Ramsay Sante : Annual Results at the end of June 2023
PRESS RELEASE
Paris,
18th October 2023
Annual results at the end of June
2023
Group revenue increased by 9.3% to €4.7bn
supported by positive activity volume growth in all geographies and
recent acquisitions in the Nordic countries. Revenue growth on a
like-for-like basis of 7.0%.
Group EBITDA decreased by 5.6% to
€621.4m, impacted by lower subsidies, high salary and procurement
inflation and staff shortage challenges.
Group share of net result after tax of
€49.4m or 1.1% of revenue more than halved compared to the prior
year of €118.4m from lower operating result and increased cost of
debt.
Cost control measures reinforced to
address current economic headwinds impacting the sector, to pursue
our “Yes We Care 2025” strategy implementing global patient
pathways, and to maintain our leadership as a European integrated
care provider.
Slight reduction of the net debt to
€3,670m including IFRS16 liabilities, from working capital
improvement linked to collection of past subsidies.
The company became a mission-driven
company at the AGM on 8 December 2022, and appointments of the
members of its mission committee were approved by the Board on 20
June 2023.
- Ramsay Santé has
maintained its actions to participate in the support of the French
and Nordic countries healthcare systems and to complement public
hospital capacity to cope with demand pressures.
- Continued
commitment to enhancing care accessibility through out-of-hospital
services (primary care, imaging, specialised care consultations,
home care) supported a return to activity growth overall with a
4.4% increase in patient admissions in our hospital facilities and
1.6 million additional patient consultations in our Nordic primary
care centres over the previous year.
- Activity levels
in France and the Nordics have been solid. Annual revenue amounted
to €4,701.5m, up 9.3% on a reported basis, and +7.0% on a
like-for-like basis. France revenue has grown by 6.8% supported by
a 4.0% increase in admissions volumes, higher tariffs applicable
since 1st March 2023 and additional medical purchases rechargeable
revenue. This is despite 3 fewer business days this financial year
compared to the previous one. Nordic countries revenue grew by
15.2% (+7.8% on a like-for-like basis) supported by an additional
€202m contribution from recent acquisitions including GHP and was
mainly realised in the proximity care and specialist care
activities in both Sweden and Denmark.
- The group
consolidated EBITDA decreased by 5.6% or €37m to €621.4m (last year
€658.4m) with a margin of 13.2% (last year 15.3%), mainly due to
the €89m decrease of Covid-related government subsidies and of the
French revenue guarantee, partly offset by further cost control
actions.
- Cost of net
financial debt increased by €23.6m or 19.1% reflecting higher
funding costs and including a €3.0m increase in IFRS16 lease debt
interest expense.
- Net profit for
the Group share dropped to €49.4m or 1.1% of revenue (last year
€118.4m or 2.8% of revenue), impacted by lower operational margins
and reflecting increased funding costs. It includes a non-recurring
€31.0m (€24.2m net of tax) capital gain for the sale of land
adjacent to one of our facilities in Norway as part of transactions
restructuring the real estate of this site.
- Ramsay Santé has
continued to invest in initiatives enabling its “Yes We Care 2025”
strategy in addition to recurring investment on maintenance,
optimisation and facilities portfolio improvement, resulting in
total capital expenditure for the year of €165.1m net of proceeds
from disposals, slightly below last year.
- Net cash flow
from operating activities of €598.9m versus €262.5m last year
reflects the effort on working capital management and the
collection during the period of Covid-related subsidies recognised
in the prior year.
- Net financial
debt as at 30 June 2023 amounted to €3,670.0m, including €2,141.5m
of IFRS16 lease liabilities. During the first semester of this
fiscal year, Ramsay Santé successfully issued a new Fiducie tranche
for €150m.
- Ramsay Santé has
become a mission-driven company, making access to care for all
patients a central part of its business model. This decision
reflects its firm resolve to place the public interest at the heart
of all its day-to-day actions.
- The Group aims
to make this mission a lever for action in the face of the
accelerating pace of all the challenges currently affecting
healthcare. Alongside its purpose added to the Group's by-laws
("Improve health through constant innovation"), four social and
environmental objectives will guide the implementation of its
policies and innovation, objectives whose implementation will be
followed by the Mission Committee that has been set up.
