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4-Traders Homepage  >  Shares  >  Euronext Paris  >  CEGEDIM    CGM   FR0000053506

CEGEDIM (CGM)

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Delayed Quote. Delayed Euronext Paris - 07/02 11:35:00 am
38.4 EUR   +0.84%
05/27 CEGEDIM : 2015 Q1 Results
04/28 CEGEDIM : 2015 Q1 Revenues
03/05 CEGEDIM STRATEG : Worldwide Pharma Industry Sales Force Levels Flat ..
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Cegedim : Updates on Q1 2015 Results

06/02/2015 | 03:33am US/Eastern

Cegedim posted consolidated first quarter 2015 revenues excluding activities held for sale of EUR121.3 million, up 7.0 percent on a reported basis and 4.9 percent like for like compared with the same period in 2014. EBIT from continuing activities before special items amounted to EUR8.2 million, up 76.3 percent.

Thus, the EBIT margin from continuing activities before special items came to 6.8 percent in the first quarter of 2015, compared with 4.1 percent a year earlier.

In a release on May 27, the Company noted that it announced on April 1, that it had completed of the disposal of its CRM and Strategic Data division to IMS Health for a selling price of EUR396 million1. Consequently, its first quarter 2015 Financial Statements are reported in compliance with IFRS 5, which separates out non- current Assets Held for Sale.

Including activities held for sale, consolidated revenue came to EUR234.9 million in first quarter 2015, up 9.3 percent on a reported basis and 5.8 percent like for like compared with the same period a year earlier. EBIT before special items amounted to EUR16.7 million, up EUR14.4 million. Thus, the EBIT margin before special items came to 7.5 percent in Q1 2015, compared with 1.1 percent a year earlier.

Rating agency S&P upgraded its rating for Cegedim on April 13, to BB- with a positive outlook.

As of its first quarter 2015 earnings release, Cegedim is raising its growth rate outlook for consolidated EBIT from continuing activities before special items from 5.0 percent to 10.0 percent.

In the first quarter of 2015, revenues from continuing activities came to EUR121.3 million, up 4.9 percent on a like-for-like basis compared with the year-earlier period. Acquisitions had virtually no impact, and currencies had a positive impact of 2.1 percent, thus revenue increased by 7.0 percent on a reported basis. Group revenue including activities held for sale amounted to EUR223.0 million, up 9.3 percent on a reported basis and 5.8 percent like for like.

The like-for-like decline at the Healthcare Professionals division was more than offset by increases at the Health Insurance, HR and e-services and Cegelease divisions.

EBITDA increased by EUR5.5 million to EUR19.1 million; the margin came to 15.8 percent at the end of March 2015 compared to 12.0 percent at the end of March 2014. This EBITDA trend was attributable to drops at the Healthcare professionals and Cegelease divisions being more than offset by EBITDA improvements at the Health Insurance, HR and e-services and at the Activities not allocated.

Special items at the end of March 2015 amounted to a charge of EUR1.5 million, compared with a charge of EUR0.6 million one year earlier.

The cost of financial debt decreased by EUR3.2 million, from EUR10.1 million for the first three months of 2014 to EUR6.9 million for the first three months of 2015. This decrease reflects the increase in income from cash and cash equivalents and in currency translation, partially offset by an increase in debt interest payments.

Tax expense increased slightly by EUR0.3 million, from a charge of EUR0.5 million at the end of March 2014 to a charge of EUR0.7 million at the end of March 2015. This relative stability mainly reflects stability in income taxes and a decrease of deferred taxes.

Consolidated net profit from continuing activities amounted to a loss of EUR1.8 million, compared with a EUR6.1 million loss a year earlier. This improvement in consolidated net loss reflected the trends in revenue, EBIT, special items, cost of net financial debt and tax expense based on the factors set out above.

The loss per share from continuing activities before special items was EUR0.0 at the end of March 2015, compared with a EUR0.4 loss at the end of March 2014.

Revenue by division differs slightly from that published on April 28 owing to the restatement of revenues generated by continuing activities with activities held for sale.

The divisions Technology and Reconciliation have been renamed respectively Health Insurance, HR and e-services and Activities not allocated to reflect to the best the extent of their offerings.

-Health Insurance, HR and e-services

The division's first-quarter 2015 revenues came to EUR54.0 million, up 8.4 percent on a reported basis and 8.4 percent like for like. Currencies had virtually no impact, and there were no acquisitions or divestments.

The Health Insurance, HR and e-services division represented 44.5 percent of the Group's consolidated revenues from continuing activities, compared with 43.9 percent a year earlier.

EBITDA came to EUR8.4 million, up EUR3.9 million. Thus, the margin came to 15.5 percent compared to 8.9 percent a year earlier.

EBIT before special items came to EUR4.5 million, up EUR3.6 million. Thus, the margin came to 8.3 percent compared to 1.8 percent a year earlier.

This increase was among other attributable to RNP, the specialist in window dressing for French pharmacists; the Cegedim e-business electronic invoicing activity, and the Health Insurance activities.

-Healthcare Professionals

In the first quarter of 2015, the division's revenues amounted to EUR37.2 million, up 0.8 percent on a reported basis. The SoCall acquisition and currencies had positive impacts of respectively 0.1 percent and 6.3 percent. Like-for-like revenues were down 5.7 percent over the period.

The Healthcare Professionals division represented 30.7 percent of the Group's consolidated revenues from continuing activities, compared with 32.6 percent in the year-earlier period.

EBITDA came to EUR6.5 million, down EUR0.5 million. Thus, the margin came to 17.5 percent compared to 19.0 percent a year earlier.

