- Revenue up 3.2% and EBIT before special
items up 9.4%
- Net debt down by €339 million
- Investments in the Group’s cloud-based
offerings
Quarterly Financial Information as of June 30, 2015IFRS -
Regulated Information - Audited
Regulatory News:
Cegedim, an innovative technology and services company,
generated consolidated first half 2015 revenues from continuing
activities of €246.1 million, up 1.1% like for like and 3.2% on a
reported basis compared with the same period in 2014. All Group
divisions contributed to the reported increase.
EBITDA amounted to €40.3 million, up 10.4% compared with a year
earlier. This EBITDA trend was attributable to the improvement at
Health Insurance, HR and e-services, Cegelease and at the
Activities not allocated division. The EBITDA margin increased by
107 basis points from 15.3% for the first six months of 2014 to
16.4% for the first six months of 2015.
EBIT before special items amounted to €19.2 million, up 9.4%
compared with a year earlier. Thus, the EBIT margin before special
items increased from 7.3% for the first six months of 2014 to 7.8%
for the first six months of 2015.
Net financial debt fell by €338.5 million to €165.7 million
mainly as a result of the divestment of its CRM and Strategic Data
division to IMS Health for €396 million in cash(1) on April 1. As a
result of the transaction, rating agency Standard and Poor’s
upgraded Cegedim’s rating to BB-, with positive outlook.
As announced previously, the Group is expanding its
international scope via targeted acquisitions. For example, on July
20, Cegedim strengthened its presence in software publishing for
health and personal insurance in new countries with the acquisition
of Activus in the UK.
The Group is preparing for its future by investing significantly
in transitioning its offerings to cloud format, which will
negatively affect revenues and profitability in the short term.
Longer term, Cegedim will benefit from greater customer loyalty and
a positive impact on profitability. At the same time, the Group is
actively managing its debt.
Following the divestment of its CRM and Strategic Data division,
the activities seasonality decreased. However it should be noted
that the June 30, 2014 EBITDA represented 42% of the full-year
EBITDA.
Cegedim reiterates its target of 2015 like-for-like revenue
growth of 2.5% for continuing activities, and a 10.0% increase in
EBIT before special items.
(1) This estimated amount is subject to joint review over a
period of 180 business days starting March 31, 2015.
- Simplified income statement
HY
2015 HY 2014
Δ
€M % €M %
Revenue
246.1 100% 238.6
100% +3.2% EBITDA 40.3 16.4% 36.5
15.3% +10.4% Depreciation (21.2) ─ (19.0) ─ +11.3%
Operating income before special items 19.2
7.8% 17.5 7.3%
+9.4% Special items (4.2) ─ (1.3) ─ +211.1%
Operating
income 15.0 6.1% 16.2
6.8% (7.3)% Cost of net financial debt
(23.3) ─ (24.9) ─ (6.5)% Tax expenses (2.2) ─ (2.0) ─ +14.6%
Consolidated profit from continuing activities
(9.5) (3.9)% (9.8)
(4.1)% (2.8)%
Net earnings from activities sold (2)
33.7 (7.6) _ n.m.
Consolidated profit (loss) Group Share 24.2 9.8%
(17.4) (7.3)% n.m.
In the first half of 2015, Cegedim generated consolidated
revenues from continuing activities of €246.1 million, up 3.2% on a
reported basis and 1.1% like for like compared with the same period
in 2014. Acquisitions and divestments had virtually no effect, and
currencies had a positive impact of 2.1%. Group revenues, including
the Q1 revenues of the activities sold on April 1, 2015, came to
€347.8 million, down 18.9% on a reported basis and up 2.1% like for
like compared with the year-earlier period.
The decline in like-for-like revenues at the Healthcare
Professionals division was more than offset by growth at the Health
Insurance, HR and e-services and Cegelease divisions.
EBITDA increased by €3.8 million or 10.4% to €40.3 million; the
margin increased from 15.3% for the first six months of 2014 to
16.4% for the first six months of 2015. This EBITDA trend was
attributable to drops at the Healthcare professionals divisions
being more than offset by EBITDA improvements at the Health
Insurance, HR and e- services; Cegelease and at the Activities not
allocated.
