Quarterly Financial Information as of December 31, 2017 IFRS -
Regulated Information - Audited
Cegedim returned to positive revenue and
margin growth in 2017
- The business model transformation continues, in line with Group
expectations
- Good sales momentum
- Improved profitability
- Cautiously optimistic for 2018
|
Disclaimer: The following terms "business model
transformation" and "BPO" are defined in the Glossary.
Starting June 30, 2017, the Group has decided to
implement recommendation ANC 2013-03 of France's national
accounting standards board, which allows companies to incorporate
the income of equity-accounted affiliates in the consolidated
operating result. Cegedim's 2016 financial statements have been
restated as indicated in the accounting principles of our Half-Year
Report. Cegedim announced on December 14 that
it had signed a contract for the definitive sale of its Cegelease
and Eurofarmat businesses. As a result, the consolidated 2017
financial statements are presented according to IFRS 5,
"Non-current assets held for sale and discontinued". In
practice the contribution from these businesses until the effective
disposal, if any, to each line of: Cegedim's Consolidated
Income Statement (before non-controlling interests) has been
grouped under the line "Earnings from discontinued operations"; in
accordance with IFRS 5,and their share of net income has been
excluded from Cegedim's adjusted net income; Cegedim's
consolidated cash flow statement has been grouped under the line
"Cash flow of discontinued operations". These
adjustments have been applied to all periods presented to ensure
consistency of information. In addition, the contribution of
Cegelease and Eurofarmat to each line of Cegedim's Consolidated
Balance Sheet has been grouped under the lines "Assets held for
sale" and "Liabilities associated with assets held for sale".
|
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Boulogne-Billancourt, France, March 20, 2018 after the market
close
Cegedim, an innovative technology and
services company, posted consolidated FY 2017 revenues from
continuing activities of €457.4 million, up 6.6% on a reported
basis and 5.9% like for like compared with the same period in
2016. EBITDA came to €77.5 million in 2017, up 35.0% year on
year. EBITDA margin improved significantly to 16.9% in 2017,
compared with 13.4% a year earlier.
2017 represents another positive milestone in
the Group's transformation. The revamp of its business model
continues, capacity for innovation has been bolstered and the
organizational structure has been adjusted to make it even more
agile. The disposal of Cegelease end-February 2018, completes the
refocus initiated in 2015. 2017 results reflect the combined impact
of good sales momentum and improved profitability.
Both operating divisions saw like-for-like
revenue growth. Health Insurance, HR and e-services division
revenues rose by 8.5% and Healthcare professionals division
revenues increased by 1.4%.
EBITDA growth is mainly due to the significant
recovery posted by the Healthcare professionals division, itself
mostly due to a favorable base effect
Simplified income statement
|
|
2017 |
2016 |
Chg. |
|
|
€m |
% |
€m |
% |
% |
|
Revenue |
457.4 |
100.0 |
429.3 |
100.0 |
+6.6% |
|
EBITDA |
77.5 |
16.9 |
57.4 |
13.4 |
+35.0% |
|
Depreciation |
(40.1) |
(8.8) |
(34.3) |
(8.0) |
+17.0% |
|
EBIT before special items |
37.4 |
8.2 |
23.1 |
5.4 |
+61.8% |
|
Special items |
(18.9) |
(4.1) |
(24.1) |
(5.6) |
(21.8)% |
|
EBIT |
18.5 |
4.1 |
(1.0) |
(0.2) |
n.m. |
|
Cost of net financial debt |
(6.7) |
(1.5) |
(26.0) |
(6.1) |
(74.1)% |
|
Tax expenses |
(4.7) |
(1.0) |
(2.3) |
(0.5) |
+101.2% |
|
Consolidated profit from continuing activities |
7.1 |
1.5 |
(29.5) |
(6.9) |
n.m. |
|
Net earnings from activities held for sale |
4.1 |
0.0 |
(1.1) |
(0.3) |
n.m. |
|
Net earnings from activities sold |
0.0 |
0.9 |
3.8 |
0.9 |
- |
|
Profit attributable to the owners of the parent |
11.1 |
2.4 |
(26.7) |
(6.2) |
n.m. |
|
EPS before special items |
0.9 |
- |
(1.5) |
- |
n.m. |
|
Earnings per share |
0.8 |
- |
(1.9) |
- |
n.m. |
Consolidated revenues from continuing activities for 2017
amounted to €457.4 million, a 6.6% increase as reported. Excluding
an unfavorable currency translation effect of 0.9% and a 1.6% boost
from acquisitions, revenues rose 5.9%.
