Correction: RAMSAY GENERALE DE SANTE : provisional annual results
at the end of June 2019
PRESS RELEASEParis, 28 August
2019
Provisional
annual results at the end of June
2019 Good
results and solid perspectives
- Annual reported turnover up 51.7% to EUR 3,401.1 million. On a
like-for-like basis, good growth (+2.1%) with an additional
business day;
- Increase in reported EBITDA of 29.4% to EUR 330.8 million and
improvement in EBITDA margin on a like-for-like basis.
- Group net profit of EUR 8.2 million (compared with a profit of
EUR 7.3 million at end June 2018);
- Strong appreciation of the value of the real estate portfolio
(former RGDS perimeter only) by 9.2% to EUR 781 million.
- Accelerating strategic transformation: from the leader of
private hospitalisation in France to leading provider of integrated
care in continental Europe;
- The integration of the Capio Group is ahead of schedule, which
will open up very good medium and long-term prospects.
Pascal Roché, Group CEO, declares :
« Ramsay Générale de Santé is now positioned as
a European leader in the provision of integrated health care
services (primary health care centres, specialised and general
hospitals...), operating in six countries, taking care of 7 million
patients who have put their trust in us in 2019 in order to provide
them with personalised, quality care that is coordinated across our
various areas of activity. The vigorous growth of the published
indicators reflects the ongoing integration of Capio over more than
7 months, ahead of our initial schedule – a development that holds
major potential for the future. The group has continued to invest
heavily in all the countries in which it operates, and the
improvement of the financial indicators on a like-for-like basis is
finally resulting in the diversity and complementarity of our
various segments in France (MCO, after care and rehabilitation,
mental health and medical imaging), and the continuous evolution of
the group towards care quality and the quest for efficiency.»
These provisional accounts were presented to the
Board of Directors at its meeting on 23 August 2019. The audit
procedures are in progress.
The final consolidated financial statements for
the year ended June 2019 will be approved by the Board of Directors
at its meeting on 25 September 2019.
|
In EUR million |
From 1 July 2018 to 30 June 2019 |
From 1 July 2017 to 30 June 2018 |
Change |
| Turnover |
3,401.1 |
2,241.5 |
+51.7% |
| Gross Operating
Profit (EBITDA) |
330.8 |
255.6 |
+29.4% |
| Current operating
profit |
156.9 |
125.7 |
+24.7% |
| As a % of
turnover |
4.6% |
5.6% |
-1.0 point |
| Operating
profit |
118.8 |
65.8 |
+80.5% |
| Net income - Group
share |
8.2 |
7.3 |
+12.3% |
| Net earnings per
share (in €) |
0.07 |
0.10 |
-30.0% |
|
In EUR million |
From 1 July 2018 to 30 june 2019 |
From 1 July 2017 to 30 June 2018 |
Change |
|
Île-de-France |
942.3 |
931.6 |
+1.1% |
|
Auvergne-Rhône-Alpes |
384.8 |
362.9 |
+6.0% |
|
Nord - Pas de Calais - Picardie |
376.9 |
358.7 |
+5.1% |
|
Provence Alpes Côte d'Azur |
159.3 |
163.6 |
-2.6% |
|
Bourgogne Franche Comté |
107.6 |
103.5 |
+4.0% |
|
Other regions |
329.3 |
316.7 |
+4.0% |
|
Other activities |
0.0 |
4.5 |
-100.0% |
|
Capio |
1,100.9 |
0.0 |
-- |
|
Published turnover |
3,401.1 |
2,241.5 |
+51.7% |
|
|
|
|
|
|
Of which: - At constant scope |
2,284.5 |
2,237.0 |
+2.1% |
|
- Changes in scope of consolidation |
1,116.6 |
4.5 |
|
Significant events during the year:
Acquisition of Capio
On 8 November 2018, following the end of the
acceptance period for its public takeover bid for Capio shares,
Ramsay Générale de Santé announced that on 7 November 2018, it had
acquired 98.51% of the capital of Capio, one of Europe’s leading
providers of healthcare and health services, enabling the Group to
position itself as a pan-European leader in private hospitalisation
and primary care, present in six countries with a prominent role in
Scandinavia (in particular Sweden) and France.
