RAMSAY SANTE : Half-year results at the end of December 2022
PRESS RELEASE
Paris, 22 February 2023
Half-year results at the end of December
2022
Ramsay Santé has continued to support
health systems in both France and Nordics countries
despite being heavily impacted by
numerous headwinds, including salary and
procurement inflation, combined
with the additional pressure of staff
shortages
Set of measures launched to support
staff attractivity and mitigate
inflation impacts
Ramsay Santé has maintained its efforts
on key initiatives in line with its Yes We Care 2025 strategic plan
like being granted new imaging
authorisations and launching new digital services
Total revenues of 2.2bn€, up 8.4% vs last
year including 5.8% growth from acquisitions and –2.2% foreign
exchange impact, despite 2 less working days than
the same period last year in France
EBITDA down by 6.8% to
€313m
reflecting the headwinds faced by the health care markets
in all of Ramsay
Santé’s regions
- Continued
commitment to support the health care system in Europe by helping
taking care of COVID-19 patients both in France and Sweden and to
complement public hospitals capacity to cope with pressure on
emergency departments in France during the Christmas break.
- During this
semester, the Group has been granted in France 9 new imaging
machines authorisations, up to a total of 28 and 4 new mental
health day hospitals, up to a total of 15.
- Strong activity
growth overall, largely driven by out of hospital segments,
contributing to enhance care accessibility for the population
(primary care, specialized care consultations, home care, imaging):
+1.2% MSO admissions in France, including +4.2% for day patients.
+11% in the Nordics, including +17.5% for day patients.
- Half-year
turnover amounted to €2,209.5m, up 8.4% on a reported basis.
Adjusted for changes in the consolidation scope and at constant
currency exchange rates, turnover for the half-year ended 31
December 2022 was up with a solid 4.8% organic sales growth. Sales
growth in France of 4.2% is mainly supported by volume growth and
medical purchases rechargeable revenue, despite the ongoing shift
towards ambulatory care. In the Nordics countries, organics sales
grew at 6.4% for the semester on a constant exchange rate basis.
The impact of past acquisitions, including GHP, amounts to €117.6m
of additional revenues, or 19% of extra growth for the Nordics
countries.
- Decrease in the
reported EBITDA under IFRS16 of 6.8%, to €312.7m (last year
€335.4m) with a margin of 14.2% (last year 16.5%). EBITDA and
margin were mainly driven by the negative trend on inflation and
the resources invested to support our medical staff. Recent
acquisitions have contributed €12.4m to the overall half-year
EBITDA, in line with our acquisition business plan. The revenue
guarantee scheme put in place by the French government resulted in
additional revenue of €62 million (same as last half-year) in the
half-year ended 31 December 2022. Ramsay Santé was eligible to
receive support from the French government regarding inflation of
procurement and salary for a total consideration of €45.6m, which
did not fully cover it, however.
- Net profit for
the Group share was €43.9m, 2.0% of turnover (last year €59.6m and
2.9% of turnover), impacted by lower operational margins and
reflecting increased funding costs.
- Total capital
expenditure for the last 6 months was €110m, slightly below last
year, including maintenance and optimisation, as well as
improvement on our portfolio of clinics. This covers the ongoing
maternity expansion of St Göran as well as significant effort to
roll out our strategy to increase Ramsay Santé’s imaging assets
portfolio, to invest on digital tools, amongst which the new
version of the Ramsay Services portal, and on new equipment such as
surgical robots for our French clinics.
- Net financial
debt at the end of 31 December 2022 amounted to €3,820m, including
€2,143m of IFRS16 lease liabilities. During the first semester of
this fiscal year, Ramsay Santé successfully completed the issuance
of a new Fiducie tranche for €150m. The group has as well
participated in a real estate project involving one of our clinics
in Olso, Norway.
- Net cash
increased by €97.5m over the period with a €194.5m contribution
from increased borrowings. The cash flow from operating activities
was unfavourably impacted by the phasing of the payment related to
the various subsidies.
- Ramsay Santé has
continued to invest in initiatives in line with its Yes We Care
2025 strategy, and expect that this strategy will lead to a capex
consumption trend in H2 FY23 similar to H1 FY23
- Finally,
discussions are ongoing regarding the potential extension of a
modified French revenue guarantee scheme under which the government
may prolong its support to the industry, although with a mechanism
reducing over time.
