Quarterly Financial Information as of December 31,
2016
IFRS - Regulated Information - Not Audited
Cegedim: organic revenue growth
picked up in the fourth quarter of 2016
-
The business model transformation is well under
way, and the first positive impacts are visible
-
Organic revenue growth amounted to 5.4% in Q4
2016, and 4.4% over the full year
-
EBITDA target downgraded to around €60
million
Disclaimer: Pursuant to IAS 17 as it applies to
Cegelease's activities, leases are now classified as financial
leases, resulting in adjustments to the Q1, Q2, Q3 and Q4 2015
figures published in 2015. Readers should refer to the last annexe
of this press release for full details of the adjustments. All of
the figures in this press release reflect the adjustments. Unless
otherwise specified, variations are expressed in comparison with
the same period of the previous year. |
Conference CALL on January 26, 2017, at
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FR: +33 1 70 77 09 44 |
USA: +1 855 402 7764 |
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No access code required |
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Boulogne-Billancourt, France,
January 26, 2017 at 5:45pm CET
Cegedim,
an innovative technology and services company,
posted consolidated Q4 2016 revenues from continuing activities of
€122.5 million, up 2.7% on a reported basis and 5.4% like for like
compared with the same period in 2015. For the
full year 2016, revenues came to €440.8 million, up 3.4% on a
reported basis and 4.4% like for like compared with the same period
in 2015.
Like-for-like growth at the
Health insurance, HR and e-services division
picked up yet again in the fourth quarter, to 13.0% following 9.5%
in the third quarter, despite the ongoing migration of clients over
to SaaS/cloud offerings. On the other hand, the Healthcare professionals division posted a
like-for-like decline of 4.2% in the fourth quarter, bringing its
decline to 2.8% over the full year. This decline was chiefly
attributable to the transition of offerings over to SaaS format,
business delays in the US stemming from ongoing reorganization, and
the continued impact on UK business, in 2016, of clients awaiting
the launch of a new SaaS offer.
The business model transformation
initiated in fall 2015 is beginning to pay off, as shown by the
increase in like-for-like revenue growth to 5.4% in the fourth
quarter and 4.4% over the full year 2016. As a reminder, the Group
had revised its forecast upward multiple times during the year and
was expecting growth of 4.0%.
In 2016, the transformation
project resulted in several changes in senior management within the
Healthcare professionals division in the US,
UK and France. At the same time, investments devoted to R&D
allowed Cegedim to launch a number of new
products, notably in SaaS format. For example, the Group began to
market its Smart Rx product for French
pharmacists, Pulse Cloud Practice Management
for US doctors, Vision anywhere for UK
doctors, and a full SaaS e-invoicing platform using open source
technology. The Group also substantially expanded its BPO offering
for US doctors, HR departments and insurance companies, notably
signing a major BPO contract with social protection and insurance
group KLESIA and at the end of the year with the mutual insurance
group YSTIA.
As we noted earlier, the business
model transformation is well under way, so growth momentum is
expected to pick up in 2017 and lead to improving profitability in
the future. We expect to see the full impact of the transformation
in 2018. Further out, Cegedim will enjoy
greater customer loyalty, closer client relationships, simpler
operating processes, more robust offerings and stronger geographic
positions. The changes now under way will also boost the share of
recurring revenues, improve sales growth and predictability, and
enhance the Group's profitability.
As predicted, 2016 was a
transitional year. Implementing the transformation plan adversely
affected the Group's profitability. Furthermore, Cegedim's
management has appointed a new CEO in the US and has decided to
change its approach to two disputes with customers in the US. These
changes resulted in the Group signing agreements that led to a
conversion of receivables into a significant loss in 2016. Because
this loss can't be classified as a special item under IFRS, the
EBITDA target will not be met in 2016.
Revenue trends by
division
|
|
Fourth quarter |
In € millions |
|
2016 |
2015 |
Chg. L-f-l |
Chg. Reported |
Health
insurance, HR and e-services |
|
77.1 |
68.5 |
+13.0% |
+12.5% |
Healthcare professionals |
|
44.4 |
49.3 |
(4.2)% |
(9.9)% |
Activities not allocated |
|
1.0 |
1.4 |
(33.5)% |
(33.5)% |
Cegedim |
|
122.5 |
119.3 |
+5.4% |
+2.7% |
In the fourth quarter of 2016,
Cegedim posted consolidated revenues from
continuing activities of €122.5 million, up 2.7% on a reported
basis. Excluding an unfavorable currency translation effect of
2.6%, revenues rose 5.4%. There was no impact from acquisitions or
divestments.
