Ramsay Sante : Final Annual results at the end of June 2021
PRESS
RELEASE
Paris, 20 October 2021
Final annual results at
the end of June 2021
Confirmation of data published at the end
of August 2021
Strong financial results demonstrating
the relevance of our strategic move as a global health provider in
Continental Europe, in a Covid context where Ramsay Santé has kept
on playing a critical role to take care of
patients.
- More than 11,000
COVID patients were treated in France during the current financial
year, including more than 4,000 in critical care, well above our
market share. In Sweden, we have throughout the pandemic handled
close to 20% of all COVID inpatient care in the Stockholm area. The
Group has also contributed through both COVID-19 testing and
vaccination efforts to support the governments to get the pandemic
under control.
- Full-year
turnover amounted to €4,022.6 million, up 7.4% on a reported basis.
Adjusted for changes in the consolidation scope and at constant
currency exchange rates, turnover for the full-year ended 30 June
2021 was up with a very solid 8.3% organic sales growth;
- Increase in the
reported EBITDA of 17.7%, to €643.8 million (last year €546.8) with
a margin of 16.0% (last year 14.6%). EBITDA and margin development
were positively impacted by realized synergies from the now fully
integrated acquisition of Capio, which was well above our initial
objective of €20 millions, as well as from the organic sales growth
in the business. Development was also supported by measures to
compensate the additional COVID costs incurred during the first
three waves of the pandemic both in France and in the Scandinavian
countries out of which some were related to the first wave in the
last financial year. The revenue guarantee scheme put in place by
the French government resulted in additional revenue of €103
million in the year ended 30 June 2021;
- Net profit for
the Group share was €65.0 million, benefiting from the higher
business activity and improved results;
- Net financial
debt at the end of 30 June 2021 amounted to €3,231 million,
including €2,139 million of IFRS 16 liabilities. On 22 April 2021,
the Ramsay Santé Group successfully refinanced its entire
syndicated debt (TLB 1, 2 and 3) with improved terms and for the
first time, introduced social and environmental objectives to its
debt. The syndicated debt now matures in April 2026 and April
2027.
Pascal Roché, Chief Executive Officer of Ramsay
Santé, says:
"It is with great pride that the Ramsay Santé
Group has continued to play a critical role in Europe caring for
COVID patients and preparing the vaccination of our fellow
citizens. Our financial results are solid, with an improved
financial EBITDA margin at 16.0%, stemming from a solid organic
growth, a Capio integration delivering synergies above expectations
and supported too by taking into account Covid subventions of extra
costs that were incurred during the first wave (March-May 2020). It
demonstrates the pertinence of our current strategic move as a
global health European operator, orchestrating patients’ pathways,
in and out of hospitals. Thus, out of 9.2 millions of patients we
took care of in FY 2021, 6.3 millions were out of hospitals and
digital patients”
The Board of Directors approved the consolidated accounts as of
the end of June 2021 at its meeting held on 20 October 2021. The
audit procedures have been carried out and the audit report will be
issued after the review of the management report.
The accounts and reports will be available to
the public when the company's registration document is published at
the end of October 2021.
Synthetic results
In €M |
From 1
July 2020
to 30 June
2021 |
Variation |
from 1 July
2019 to 30 June
2020 |
Turnover |
4,022.6 |
+7.4% |
3,746.2 |
EBITDA (IFRS 16) |
643.8 |
+17.7% |
546.8 |
Current Operating Result |
272.0 |
+47.3% |
184.7 |
As a % of Turnover |
+6.8% |
+1.8 point |
4.9% |
Operating Result |
250.6 |
+42.2% |
176.2 |
Net income, Group share |
65.0 |
|
13.4 |
Earnings per share (in €) |
0.59 |
|
0.12 |
Breakdown of revenue by operating
segment
In €M |
from 1 July
2020 to 30
June 2021 |
from 1 July
2019 to30
June 2020 |
Variation |
Île-de-France |
1,000.8 |
932.7 |
+7.3% |
Auvergne-Rhône-Alpes |
561.7 |
508.1 |
+10.5% |
Nord - Pas de Calais - Picardie |
380.6 |
352.8 |
+7.9% |
Provence Alpes Côte d'Azur |
161.4 |
155.5 |
+3.8% |
Bourgogne Franche Comté |
107.4 |
99.2 |
+8.3% |
Other regions |
645.0 |
563.2 |
+14.5% |
Other activities |
10.3 |
53.0 |
-80.6% |
« Nordics » |
1,155.4 |
1,081.7 |
+6.8% |
Published Turnover |
4,022.6 |
3,746.2 |
+7.4% |
|
|
|
|
Including: - Revenue on a like-for-like basis and at constant
exchange rates |
3,945.8 |
3,644.5 |
+8.3% |
- Changes in scope of consolidation and exchange rates |
76.8 |
101.7 |
|
Note: the table above details the contributions of the various
operating segments to the Group's consolidated revenue.
