Ramsay Sante : Annual Results at the end of June 2020
PRESS RELEASE
Paris, 20 October 2020
Annual results at the end of June
2020
Resilient results impacted by the COVID
crisis, a crisis in which Ramsay Santé has been a key player in
patient care in Continental Europe
- More than 7,000 Covid patients treated in intensive care and
medicine during the first wave of the crisis in France, Sweden and
Italy.
- Turnover reached €3,746.2 million, up 10.1%, primarily due to
the full year of contribution of Capio.
- High exceptional additional costs arising from the treatment of
Covid patients.
- EBITDA was up 65.3% to €546.8 million, including the positive
impact of the first-time application of IFRS16 amounting to €203.5
million. Adjusted for this effect and at constant consolidation
scope and exchange rates, the EBITDA/revenue margin was 9.7%,
exactly at the level same as last year, with the benefit in France
from the revenue guarantee scheme introduced by the government, for
an amount of €136.7 million.
- Current operating profit at 30 June 2020 amounted to €184.7
million, an improvement of 17.7% over the previous year. Excluding
the positive impact (€38.1 million) of the first-time application
of IFRS 16, it was down 6.6%.
- Group share of net earnings was €13.4 million compared with
€8.2 million at end-June 2019.
- The value of the property portfolio (ex-RGdS scope) now stands
at €899 million, up 15.1% year-on-year.
- Net financial debt amounted to €3,372.5 million, including
€2,163.5 million in IRFS 16 liabilities, and €330 million
refundable cash advances from the French social security bodies at
the end of June 2020.
- A process of integration of the Capio Group is almost
complete.
Pascal Roché, Managing Director of Ramsay Santé,
says :
"After satisfactory half-yearly results, with
improving financial indicators, the second half of the year has
been deeply impacted by the admission and treatment of Covid
patients. This has been our major objective in all six countries in
which we are operating and, thanks to the exceptional work of our
teams, we are very proud to have played a role for patients and
with the various governments that has gone well beyond our market
share, and has been recognised as such by the various regulatory
authorities. As a result, more than 7,000 intensive care and
medical patients have been treated in France, Sweden and Italy.
More specifically, in France, almost 10% of all Covid patients
hospitalised have been treated in a Ramsay Santé facility. In the
meanwhile, we have endeavoured to maintain a high level of
investment, of more than €168.7 million this year, in order to
constantly reinforce the quality of care and strive for efficiency,
in line with our strategy as the European leader in the provision
of integrated care, caring for 7 million patients".
The Board of Directors, meeting on 20 October
2020, approved the consolidated financial statements for the
financial year ending 30 June 2020. The audit procedures have been
carried out and the audit report will be issued after the review of
the management report.
The accounts and reports will be available to
the public when the company's registration document is published at
the end of October 2020.
Synthetic results
In €M |
From 1 July 2019 to 30 June 2020 |
Variation |
from 1 July 2018 to 30 June 2019 |
|
IFRS 16 |
|
IAS 17 |
Turnover |
3,746.2 |
+10.1% |
3,401.1 |
EBITDA |
546.8 |
+65.3% |
330.8 |
Current Operating Result |
184.7 |
+17.7% |
156.9 |
As a % of Turnover |
4.9% |
+0.3 point |
4.6% |
Operating Result |
176.2 |
+48.3% |
118.8 |
Net income, Group share |
13.4 |
+63.4% |
8.2 |
Earnings per share (in €) |
0.12 |
+20.0% |
0.10 |
Note: the above table presents financial data based on different
accounting standards. The first-time application of IFRS 16 to the
financial year beginning 1 July 2019 resulted in an improvement in
EBITDA of €203.5 million and an increase in depreciation and
amortisation charges of €165.4 million for a net impact on
recurring operating income of €38.1 million. The impact of the
implementation of IFRS 16 on Group share of net profit amounted to
an additional charge of €21.9 million over the year.