Pascal Roché, Chief Executive Officer of Ramsay
Santé, says:
“Ramsay Santé has continued to play a major role
in complementing public hospitals in Europe over the past six
months. With the management of 5.8 million patient visits, up 18%,
the “Yes We Care 2025” strategy of providing patients with physical
and digital health solutions to coordinate pathways, is more
relevant than ever, and implementation is on plan. Revenue grew by
8.4% over the period and operating margin fell by 6.8% due to
inflation, which affects all costs. Finally, the integration of
acquisitions, notably GHP, made last year, is in line with
expectations.”
The Board of Directors that met on 22 February 2023 approved the
consolidated financial statements for the six-month period ended 31
December 2022. The consolidated financial statements have been
subject to a limited review by the statutory auditors.
Synthetic results
P&L – in €
millions |
From 1 July 2022 to
31 December 2022 |
from 1 July 2021 to
31 December 2021 |
Variation |
Turnover |
2,209.5 |
2,037.7 |
+8.4% |
EBITDA |
312.7 |
335.4 |
(6.8)% |
As a % of Turnover |
14.2% |
16.5% |
(2.3) point |
Current Operating Result |
113.1 |
149.1 |
(24.1)% |
As a % of Turnover |
5.1% |
7.3% |
(2.2) point |
Operating Result |
134.7 |
151.4 |
(11.0)% |
As a % of Turnover |
6.1% |
7.4% |
(1.3) point |
Net income, Group share |
43.9 |
59.6 |
(26.3)% |
Earnings per share (in €) |
0.40 |
0.54 |
(26.4)% |
Net Financial Debt – in € millions |
31 December
2022 |
30 June
2022 |
Non-current financial liabilities |
1,916.4 |
1,763.6 |
Non-current lease liability |
1,935.3 |
1,922.3 |
Current lease liability |
207.5 |
196.0 |
Current financial liabilities |
52.1 |
35.4 |
(Cash and cash equivalents) |
(220.9) |
(132.5) |
Other financial assets & liabilities |
(70.0) |
(74.9) |
Net financial debt |
3,820.4 |
3,709.9 |
Cash Flow Statement – in €
millions |
From 1 July 2022 to
31 December 2022 |
from 1 July 2021 to
31 December 2021 |
EBITDA |
312.7 |
335.4 |
Change in Working Capital requirements |
(83.5) |
(291.4) |
Net cash flow from operating activities |
183.6 |
23.8 |
Net cash flow used in investing activities |
(96.9) |
(131.4) |
Net cash flow from/(used in) financing activities |
10.8 |
(92.3) |
Change in net cash position |
97.5 |
(199.9) |
Closing cash and cash equivalents |
220.9 |
408.1 |
Breakdown of revenue by operating segment
En M€ |
From 1 July 2022 to
31 December 2022 |
from 1 July 2021 to
31 December 2021 |
Variation |
Île-de-France |
517.9 |
497.3 |
4.1% |
Auvergne-Rhône-Alpes |
295.2 |
275.2 |
7.3% |
Hauts de France |
190.9 |
190.0 |
0.5% |
Occitanie |
134.8 |
131.0 |
2.9% |
Other regions |
349.1 |
335.4 |
4.1% |
Nordics countries |
721.6 |
608.8 |
18.5% |
Published Turnover |
2 209.5 |
2 037.7 |
8.4% |
Note: the table above details the contributions of the main
operating segments to the Group's consolidated revenue.
Changes in reported turnover from
the half-year ended
31 December
2021 to the
half-year ended 31 December
2022.
Reported Turnover31 December 2021 |
Changes in foreign exchange rates |
Acquisitions and disposals |
Organic growth |
Reported turnover31 December 2022 |
Variation |
|
In € millions |
2,037.7 |
(44.0) |
117.6 |
98.1 |
2,209.5 |
171.7 |
|
|
(2.2%) |
5.8% |
4.8% |
|
8.4% |
|
Significant events of the financial year:
Healthcare market
evolution including COVID-19
health crisis
The six-month period ending 31 December 2022
continued to be impacted by the global COVID-19 pandemic in all
countries in which the Group operates, albeit at a markedly lower
intensity level compared to crisis peaks experienced in prior
periods.