Depreciation increased by €2.2 million from €19.0 million in the
first half of 2014 to €21.2 million in the first half of 2015.
Special items at the end of June 2015 amounted to a charge of €4.2
million, compared with a charge of €1.3 million one year earlier.
Most of these charges are linked to reorganizational costs tied to
the computerization of doctors in the UK and fees related to the
sale of the CRM and Strategic Data division to IMS Health.
EBIT before special items increased by 1.6 million or 9.4%, to
€19.2 million with an increase in margin from 7.3% in the first
half of 2014 to 7.8% to the first half of 2015.
The cost of financial debt decreased by €1.6 million, from €24.9
million at end of June 2014 to €23.3 million at end of June 2015.
This decrease reflects the gain on financial investments and the
positive impact of the restructuring of bond debt in 2014 and
2015.
Tax expense remained virtually stable climbing from a charge of
€2.0 million at the end of June 2014 to a charge of €2.2 million at
the end of June 2015.
Thus the consolidated net profit from continuing activities
amounted to a loss of €9.5 million at the end of June 2015,
compared with a €9.8 million loss a year earlier. The loss per
share from continuing activities before special items was €0.4 at
the end of June 2015, compared with a €0.6 loss at the end of June
2014. The consolidated net profit attributable to the Group
amounted to a profit of €24.2 million at the end of June 2015
compared to a €17.4 million loss at the end of June 2014. This
profit came from the adjustment of the result on disposal (see note
13 of the consolidated financial statements).
(2) “Activities sold” on April 1, 2015, called “Activities held
for sale” in 2014 and Q1 2015.
Analysis of business trends by division
Revenue
EBIT from recurring operations EBITDA in € million
2nd Quarter 2nd Quarter 2nd Quarter 2015 2014 2015
2014 2015 2014 Health Insurance, HR and e-services
57.5 56.8 7.2 8.6 11.2 12.5 Healthcare
professionals 39.4 37.6 3.2 5.7 5.9 8.2 Cegelease 26.8 30.0 1.6 0.7
4.3 4.1 Activities not allocated 1.1 0.8 (1.0) (2.2) (0.2) (1.9)
Cegedim 124.8 125.2 11.0
12.9 21.2 22.9
Revenue EBIT from recurring
operations EBITDA in € million H1 H1 H1 2015
2014 2015 2014 2015 2014 Health Insurance, HR
and e-services 111.5 106.6 11.6 9.5 19.6 16.9
Healthcare professionals 76.5 74.5 6.9 10.3 12.5 15.2 Cegelease
56.1 55.8 1.7 2.0 8.1 8.1 Activities not allocated 1.9 1.6 (1.1)
(4.2) 0.2 (3.6)
Cegedim 246.1 238.6
19.2 17.5 40.3 36.5
- Health Insurance, HR and
e-services
In the first half of 2015, division revenues came to €111.5
million, up 4.6% on a reported basis and like for like. Currencies
had virtually no impact, and there were no acquisitions or
divestments.
The Health Insurance, HR and e-services division represented
45.3% of consolidated revenues from continuing activities, compared
with 44.7% during the same period a year earlier.
EBITDA came to €19.6 million, up €2.6 million or 15.6%. The
margin came to 17.5% compared to 15.9% a year earlier.
These positive performances stem chiefly from:
- Cegedim SRH, the human resources
specialist, and Cegedim e-business, which offers e-invoicing
services. Both continue to add commercial successes and generate
sustained revenue growth. The start of operations with several new
clients is hurting these businesses’ profitability in the short
term.
- Shifting a portion of Cegedim
Assurances’ product range to the cloud, which is hurting revenue
and profitability in the short term. Further out, the shift is
expected to be slightly favorable in terms of margin. Despite the
negative impact, EBITDA rose at Cegedim Assurances over the
period.
- RNP, the specialist in traditional and
digital displays for pharmacy storefronts in France, experienced a
different timing of activity in Q2 than it did in 2014. Despite the
adjustment, RNP’s EBITDA rose over the period.
