Quarterly Financial Information as of December 31, 2016 IFRS -
Regulated Information - Not Audited
Cegedim: organic revenue growth picked up in the fourth
quarter of 2016
- The business model transformation is well under way, and the
first positive impacts are visible
- Organic revenue growth amounted to 5.4% in Q4 2016, and 4.4%
over the full year
- EBITDA target downgraded to around €60 million
Disclaimer: Pursuant to IAS 17 as it applies to Cegelease's
activities, leases are now classified as financial leases,
resulting in adjustments to the Q1, Q2, Q3 and Q4 2015 figures
published in 2015. Readers should refer to the last annexe of this
press release for full details of the adjustments. All of the
figures in this press release reflect the adjustments. Unless
otherwise specified, variations are expressed in comparison with
the same period of the previous year. |
Conference CALL on January 26, 2017, at 6:15PM
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Boulogne-Billancourt, France, January 26, 2017 at 5:45pm
CET
Cegedim, an innovative technology and
services company, posted consolidated Q4 2016 revenues from
continuing activities of €122.5 million, up 2.7% on a reported
basis and 5.4% like for like compared with the same period in
2015. For the full year 2016, revenues came to €440.8
million, up 3.4% on a reported basis and 4.4% like for like
compared with the same period in 2015.
Like-for-like growth at the Health insurance, HR
and e-services division picked up yet again in the fourth quarter,
to 13.0% following 9.5% in the third quarter, despite the ongoing
migration of clients over to SaaS/cloud offerings. On the other
hand, the Healthcare professionals division posted a like-for-like
decline of 4.2% in the fourth quarter, bringing its decline to 2.8%
over the full year. This decline was chiefly attributable to the
transition of offerings over to SaaS format, business delays in the
US stemming from ongoing reorganization, and the continued impact
on UK business, in 2016, of clients awaiting the launch of a new
SaaS offer.
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. As a reminder, the Group had revised its
forecast upward multiple times during the year and was expecting
growth of 4.0%.
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.
As we noted earlier, the business model
transformation is well under way, so growth momentum is expected to
pick up in 2017 and lead to improving profitability in the future.
We expect to see the full impact of the transformation in 2018.
Further out, Cegedim will enjoy greater customer loyalty, closer
client relationships, simpler operating processes, more robust
offerings and stronger geographic positions. The changes now under
way will also boost the share of recurring revenues, improve sales
growth and predictability, and enhance the Group's
profitability.
As predicted, 2016 was a transitional year.
Implementing the transformation plan adversely affected the Group's
profitability. Furthermore, Cegedim's management has appointed a
new CEO in the US and has decided to change its approach to two
disputes with customers in the US. These changes resulted in the
Group signing agreements that led to a conversion of receivables
into a significant loss in 2016. Because this loss can't be
classified as a special item under IFRS, the EBITDA target will not
be met in 2016.
Revenue trends by division
- Fourth quarter 2016 highlights
|
|
Fourth quarter |
In €
millions |
|
2016 |
2015 |
Chg. L-f-l |
Chg. Reported |
Health insurance, HR and
e-services |
|
77.1 |
68.5 |
+13.0 |
% |
+12.5 |
% |
Healthcare
professionals |
|
44.4 |
49.3 |
(4.2 |
)% |
(9.9 |
)% |
Activities not
allocated |
|
1.0 |
1.4 |
(33.5 |
)% |
(33.5 |
)% |
Cegedim |
|
122.5 |
119.3 |
+5.4 |
% |
+2.7 |
% |
In the fourth quarter of 2016, Cegedim posted
consolidated revenues from continuing activities of €122.5 million,
up 2.7% on a reported basis. Excluding an unfavorable currency
translation effect of 2.6%, revenues rose 5.4%. There was no impact
from acquisitions or divestments.
