Ramsay Sante : Annual results at the end of June 2022
PRESS RELEASE
Paris,
October 13th, 2022
Annual results at
end June 2022
The solid performance of the Nordic
countries has led to an improvement in the results of
the Ramsay Santé group, despite the
persistent challenges of
high inflation, a shortage of nursing and
clinical staff and the
ongoing pandemic,
in which Ramsay Santé has continued to
play a leading role in Europe.
In line with its Yes We Care 2025
strategic plan, Ramsay Santé has
continued to invest at a level
comparable with
previous years in order to consolidate its
position with patients
as a comprehensive
and integrated healthcare player in continental
Europe.
- With more than
10,000 COVID patients treated in France, including 4,500 in
critical care, Ramsay Santé has maintained its commitment to
combating COVID over the past 12 months. In Sweden, we have
continued to shoulder significant responsibility both in the care
of COVID patients and in limiting the effects of the pandemic on
individuals and society. For example, approximately 600,000 doses
of COVID vaccine were administered to patients, in our Swedish
facilities in particular to our nursing home residents. In
addition, we continued to manage almost 20% of all COVID-related
hospital care in the Stockholm area.
- Growth was
strong in the 3 Nordic countries, particularly in Medicine, Surgery
and Obstetrics (MSO) hospitalisations, up 14% on the previous year,
excluding Germany. Consultations in primary care centres in Sweden,
including teleconsultations, were up 16%. In France, full MSO
inpatient hospital admissions fell by 4.1%, while day patient
admissions rose by 3%. The same trend affects our Follow-up Care
and Rehabilitation (FCR) activity with a 1.1% drop in inpatients
and a 27.6% increase in day patients.
- Total
investments for the period amounted to €217 million compared with
€220 million last year. More than 40% of investments correspond to
growth and digital investments. These investments are necessary to
uphold our operational and medical excellence. The number of
primary care centres has increased by 28% from 130 to 167 in 2022.
We have opened our first 5 primary care centres in France and
invested in 2 new surgical robots. We have also established capital
and operational partnerships with the Resilience and NewCard
start-ups. In January 2022, we launched Ramsay Services, a digital
platform.
- Reported annual
turnover is €4,301 million, up 6.9%. Adjusted for changes in the
scope of consolidation and at constant exchange rates, turnover for
the year ending June 30th 2022 is up with very solid organic
turnover growth of 6.0%.
- Reported EBITDA
increased by 2.3% to €658.4 million (prior year €643.8 million)
with a margin of 15.3% (prior year 16.0%). EBITDA development was
positively impacted by activity in Nordic countries, which
compensated for increases in inflation and personnel costs. The
revenue guarantee system put in place by the French government
generated €99 million in income for the year ending June 30th 2022,
compared with an income of €103 million for the year ending June
30th 2021.
- The group share
of net profit is €118.4 million, benefiting from the increase in
activity and improved results, representing 2.8% of turnover.
- Net financial
debt at the end of June 30th 2022 amounts to €3,710 million,
including €2,118 million of IFRS 16 liabilities.
Pascal Roché, CEO of Ramsay Santé says:
“In 2022, for the first time, Ramsay Santé
exceeded the threshold of 10 million patients treated in Europe in
its various activities, within and outside its facilities, as well
as in digital. During the year, the Group mobilised more than ever
for the care of Covid patients, and reinforced its ability to treat
all patients for all pathologies. In France, our commitment is
reflected in the fact that 10% of patients admitted are
beneficiaries of Universal Medical Coverage (CMU). The Group has
also taken an innovative approach to human resources in France with
the signing of an ambitious agreement on quality of life in the
workplace. Financial results remain solid, with growth of 6.9% and
a slightly lower EBITDA margin (15.3% under IFRS16 in 2022 vs.
16.0% in 2021). These results are due to sustained organic growth
as well as acquisitions in Sweden, Norway and Denmark. This
demonstrates the relevance of our strategy of consolidating our
position as an integrated European health care operator and
orchestrating coordinated care pathways, allowing us to guarantee
quality and accessibility for all.”