Pascal Roché, CEO of Ramsay Santé says:
“As a mission-driven company since December
2022, Ramsay Santé demonstrates and reaffirms the core identity of
the organisation to cater for the healthcare needs of the general
population as a whole. This mission seals the company’s commitment
to orchestrate safer and simpler care pathways, from prevention to
follow-up. The group has continued its development in accordance
with this goal by caring for nearly 12 million patients in 2022-23
in our various countries and activities. We are now more than ever
caring for all patients with any pathology, offering physical and
digital solutions, and operating in full complementarity with all
the other care professionals. The transfer of best practices and
innovation in healthcare between countries enables the continuous
implementation of our differentiating strategy as a global
healthcare operator and healthcare pathways coordinator, which is
positive for our patients, our payors, and the organisation.With
respect to financial results, revenue growth of 9.3% was primarily
driven organically, the operating margin - EBITDA - was down to
13.2% vs 15.3% last year, in a context of high inflation, lower
subsidies, and despite the initiation of cost control
measures.”
The Board of Directors approved the consolidated
accounts as of the end of June 2023 at its meeting held on 18th
October 2023. 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. In line with its position in
recent years, the Board of Directors meeting on October 18, 2023
unanimously decided not to propose a dividend payment for the year
ending June 30, 2023 to the next Annual General Meeting of
Shareholders.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 2023.
Summary of results
|
P&L – in € millions |
From 1 July 2022 to30 June
2023 |
From 1 July 2021 to30 June
2022 |
Variation |
|
Revenue |
4,701.5 |
4,301.0 |
+9.3% |
|
EBITDA |
621.4 |
658.4 |
-5.6% |
|
As a % of revenue |
+13.2% |
+15.3% |
-2.1 pts |
|
Current Operating Result |
218.2 |
281.1 |
-22.4% |
|
As a % of revenue |
+4.6% |
+6.5% |
-1.9 pts |
|
Operating Profit |
240.4 |
291.3 |
-17.5% |
|
As a % of revenue |
+5.1% |
+6.8% |
-1.7 pts |
|
Net income, Group Share |
49.4 |
118.4 |
-58.3% |
|
Earnings per share (in €) |
0.45 |
1.07 |
-57.9% |
|
Net Financial Debt – in € millions |
From 1 July 2022 to30 June
2023 |
From 1 July 2021 to30 June
2022 |
|
Non-current financial liabilities |
1,893.8 |
1,763.6 |
|
Non-current lease liability |
1,928.0 |
1,922.3 |
|
Current lease liability |
213.5 |
196.0 |
|
Current financial liabilities |
58.8 |
35.4 |
|
(Cash and cash equivalents) |
(352.2) |
(132.5) |
|
Other financial (assets) & liabilities |
(71.9) |
(74.9) |
|
Net financial debt |
3,670.0 |
3,709.9 |
|
Cash Flow Statement – in € millions |
From 1 July 2022 to30 June
2023 |
From 1 July 2021 to30 June
2022 |
|
EBITDA |
621.4 |
658.4 |
|
Change in working capital requirements |
53.5 |
(337.9) |
|
Net cash flow from operating activities |
598.9 |
262.5 |
|
Net cash flow from/(used in) investing activities |
(175.4) |
(471.1) |
|
Net cash flow from/(used in) financing activities |
(197.1) |
(264.2) |
|
Change in net cash position |
226.4 |
(472.8) |
|
Closing cash and cash equivalents |
352.2 |
132.5 |
Breakdown of revenue by operating segment
|
In € million |
From 1 July 2022 to30 June
2023 |
From 1 July 2021 to30 June
2022 |
Variation |
|
Île-de-France |
1,127.7 |
1,057.9 |
+6.6% |
|
Auvergne-Rhône-Alpes |
633.1 |
579.6 |
+9.2% |
|
Hauts de France |
413.2 |
393.4 |
+5.0% |
|
Occitanie |
287.3 |
271.6 |
+5.8% |
|
Other regions |
746.2 |
701.0 |
+6.4% |
|
Nordic countries |
1,494.0 |
1,297.4 |
+15.2% |
|
Reported Revenue |
4,701.5 |
4,301.0 |
+9.3% |
Note: The table above details the contributions of the various
operating segments to the Group's consolidated revenue.