The public takeover bid by Ramsay Générale de
Santé concerned all of Capio’s shares at a price of SEK 58 per
share. The price of the Capio acquisition thus amounted to EUR
779.7 million (fair value of the 139,050,816 Capio shares at SEK 58
per share converted at the SEK/EUR hedging rate of 10.3437).
Ramsay Générale de Santé initiated a mandatory
squeeze-out procedure for shares that it did not hold at the end of
the offer and convertible bonds issued by Capio to its employees on
30 April 2016, pursuant to the Swedish Companies Act (Sw.
Aktiebolagslagen (2005:551)). As part of this mandatory squeeze-out
procedure, Capio initiated the procedure for delisting the Capio
shares from Nasdaq Stockholm on 28 November 2018.
Ramsay Générale de Santé was awarded, on 29 May
2019, advance title to all remaining shares in Capio and currently
controls 100% of Capio’s shares. The final price for the shares to
be transferred in the context of the buy-out proceedings is yet to
be determined within the scope of such proceedings.
Financing of the acquisition of Capio
Ramsay Générale de Santé secured financing for
the acquisition of Capio (i) through the issuing of subordinated
bonds underwritten by its two majority shareholders, Ramsay Health
Care (UK) and Crédit Agricole Dialogue ("Predica"), amounting to
EUR 550 million, and (ii) by setting up a loan of up to EUR 750
million, of which the initial lenders are Crédit Agricole Corporate
& Investment Bank and Société Générale, which takes the form of
an additional line of credit (“Incremental Facility”) set up under
the 2014 Credit Agreement, as amended.
The amount of these funds is intended to cover
the acquisition price of 100% of the shares to be acquired as part
of the offer and the subsequent mandatory squeeze-out, and the
refinancing of Capio's debt, which amounted to EUR 465.4 million as
at 31 December 2018, as well as the associated operating costs.
The Group's rating agencies, taking into account
the impact of the Capio acquisition and its strategic logic,
confirmed their rating of the Group at the end of November 2018
(Standard & Poor's: BB-; Moody's: Ba3).
Share capital increase
On 22 March 2019, Ramsay Générale de Santé S.A.
announced the launch of a capital increase with preferential
subscription rights of approximately EUR 625 million as part of the
refinancing of the Capio acquisition, as follows:
- Offer basis: 1 new share for 2 current shares
- Unit subscription price: EUR 16.46 per new share
- Negotiation period for preferential subscription rights: from
25 March 2019 to 3 April 2019 inclusive
- Subscription period: from 27 March 2019 to 5 April 2019
inclusive
The capital increase resulted in the issuing of
34,432,595 new shares at a unit price of EUR 16.46, representing a
gross amount raised (including issue premium) of EUR
566,760,513.70.
At the end of the subscription period, which
finished on 5 April 2019, 34,356,485 new shares had been subscribed
as of right and 76,110 new shares made redeemable.
In accordance with their subscription
commitments, the two majority shareholders of Ramsay Générale de
Santé, Ramsay Health Care (UK) and Prévoyance Dialogue du Crédit
Agricole (“Predica”), subscribed to the capital increase in full by
offsetting receivables against the company's certain, liquid and
due receivables they held in respect of the subordinated bonds used
to finance the acquisition of Capio, for EUR 318.1 million and EUR
239.9 million respectively. Their stake increased to 52.53% and
39.62% of the capital respectively after the capital increase.
The share capital of Ramsay Générale de Santé is
currently composed of 110,389,690 shares with a nominal value of
EUR 0.75 each, amounting to a total of EUR 82,792,267.50.
Operations and turnover:
During the financial year ended June 2019, the
Ramsay General Health Group reported consolidated turnover of EUR
3,401.1 million, compared with EUR 2,241.5 million from 1 July 2017
to 30 June 2018, up 51.7%.