Breakdown of revenue by operating segment
In €M |
from 1 July 2019 to 30 June 2020 |
from 1 July 2018 to 30 June 2019 |
Variation |
Île-de-France |
932.7 |
942.3 |
-1.0% |
Auvergne-Rhône-Alpes |
508.1 |
384.8 |
+32.0% |
Nord - Pas de Calais - Picardie |
352.8 |
376.9 |
-6.4% |
Provence Alpes Côte d'Azur |
155.5 |
159.3 |
-2.4% |
Bourgogne Franche Comté |
99.2 |
107.6 |
-7.8% |
Other regions |
563.2 |
329.3 |
+71.0% |
Other activities |
53.0 |
--- |
N/A |
« Nordics » |
1,081.7 |
--- |
N/A |
Capio |
--- |
1,100.9 |
N/A |
Published Turnover |
3,746.2 |
3,401.1 |
+10.1% |
|
|
|
|
Including : - Revenue on a like-for-like basis and at constant
exchange rates |
3,166.0 |
3,374.7 |
-6.2% |
- Changes in scope of consolidation and exchange rates |
580.2 |
26.4 |
N/A |
Note: the table above details the contributions of the various
operating segments to the Group's consolidated revenue. The work
carried out during the financial year led to the recognition, in
the French operating segments, of the contribution of the Capio
France entities previously grouped under the heading "Capio". The
latter also included the revenues of the Scandinavian and German
entities, which are now isolated under the "Nordics" heading.
Significant events of the financial year :
Pandemic-related health crisis COVID
19
The financial year ended June 30, 2020 was
marked by the health crisis linked to the global COVID 19
pandemic.
In France, private hospitals have actively
participated in the national plan to combat the Covid 19 epidemic
in conjunction with and in support of public hospitals. In
compliance with ministerial directives, relayed by the Regional
Health Agencies, private clinics and hospitals have cancelled (at
the height of the crisis and particularly during the period of
containment imposed at national level from 16 March 2020) all their
non-emergency medical and surgical activities that did not result
in a loss of opportunity for patients in order to free up capacity
in hospital accommodation and technical platforms to meet local
health needs. Staff and private doctors have been mobilised and
integrated into the plans to prevent and combat the epidemic.
As the health situation has evolved, and in
particular the process of deconfinement, the activity of private
hospitals has been able to resume under more normal conditions, but
still under constraints, in compliance with government or regional
directives and depending on local health conditions.
The financial impacts are diverse and variable
depending on the specific situation of each institution. They
mainly concern
- Loss of earnings (loss of healthcare turnover and/or ancillary
income) due to deprogramming and the drop in activity.
- Additional costs incurred to deal with the crisis, including
the following:
- Medical purchases (medicines and medical devices),
- Payroll (carers) and incidental expenses (travel expenses,
expense reports, staff protection costs, etc.),
- Investments or rental of equipment.
a) Cash advances :
To provide short-term support to healthcare
institutions and to avoid any cash shortages, a system of repayable
advances was set up in March 2020 as an exceptional and
transitional measure. Thus, at their request, private health care
institutions can benefit from a reimbursable advance on subsequent
billings to the social security bodies.
This advance is based on the average monthly
level of revenues (excluding fees) invoiced in 2019.
At the same time, a transitional advance system
was also set up in June 2020 to cover the part of the financing
relating to user participation (moderating tickets and daily rates)
that is obligatorily covered by supplementary health insurance
contracts.
At 30/06/2020, advances received by the Group
are recorded as liabilities on the balance sheet, under
liabilities, for a total amount of €330 million.
b) Revenue guarantee scheme
:
Mechanism :
Order n°2020-309 of 25 March 2020 / Order of 6
May 2020 / ATIH technical notice.This guarantee is put in place for
all activities carried out by all health care institutions, which
are normally financed in whole or in part on the basis of activity
output.
The guarantee covers revenues for the period
March 2020 to December 2020. The principle is to guarantee health
care institutions, for this period, a minimum revenue (from the
compulsory insurance scheme) at least equal to the revenue received
for 2019 activity (reduced over 10 months to have a comparable
period).
The scope of the guarantee concerns :
- Medicine Surgery and Obstetrics (MSO): health insurance
receipts (excluding fees) on hospitalisation services in accordance
with article R.162-33-1 (DRG, daily supplements, GHT, ATU, SE...),
remuneration of salaried doctors invoiced by the establishment,
treatment of patients benefiting from State Medical Aid and
Emergency Care,
- Follow-up and rehabilitation care (FCR): health insurance
receipts from hospitalisation benefits under Article R.162-31-1 and
the remuneration of salaried doctors invoiced by the establishment
(“Dotation Modulée à l'Activité” has its own guarantee mechanism)
excluding the fees of private practitioners,
- Mental Health: health insurance receipts on hospitalisation
benefits under Article R.162-31-1 and the remuneration of salaried
doctors invoiced by the establishment, excluding the fees of
private practitioners.