In like-for-like terms the Health Insurance, HR
and e-services division's revenues rose by 13.0%, whereas the
Healthcare professionals division's revenues fell by 4.2%.
|
|
Full year |
In €
millions |
|
2016 |
2015 |
Chg. L-f-l |
Chg. Reported |
Health insurance, HR and
e-services |
|
262.3 |
234.7 |
+10.5 |
% |
+11.8 |
% |
Healthcare
professionals |
|
175.2 |
187.2 |
(2.8 |
)% |
(6.4 |
)% |
Activities not
allocated |
|
3.3 |
4.2 |
(21.6 |
)% |
(21.6 |
)% |
Cegedim |
|
440.8 |
426.2 |
+4.4 |
% |
+3.4 |
% |
Over the full year 2016, Cegedim posted
consolidated revenues from continuing activities 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%.
Analysis of business trends by division
- Health insurance, HR and e-services
The division's Q4 2016 revenues came to €77.1
million, up 12.5% on a reported basis. There was no impact from
acquisitions or divestments. Currency effects made a negative
contribution of 0.5%. Like-for-like revenues rose 13.0% over the
period.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 Q4 2016 revenues came to €44.4
million, down 9.9% on a reported basis. Currency effects made a
negative contribution of 5.7%. There was no impact from
acquisitions or divestments. Like-for-like revenues fell 4.2% over
the period.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's Q4 2016 revenues came to €1.0
million, down 33.5% on a reported basis and like for like. There
were no currency effects and no acquisitions or
divestments.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.
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 stable
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 stable
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 after the
accounts were closed that would materially alter the Group's
financial situation.
Cegedim has just received a summons from Euris
stemming from a decision by the Competition Authority announced in
2015. Cegedim would like to emphasize that it has appealed the
decision and a ruling is still pending at the Court of
Cassation.
Outlook
As predicted, 2016 was a transitional year.
Implementing the transformation plan adversely affected the Group's
profitability. Furthermore, Cegedim's management has appointed a
new CEO in the US and has decided to change its approach to two
disputes with customers in the US. These changes resulted in the
Group signing agreements that led to a conversion of receivables
into a significant loss in 2016. Because this loss can't be
classified as a special item under IFRS, the EBITDA target will not
be met in 2016. It should be close to €60 million.
The business model transformation is well under
way, so growth momentum is expected to pick up in 2017 and lead to
improving profitability in the future. We expect to see the full
impact of the transformation in 2018.
The Group meets all its bank covenants as of
December 2016.
The Group does not expect any significant
acquisitions in 2017 and does not disclose profit projections or
estimates.
- Potential impact of Brexit
In 2015, the UK represented 15.1% of
consolidated Group revenue and 19.2% of Group EBIT.
Cegedim operates in the UK in local currency, as
it does in all the countries where it operates. Thus, the impact on
the consolidated Group EBIT margin should be marginal.
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.
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 2015 Registration
Document filed with the AMF on March 31, 2016, as well as point
2.4, "Risk factors", of the Interim Financial Reports for Q1, Q2,
Q3, and Q4 2016.
|
March
22, 2017, after market closing March 23, 2017, at
10:00am CET April 27, 2017, after market closing |
Full
year 2016 earnings Analyst meeting (SFAF meeting) Q1 2017
revenues |
Financial calendar
January 26, 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 webcast is available at the following
address: bit.ly/2jTIJub The Q4 and FY 2016 revenue presentation is