Both of the divisions grew their like-for-like revenues. Health
insurance, HR and e-services division revenues rose by 8.5%, and
Healthcare professionals division revenues rose by 1.4%.
EBITDA increased significantly by €20.1
million, or 35.06%, to €77.5 million. The margin also rose, to
16.9% from 13.4% in 2016. The EBITDA performance was chiefly the
result of lower purchased used and stable external expenses
combined with a lower increase of personnel costs compare to
revenue increase.
Depreciation and amortization costs rose
€14.3 million to €40.1 million in 2017 compared with €34.3 million
in 2016. Most of the increase was due to the €4.2 million increase
in the amortization of R&D expenses over the period.
EBIT from recurring operations rose €14.3
million, or 61.8%, to €37.4 million. The margin improved to 8.2% in
2017 from 5.4% in 2016.
Exceptional items amounted to a charge of
€18.9 million compared with a charge of €24.1 million in 2016. This
decrease is chiefly due to the €3.1 million decline in
restructuring costs over the period, to the fact that in 2017 there
was no fine relating to the former activity sold in 2007, partially
offset by a €1.8 million increase in the allowance for legacy
software in the United States and France.
Net cost of financial debt fell by €19.3
million, or 74.1%, to €6.7 million compared with €26.0 million in
2016. The decline reflects the positive impact of refinancing
carried out in the first half of 2016.
Tax costs came to a charge of €4.7
million compared with a €2.3 million charge in 2016. The increase
was chiefly due to an increase of €2.5 million at income taxes.
Thus, the profit attributable to the owners of
the parent came to a profit of €11.1 million compared to a loss of
€26.7 million in 2016. The consolidated net result from
continuing activities came to a profit of €7.1 million compared
with a loss of €29.5 million in 2016. Net profit before special
items came to €0.9 profit per share compared with a €1.5 loss a
year earlier. Earnings per share were a €0.8 profit compared
with a €1.9 loss in 2016.
Analysis of business trends by division
|
|
|
Revenue |
|
EBIT before special items |
|
EBITDA |
| In €
million |
|
FY 2017 |
FY 2016 |
|
FY 2017 |
FY 2016 |
|
FY 2017 |
FY 2016 |
| Health insurance, HR and
e-services |
|
291.1 |
262.4 |
|
28.4 |
28.6 |
|
48.1 |
43.9 |
| Healthcare
professionals |
|
162.5 |
163.6 |
|
10.4 |
(0.8) |
|
25.0 |
12.8 |
| Corporate and others |
|
3.9 |
3.3 |
|
(1.3) |
(4.7) |
|
4.4 |
0.7 |
|
Cegedim |
|
457.4 |
429.3 |
|
37.4 |
23.1 |
|
77.5 |
57.4 |
- Health insurance, HR and e-services
The division's 2017 revenues came to €291.1
million, up 10.9% on a reported basis. The November 2016
Futuramedia acquisition in France made a positive
contribution of 2.6%. Currency translation had a negative impact of
0.2%. Like-for-like revenues rose 8.5% over the period. The
division represented 63.6% of consolidated revenues from continuing
activities, compared with 61.1% over the same period a year
earlier.EBITDA rose in 2017, up 9.5%, to €48.1 million,
compared with €43.9 million in 2016. EBITDA margin was 16.5% in 17,
a decrease of 0.2 point compared with 2016.