France
In France, private hospitals have continued to
actively participate in the national plan to combat the COVID-19
epidemic in conjunction with and in support of public hospitals.
Depending on the evolution of the health situation during surges of
COVID-19 as well as other seasonal viruses prevalent in autumn and
winter, the activity of private hospitals was carried out under
more or less normal conditions.
Ramsay Santé has continued to participate in the
effort of caring for COVID-19 patients with more than 4,000
patients treated in France, including 1,600 in critical care.
As other public and private hospital providers,
Ramsay Santé has continued to operate for the full six-month period
under the French Government’s revenue guarantee which was extended
to 31 December 2022. The provisions of the revenue guarantee are
similar to that in place in the prior corresponding period except
for the mental health activities which are now out of its scope due
to their new bundled payment funding structure. In addition to the
revenue guarantee scheme, the government has throughout the
pandemic also prolonged the funding of healthcare facilities to
compensate the additional costs related to the COVID-19 epidemic
that would not otherwise be covered.
Nordics:
The group’s facilities in Scandinavia have
actively participated in the care of COVID-19 patients as well as
in the screening and vaccination of the population, in support of
public institutions and in close collaboration with the supervisory
authorities.
The positive development in adding listed
patients into our Proximity care business has continued in both
Sweden and Denmark through a dedicated work to improve both
availably and attractivity in our facilities. Patient demand in our
Specialist and Orthopedic businesses in all countries has been
increasing. The integration of the newly acquired GHP business is
progressing according to plan and synergies have been realised as
expected to date. Finally, during the period two new geriatric
contracts were awarded in Sweden for a period of 4+4 years
representing an annual turnover of approximately €50m (SEK500m),
starting in May 2023.
Scope of consolidation
During the first six months of the current
financial year Ramsay Santé has completed one small bolt-on
acquisition in the Nordics. Compared to the prior corresponding
period, this half-year included the full contribution of the 8
acquisitions completed throughout FY22.
Comments on the half-year accounts
Activity and turnover:
In the six-month period 1st July 2022 to 31st
December 2022, Ramsay Santé Group reported a consolidated turnover
of €2,209.5m, compared with €2,037.7m for the prior corresponding
period, up 8.4%. On a like-for-like basis and at constant exchange
rates, the Group's sales increased by 4.8 % despite 2 less working
days than the same period last year in France.
France
For the six-month period ending 31 December
2022, Ramsay Santé's French total the number of patient admissions
increased on last year by 2.2%. The breakdown by business line is
as follows:
- +1.2% in
Medicine, Surgery and Obstetrics
- +11.6% in
Follow-up Care and Rehabilitation
- -0.6% in Mental
Health
Revenue growth in France of 4.2% is mainly
supported by this activity growth but also by an increase in
revenue from rechargeable medical purchases, and despite the
ongoing shift towards ambulatory care.
In March 2022, average tariff increase was set
for the year at 0.7% for the French market. For Ramsay Santé and
given its care mix, the average increase was at 0.1%, including the
ability for the French government to adjust this evolution by up to
0.7pt downwards under certain conditions (“the prudential
coefficient”). Only half of the prudential coefficient on the 2022
tariffed revenue was released in December 2022 versus a full
release in 2021. This decision means that the 2022 prices were in
fact a – 0.2% reduction from the prior year, applied to our mix of
activities.
The 3 Nordics countries
Revenue growth in the Nordics of 18.5% was
mainly from the impact of the latest acquisitions that have
represented €117m of additional revenue during the last 6-month
period. A €(44)m negative foreign exchange impact on Nordics
revenue partially offsets this growth. Organic sales growth in the
Group's Nordic activities for the first six-month of the financial
year was +6.4% compared to last year, arising mainly from our
primary care and specialist clinics in Sweden and Denmark.
EBITDA
Group EBITDA reached €312.7m (last year €335.4m)
for the six-month period ended 31 December 2022, down – 6.8% on a
reported basis. It includes a €8.3m EBITDA contribution from
Nordics acquisitions and a €(4.3)m unfavourable FX variance impact.
