Regulatory News:
Korian (Paris:KORI) the leading European care and support
services group for the elderly and fragile, announces its Q4
revenue and its 2020 results.
Sophie Boissard, CEO of Korian Group: “As we take stock
of the year, our thoughts are primarily with all of those residents
and families who have suffered in this pandemic. I am extremely
grateful for the outstanding commitment, resilience and solidarity
that Korian teams across the network have shown to maintain service
continuity and ensure high level of care quality. I also express my
thanks to our stakeholders for their continuous support. We come
out of 2020 united around our purpose and our values of Trust,
Responsibility and Initiative and with a renewed commitment to
build on our care and medical expertise to provide to elderly and
fragile people solutions that offer them freedom of choice. We will
continue on these foundations to innovate and invest in our people
and in our capabilities to tackle the longevity challenge and fit
to the needs of patients and residents.”
Strong commitment and collective mobilisation to affront the
pandemic
- Full Covid processes in place: hospital level hygiene standards
audited by Bureau Veritas, adapted and secured supply chain,
100,000 tests per week
- 76% of residents1 and 43% of staff2 vaccinated
Korian delivering on its ESG roadmap taken in 2020, with
tangible results
- Strong progression of net client satisfaction score3 by 400 bps
and a gross satisfaction score of 94%
- Doubling of the number of staff engaged in qualifying training
programs (from 4% to 8% of staff)
- Launch of low-carbon action plan in line with -40% roadmap
(between 2018 and 2030)
Revenue up 7.2% (€ 3 874m) fuelled by resilient organic
growth and active buy and build strategy
- 2% organic growth supported by the geographical and activity
mix
- New platforms in Spain and Netherlands bringing 20% of reported
growth
- Additional healthcare capacities (post-acute, outpatient,
mental health) represent 40% of reported growth
- Home care services confirm growth potential (+25% in 2020)
EBITDA Margin above guidance at 13.6% excluding one-off costs
(12.9% with Covid-19 one-off costs)
Network of 1,000 facilities, 6,000 additional beds (+32% vs.
2019), of which 1,500 greenfield beds and 15 clinics with new
outpatient places
Acceleration of diversification strategy
- 2/3 of investments in high demand healthcare segment; including
leading positions in mental health and specialised post-acute care
in France and digital innovation for e-care pathways
- Geographical expansion with exclusive negotiations to acquire
high end platform in the UK in 2021
Strengthened balance sheet: financial leverage of 3.0x, real
estate LTV of 55% on value of € 2.7bn
Proposed dividend of €0.30 per share
Guidance confirmed for 2022: >€4.5 billion revenue with
15.5% of EBITDA margin
Adapted to a long term Covid-19 environment and vaccination
programme well advanced
Korian has been constantly mobilised throughout 2020 to protect
its staff and residents from the Covid-19 virus pandemic.
From March 2020, the Group has taken numerous initiatives to be
able to operate on the long run in the Covid-19 environment, such
as:
- Deploying hospital level hygiene standards across the Group,
audited by Bureau Veritas (98% outstanding or very good level of
compliance)
- adapted therapeutical protocols, in clinics as well as in
nursing homes
- access to dedicated teleconsultation platforms (operated by
Omedys in France)
- on-site testing capabilities for teams and external
visitors
- permanent rolling stocks of PPE covering 2 months’
utilisation
- connexion tools to maintain links between patients and
residents with families.
The network is presently focused on finalising the first
vaccination campaign in close coordination with the local
authorities. To date, 76% of residents4 have received their first
dose and 43% of staff5, this first campaign should be finalize by
end of March 2021.
Korian would like to thank its staff members, its patients and
residents and all its local stakeholders for the resilience and the
sense of solidarity they have demonstrated over the past months to
contain and mitigate the virus threat. The positive feedback
provided locally by internal and external stakeholders is a strong
encouragement to all staff members to remain mobilized. As is the
high level of the overall satisfaction score of patients and
residents: according to the yearly survey performed in November
across Europe in all Korian facilities, gross satisfaction scores
at 94%, with a significant increase of 400 bps of the net
satisfaction score6.
Sustained ESG commitments: Korian ahead of its
roadmap
Over 2020, the Group has been focusing more than ever on its
contribution to its different stakeholders, namely, patients and
residents, their relatives, its staff members, local communities
and partners, the medical community, academics and associations and
the Group’s investors and shareholders.