The July 2015 acquisition of UK-based Activus, software
publisher for health and personal insurance companies, has given
Cegedim Assurances access to new markets (UK, US, Middle East,
APAC, etc.).
The division’s first half 2015 revenues came to €76.5 million,
up 2.7% on a reported basis. The acquisition of SoCall and currency
effects made positive contributions of 0.1% and 6.5%. Like-for-like
revenues fell 3.9% over the period.
The Healthcare Professionals division represented 31.1% of
consolidated revenues from continuing activities, on a par with the
same period a year earlier.
EBITDA came to €12.5 million, down €2.7 million or 17.9%. Thus,
the margin came to 16.3% compared to 20.4% a year earlier.
These performances stem chiefly from:
- Slowing at the UK doctor
computerization activity. However, investments in developing a
cloud offering for UK doctors – which hurt EBITDA over the period –
are likely to help the business return to growth
progressively.
- Growth at the US doctor computerization
activity, with roll-out of the Revenue Cycle Management offering
(RCM), which helps practices manage the process of obtaining
reimbursement from US insurance companies. However, as a BPO
activity, the RCM business needs to invest in human resources when
it takes on new clients.
- Revenue and EBITDA growth at the
doctor, nurse and physical therapist computerization activities in
France, and at the medication database activity
(Base Claude Bernard). The database’s revenues are also
climbing in the UK.
It should be noted that the pharmacy computerization activity in
France is experiencing a commercial rebound, helped in particular
by the full web application launch of MSP (Mon Suivi Patient i.e
monitoring my patient), which helps pharmacies keep track of
regular patients. However, there is always a lag time between
commercial successes and revenue recognition.
The division’s first half 2015 revenues came to €56.1 million,
up 0.5% on a reported basis and like for like. There were no
acquisitions or divestments, and currencies had no impact.
The Cegelease division represented 22.8% of consolidated
revenues from continuing activities, compared with 23.4% a year
earlier.
EBITDA remained relatively stable compared to the same period
last year at €8.1 million for the first six months of 2015. Thus,
the margin remains relatively stable at 14.4% at the end of June
about the same as a year earlier.
Revenue growth was mainly attributable to the start-up of new
partnerships in the optical and dental fields, and to renewed
growth at the pharmacy computerization activity in France.
The increased use of self-financing for financial lease
contracts, principally in the second quarter, negatively affected
revenues and EBITDA. As a reminder, margins are higher on
self-financed contracts than on resold contracts, but the margin on
resold contracts is recognized when the contract is signed, whereas
in the case of self-financed contracts, the margin is recognized
over the duration of the contract. However, the positive trend in
financing conditions favorably impacted EBITDA in the second
quarter and led the Group to reduce the share of self-financed
contracts in the second half.
The division’s first half 2015 revenues came to €1.9 million, up
18.9% on a reported basis and like for like. There were no
acquisitions or divestments, and currencies had no impact.
The Activities not allocated represented 0.8% of consolidated
revenues from continuing activities, on a par with the same period
a year earlier.
EBITDA improved by €3.8 million or 106.7% to a amount of 0.2
million compared with a €3.6 million loss a year early. The margin
rose 12.6% at the end of June 2015.
This favorable EBITDA trend reflects the cost-containment
efforts and the impact of invoicing for IT services that are being
provided to IMS Health.
Financial resources
Cegedim’s total consolidated balance sheet at June 30, 2015, was
€873.4 million, a 24.0% decrease over December 31, 2014.
Goodwill on acquisition was up €178.0 million, at June 30, 2015
compared to €175.4 million at the end of 2014. This €2.6 million
increase is chiefly attributable to appreciation of some foreign
currencies compared to the euro, mainly that of the pound sterling,
whose movement amounted to €2.9 million. Goodwill on acquisition
represented 15.3% of total assets on June 30, 2015, compared to
20.4% at December 31, 2014.
Cash and cash equivalents came to €316.3 million at June 30,
2015, an increase of €272.3 million compared to December 31, 2014.
This increase was principally due to the recognition of the selling
price of the CRM and Strategic Data business to IMS Health, i.e.