The Board of Directors approved the consolidated
accounts as of the end of June 2022 at its meeting held on 13th
October 2022. The audit procedures on the consolidated accounts
have been carried out. The auditors’ certification report will be
issued after finalization of the verification of the management
report and the procedures required for the purposes of filing the
universal registration document.
The consolidated financial statements and
reports will be available to the public when the company's
universal registration document is published at the end of October
2022.
Summary of results
In €
million |
From 1 July 2021
to30 June 2022 |
From 1 July 2020
to30 June 2021 |
Variation |
Turnover |
4,301.0 |
4,022.6 |
+6.9% |
EBITDA |
658.4 |
643.8 |
+2.3% |
As a % of turnover |
+15.3% |
+16.0% |
-0.8 point |
Underlying Operating Profit |
281.1 |
272.0 |
+3.3% |
As a % of turnover |
+6.5% |
+6.8% |
-0.3 point |
Operating Profit |
291.3 |
250.6 |
+16.2% |
As a % of turnover |
+6.8% |
+6.2% |
+0.4 point |
Group share of Net Profit |
118.4 |
65.0 |
|
Earnings per share (in €) |
1.07 |
0.59 |
|
Net Financial Debt (in
€ million) |
From 1 July 2021 to30 June
2022 |
From 1 July 2020 to30 June
2021 |
Non-current financial liabilities |
1,763.6 |
1,673.6 |
Non-current lease liability |
1,922.3 |
1,940.2 |
Current lease liability |
196.0 |
198.9 |
Current financial liabilities |
35.4 |
38.1 |
(Cash) |
(132.5) |
(608.4) |
Other financial assets & liabilities |
(74.9) |
(11.9) |
Net financial debt |
3,709.9 |
3,230.5 |
Cash Flow Statement (in € million) |
From 1 July 2021 to30 June
2022 |
From 1 July 2020 to30 June
2021 |
Gross operating surplus |
658.4 |
643.8 |
Cash flow from operations before cost of net financial debt and
tax |
642.1 |
624.6 |
Net cash flow from operating activities |
262.5 |
652.3 |
Net flow from investments |
(471.1) |
(181.4) |
Net flow related to financing |
(264.2) |
(390.6) |
Change in net cash position |
(472.8) |
80.3 |
Opening cash balance |
608.4 |
538.3 |
Closing cash balance |
132.5 |
608.4 |
Breakdown of revenue
by operating
segment
In € million |
From 1 July 2021
to 30 June
2022 |
From 1 July 2020
to 30 June 2021 |
Variation |
Île-de-France |
1,057.9 |
1,000.8 |
+5.7% |
Auvergne-Rhône-Alpes |
579.6 |
561.7 |
+3.2% |
Hauts de France |
393.4 |
380.6 |
+3.4% |
Provence Alpes Côte d'Azur |
169.1 |
161.4 |
+4.8% |
Bourgogne Franche Comté |
133.7 |
134.3 |
-0.4% |
Other regions |
669.8 |
655.3 |
+2.2% |
Nordic countries |
1 297.4 |
1,155.4 |
+12.3% |
Reported
Turnover |
4,301.0 |
4,022.6 |
+6.9% |
Note: The table above details the contributions of the various
operating segments to the Group's consolidated turnover.
Changes in reported turnover from the
financial year ended 30 June 2021 to the the
financial year ended 30 June 2022.
Reported Turnover30 June
2021 |
Changes in foreign exchange |
Acquisitions and disposals- |
Organic growth |
Reported turnover30 June
2022 |
Variation |
In € million |
4,022.6 |
(12.9) |
+53.7 |
+237.6 |
4,301.0 |
+278.4 |
|
-0.3% |
+1.3% |
+5.9% |
|
+6.9% |
Significant events of the
financial year:
Health crisis
due to the COVID
Pandemic
The financial year ending June 30th 2022 was
impacted by the ongoing health crisis due to the COVID pandemic in
all countries where the Group operates.
France
In France, private hospitals have maintained
their action plans to combat the COVID epidemic and their level of
investment in conjunction with and in support of public hospitals,
in accordance with the national health plan.