In a context where strong solidarity is required to fight
against the Covid-19 pandemic, Korian has dedicated part of its
network taking care of Covid-19 patients and sharing the burden
with public hospitals (5,620 patients cared for across Europe). It
has also been actively contributing to 3 promising medical research
programmes, through the Korian Foundation and the French Foundation
for medical Research (FRM), conducted by the Institut Pasteur,
INSERM and Paris University Hospital (AP-HP). All these actions
have been financed through the Korian Covid-19 solidarity fund
created in April 2020 and funded by the donations from Korian
executives and directors.
Korian has continued to invest in the quality of the care
provided, notably the ISO 9001 certification has progressed this
year with 11% of facilities now certified (versus 8% in 2019), the
roll-out of Positive Care will be a priority in 2021 after being
suspended during the pandemic.
The Group has increased its investment into its people over the
period, notably in terms of training and skill development. Korian
has opened two new learning hubs in Europe (Lyon, Munich) to
support internal qualifying training and promotion programs. It has
also created in France the first integrated care apprenticeship
school, that will train up to 500 nurse apprentices by 2022.
Thanks to these actions, the Group has already reached by the
end of 2020 its target to have 8% of its permanent staff (~4,320
people) engaged in qualifying training programmes, well ahead of
its 2023 target. It has therefore decided to set a new target of
10% of its permanent staff by 2023.
The Group has been driving numerous initiatives to improve the
attractivity and the quality of work:
- reducing the portion of temporary staff members by increasing
the recruitment of permanent staff members (11,000 recruitments
done in 2020),
- promoting health and safety at work through adapted training,
psychological support and qualitative work environment,
- aligning and increasing compensation and benefit policies,
along with the financial support provided by the public payers,
especially in France and Germany,
- teaming up with selected partner such as FACE to provide
adapted support to staff members in their private life (legal
support, education programme, medical support).
Thanks to all these actions, Korian has been awarded as a Top
Employer in Germany in 2020, being the first care company to earn
this distinction.
Korian, as an innovative move in the care industry, set out in
early 2020 a comprehensive mid-term ESG roadmap, encompassing 15
objectives, based on its main stakeholders expectations and fully
embedded in its corporate project “In Caring Hands”.
At the end of the year the Group is ahead on its ESG roadmap.
Over the year the following milestones have been achieved:
- Staff on qualifying training programmes doubling from 4% to 8%
of permanent employees
- Staff average tenure increasing from 6.7 to 6.9 years thanks to
a reduced turnover
- ISO 9001 qualification of our sites from 8% to 11%
- First milestones delivered to reduce carbon footprint by 40% by
2030 (vs 2018), with a first reduction of 6.4% in 2020 of energy
consumption,
- 80% of purchases done locally.
Digital investments bringing value
The pandemic has shown the value of each Korian facility being
entirely integrated into its local ecosystem with the families and
local healthcare professionals in particular.
The Group’s digital strategy has enabled an efficient
integration in each local ecosystem, especially during the peak of
the pandemic. The deployment of Omedys telemedicine system has been
strongly contributing to care continuity in nursing homes and
clinics during the pandemic with over 10,000 teleconsultations.
MoveInMed, a Korian tech subsidiary was able to design and
deploy e-rehabilitation platforms to ensure continuous supervision
at home despite lockdown, while the Medicalib solution, as a market
place for paramedical staff, supported the work of our local home
care agencies. Last but not least, Korian Generation, a dedicated
social network whose development is now supported by Technosens,
another Korian digital company, has been used extensively to
connect residents and families and is now used by over 8,500
families. All these initiatives pave the way for a further
acceleration of the digitization of the service offering both in
inpatient and outpatient fields.
***
The consolidated audited financial statements for 2020 were
approved by the Board of Directors at its meeting of 24th February
2021. The Statutory Auditors are in the process of issuing a report
with an unqualified opinion.
The consolidated financial statements were prepared in
accordance with the IFRS 16 standard. For purposes of
comparability, the financial information below is presented
excluding the application of IFRS 16.
***
Q4 revenue and Full year revenue and results
2020
Strong growth from recent acquisitions with resilient organic
performance
Revenue in Q4 2020 increased by 10.9%, topping 1 billion euros
of revenue with €1,036.4 million. The organic growth was 4.7%
driven notably by Germany and continued development in diversified
solutions. This reflects the resilience of the Group and a strong
contribution from bolt-on acquisitions.