On a like-for-like basis, at constant consolidation scope and
exchange rates, EBITDA for the group therefore reduces by – 8.0%
compared to December 2021.
The EBITDA margin as a percentage of sales was
14.2%, down from 16.5% for the same period last year on a reported
basis, or 14.5% this half-year versus 16.5% on a constant scope and
foreign exchange rate basis. This decrease reflects the impact of
the effort made on the compensations and benefits made to our
medical staff and the impact of the inflation on our medical
purchases and indirect costs. Such impacts have not been fully
mitigated by the level of subsidies received or the upsides of our
productivity measures.
Grants
Group EBITDA for the six-month period that ended
31 December 2022 includes €62m (last year €62m as well) related to
the French revenue guarantee scheme, which has been recognized in
the consolidated financial statements of the group as “Other
operating income”. This line also includes Covid costs compensation
and support grants from the French government for €20m (last year
€32m).
As there is a timing delay between when the
costs are incurred in the business and when the regional health
agencies notify our facilities, a large part of the subsidies
accounted for in the six-month period relates to the period prior
to the current financial year, a similar situation to the
comparable six-month period last year. The whole amount recognized
in the current six-month period of €20m (last year €27.5m) relate
to the preceding financial year.
In addition to those Covid-related subsidies,
specific grants totalling of €46m were extended to the French
facilities to fund inflation that had not been sized in the
applicable tariffs, as well as national healthcare staff salary
increases applicable from 1st July 2022.
Conversely in the Nordics countries,
Covid-related compensation grants and additional revenues have been
significantly lower than in the previous period negatively
impacting results and margins compared to the previous period. In
total, the amount of aid received by our facilities in Sweden was
€8.7m in the period, compared to €15.5m in the previous period.
Personnel costs
Personnel costs increase due to inflationary
pressures that have to date only been partially compensated by
government funding. French minimum wage has been lifted by 8.0%
from successive increases effective from October 2021 to August
2022. Concomitantly, the French national private healthcare
employee award lifted the minimum award wages by 3%, for which we
have received subsidies from the government, and raised the penalty
rates for night, weekend and public holiday time by 50%, effective
1st July 2022. In addition, specific salary revalorisation for
midwifes and critical care nurses also took effect with the
corresponding funding.
Attractivity and retention measures in favour of
hospital personnel and shortage of certain staff categories
resulting in a higher use of agency staff also added to the
inflationary burden across our different geographies. For these
areas targeted actions have been initiated to improve the situation
over time.
Current Operating Result
Current operating result amounted to €113.1m
(last year €149.1m) for the first six-month period representing a
current operating margin of 5.1% (last year 7.3%), down 24.1% over
the previous period primarily from inflation pressure.
Non-recurring items
Other non-current income and expenses net to a
profit of €21.6m (last year €2.3m) for the six-month period ended
31 December 2022, including a €29.2m profit on the sale of the land
and car parks adjacent to one of our hospital in Oslo.
Financial result
The cost of net financial debt amounted to
€68.7m (last year 59.9m) for the six-month period ended 31 December
2022. The increase in the cost of funding results from new
borrowings bearing interest over this period compared to the
half-year closed December 2021, namely the Euro PP €100m bond
issued in December 2021 and the new Fiducie Sureté €150m tranche
drawn in July 2022, as well as an uptick in margins and floating
rates.
Other financial expenses and income include a
positive mark-to market valuation of our interest rate derivatives
offset by the interest expense recognised upon the sale of
long-term receivables.
Group’s share of net profit reached €43.9
million (last year €59.6 million) for the six-month period that
ended 31 December 2022.
Financing:
Net financial debt as of 31 December 2022
increased to €3,820m compared with €3,710m as of 30 June 2022, and
has been negatively impacted by the timing of payments of various
grants accrued over the period.
Net debt includes €1,916 million in non-current
borrowings and €52 million in current borrowings, offset by €221
million in cash and cash equivalents. IFRS 16 leases debt amounts
to €2,143 million including €1,935 million in non-current lease
debt and €208 million in current lease debt.
During this half-year period, Ramsay Santé has
strengthened its financing structure thanks to an additional €150m
tranche of its Fiducie Sureté.