EBIT before special items came to EUR3.7 million, down EUR0.9 million. Thus, the margin came to 9.9 percent compared to 12.3 percent a year earlier.

The decrease in EBITDA mainly reflects the impact of a temporary delay in billing UK physicians and the business environment for US physicians. This decrease was partially offset better profitability in the computerization of doctors in France and Spain, French and UK drug database operations and, lastly, the computerization of nurses and physical therapists in France.

-Cegelease

The division's first-quarter 2015 revenues came to EUR29.3 million, up 13.2 percent both on a reported basis and like for like. There were no acquisitions or divestments, and there was no currency impact.

The Cegelease division represented 24.1 percent of the Group's consolidated revenues from continuing activities, compared with 22.8 percent a year earlier.

EBITDA came to EUR3.8 million, down EUR0.1 million. Thus, the margin came to 12.8 percent compared to 15.2 percent a year earlier.

EBIT before special items came to EUR0.1 million, down EUR1.2 million. Thus, the margin came to 0.3 percent compared to 5.0 percent a year earlier.

This relative stability in EBITDA was mainly due to the increase in self-financed contracts. It should be noted that over the duration of the contract, self-financed contracts have a higher positive impact on margins than do resold contracts.

-Activities not allocated

The division's first-quarter 2015 revenues came to EUR0.8 million, relatively stable compared to the same period last year. Currencies had virtually no impact and there were no acquisitions or divestments.

The Activities not allocated represented 0.7 percent of the Group's consolidated revenues from continuing activities, about the same as a year earlier.

EBITDA came to a profit of EUR0.5 million, up EUR2.2 million. EBIT before special items was a virtually negligible loss, up EUR2.0 million.

This favorable EBITDA trend reflects cost-containment efforts.

-Activities held for sale ("CRM and Strategic Data" division)

In the first quarter of 2015, the division's revenues came to EUR104.1 million, up 11.8 percent on a reported basis. Currencies had a positive impact of 5.0 percent. There were no acquisitions or divestments. Like-for-like revenues increased 6.8 percent over the period.

EBITDA came to EUR8.5 million, up EUR4.1 million. Thus, the margin came to 8.2 percent compared to 4.7 percent a year earlier.

EBIT before special items came to EUR8.5 million, up EUR10.9 million. Thus, the margin came to 8.2 percent compared to (2.5) percent a year earlier.

Assets held for sale amounted to EUR690.9 million at the end of March 2015. This represented 55.3 percent of total assets.

Liabilities associated with assets held for sale amounted to EUR193.6 million at the end of March 2015. This represented 15.5 percent of Total Liabilities & Shareholders' Equity.

Financial resources

The consolidated total balance sheet amounted to EUR1,249.8 million at March 31, an 8.8 percent increase over December 31, 2014.

Goodwill on acquisition was EUR180.8 million at March 31, compared with EUR175.4 million at the end of 2014. This increase is chiefly attributable to the appreciation of some foreign currencies against the euro, mainly that of the US dollar and pound sterling, whose movements amounted to respectively EUR3.5 million and EUR2.2 million. Goodwill on acquisition represented 14.5 percent of the total balance sheet on March 31, compared to 15.3 percent in December 2014.

Cash and cash equivalents came to EUR18.8 million at March 31, down EUR25.2 million compared with December 31, 2014. This decline reflects the direct impact of interest payments on the bond maturing in 2020 and the reduced use of bank overdrafts.

Shareholders' equity increased by EUR88.8 million to EUR306.9 million at March 31, compared to EUR218.1 million at the end of 2014. This increase stems from the EUR81.8 million improvement in Group foreign exchange gains. Total shareholders' equity came to 19.0 percent of total assets at the end of December 2014, compared to 24.6 percent at the end of March 2015.

Net debt came to EUR519.5 million at the end of March 2015, up EUR15.3 million compared with the end of 2014. It should be noted that following the disposal of the CRM and Strategic Data division to IMS Health on April 1, pro forma net debt, adjusted for EUR396 million of proceeds, represents 37.5 percent of shareholders equity as of March 31.

Before the cost of net financial debt and taxes, operating cash flow was EUR24.3 million at the end of March 2015, an increase of EUR7.3 million compared with the end of December 2014.

1st quarter highlights

To the best of the company's knowledge, there were no events or changes during the period that would materially alter the Group's financial situation.

Significant post-closing transactions and events

-Disposal of the "CRM and Strategic Data" division to IMS Health

On April 1, Cegedim announced that it had completed the disposal of its CRM and Strategic Data division to IMS Health. The estimated selling price, determined in accordance with October 2014 agreements, amounts to EUR396 million. This estimated amount is subject to joint review on the basis of the accounts at March 31, to be prepared within 90 business days.

-S&P has upgraded Cegedim's rating to BB- with positive outlook

Following the announcement of the transaction, rating agency Standard and Poor's upgraded Cegedim's rating to BB-, with positive outlook, on April 13.

Apart from the items cited above, to the best of the company's knowledge, there were no post-closing events or changes that would materially alter the Group's financial situation.

Outlook

For 2015, Cegedim expects consolidated revenue from continuing activities to grow by 2.5 percent, like for like.

Cegedim is raising its growth rate outlook for consolidated EBIT from continuing activities before special items from 5.0 percent to 10.0 percent.

The Group does not anticipate any significant acquisitions for 2015 and does not disclose profit projections or estimates.

Cegedim is a technology and services company.

More information:

www.cegedim.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))

(c) 2015 ProQuest Information and Learning Company; All Rights Reserved., source Newspapers

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