Ramsay Santé upheld its commitment to treating
COVID patients with more than 10,000 COVID patients treated in
France, including 4,500 in critical care. Like other hospital
operators, Ramsay Santé has continued to be supported by measures
implemented by the government. The main measures during the period
concern:
-
The revenue guarantee
-
Grants compensating for additional costs related to COVID
The revenue guarantee covered the entire
financial year for Medicine, Surgery and Obstetrics (MSO) and
Follow-up Care and Rehabilitation (FCR). It was only in place for
the first half of the year (July-December 2021) for Mental Health
activities, given the reform of the financing of Mental Health
activities (MH) towards an allocation model in force since January
1st 2022.
The amount of the funding guarantee recognised
by the Group for the year ending June 30th 2022 amounts to €99
million (€103 million for the previous year) and is reported in the
income statement under “Other operating income”.
In addition to the revenue guarantee, the
government also adjusted the levels of grants usually paid to
health care institutions in order to compensate for the additional
costs related to the COVID crisis that would not otherwise be
covered. These subsidies are reported in the income statement under
“Other operating income” for €89.8 million (€72.3 million for the
previous financial year). Given the time lag between when costs are
incurred by facilities and notification by the Regional Health
Authorities of the corresponding subsidies, a significant portion
of the subsidies reported during the period corresponds to
financing for additional costs incurred during the previous
financial year, a situation similar to that of the same period last
year. Of the total amount of funding recognised in the period,
€27.5 million (€14.5 million in the previous year) corresponds to
amounts received for the funding of additional costs incurred in
the previous year.
Outside France
The Group's facilities in Scandinavia played an
active role in the care of COVID patients as well as in screening
and vaccinating the population, backing up public institutions and
in close collaboration with the supervisory authorities.
Nevertheless, activity was impacted by the health crisis during the
period, in particular for inpatient care in Sweden but also in
Denmark and Norway where the authorities suspended admissions at
the height of the spread of the virus from December 2021 to
February 2022. Despite these periods of disruption, the overall
activity level and profits were strong as activity was boosted
during the periods when normal activity resumed.
In Sweden, Sankt Göran Hospital and the
Group-operated geriatric hospitals in Stockholm played a key role
in managing the outbreak with over 100 beds dedicated to COVID
patients. Sankt Göran, together with the Stockholm geriatric
hospitals, treated almost 20% of all COVID patients in the
Stockholm area throughout the pandemic. The Group contributed
significantly to the screening and vaccination effort in Sweden and
to screening in Norway.
Whilst no support measures were implemented in
Norway and Denmark, our facilities in Sweden received grants to
cover additional operating costs. In total, the amount of aid
received by our institutions in Sweden was €32.2 million in the
period, compared to €61.5 million in the previous period.
Scope of
consolidation
Ramsay Santé finalised the acquisition of 10
entities in Scandinavia during the year. These acquisitions are
complementary to the current business and expand the scope of the
Group's services as well as its geographic footprint. In total,
these acquisitions represented a net investment of €288.6
million.
Furthermore, Ramsay Santé completed the
acquisition of GHP Specialty Care AB (“GHP”) in May 2022, for an
enterprise value of €238 million. In the 12 months ending December
2021, GHP's turnover amounted to €137 million. GHP employs 765
FTEs. This acquisition contributed €29 million in turnover and €1.9
million in EBITDA to Ramsay Santé's accounts in the year ended 30
June 2022.
Comments on the annual
accounts
Activity and turnover:
In the financial year ending June 30th 2022,
Ramsay Santé Group reported a consolidated turnover of €4,301.0
million, compared with €4,022.6 million for the period from July
1st 2020 to June 30th 2021, an increase of 6.9%. Please note that
the financing guarantee scheme in the Group's accounts has no
impact on reported turnover as it is reported in the income
statement under “Other operating income”.
On a like-for-like basis and at constant
exchange rates, the Group’s turnover increased by 6.0% with one
additional working day.
Changes in the scope of consolidation are due to
divestment of the German business and two clinics in France in the
previous financial year, combined with acquisitions in the Nordic
region over the last 12 months.
For the financial year ending June 30th 2022,
the overall activity of Ramsay Santé’s French entities continued to
be impacted by the consequences of the COVID pandemic. The main
effects were related to the cancellation of certain scheduled
medical and surgical activities during the peaks of the pandemic
but also from limiting the number of patients per room. In total,
the number of patient admissions increased by 3.2% compared with
last year. This increase is mainly related to comparatively lower
volumes in 2020-2021, as the negative impact of the COVID pandemic
on patients' willingness to access care recedes in our follow-up
care, rehabilitation and mental health activities.