available at: The website:
http://www.cegedim.fr/finance/documentation/Pages/presentations.aspx
The Group's financial communications app, Cegedim IR. To download
the app, visit:
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx |
Contact numbers: |
France: +33 1 70 77 09 44 United States:
+1 855 402 7764 UK and others: +44 (0)20 3367
9459 |
No access code required |
Annexe
Breakdown of revenue by quarter and division
In
€ thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Health insurance, HR and e-services |
|
59,728 |
64,847 |
60,607 |
77,143 |
262,325 |
|
Healthcare
professionals |
|
45,687 |
43,676 |
41,459 |
44,404 |
175,226 |
|
Activities not
allocated |
|
793 |
778 |
770 |
954 |
3,295 |
|
Cegedim |
|
106,208 |
109,301 |
102,836 |
122,501 |
440,846 |
|
In
€ thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Health insurance, HR and e-services |
|
53,712 |
57,000 |
55,453 |
68,553 |
234,719 |
|
Healthcare
professionals |
|
45,931 |
48,093 |
43,932 |
49,282 |
187,238 |
|
Activities not
allocated |
|
825 |
1,100 |
843 |
1,433 |
4,201 |
|
Cegedim |
|
100,468 |
106,193 |
100,228 |
119,268 |
426,158 |
|
Breakdown of revenue by geographic zone and division
In
€ thousands |
|
France |
EMEA excl. France |
Americas |
APAC |
Health insurance, HR and e-services |
|
96.3 |
% |
3.7 |
% |
- |
|
- |
Healthcare
professionals |
|
58.9 |
% |
32.4 |
% |
8.6 |
% |
- |
Activities not
allocated |
|
99.5 |
% |
0.5 |
% |
- |
|
- |
Cegedim |
|
81.5 |
% |
15.1 |
% |
3.4 |
% |
- |
Breakdown of revenue by currency and division
In
€ thousands |
|
Euro |
USD |
GBP |
Others |
Health insurance, HR and e-services |
|
96.3 |
% |
- |
|
2.5 |
% |
1.2 |
% |
Healthcare
professionals |
|
62.2 |
% |
8.5 |
% |
28.2 |
% |
1.1 |
% |
Activities not
allocated |
|
100.0 |
% |
- |
|
- |
|
- |
|
Cegedim |
|
82.8 |
% |
3.4 |
% |
12.7 |
% |
1.2 |
% |
Restatement of the accounting treatment of the financial
lease business in the group consolidated financial
statement
Cegelease is a wholly owned subsidiary of
Cegedim, which since 2001 has offered financing options through a
variety of contracts dedicated to pharmacies and healthcare
professionals in France. Initially, these solutions were aimed at
serving pharmacists who preferred to lease the pharmacy management
software they bought from the Cegedim group rather than pay up
front. Over time, Cegelease has diversified its activities. Having
started as the exclusive financial lease provider for Cegedim group
products, Cegelease is now a broker proposing a variety of leasing
solutions (for group products as well as products developed by
third parties) to a variety of clients (including clients who are
not already in business with other group entities).
After the sale of its CRM and strategic data
business to IMS Health, Cegedim investigated these activities in
depth and found that they had to be reclassified pursuant to IAS 17
on March 23, 2016, when the 2015 accounts were published. All the
impacts on previous accounts are indicated in the 2015 Registration
Document filed with the AMF on March 31, 2016, in Chapter 4.4,
point 1.3, pages 89 to 94. Impacts on the first, second, third and
fourth quarters and on the full year 2015 consolidated financial
statements are described below.
- First quarter 2015 revenue by division
In
€ thousand |
|
Q1 2015 reported |
IFRS 5 impact for Cegedim Kadrige |
Restatement of leases |
Division aggregate |
Q1 2015 restated |
|
|
|
(1 |
) |
(2 |
) |
(3 |
) |
|
Health insurance, HR and e-services |
|
54,004 |
(292 |
) |
- |
|
- |
|
53,712 |
Healthcare
professionals |
|
37,187 |
- |
|
- |
|
8,744 |
|
45,931 |
Cegelease |
|
29,293 |
- |
|
(20,549 |
) |
(8,744 |
) |
- |
Activities not
allocated |
|
825 |
- |
|
- |
|
- |
|
825 |
Cegedim |
|
121,309 |
(292 |
) |
(20,549 |
) |
- |
|
100,468 |
- Second quarter 2015 revenue by division
In
€ thousand |
|
Q2 2015 reported |
IFRS 5 impact for Cegedim Kadrige |