The businesses that made the biggest
contributions to this growth in revenue and EBITDA were C-MEDIA,
merger of RNP and Futuramedia (ad at point of sales in pharmacies
and health & wellness shops), Cegedim SRH (HR management
solutions), Cegedim e-business (digitalization and data exchange),
sales statistics for pharmaceutical products, and - in the field of
health insurance - third-party payment flow management. EBITDA
growth was partly offset by the health insurance software and
services businesses' switch to SaaS format and by the launch of BPO
offerings.
The division's 2017 revenues came to €162.5
million, down 0.7% on a reported basis. Currencies had a negative
impact of 2.2%. There was virtually no impact from acquisitions or
divestments. Like-for-like revenues rose 1.4% over the
period.The division represented 35.5% of consolidated Group
revenues from continuing activities, compared with 38.1% over the
same period a year earlier.EBITDA grew significantly by
€95.4%, to €25.04 million, compared with €12.8 million in 2016.
EBITDA margin was 15.4%, up 7.6 points compared with 2016.
The slight revenue growth combined with the
sharp increase in EBITDA reflect the positive base effect on the
computerization of doctors in the United States, Belgium and
France, and of pharmacists in France. After a rather mixed start to
the year, business in the United Kingdom saw a return to fourth
quarter revenue growth rates.
The division's 2017 revenues came to €3.9
million, up 17.2% on a reported basis and like for like. There was
no currency impact and no acquisitions or divestments. The division
represented 0.8% of consolidated revenues from continuing
activities in 2017 and 2016.EBITDA increased significantly
by €3.7 million, to €4.4 million compared with a €00.7 million in
2016.The positive EBITDA trend was principally due to a
favorable base effect.
Financial resources
Acquisition goodwill represented €167.8
million at December 3, 2017 compared with €199.0 million at
end-2016. The €31.2 million decrease, equal to 15.7%, was mainly
attributable to the classification as assets held for sale of €28.3
million in acquisition goodwill linked to the disposal of Cegelease
and Eurofarmat. Acquisition goodwill represented 22.5% of the total
balance sheet at December 31, 2017, compared with 28.1% on December
31, 2016.
Cash and equivalents decreased by €2.1
million to €18.7 million at December 31, 2017. This drop was
principally due to the classification as assets held for sale of
€5.2 million in cash linked to the sale of Cegelease.
Shareholders' equity rose €8.4 million to
€197.3 million at December 31, 2017. This trend reflects the
results of the €11.1 million net earnings profit attributable to
owners of the parent partially offset by a €2.6 million decrease in
group exchange gain/losses. Shareholders' equity represented 26.4%
of the total balance sheet at end-December 2017, compared with
26.6% at end-December 2016.
Net financial debt amounted to €236.2
million at end-December 2017, up €9.3 million compared with
end-December 2016. It represented 119.7% of Group shareholders'
equity at December 31, 2017, compared with 120.1% at
December 31, 2016.
Free cash flow from operation came to an
inflow of €13.4 million compared with an outflow of €2.4 million.
This €15.8 million euros increase came mainly from an increase from
cash-flow before taxes and interest and a decrease in corporate tax
paid partially offset by an increase in working capital
requirement.
Outlook
- Cautiously optimistic for 2018
With a position in structurally buoyant markets
and its strategic refocus complete, Cegedim boasts solid
fundamentals, a balanced portfolio of complementary offerings, a
diversified client-base, a widespread geographic footprint and the
strength of an integrated group. This should enable it to continue
its growth momentum and reach a new stage in its development, so it
can deliver lasting, profitable growth.
To continue the initiatives it successfully
implemented in 2017, Cegedim will maintain a strategy primarily
focused on organic growth and driven by a robust innovation
policy.
The Group is cautiously optimistic for 2018 and
expects moderate organic revenue growth and a similar increase in
EBITDA.
In 2018, the Group does not expect any
significant acquisitions and is not issuing any earnings estimates
or forecasts.