The guarantee level is calculated on the basis
of 2019 revenues (excluding IFAQ grant quality funding) and takes
into account :
- the unfreezing of the prudential coefficient, retroceded to
healthcare institutions, at the end of 2019
- specific situations (grouping of establishments, transfer of
activities, etc. of certain establishments whose 2019 activity may
have been impacted),
- price effects :
- MSO +0.2% excluding External Consultation Acts
- Hospitalisation at Home (HAD) +1.1%.
- FCR +0.1%.
- Mental health +0.5%.
The guaranteed amount (annual 12-month basis and
monthly basis) was communicated to the establishments by the
Regional Health Agencies (ARS) on which they depend in June
2020.The final regularisation will be determined in March 2021 (in
order to have exhaustive information on the activity carried out
between March and December 2020).
Impact on the financial statements at 30 June
2020 :
At June 30, 2020, the amount of the financing
guarantee recognised by the Group takes into account the activity
carried out and the amount guaranteed for the period March-June
2020, as well as business forecasts for the period July to December
2020.
The financing guarantee for the financial year
ended June 30, 2020 amounts to €136.7 million and is recognised in
the income statement under "Other operating income" and in the
balance sheet under "Other current assets".
c) Subsidies for additional
costs Covid :
In parallel with the funding guarantee scheme,
the government has also planned to adapt the levels of allocations
usually paid to health institutions in order to compensate for the
additional costs related to the COVID-19 crisis that would not
otherwise be covered.
At June 30, 2020, the system was still too
imprecise as to the scope of the additional costs that would be
covered, their amount and any compensation mechanisms that might be
put in place. In this context, it is impossible for the Group to
assess the impact and it has been decided that all sums received to
finance additional costs (Contractualisation Assistance or Regional
Intervention Fund) will be considered as advances on the
liabilities side of the balance sheet.
d) Impacts outside France
:
Outside France, the Group's establishments
actively took part in patient care and screening, in support of
public institutions and in close collaboration with the guardians.
Nevertheless, business was logically strongly impacted by the
effects of the health crisis. Indeed, scheduled, non-emergency
surgical operations had to be cancelled from mid-March 2020. In
Sweden, the Group's major hospital at Sankt Göran, operated by the
Group in Stockholm, played a key role in managing the epidemic,
with more than 150 beds dedicated to Covid patients and an almost
threefold increase in its intensive care capacity.
While in Norway and Denmark no accompanying
measures have been implemented, our establishments in Sweden and
Germany have benefited from subsidies covering additional operating
costs, the provision of nursing staff and beds. Sankt Göran
Hospital has been allocated a specific compensation package in view
of its involvement. In total, the amount of aid received by our
establishments in Scandinavia and Germany amounts to €28 million at
the end of June 2020.
Scope
Following the acquisition of Capio on 7 November
2018, the valuation of the identifiable assets acquired and
liabilities assumed at their fair value on the acquisition date in
the financial statements was finalised during the first half of the
financial year. Goodwill relating to the Capio acquisition thus
amounts to 950.0 million euros at 31 December 2019.
Application of IFRS 16
IFRS 16 - Leases has been applied as of July 1,
2019.
The implementation of IFRS 16 in the financial
statements at the end of June 2020 translates into:
- 2,163.5 million in lease liabilities ;
- A right of use of 2,106.8 million euros
- An improvement in EBITDA of 203.5 million euros;
- A deterioration in net profit for 21.9 million euros.
The Group has opted for the simplified
retrospective method as from 1 July 2019. In accordance with the
transitional provisions of IFRS 16, the comparative period has not
been restated.
Comments on the annual accounts
Activity and turnover :
In the financial year ended June 2020, Ramsay
Santé Group recorded published consolidated revenue of €3,746.2
million, compared with €3,401.1 million for the period from 1 July
2018 to 30 June 2019, up 10.1%. For information, the financing
guarantee scheme in the Group's financial statements has no impact
on published revenue as it is recognised in the income statement
under "Other operating income".