The variation by business line breaks down as
follows:
- +0.3% in
medicine, surgery and obstetrics
- +23.8% in
follow-up care and rehabilitation
- +11,4% in mental
health
As part of its public service missions, the
Group recorded a 16.2% increase in the number of emergency room
visits during the past year, with approximately 755,000 visits to
our facilities in France.
Organic turnover growth in Nordic countries for
the year ending June 30th 2022 was +7.4% compared with last year.
Organic turnover growth was boosted by both investments and new
contracts, additional services related to COVID screening and
vaccination, and continued positive turnover growth in the
underlying business. Scandinavian business also benefited from the
latest acquisitions, which contributed €66 million of additional
turnover during the financial year, net of the impact of disposals
(German business sold at the end of 2020).
Results:
EBITDA reached €658.4 million for the financial
year ending June 30th 2022, up 2.3% on a reported basis. The
Group's EBITDA at 30 June 2022 includes 99.1 million related to the
revenue guarantee system described in the paragraph “Significant
events of the financial year” above, as well as cost compensations
for COVID surcharges for France and Sweden. EBITDA was also
positively impacted by the organic growth of the business,
particularly in the Nordic region.
The EBITDA margin as a percentage of turnover
was 15.3%, compared with 16.0% for the same period last year on a
reported basis.
Underlying operating profit amounted to €281.1
million between July 1st 2021 and June 30th 2022 (or 6.5% of
turnover), up 3.3% on the previous year.
Other non-current income and expenses represent
a net income of €10.2 million for the period ending June 30th 2022,
consisting mainly of gains on the disposal of vacant real estate
assets, divestments of tangible and intangible assets, and release
of provisions related to the disposal of Capio's business in
Germany. From July 1st 2020 to June 30th 2021, other non-current
income and expenses represented a net expense of €21.4 million.
The cost of net financial debt amounted to
€123.5 million for the year ending June 30th 2022, compared with
€123.2 million the previous year. This includes interest on Senior
debt and, in accordance with IFRS 16, the Group recorded a
financial interest expense of €72.3 million related to lease debt
(€71.1 million the previous year).
The Group’s share of net income for the period
from July 1st 2021 to June 30th 2022 amounted to €118.4 million, or
2.8% of turnover, compared with €65.0 million for the period from
July 1st 2020 to June 30th 2021.
Financing:
Net financial debt on June 30th 2022 was
€3,709.9 million compared with €3,230.5 million on June 30th 2021.
Net debt includes €1,763.6 million in non-current borrowings and
€35.4 million in current borrowings, offset by €132,5 million in
cash and cash equivalents.
The application of IFRS 16 to operating leases
contributed €2,118.3 million to net financial debt at June 30th, of
which €1,922.3 million was non-current lease debt and €196.0
million was current lease debt.
During the first half of this fiscal year,
Ramsay Santé carried out a Euro Private Placement bond issue for a
total financing amount of €100 million on two tranches maturing in
2027 and 2028.
During the second half of this fiscal year,
Ramsay Santé has drawn €100 million from its revolving credit
facility which was then fully repaid before 30 June 2022. The Group
complies with all commitments relating to the financing
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.
Subsequent
events :
- Extension of the
2022 revenue guarantee – 24 August 2022 decree
The French government has issued a decree on 24
August 2022 modifying the 10 May 2022 decree related to the revenue
guarantee in favour of healthcare facilities in order to cope with
the COVID-19 pandemic for 2022. The 24 August 2022 decree extends
the 2022 revenue guarantee to 31 December 2022: terms of the
initial decree 10 May 2022 are modified to cover a 12-months period
ending 31 December 2022, the mechanism of the scheme being
otherwise maintained.
- Additional €150
million funding within the Fiducie Sûreté
Ramsay Santé has concluded an additional €150
million loan agreement within its Fiducie Sûreté (created in 2018)
becoming one of the largest Fiducies-Sûreté (€318 million in
cumulative outstanding loans) in the French market and the first
one indexed to ESG criteria.