In like-for-like terms the
Health Insurance, HR and e-services division's
revenues rose by 13.0%, whereas the Healthcare
professionals division's revenues fell by
4.2%.
|
|
Full year |
In € millions |
|
2016 |
2015 |
Chg. L-f-l |
Chg. Reported |
Health
insurance, HR and e-services |
|
262.3 |
234.7 |
+10.5% |
+11.8% |
Healthcare professionals |
|
175.2 |
187.2 |
(2.8)% |
(6.4)% |
Activities not allocated |
|
3.3 |
4.2 |
(21.6)% |
(21.6)% |
Cegedim |
|
440.8 |
426.2 |
+4.4% |
+3.4% |
Over the full year 2016, Cegedim posted consolidated revenues from continuing
activities of €440.8 million, up 3.4% on a reported basis.
Excluding an unfavorable currency translation effect of 1.7% and a
0.8% boost from acquisitions, revenues rose 4.4%.
In like-for-like terms the
Health Insurance, HR and e-services division's
revenues rose by 10.5%, whereas the Healthcare
professionals division's revenues fell by 2.8%.
Analysis of business trends by
division
The division's Q4
2016 revenues came to €77.1 million, up 12.5% on a reported basis.
There was no impact from acquisitions or divestments. Currency
effects made a negative contribution of 0.5%. Like-for-like
revenues rose 13.0% over the period.
The division's 2016 revenues came to €262.3
million, up 11.8% on a reported basis. The
July 2015 acquisition of Activus in the UK made a positive
contribution of 1.4%. Currencies had virtually
no impact. Like-for-like revenues rose 10.5%
over the period.
The Health
insurance, HR and e-services division
represented 59.5% of consolidated revenues from continuing
activities, compared with 55.1% over the same period a year
earlier.
This significant 2016 revenue
growth was chiefly attributable to:
-
Cegedim Insurance
Solutions, with double-digit growth in the
iGestion BPO business for health insurance
companies and mutual insurers, continued robust growth in the third
party payment flow management activity, and a very fine performance
in software and services devoted to the personal protection
insurance sector, including double-digit growth in the fourth
quarter despite the impact of transitioning to SaaS format.
-
Excellent momentum at the Cegedim e-business unit, and a strong acceleration in
the fourth quarter. In addition, Cegedim
e-business fully benefited from the start of operations with
new clients on its Global Information Services
SaaS platform for digital data exchanges, including payment
platforms.
-
The start of operations with numerous clients on
the Cegedim SRH SaaS platform for human
resources management, resulting in double-digit revenue growth over
the full year.
The division's Q4
2016 revenues came to €44.4 million, down 9.9% on a reported basis.
Currency effects made a negative contribution of 5.7%. There was no
impact from acquisitions or divestments. Like-for-like revenues
fell 4.2% over the period.
The division's 2016 revenues came to €175.2
million, down 6.4% on a reported basis. Currency effects made a
negative contribution of 3.7%. There was no impact from
acquisitions or divestments. Like-for-like revenues fell 2.8% over
the period.
The Healthcare professionals division
represented 39.7% of consolidated revenues from continuing
activities, compared with 43.9% over the same period a year
earlier.
The decline in revenues in 2016
and in the last quarter was chiefly attributable to:
· The
transition of clients in certain markets, who are increasingly
attracted to cloud-based offerings, over to SaaS versions;
· In the
UK, the fact that the Group only began marketing the new SaaS
offering to doctors in January 2017;
· The
September 2016 release in France of the new Smart
Rx offering - a comprehensive pharmacy management solution
built around a hybrid architecture that combines local and
cloud-based computing. The new solution allows networks amongst
individual pharmacies and links with healthcare professionals. The
launch of this new offering, combined with implementation of a new
organization, should enable this business to return to growth in
the months ahead.
These performances were partially
offset by:
-
Double-digit growth at Pulse over the full year, despite a contraction in the
last quarter owing to the postponement of certain projects, mainly
related to the unit's RCM offerings. The Group has implemented a
new, more responsive organization that should enable the business
to return to a path of sustainable growth, particularly in
BPO.
-
Robust growth in products and services designed
for physical therapists and nurses in France;
-
Double-digit growth at Cegelease, which offers financial leases.
The division's Q4
2016 revenues came to €1.0 million, down 33.5% on a reported basis
and like for like. There were no currency effects and no
acquisitions or divestments.