- Potential impact of Brexit
In 2017, the UK accounted for 10.9% of
consolidated Group revenues from continuing activities and 14.0% 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.
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 filed with the AMF on March 29, 2017, under number
D.17-0255.
Additional information
| The
Audit Committee met on March 20, 2018. The Board of Directors,
chaired by Jean-Claude Labrune, approved the consolidated financial
statement for 2017 at its meeting on March 20, 2017. The audit of
the financial statements has been completed. The audit report will
be issued once the requisite procedures for the filing of the
registration document are completed. The 2017 Registration Document
will be available in a few days' time on our website and on Cegedim
IR, the Group's financial communications app. This press
release is available in French and English. In the event of any
difference between the two versions, the original French version
takes precedence. This press release may contain inside
information. It was sent to Cegedim's authorized distributor on
March 20, 2018, no earlier than 5:45pm Paris time. |
Financial calendar
| |
March 21, 2018, at 11:00 am CET April 26,
2018, after the market close June 19, 2018, at 9:30 am
CET |
Analyst
meeting (SFAF) in Cegedim's auditorium First-quarter 2018 revenues
Cegedim shareholders' meeting |
| March 20, 2018, 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: www.cegedim.fr/webcast The presentation on FY 2017
earnings is available: on the website and on the Group's financial
communications app, Cegedim IR. |
|
Contact Numbers : |
France : +33 1 72 72 74 03 United States :
+1 844 286 0643 UK and others : +44 (0)207 1943
759 |
PIN Code: 41900137# |
Appendices
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.
- Non-recourse factoring agreement
On May 22, 2017, the Group signed a factoring
agreement with a French bank. The non-recourse agreement. The
amount of trade receivables sold under the agreement came to €38.0
million at December 31, 2017 over an €38.0 million authorized
- Partial interest rate hedging
Cegedim carried out two zero-premium swap
agreements on February 17 and May 11, 2017 under which it receives
the 1-month Euribor rate if it exceeds 0%, receives nothing
otherwise, and pays:
- A fixed rate of 0.2680% on a notional amount of €50 million
starting February 28, 2017, and maturing on February 26, 2021.
- A fixed rate of 0.2750% on a notional amount of €30 million
starting May 31, 2017, and maturing on December 31, 2020.
As part of the BPO contract Cegedim signed with
the Klesia group in September 2016, the two companies created an
economic interest group (GIE), held 50/50. In January 2017, Cegedim
lent Isiaklé €9 million.
On February 10, 2017, Cegedim was ordered to pay
€4,636,000 to the Tessi company for failing to meet certain
obligations with respect to an asset sale made on July 2, 2007. The
sum was paid on July 21, 2017. Cegedim has appealed the ruling.
Cegedim has decided to appeal this decision.
On February 23, 2017, Cegedim acquired UK
company B.B.M. Systems with a 2016 revenues of around €0.7 million
and earned a profit.
On May 3, 2017, Cegedim acquired UK company
Adaptive Apps. Its 2016 revenues came to around €1.5 million and
earned a profit.
Cegedim, jointly with IMS Health, is being sued
by Euris for unfair competition. Cegedim has filed a motion
claiming that IMS Health should be the sole defendant. After
consulting with its external legal counsel, the Group has decided
not to record any provisions.
On October 20, 2017, the court of Nîmes ordered
Alliadis to pay a fine of €2 million as part of a case involving a
pharmacist from Remoulins. A subsequent hearing on November 24 set
the fine at €187,500.
Significant post-closing transactions and events
To the best of the company's knowledge, apart
from the items cited below, there were no events or changes after
the accounts were closed that would materially alter the Group's
financial situation.
- Sale of Cegedim shares held by Bpifrance
Bpifrance Participations sale of 1,682,146 shares in Cegedim via
an accelerated bookbuilding process to French and international
institutional investors at a price of 35 euros per share on
February 13, 2018. In the context of the transaction, the
shareholders' agreement dated 28 October 2009 between M.