Immobilière de Santé, the main holding company
for the equity and/or real estate assets of Ramsay Santé, leader in
private hospitalization and primary care in Europe, has entered
into an additional loan agreement (Tranche 3) for a principal
amount of €150 million. Arranged by Natixis (advised by CMS Francis
Lefebvre Avocats), the transaction was supported by a pool of
lenders composed of various entities of Groupe BPCE, La Banque
Postale and BPIFRANCE.
This long-term financing, which is intended to
finance the general needs of Immobilière de Santé and the Ramsay
Santé group, is backed by a fiducie sûreté covering the shares of
real estate subsidiaries holding the buildings of 6 private
hospitals or clinics, for which Natixis is the trustee.
This reloading of our real estate financing
vehicle is fully in line with the sustainable development strategy
of the Ramsay Santé group on three levels:
-
To diversify and
extend the average maturity of its debt at an attractive financing
rate in a financial market environment that is currently
particularly constrained,
-
To continue with
the group's strategy of developing our real estate assets, while
having a better balance sheet correlation between the asset and
liability items of the Ramsay Santé group,
-
Continue the
efforts of the Group's CSR strategy, which includes an ambitious
environmental responsibility component.
- Reminder of the
previous communication relating to the indicative offer received by
RHC Limited
Ramsay Health Care has published a new press
release on 26 september 2022 informing of the end of the
discussions with the consortium led by KKR.
The full press release issued by Ramsay Health
Care Limited can be viewed on the Ramsay Health Care Limited
website (www.ramsayhealth.com).
About Ramsay
Santé
Ramsay Santé is the leader in private
hospitalisation and primary care in Europe. The Group has 36,000
employees and works with nearly 8,600 practitioners to treat more
than 10 million patients per year in its 443 facilities and 5
countries: France, Sweden, Norway, Denmark and Italy.
Ramsay Santé offers almost all medical and
surgical specialities in three domains: Medicine, Surgery,
Obstetrics (MSO), Follow-up Care and Rehabilitation (FCR) and
Mental Health. In all its territories, the Group contributes to
public service health undertakings and providing proximity care, as
in Sweden where the group has more than a hundred local health
centres. Safe, quality care is the Group's priority in all the
countries where it operates. This is what has made it a reference
in state-of-the-art medicine, particularly in outpatient surgery
and enhanced recovery after surgery (ERAS). The Group also invests
more than €200 million every year in its facilities, whether in new
surgical and imaging technologies or in the construction and
modernisation of facilities. To best serve patient interests, it
innovates constantly with new digital tools and by developing its
organisations to improve efficiency of care.
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
Code ISIN and Euronext
Paris:
FR0000044471Website:
www.ramsaygds.fr
Investor / Analyst
Relations Press
Relations
Jérôme
Brice Brigitte
CachonTel. +33 1 87 86 21
88 Tel. +33 1 87 86
22
11Jerome.brice@ramsaysante.fr brigitte.cachon@ramsaysante.fr
Glossary
Constant perimeter
- The restatement of the scope of
consolidation of the incoming entities is as follows:
- For current year
entries into the consolidation scope, subtract the contribution
from the acquisition of current year aggregates;
- For acquisitions
in the previous year, deduct in the current year the contribution
of the acquisition of the aggregates of the months preceding the
month of acquisition.
- The restatement
of the scope of consolidation of entities leaving the Group is as
follows:
- For current year
deconsolidations, the contribution of the deconsolidated entity is
deducted from the previous year from the month of
deconsolidation.
- In the case of
deconsolidation in the previous year, the contribution of the
deconsolidated entity for the entire previous year is
deducted.
The change at constant exchange rates reflects a
change after translation of the current period's foreign currency
figure at the exchange rates of the comparative period.
The change on a constant accounting basis
reflects a change in the figure excluding the impact of changes in
accounting standards during the period.
Current operating income refers to operating
income before other non-recurring income and expenses consisting of
restructuring costs (charges and provisions), gains or losses on
disposals or significant and unusual impairments 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 income
before depreciation (expenses and provisions in the income
statement are grouped according to their nature).
Net financial debt is gross financial debt less
financial assets.