In 2020, revenue totalled €3,874 million, up 7.2%. The
recent acquisitions of the Group have contributed and shown their
pertinence, the Spanish and Dutch platforms contributing to 20% of
the overall growth.
The healthcare activities of the Group remain a key driver
representing 40% of the Group’s growth, reflecting the acquisitions
in France and Italy and the ongoing transformation of the network
and the increase in ambulatory care. The increase in chronic
diseases and the need for innovative, ambulatory solutions will
continue to drive demand. In 2020, Korian increased outpatient
capacities by 25% in France and increased patients consultations by
70% in Italy.
Organic growth of 2% reflects the solidity of the diversified
geographic footprint, with notably a contribution of 4.2% organic
growth of Germany and the diversified business model – reflected in
the 18% organic growth in Home Care (representing 0.4% of Group
organic growth).
The Group has added c.6,000 beds to its portfolio in 2020 and
107 additional facilities, reaching 88,651 beds and 1,000
facilities in operation at the end of the year. Korian’s
multi-local strategy aims to provide a diversified care pathway, at
a local level.
The Group has delivered c. 1,500 greenfield beds in 2020 and has
a strong pipeline of greenfield projects, notably in the
Netherlands, France and Germany with a focus on small sized
structures, as well as in healthcare. The Group aims to deliver c.
3,000 greenfield beds per year in the coming years.
In 2020, the Group has completed 19 acquisitions, representing
€1.2Bn of investment. The acquisitions had a focus on the medical
capability of the Group. Investment in this area represents 68% of
the investments. Overall, the 39 acquisitions of 2019 and 2020
should generate c. €600m of revenue at run rate.
The Group has significantly increased its medical footprint in
2020 with notably 2 acquisitions in France: 5 Santé specialised in
respiratory care and Inicea an innovative player in the growing
mental health segment in France, making Korian the third largest
player in mental health in France. The acquisition of Inicea
provides Korian with a strong platform of mental health
capabilities, with innovative and outpatient capacities. The mental
health segment has proved exceptionnaly resilient to the Covid-19
crisis and there continues to be a growing demand. The pipeline of
projects within Inicea and the ramp-up of the capabilities allows
the Group to aim at 6% of organic growth in this segement in the
coming years. Both of these acquisitions reflect the focus of the
Group on specialised medical care and the development of ambulatory
and outpatient care capacity.
The Group has continued its step by step build up in Spain and
Netherlands, two footholds taken by the Group in 2019. The Spanish
platform has doubled the number facilities to 16 since the first
acquisition and has proved its resilience during the pandemic with
revenue up 30% to € 33m in 2020. In the Netherlands, the Group has
continued to acquire regional networks of small sized homes with a
strong pipeline. It now has the 37 homes and the revenue has
multiplied almost five times since 2019 to c. €60 million.
Korian is now replicating this strategy in the large UK market,
where there is a strong demand for high end care home solutions for
an affluent population. In February 2021, the Group has entered
into exclusive negotiation to acquire Berkley Care Group in the UK,
a group with 6 high end care homes in the South of England,
providing outstanding quality care with a high level of client
satisfaction, in a very large market with a rising need for premium
care. Korian will also acquire the real estate for 5 of the homes.
The Group is expected to deliver c.£25 million of revenue in
2021.
The Group’s EBITDAR in 2020 is €975m, excluding Covid-19
one-off costs, and the EBITDAR margin is 25.2% reduced by 100 basis
points on 2019 reflecting the reduction of revenue due to the
lockdown and the various restrictions associated with the pandemic
situation. (Including Covid-19 one-off costs, EBITDAR amounts
€948.3m, and the margin is 24.5%) The investment of Korian in its
staff has been sustained with staff costs increasing by 10.3% in
2020 and representing 57% of revenue (up 2% on 2019 reflecting a
maintained staff structure in a context of reduced occupancy).
By country7:
- In France8, revenue growth of +6.6% (versus +7.1% in
2019) including Spain, was fuelled by recent acquisitions,
particularly in healthcare both post-acute and mental health and
supported by organic growth of 2.4% despite impacts of the lockdown
and pandemic. The EBITDAR margin reflects the higher ratio of staff
costs at 25.5% (versus 27.1% in 2019).