Significant events of the financial
year:
Pandemic-related health crisis
COVID-19
The financial year ending 30 June 2021 was
significantly impacted by the continuing health crisis linked to
the global COVID-19 pandemic in all countries where the Group
operates.
In France, private hospitals
have throughout the financial year maintained their action plans to
fight the COVID-19 epidemic and their investment, in conjunction
with and in support of public hospitals, according to the national
health system.
In compliance with ministerial directives,
relayed by the Regional Health Agencies, private clinics and
hospitals have cancelled their non-urgent medical and surgical
activities to cope with the first three waves, in order to free up
capacity in hospital accommodation and technical facilities to meet
local health needs. Staff and private doctors have been mobilised
and integrated into the plans to prevent and fight the
epidemic.
As the health situation evolved, the activity of
private hospitals has been able to resume gradually but still under
constraints, in compliance with government or regional directives
and depending on local health conditions. The acceleration in the
spread of the virus during the year during the second and third
wave has necessitated further adjustments in the programming of
hospital activities at our sites.
The financial impacts are diverse and variable
depending on the specific situation of each facility. They mainly
concern:
-
Loss of earnings (loss of healthcare turnover and/or ancillary
income) due to deprogramming and reduced activity;
-
Additional costs incurred to deal with the crisis, including the
following:
-
Medical purchases (medicines and medical devices),
-
Payroll (carers) and incidental expenses (travel expenses, staff
protection costs, …),
-
Investments or rental of equipment.
a) Cash advances:
To provide short-term support to healthcare
institutions, and to avoid any cash shortages, a system of
repayable advances was introduced in March 2020 as a completely
exceptional and transitional measure. Thus, at their request,
private health facilities can benefit from a reimbursable advance
on subsequent billings to the Compulsory Health Insurance Scheme.
This adapted advance system was still in place on 30 June
2021.
At 30 June 2021, advances received by the Group
are recorded as liabilities on the balance sheet, for a total
amount of €121 million euros net of accrued income yet to be
received.
b) Revenue guarantee:
- 2020 revenue
guarantee – 6 May 2020 decree
This guarantee is put in place for all
activities carried out by all health care institutions, which are
normally financed in whole or in part on the basis of activity
output.
The guarantee covers revenues for the period
March 2020 to December 2020. The principle is to guarantee health
care institutions, for this period, a minimum revenue (from the
social security insurance scheme) at least equal to the revenue
received for 2019 activity (prorated over 10 months to have a
comparable period).
The scope of the guarantee concerns:
- Medicine
Surgery and Obstetrics (MSO): health insurance receipts
(excluding fees) on hospitalisation services in accordance with
Article R.162-33-1 (GHS, daily supplements, GHT, ATU, SE...),
remuneration of salaried doctors invoiced by the facility and the
treatment of patients benefiting from State Medical Aid and
Emergency Care,
-
Follow-up and rehabilitation care (FCR): health
insurance receipts from hospitalisation benefits under Article
R.162-31-1 and the remuneration of salaried doctors invoiced by the
facility (« La Dotation Modulée à l’Activité » has its
own guarantee mechanism) excluding the fees of private
practitioners,
- Mental
Health: health insurance receipts on hospitalisation
benefits under Article R.162-31-1 and the remuneration of salaried
doctors invoiced by the facility, excluding the fees of private
practitioners.
The guarantee level is calculated on the basis
of 2019 revenues (excluding IFAQ grant quality funding) and takes
into account:
- the unfreezing
of the prudential coefficient, which is passed on to healthcare
institutions, at the end of 2019,
- specific
situations (grouping of facilities, transfer of activities, …) of
certain facilities whose 2019 activity may have been impacted,
- price effects:
- MSO: +0.2% excluding External
Consultation Acts;
- Hospitalisation at Home :
+1.1%;
- Follow-up and rehabilitation care
(FCR): +0.1%;
-
Mental health: +0.5%.
The group facilities received in May 2021 from
the Regional Health Agencies (ARS) on which they depend the initial
“guarantee regularisation” amount, being the difference, if
positive, between the guaranteed revenue and the corresponding
cumulative billings. A final true-up of this net amount of
“guarantee regularisation” will be notified in March 2022 pursuant
to the legislated mechanism.