- The 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 liabilities
relating to financial current accounts with minority
investors;
- bank overdrafts.
- Financial assets consist of:
- the fair value
of fair value hedging instruments recognized 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 the loans contracted and recorded in
gross financial debt.
Annual financial results for 30 June
2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
(In millions of euros) |
From 1 July 2021 to 30 June
2022 |
From 1 July 2020 to 30 June
2021 |
TURNOVER |
4 301.0 |
4 022.6 |
Personnel expenses and profit sharing |
(2 244.1) |
(2 115.7) |
Purchased consumables |
(890.7) |
(818.6) |
Other operating income and expenses |
(293.6) |
(226.8) |
Taxes and duties |
(129.6) |
(131.8) |
Rent |
(84.6) |
(85.9) |
EBITDA |
658.4 |
643.8 |
Depreciation and amortisation |
(377.3) |
(371.8) |
Current operating profit |
281.1 |
272.0 |
Restructuring costs |
7.3 |
(10.6) |
Result of the management of real estate and financial assets |
2.9 |
(10.8) |
Other non-current income and expenses |
10.2 |
(21.4) |
Operating profit |
291.3 |
250.6 |
Cost of gross financial debt |
(51.8) |
(52.9) |
Income from cash and cash equivalents |
0.6 |
0.8 |
Financial interests related to the lease liabilities (IFRS16) |
(72.3) |
(71.1) |
Cost of net financial debt |
(123.5) |
(123.2) |
Other financial income |
23.1 |
0.6 |
Other financial expenses |
(5.7) |
(24.7) |
Other financial income and expenses |
17.4 |
(24.1) |
Corporate income tax |
(57.3) |
(29.5) |
hare of net result of associates |
(0.1) |
-- |
CONSOLIDATED NET
PROFIT |
127.8 |
73.8 |
Income and expenses recognised directly in equity |
|
|
- Foreign exchange translation differences |
(25.7) |
4.1 |
- Actuarial gains and losses relating to post-employment
benefits |
53.9 |
(25.1) |
- Change in fair value of hedging instruments |
7.8 |
10.3 |
- Other |
-- |
-- |
- Income tax effects on other comprehensive income |
(14.3) |
3.5 |
Results recognised
directly in equity |
21.7 |
(7.2) |
TOTAL COMPREHENSIVE INCOME |
149.5 |
66.6 |
RESULT ATTRIBUTABLE TO (in millions of
euros) |
From 1 July 2021 to 30 June
2022 |
From 1 July 2020 to 30 June
2021 |
- Net income, Group share |
118.4 |
65.0 |
- Non-controlling interests |
9.4 |
8.8 |
NET INCOME |
127.8 |
73.8 |
NET EARNINGS PER SHARE (in euros) |
1.07 |
0.59 |
DILUTED NET EARNINGS PER SHARE (in euros) |
1.07 |
0.59 |
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO (In millions of
euros) |
From 1 July 2021 to 30 June
2022 |
From 1 July 2020 to 30 June
2021 |
- Comprehensive income, Group share |
140.1 |
57.8 |
- Non-controlling interests |
9.4 |
8.8 |
TOTAL COMPREHENSIVE INCOME |
149.5 |
66.6 |
CONSOLIDATED BALANCE SHEET - ASSETS |
(In millions of euros) |
30-06-2022 |
30-06-2021 |
Goodwill |
2 065.1 |
1 762.6 |
Other intangible assets |
244.7 |
241.2 |
Property, plant and equipment |
950.2 |
918.0 |
Right of use (IFRS16) |
2 058.2 |
2 079.8 |
Investments in associates |
0.2 |
0.3 |
Other non-current financial assets |
119.4 |
85.6 |
Deferred tax assets |
94.7 |
125.4 |
NON-CURRENT ASSETS |
5
532.5 |
5 212.9 |
Inventories |
111.2 |
111.4 |
Trade and other operating receivables |
422.0 |
323.4 |
Other current assets |
574.0 |
406.4 |
Current tax assets |
4.7 |