On a like-for-like basis and at constant
exchange rates, the Group's sales decreased by 6,2% with one
additional working day.
Changes in the scope of consolidation are almost
entirely explained by the integration of the Capio Group, since 7
November 2018. Its incremental contribution to the Group's annual
revenue amounted to €557.8 million.
At the end of June 2020, the total activity of
Ramsay Santé's French entities excluding Capio, strongly impacted
by the consequences of the Covid crisis and the cancellation of all
scheduled medical and surgical activities, fell sharply by 13.9% in
terms of admissions (excluding emergencies). The breakdown by
business line is as follows:
- -12.5% in Medicine, Surgery and Obstetrics
- -19.5% in follow-up and rehabilitation care
- -14.3% in mental health
As part of its public service missions, the
Group also recorded a sharp 9% drop in the number of emergencies
over the past year, with around 565,000 visits to the emergency
services in our establishments.
In addition, organic growth in the Group's
Nordic activities for the financial year ended 30 June 2020 was
+2.7% compared with last year.
Results :
EBITDA reached €546.8 million for the financial
year ended 30 June 2020, up 65.3% on a reported basis. Group EBITDA
at end-June includes €136.7 million related to the revenue
guarantee scheme described in the paragraph "Significant events of
the financial year" above. It also includes the positive impact of
the first-time application of IFRS 16 in the amount of €203.5
million. On a like-for-like basis, at constant consolidation scope,
exchange rates and accounting standards, EBITDA decreased by 2.1%
over the period.
The EBITDA margin as a percentage of sales was
14.6%, up from 9.7% for the same period last year on a reported
basis, but stay flat at constant scope, exchange rate and
accounting standards.
Current operating result amounted to €184.7
million between 1 July 2019 and 30 June 2020 (or 4.9% of revenue),
up 17.7% over the previous financial year, including a €38.1
million favourable impact of the first-time application of IFRS
16.
Other non-current income and expenses represent
a net expense of €8.5 million for the period ended 30 June 2020,
consisting mainly of restructuring costs. From 1 July 2018 to 30
June 2019, other non-current income and expenses represented a net
expense of €38.1 million. The cost of net financial debt amounted
to €130.2 million for the financial year ended 30 June 2020,
compared with €66.9 million the previous year. It comprises
interest on the Senior debt and, in accordance with IFRS 16, the
Group recorded an additional financial interest expense of €71.6
million related to the lease debt.
Group’s share of net income reached €13.4
million at 30 June 2020 versus €8.2 million for the period from 1
July 2018 to 30 June 2019. The impact of the application of IFRS 16
on the Group's net profit resulted in an expense of €21.9
million.
Indebtedness :
Net financial debt at 30 June 2020 increased
sharply to €3,372.5 million compared with €1,641.7 million at 30
June 2019. Net debt includes €1,730.5 million in non-current
borrowings and €24.8 million in current borrowings, offset by
€538.2 million in positive cash.
The application of IFRS 16 to operating leases
resulted in an increase of €2,163.5 million in net financial debt
at June 30, 2020, including €1,973.8 million in non-current lease
debt and €189.7 million in current lease debt.
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
General Health
After the acquisition of Capio AB Group in 2018,
Ramsay Santé has become one of the leaders of the private
hospitalization and primary care in Europe with 36 000
employees and 8 600 practitioners serving 7 million patients
in our 350 facilities in six countries : France, Sweden,
Norway, Denmark, Germany, Italy.
Ramsay Santé offers almost all medical and
surgical specialties in three business areas : general
hospitals (medicine – surgery – obstetric), follow-up care and
rehabilitation clinics, mental health. In all its territories, the
group contributes to missions of public service and to the
territorial sanitary disposal, as for example in Sweden with more
than 100 proximity care units.
The quality and security of care is the group's
priority. As such our group is today a reference in terms of modern
medicine, especially in outpatient care and enthanced recovery.
Every year, the group invests more than €200M in
innovation whether it is in new surgical or imaging technologies,
in building or modernizing its facilities... The group also
innovates in its organization and digitalization in order to
deliver care in a more efficient way to the benefit of the
patient.