- 2021 revenue
guarantee – 13 April 2021 decree
A similar but separate guarantee has been
enacted to prolong the government support to healthcare facilities’
revenue after the expiry of the initial scheme on 31 December 2020.
A new decree issued on 13 April 2021 essentially applied the same
revenue guarantees for a new 6-months period from 1 January to 30
June 2021 to the facilities performing the same activities defined
in the first scheme.
The revenue guaranteed corresponds to 6/12th of
the 2020 billed revenue, inclusive of the 2020 revenue guarantee if
any, and indexed as follows:
- 2/12th is indexed at 0,2%
corresponding to the base indexation from the 2020 ONDAM,
- 4/12th is indexed at a rate
corresponding to the increase in tariffs applied from 1 March 2021
for the relevant activity.
- Impact on the
financial statements at 30 June 2021:
The amount of the financing guarantee income
recognised by the Group for the financial year ended 30 June 2021
is based on actual activity carried out and amounts to €103
million. It is recognised in the income statement under "Other
operating income".
c) Subsidies for additional COVID costs:
In parallel with the revenue guarantee scheme,
the government has also adapted the funding of health institutions
to compensate the additional costs related to the COVID crisis that
would not otherwise be covered.
As at 30 June 2020, the methods for calculating
and bearing these additional costs had not been finalised, making
it impossible for the Group to estimate precisely the amount of
subsidies to be recognised in relation to the very significant
additional costs actually incurred and recognised in the financial
year ended 30 June 2020. The Regional Health Agencies have since
notified and paid the relevant Group's facilities the subsidies
extended to them in the form of Contractualisation Assistance or
Regional Intervention Fund grants. Thus, as at 30 June 2021, the
amounts recognised in respect of the funding of additional costs
arising over the period from March to June 2020 amounted to €14.5
million and are recognised in the income statement under "Other
operating income". During the financial year additional cost
compensation funding of €58.4 million has been received and
recognised in the financial statements.
d) Ségur de la Santé:
Further to the government’s commitment at the
start of the pandemic to upgrade the status of professionals and
managers in health facilities and EHPADs (aged care facilities),
negotiations led to the signing of the Ségur de la Santé agreements
on 13 July 2020 by the Prime Minister, the Minister of Solidarity
and Health, as well as by a majority of representative union
organisations.
In particular, these two agreements dedicate
€7.6 billion a year towards salary increases for medical
professions in health and medico-social facilities in the public
and private sectors.
This translates into:
- €183 net monthly increase for
medical professionals in public and private not-for-profit health
facilities and EHPADs (+€160 net/month for the private for-profit
sector), i.e. 1.5 million professionals excluding doctors that
benefit from specific agreements;
- €35 net per month on average in
additional remuneration for staff in contact with patients: care
assistants, nursing staff, rehabilitation and medical-technical
staff thanks to the upgrading of their pay scales;
- A collective commitment bonus
increased to €100 net per month to reinforce team projects aiming
at improving the quality of care and enhance collective
commitment;
- Improvement of the organisation of
working time by giving more room for manoeuvre to actors in the
field, and dedicated funding to develop local agreements and pilot
projects and better pay for overtime;
- Development of
negotiation and promotion of social dialogue in facilities.
Thus, as far as the private for-profit sector is
concerned, this agreement provides for a historic wage increase of
€206 gross per month (or €160 net per month) to be paid to the
150,000 medical employees and midwives in private hospitals and
clinics.
The salary increase was introduced in two steps
(as for the public). The first payment, corresponding to half of
the total increase (€80 net) was paid in November 2020 with
retroactive effect to 1 September 2020. The second step occurred in
December 2020 with the payment of an additional €80. The additional
€35 increase in remuneration will start to apply sometime during
the next financial year.
The Group has been compensated for the real
overall impact of these wage increases either through a specific
tariff adjustment for the MSO activity from 1 March 2021 and
through subsidies for MSO until end February 2021 and for the
entire period for the Follow-up, Rehabilitaion and Mental Health
activities.
-
Impact on the financial statements at 30 June 2021:
As of 30 June 2021, the grants recognised in
respect of the financing of the Ségur de la Santé amounted to €34,0
million and are classified in the income statement under "Other
operating income". The 2021 Ségur costs of the MSO facilities are
funded through a dedicated 6.2% increase of their tariffs
applicable since 1 March 2021 and accounted for as turnover. These
incomes offset the actual costs of salary increase granted to all
eligible populations.
e) Impacts outside France:
Outside of
France, the Group's facilities actively took part
in patient care and screening, in support of public institutions
and in close collaboration with the supervisory authorities.