Jean-Claude Labrune, FCB (family holding controlled by M.
Jean-Claude Labrune) and Bpifrance as well as the concert between
the parties have been terminated. As a consequence Anne-Sophie
Herelle and Bpifrance Participations represented by Marie
Artaud-Dewitte have resigned from the board of directors on
February 15, 2018. Position held since the Valerie Raoul-Desprez
resignation in March 2017.
Cegedim's free-float increases to reach now 44% of capital (vs.
32% before the transaction).
- Completed disposal of the Cegelease and Eurofarmat
On February 28, 2018, Cegedim announces that it
has completed the disposal of Cegelease and Eurofarmat to
FRANFINANCE (Société Générale Group for an amount of €57.5
million.
The parties have decided that Cegelease and the
Cegedim Group will continue to collaborate in France under the
current terms as part of a six-year collaboration agreement.
The selling price is €57.5 million, plus reimbursement of the
shareholder's loan account, which amounted to €13 million. Of this
amount, Cegedim will use €30 million to pay down its debt.
The businesses revenue and consolidated EBITDA came to
respectively to €13 million and €5.8 million in 2017 and €12.5
million and €5.4 million, in 2016.
Balance sheet as December 31, 2017
- Assets as of December 31, 2017
|
In thousands of euros |
12.31.2017 |
12.31.2016 |
|
Goodwill on acquisition |
167,758 |
198,995 |
|
Development costs |
22,887 |
12,152 |
|
Other intangible fixed assets |
122,962 |
127,293 |
|
Intangible fixed assets |
145,849 |
139,445 |
|
Property |
544 |
459 |
|
Buildings |
4,127 |
4,712 |
|
Other tangible fixed assets |
28,057 |
26,548 |
|
Construction work in progress |
444 |
508 |
|
Tangible fixed assets |
33,172 |
32,227 |
|
Equity investments |
913 |
1,098 |
|
Loans |
12,986 |
3,508 |
|
Other long-term investments |
6,454 |
4,126 |
|
Long-term investments - excluding equity shares in equity method
companies |
20,353 |
8,733 |
|
Equity shares in equity method companies |
10,072 |
9,492 |
|
Government - Deferred tax |
27,271 |
28,784 |
|
Accounts receivable: Long-term portion |
210 |
29,584 |
|
Other receivables: Long-term portion |
|
0 |
|
Financial instruments |
622 |
- |
|
Non-current assets |
405,308 |
447,260 |
|
Services in progress |
78 |
1,034 |
|
Goods |
3,567 |
6,735 |
|
Advances and deposits received on orders |
325 |
1,773 |
|
Accounts receivables: Short-term portion |
118,170 |
167,361 |
|
Other receivables: Short-term portion |
71,220 |
53,890 |
|
Cash equivalents |
8,000 |
8,000 |
|
Cash |
10,718 |
12,771 |
|
Prepaid expenses |
8,989 |
10,258 |
|
Current Assets |
221,068 |
261,823 |
|
Asset of activities held for sale |
119,847 |
|
|
Total Assets |
746,223 |
709,082 |
- Liabilities and shareholders' equity as of December 31,
2017
|
In thousands of euros |
12.31.2017 |
12.31.2016 |
|
Share capital |
13,337 |
13,337 |
|
Group reserves |
177,881 |
204,723 |
|
Group exchange gains/losses |
(5,008) |
(2,391) |
|
Group earnings |
11,147 |
(26,747) |
|
Shareholders' equity. Group share |
197,357 |
188,921 |
|
Minority interests (reserves) |
(25) |
9 |
|
Minority interests (earnings) |
14 |
14 |
|
Minority interests |
(11) |
23 |
|
Shareholders' equity |
197,346 |
188,944 |
|
Long-term financial liabilities |
250,830 |
244,013 |
|
Long-term financial instruments |
928 |
1,987 |
|
Deferred tax liabilities |
6,362 |
6,453 |
|
Non-current provisions |
25,445 |
23,441 |
|
Other non-current liabilities |
56 |
13,251 |
|
Non-current liabilities |
283,621 |
289,145 |
|
Short-term financial liabilities |
4,040 |
3,582 |