- In Germany, revenue growth increased significantly by
+6.3% versus +5.3% in 2019, reflecting the dynamic growth strategy
and the limited effect of the first wave of the pandemic. This
increase was driven essentially by organic growth of 4.2% (versus
+4.5% in 2019), following in particular an increased care mix. The
EBITDAR margin increased to 26.7% up 50 basis points since 2019
(and 100 basis points since 2018).
- In the Benelux9 region the reported growth remained high
at 11% (versus 18.2% in 2019) driven by the expansion in the
Netherlands. Organic growth dropped from last year to 3.5% (versus
5.7%) following the Covid impacts but remains strong with the
greenfield developments and a contribution of home care activities
(10% growth in 2020). The EBITDAR margin decreased to 23.2% (versus
25.2% in 2019) following the pressure on occupancy rates and the
ramp up in the Netherlands.
- In Italy, revenue was up by +7.3 % (versus +9.3% in
2019) driven by a dynamic acquisition strategy with a focus on
healthcare services and a local cluster approach in key regions.
Organic revenue however has declined by - 8.2% in the context of
the pandemic hitting Italy particularly hard. The EBITDAR margin of
22.4% (versus 23.7% in 2019) reflects a partial offset of the
impacts with careful cost management.
Korian’s EBITDA totalled €525.2 million excluding
Covid-19 one-off costs (€498.2 million with Covid-19 one-off
costs), down 1.9% on 2019 as a reflection of the fixed rental
costs. The margin stands at 13.6% (compared to 14.8% in 2019), or
12.9% with Covid-19 one-off costs.The Group’s asset smart policy
will bring an increased impact to EBITDA in the months to come
since real estate investment were particularly focused on
greenfield capex that will deliver beds in the years to come and
acquisition of mature real estate was concentrated on the second
part of the year.
Korian now owns 219 facilities representing c.€2.7 billion in
value. These facilities are in all of the Group’s geographies and
represent 24% of the value of the real estate assets operated by
the Group. In 2020, the Group invested €560m in real estate.
Earnings before interest and taxes (EBIT) amounted to
€298.3 million, i.e. 7.7% of revenue (versus 9.3% in 2019).
Net profit (Group share) totalled €64.9 million (versus €
136 million in 2019) after income tax expense of €25.8 million and
a lowered tax rate of 27.4%.
Strengthened financial structure
The Group has generated € 223m of operating free cash flow in
2020 representing a conversion rate of 42.5% of EBITDA with careful
working capital management. Maintenance or operating capex,
included here, represent 2.2% of revenue in 2020.
Korian’s balance sheet improved following two operations to
reinforce its equity, a capital increase and a participation in its
real estate. This has led to an adjusted leverage of 3x in a
context of high investment and a lower EBITDA as a consequence of
the pandemic. The reinforced balance sheet will allow the group to
play an active role in growing and consolidating care markets.
The Group finalised at the end of 2020 a 15-year partnership
with BNP Cardif and EDF Invest who invested in part of the Group’s
real estate for € 336 million, with a guaranteed return for the
investors and a possibility for Korian to buy back the shares with
a capped price. This partnership, in line with the Group asset
smart strategy launched in 2016, enables Korian to limit the equity
allocated to its real estate portfolio without increasing the
related debt, while keeping the control of its assets. It is a key
component of Korian’s sustainable growth strategy.
The Group’s net financial liabilities increased to €3,515
million from €3,157 million at 31 December 2019, almost all of this
increase coming from an increase in real estate debt. The real
estate debt represents €1,471 million compared to a real estate
portfolio value of €2,668 million and therefore a stable
Loan-to-value ratio of 55%.
Outlook
The Group is committed to continue to grow and diversify its
service offering to provide adapted care to chronic patients and
ageing populations at a local level and to meet the increasing
needs in all its geographies
The Group is confident in the achievement of its 2022 targets of
over € 4.5 billion of revenue and an EBITDA margin excluding IFRS
16 of 15.5%.
The Group is also focused on the delivery of its extra financial
commitments and in particular its 15 ESG commitments for 2023. ESG
targets, covering client satisfaction and care quality, quality of
work, promotion of gender diversity in the top management and
energy savings are now integrated in the incentive system of Korian
management.