€324 million net of the cash positions of the divested
companies, partly offset by the redemption of a total of
€67.3 million of the 6.75% bond maturing in 2020 on the
market, and by an increase in WCR
Shareholders’ equity fell €31.2 million to €186.8 million at the
end of June 2015 compared to €218.1 million at the end of December
2014. This decrease stems from the decline in the group exchange
gains/losses following the deconsolidation related to the disposal
of the CRM and Strategic Data division to IMS Health. Shareholders’
equity came the 19.0% of total balance sheet on December 31, 2014,
compared to 21.4% at the end of June 2015.
Net debt came to €165.7 million at the end of June 2015, down
€338.5 million compared with end of 2014. This represented 88.7% of
equity as of June 30, 2015.
Before the cost of net financial debt and taxes, operating cash
flow was €41.6 million at the end of June 2015, compared to €43.9
million compared as of June 30, 2014.
Period highlights
- Disposal of the “CRM and Strategic
Data” division to IMS Health
On April 1, 2015, 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 €396 million. This estimated amount is
subject to joint review over a period of 180 business days starting
March 31, 2015.
- 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, 2015.
- Redemption of Cegedim bonds
During the second quarter of 2015, Cegedim redeemed on the
market its 6.75% bond, maturing 2020, ISIN code XS0906984272, for a
total principal amount of €60,889,000. The company then cancelled
these bonds.
- Cancellation of factoring
agreements
In the first half of 2014, the Group cancelled factoring
agreements covering the divestment of client receivables, with no
possibility of recourse, for a total of €38.0 million. These
agreements amounted to €14.2 million at end-December 2014. The
agreements dealt chiefly with companies sold to IMS Health.
- Favorable exchange rate
movements
At end-June 2015, movements in exchange rates were positive,
contributing €4.9 million to consolidated half year revenues from
continuing activities.
- Buyback of Cegedim shares
In the second quarter, Cegedim bought back 25,419 shares for
€0.9 million, excluding transactions made as part of the
Group’s liquidity contract. These buybacks were made to fulfill
bonus share distribution plans. As part of these plans, the company
distributed to employees 32,140 of its own shares during the second
quarter.
Apart from the items cited above, 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
- Redemption of the 7.0% 2015
bond
Cegedim redeemed the full amount of the €62.6 million
remaining in circulation of the 7.0% 2015 bond upon maturity on
July 27, 2015 (ISIN : FR0010925172).
- Redemption of Cegedim Bonds
Between July 1, 2015, and the release date of this document,
Cegedim redeemed on the market its 6.75% bond, maturing April 1,
2020, ISIN code XS0906984272, for a total principal amount of
€18,615,000. The company then cancelled these bonds. As a result, a
total principal amount of €345,496,000.00 remains in
circulation.
- Acquisition in the UK of
Activus
On July 20th 2015, Cegedim announces the acquisition of 100% of
Activus, one of the UK’s leading suppliers of health and protection
insurance software. This deal gives Cegedim Assurances access to
new markets (UK, US, Middle East, APAC, Africa,…) and strengthens
its software offering for international clients. Activus generated
revenue of around €7 million in 2014.
This move is part of the Group’s strategy of making bolt-on
acquisitions to expand its international positions. The deal was
financed with internal financing. It will contribute to its
consolidated results starting in the second half of 2015.
On September 24, 2015, the Paris Court of Appeal rejected
Cegedim’s request and upheld the Competition Authority decision of
July 8, 2014. Because the fine was paid in full in September 2014,
this decision has no impact on Cegedim’s accounts. Cegedim reserves
the right to appeal this decision to the Court of Cassation.
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 confirms its expectation of like-for-like
revenue growth from continuing activities of 2.5% and underlying
EBIT growth of 10%.
The Group does not anticipate any significant acquisitions for
2015 and does not disclose profit projections or estimates.