Restatement of leases |
Division aggregate |
Q2 2015 restated |
|
|
|
(1 |
) |
(2 |
) |
(3 |
) |
|
Health insurance, HR and e-services |
|
57,546 |
(546 |
) |
- |
|
- |
|
57,000 |
Healthcare
professionals |
|
39,352 |
- |
|
- |
|
8,741 |
|
48,093 |
Cegelease |
|
26,842 |
- |
|
(18,101 |
) |
(8,741 |
) |
- |
Activities not
allocated |
|
1,100 |
- |
|
- |
|
- |
|
1,100 |
Cegedim |
|
124,839 |
(546 |
) |
(18,101 |
) |
- |
|
106,193 |
- Third quarter 2015 revenue by division
In
€ thousand |
|
Q3 2015 reported |
IFRS 5 impact for Cegedim Kadrige |
Restatement of leases |
Division aggregate |
Q3 2015 restated |
|
|
|
(1 |
) |
(2 |
) |
(3 |
) |
|
Health insurance, HR and e-services |
|
55,912 |
(459 |
) |
- |
|
- |
|
55,453 |
Healthcare
professionals |
|
36,456 |
- |
|
- |
|
7,476 |
|
43,932 |
Cegelease |
|
27,208 |
- |
|
(19,731 |
) |
(7,476 |
) |
- |
Activities not
allocated |
|
843 |
- |
|
- |
|
- |
|
843 |
Cegedim |
|
120,419 |
(459 |
) |
(19,731 |
) |
0 |
|
100,228 |
- Fourth quarter 2015 revenue by division
In
€ thousand |
|
Q4 2015 reported |
IFRS 5 impact for Cegedim Kadrige |
Restatement of leases |
Division aggregate |
Q4 2015 restated |
|
|
|
(1 |
) |
(2 |
) |
(3 |
) |
|
Health insurance, HR and e-services |
|
69,103 |
(550 |
) |
- |
|
- |
|
68,553 |
Healthcare
professionals |
|
39,139 |
- |
|
- |
|
10,144 |
|
49,282 |
Cegelease |
|
33,701 |
- |
|
(23,557 |
) |
(10,144 |
) |
- |
Activities not
allocated |
|
1,433 |
- |
|
- |
|
- |
|
1,433 |
Cegedim |
|
143,375 |
(550 |
) |
(23,557 |
) |
0 |
|
119,268 |
- Full year 2015 revenue by division
In
€ thousand |
|
FY 2015 reported |
IFRS 5 impact for Cegedim Kadrige |
Restatement of leases |
Division aggregate |
FY 2015 restated |
|
|
|
(1 |
) |
(2 |
) |
(3 |
) |
|
Health insurance, HR and e-services |
|
236,564 |
(1,846 |
) |
- |
|
- |
|
234,719 |
Healthcare
professionals |
|
152,134 |
- |
|
- |
|
35,105 |
|
187,238 |
Cegelease |
|
117,043 |
- |
|
(81,938 |
) |
(35,105 |
) |
- |
Activities not
allocated |
|
4,201 |
- |
|
- |
|
- |
|
4,201 |
Cegedim |
|
509,942 |
(1,846 |
) |
(81,938 |
) |
0 |
|
426,158 |
(1) The Cegedim Group decided to sell the Kadrige activities.
These activities are thus isolated in separate lines of the profit
and loss statement and balance sheet, according to the IFRS 5
accounting standard.
(2) The correct accounting treatment of the Cegelease finance
lease business, for all types of contracts (self-financed, sold
except process management, or backed by a bank), requires a
downward restatement of the Q1 2015 consolidated revenue by €21m,
the Q2 2015 consolidated revenue by €18m, the Q3 2015 consolidated
revenue by €20m and the Q4 2015 consolidated revenue by €24m.
(3) The financial lease business accounts for less than 10% of
the consolidated revenue or EBITDA, and as such is no longer
isolated within the Group internal reporting. These activities are
reported into the "Healthcare professionals" division, where they
were classified prior to the 2014 annual closing.
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. 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
The English-language version of this document
is a free translation of the original, which was prepared in
French. All possible care has been taken to ensure that the
translation is an accurate representation of the original. However,
in all matters of interpretation of the information, views or
opinions expressed herein, the original language version of the
document in French takes precedence over this translation.
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.comAnd follow Cegedim on Twitter: @CegedimGroup
|
Aude
BalleydierCegedim Media Relations and Communications
ManagerTel.: +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 |
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/b4b46411-3d64-41ea-ab37-1a49535c72fe
Cegedim (EU:CGM)
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