On a like-for-like basis, the Group's turnover
increased by 2.1% with an additional business day.
Changes in the scope of consolidation are almost
entirely explained by the consolidation of the Capio Group as from
7 November 2018, which contributed EUR 1,100.9 million to the
Group's consolidated turnover.
In addition to this major acquisition, the
consolidation strategy for the divisions’ medical projects in the
territorial clusters in France led to the buyout of Clinique La
Parisière in July 2018 (Drôme-Ardèche Division).
At the end of June 2019, the total activity of
the French entities of Ramsay Générale de Santé, excluding Capio,
effectively increased by 1.9% in terms of the volume of admissions
(excluding emergencies). The breakdown by business segment is as
follows:
- +1.4% in Medicine-Surgery-Obstetrics
- +4.9% in sub-acute care and rehabilitation
- +0.7% in mental health
With regard to the public service tasks managed
by the group, the number of emergencies increased, up 1.9% over the
past year with close to 621,000 cases registered by the emergency
services at our facilities.
Results:
EBITDA for the year ended 30 June 2019 was EUR
330.8 million, up 29.4% on a reported basis. Using the same scope
and accounting methods, EBITDA was up 3.2% over the same period.
EBITDA margin as a percentage of turnover was 9.7%, down on the
same period last year (11.4%) on a reported basis, but up on a
like-for-like basis to 11.6%.
Reported current operating profit for the period
1 July 2018 to 30 June 2019 reached EUR 156.9 million (or 4.6% of
turnover), up 24.7% from compared to the previous year.
The amount of other non-current income and
expenses represents a net expense of EUR 38.1 million for the
period ended 30 June 2019, consisting of EUR 21.3 million of costs
related to the acquisition and integration of the Capio Group. From
1 July 2017 to 30 June 2018, the amount of other non-current income
and expenses represented a net expense of EUR 59.9 million.
At 30 June 2019, the net cost of borrowing
amounted to EUR 66.9 million, compared with EUR 39.1 million the
previous year. This consists primarily of interest on senior debt
and includes the cost of the subordinated bonds subscribed by the
shareholders of Ramsay Générale de Santé as part of the acquisition
of the Capio Group.
In total, Group net profit as at 30 June 2019
amounted to EUR 8.2 million, compared with EUR 7.3 million for the
period from 1 July 2017 to 30 June 2018.
Debt:
Net financial debt at 30 June 2019 increased
significantly to EUR 1,641.7 million compared to EUR 927.1 million
at 30 June 2018. This debt includes, in particular, EUR 1,955.3
million in non-current borrowings and financial debt, EUR 69.4
million in current financial debt, offset by EUR 368.5 million in
positive cash flow.
This change in the Group’s net financial debt
naturally reflects the impact of the takeover of the Capio Group,
including its own debt.
Implementation of IFRS 16:
The Ramsay Générale de Santé Group will apply
the new IFRS 16 standard on leases for its fiscal year beginning 1
July 2019. In preparation for this first application, the Group
established a dedicated work team to identify and analyse lease
contracts. It was also in charge of selecting and configuring the
IT solution for data processing and contract monitoring.
The Group has decided to adopt the simplified
retrospective approach by recognising the cumulative effects of
IFRS 16 at the date of first application, without restating
comparative periods.
The assets leased by the Group consist mainly of
hospital and clinic premises, care centres and offices. For these
assets, the balance sheet will be adjusted to recognise a
depreciable right of use and related rental debt. This debt will be
measured on the basis of the net present value of future leases,
including renewal options, in cases where the Group considers their
exercise to be reasonably certain. The Group anticipates that this
debt will amount to between EUR 1.8 billion and EUR 2.3
billion.
In the income statement, the corresponding lease
expense will be replaced by interest and straight-line depreciation
expense. The Group's EBITDA level will be significantly adjusted
and the impact on consolidated net income should result in an
additional net charge of between EUR 15 million and EUR 19
million.