Financial calendar
The Group will hold a conference call
today, September 28, 2015, at 6:15 pm in English (Paris time). The
call will be hosted by Jan Eryk Umiastowski, Cegedim Chief
Investment Officer and Head of Investor Relations.A presentation of
Cegedim 2015 First Half Results will also be available on the
website:
http://www.cegedim.com/finance/documentation/Pages/presentations.aspx
Contact
numbers:
France: +33 1 70 77 09 44
US: +1 866 907 5928
UK and others: +44 (0)20 3367 9453
No access code
required
September 29, 2015, at 10:00 am
- SFAF meeting(24 rue de Penthièvre,
75008 Paris)
October 27, 2015 (after the stock market closes)
- Q3 2015 Revenue announcement
November 26, 2015 (after the stock market closes)
- Q3 2015 Results announcement
December 17, 2015 - 2:30 pm
- 6th Investor Summit (Auditorium
Cegedim, 17 rue de l’Ancienne Mairie, Boulogne-Billancourt)
Additional Information
The Audit Committee met on September 24th, 2015. The Board of
Directors met on September 25th, 2015, to review the 2015 first
half consolidated financial statements.
The First Half financial report, including management discussion
and analysis, is available in the Finance section of Cegedim’s
website:
- In French:
http://www.cegedim.fr/finance/documentation/Pages/rapports.aspx
- In
English:http://www.cegedim.com/finance/documentation/Pages/reports.aspx
This information is also available on Cegedim IR, the Group’s
financial communications app for smartphones and iOS and Android
tablets. To download the app, visit:
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx.
Appendices
Assets
In thousands of euros
06/30/2015 12/31/2014 Goodwill on
acquisition 177,994 175,389
Development costs 24,672 12,059 Other intangible fixed assets
85,861 92,979
Intangible fixed assets
110,533 105,038 Property 389 389 Buildings 3,412
3,637 Other tangible fixed assets 17,117 16,006 Construction work
in progress 1,453 697
Tangible fixed assets
22,370 20,727 Equity investments 1,064 704 Loans
2,618 2,684 Other long-term investments 6,410 8,834
Long-term investments - excluding equity shares in equity method
companies 10,091 12,222 Equity shares in equity
method companies 8,817 8,819 Government - Deferred tax 9,197 10,625
Accounts receivable: Long-term portion 16,183 15,162 Other
receivables: Long-term portion 1,432 1,812
Non-current assets 356,617 349,793 Services in
progress 0 0 Goods 8,207 8,563 Advances and deposits received on
orders 1,255 77 Accounts receivable: Short-term portion 146,866
127,264 Other receivables: Short-term portion 28,414 21,931 Cash
equivalents 165,000 2,416 Cash 151,341 41,619 Prepaid expenses
15,703 12,708
Current assets
516,787 214,579 ASSETS OF ACTIVITIES HELD
FOR SALE 584,857 Total
assets 873,404 1,149,229
Liabilities
In thousands of euros
06/30/2015 12/31/2014 Share capital
13,337 13,337 Group reserves 139,156 340,763 Group
exchange gains/losses 10,103 63,577 Group earnings 24,190
(199,757)
Shareholders’ equity, Group share
186,785 217,921 Minority interests (reserves) 70 118
Minority interests (earnings) (9) 24
Minority
interests 61 142 Shareholders'
equity 186,846 218,063 Long-term financial
liabilities 370,402 476,024 Long-term financial instruments 4,535
8,094 Deferred tax liabilities 6,990 7,620 Non-current provisions
20,163 18,680 Other non-current liabilities 1,247
1,123
Non-current liabilities 448,391 511,541
Short-term financial liabilities 111,652 72,192 Short-term
financial instruments 5 8 Accounts payable and related accounts
50,052 47,166 Tax and social liabilities 63,568 69,188 Provisions
2,462 2,615 Other current liabilities 55,481 47,808
Current liabilities 238,166
238,976 LIABILITIES OF ACTIVITIES HELD FOR SALE
180,649 Total Liabilities
873,404 1149,229
Income statement
In thousands of euros
06/30/2015 06/30/2014 Revenue
246,148 238,581 Other operating
activities revenue Purchases used (45,306) (44,297) External