Nevertheless, business was logically strongly impacted by the
effects of the health crisis. Indeed, the scheduled non-emergency
surgical operations for a large part of the business had to be
cancelled from mid-March until end August 2020. Subsequently
further such periods of cancelled elective surgery took place also
during wave two and three of the covid pandemic. Despite these
disruption periods, production and results have been solid as the
business has been strong in the periods during which business has
been normal. This in combination with staff being supporting other
units with COVID-19 care during periods of need.
In Sweden, the Sankt Göran hospital, operated by
the Group in Stockholm, plays a key role in managing the epidemic,
with more than 150 beds dedicated to COVID patients and an almost
threefold increase in its intensive care capacity at the peak
during the first wave. Sankt Göran in combination with the
geriatric hospitals in Stockholm has throughout the pandemic
treated close to 20% of all COVID inpatients in the Stockholm
region. The strong increase in contamination, mainly in Sweden, led
the Group to adjust its activity in order to further increase its
capacity to screen and care for COVID+ patients. From late December
2020 the Group has significantly contributed to the vaccination
effort.
While in Norway and Denmark no accompanying
measures have been implemented, our facilities in Sweden and
Germany have received subsidies covering additional operating
costs, the provision of nursing staff and beds. The Sankt Göran
Hospital has been allocated a specific compensation package in view
of its involvement. In total, the amount of aid received by our
facilities in Scandinavia amounts to €61.5 million over the
period.
Scope of
consolidation
During the financial year Ramsay Santé has
completed 9 smaller bolt-on acquisitions in France and the Nordics.
These acquisitions are complementary to the current business as
well expands the scope of services as well as geographical
footprint. In total these acquisitions added goodwill and other
acquisition surplus values to the total amount of €68.5 million.
The Group also divested two clinics in France.
The Ramsay Santé Group sold all of its
activities in Germany during the last quarter of 2020. Ramsay Santé
Group's strategy, aimed at strengthening its presence in
territories where it has the capacity to become a leader in the
health sector, has carefully assessed the situation in Germany and
this has led it to conclude that it would be very complex for this
to be the case. As of 30 June 2021, the profit from the disposal of
activities in Germany amounted to €0.8 million and are recognised
in Other non-current income and expenses.
Comments on the annual accounts
Activity and
turnover:
In the financial year ended June 2021, Ramsay
Santé Group reported a consolidated turnover of €4,022.6 million,
compared with €3,746.2 million for the period from 1 July 2019 to
30 June 2020, up 7.4%. For information, the financing guarantee
scheme in the Group's financial statements has no impact on
published revenue as it is recognised in the income statement under
"Other operating income".
On a like-for-like basis and at constant
exchange rates, the Group's sales increased by 8.3% with one
additional working day.
Changes in the scope of consolidation is due to
the divestment of the German business combined with acquisitions
and other divestments made during the financial year.
For the financial year ending 30 June 2021, the
total activity of Ramsay Santé's French entities was impacted by
the consequences of the COVID crisis. Main effects were related to
the cancellation of certain scheduled medical and surgical
activities during both wave two and three but also from limiting
the number of patients per room. In total the number of patient
admissions increased to last year by 7.0%. The breakdown by
business line is as follows:
- +8.8% in
Medicine, Surgery and Obstetrics
- -6.7% in
Follow-up Care and Rehabilitation
- +5.9% in Mental
Health
As part of its public service missions, the
Group recorded a 3.9% drop in the number of emergencies over the
past year, with around 650,000 visits to the emergency services in
our establishments in France. The drop was mainly a consequence of
the Covid-19 pandemic which impacted the willingness of patients to
seek care.
Organic sales growth in the Group's Nordic
activities for the financial year ended 30 June 2021 was +9.4%
compared with last year. Organic sales growth in the Nordics was
positively impacted by both greenfields/new care contracts,
additional work in relation to covid-19 testing/vaccination and a
continued positive organic sales growth in the underlying
business.
Results:
EBITDA reached €643.8 million for the financial
year ended 30 June 2021, up 17.7% on a reported basis. Group EBITDA
as of 30 June 2021 includes €103.0 million related to the revenue
guarantee scheme described in the paragraph "Significant events of
the financial year" above. EBITDA further also include cost
compensations related extra incurred by the businesses in both
France and Sweden. EBITDA development was also positively impacted
by the underlying business growth as well as from the realization
of synergies above plan for now fully integrated Capio acquisition.