Changes in reported revenue from the
financial year ended 30 June 2022 to the financial year
ended 30 June 2023.
|
Reported revenue30 June 2022 |
Changes in FX rates |
Acquisitions and disposals |
Organic growth |
Reported revenue30 June 2023 |
Variation |
|
In € millions |
|
4.301.0 |
(106.7) |
205.8 |
301.4 |
4.701.5 |
400.5 |
|
|
(2.5)% |
4.8% |
7.0% |
|
+9.3% |
Significant events of the financial year:
France
Ramsay Santé's hospitals in France continued to
operate under the French Government's revenue guarantee
arrangements, which supported the business for the use of its
facilities and services during the Covid pandemic and helped
compensate its negative effects on activity. The structure of the
arrangements up until 31 December 2022 were similar to prior
periods, however the decree covering the calendar year 2022
excluded mental health services now reimbursed under a bundled
payment structure. The French Government prolonged its support to
the industry through a modified revenue guarantee scheme for the
calendar year up to 31 December 2023. This new guarantee amounts to
70% of the 2022 guarantee (tariff adjusted) plus 30% of the period
billings.
The amount of the revenue guarantee recognised
by the Group for the year ending 30 June 2023 amounts to €89
million (€99 million for the previous year) and was reported as
“Other operating income”.
Furthermore, compensation grants for additional
costs related to COVID were recognised for €24.6 million (€89.8
million for the previous financial year) as “Other operating
income”. Given the time lag between when costs are
incurred by facilities and the notification by the Regional Health
Authorities of the corresponding subsidies, all of those
compensation subsidies reported during the period (€27.5 million in
the previous year) correspond to financing for additional costs
incurred during the previous financial year, a situation similar to
that of last year.
In addition to those Covid-related subsidies,
specific grants totalling of €45m were extended to the French
facilities to fund inflation that had not been sized in the
applicable 2022 tariffs, as well as national healthcare staff
salary increases applicable from 1st July 2022.
The group continued its expansion in its core
strategic development areas:
-
On 1st March 2023, the Ange Gardien mental health clinic re-opened
its doors following an extensive redevelopment of the facility and
merger with the neighbouring Perreuse clinic into a single expanded
modern site. The 232 beds and 15 day places will significantly
enhance the mental health services proposed to the greater eastern
Ile-de-France region.
-
Two primary care centres opened their doors in late 2022 in France
and the Haussmann medical centre in central Paris joined the Ramsay
Santé network in January 2023.
Nordics countries
The positive development trend in adding listed
patients into our Proximity care business has continued in both
Sweden and Denmark through a dedicated work to improve both
availability and attractivity in our facilities, whereas Norway is
concentrating on the integration of the bolt-on acquisitions
completed during the prior year. Patient demand in our Specialist
care facilities in all countries has been increasing. The
integration the GHP business acquired in May 2022 is progressing
according to plan and synergies have been realised as expected to
date. Finally, Capio has started operating two new
geriatrics care contracts in Stockholm on 1st May 2023 representing
an annual turnover of approximately €50m, and St Göran has opened
its new maternity ward in Stockholm on 1st April 2023.
Scope of consolidation
Ramsay Santé completed 2 small bolt-on
acquisitions in Scandinavia during the year, complementing and
expanding the scope of the Group's services. Together with the
Haussmann medical centre which joined the primary care network in
France, these acquisitions represented a total net investment of €7
million.
Comments on the annual
accounts
Activity and revenue:
Activity and revenue in France and the Nordic
countries have grown across the board reflecting sustained patient
demand and the capacity of the group’s facilities to provide more
care services despite staffing challenges from competition for
nursing staff in Europe. Ramsay Santé Group reported a
consolidated revenue of €4,701.5m for the financial year ended 30
June 2023, up 9.3% on a reported basis. Adjusted for changes in the
consolidation scope and at constant currency exchange rates,
revenue for the year ended 30 June 2023 was up with a solid 7.0%
organic sales growth.
France revenue has grown by 6.8% supported by an
increase in volumes and in revenue medical purchases rechargeable
revenue, despite 3 fewer business days this year compared to FY22
and the continuing shift towards a greater ambulatory care mix.
France total admissions in our hospitals rose by
4.0% with volumes growth on all business lines, extending and
confirming the post-Covid positive dynamics from late FY22, after a
slow start in FY23:
- +3.0% in MSO (medicine, surgery and
obstetrics)
- +11.4% in FCR (follow-up care and
rehabilitation)
- +5.3% in mental health
Our French facilities managed approximately
720,000 emergency presentations this year, confirming their
important role in delivering on public service missions.