expenses (60,637) (60,517) Taxes (5,684) (6,200) Payroll costs
(93,205) (89,336) Allocations to and reversals of provisions
(1,560) (1,338) Change in inventories of products in progress and
finished products Other operating income and expenses 584 (353)
EBITDA 40,339 36,542 Depreciation expenses
(21,175) (19,023)
Operating income from recurring
operations 19,165 17,519 Depreciation of goodwill
Non-recurrent income and expenses (4,158) (1,337)
Other
exceptional operating income and expenses (4,158)
(1,337) Operating income 15,006
16,182 Income from cash and cash equivalents 1,063 213 Gross
cost of financial debt (24,984) (28,195) Other financial income and
expenses 660 3,093
Cost of net financial debt
(23,262) (24,889) Income taxes (1,748) (2,118)
Deferred taxes (489) 166
Total taxes
(2,238) (1,953) Share of profit (loss) for the period
of equity method companies 952 847 Profit (loss) for the period
from continuing activities (9,541) (9,813) Profit (loss) for the
period discontinued activities (7,619) Profit (loss) for the period
from activities sold 33,722 Consolidated
profit (loss) for the period 24,181 (17,431)
GROUP
SHARE 24,190 (17,427) Minority interests (9) (5)
Average number of shares excluding treasury stock 13,954,653
13,948,889
Current Earnings Per Share (in euros)
(0.4) (0.6) Earnings Per Share (in
euros) 1.7 (1.2) Dilutive instruments néant néant
Earning for recurring operation per share (in euros)
1.7 (1.2)
Consolidated cash flow statement
In thousands of euros
06/30/2015 12/31/2014 Consolidated
profit (loss) for the period 24,181 (16,755) Share of
earnings from equity method companies (995) (956) Depreciation and
provisions 21,317 31,516 Capital gains or losses on disposals
(30,792) 400
Cash flow after cost of net financial
debt and taxes 13,711 14,206 Cost of net
financial debt. 22,585 24,441 Tax expenses 5,340
5,254
Operating cash flow before cost of net financial debt and
taxes 41,636 43,900 Tax paid (8,682) (5,236)
Change in working capital requirements for operations: requirement
(23,073) Change in working capital requirements for operations:
surplus 27,733
Cash flow generated from
operating activities after tax paid and change in working capital
requirements (A) 9,881 66,397 OF
WHICH NET CASH FLOWS FROM OPERATING ACTIVITIES OF DISCONTINUED
OPERATIONS
6,091 16,738 Acquisitions of intangible
assets (22,925) (25,747) Acquisitions of tangible assets (14,452)
(12,107) Acquisitions of long-term investments Disposals of
tangible and intangible assets 1,389 478 Disposals of long-term
investments 1,717 722 Impact of changes in consolidation scope (1)
323,982 (467) Dividends received from equity method companies
12 17
Net cash flows generated by investment
operations (B) 289,723 (37,105) OF
WHICH NET CASH FLOWS CONNECTED TO INVESTMENT OPERATIONS OF
DISCONTINUED OPERATIONS
(7,482) (17,415) Dividends
paid to parent company shareholders 0 0 Dividends paid to the
minority interests of consolidated companies 0 (3) Capital increase
through cash contribution 0 (53) Loans issued 0 125,000 Loans
repaid (60,848) (106,907) Interest paid on loans (24,951) (20,833)
Other financial income and expenses paid or received (467)
(1,890)
Net cash flows generated by financing operations
(C) (86,266) (4,686) OF WHICH NET CASH FLOW
RELATED TO FINANCING OPERATIONS OF DISCONTINUED OPERATIONS
(836) 703 Change In Cash without impact of change
in foreign currency exchange rates (A + B + C) 213,339
24,607 Impact of changes in foreign currency exchange rates
2,947 285
Change in cash 216,285 24,892
Opening cash 99,715 54,227 Closing cash 316,000
79,118
(1) Selling price net of cash positions of the divested
companies of the CRM and strategic data division on April 1,
2015.
Activities not allocated: this
division encompasses the activities the Group performs as the
parent company of a listed entity, as well as the support it
provides to the three operating divisions.