7.6 |
Current financial assets |
11.0 |
11.6 |
Cash and cash equivalents |
132.5 |
608.4 |
CURRENT ASSETS |
1
255.4 |
1 468.8 |
TOTAL ASSETS |
6
787.9 |
6 681.7 |
CONSOLIDATED BALANCE SHEET –
LIABILITIES AND EQUITY |
(In millions of euros) |
30-06-2022 |
30-06-2021 |
Share capital |
82.7 |
82.7 |
Share premium |
611.2 |
611.2 |
Consolidated reserves |
400.1 |
311.4 |
Net income, Group share |
118.4 |
65.0 |
Equity, group share |
1
212.4 |
1 070.3 |
Non-controlling interests |
26.3 |
28.4 |
TOTAL EQUITY |
1
238.7 |
1 098.7 |
Borrowings and financial debt |
1 763.6 |
1 673.6 |
Debt on commitment to purchase minority interests |
48.9 |
--- |
Non-current lease liability (IFRS16) |
1 922.3 |
1 940.2 |
Provisions for post-employment benefits |
115.7 |
157.6 |
Non-current provisions |
164.7 |
176.9 |
Other non-current liabilities |
8.9 |
32.6 |
Deferred tax liabilities |
39.7 |
51.2 |
NON-CURRENT LIABILITIES |
4 063.8 |
4 032.1 |
Current provisions |
48.4 |
51.7 |
Trade and other accounts payable |
410.8 |
343.8 |
Other current liabilities |
775.6 |
901.8 |
Current tax liabilities |
19.2 |
16.6 |
Current financial debts |
35.4 |
38.1 |
Current lease liability (IFRS16) |
196.0 |
198.9 |
CURRENT LIABILITIES |
1
485.4 |
1 550.9 |
TOTAL EQUITY AND
LIABILITIES |
6
787.9 |
6 681.7 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
(In millions of euros) |
SHARE CAPITAL |
SHARE
PREMIUM |
RESERVES |
RESULTS DIRECTLY RECORDED IN EQUITY |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
EQUITY, GROUP SHARE |
NON-CONTROLLING INTEREST |
SHAREHOLDERS’ EQUITY |
|
Equity at 30 June 2020 |
82.7 |
611.2 |
369.4 |
(64.2) |
13.4 |
1 012.5 |
24.7 |
1 037.2 |
|
Capital increase (after deduction of issue costs net of tax) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stock options and free shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year result to be allocated |
-- |
-- |
13.4 |
-- |
(13.4) |
-- |
-- |
-- |
|
Dividend distribution |
-- |
-- |
-- |
-- |
-- |
-- |
(5.0) |
(5.0) |
|
Change in scope of consolidation |
-- |
-- |
|
-- |
-- |
-- |
(0.1) |
(0.1) |
|
Total comprehensive income for the year |
-- |
-- |
-- |
(7.2) |
65.0 |
57.8 |
8.8 |
66.6 |
|
Equity at 30 June 2021 |
82.7 |
611.2 |
382.8 |
(71.4) |
65.0 |
1 070.3 |
28.4 |
1 098.7 |
|
Capital increase (after deduction of issue costs net of tax) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stock options and free shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year result to be allocated |
-- |
-- |
65 |
-- |
(65.0) |
-- |
-- |
-- |
|
Dividend distribution |
-- |
-- |
-- |
-- |
-- |
-- |
(12.2) |
(12.2) |
|
Change in scope of consolidation |
-- |
-- |
-- |
2.0 |
-- |
2.0 |
0.7 |
2.7 |
|
Total comprehensive income for the year |
-- |
-- |
-- |
21.7 |
118.4 |
140.1 |
9.4 |
149.5 |
|
Equity at 30 June 2022 |
82.7 |
611.2 |
447.8 |
(47.7) |
118.4 |
1 212.4 |
26.3 |
1 238.7 |
|
STATEMENT OF INCOME AND EXPENSES RECOGNISED DIRECTLY IN
EQUITY |
(In millions of euros) |
30-06-2020 |
Income and expenses from 1 July 2020 to 30 June
2021 |
30-06-2021 |
Income and expenses from 1 July 2021 to 30 June
2022 |
30-06-2022 |
Foreign
exchange translation differences |
10.6 |
4.1 |
14.7 |
(25.8) |
(11.1) |
Actuarial
gains and losses on post-employment benefits |
(52.9) |
(19.0) |
(71.9) |
