337 |
13,337 |
Group reserves |
204,723 |
139,287 |
Group exchange gains/losses |
-2,391 |
8,469 |
Group earnings |
-26,747 |
66,957 |
Shareholders' equity. Group share |
188,921 |
228,051 |
Minority interests (reserves) |
9 |
39 |
Minority interests (earnings) |
14 |
41 |
Minority interests |
23 |
79 |
Shareholders' equity |
188,944 |
228,130 |
Long-term financial liabilities |
244,013 |
51,723 |
Long-term financial intruments |
1,987 |
3,877 |
Deferred tax liabilities |
6,453 |
6,731 |
Non-current provisions |
23,441 |
19,307 |
Other non-current liabilities |
13,251 |
14,376 |
Non-current liabilities |
289,145 |
96,014 |
Short-term financial liabilities |
3,582 |
347,213 |
Short-term financial instruments |
11 |
5 |
Accounts payable and related accounts |
62,419 |
54,470 |
Tax and social liabilities |
78,810 |
70,632 |
Provisions |
3,297 |
2,333 |
Other current liabilities |
82,874 |
61,657 |
Current liabilities |
230,993 |
536,311 |
Liabilities of activities held for sale |
- |
3,823 |
Total Liabilities |
709,082 |
864,280 |
- Income statements as of December 31. 2016
In thousands of euros |
09.30.2016 |
09.30.2015(1) |
Revenue |
440,846 |
426,158 |
Other operating activities revenue |
(35,004) |
(39,787) |
Purchased used |
(125,635) |
(109,142) |
External expenses |
(7,793) |
(8,856) |
Taxes |
(206,092) |
(187,021) |
Payroll costs |
(4,727) |
(3,415) |
Allocations to and reversals of provisions |
1,034 |
- |
Change in inventories of products in progress and finished
products |
(1,219) |
577 |
Other operating income and expenses |
61,410 |
78,513 |
EBITDA |
(34,338) |
(30,438) |
Depreciation expenses |
27,072 |
48,075 |
Operating income from recurring operations |
- |
- |
Depreciation of goodwill |
(24,124) |
(6,673) |
Non-recurrent income and expenses |
(24,124) |
(6,673) |
Other exceptional operating income and expenses |
2,948 |
41,402 |
Operating income |
1,367 |
1,369 |
Income from cash and cash equivalents |
(29,263) |
(36,342) |
Gross cost of financial debt |
2,142 |
(5,809) |
Other financial income and expenses |
(25,755) |
(40,782) |
Cost of net financial debt |
(3,308) |
(2,383) |
Income taxes |
(774) |
19,996 |
Deferred taxes |
(4,082) |
17,612 |
Total taxes |
1,253 |
1,305 |
Share of profit (loss) for the period of equity method
companies |
(25,636) |
19,538 |
Profit (loss) for the period from continuing activities |
(1,096) |
47,460 |
Profit (loss) for the period from discontinued activities |
(26,732) |
66,998 |
Consolidated profit (loss) for the period |
(26,746) |
66,957 |
Group share |
14 |
41 |
Minority interests |
13,960,024 |
13,958,112 |
Average number of shares excluding treasury stock |
(0.9) |
1.6 |
Current Earnings Per Share (in euros) |
(1.2) |
4.8 |
Earnings Per Share (in euros) |
Néant |
néant |
Dilutive instruments |
(1.9) |
4.8 |
Earning for recurring operation per share (in euros) |
440,846 |
426,158 |
- Consolidated cash flow statement as of December 31. 2016
In thousands of euros |
09.30.2016 |
09.30.2015(1) |
Consolidated profit (loss) for the period |
(26,733) |
66,998 |
Share of earnings from equity method companies |
(1,253) |
(1,348) |
Depreciation and provisions |
56,133 |
31,546 |
Capital gains or losses on disposals |
(548) |
(46,857) |
Cash flow after cost of net financial debt and taxes |
27,598 |
50,339 |
Cost of net financial debt |
25,772 |
40,120 |
Tax expenses |
4,083 |
(14,431) |
Operating cash flow before cost of net financial debt and
taxes |
57,454 |
76,028 |
Tax paid |
(5,687) |
(12,127) |
Change in working capital requirements for operations:
requirement |
- |
(24,072) |
Cash flow generated from operating activities after tax paid and
change in working capital requirements (A) |
6,801 |
- |
Of which net cash flows from operating activities of held for
sales |
58,569 |
39,829 |
Acquisitions of intangible assets |
4,021 |
6,419 |
Acquisitions of tangible assets |
(46,622) |
(51,229) |
Acquisitions of long-term investments |
(15,209) |
(10,231) |
Disposals of tangible and intangible assets |
- |
- |
Disposals of long-term investments |
848 |
1,416 |
Impact of changes in consolidation scope |
(1,277) |
927 |
Dividends received from equity method companies |
(21,425) |
336,347 |
Net cash flows generated by investment operations (B) |
2,026 |
81 |
Of which net cash flows connected to investment operations of
activities held for sales |
(81,659) |
277,311 |
Dividends paid to parent company shareholders |
(828) |
(7,482) |
Dividends paid to the minority interests of consolidated
companies |
- |
- |
Capital increase through cash contribution |
(87) |
(69) |
Loans issued |
- |
- |
Loans repaid |
190,000 |
- |
Interest paid on loans |
(340,292) |
(147,563) |
Other financial income and expenses paid or received |
(33,029) |
(42,681) |
Net cash flows generated by financing operations (C) |
(112) |
(1,130) |
Of which net cash flows related to financing operations of
activities held for sales |
(183,520) |
(191,443) |
Change In Cash without impact of change in foreign currency
exchange rates (A + B + C) |
(16) |
(852) |
Impact of changes in foreign currency exchange rates |
(206,610 |
125,698 |
Change in cash |
(787) |
2,707 |
Opening cash |
(207,398) |
128,405 |
Closing cash |
228,120 |
99,715 |
Activities not allocated: this division encompasses the
activities the Group performs as the parent company of a listed
entity. as well as the support it provides to the three operating
divisions. EPS: Earnings Per Share is a specific financial
indicator defined by the Group as the net profit (loss) for the
period divided by the weighted average of the number of shares in
circulation. Operating expenses: defined as purchases used.