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 Santé
Ramsay Santé is the leader in private
hospitalisation and primary care in Europe. The Group has 36,000
employees and works with nearly 9,300 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
ISIN code and Euronext Paris:
FR0000044471Website:
www.ramsaygds.fr
Investor
Relations/Analysts Press
RelationsJerome
Brice Brigitte
CachonTel. +33 1 87 86 21
88 Tél. +33 1 87 86
22
11 Jerome.brice@ramsaysante.fr brigitte.cachon@ramsaysante.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.
Half-year financial
results of 31 December
2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
(In millions of euros) |
From 1 July 2022
to31 December
2022 |
From 1 July 2021 to31 December
2021 |
TURNOVER |
2,209.5 |
2,037.7 |
Personnel expenses and profit sharing |
(1 214.4) |
(1 057.8) |
Purchased consumables |
(443.7) |
(420.2) |
Other operating income and expenses |
(131.0) |
(124.3) |
Taxes and duties |
(68.1) |
(63.0) |
Rent |
(39.6) |
(37.0) |
EBITDA |
312.7 |
335.4 |
Depreciation and amortisation |
(199.6) |
(186.3) |
Current operating profit |
113.1 |
149.1 |
Restructuring costs |
(6.6) |
(5.3) |
Result of the management of real estate and financial assets |
28.2 |
7.6 |
Other non-current income and expenses |
21.6 |
2.3 |
Operating profit |
134.7 |
151.4 |
Cost of gross financial debt |
(32.1) |
(25.4) |
Income from cash and cash equivalents |
0.4 |
0.3 |
Financial interests related to the lease liabilities (IFRS16) |
(37.0) |
(34.8) |
Cost of net financial debt |
(68.7) |
(59.9) |
Other financial income |
11.1 |
3.8 |
Other financial expenses |
(8.9) |
(1.5) |
Other financial income and expenses |
2.2 |
2.3 |
Corporate income tax |
(21.2) |
(31.7) |
hare of net result of associates |
-- |
(0.1) |
CONSOLIDATED NET
PROFIT |
47.0 |
62.0 |
Income and expenses recognised directly in equity |
|
|
- Foreign exchange translation differences |
(25.9) |
(4.1) |
- Actuarial gains and losses relating to post-employment
benefits |
23.7 |
4.4 |
- Change in fair value of hedging instruments |
6.1 |
3.9 |
- Other |
1.7 |
-- |
- Income tax effects on other comprehensive income |
(7.1) |
(1.9) |
Results
recognised directly in
equity |
(1.5) |
2.3 |
TOTAL COMPREHENSIVE INCOME |
45.5 |
64.3 |
RESULT ATTRIBUTABLE TO (in millions of
euros) |
From 1 July 2022
to31 December
2022 |
From 1 July 2021 to31 December
2021 |
- Net income, Group share |
43.9 |
59.6 |
- Non-controlling interests |
3.1 |
2.4 |
NET INCOME |
47.0 |
62.0 |
NET EARNINGS PER SHARE (in euros) |
0.40 |
0.54 |
DILUTED NET EARNINGS PER SHARE (in euros) |
0.40 |
0.54 |
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO (In millions of
euros) |
From 1 July 2022
to31 December
2022 |
From 1 July 2021 to31 December
2021 |
- Comprehensive income, Group share |
42.4 |
61.9 |
- Non-controlling interests |
3.1 |
2.4 |
TOTAL COMPREHENSIVE INCOME |
45.5 |
64.3 |
CONSOLIDATED BALANCE SHEET – ASSET |
(In EUR million) |
31-12-2022 |
30-06-2022 |
Goodwill |
2,074.4 |
2,065.1 |
Other intangible fixed assets |
229.2 |
244.7 |
Tangible fixed assets |
997.5 |
950.2 |
Right of use (IFRS16) |
2,058.9 |
2,058.2 |
Investments in associates |
0.2 |
0.2 |
Other long-term investments |
162.9 |
119.4 |
Deferred tax assets |
97.3 |
94.7 |
NON CURRENT ASSETS |
