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 |
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).
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.
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.
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.
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%.
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:
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:
In French:
http://www.cegedim.fr/finance/documentation/Pages/rapports.aspx
In English:
http://www.cegedim.com/finance/documentation/Pages/reports.aspx
To download the app. visit
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx. |
Appendices
Balance sheet as 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 |
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 |
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 |
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 Balleydier
Cegedim Communications
Manager
and Media Relations
Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.com |
Jan Eryk Umiastowski
Cegedim
Chief Investment Officer
and Head of Investor Relations
Tel.: +33 (0)1 49 09 33 36
janeryk.umiastowski@cegedim.com |
Guillaume de Chamisso
PRPA Agency
Media Relations
Tel.: +33 (0)1 77 35 60 99
guillaume.dechamisso@prpa.fr |
Follow Cegedim:
|
Cegedim_2016Results_ENG
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cegedim SA via Globenewswire
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