On a like-for-like basis, at constant consolidation scope and
exchange rates, EBITDA increased by 15.3% during the year.
The EBITDA margin as a percentage of sales was
16.0%, up from 14.6% for the same period last year on a reported
basis. On a constant scope and considering exchange rate changes
the EBITDA margin improved from 15.0% to 16.0%.
Current operating result amounted to €272.0
million between 1 July 2020 and 30 June 2021 (or 6.8% of revenue),
up 47.3% over the previous financial year demonstrating solid
leverage on the improved sales and EBITDA growth.
Other non-current income and expenses represent
a net expense of €21.4 million for the period ended 30 June 2021,
consisting mainly of impairment of fixed assets and
acquisition/divestment related costs. From 1 July 2019 to 30 June
2020, other non-current income and expenses represented a net
expense of €8.5 million.
The cost of net financial debt amounted to
€123.2 million for the financial year ended 30 June 2021, compared
with €130.2 million the previous year. It comprises interest on the
Senior debt and, in accordance with IFRS 16, the Group recorded an
additional financial interest expense of €71.1 million related to
the lease debt. As the group refinanced the debt during the
financial year previously capitalized borrowing costs of €11.4
million was expensed in the income statement.
Group’s share of net profit reached €65.0
million at 30 June 2021 versus €13.4 million for the period from 1
July 2019 to 30 June 2020.
Financing:
Net financial debt at 30 June 2021 decreased to
€3,230.5 million compared with €3,372.5 million at 30 June 2020.
Net debt includes €1,673.6 million in non-current borrowings and
€38.1 million in current borrowings, offset by €608.4 million in a
positive cash position.
IFRS 16 to operating leases contributed to net
financial debt at 30 June with €2,139.1 million including €1,940.2
million in non-current lease debt and €198.9 million in current
lease debt.
On 22 April 2021, the Ramsay Santé Group
successfully refinanced its entire syndicated debt (TLB 1, 2 and 3)
with improved terms and for the first time, introduced social and
environmental objectives to its debt. The syndicated debt now
matures in April 2026 and April 2027.
The Group complies with all commitments relating
to the financial documentation in place. The application of IFRS 16
has no effect on the methods used to calculate the financial
aggregates referred to in these debt agreements.
About Ramsay General Health
After the acquisition of Capio AB Group in 2018,
Ramsay Santé has become one of the leaders of the private
hospitalization and primary care in Europe with 39 000
employees and 8 600 practitioners serving 9 million patients
in our 350 facilities in five countries: France, Sweden, Norway,
Denmark and Italy.
Ramsay Santé offers almost all medical and
surgical specialties in three business areas: general hospitals
(medicine – surgery – obstetric), follow-up care and rehabilitation
clinics, mental health. In all its territories, the group
contributes to missions of public service and to the territorial
sanitary disposal, as for example in Sweden with more than 100
proximity care units.
The quality and security of care is the group’s
priority. As such our group is today a reference in terms of modern
medicine, especially in outpatient care and enhanced recovery.
Every year, the group invests more than €200
million in innovation whether it is in new surgical or imaging
technologies, in building or modernizing its facilities… The group
also innovates in its organization and digitalization in order to
deliver care in a more efficient way to the benefit of the
patient.
Facebook : https://www.facebook.com/RamsaySanteInstagram :
https://www.instagram.com/ramsaysanteTwitter :
https://twitter.com/RamsaySanteLinkedIn :
https://www.linkedin.com/company/ramsaysanteYouTube :
https://www.youtube.com/c/RamsaySante
ISIN code and Euronext Paris:
FR0000044471Website:
www.ramsaygds.fr
Investor
Relations/Analysts Press
RelationsMarcus
Nord Brigitte
CachonTél. +46 733 97 72
57 Tél. +33 6 12 29
56 52
Marcus.Nord@capio.com b.cachon@ramsaygds.fr
Glossary
Constant perimeter
- The restatement of the scope of
consolidation of the incoming entities consists of:
- For the current
year's entries in the scope of consolidation, subtract the
contribution of the acquisition of the current year's
aggregates;
- For prior year
acquisitions, deduct in the current year the contribution of the
acquisition of aggregates from the months prior to the month of
acquisition.
- The restatement
of the scope of consolidation of entities leaving the Group
consists of:
- For
deconsolidations in the current year, the contribution of the
deconsolidated entity is deducted from the previous year from the
month of deconsolidation.