EPS: Earnings Per Share is a
specific financial indicator defined by the Group as the net profit
(loss) for the period divided by the weighted average of the number
of shares in circulation.
Operating expenses: defined as
purchases used, external expenses and payroll costs.
Revenue at constant exchange rate:
when changes in revenue at constant exchange rate are referred to,
it means that the impact of exchange rate fluctuations has been
excluded. The term “at constant exchange rate” covers the
fluctuation resulting from applying the exchange rates for the
preceding period to the current fiscal year, all other factors
remaining equal.
Revenue on a like-for-like basis:
the effect of changes in scope is corrected by restating the sales
for the previous period as follows:
• by removing the portion of sales
originating in the entity or the rights acquired for a period
identical to the period during which they were held to the current
period;
• similarly, when an entity is
transferred, the sales for the portion in question in the previous
period are eliminated.
Life-for-like data: at constant
scope and exchange rates.
Internal growth: internal growth
covers growth resulting from the development of an existing
contract, particularly due to an increase in rates and/or the
volumes distributed or processed, new contracts, acquisitions of
assets allocated to a contract or a specific project.
External growth: external growth
covers acquisitions during the current fiscal year, as well as
those which have had a partial impact on the previous fiscal year,
net of sales of entities and/or assets.
EBIT: Earnings Before Interest and Taxes. EBIT
corresponds to net revenue minus operating expenses (such as
salaries, social charges, materials, energy, research, services,
external services, advertising, etc.). It is the operating income
for the Cegedim Group.
EBIT from recurring operations:
this is EBIT restated to take account of non-current items, such as
losses on tangible and intangible assets, restructuring, etc. It
corresponds to the operating income from recurring operations for
the Cegedim Group.
EBITDA: Earnings before interest,
taxes, depreciation and amortization. EBITDA is the term used when
amortization or depreciation and revaluations are not taken into
account. “D” stands for depreciation of tangible assets (such as
buildings, machines or vehicles), while “A” stands for amortization
of intangible assets (such as patents, licenses and goodwill).
EBITDA is restated to take account of non-current items, such as
losses on tangible and intangible assets, restructuring, etc. It
corresponds to the gross operating earnings from recurring
operations for the Cegedim Group.
Net Financial Debt: this represents
the Company’s net debt (non-current and current financial debt,
bank loans, debt restated at amortized cost and interest on loans)
net of cash and cash equivalents and excluding revaluation of debt
derivatives.
Free cash flow: free cash flow is
cash generated, net of the cash part of the following items: (i)
changes in working capital requirements, (ii) transactions on
equity (changes in capital, dividends paid and received), (iii)
capital expenditure net of transfers, (iv) net financial interest
paid and (v) taxes paid.
Operating margin: defined as the
ratio of EBIT/revenue.
Operating margin from recurring
operations: defined as the ratio of EBIT from recurring
operations/revenue.
Net cash: defined as cash and cash
equivalent minus overdraft.
About Cegedim:
Founded in 1969, Cegedim is an innovative
technology and services company in the field of digital data flow
management for healthcare ecosystems and B2B, and a business
software publisher for healthcare and insurance professionals.
Cegedim employs almost 3,500 people in 11 countries and generated
revenue of €494 million in 2014. Cegedim SA is listed in Paris
(EURONEXT: CGM).To learn more, please visit: www.cegedim.comAnd
follow Cegedim on Twitter: @CegedimGroup
Public company with share capital of 13,336,506.43 eurosTrade
and Commercial Register: Nanterre B
350 422 622www.cegedim.com
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150928006381/en/
CegedimMedia RelationsAude BALLEYDIER, +33 (0)1 49 09 68
81aude.balleydier@cegedim.frorInvestor RelationsJan Eryk
UMIASTOWSKI, +33 (0)1 49 09 33 36Chief investment
Officerinvestor.relations@cegedim.frorPRPA AgencyMedia
RelationsGuillaume DE CHAMISSO, +33 (0)1 46 99 69
69guillaume.dechamisso@prpa.fr
Grafico Azioni Congoleum (AMEX:CGM)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Congoleum (AMEX:CGM)
Storico
Da Giu 2023 a Giu 2024