Website: www.ramsaygds.frFacebook:
https://www.facebook.com/RamsayGDS Twitter:
https://twitter.com/RamsayGDSLinkedIn:
https://www.linkedin.com/company/ramsaygdsYouTube:
https://www.youtube.com/c/RamsayGDSante
ISIN code and Euronext Paris:
FR0000044471Website:
www.ramsaygds. en
Investor
Relations/Analysts
Press RelationsArnaud
Jeudy
Caroline DesaegherPhone + 33 (0)1 87 86 21
88
Phone + 33 (0)1 87 86 22
11a.jeudy@ramsaygds.fr
c.desaegher@ramsaygds.fr
conference call in English
today
At 7.30 pm (Paris time) - Dial the
following numbers
From France :
+33 (0)1 76 77 22 61
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From Australia:
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From Sweden:
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Access code: 465602
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 accouting 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.
Annual financial results at 30 June
2020
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
(In EUR million) |
From July 1, 2018 to June 30, 2019 |
From July 1, 2019 to June 30, 2020 |
TURNOVER |
3,401.1 |
3,746.2 |
Personnel expenses and profit sharing |
(1,647.9) |
(1,991.1) |
Purchased consumables |
(644.7) |
(731.6) |
Other operating income and expenses |
(408.6) |
(273.2) |
Taxes and duties |
(109.0) |
(114.1) |
Rents |
(260.1) |
(89.4) |
EBITDA |
330.8 |
546.8 |
Depreciation |
(173.9) |
(362.1) |
Current operating profit |
156.9 |
184.7 |
Restructuring costs |
(44.9) |
(8.3) |
Result of the management of real estate and financial assets |
6.8 |
(0.2) |
Impairment of goodwill |
-- |
-- |
Other non-current income and expenses |
(38.1) |
(8.5) |
Operating profit |
118.8 |
176.2 |
Gross interest expenses |
(67.4) |
(59.2) |
Income from cash and cash equivalents |
0.5 |
0.6 |
Financial interest related to rental debt (IFRS16) |
|
(71.6) |
Net interest expenses |
(66.9) |
(130.2) |
Other financial income |
2.3 |
6.3 |
Other financial expenses |
(5.9) |
(7.1) |
Other financial income and expenses |
(3.6) |
(0.8) |
Corporate income tax |
(33.0) |
(27.1) |
Amount attributable to associates |
-- |
-- |
NET PROFIT FOR THE PERIOD |
15.3 |
18.1 |
Revenues and expenses recognized directly as equity |
|
|
- Retirement commitments |
(55.2) |
(5.8) |
- Change in fair value of hedging financial instruments |
(13.1) |
(5.6) |
- Translation differential |
8.0 |
2.9 |
- Other |
-- |
0.6 |
- Income tax on other comprehensive income |
11.8 |
2.6 |
Results recognized directly as equity |
(48.5) |
(5.3) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(33.2) |
12.8 |
PROFIT ATTRIBUTABLE TO (In EUR
million) |
From July 1, 2018 to June 30, 2019 |
From July 1, 2019 to June 30, 2020 |
- Group’s share of net earnings |
8.2 |
13.4 |
- Non-controlling interests |
7.1 |
4.7 |
NET PROFIT FOR THE PERIOD |
15.3 |
18.1 |
NET EARNINGS PER SHARE (in euros) |
0.10 |
0.12 |
NET DILUTED EARNINGS PER SHARE (in euros) |
0.10 |
0.12 |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
(In EUR million) |
From July 1, 2018 to June 30, 2019 |
From July 1, 2019 to June 30, 2020 |
- Group’s comprehensive income for the period |
(40.3) |
8.1 |
- Non-controlling interests |
7.1 |
4.7 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(33.2) |
12.8 |
CONSOLIDATED BALANCE SHEET – ASSET |
(In EUR million) |
06-30-2019 |
06-30-2020 |
Goodwill |
1,674.8 |
1,735.5 |