The Group will hold a Capital Markets Day on 16th June
2021(details to follow).
Dividend Proposition & Annual Shareholder Meeting
The Board of Directors will submit to the next Annual
Shareholders’ Meeting to be held on May 27th, 2021, the proposition
to distribute a dividend of € 0.30 euros per share with an option
for payment in new shares.
The Board, acting on the recommendation of the Compensation and
Appointment Committee, will also propose the following renewals and
appointments in the Board’s membership to the shareholders at
Annual Meeting:
- Predica Prévoyance Dialogue (renewal),
- Holding Malakoff Humanis (renewal),
- Mrs. Catherine SOUBIE (renewal), and
- Mr. Guillaume BOUHOURS (ratification of an appointment by
cooptation decided by the Board on January 11th 2021 following Mr.
Christian CHAUTARD’s resignation on October 1st 2020).
Given the ongoing sanitary situation and the extension by the
French government of the state of medical emergency until at least
June 1st 2021, the Annual shareholder’s meeting may be held at the
Company’s headquarters on a restricted attendance basis, under
special rules applicable to “ behind closed doors” shareholder
meetings (à huis clos). Therefore and in accordance with applicable
rules (including under Ordinance No. 2020-321 of March 25th 2020 as
amended by Ordinance No. 2020-1497 of December 2nd 2020), the Board
of Directors in its meeting on 24th February 2021 gave full powers
to the CEO to hold the Annual Shareholder’s meeting on such a basis
should the circumstances so require, at her discretion, pursuant to
the specific regulations in force at that time.
Presentation FY 2020 results – Investor
meeting (Virtual)
Thursday 25 February 2021 at 10:00 am
CET
Details to access the live video webcast as
well as dial-in numbers (voice only) are available below. The
presentation document will be available online
Access to join the live video
webcast and submit written questions
- FR :
https://channel.royalcast.com/landingpage/korianfr/20210225_1/
- EN :
https://channel.royalcast.com/landingpage/korianen/20210225_1/
Dial-in details to access the
live audio webcast and ask questions verbally
- FR: +33 (0) 1 7037 7166
- UK-Wide: +44 (0) 33 0551 0200
- US: +1 202 204 1514
- Please tell the operator if you want to
join the conference in French or in English
About Korian
Korian, the leading European care services group for elderly and
fragile people. www.korian.com
Korian has been listed on Euronext Paris
Section A since November 2006 and is included in the following
indices: SBF 120, CAC Health Care, CAC Mid 60, CAC Mid & Small
and MSCI Global Small Cap
Euronext ticker: KORI - ISIN: FR0010386334 –
Reuters: KORI.PA – Bloomberg: KORI.FP
APPENDICES
EBITDA
En M€
FY 2020
FY 2019
∆
Excl. IFRS 16
Excl. IFRS 16
Revenue
3 874,0
3 612,5
7,2%
Staff costs
(2 212,8)
(2 005,3)
10,3%
% of revenue
57,1%
55,5%
+160 pb
Other costs
(686,0)
(659,1)
EBITDAR
975,2
948,1
2,9%
% of revenue
25,2%
26,2%
-100 pb
External rents
(450,0)
(413,0)
% of revenue
11,6%
11,4%
EBITDA
525,2
535,1
(1,9%)
% of revenue
13,6%
14,8%
-120 pb
One-off Covid costs
(26,9)
EBITDA incl. One-off Covid
costs
498,2
535,1
% revenue
12,9%
14,8%
GROUP INCOME STATEMENT
€m
FY 2020
IFRS 16 adjustments
FY 2020
FY 2019
∆
Incl. IFRS 16
Excl. IFRS 16
Excl. IFRS 16
Revenue
3 874,01
-
3 874,0
3 612,5
7,2%
Staff costs
(2 228,5)
-
(2 228,5)
(2 005,3)
11,1%