|
Short-term financial instruments |
2 |
11 |
|
Accounts payable and related accounts |
46,954 |
62,419 |
|
Tax and social liabilities |
83,118 |
78,810 |
|
Provisions |
3,025 |
3,297 |
|
Other current liabilities |
65,098 |
82,874 |
|
Current liabilities |
202,236 |
230,993 |
|
Liabilities of activities held for sale |
63,020 |
|
|
Total Liabilities |
746,223 |
709,082 |
Income statements as of December 31, 2017
|
In thousands of euros |
12.310.2017 |
12.31.2016 |
|
Revenue |
457,441 |
429,251 |
|
Purchased used |
(33,788) |
(35,277) |
|
External expenses |
(122,453) |
(123,100) |
|
Taxes |
(7,257) |
(7,415) |
|
Payroll costs |
(215,434) |
(202,657 |
|
Allocations to and reversals of provisions |
(2,684) |
(4,545) |
|
Change in inventories of products in progress and finished
products |
0 |
1,034 |
|
Other operating income and expenses |
(621) |
(1,276) |
|
Income of equity-accounted affiliates (1) |
2,291 |
1,368 |
|
EBITDA |
77,496 |
57,383 |
|
Depreciation expenses |
(40,075) |
(34,254) |
|
Operating income before special items |
37,420 |
23,129 |
|
Depreciation of goodwill |
- |
- |
|
Non-recurrent income and expenses |
(18,874) |
(24,124 |
|
Other exceptional operating income and expenses |
(18,874) |
(24,124 |
|
Operating income |
18,547 |
(996) |
|
Income from cash and cash equivalents |
631 |
1,094 |
|
Gross cost of financial debt |
(8,938) |
(29,264 |
|
Other financial income and expenses |
1,573 |
2,142 |
|
Cost of net financial debt |
(6,734) |
(26,027) |
|
Income taxes |
(4,002) |
(1,473) |
|
Deferred taxes |
(699) |
(863) |
|
Total taxes |
(4,701) |
(2,336) |
|
Share of profit (loss) for the period of equity method
companies |
(51) |
(115) |
|
Profit (loss) for the period from continuing activities |
7,061 |
(29,473) |
|
Profit (loss) for the period from discontinued activities |
- |
(1,096) |
|
Profit (loss) for the period from activities held for sale |
4,099 |
3,838 |
|
Consolidated profit (loss) for the period |
11,160 |
(26,731) |
|
Consolidated Net income (loss) attributable to owners of the
parent |
11,147 |
(26,746) |
|
Minority interests |
14 |
14 |
|
Average number of shares excluding treasury stock |
13,979,390 |
13,960,024 |
|
Current Earnings Per Share (in euros) |
0.9 |
(1.5) |
|
Earnings Per Share (in euros) |
0.8 |
(1.9) |
|
Dilutive instruments |
Néant |
Néant |
|
Earning for recurring operation per share (in euros) |
0.8 |
(1.9) |
(1) Restatement of the Income of
equity-accounted affiliates
|
In thousands of euros |
12.31.2017 reported |
Income of equity-accounted affiliates |
Activities held for sale |
12.31.2016 restated |
|
EBITDA |
61,410 |
1,368 |
(5,395) |
57,383 |
|
Operating income before special items |
27,072 |
1,368 |
(5,311) |
23,129 |
|
Operating income |
2,948 |
1,368 |
(5,311) |
(996) |
Consolidated cash flow statement as of December 31,
2017
|
In thousands of euros |
12.31.2017 |
12.31.2016 |
|
Consolidated profit (loss) for the period |
11,160 |
(26,733) |
|
Share of earnings from equity method companies |
(2,241) |
(1,253) |
|
Depreciation and provisions |
64,435 |
56,133 |
|
Capital gains or losses on disposals |
(534) |
(548) |
|
Cash flow after cost of net financial debt and taxes |
72,821 |
27,598 |
|
Cost of net financial debt |
6,427 |
25,772 |
|
Tax expenses |
6,628 |
4,083 |
|
Operating cash flow before cost of net financial debt and
taxes |
85,877 |
57,454 |
|
Tax paid |
(1,819) |
(5,687) |
|
Change in working capital requirements for operations:
requirement |
(10,574) |
- |
|
Change in working capital requirements for operations: surplus |
