Quarterly Financial Information as of June 30, 2017 IFRS -
Regulated Information - Audited
Cegedim returned to positive revenue and
margin growth in the first half of 2017
- The business model transformation continues, in line with Group
expectations
- Like-for-like revenues rose 6.4%
- EBITDA grew by 23.6%
- FY 2017 revenue target revised upward
Disclaimer: This press release is available in French and in
English. In the event of any difference between the two versions,
the original French version takes precedence. This press release
may contain inside information. It was sent to Cegedim's authorized
distributor on September 21, no earlier than 5:45 pm Paris
time.The following terms "business model transformation" and
"BPO" are defined in the Glossary.Starting June 30, 2017,
the Group has decided to implement recommendation ANC 2013-03 of
France's national accounting standards board, which allows
companies to incorporate the income of equity-accounted affiliates
in the consolidated operating result. Cegedim's 2016 financial
statements have been restated as indicated in the accounting
principles of our Half-Year Report. |
Conference CALL on September 21, 2017, at 6:15PM
CET |
FR: +33 1 72 72 74 03 |
USA: +1 844 286 0643 |
UK: +44 (0) 207 1943 759 |
PIN
Code: 10752768# |
The webcast is available at the following
address: http://bit.ly/2h5UFFO |
Boulogne-Billancourt, France, September 21, 2017 after the
market close
Cegedim, an innovative technology and
services company, posted consolidated H1 2017 revenues of €230.6
million, up 7.0% on a reported basis and 6.4% like for like
compared with the same period in 2016. EBITDA came to €33.2
million in the first half of 2017, up 23.6% year on year. EBITDA
margin improved to 14.4% in H1 2017, compared with 12.5% a year
earlier.
The business model transformation that began in
fall 2015 is starting to pay off, with more rapid like-for-like
revenue growth and a return to EBITDA margin improvement in the
first half of 2017.
Both operating divisions increased their
revenues at comparable exchange rates and Group structure. Revenue
grew by 9.8% at the Health insurance, HR and e-services division
and 1.4% at the Healthcare professionals division.
Most of the EBITDA growth came from the
Healthcare professionals division, which made an impressive
recovery with the help of a favorable comparison. The Health
insurance, HR and e-services division posted a marginal increase in
EBITDA owing to the short-term headwinds of switching products over
to SaaS and launching several new BPO offerings.
The business transformation plan, the
development of BPO services, the switch to SaaS formats, and
R&D efforts will result in greater customer loyalty, closer
client relationships, simpler operating processes, more robust
offerings and stronger geographic positions. The transformation is
now well under way, so its full impact is likely to materialize in
2018.
Simplified income statement
|
H1 2017 |
H1 2016 |
Chg. |
|
€m |
% |
€m |
% |
% |
Revenue |
230.6 |
100.0 |
215.5 |
100.0 |
+7.0% |
EBITDA |
33.2 |
14.4 |
26.8 |
12.5 |
+23.6% |
Depreciation |
(19.6) |
(8.5) |
(16.4) |
(7.6) |
+19.1% |
EBIT before special items |
13.6 |
5.9 |
10.4 |
4.8 |
+30.6% |
Special items |
(11.7) |
(5.1) |
(3.7) |
(1.7) |
+214.1% |
EBIT |
1.9 |
0.8 |
6.7 |
3.1 |
(72.0)% |
Cost of net financial debt |
(3.3) |
(1.4) |
(23.9) |
(11.1) |
(86.3)% |
Tax expenses |
(2.3) |
(1.0) |
(1.7) |
(0.8) |
+36.8% |
Consolidated profit from continuing activities |
(3.7) |
(1.6) |
(19.0) |
(8.8) |
(80.2)% |
Net earnings from activities held for sale |
- |
- |
(0.8) |
(0.4) |
- |
Profit attributable to the owners of the parent |
(3.8) |
(1.6) |
(19.8) |
(9.2) |
(81.0)% |
EPS before special items |
0.0 |
- |
(1.1) |
- |
(101.9)% |
Earnings per share |
(0.3) |
- |
(1.4) |
- |
(81.0)% |
Consolidated revenues for the first half of 2017 amounted to
€230.6 million, a 7.0% increase as reported. Excluding an
unfavorable currency translation effect of 1.2% and a 1.8% boost
from acquisitions, revenues rose 6.4%.
Both of the divisions grew their like-for-like revenues. Health
insurance, HR and e-services division revenues rose by 9.8%, and
Healthcare professionals division revenues rose by 1.4%.