Other intangible fixed assets |
263.5 |
245.5 |
Tangible fixed assets |
1,107.1 |
894.9 |
Right of use (IFRS16) |
-- |
2,106.8 |
Investments in associates |
0.3 |
0.3 |
Other long-term investments |
87.4 |
88.9 |
Deferred tax assets |
146.3 |
91.4 |
NON CURRENT ASSETS |
3,279.4 |
5,163.3 |
Inventories |
98.9 |
108.5 |
Trade and other receivables |
361.0 |
312.9 |
Other current assets |
231.9 |
569.3 |
Tax assets |
11.8 |
12.3 |
Current financial assets |
9.7 |
10.0 |
Cash and cash equivalents |
368.5 |
538.2 |
Assets held for sale |
-- |
-- |
CURRENT ASSETS |
1,081.8 |
1,551.2 |
TOTAL ASSETS |
4,361.2 |
6,714.5 |
CONSOLIDATED BALANCE SHEET – LIABILITIES AND
EQUITY |
(In EUR million) |
06-30-2019 |
06-30-2020 |
Share capital |
82.7 |
82.7 |
Additional paid-in capital |
611.2 |
611.2 |
Consolidated reserves |
293.6 |
305.2 |
Group’s share of net profit |
8.2 |
13.4 |
Group’s share of equity |
995.7 |
1,012.5 |
Non-controlling interests |
42.8 |
24.7 |
TOTAL SHAREHOLDERS’ EQUITY |
1,038.5 |
1,037.2 |
Borrowings and financial debts |
1,955.3 |
1,730.5 |
Non-current rental debt (IFRS16) |
-- |
1,973.8 |
Provisions for retirement and other employee benefits |
132.9 |
136.9 |
Non-current provisions |
128.3 |
171.1 |
Other long term liabilities |
32.4 |
33.0 |
Deferred tax liabilities |
112.6 |
29.7 |
NON-CURRENT LIABILITIES |
2,361.5 |
4,075.0 |
Current provisions |
36.5 |
43.6 |
Accounts payable |
266.2 |
342.0 |
Other current liabilities |
574.3 |
982.2 |
Tax liabilities |
14.8 |
20.0 |
Short-term borrowings |
69.4 |
24.8 |
Current rental debt (IFRS16) |
-- |
189.7 |
Bank overdraft |
-- |
-- |
Liabilities related to assets held for sale |
-- |
-- |
CURRENT LIABILITIES |
961.2 |
1,602.3 |
TOTAL EQUITY AND LIABILITIES |
4,361.2 |
6,714.5 |
consolidated statement of changes in equity |
(In EUR million) |
SHARE CAPITAL |
ADDITIO- NAL PAID IN CAPITAL |
RESER-VES |
RESULTS RECOGNISED DIRECTLY AS EQUITY |
TOTAL COMPRE
HENSIVE INCOME FOR THE
PERIOD |
GROUP’S SHARE OF EQUITY |
NON CONTROL-LING INTERESTS |
SHARE-HOLDERS’ EQUITY |
|
Shareholders’ equity at June 30, 2018 |
56.9 |
71.2 |
345.2 |
(10.4) |
7.3 |
470.2 |
40.8 |
511.0 |
|
Capital increase (including net fees) |
25.8 |
540.0 |
-- |
-- |
-- |
565.8 |
-- |
565.8 |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year appropriation of earnings |
-- |
-- |
7.3 |
-- |
(7.3) |
-- |
-- |
-- |
|
Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(6.8) |
(6.8) |
|
Change in consolidation scope |
-- |
-- |
-- |
-- |
-- |
-- |
1.7 |
1.7 |
|
Total comprehensive income for the period |
-- |
-- |
-- |
(48.5) |
8.2 |
(40.3) |
7.1 |
(33.2) |
|
Shareholders’ equity at June 30, 2019 |
82.7 |
611.2 |
352.5 |
(58.9) |
8.2 |
995.7 |
42.8 |
1,038.5 |
|
Capital increase (including net fees) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year appropriation of earnings |
-- |
-- |
8.2 |
-- |
(8.2) |
-- |
-- |
-- |
|
Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(6.9) |
(6.9) |
|
Change in consolidation scope |
-- |
-- |
8.7 |
-- |
-- |
8.7 |
(15.9) |
(7.2) |
|
Total comprehensive income for the period |
-- |
-- |
-- |
(5.3) |
13.4 |
8.1 |
4.7 |
(12.8) |
|
Shareholders’ equity at June 30, 2020 |
82.7 |
611.2 |
369.4 |
(64.2) |
13.4 |
1,012.5 |
24.7 |
1,037.2 |
|
statement of income and expenses recognized directly in
equity |
(In EUR million) |
06-30-2019 |
Income and expenses July 1, 2018 to June 30,