external expenses and payroll costs. Revenue at constant
exchange rate: when changes in revenue at constant exchange
rate are referred to. it means that the impact of exchange rate
fluctuations has been excluded. The term "at constant exchange
rate" covers the fluctuation resulting from applying the exchange
rates for the preceding period to the current fiscal year. all
other factors remaining equal. Revenue on a like-for-like
basis: the effect of changes in scope is corrected by restating
the sales for the previous period as follows: by removing the
portion of sales originating in the entity or the rights acquired
for a period identical to the period during which they were held to
the current period; similarly. when an entity is transferred. the
sales for the portion in question in the previous period are
eliminated. Life-for-like data: at constant scope and
exchange rates. Internal growth: internal growth covers
growth resulting from the development of an existing contract.
particularly due to an increase in rates and/or the volumes
distributed or processed. new contracts. acquisitions of assets
allocated to a contract or a specific project. External
growth: external growth covers acquisitions during the current
fiscal year. as well as those which have had a partial impact on
the previous fiscal year. net of sales of entities and/or assets.
EBIT: Earnings Before Interest and Taxes. EBIT corresponds
to net revenue minus operating expenses (such as salaries. social
charges. materials. energy. research. services. external services.
advertising. etc.). It is the operating income for the Cegedim
Group. |
|
EBIT
before special items: this is EBIT restated to take account of
non-current items. such as losses on tangible and intangible
assets. restructuring. etc. It corresponds to the operating income
from recurring operations for the Cegedim Group. EBITDA:
Earnings before interest. taxes. depreciation and amortization.
EBITDA is the term used when amortization or depreciation and
revaluations are not taken into account. "D" stands for
depreciation of tangible assets (such as buildings. machines or
vehicles). while "A" stands for amortization of intangible assets
(such as patents. licenses and goodwill). EBITDA is restated to
take account of non-current items. such as losses on tangible and
intangible assets. restructuring. etc. It corresponds to the gross
operating earnings from recurring operations for the Cegedim Group.
Adjusted EBITDA : Consolidated EBITDA adjusted for the
€4.0m of negative impact from impairment of receivables in the
Healthcare Professional division. Net Financial Debt: this
represents the Company's net debt (non-current and current
financial debt. bank loans. debt restated at amortized cost and
interest on loans) net of cash and cash equivalents and excluding
revaluation of debt derivatives. Free cash flow: free cash
flow is cash generated. net of the cash part of the following
items: (i) changes in working capital requirements. (ii)
transactions on equity (changes in capital. dividends paid and
received). (iii) capital expenditure net of transfers. (iv) net
financial interest paid and (v) taxes paid. EBIT margin:
defined as the ratio of EBIT/revenue. EBIT margin before
special items: defined as the ratio of EBIT before special
items/revenue. Net cash: defined as cash and cash equivalent
minus overdraft. |
Glossary
About Cegedim:Founded in 1969. Cegedim is an innovative
technology and services company in the field of digital data flow
management for healthcare ecosystems and B2B. and a business
software publisher for healthcare and insurance professionals.
Cegedim employs more than 4.000 people in 11 countries and
generated revenue of €441 million in 2016. Cegedim SA is listed in
Paris (EURONEXT: CGM). To learn more. please visit: www.cegedim.com
And follow Cegedim on Twitter: @CegedimGroup and LinkedIn
|
Aude
BalleydierCegedim Communications Managerand Media
RelationsTel.: +33 (0)1 49 09 68 81aude.balleydier@cegedim.com |
Jan Eryk
UmiastowskiCegedimChief Investment Officerand Head of
Investor RelationsTel.: +33 (0)1 49 09 33
36janeryk.umiastowski@cegedim.com |
Guillaume de
ChamissoPRPA Agency Media RelationsTel.: +33 (0)1
77 35 60 99guillaume.dechamisso@prpa.fr |
Follow Cegedim: |
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