EBITDA rose €6.3 million, or 23.6%, to
€33.2 million. The margin also rose, from 12.5% in the first half
of 2016 to 14.4% in the first half of 2017. The EBITDA performance
was chiefly the result of higher personnel costs and external costs
stemming from recruitment and interim staff brought on to help
migrate products over to SaaS formats and develop new
offerings.
Depreciation and amortization costs rose
€3.1 million to €19.6 million in the first half of 2017 compared
with €16.4 million in the first half of 2016. Most of the increase
was due to the amortization of €2.1 million of R&D expenses
over the period.
EBIT from recurring operations rose €3.2
million in the first half of 2017, or 30.6%, to €13,6 million. The
margin improved to 5.9% in the first half of 2017 from 4.8% in the
first half of 2016.
Exceptional items amounted to an €11.7
million charge in H1 2017 compared with a €3.7 million charge a
year earlier. The increase was mainly attributable to the impact of
accelerated amortization of intangible fixed assets in the US
amounting to €8.5 million. Without the accelerated amortization,
exceptional items at June 2017 would have been virtually the same
as at June 2016.
Net cost of financial debt fell by €20.6
million, or 86.3%, to €3.3 million in the first half of 2017
compared with €23.9 million a year earlier. The decline reflects
the positive impact of refinancing carried out in the first half of
2016.
Tax costs came to €2.3 million in H1
2017, compared with a €1.7 million charge in H1 2016. The increase
was chiefly due to better earnings at French subsidiaries whose
results are consolidated with those of Cegedim for tax
purposes.
Thus, the consolidated net result from
continuing activities came to a loss of €3.7 million at June
30, 2017, compared with a loss of €19.0 million in the year-earlier
period. Net profit before special items came to €0.0 loss
per share in the first half of 2017, compared with a €1.1 loss a
year earlier. Earnings per share were a €0.3 loss compared
with a €1.4 loss for the same period in 2016.
Analysis of business trends by division
|
|
Revenue |
|
EBIT before special items |
|
EBITDA |
In €
million |
|
H1 2017 |
H1 2016 |
|
H1 2017 |
H1 2016 |
|
H1 2017 |
H1 2016 |
Health insurance, HR and
e-services |
|
140.3 |
124.6 |
|
8.8 |
10.6 |
|
18.1 |
17.9 |
Healthcare
professionals |
|
88.4 |
89.4 |
|
8.0 |
2.0 |
|
15.4 |
8.5 |
Activities not
allocated |
|
2.0 |
1.6 |
|
(3.2) |
(2.2) |
|
(0.3) |
0.5 |
Cegedim |
|
230.6 |
215.5 |
|
13.6 |
10.4 |
|
33.2 |
26.8 |
- Health insurance, HR and e-services
The division's H1 2017 revenues rose €15.7
million, or 12.6%, to €140.3 million, compared with €124.6 million
in the first half of 2016. Currency translation had a negative
impact of 0.3%. The November 2016 Futuramedia
acquisition in France made a positive contribution of 3.1%.
Like-for-like revenues rose 9.8% over the period.The
Health insurance, HR and e-services division represented
60.8% of consolidated revenues, compared with 57.8% over the same
period a year earlier.EBITDA rose marginally in the first
half of 2017, up €0.3 million or 1.4%, to €18.1 million, compared
with €17.9 million in the first half of 2016.EBITDA margin
was 12.9% in H1 17, a decrease from the 14.3% generated in H1
2016.
This significant H1 2017 revenue growth,
combined with slight EBITDA growth, was chiefly attributable
to:
- Continued double-digit growth at Cegedim SRH, as work began
with several new clients of the SaaS platform for HR management,
which is temporarily impeding margin improvement.
- Strong sales momentum leading to the start of work with several
new clients of the SaaS platform for electronic data exchange,
Global Information Services, including payment and process
digitalization platforms. For example, Cegedim e-business posted
double-digit revenue growth combined with strong improvement in
profit margins.
- Double-digit growth in iGestion BPO activities for health
insurers and mutual insurers. These launches are having a negative
short-term effect on profitability.
- The continuation of positive trends - seen for several quarters
now - in revenues of third-party payment processing services. On
the other hand, developing products and services aimed at hospitals
is having a negative short-term effect on profitability.
- Modest growth in software and services for the personal
insurance market, despite the impact of switching to the SaaS
format. However, the transition is having a negative short-term
effect on the business' profitability.
The division's H1 2017 revenues fell by €1.0
million, or 1.1%, to €88.4 million, compared with €89.4 million in
the first half of 2016. Currency effects had a negative impact of
2.5%. There was virtually no impact from acquisitions or
divestments. Like-for-like revenues rose 1.4% over the
period.The Healthcare professionals division
represented 38.3% of consolidated Group revenues, compared with
41.5% over the same period a year earlier.EBITDA grew by
€6.8 million, or 80.2%, to €15.4 million in the first half of 2017,
compared with €8.5 million in the first half of 2016. EBITDA
margin was 17.4% in H1 17, up from the 9.5% generated in H1
2016.