The division's 2016 revenues came to €3.3 million,
down 21.6% on a reported basis and like for like. There were no
currency effects and no acquisitions or divestments.
The Activities not allocated division
represented 0.7% of consolidated revenues from continuing
activities, compared with 1.0% over the same period a year
earlier.
This trend reflects the return to
a normal level of billing.
Highlights
Apart from the items cited below,
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.
In January 2016, the Group took
out a new five-year revolving credit facility (RCF) of €200
million. The applicable interest rate for this credit facility is
Euribor plus a margin. The Euribor rate can be the 1-, 3- or 6-
month rate; if Euribor is below zero, it will be deemed to be equal
to zero. The margin can range from 0.70% to 1.40% depending on the
leverage ratio calculated semi-annually in June and December (Refer
to point 2.4.1.1 on page 14 of the Q2-2016 Quarterly Financial
Report).
On April 1, 2016, Cegedim exercised its call option on the entire 6.75%
2020 bond with ISIN code XS0906984272 and XS0906984355, for a total
principal amount of €314,814,000.00 and a price of 105.0625%, i.e.
a total premium of €15,937,458.75. The company then cancelled these
securities. The transaction was financed by drawing a portion of
the RCF obtained in January 2016 and using the proceeds of the sale
to IMS Health. Following this transaction, the Group's debt
comprised the €45.1 million FCB subordinated loan, the partially
drawn €200 million RCF, and overdraft facilities.
After Cegedim
announced that it would redeem the entire 6.75% 2020 bond, rating
agency Standard and Poor's raised the company's rating on April 28,
2016, to BB with a stable outlook.
Cegedim
announced on November 2, 2016, that it had signed a heads of
agreement to acquire Futuramedia Group. This
deal will strengthen the digital offerings of its subsidiary
RNP, which specializes in pharmacy displays in
France. The acquisition was completed on November 30, 2016.
In 2015, Futuramedia Group generated revenues of around €5.4
million. It will have an accretive impact on Cegedim Group's margins and began contributing to the
Group's consolidation scope from January 1, 2017.
The Kadrige business was sold to
IMS Health on November 9, 2016.
Significant post-closing
transactions and events
Apart from the items cited below,
to the best of the company's knowledge, there were no events or
changes after the accounts were closed that would materially alter
the Group's financial situation.
Cegedim has
just received a summons from Euris stemming from a decision by the
Competition Authority announced in 2015. Cegedim would like to emphasize that it has appealed
the decision and a ruling is still pending at the Court of
Cassation.
Outlook
As predicted, 2016 was a
transitional year. Implementing the transformation plan adversely
affected the Group's profitability. Furthermore, Cegedim's
management has appointed a new CEO in the US and has decided to
change its approach to two disputes with customers in the US. These
changes resulted in the Group signing agreements that led to a
conversion of receivables into a significant loss in 2016. Because
this loss can't be classified as a special item under IFRS, the
EBITDA target will not be met in 2016. It should be close to €60
million.
The business model transformation
is well under way, so growth momentum is expected to pick up in
2017 and lead to improving profitability in the future. We expect
to see the full impact of the transformation in 2018.
The Group meets all its bank
covenants as of December 2016.
The Group does not expect any
significant acquisitions in 2017 and does not disclose profit
projections or estimates.
In 2015, the UK represented 15.1%
of consolidated Group revenue and 19.2% of Group EBIT.
Cegedim
operates in the UK in local currency, as it does in all the
countries where it operates. Thus, the impact on the consolidated
Group EBIT margin should be marginal.
With regard to healthcare policy,
the Group has not identified any major European programs at work in
the UK and expects UK policy to be only marginally affected by
Brexit.
In 2017, Cegedim will only publish half-year and annual results.
It will, however, continue to publish quarterly revenues.
The figures cited above include
guidance on Cegedim's
future financial performances. This forward-looking information is
based on the opinions and assumptions of the Group's senior
management at the time this press release is issued and naturally
entails risks and uncertainty. For more information on the risks
facing Cegedim, please refer to points 2.4,
"Risk factors and insurance", and 3.7, "Outlook", of the 2015
Registration Document filed with the AMF on March 31, 2016, as well
as point 2.4, "Risk factors", of the Interim Financial Reports for
Q1, Q2, Q3, and Q4 2016.
|
March 22, 2017, after market closing
March 23, 2017, at 10:00am CET
April 27, 2017, after market closing |
Full year 2016 earnings
Analyst meeting (SFAF meeting)
Q1 2017 revenues |
Financial calendar
January 26, 2017, at
6:15pm (Paris time) |
The Group
will hold a conference call hosted by Jan Eryk Umiastowski, Cegedim
Chief Investment Officer and Head of Investor Relations.