- |
6,801 |
|
Cash flow generated from operating activities after tax paid and
change in working capital requirements (A) |
73,484 |
58,569 |
|
Of which net cash flows from operating activities of held for
sales |
4,299 |
4,021 |
|
Acquisitions of intangible assets |
(48,372) |
(46,622) |
|
Acquisitions of tangible assets |
(12,251) |
(15,209) |
|
Acquisitions of long-term investments |
- |
- |
|
Disposals of tangible and intangible assets |
529 |
848 |
|
Disposals of long-term investments |
1,046 |
- |
|
Change in loans made and cash advance |
(10,749) |
(1,277) |
|
Impact of changes in consolidation scope |
(1,855) |
(21,425) |
|
Dividends received from outside Group |
893 |
2,026 |
|
Net cash flows generated by investment operations (B) |
(70,759) |
(81,659) |
|
Of which net cash flows connected to investment operations of
activities held for sales |
(674) |
(828) |
|
Dividends paid to parent company shareholders |
- |
- |
|
Dividends paid to the minority interests of consolidated
companies |
(70) |
(87) |
|
Capital increase through cash contribution |
- |
- |
|
Loans issued |
10,500 |
190,000 |
|
Loans repaid |
(3,241) |
(340,292) |
|
Interest paid on loans |
(5,996) |
(33,029) |
|
Other financial income and expenses paid or received |
(821) |
(112) |
|
Net cash flows generated by financing operations (C) |
372 |
(183,520 |
|
Of which net cash flows related to financing operations of
activities held for sales |
270 |
(16) |
|
Change In Cash without impact of change in foreign currency
exchange rates (A + B + C) |
3,098 |
(206,610) |
|
Impact of changes in foreign currency exchange rates |
(821) |
(787) |
|
Change in cash |
2,276 |
(207,398 |
|
Opening cash |
20,722 |
228,120 |
|
Closing cash |
22,998 |
20,722 |
The change in WRC is positively impacted by the
factoring and negatively by Cegeelase acquisition of intangible
assets and by the Tessi's fine.
| BPO
(Business Process Outsourcing): BPO is the contracting of
non-core business activities and functions to a third-party
provider. Cegedim provides BPO services for human resources,
Revenue Cycle Management in the US and management services for
insurance companies, provident institutions and mutual insurers.
Business model transformation: Cegedim decided in fall 2015
to switch all of its offerings over to SaaS format, to develop a
complete BPO offering, and to materially increase its R&D
efforts. This is reflected in the Group's revamped business model.
The change has altered the Group's revenue recognition and
negatively affected short-term profitability Corporate and
others: 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: Operating expenses is 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 (L-f-l): 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 2016, 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: EBIT margin is defined as the
ratio of EBIT/revenue. EBIT margin before special
items: EBIT margin before special items is defined as the ratio
of EBIT before special items/revenue. Net cash: Net cash is
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 4,200 people in more than 10 countries and generated revenue
of €457 million in 2017. Cegedim SA is listed in Paris (EURONEXT:
CGM).To learn more, please visit: www.cegedim.comAnd follow Cegedim
on Twitter: @CegedimGroup, LinkedIn and Facebook. |
| 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 |
Marina RosoffFor
Madis Phileo Media RelationsTel: +33 (0)6 71 58
00 34marina@madisphileo.com |
Follow Cegedim:
|
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