- In the case of
deconsolidations in the previous year, the contribution of the
deconsolidated entity for the entire previous year is
deducted.
Change at constant exchange rates reflects a
change after translation of the current period's foreign currency
figure at the exchange rates of the comparison period.
Change at constant accounting standard reflects
a change in the figure excluding the impact of changes in
accounting standards during the period.
Current operating income means operating income
before other non-recurring income and expenses consisting of
restructuring costs (expenses and provisions), capital gains or
losses on disposals or significant and unusual impairment of
non-current assets, whether tangible or intangible; and other
operating income and expenses such as a provision relating to a
major dispute.
EBITDA corresponds to current operating profit
before depreciation and amortisation (charges and provisions in the
income statement are grouped according to their nature).
Net financial debt consists of gross financial
debt less financial assets.
- Gross financial
debts are made up of:
- loans from
credit institutions including interest incurred;
- loans under
finance leases including accrued interest;
- lease
liabilities arising from the application of IFRS 16;
- fair value hedging instruments
recorded in the balance sheet, net of tax;
- current financial debts relating to
financial current accounts with minority investors;
- bank overdrafts.
- The financial assets are made up of:
- the fair value
of fair value hedging instruments recorded in the balance sheet,
net of tax;
- current
financial receivables relating to financial current accounts with
minority investors;
- cash and cash
equivalents, including treasury shares held by the Group
(considered as marketable securities);
- financial
assets directly related to borrowings contracted and recognised in
gross financial debt.
Annual financial results
of 30 June
2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
(In EUR million) |
From July 1, 2020to June
30, 2021 |
From July 1, 2019to June 30,
2020 |
TURNOVER |
4,022.6 |
3,746.2 |
Personnel expenses and profit sharing |
(2 115.7) |
(1,991.1) |
Purchased consumables |
(818.6) |
(731.6) |
Other operating income and expenses |
(226.8) |
(273.2) |
Taxes and duties |
(131.8) |
(114.1) |
Rents |
(85.9) |
(89.4) |
EBITDA |
643.8 |
546.8 |
Depreciation |
(371.8) |
(362.1) |
Current operating profit |
272.0 |
184.7 |
Restructuring costs |
(10.6) |
(8.3) |
Result of the management of real estate and financial assets |
(10.8) |
(0.2) |
Impairment of goodwill |
-- |
-- |
Other non-current income and expenses |
(21.4) |
(8.5) |
Operating profit |
250.6 |
176.2 |
Gross interest expenses |
(52.9) |
(59.2) |
Income from cash and cash equivalents |
0.8 |
0.6 |
Financial interest related to rental debt (IFRS16) |
(71.1) |
(71.6) |
Net interest expenses |
(123.2) |
(130.2) |
Other financial income |
0.6 |
6.3 |
Other financial expenses |
(24.7) |
(7.1) |
Other financial income and expenses |
(24.1) |
(0.8) |
Corporate income tax |
(29.5) |
(27.1) |
Amount attributable to associates |
-- |
-- |
NET PROFIT FOR THE PERIOD |
73.8 |
18.1 |
Revenues and expenses recognized directly as equity |
|
|
- Retirement commitments |
(25.1) |
(5.8) |
- Change in fair value of hedging financial instruments |
10.3 |
(5.6) |
- Translation differential |
4.1 |
2.9 |
- Other |
-- |
0.6 |
- Income tax on other comprehensive income |
3.5 |
2.6 |
Results recognized directly as equity |
(7.2) |
(5.3) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
66.6 |
12.8 |
PROFIT ATTRIBUTABLE TO (In EUR
million) |
From July 1, 2020to June
30, 2021 |
From July 1, 2019to June 30,