2019 |
06-30-2019 |
Income and expenses July 1, 2019 to June 30,
2020 |
06-30-2020 |
Translation differential |
(0.3) |
8.0 |
7.7 |
2.9 |
10.6 |
Retirement commitments |
(4.4) |
(43.9) |
(48.3) |
(4.6) |
(52.9) |
Fair
value of hedging financial instruments |
(5.7) |
(12.6) |
(18.3) |
(4.2) |
(22.5) |
Other |
-- |
-- |
-- |
0.6 |
0.6 |
Results recognized directly as equity (Group’s
share) |
(10.4) |
(48.5) |
(58.9) |
(5.3) |
(64.2) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
(In EUR million) |
From July 1, 2018 to June 30, 2019 |
From July 1, 2019 to June 30, 2020 |
Total
net consolidated profit |
15.3 |
18.1 |
Depreciation |
173.9 |
362.1 |
Other
non-current income and expenses |
38.1 |
8.5 |
Amount
attributable to associates |
-- |
-- |
Other
financial income and expenses |
3.6 |
0.8 |
Financial interest related to rental debt (IFRS16) |
-- |
71.6 |
Cost of
net financial debt |
66.9 |
58.6 |
Income tax |
33.0 |
27.1 |
Gross operating surplus |
330.8 |
546.8 |
Non-cash items relating to recognition and reversal of provisions
(transactions of a non-cash nature) |
(9.7) |
(19.6) |
Other non-current income and expenses paid |
(44.0) |
(40.9) |
Change in other non-current assets and liabilities |
(10.0) |
(20.6) |
Cash flow from operations before cost of net financial debt
and tax |
267.1 |
465.7 |
Income tax paid |
(28.0) |
(39.9) |
Change in working capital requirement |
(25.5) |
303.8 |
NET CASH FLOWS FROM OPERATING ACTIVITIES: (A) |
213.6 |
729.6 |
Investments in tangible and intangible assets |
(178.0) |
(168.7) |
Disposals of tangible and intangible assets |
21.3 |
4.6 |
Acquisition of entities |
(824.3) |
(23.7) |
Disposal of entities |
65.2 |
1.1 |
Dividends received from non-consolidated companies |
0.4 |
0.5 |
NET CASH FLOWS FROM INVESTING ACTIVITIES:
(B) |
(915.4) |
(186.2) |
Capital and share premium increases: (a) |
557.8 |
-- |
Dividends paid to minority interests of consolidated companies:
(b) |
(6.8) |
(6.9) |
Net interest expense paid: (c) |
(59.4) |
(58.6) |
Financial income received: (d) |
0.5 |
-- |
Financial interest related to rental debt (IFRS16): (e) |
-- |
(71.6) |
Debt issue costs: (f) |
(11.4) |
-- |
Cash flow before change in borrowings: (g)
= (A+B+a+b+c+d+e+f) |
(221.1) |
406.3 |
Increase in borrowings: (h) |
1,305.3 |
0.2 |
Repayment of borrowings: (i) |
(1,022.8) |
(61.6) |
Decrease in rental debt (IFRS16): (j) |
-- |
(178.7) |
NET CASH USED FOR FINANCING ACTIVITIES:
(C) = a + b + c + d + e + f + h + i + j |
763.2 |
(377.2) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: ( A +
B + C ) |
61.4 |
166.2 |
Currency differences in cash and cash equivalents |
(0.9) |
3.6 |
Cash and cash equivalents at beginning of period |
308.0 |
368.5 |
Cash and cash equivalents at end of period |
368.5 |
538.3 |
Net indebtedness at beginning of period |
927.1 |
1,641.7 |
Cash
flow before change in borrowings: (g) |
221.1 |
(406.3) |
Capitalization of financial leases |
41.1 |
-- |
Loan issue charges fixed assets |
(6.6) |
5.4 |
Assets held for sale |
-- |
-- |
Fair value of financial hedging instruments |
11.2 |
0.5 |
Change in scope of consolidation and other |
447.8 |
0.9 |
Rental debt (IFRS16) |
-- |
2,130.3 |
Net indebtedness at end of period |
1,641.7 |
3,372.5 |
- Ramsay Santé - Annual Results at the end of June 2020
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