These estimates have not been audited and may
differ from the actual impacts recorded in the financial statements
for the 12 months ending 30 June 2020, due to possible changes in
the portfolio of leased assets during the coming financial year or
changes in the assumptions used to date.
About Ramsay Générale de Santé
After the successfull acquisition of Capio AB
Group in 2018, Ramsay Générale de Santé is becoming one of the
leaders of the hospitalisation and primary care in Europe with 36
000 employees and 8 600 practitioners serving 7 millions patients
in our 343 facilities in six countries : France, sweden, Norway,
Denmark, Germany, Italy.Ramsay Générale de Santé offers almost all
medical and surgical care in three jobs : general hospitals
(medicine – surgery – obstetric), follow-up care and rehabilitation
clinics, mental health. In all its territories, the group develops
missions of public service and contributes to the territorial
sanitory disposal, as in Sweden with more than 100 proximity care
units.The quality and security of care is the group’s priority in
all its countries. That’s why our group is today a reference in
terms of modern medicine, especially in outpatient care and rapid
recovery.Each year, the group invests more than 200M€ in innovation
whether it is in new surgical or imaging technologies, in building
or modernising its facilities… The group also innovates with new
digital tools to the benefit of its patients or in improving its
organisations for a more efficient care.Internet site :
www.ramsaygds.frFacebook: https://www.facebook.com/RamsayGDS
Twitter: https://twitter.com/RamsayGDSLinkedIn:
https://www.linkedin.com/company/ramsaygds YouTube:
https://www.youtube.com/c/RamsayGDSante
ISIN and Euronext Paris code:
FR0000044471
A CONFERENCE CALL IN ENGLISH WILL BE HELD
TODAY
at 7.30 p.m. (Paris time) - Dial-in at
the following numbers
In
France:
+33 (0)1 76 77 22 61In the
UK:
+44 (0)330 336 6025In
Australia:
+61 (0)2 8524 5352
Access code: 465602
| Investor &
Analyst Relations Press RelationsArnaud Jeudy
Caroline DesaegherPhone: + 33 (0)1 87 86 21 88
Phone: + 33 (0)1 87 86 22a.jeudy@ramsaygds.fr
c.desaegher@ramsaygds.fr |
Glossary Constant scope of consolidation
- The restatement of the scope of consolidation for incoming
entities is as follows:
- Entities entering the scope of consolidation in the current
year must have the contribution from the acquired entity deducted
from the performance indicators in the current year;
- Entities entering the scope of consolidation in the previous
year must have the contribution from the acquired entity deducted
from the performance indicators of the previous month in the month
of the acquisition.
- The restatement of the scope of consolidation for outgoing
entities is as follows:
- For entities leaving the scope of consolidation in the current
year, the contribution of the outgoing entity must be deducted in
the previous year from the performance indicators as of the month
that the entity leaves the scope of consolidation.
- For entities leaving the scope of consolidation in the previous
year, the contribution of the outgoing entity must be deducted for
the full previous period.
Current operating profit is the operating profit before other
non-current income or expenses, consisting of restructuring costs
(expenses and provisions), capital gains or losses from disposal,
or significant and non-recurring depreciation or amortisation of
non-current assets, whether tangible or intangible; also, other
operating expenses and income such as provisions relating to major
litigation. EBITDA is the current operating profit before
depreciation and amortisation (charges and provisions in the profit
and loss account are grouped according to their nature). Net
financial debt consists of gross financial debts, less financial
assets.
- Gross financial debts consist of:
- bank loans, including incurred interest;
- loans relating to finance leases including incurred
interest;
- fair value hedging instruments recognised in the balance sheet
net of tax;
- current financial debt in relation to current financial
accounts with minority investors;
- bank overdrafts.