This robust first-half performance was chiefly
attributable to:
· The
Pulse doctor computerization and revenue cycle management (RCM)
business in the US. RCM is a BPO-type business and is growing
rapidly, with double-digit growth over the first half. In spite of
the strong development, EBITDA grew substantially owing to a
favorable comparison.
· Robust
revenue and profit growth in the computerization of doctors in
France, Belgium and Spain.
· Good
revenue and profit at the financial lease business, Cegelease.
· A
brisk business in computerizing nurses, physical therapists, speech
therapists, orthoptists, midwives and podiatrists in France.
· Renewed
revenue growth in the second quarter for the computerization of
pharmacists in France thanks to the new Smart Rx offering launched
last year. The EBITDA trend is encouraging.
This performance was partly offset by a decline
in revenue and profitability for the computerization of doctors in
the UK pending the release of a full SaaS version of that product.
The first few modules were launched at the start of the year and
have been very well received by the market.
The division's H1 2017 revenues rose €0.4
million, or 26.2%, to €2.0 million, compared with €1.6 million in
the first half of 2016. There were no currency impacts, and no
acquisitions or divestments.The Activities not
allocated division represented 0.9% of consolidated
revenues, compared with 0.7% over the same period a year
earlier.EBITDA fell by €0.8 million, or 167.6%, to a loss of
€0.3 million in the first half of 2017, compared with a €0.5
million profit in the first half of 2016.The negative EBITDA
trend was principally due to the impact of rent charges related to
moving the corporate headquarters in 2016.
Financial resources
At 30 June, 2017, Cegedim's consolidated
total balance sheet amounted to €702.1 million.
Acquisition goodwill amounted to €201.0
million at June 30, 2017, compared with €199.0 million at December
31, 2016. The €2.0 million increase, or 1.0%, was mainly due to the
€3.1 million acquisitions of B.B.M. Systems and Adaptive Apps in
the UK. The €3.1 million was partly offset by the euro's
appreciation against certain foreign currencies, notably the Pound
Sterling for €0.8 million. Acquisition goodwill represented 28.6%
of the total balance sheet at June 30, 2017, compared with 28.1% at
December 31, 2016.
Cash and equivalents came to €18.1
million at June 30, 2017, a decrease of €2.7 million compared with
December 31, 2016. The decline was principally due to the
generation of €34.1 million in cash from operations before the net
cost of financial debt and tax, the payment of €2.2 million in tax,
a €3.8 million reduction of WCR, and the generation of €3.9 million
in cash from financing operations, mainly from drawing upon the
revolving credit facility. These developments were partially offset
by €41.9 million in cash disbursements related to investment
transactions.
Shareholders' equity fell by €5.4
million, i.e. 2.8%, to €183.6 million at June 30, 2017, compared
with €188.9 million at December 31, 2016. Shareholders' equity
represented 26.1% of the total balance sheet at end-June 2017,
compared with 26.6% at end-December 2016.
Net financial debt amounted to €237.0
million at end-June 2017, up €10.2 million compared with
end-December 2016. It represented 129.1% of Group shareholders'
equity at June 30, 2017, compared with 120.0% at December 31,
2016.
After the net cost of financial debt and
taxes, cash flow was €28.4 million at June 30, 2017, compared
with €3.6 million at June 30, 2016.
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.
- Non-recourse factoring agreement
On May 22, 2017, the Group signed a factoring
agreement with a French bank. The non-recourse agreement covers
aggregated total receivables of €38.0 million. The operating units
involved in the arrangement are Cegedim SA, Cegedim Activ, Cegedim
SRH and CETIP. The factoring agreement is open-ended, but either
party may terminate it at any time, subject to a three-month notice
period.
It applies to trade receivables denominated in
euros payable by clients located in France. The amount of trade
receivables sold under the agreement came to €18.8 million at June
30, 2017.
- Partial interest rate hedging
To hedge part of its exposure to euro interest
rate fluctuations arising from its RCF, the Group carried out an
interest rate swap on February 17, 2017. Under the zero-premium
swap agreement, Cegedim receives the 1-month Euribor rate if it
exceeds 0%, receives nothing otherwise, and pays a fixed rate of
0.2680% for a notional amount of €50 million, starting on February
28, 2017, and maturing February 26, 2021.