The webcast is available at the following address:
bit.ly/2jTIJub
The Q4 and FY 2016 revenue presentation is available at:
The website:
http://www.cegedim.fr/finance/documentation/Pages/presentations.aspx
The Group's financial communications app, Cegedim IR. To download
the app, visit:
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx |
Contact numbers: |
France: +33 1 70 77 09 44
United States:
+1 855 402 7764
UK and others: +44 (0)20 3367 9459 |
No access code required |
Annexe
Breakdown of revenue by quarter
and division
In € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Health insurance, HR and e-services |
|
59,728 |
64,847 |
60,607 |
77,143 |
262,325 |
|
Healthcare professionals |
|
45,687 |
43,676 |
41,459 |
44,404 |
175,226 |
|
Activities not allocated |
|
793 |
778 |
770 |
954 |
3,295 |
|
Cegedim |
|
106,208 |
109,301 |
102,836 |
122,501 |
440,846 |
|
In € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Health insurance, HR and e-services |
|
53,712 |
57,000 |
55,453 |
68,553 |
234,719 |
|
Healthcare professionals |
|
45,931 |
48,093 |
43,932 |
49,282 |
187,238 |
|
Activities not allocated |
|
825 |
1,100 |
843 |
1,433 |
4,201 |
|
Cegedim |
|
100,468 |
106,193 |
100,228 |
119,268 |
426,158 |
|
Breakdown of revenue by
geographic zone and division
In € thousands |
|
France |
EMEA excl. France |
Americas |
APAC |
Health insurance, HR and e-services |
|
96.3% |
3.7% |
- |
- |
Healthcare professionals |
|
58.9% |
32.4% |
8.6% |
- |
Activities not allocated |
|
99.5% |
0.5% |
- |
- |
Cegedim |
|
81.5% |
15.1% |
3.4% |
- |
Breakdown of revenue by currency
and division
In € thousands |
|
Euro |
USD |
GBP |
Others |
Health insurance, HR and e-services |
|
96.3% |
- |
2.5% |
1.2% |
Healthcare professionals |
|
62.2% |
8.5% |
28.2% |
1.1% |
Activities not allocated |
|
100.0% |
- |
- |
- |
Cegedim |
|
82.8% |
3.4% |
12.7% |
1.2% |
Restatement of the accounting
treatment of the financial lease business in the group consolidated
financial statement
Cegelease
is a wholly owned subsidiary of Cegedim,
which since 2001 has offered financing options
through a variety of contracts dedicated to pharmacies and
healthcare professionals in France. Initially, these solutions were
aimed at serving pharmacists who preferred to lease the pharmacy
management software they bought from the Cegedim group rather than pay up front. Over time, Cegelease
has diversified its activities. Having started as
the exclusive financial lease provider for Cegedim group products, Cegelease
is now a broker proposing a variety of leasing
solutions (for group products as well as products developed by
third parties) to a variety of clients (including clients who are
not already in business with other group entities).
After the sale of
its CRM and strategic data business to IMS Health, Cegedim
investigated these activities in depth and found
that they had to be reclassified pursuant to IAS 17 on March 23,
2016, when the 2015 accounts were published. All the impacts on
previous accounts are indicated in the 2015 Registration Document
filed with the AMF on March 31, 2016, in Chapter 4.4, point 1.3,
pages 89 to 94. Impacts on the first, second, third and fourth
quarters and on the full year 2015 consolidated financial
statements are described below.
