RAMSAY GÉNÉRALE DE SANTÉ PRESS RELEASE |
Paris, 29 August 2017 |
Annual results at the end of June 2017 |
Strong performance despite a year of further price cuts
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According to Pascal Roché, Group Chief Executive Officer: " Against a backdrop of sharp price cuts, we managed to maintain our profit margin, reduce our debt and invest for the future. We are reaping the benefits of the implementation of our strategic plan: a slight increase in the number of patients (despite an unfavourable calendar), ongoing reorganisations, opening of new hospitals and digitisation of the treatment pathway. However, it is time for the new government to adopt a pricing policy that supports the role of private hospitals in France - a major role that complements that of public hospitals, both for the provision of quality care and investment, and for their social role. " The Board of Directors, meeting on 28 August, approved the consolidated financial statements for the year ended June 2017. The audit procedures have been completed and the audit report and its annexes are being issued. The accounts and reports will be made available to the public upon publication of the Company's activity report at the end of October 2017. |
In millions of euros | from 1 July 2016 to 30 June 2017 | Change | from 1 July 2015 to 30 June 2016 |
Turnover | 2 234.4 | +0.3% | 2 226.9 |
EBITDA | 265.9 | -1.4% | 269.8 |
Current operating profit | 132.5 | -4.7% | 139.0 |
As a % of turnover | 5.9% | -0.3 points | 6.2% |
Operating profit | 138.6 | +21.2% | 114.4 |
Net profit attributable to the Group | 57.0 | +54.5% | 36.9 |
Net earnings per share (in euros) | 0.75 | +53.1% | 0.49 |
In millions of euros - | from 1 July 2016 to 30 June 2017 | from 1 July 2015 to 30 June 2016 | Change |
Ile de France | 927.9 | 934.4 | -0.7% |
Auvergne Rhône Alpes | 340.3 | 342.5 | -0.6% |
Nord - Pas de Calais - Picardie | 358.9 | 299.1 | +20.0% |
Provence Alpes Côte d'Azur | 165.0 | 169.1 | -2.4% |
Bourgogne Franche Comté | 106.5 | 110.0 | -3.2% |
Other regions | 311.0 | 314.1 | -1.0% |
Other activities | 24.8 | 57.7 | -57.0% |
Published turnover | 2 234.4 | 2 226.9 | +0.3% |
Of which: - Organic | 2 161.3 | 2 192.3 | -1.4% |
Of which organic within France | 2 137.8 | 2 169.0 | -1.4% |
Of which organic within Italy | 23.5 | 23.3 | 0.9% |
- Changes in scope of consolidation | 73.1 | 34.6 | +111.3 |
The Group's consolidated turnover for the period ending 30 June 2017 was EUR 2,234.4 million, compared with EUR 2,226.9 million for the period 1 July 2015 to 30 June 2016. The increase of 0.3% was due to the inclusion in scope of the entities of the former HPM Group as of 1 January 2016, but it was also impacted by disposals of non-strategic assets made during the year.
On a like-for-like basis, turnover decreased by 1.4%.
At the end of June 2017, total activity (excluding emergencies) increased by 0.9% in volume terms. The breakdown by business segment is as follows:
+0.3% in Medicine-Surgery-Obstetrics
+1.8% sub-acute care and rehabilitation
+5.0% in mental health
Medicine-Surgery-Obstetrics (MSO) activity by hospitals within the same scope was down by 0.7% compared with the same period in 2015-2016 (with three fewer working days).
With regard to the public service tasks managed by the group, the number of emergencies increased strongly, up 7.1% over the past year with 551,000 cases registered by the emergency services of our facilities.
Results:Gross operating surplus for the year was EUR 265.9 million, down 1.4% on a reported basis. At constant scope and accounting methods, EBITDA was down 3.5% over the period. The EBITDA margin, relative to turnover, remained stable at around 12%.
Operating profit for the period 1 July 2016 to 30 June 2017 reached EUR 132.5 million (or 5.9% of sales), down 4.7% from EUR 139.0 million recorded for the period 1 July 2015 to 30 June 2016.
Other non-current income and expenses represents a net income of EUR 6.1 million for the period, mainly comprising costs of EUR 1.7 million related to mergers and restructuring, and income of EUR 7.8 million related to the management of the Group's property and financial assets. From 1 July 2015 to 30 June 2016, the amount of other non-current income and expenses represented a net expense of EUR 24.6 million.
At 30 June 2017, the net cost of borrowing amounted to EUR 39.8 million, compared with EUR 42.9 million the previous year. This consists mainly of interest on senior debt.
In total, Ramsay Générale de Santé recorded a net profit of EUR 57.0 million at end June 2017, compared with EUR 36.9 million for the period from 1 July 2015 to 30 June 2016.
Debt:Net financial debt at 30 June 2017 fell sharply to EUR 964.0 million compared with EUR 1,047.0 million at 30 June 2016, mainly due to the disposal of non-strategic assets and the assignment without recourse of its CICE for 2016.
As at 30 June 2017, the debt included in particular EUR 1,099.8 million in non-current borrowings and financial debt, EUR 53.4 million in current financial debt, and EUR 180.8 million in cash.
The detail of total exposure to interest rate risk of the financial debt (excluding interest rate hedging instruments) is as follows:
17.3% of the financial debt is tied to fixed rates;
82.7% of the financial debt is tied to floating rates;
Taking the interest rate hedging using swaps, the position with regard to interest rate risk is completely reversed, with:
91.5% of financial debt at a fixed rate; and
8.5% at a floating rate.
Ramsay Générale de Santé SA is listed on the Eurolist of Euronext Paris and is included in the Midcac index. Ramsay Générale de Santé is the leading Group in the private healthcare sector in France with 23,000 employees in 121 private clinics. The Group works with 6,000 practitioners, forming the leading independent medical community in France. A major player in hospitalisation, Ramsay Générale de Santé provides a comprehensive range of patient care services in three business segments: Medicine-Surgery-Obstetrics, sub- acute care and rehabilitation, and mental health. Ramsay Générale de Santé has developed a unique healthcare service, built around the quality and security of patient care and organisational efficiency. The Group takes a comprehensive approach to patient care, including personalised assistance and support before, during and after hospitalisation. Générale de Santé also participates in public service missions in its sector and helps to strengthen France's mainland healthcare network. |
ISIN and Euronext Paris code: FR0000044471 Website: www.ramsaygds.com |
Investor & Analyst Relations Press Relations Arnaud Jeudy Caroline Desaegher Tel. + 33 (0)1 53 23 14 75 Tél. +33 (0)1 53 23 12 62 a.jeudy@ramsaygds.fr c.desaeher@ramsaygds.fr |
A CONFERENCE CALL IN ENGLISH WILL BE HELD TODAY at 7.30 p.m. (Paris time) - Dial-in at the following numbers In France: +33 (0)1 76 77 22 61 In the UK: +44 (0)330 336 6025 In Australia: +61 (0)2 8524 5352 Access code: 465602 |
Glossary Constant scope of consolidation
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Ramsay Générale de Santé SA published this content on 29 August 2017 and is solely responsible for the information contained herein.
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