2020 |
- Group’s share of net earnings |
65.0 |
13.4 |
- Non-controlling interests |
8.8 |
4.7 |
NET PROFIT FOR THE PERIOD |
73.8 |
18.1 |
NET EARNINGS PER SHARE (in euros) |
0.59 |
0.12 |
NET DILUTED EARNINGS PER SHARE (in euros) |
0.59 |
0.12 |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
(In EUR million) |
From July 1, 2020to June
30, 2021 |
From July 1, 2019to June 30,
2020 |
- Group’s comprehensive income for the period |
57.8 |
8.1 |
- Non-controlling interests |
8.8 |
4.7 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
66.6 |
12.8 |
CONSOLIDATED BALANCE SHEET – ASSET |
(In EUR million) |
06-30-2021 |
06-30-2020 |
Goodwill |
1,762.6 |
1,735.5 |
Other intangible fixed assets |
241.2 |
245.5 |
Tangible fixed assets |
918.0 |
894.9 |
Right of use (IFRS16) |
2,079.8 |
2,106.8 |
Investments in associates |
0.3 |
0.3 |
Other long-term investments |
85.6 |
88.9 |
Deferred tax assets |
125.4 |
91.4 |
NON CURRENT ASSETS |
5,212.9 |
5,163.3 |
Inventories |
111.4 |
108.5 |
Trade and other receivables |
323.4 |
312.9 |
Other current assets |
406.4 |
569.3 |
Tax assets |
7.6 |
12.3 |
Current financial assets |
11.6 |
10.0 |
Cash and cash equivalents |
608.4 |
538.2 |
Assets held for sale |
-- |
-- |
CURRENT ASSETS |
1,468.8 |
1,551.2 |
TOTAL ASSETS |
6,681.7 |
6,714.5 |
CONSOLIDATED BALANCE SHEET – LIABILITIES AND
EQUITY |
(In EUR million) |
06-30-2021 |
06-30-2020 |
Share capital |
82.7 |
82.7 |
Additional paid-in capital |
611.2 |
611.2 |
Consolidated reserves |
311.4 |
305.2 |
Group’s share of net profit |
65.0 |
13.4 |
Group’s share of equity |
1,070.3 |
1,012.5 |
Non-controlling interests |
28.4 |
24.7 |
TOTAL SHAREHOLDERS’ EQUITY |
1,098.7 |
1,037.2 |
Borrowings and financial debts |
1,673.6 |
1,730.5 |
Non-current rental debt (IFRS16) |
1,940.2 |
1,973.8 |
Provisions for retirement and other employee benefits |
157.6 |
136.9 |
Non-current provisions |
176.9 |
171.1 |
Other long term liabilities |
32.6 |
33.0 |
Deferred tax liabilities |
51.2 |
29.7 |
NON-CURRENT LIABILITIES |
4,032.1 |
4,075.0 |
Current provisions |
51.7 |
43.6 |
Accounts payable |
343.8 |
342.0 |
Other current liabilities |
901.8 |
982.2 |
Tax liabilities |
16.6 |
20.0 |
Short-term borrowings |
38.1 |
24.8 |
Current rental debt (IFRS16) |
198.9 |
189.7 |
Bank overdraft |
-- |
-- |
Liabilities related to assets held for sale |
-- |
-- |
CURRENT LIABILITIES |
1,550.9 |
1,602.3 |
TOTAL EQUITY AND LIABILITIES |
6,681.7 |
6,714.5 |
consolidated statement of changes in equity |
(In EUR million) |
SHARE CAPITAL |
ADDITIO-NAL
PAIDIN CAPITAL |
RESERVES |
RESULTS RECOGNISED DIRECTLY AS EQUITY |
TOTALCOMPREHENSIVEINCOME
FORTHE PERIOD |
GROUP’S SHAREOF EQUITY |
NON CONTROL-LING INTERESTS |
SHARE-HOLDERS’ EQUITY |
|
Shareholders’ equity at June 30,
2019 |
82.7 |
611.2 |
352.5 |
(58.9) |
8.2 |
995.7 |
42.8 |
1,038.5 |
|
Capital increase (including net fees) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year appropriation of earnings |
-- |
-- |
8.2 |
-- |
(8.2) |
-- |
-- |
-- |
|
Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(6.9) |
(6.9) |
|
Change in consolidation scope |
-- |
-- |
8.7 |
-- |
-- |
8.7 |
(15.9) |
(7.2) |
|
Total comprehensive income for the period |
-- |
-- |
-- |
(5.3) |
13.4 |
8.1 |
4.7 |
12.8 |
|
Shareholders’ equity at June 30, 2020 |
82.7 |
611.2 |
369.4 |
(64.2) |
13.4 |
1,012.5 |
24.7 |
1,037.2 |
|
Capital increase (including net fees) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year appropriation of earnings |
-- |
-- |
13.4 |
-- |
(13.4) |
-- |
-- |
-- |
|
Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(5.0) |
(5.0) |
|
Change in consolidation scope |
-- |
-- |
|
-- |
-- |
-- |
(0.1) |
(0.1) |
|
Total comprehensive income for the period |