Nordic countries revenue grew by 15.2% supported
by acquisitions made in FY22 which contributed €202m of additional
revenue, including GHP. Organic revenue growth in the Nordic
countries for the year ending 30 June 2023 was +7.8% on a
like-for-like basis from continued positive revenue growth in the
proximity care and specialist care activities in both Sweden and
Denmark, together with the contribution of new contracts. Foreign
exchange fluctuation has negatively impacted revenue by
€106.7m.
Patient admissions in our Nordic countries
hospital facilities increased by 9.7% and the organic growth of
patients listed in our proximity care centres was 3.5%.
Results:
EBITDA reached €621.4m for the financial year
ending 30 June 2023, down €37m or 5.6% on prior year on a reported
basis.
The Group's EBITDA as at 30 June 2023 includes
€88.9m (last year €99.1m) related to the revenue guarantee
described in the paragraph “Significant events of the financial
year” above, as well as cost compensations for Covid surcharges in
France and Sweden of €33.2m (last year €111.7m). Those
Covid-related grants tapered off from levels received in prior
years as the Covid pandemic intensity greatly abated over the
course of the financial year.
EBITDA and margins were also driven down by
inflationary pressures sustained from the impact of the effort made
on the compensations and benefits made to our medical staff as well
as overall operating expenditure price increases, in particular on
energy and outsourced services. Ramsay Santé received funding from
the French government which only partially covered procurement and
wages inflation through €45m dedicated grants then followed by
tariff increases from 1 March 2023. A similar pattern occurred in
the Nordic countries where cost inflation outstripped the price
revisions obtained from the different payors.
EBITDA has a benefited from organic growth
contribution on margins and from more stability in volumes growth
over the year allowing for a greater focus on operational
efficiency.
Cost control measures were initiated to adapt
activities to the current inflation environment and resources
allocation are also revisited as a consequence.
Underlying current operating profit amounted to
€218.2m for the financial year ended 30 June 2023 (or 4.6% of
revenue), down 22.4% on the previous year.
Other non-current income and expenses represent
a net income of €22.2m for the year ending 30 June 2023 (last year
€10.2m), consisting mainly of a €31.0m profit on the sale of a
property adjacent to a hospital in Norway that is to be
redeveloped.
The cost of net financial debt amounted to
€147.1m for the year ending 30 June 2023, compared with €123.5
million the previous year, driven by higher funding costs. The
impact of financial instruments recorded in P&L was a €5.5m
income (€22.5m income last year), contributing to a further €17.0m
increase in the net interest expense on the prior year. In
accordance with IFRS 16, the Group recorded a financial interest
expense of €75.3m related to lease debt (€72.3m the previous
year).
The Group’s share of net income for the year
ended 30 June 2023 amounted to €49.4m, or 1.1% of revenue, compared
with €118.4m last year.
Impact from IFRS16 Lease:
Reported EBITDA of €621.4m in accordance with
IFRS16 excludes contracted lease expenses for €239.8m which are
instead recorded as amortisation of the right-of-use asset and
interest on the lease debt as outlined in the table
below. The increase in the lease accounting impact on
the prior year primarily came from the full-year contribution of
FY22 acquisitions, as well as the effect of contractual price
revisions.
|
EUR millions |
|
30 June 2023 |
|
30 June 2022 |
|
Δ |
|
IFRS16 |
Impact |
Pre-IFRS16 |
IFRS16 |
Impact |
Pre-IFRS16 |
Impact |
|
EBITDA |
|
621.4 |
239.8 |
381.6 |
|
658.4 |
219.1 |
439.3 |
|
20.7 |
|
Depreciation & amortisation |
(403.2) |
(192.3) |
(210.9) |
(377.3) |
(175.4) |
(201.9) |
(16.9) |
|
EBIT before non-current items |
218.2 |
47.5 |
170.7 |
281.1 |
43.7 |
237.4 |
3.8 |
|
Net interest expense |
(152.7) |
(72.7) |
(80.0) |
(106.1) |
(69.4) |
(36.7) |
(3.3) |
|
Net profit after tax |
63.9 |
(18.9) |
82.8 |
127.8 |
(19.1) |
146.9 |
0.2 |
Cash-flow and financing:
Net financial debt on 30 June 2023 was €3,670.0m
compared with €3,709.9m on 30 June 2022. Net debt includes
€1,893.8m in non-current borrowings and €58.8m in current
borrowings, offset by €352.2m in cash and cash equivalents.