5,620.4 |
5,532.5 |
Inventories |
115.3 |
111.2 |
Trade and other receivables |
376.4 |
422.0 |
Other current assets |
657.5 |
574.0 |
Tax assets |
2.2 |
4.7 |
Current financial assets |
10.9 |
11.0 |
Cash and cash equivalents |
220.9 |
132.5 |
CURRENT ASSETS |
1,383.2 |
1,255.4 |
TOTAL ASSETS |
7,003.6 |
6,787.9 |
CONSOLIDATED BALANCE SHEET – LIABILITIES AND
EQUITY |
(In EUR million) |
31-12-2022 |
30-06-2022 |
Share capital |
82.7 |
82.7 |
Additional paid-in capital |
611.2 |
611.2 |
Consolidated reserves |
517.0 |
400.1 |
Group’s share of net profit |
43.9 |
118.4 |
Group’s share of equity |
1,254.8 |
1,212.4 |
Non-controlling interests |
26.8 |
26.3 |
TOTAL SHAREHOLDERS’ EQUITY |
1,281.6 |
1,238.7 |
Borrowings and financial debts |
1,916.4 |
1,763.6 |
Debt on commitments to purchase non-controlling interests |
47.6 |
48.9 |
Non-current rental debt (IFRS16) |
1,935.3 |
1,922.3 |
Provisions for retirement and other employee benefits |
110.2 |
115.7 |
Non-current provisions |
162.0 |
164.7 |
Other long term liabilities |
8.6 |
8.9 |
Deferred tax liabilities |
50.3 |
39.7 |
NON-CURRENT LIABILITIES |
4,230.4 |
4,063.8 |
Current provisions |
63.1 |
48.4 |
Accounts payable |
448.6 |
410.8 |
Other current liabilities |
698.6 |
775.6 |
Tax liabilities |
21.7 |
19.2 |
Short-term borrowings |
52.1 |
35.4 |
Current rental debt (IFRS16) |
207.5 |
196.0 |
CURRENT LIABILITIES |
1,491.6 |
1,485.4 |
TOTAL EQUITY AND LIABILITIES |
7,003.6 |
6,787.9 |
consolidated statement of changes in equity |
(In EUR million) |
SHARE CAPITAL |
ADDITIO-NAL PAIDIN
CAPITAL |
RESER-VES |
RESULTS RECOGNISED DIRECTLY AS EQUITY |
TOTALCOMPREHENSIVEINCOME
FORTHE PERIOD |
GROUP’S SHAREOF EQUITY |
NON CONTROL-LING INTERESTS |
SHARE-HOLDERS’ EQUITY |
|
Shareholders’ equity at June 30,
2021 |
82.7 |
611.2 |
382.8 |
(71.4) |
65.0 |
1,070.3 |
28.4 |
1,098.7 |
|
Capital increase (including net fees) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year appropriation of earnings |
-- |
-- |
65.0 |
-- |
(65.0) |
-- |
-- |
-- |
|
Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(2.2) |
(2.2) |
|
Change in consolidation scope |
-- |
-- |
-- |
-- |
-- |
-- |
0.5 |
0.5 |
|
Total comprehensive income for the period |
-- |
-- |
-- |
2.3 |
59.6 |
61.9 |
2.4 |
64.3 |
|
Shareholders’ equity at December 31,
2021 |
82.7 |
611.2 |
447.8 |
(69.1) |
59.6 |
1,132.2 |
29.1 |
1,161.3 |
|
Shareholders’ equity at June 30,
2022 |
82.7 |
611.2 |
447.8 |
(47.7) |
118.4 |
1,212.4 |
26.3 |
1,238.7 |
Capital increase (including net fees) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Prior year appropriation of earnings |
-- |
-- |
118.4 |
-- |
(118.4) |
-- |
-- |
-- |
Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(3.5) |
(3.5) |
Change in consolidation scope |
-- |
-- |
-- |
-- |
-- |
-- |
0.9 |
0.9 |
Total comprehensive income for the period |
-- |
-- |
-- |
(1.5) |
43.9 |
42.4 |
3.1 |
45.5 |
Shareholders’ equity at December 31,
2022 |
82.7 |
611.2 |
566.2 |
(49.2) |
43.9 |
1,254.8 |
26.8 |
1,281.6 |
statement of income and expenses recognized directly in
equity |
|
(In EUR million) |
30-06-2021 |
Income and expenses July 2021 toDecember
31, 2021 |
31-12-2021 |
|
30-06-2022 |
Income and expenses July 2022
toDecember 31, 2022 |
31-12-2022 |
|
Translation differential |