% of revenue
(57,5%)
-
(57,5%)
55,5%
Other costs
(707,9)
10,6
(697,2)
(659,1)
5,8%
% of revenue
(18,3%)
-
(18,0%)
18,2%
EBITDAR
937,6
10,6
948,3
948,1
0,0%
% of revenue
24,2%
-
24,5%
26,2%
External rents
(76,4)
(373,5)
(450,0)
(413,0)
9,0%
% of revenue
(2,0%)
-
(11,6%)
11,4%
EBITDA
861,1
(362,9)
498,2
535,1
(6,9%)
% of revenue
22,2%
-
12,9%
14,8%
Amortisation & Depreciations
(531,4)
329,8
(201,6)
(178,3)
13,1%
Provisions
(25,3)
-
(25,3)
(19,1)
32,2%
EBIT
304,4
(33,1)
271,3
337,7
(19,7%)
% of revenue
7,9%
-
7,0%
9,3%
Non current expenses
(38,5)
-
(38,5)
(15,7)
145,7%
Operating income
265,9
(33,1)
232,8
322,1
(27,7%)
% of revenue
6,9%
-
6,0%
8,9%
Financial result
(205,8)
67,2
(138,7)
(119,9)
15,6%
Net income before tax
60,0
34,1
94,1
202,2
(53,4%)
Income tax
(17,2)
(8,6)
(25,8)
(64,7)
(60,2%)
Tax rate
28,6%
27,4%
32,0%
Income from companies accounted for by the
equity method
(0,8)
(0,8)
-
-
Minority Interests
(2,7)
-
(2,7)
(1,5)
75,7%
Net profit - Group share
39,4
25,5
64,9
136,0
(52,3%)
% of revenue
1,0%
-
1,7%
3,8%
GROUP CASH FLOW STATEMENT
M€
FY 2020
IFRS 16 impact
FY 2020
FY 2019
∆
Incl. IFRS 16
Excl. IFRS 16
Excl. IFRS 16
EBITDA
861,1
362,9
498,2
535,1
(6,9%)
Non cash & others
(2,2)
20,6
(22,8)
(38,8)
Change in WCR
13,1
1,4
11,7
6,5
Operating Capex
(86,9)
-
(86,9)
(99,0)
Operating cash flow
785,1
384,9
400,2
403,8
(0,9%)
Income taxes paid
(62,8)
-
(62,8)
(58,9)
Financial expenses paid/received
(181,6)
(67,2)
(114,4)
(114,3)
Operating free cash flow
540,7
317,7
223,0
230,6
(3,3%)
Development Capex
(111,7)
-
(111,7)
(99,4)
Financial investments (bolt-on
acquisitions)
(530,0)
-
(530,0)
(254,3)
Net free cash flow
(101,0)
317,7
(418,7)
(123,2)
Dividends paid
(10,2)
-
(10,2)
(33,4)
Real estate investments / divestments
(560,1)
-
(560,1)
(278,8)
Increase in equity
390,9
-
390,9
-
Non-cash adjustments to net debt &
other
(108,0)
(348,6)
240,6
2,2
Change in total net debt
(388,6)
(30,9)
(357,7)
(433,2)
1 Rates calculated on February 23, 2021 in the medico-social
network 2 In France, only employees over 50 and/or with
co-morbidities are eligible for this 1st vaccination campaign 3
Korian Satisfaktion survey: 39,347 respondents: 5 geographies, once
a year in Oct-Nov in Nursing Homes/Assisted Living, and
continuously for discharged patients in clinics. 4 Rates calculated
on the eligible population for vaccination on February 23, 2021 in
the medico-social network 5 In France, only employees over 50
and/or with co-morbidities are eligible for this 1st vaccination
campaign 6 Korian Satisfaktion survey: 39,347 respondents: 5
geographies, once a year in Oct-Nov in Nursing Homes/Assisted
Living, and continuously for discharged patients in clinics 7
EBITDA per country excluding Covid-19 one-off costs 8 Included
Spain (€ 33.4m) 9 Included Netherlands (€ 57.6m)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210224005871/en/
INVESTOR RELATIONS Sarah Mingham VP Investor
Relations & Financing sarah.mingham@korian.com Tel: +33 (0)1 55
37 53 55 Carole Alexandre Deputy Head of Investor Relations
carole.alexandre@korian.com Tel: +33 (0)7 64 65 22 44 MEDIA
CONTACTS Jean-Marc Plantade Head of Press Relations
jean-marc.plantade@korian.fr Tel: +33 (0)7 62 90 32 58 Cyrille
Lachèvre Deputy Head of Press Relations
cyrille.lachevre@korian.fr Tel: +33 (0)7 61 53 54 86 Marjorie
Castoriadis Head of Media Relations
marjorie.castoriadis@korian.fr Tel: +33 (0)7 63 59 88 81