The application of IFRS 16 to leases contributed
€2,141.5m to net financial debt at 30 June 2023, of which €1,928.0m
was non-current lease debt and €213.5m was current lease debt.
Net cash increased by €219.7m over the period
with a €186m contribution from increased borrowings. The cash flow
from operating activities benefited from a favourable working
capital variation encompassing the collection of subsidies
recognised in the prior year.
Total capital expenditure for the year of
€165.1m was slightly below last year’s €175.4m and included
maintenance and optimisation, as well as improvement on our
portfolio of clinics. This covers the 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 to acquire new equipment such as surgical robots for
our French clinics.
During the first half of this fiscal year,
Ramsay Santé carried out a new tranche of Fiducie debt for a total
financing amount of €150m, diversifying its funding sources and
maturity profiles, as well as aligning it with the sustainable
development strategy of the group through an indexation to ESG
criteria.
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 350 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, or like-for-like comparison
- 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
2023
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
|
(In millions of euros) |
From 1 July 2022 to 30 June
2023 |
From 1 July 2021 to 30 June
2022 |
|
REVENUE |
4,701.5 |
4,301.0 |
|
Personnel expenses and profit sharing |
(2,498.8) |
(2,244.1) |
|
Purchased consumables |
(978.8) |
(890.7) |
|
Other operating income and expenses |
(377.1) |
(293.6) |
|
Taxes and duties |
(139.2) |
(129.6) |
|
Rent |
(86.2) |
(84.6) |
|
EBITDA |
621.4 |
658.4 |
|
Depreciation and amortisation |
(403.2) |
(377.3) |
|
Current operating profit |
218.2 |
281.1 |
|
Restructuring costs |
(12.7) |
7.3 |
|
Result of the management of real estate and financial assets |
34.9 |
2.9 |
|
Other non-current income and expenses |
22.2 |
10.2 |
|
Operating profit |
240.4 |
291.3 |
|
Cost of gross financial debt |
(81.1) |
(51.8) |
|
Income from cash and cash equivalents |
9.3 |
0.6 |
|
Financial interests related to the lease liabilities (IFRS16) |
(75.3) |
(72.3) |
|
Cost of net financial debt |
(147.1) |
(123.5) |
|
Other financial income |
6.6 |
23.1 |
|
Other financial expenses |
(12.2) |
(5.7) |
|
Other financial income and expenses |
(5.6) |
17.4 |
|
Corporate income tax |
(23.8) |
(57.3) |
|
Share of net result of associates |
-- |
(0.1) |
|
CONSOLIDATED NET PROFIT |
63.9 |
127.8 |
|
Income and expenses recognised directly in equity |
|
|
|
- Foreign exchange translation differences |
(60.2) |
(25.7) |
|
- Actuarial gains and losses relating to post-employment
benefits |
28.1 |
53.9 |
|
- Change in fair value of hedging instruments |
15.8 |
7.8 |
|
- Other |
0.2 |
-- |
|
- Income tax effects on other comprehensive income |
0.2 |
(14.3) |
|
Results recognised directly in equity |
(15.9) |
21.7 |
|
TOTAL COMPREHENSIVE INCOME |
48.0 |
149.5 |
|
RESULT ATTRIBUTABLE TO (in millions of euros) |
From 1 July 2022 to 30 June
2023 |
From 1 July 2021 to 30 June
2022 |
|
- Net income, Group share |
49.4 |
118.4 |
|
- Non-controlling interests |
14.5 |
9.4 |
|
NET INCOME |
63.9 |
127.8 |
|
NET EARNINGS PER SHARE (in euros) |
0.45 |
1.07 |
|
DILUTED NET EARNINGS PER SHARE (in euros) |
0.45 |
1.07 |
|