- Financial assets consist of:
- the fair value of hedging instruments recognised in the balance
sheet net of tax;
- current financial receivables in relation to current financial
accounts with minority investors
- cash and cash equivalents, including treasury shares held by
the Group (considered as marketable securities);
- financial assets directly linked to the loans taken out and
recognised in gross financial debts
Selected provisional financial
information |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
| (in million euros) |
from 1 July 2017 to 30 June 2018 |
from 1 July 2018 to 30 June 2019 |
| TURNOVER |
2,241.5 |
3,401.1 |
| Personnel expenses
and profit sharing |
(971.5) |
(1,647.9) |
| Purchased
consumables |
(450.0) |
(644.7) |
| Other operating
income and expenses |
(280.7) |
(408.6) |
| Taxes and
duties |
(93.8) |
(109.0) |
| Rents |
(189.9) |
(260.1) |
| EBITDA |
255.6 |
330.8 |
| Depreciation |
(129.9) |
(173.9) |
| Current operating
profit |
125.7 |
156.9 |
| Restructuring costs |
(58.0) |
(44.9) |
| Result of the management of real estate
and financial assets |
(1.9) |
6.8 |
| Impairment of goodwill |
-- |
-- |
| Other non-current income and
expenses |
(59.9) |
(38.1) |
| Operating profit |
65.8 |
118.8 |
| Gross interest expenses |
(39.8) |
(67.4) |
| Income from cash and cash equivalents |
0.7 |
0.5 |
| Net interest
expenses |
(39.1) |
(66.9) |
| Other financial income |
1.2 |
2.3 |
| Other financial expenses |
(4.4) |
(5.9) |
| Other financial income and
expenses |
(3.2) |
(3.6) |
| Corporate income tax |
(8.5) |
(33.0) |
| Amount attributable to associates |
0.1 |
-- |
| NET PROFIT FOR THE
PERIOD |
15.1 |
15.3 |
| Revenues and expenses recognized directly
as equity |
|
|
| - Retirement commitments |
(0.1) |
(55.2) |
| - Change in fair value of hedging
financial instruments |
-- |
(13.1) |
| - Translation differential |
-- |
8.0 |
| - Income tax on other comprehensive
income |
1.0 |
11.8 |
| Results recognized directly as
equity |
0.9 |
(48.5) |
| TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD |
16.0 |
(33.2) |
| PROFIT ATTRIBUTABLE TO (in
millions euros) |
from 1 July 2017 to 30 June 2018 |
from 1 July 2018 to 30 June 2019 |
| - Group’s share of net earnings |
7.3 |
8.2 |
| - Non-controlling interests |
7.8 |
7.1 |
| NET PROFIT FOR THE
PERIOD |
15.1 |
15.3 |
| NET EARNINGS PER SHARE (in euros) |
0.10 |
0.07 |
| NET DILUTED EARNINGS PER SHARE (in
euros) |
0.10 |
0.07 |
| TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO (in million euros) |
from 1 July 2017 to 30 June 2018 |
from 1 July 2018 to 30 June 2019 |
| - Group’s comprehensive income for the
period |
8.2 |
(40.3) |
| - Non-controlling interests |
7.8 |
7.1 |
| TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD |
16.0 |
(33.2) |
|
CONSOLIDATED BALANCE SHEET – ASSETS |
| (in million
euros) |
06-30-2018 |
06-30-2019 |
| Goodwill |
754.4 |
1,674.8 |
| Other intangible fixed assets |
23.8 |
263.5 |
| Tangible fixed assets |
869.2 |
1,107.1 |
| Investments in associates |
0.6 |
0.3 |
| Other long-term investments |
69.1 |
87.4 |
| Deferred tax assets |
45.2 |
146.3 |
| NON CURRENT
ASSETS |
1,762.3 |
3,279.4 |