To hedge part of its exposure to euro interest
rate fluctuations arising from its RCF, the Group carried out an
interest rate swap on May 11, 2017. Under the zero-premium swap
agreement, Cegedim receives the 1-month Euribor rate if it exceeds
0%, receives nothing otherwise, and pays a fixed rate of 0.2750%
for a notional amount of €30 million, starting on May 31, 2017, and
maturing December 31, 2020.
As part of the BPO contract Cegedim signed with
the Klesia group in September 2016, the two companies created an
economic interest group (GIE), held 50/50. In January 2017, Cegedim
lent Isiaklé €9 million for a period of 10 years at an interest
rate of 1m Euribor plus a margin of 1.1%. Isiaklé will use the loan
to purchase from Klesia a €9 million software package necessary for
it to perform its services. The GIE is accounted for in Cegedim's
consolidated accounts using the equity method.
On February 10, 2017, Cegedim was ordered to pay
€4,636,000 to the Tessi company for failing to meet certain
obligations with respect to an asset sale made on July 2, 2007.
Cegedim has decided to appeal this decision.
- Acquisition of B.B.M. Systems in the UK
On February 23, 2017, Cegedim acquired UK
company B.B.M. Systems through its Alliadis Europe Ltd subsidiary.
The deal strengthens the Group's expertise in developing
cloud-based products for general practitioners.
B.B.M. Systems had 2016 revenues of around €0.7
million and earned a profit. It contributes to the Group's scope of
consolidation from March 1, 2017.
- Changes to Cegedim SA's Board of Directors
In March 2017, in keeping with the wishes of
Bpifrance, Ms. Anne-Sophie Hérelle has been appointed to replace
Ms. Valérie Raoul-Desprez on the Board of Directors. The permanent
representative of Bpifrance, is now Ms. Marie Artaud-Dewitte,
Deputy Head of Legal Affairs at Bpifrance Investissements. She
replaces Ms. Anne-Sophie Hérelle.
- Acquisition of Adaptive Apps in the UK
On May 3, 2017, Cegedim acquired UK company
Adaptive Apps through its In Practice Systems Limited subsidiary.
The deal strengthens the Group's expertise in developing
cloud-based and mobile products for healthcare professionals.
Adaptive Apps had 2016 revenues of around €1.5
million and earned a profit. It contributes to the Group's scope of
consolidation from May, 2017.
Cegedim, jointly with IMS Health, is being sued
by Euris for unfair competition. Cegedim has filed a motion
claiming that IMS Health should be the sole defendant. After
consulting with its external legal counsel, the Group has decided
not to record any provisions.
Significant post-closing transactions and events
To the best of the company's knowledge, apart
from the items cited below, there were no events or changes after
the accounts were closed that would materially alter the Group's
financial situation.
On July 21, 2017, Cegedim paid €4,636,000 to the
Tessi company to comply with a court ruling of February 10,
2017.
Cegedim has decided to appeal this decision. The appeal is
currently under way
- Cegelease contemplated disposal
As part of the business model transformation plan that the Group
initiated in fall 2015, Cegedim is contemplating divestment of its
Cegelease and Eurofarmat subsidiaries. These subsidiaries operate
principally in the financial domain, are highly valued, and require
additional resources to continue pursuing and accelerating their
development for the benefit of their clients and employees.
The two businesses have 24 employees in France.
In 2016 they contributed €5.4 million to Group consolidated EBITDA.
The subsidiaries' standalone EBITDA amounted to €18.1 million in
2016.
If the Group receives satisfactory offers and is
able to obtain the necessary approvals, it plans to close the deal
in the second half of 2017. The Group in no way guarantees that a
deal will be carried out.
A successful sale would give the Group a
portfolio of businesses that fit well together and generate strong
synergies. Cegedim is not planning any further divestments.
Assisting Cegedim on this transaction are the
consulting firm of Ohana & Co and the law firm of Freshfields
Bruckhaus Deringer.
Outlook
Cegedim continues to reinvent itself in 2017,
pursuing innovation and investing in the future by transforming its
business model. The business model transformation is well under
way, so growth momentum is expected to continue and lead to
improving profitability in the future.
As a result, for FY 2017, Cegedim had
expected:
- Like-for-like revenue growth between 4.0% and 6.0%.
- EBITDA in a range of €66.0 million to €72.0 million
inclusive.
Based on its H1 2017 performances, the Group
reiterates its EBITDA forecast and is raising its outlook for
like-for-like revenue growth, which is likely to be slightly above
the previously announced forecast range.
Cegedim expects to see the full positive impact
of its investments, reorganization and transformation in 2018.
The Group does not expect any significant
acquisitions in 2017 and does not disclose earnings projections or
estimates.