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO (In millions of
euros) |
From 1 July 2022 to 30 June
2023 |
From 1 July 2021 to 30 June
2022 |
|
- Comprehensive income, Group share |
33.5 |
140.1 |
|
- Non-controlling interests |
14.5 |
9.4 |
|
TOTAL COMPREHENSIVE INCOME |
48.0 |
149.5 |
|
CONSOLIDATED BALANCE SHEET - ASSETS |
|
(In millions of euros) |
30-06-2023 |
30-06-2022 |
|
Goodwill |
2,062.7 |
2,065.1 |
|
Other intangible assets |
213.8 |
244.7 |
|
Property, plant and equipment |
991.2 |
950.2 |
|
Right of use (IFRS16) |
2,047.1 |
2,058.2 |
|
Investments in associates |
0.2 |
0.2 |
|
Other non-current financial assets |
170.2 |
119.4 |
|
Deferred tax assets |
106.4 |
94.7 |
|
NON-CURRENT ASSETS |
5,591.6 |
5,532.5 |
|
Inventories |
118.2 |
111.2 |
|
Trade and other operating receivables |
538.6 |
422.0 |
|
Other current assets |
329.0 |
574.0 |
|
Current tax assets |
17.5 |
4.7 |
|
Current financial assets |
10.7 |
11.0 |
|
Cash and cash equivalents |
352.2 |
132.5 |
|
CURRENT ASSETS |
1,366.2 |
1,255.4 |
|
TOTAL ASSETS |
6,957.8 |
6,787.9 |
|
CONSOLIDATED BALANCE SHEET – LIABILITIES AND
EQUITY |
|
(In millions of euros) |
30-06-2023 |
30-06-2022 |
|
Share capital |
82.7 |
82.7 |
|
Share premium |
611.2 |
611.2 |
|
Consolidated reserves |
502.6 |
400.1 |
|
Net income. Group share |
49.4 |
118.4 |
|
Equity. group share |
1,245.9 |
1,212.4 |
|
Non-controlling interests |
31.0 |
26.3 |
|
TOTAL EQUITY |
1,276.9 |
1,238.7 |
|
Borrowings and financial debt |
1,893.8 |
1,763.6 |
|
Debt on commitment to purchase minority interests |
46.3 |
48.9 |
|
Non-current lease liability (IFRS16) |
1,928.0 |
1,922.3 |
|
Provisions for post-employment benefits |
105.4 |
115.7 |
|
Non-current provisions |
155.3 |
164.7 |
|
Other non-current liabilities |
6.7 |
8.9 |
|
Deferred tax liabilities |
52.8 |
39.7 |
|
NON-CURRENT LIABILITIES |
4,188.3 |
4,063.8 |
|
Current provisions |
39.9 |
48.4 |
|
Trade and other accounts payable |
471.9 |
410.8 |
|
Other current liabilities |
699.6 |
775.6 |
|
Current tax liabilities |
1.6 |
19.2 |
|
Current financial debts |
58.8 |
35.4 |
|
Debt on commitment to purchase minority interests |
7.3 |
-- |
|
Current lease liability (IFRS16) |
213.5 |
196.0 |
|
CURRENT LIABILITIES |
1,492.6 |
1,485.4 |
|
TOTAL EQUITY AND LIABILITIES |
6,957.8 |
6,787.9 |
|
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 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 |
|
Capital increase (after deduction of issue costs net of tax) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stock options and free shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year result to be allocated |
-- |
-- |
118.4 |
-- |
(118.4) |
-- |
-- |
-- |
|
Dividend distribution |
-- |
-- |
-- |
-- |
-- |
-- |
(10.9) |
(10.9) |
|
Change in scope of consolidation |
-- |
-- |
-- |
-- |
-- |
-- |
1.1 |
1.1 |
|
Total comprehensive income for the year |
-- |
-- |
-- |
(15.9) |
49.4 |
33.5 |
14.5 |
48.0 |
|
Equity at 30 June 2023 |
82.7 |
611.2 |
566.2 |
(63.6) |
49.4 |
1,245.9 |
31.0 |
1,276.9 |
|
STATEMENT OF INCOME AND EXPENSES RECOGNISED DIRECTLY IN
EQUITY |
|
(In millions of euros) |
30-06-2021 |
Income and expenses from1 July 2021
to30 June 2022 |
30-06-2022 |
Income and expenses from1 July 2022
to30 June 2023 |
30-06-2023 |
| Foreign
exchange translation differences |
14.7 |
(25.8) |
(11.1) |
(49.7) |
(60.8) |
| Actuarial
gains and losses on post-employment benefits |
(71.9) |
41.7 |