| Inventories |
67.8 |
98.9 |
| Trade and other receivables |
157.6 |
361.0 |
| Other current assets |
190.6 |
231.9 |
| Tax assets |
9.8 |
11.8 |
| Current financial assets |
0.3 |
9.7 |
| Cash and cash equivalents |
308.0 |
368.5 |
| Assets held for sale |
5.6 |
-- |
| CURRENT ASSETS |
739.7 |
1,081.8 |
| TOTAL ASSETS |
2,502.0 |
4,361.2 |
|
CONSOLIDATED BALANCE SHEET – LIABILITIES AND
EQUITY |
| (in million euros) |
06-30-2018 |
06-30-2019 |
| Share capital |
56.9 |
82.7 |
| Additional paid-in capital |
71.2 |
611.2 |
| Consolidated reserves |
334.8 |
293.6 |
| Group’s share of net profit |
7.3 |
8.2 |
| Group’s share of
equity |
470.2 |
995.7 |
| Non-controlling interests |
40.8 |
42.8 |
| TOTAL SHAREHOLDERS’
EQUITY |
511.0 |
1,038.5 |
| Borrowings and financial debts |
1,195.6 |
1,955.3 |
| Provisions for retirement and other
employee benefits |
51.0 |
132.9 |
| Non-current provisions |
63.5 |
128.3 |
| Other long term liabilities |
12.2 |
32.4 |
| Deferred tax liabilities |
50.9 |
112.6 |
| NON CURRENT
LIABILITIES |
1,373.2 |
2,361.5 |
| Current provisions |
17.8 |
36.5 |
| Accounts payable |
191.9 |
266.2 |
| Other current liabilities |
329.5 |
574.3 |
| Tax liabilities |
13.3 |
14.8 |
| Short-term borrowings |
63.7 |
69.4 |
| Bank overdraft |
--- |
--- |
| Liabilities related to assets held for
sale |
1.6 |
--- |
| CURRENT
LIABILITIES |
617.8 |
961.2 |
| TOTAL EQUITY AND
LIABILITIES |
2,502.0 |
4,361.2 |
|
consolidated statement of changes in equity |
| (in million
euros) |
SHARE CAPITAL |
ADDITIONAL PAID IN CAPITAL |
RESER-VES |
RESULTS RECOGNISED DIRECTLY AS EQUITY |
TOTAL COMPRE
HENSIVE INCOME FOR THE
PERIOD |
GROUP’S SHARE OF EQUITY |
NON CONTROL-LING INTERESTS |
SHARE-HOLDERS’ EQUITY |
| Shareholders’ equity at June
30, 2017 |
56.9 |
71.2 |
288.2 |
(11.3) |
57.0 |
462.0 |
40.0 |
502.0 |
| Capital increase (including net
fees) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Prior year appropriation of
earnings |
-- |
-- |
57.0 |
-- |
(57.0) |
-- |
-- |
-- |
| Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(7.0) |
(7.0) |
| Change in consolidation scope |
-- |
-- |
|
-- |
-- |
-- |
-- |
-- |
| Total comprehensive income for the
period |
-- |
-- |
-- |
0.9 |
7.3 |
8.2 |
7.8 |
16.0 |
| Shareholders’ equity at June
30, 2018 |
56.9 |
71.2 |
345.2 |
(10.4) |
7.3 |
470.2 |
40.8 |
511.0 |
| Capital increase (including net
fees) |
25.8 |
540.0 |
-- |
-- |
-- |
565.8 |
-- |
565.8 |
| Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Prior year appropriation of
earnings |
-- |
-- |
7.3 |
-- |
(7.3) |
-- |
-- |
-- |
| Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(6.8) |
(6.8) |
| Change in consolidation scope |
-- |
-- |
|
-- |
-- |
-- |
1.7 |
1.7 |
| Total comprehensive income for the
period |
-- |
-- |
-- |
(48.5) |
8.2 |
(40.3) |
7.1 |
(33.2) |
| Shareholders’ equity at June
30, 2019 |
82.7 |
611.2 |
352.5 |
(58.9) |
8.2 |
995.7 |
42.8 |
1,038.5 |
|
statement of income and expenses recognized directly in
equity |
| (in million
euros) |
06-30-2017 |
Income and expenses July 1, 2017 to June 30,
2018 |
06-30-2018 |
Income and expenses July 1, 2018 to June 30,
2019 |
06-30-2019 |
|