14.7 |
(4.1) |
10.6 |
|
(11.1) |
(25.9) |
(37.0) |
Retirement commitments |
(71.9) |
3.5 |
(68.4) |
|
(30.2) |
18.5 |
(11.7) |
Fair value of hedging financial instruments |
(14.8) |
2.9 |
(11.9) |
|
(9.0) |
4.5 |
(4.5) |
Other |
0.6 |
-- |
0.6 |
|
0.6 |
1.4 |
2.0 |
Results recognized directly as equity (Group’s
share) |
(71.4) |
2.3 |
(69.1) |
|
(49.7) |
(1.5) |
(51.2) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
(In EUR million) |
From 1 July 2022
to31 December
2022 |
From 1 July 2021
to31 December
2021 |
Net result of the consolidated group |
47.0 |
62.0 |
Depreciation and amortisation |
199.6 |
186.3 |
Other non-current income and expenses |
(21.6) |
(2.3) |
Share of net result of associates |
-- |
0.1 |
Other financial income and expenses |
(2.2) |
(2.3) |
Financial interest related to the lease liability (IFRS16) |
37.0 |
34.8 |
Cost of net financial debt excluding financial interest related to
lease liability |
31.7 |
25.1 |
Income tax |
21.2 |
31.7 |
EBITDA |
312.7 |
335.4 |
Non-cash items relating to recognition and reversal of provisions
(non-cash transactions) |
14.5 |
(4.6) |
Other non-current income and expenses paid |
5.0 |
(2.2) |
Change in other non-current assets and liabilities |
(47.6) |
(1.8) |
Cash flow from operations
before cost of net financial debt
and tax |
284.6 |
326.8 |
Income tax paid |
(17.5) |
(11.6) |
Change in working capital requirements |
(83.5) |
(291.4) |
NET CASH FLOWS FROM
OPERATING ACTIVITIES: (A) |
183.6 |
23.8 |
Investment in tangible and intangible assets |
(91.0) |
(108.1) |
Disposalof tangible and intangible assets |
-- |
17.5 |
Acquisition of entities |
(6.7) |
(41.1) |
Disposal of entities |
0.5 |
-- |
Dividends received from non-consolidated companies |
0.3 |
0.3 |
NET CASH USED IN
INVESTING ACTIVITIES: (B) |
(96.9) |
(131.4) |
Capital increase and share premium increases: (a) |
-- |
-- |
Capital increase of subsidiaries subscribed by third parties
(b) |
0.5 |
-- |
Dividends paid to minority shareholders of consolidated companies:
(c) |
(3.5) |
(2.2) |
Interest paid: (d) |
(32.1) |
(25.4) |
Financial income received and other financial expenses paid:
(e) |
(5.9) |
0.3 |
Financial interest related to lease liability (IFRS16): (f) |
(37.0) |
(34.8) |
Debt issue costs: (g) |
-- |
(0.8) |
Cash flow before change in borrowings:
(h) =
(A+B+a+b+c+d+e+f +
g) |
8.7 |
(170.5) |
Increase in borrowings: (i) |
194.5 |
100.0 |
Repayment of borrowings: (j) |
3.8(1) |
(14.7) |
Decrease in lease liability (IFRS16): (k) |
(109.5) |
(114.7) |
NET CASH USED FOR FINANCING ACTIVITIES:
(C) = a + b + c + d + e + f + h + i + j +
k |
10.8 |
(92.3) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: ( A +
B + C ) |
97.5 |
(199.9) |
Currency differences in cash and cash equivalents |
(9.1) |
(0.4) |
Cash and cash equivalents at beginning of period |
132.5 |
608.4 |
Cash and cash equivalents at end of period |
220.9 |
408.1 |
(1) This line includes the repayment of
borrowings (-17.8 M€) net of financial receivables (+21,6 M€).
- Ramsay Santé - Half-year results at the end of December
2022
Ramsay Generale De Sante (EU:GDS)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Ramsay Generale De Sante (EU:GDS)
Graphique Historique de l'Action
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