(30.2) |
21.9 |
(8.3) |
| Fair value of
hedging instruments |
(14.8) |
5.8 |
(9.0) |
11.7 |
2.7 |
|
Other |
0.6 |
-- |
0.6 |
0.2 |
0.8 |
|
Income and expenses recognised directly in
equity |
(71.4) |
21.7 |
(49.7) |
(15.9) |
(65.6) |
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
|
(In millions of euros) |
From 1 July 2022 to 30 June 2023 |
From 1 July 2021 to 30 June 2022 |
|
Net result of the consolidated group |
63.9 |
127.8 |
|
Depreciation and amortisation |
403.2 |
377.3 |
|
Other non-current income and expenses |
(22.2) |
(10.2) |
|
Share of net result of associates |
-- |
0.1 |
|
Other financial income and expenses |
5.6 |
(17.4) |
|
Financial interest related to the lease liability (IFRS16) |
75.3 |
72.3 |
|
Cost of net financial debt excluding financial interest related to
lease liability |
71.8 |
51.2 |
|
Income tax |
23.8 |
57.3 |
|
EBITDA |
621.4 |
658.4 |
|
Non-cash items relating to recognition and reversal of provisions
(non-cash transactions) |
(19.2) |
3.4 |
|
Other non-current income and expenses paid |
4.9 |
(10.6) |
|
Change in other non-current assets and liabilities |
(27.7) |
(9.1) |
|
Cash flow from operations before cost of net financial debt
and tax |
579.4 |
642.1 |
|
Income tax paid |
(34.0) |
(41.7) |
|
Change in working capital requirements |
53.5 |
(337.9) |
|
NET CASH FLOWS FROM OPERATING ACTIVITIES: (A) |
598.9 |
262.5 |
|
Investment in tangible and intangible assets |
(172.2) |
(193.6) |
|
Disposal of tangible and intangible assets |
7.1 |
18.2 |
|
Acquisition of entities |
(12.7) |
(297.4) |
|
Disposal of entities |
1.3 |
1.0 |
|
Dividends received from non-consolidated companies |
1.1 |
0.7 |
|
NET CASH USED IN INVESTING ACTIVITIES: (B) |
(175.4) |
(471.1) |
|
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) |
(10.9) |
(12.2) |
|
Interest paid: (d) |
(81.1) |
(51.8) |
|
Financial income received and other financial expenses paid:
(e) |
3.0 |
(1.8) |
|
Financial interest related to lease liability (IFRS16): (f) |
(75.3) |
(72.3) |
|
Debt issue costs: (g) |
-- |
(1.1) |
|
Cash flow before change in borrowings: (h)
= (A+B+a+b+c+d+e+f+g) |
259.7 |
(347.8) |
|
Increase in borrowings: (i) |
200.8 |
200.0 |
|
Repayment of borrowings: (j) |
(14.8) ⁽¹⁾ |
(112.4) |
|
Decrease in lease liability (IFRS16): (k) |
(219.3) |
(212.6) |
|
NET CASH USED IN FINANCING ACTIVITIES: (C) = a + b + c + d
+ e + f + h + i + j + k |
(197.1) |
(264.2) |
|
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS: ( A +
B + C ) |
226.4 |
(472.8) |
|
Foreign exchange translation differences on cash and cash
equivalents held |
(6.7) |
(3.1) |
|
Cash and cash equivalents at beginning of year |
132.5 |
608.4 |
|
Cash and cash equivalents at end of year |
352.2 |
132.5 |
|
Net indebtedness at beginning of year |
3,709.9 |
3,230.5 |
|
Cash flow before change in borrowings: (h) |
(259.7) |
347.8 |
|
Capitalisation of loan issue costs |
1.9 |
0.8 |
|
Fair value of financial hedging instruments |
(15.8) |
(22.4) |
|
Changes in scope of consolidation and other |
(59.7) |
(28.8) |
|
Lease liability (IFRS16) |
293.4 |
182.0 |
|
Net indebtedness at end of year |
3,670.0 |
3,709.9 |
⁽¹⁾ This item includes the repayment of
borrowings (- €36.4m) net of financial receivables (+21,6 M€).
- Ramsay Santé - Final annual results at end of June 2023
Ramsay Generale De Sante (LSE:0OD6)
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から 1 2024 まで 1 2025