In € thousand |
|
Q1 2015
reported |
IFRS 5
impact for Cegedim Kadrige |
Restatement of leases |
Division
aggregate |
Q1 2015
restated |
|
|
|
(1) |
(2) |
(3) |
|
Health insurance, HR and e-services |
|
54,004 |
(292) |
- |
- |
53,712 |
Healthcare professionals |
|
37,187 |
- |
- |
8,744 |
45,931 |
Cegelease |
|
29,293 |
- |
(20,549) |
(8,744) |
- |
Activities not allocated |
|
825 |
- |
- |
- |
825 |
Cegedim |
|
121,309 |
(292) |
(20,549) |
- |
100,468 |
In € thousand |
|
Q2 2015
reported |
IFRS 5
impact for Cegedim Kadrige |
Restatement of leases |
Division
aggregate |
Q2 2015
restated |
|
|
|
(1) |
(2) |
(3) |
|
Health insurance, HR and e-services |
|
57,546 |
(546) |
- |
- |
57,000 |
Healthcare professionals |
|
39,352 |
- |
- |
8,741 |
48,093 |
Cegelease |
|
26,842 |
- |
(18,101) |
(8,741) |
- |
Activities not allocated |
|
1,100 |
- |
- |
- |
1,100 |
Cegedim |
|
124,839 |
(546) |
(18,101) |
- |
106,193 |
In € thousand |
|
Q3 2015
reported |
IFRS 5
impact for Cegedim Kadrige |
Restatement of leases |
Division
aggregate |
Q3 2015
restated |
|
|
|
(1) |
(2) |
(3) |
|
Health insurance, HR and e-services |
|
55,912 |
(459) |
- |
- |
55,453 |
Healthcare professionals |
|
36,456 |
- |
- |
7,476 |
43,932 |
Cegelease |
|
27,208 |
- |
(19,731) |
(7,476) |
- |
Activities not allocated |
|
843 |
- |
- |
- |
843 |
Cegedim |
|
120,419 |
(459) |
(19,731) |
0 |
100,228 |
In € thousand |
|
Q4 2015
reported |
IFRS 5
impact for Cegedim Kadrige |
Restatement of leases |
Division
aggregate |
Q4 2015
restated |
|
|
|
(1) |
(2) |
(3) |
|
Health insurance, HR and e-services |
|
69,103 |
(550) |
- |
- |
68,553 |
Healthcare professionals |
|
39,139 |
- |
- |
10,144 |
49,282 |
Cegelease |
|
33,701 |
- |
(23,557) |
(10,144) |
- |
Activities not allocated |
|
1,433 |
- |
- |
- |
1,433 |
Cegedim |
|
143,375 |
(550) |
(23,557) |
0 |
119,268 |
In € thousand |
|
FY 2015
reported |
IFRS 5
impact for Cegedim Kadrige |
Restatement of leases |
Division
aggregate |
FY 2015
restated |
|
|
|
(1) |
(2) |
(3) |
|
Health insurance, HR and e-services |
|
236,564 |
(1,846) |
- |
- |
234,719 |
Healthcare professionals |
|
152,134 |
- |
- |
35,105 |
187,238 |
Cegelease |
|
117,043 |
- |
(81,938) |
(35,105) |
- |
Activities not allocated |
|
4,201 |
- |
- |
- |
4,201 |
Cegedim |
|
509,942 |
(1,846) |
(81,938) |
0 |
426,158 |
(1) The Cegedim Group decided to
sell the Kadrige activities. These activities are thus isolated in
separate lines of the profit and loss statement and balance sheet,
according to the IFRS 5 accounting standard.
(2) The correct accounting
treatment of the Cegelease finance lease business, for all types of
contracts (self-financed, sold except process management, or backed
by a bank), requires a downward restatement of the Q1 2015
consolidated revenue by €21m, the Q2 2015 consolidated revenue by
€18m, the Q3 2015 consolidated revenue by €20m and the Q4 2015
consolidated revenue by €24m.
(3) The financial lease business
accounts for less than 10% of the consolidated revenue or EBITDA,
and as such is no longer isolated within the Group internal
reporting. These activities are reported into the "Healthcare
professionals" division, where they were classified prior to the
2014 annual closing.
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 before special items: 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.
EBIT margin: defined as the ratio of
EBIT/revenue.
EBIT margin before special
items: defined as the ratio of EBIT before special
items/revenue.
Net cash: defined as cash and cash equivalent
minus overdraft.
|
Glossary
The
English-language version of this document is a free translation of
the original, which was prepared in French. All possible care has
been taken to ensure that the translation is an accurate
representation of the original. However, in all matters of
interpretation of the information, views or opinions expressed
herein, the original language version of the document in French
takes precedence over this translation.
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 more than
4,000 people in 11 countries and generated revenue of €441 million
in 2016. Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more, please visit: www.cegedim.com
And follow Cegedim on Twitter: @CegedimGroup
|
Aude Balleydier
Cegedim Media
Relations
and Communications Manager
Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.com |
Jan Eryk Umiastowski
Cegedim
Chief Investment Officer
and head of Investor Relations
Tel.: +33 (0)1 49 09 33 36
janeryk.umiastowski@cegedim.com |
Guillaume de Chamisso
PRPA Agency
Media Relations
Tel.: +33 (0)1 77 35 60 99
guillaume.dechamisso@prpa.fr |
Cegedim_TO_4Q2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cegedim SA via Globenewswire
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