-- |
-- |
-- |
(7.2) |
65.0 |
57.8 |
8.8 |
66.6 |
|
Shareholders’ equity at June 30,
2021 |
82.7 |
611.2 |
382.8 |
(71.4) |
65.0 |
1,070.3 |
28.4 |
1,098.7 |
|
statement of income and expenses recognized directly in
equity |
(In EUR million) |
06-30-2019 |
Income and expensesJuly 1, 2019 to June
30, 2020 |
06-30-2020 |
Income and expensesJuly 1 2020 to June 30,
2021 |
06-30-2021 |
Translation
differential |
7.7 |
2.9 |
10.6 |
4.1 |
14.7 |
Retirement
commitments |
(48.3) |
(4.6) |
(52.9) |
(19.0) |
(71.9) |
Fair value of
hedging financial instruments |
(18.3) |
(4.2) |
(22.5) |
7.7 |
(14.8) |
Other |
-- |
0.6 |
0.6 |
-- |
0.6 |
Results recognized directly as equity (Group’s
share) |
(58.9) |
(5.3) |
(64.2) |
(7.2) |
(71.4) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
(In EUR million) |
From July 1, 2020to June
30, 2021 |
From July 1, 2019to June 30,
2020 |
Total net consolidated profit |
73.8 |
18.1 |
Depreciation |
371.8 |
362.1 |
Other non-current income and expenses |
21.4 |
8.5 |
Amount attributable to associates |
-- |
-- |
Other financial income and expenses |
24.1 |
0.8 |
Financial interest related to rental debt (IFRS16) |
71.1 |
71.6 |
Cost of net financial debt |
52.1 |
58.6 |
Income tax |
29.5 |
27.1 |
Gross operating surplus |
643.8 |
546.8 |
Non-cash items relating to recognition and reversal of provisions
(transactions of a non-cash nature) |
7.9 |
(19.6) |
Other non-current income and expenses paid |
(36.4) |
(40.9) |
Change in other non-current assets and liabilities |
9.3 |
(20.6) |
Cash flow from operations before cost of net financial debt
and tax |
624.6 |
465.7 |
Income tax paid |
(21.2) |
(39.9) |
Change in working capital requirement |
48.9 |
303.8 |
NET CASH FLOWS FROM OPERATING ACTIVITIES: (A) |
652.3 |
729.6 |
Investments in tangible and intangible assets |
(176.4) |
(168.7) |
Disposals of tangible and intangible assets |
2.5 |
4.6 |
Acquisition of entities |
(73.6) |
(23.7) |
Disposal of entities |
65.5 |
1.1 |
Dividends received from non-consolidated companies |
0.6 |
0.5 |
NET CASH FLOWS FROM INVESTING ACTIVITIES: (B) |
(181.4) |
(186.2) |
Capital and share premium increases: (a) |
-- |
-- |
Dividends paid to minority interests of consolidated companies:
(b) |
(5.0) |
(6.9) |
Net interest expense paid: (c) |
(52.9) |
(58.6) |
Financial income received: (d) |
0.8 |
-- |
Financial interest related to rental debt (IFRS16): (e) |
(71.1) |
(71.6) |
Debt issue costs: (f) |
(9.2) |
-- |
Cash flow before change in borrowings: (g)
= (A+B+a+b+c+d+e+f) |
333.5 |
406.3 |
Increase in borrowings: (h) |
1,560.3 |
0.2 |
Repayment of borrowings: (i) |
(1,622.5) |
(61.6) |
Decrease in rental debt (IFRS16): (j) |
(191.0) |
(178.7) |
NET CASH USED FOR FINANCING ACTIVITIES:
(C) = a + b + c + d + e + f + h + i + j |
(390.6) |
(377.2) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: ( A +
B + C ) |
80.3 |
166.2 |
Currency differences in cash and cash equivalents |
(10.2) |
3.6 |
Cash and cash equivalents at beginning of period |
538.3 |
368.5 |
Cash and cash equivalents at end of period |
608.4 |
538.3 |
Net indebtedness at beginning of period |
3,372.5 |
1,641.7 |
Cash flow before change in borrowings: (g) |
(333.5) |
(406.3) |
Capitalization of financial leases |
-- |
-- |
Loan issue charges fixed assets |
7.0 |
5.4 |
Assets held for sale |
-- |
-- |
Fair value of financial hedging instruments |
(2.4) |
0.5 |
Change in scope of consolidation and other |
(8.5) |
0.9 |
Rental debt (IFRS16) |
195.4 |
2,130.3 |
Net indebtedness at end of period |
3,230.5 |
3,372.5 |
- Ramsay Santé - Final Annual results at the end of June
2021
Ramsay Generale De Sante (EU:GDS)
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