41.7 |
(30.2) |
Fair value of
hedging instruments |
(22.5) |
7.7 |
(14.8) |
5.8 |
(9.0) |
Other |
0.6 |
-- |
0.6 |
-- |
0.6 |
Income and expenses
recognised directly in
equity |
(64.2) |
(7.2) |
(71.4) |
21.7 |
(49.7) |
CONSOLIDATED STATEMENT OF
CASH FLOWS |
(In millions of euros) |
From 1 July 2021 to 30 June 2022 |
From 1 July 2020 to 30 June
2021 |
Net result of the consolidated group |
127.8 |
73.8 |
Depreciation and amortisation |
377.3 |
371.8 |
Other non-current income and expenses |
(10.2) |
21.4 |
Share of net result of associates |
0.1 |
-- |
Other financial income and expenses |
(17.4) |
24.1 |
Financial interest related to the lease liability (IFRS16) |
72.3 |
71.1 |
Cost of net financial debt excluding financial interest related to
lease liability |
51.2 |
52.1 |
Income tax |
57.3 |
29.5 |
EBITDA |
658.4 |
643.8 |
Non-cash items relating to recognition and reversal of provisions
(non-cash transactions) |
3.4 |
7.9 |
Other non-current income and expenses paid |
(10.6) |
(36.4) |
Change in other non-current assets and liabilities |
(9.1) |
9.3 |
Cash flow from operations
before cost of net financial debt
and tax |
642.1 |
624.6 |
Income tax paid |
(41.7) |
(21.2) |
Change in working capital requirements |
(337.9) |
48.9 |
NET CASH FLOWS FROM
OPERATING ACTIVITIES: (A) |
262.5 |
652.3 |
Investment in tangible and intangible assets |
(193.6) |
(176.4) |
Disposalof tangible and intangible assets |
18.2 |
2.5 |
Acquisition of entities |
(297.4) |
(73.6) |
Disposal of entities |
1.0 |
65.5 |
Dividends received from non-consolidated companies |
0.7 |
0.6 |
NET CASH USED IN
INVESTING ACTIVITIES: (B) |
(471.1) |
(181.4) |
Capital increase and share premium increases: (a) |
-- |
-- |
Dividends paid to minority shareholders of consolidated companies:
(b) |
(12.2) |
(5.0) |
Interest paid: (c) |
(51.8) |
(52.9) |
Financial income received and other financial expenses paid:
(d) |
(1.8) |
0.8 |
Financial interest related to lease liability (IFRS16): (e) |
(72.3) |
(71.1) |
Debt issue costs: (f) |
(1.1) |
(9.2) |
Cash flow before change
in borrowings: (g) =
(A+B+a+b+c+d+e+f) |
(347.8) |
333.5 |
Increase in borrowings: (h) |
200.0 |
1 560.3 |
Repayment of borrowings: (i) |
(112.4) |
(1 622.5) |
Decrease in lease liability (IFRS16): (j) |
(212.6) |
(191.0) |
NET CASH USED IN
FINANCING ACTIVITIES: (C) = a + b + c + d
+ e + f + h + i + j |
(264.2) |
(390.6) |
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS: ( A + B + C ) |
(472.8) |
80.3 |
Foreign exchange translation differences on cash and cash
equivalents held |
(3.1) |
(10.2) |
Cash and cash equivalents at beginning of year |
608.4 |
538.3 |
Cash and cash equivalents at end of year |
132.5 |
608.4 |
Net indebtedness at beginning of
year |
3 230.5 |
3 372.5 |
Cash flow before change in borrowings: (g) |
347.8 |
(333.5) |
Capitalisation of financial leases |
-- |
-- |
Capitalisation of loan issue costs |
0.8 |
7.0 |
Assets held for sale |
-- |
-- |
Fair value of financial hedging instruments |
(22.4) |
(2.4) |
Changes in scope of consolidation and other |
(28.8) |
(8.5) |
Lease liability (IFRS16) |
182.0 |
195.4 |
Net indebtedness at end
of year |
3 709.9 |
3 230.5 |
- Ramsay Santé - Annual results at the end of June 2022
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