| Translation differential |
(0.3) |
-- |
(0.3) |
8.0 |
7.7 |
|
| Retirement commitments |
(4.9) |
0.5 |
(4.4) |
(43.9) |
(48.3) |
|
| Fair value of hedging financial
instruments |
(6.1) |
0.4 |
(5.7) |
(12.6) |
(18.3) |
|
| Results recognized directly as
equity (Group’s share) |
(11.3) |
0.9 |
(10.4) |
(48.5) |
(58.9) |
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
| (in million euros) |
from 1 July 2017 to 30 June 2018 |
from 1 July 2018 to 30 June 2019 |
| Total net consolidated profit |
15.1 |
15.3 |
| Depreciation |
129.9 |
173.9 |
| Other non-current income and expenses |
59.9 |
38.1 |
| Amount attributable to associates |
(0.1) |
-- |
| Other financial income and expenses |
3.2 |
3.6 |
| Cost of net financial debt |
39.1 |
66.9 |
| Income tax |
8.5 |
33.0 |
| Gross operating
surplus |
255.6 |
330.8 |
| Non-cash items relating to recognition and
reversal of provisions (transactions of a non-cash nature) |
(2.9) |
(9.7) |
| Other non-current income and expenses
paid |
(18.0) |
(44.0) |
| Change in other non-current assets and
liabilities |
(13.5) |
(10.0) |
| Cash flow from operations before
cost of net financial debt and tax |
221.2 |
267.1 |
| Income tax paid |
(26.4) |
(28.0) |
| Change in working capital requirement |
19.1 |
(25.5) |
| NET CASH FLOWS FROM OPERATING
ACTIVITIES: (A) |
213.9 |
213.6 |
| Investments in tangible and intangible
assets |
(62.6) |
(178.0) |
| Disposals of tangible and intangible
assets |
7.2 |
21.3 |
| Acquisition of entities |
(21.1) |
(824.3) |
| Disposal of entities |
0.5 |
65.2 |
| Dividends received from non-consolidated
companies |
0.6 |
0.4 |
| NET CASH FLOWS FROM INVESTING
ACTIVITIES: (B) |
(75.4) |
(915.4) |
| Capital and share premium increases:
(a) |
--- |
557.8 |
| Dividends paid to minority interests of
consolidated companies: (b) |
(7.0) |
(6.8) |
| Net interest expense paid: (c) |
(39.1) |
(58.9) |
| Debt issue costs: (d) |
(4.9) |
(11.4) |
| Cash flow before change in
borrowings: (e) = (A+B+a+b+c+e) |
87.5 |
(221.1) |
| Increase in borrowings: (f) |
122.2 |
1 305.3 |
| Repayment of borrowings: (g) |
(82.5) |
(1,022.8) |
| NET CASH USED FOR FINANCING
ACTIVITIES: (C) = a + b + c + d + f + g |
(11.3) |
763.2 |
| NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS: ( A + B + C ) |
127.2 |
61.4 |
| Currency differences in cash and cash
equivalents |
-- |
(0.9) |
| Cash and cash equivalents at beginning of
period |
180.8 |
308.0 |
| Cash and cash equivalents at end of
period |
308.0 |
368.5 |
| Net indebtedness at beginning of
period |
964.0 |
927.1 |
| Cash flow before change in borrowings:
(e) |
(87.5) |
221.1 |
| Capitalization of financial leases |
68.7 |
41.1 |
| Loan issue charges fixed assets |
(1.4) |
(6.6) |
| Assets held for sale |
-- |
-- |
| Fair value of financial hedging
instruments |
(0.9) |
11.2 |
| Change in scope of consolidation and
other |
(15.8) |
447.8 |
| Net indebtedness at end of
period |
927.1 |
1,641.7 |
- RGDS - provisional annual results at the end of June 2019
Ramsay Generale De Sante (EU:GDS)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Ramsay Generale De Sante (EU:GDS)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