- Potential impact of Brexit
In 2016, the UK accounted for 12.7% of
consolidated Group revenues and 14.8% of consolidated Group
EBIT.
Cegedim deals in local currency in the UK, as it
does in every country where it is present. Thus Brexit is unlikely
to have a material impact on Group EBIT.
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.
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 2016 Registration
Document filed with the AMF on March 29, 2017, under number
D.17-0255.
|
September 22, 2017, at 2:30 pm October 26, 2017,
after market closing December 12, 2017 |
Half-year 2017 earnings Analyst meeting (SFAF) Investor Day |
Financial calendar
September 21, 2017, at 6:15pm (Paris
time) |
The Group will hold a conference call in English hosted
by Jan Eryk Umiastowski, Cegedim Chief Investment Officer and Head
of Investor Relations. The webcast is available at the following
address: http://bit.ly/2h5UFFO The HY 2017 Earnings 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 72 72 74 03 United States :
+1 844 286 0643 UK and others : +44 (0)207 1943
759 |
PIN Code: 10752768# |
Additional information
The Audit Committee met on September 18, 2017, and the Board of
Directors met on September 21, 2017, to review the first half of
2017 consolidated financial statements. The statutory auditors
conducted a limited review of these financial statements. The
statutory auditors' report is dated September 21, 2017. |
|
The
interim financial report for the first half of 2016 is available:
on our website In French:
http://www.cegedim.fr/finance/documentation/Pages/rapports.aspx In
English:
http://www.cegedim.com/finance/documentation/Pages/reports.aspx on
Cegedim IR. the Group's financial communications app in English and
French To download the app. visit
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx. |
Appendices
Balance sheet as June 30, 2017
- Assets as of June 30, 2017
In thousands of euros |
06.30.2017 |
12.31.2016 |
Goodwill on acquisition |
200,958 |
198,995 |
Development costs |
34,927 |
12,152 |
Other intangible fixed assets |
103,225 |
127,293 |
Intangible fixed assets |
138,153 |
139,445 |
Property |
544 |
459 |
Buildings |
4,376 |
4,712 |
Other tangible fixed assets |
28,517 |
26,548 |
Construction work in progress |
292 |
508 |
Tangible fixed assets |
33,729 |
32,227 |
Equity investments |
1,098 |
1,098 |
Loans |
12,495 |
3,508 |
Other long-term investments |
6,116 |
4,126 |
Long-term investments - excluding equity shares in equity method
companies |
19,709 |
8,733 |
Equity shares in equity method companies |
10,006 |
9,492 |
Government - Deferred tax |
27,320 |
28,784 |
Accounts receivable: Long-term portion |
29,737 |
29,584 |
Other receivables: Long-term portion |
- |
0 |
Financial instruments |
781 |
- |
Non-current assets |
460,392 |
447,260 |
Services in progress |
- |
1,034 |
Goods |
7,924 |
6,735 |
Advances and deposits received on orders |
2,603 |
1,773 |
Accounts receivables: Short-term portion |
147,870 |
167,361 |
Other receivables: Short-term portion |
50,760 |
53,890 |
Cash equivalents |
8,000 |
8,000 |
Cash |
10,074 |
12,771 |
Prepaid expenses |
14,525 |
10,258 |
Current Assets |
241,756 |
261,823 |
Total Assets |
702,148 |
709,082 |
- Liabilities and shareholders' equity as of June 30, 2017
In thousands of euros |
06.30.2016 |
12.31.2016 |
Share capital |
13,337 |
13,337 |
Group reserves |
178,452 |
204,723 |
Group exchange gains/losses |
(4,455) |
(2,391) |
Group earnings |
(3,767) |
(26,747) |
Shareholders' equity. Group share |
183,567 |
188,921 |
Minority interests (reserves) |
(23) |
9 |
Minority interests (earnings) |
19 |
14 |
Minority interests |
(4) |
23 |
Shareholders' equity |
183,562 |
188,944 |
Long-term financial liabilities |
250,969 |
244,013 |
Long-term financial instruments |
2,010 |
1,987 |
Deferred tax liabilities |
6,162 |
6,453 |
Non-current provisions |
24,175 |
23,441 |
Other non-current liabilities |
14,607 |
13,251 |
Non-current liabilities |
297,922 |
289,145 |
Short-term financial liabilities |
4,094 |
3,582 |
Short-term financial instruments |
7 |
11 |
Accounts payable and related accounts |
55,618 |
62,419 |
Tax and social liabilities |
72,444 |
78,810 |
Provisions |
2,657 |
3,297 |
Other current liabilities |
85,843 |
82,874 |
Current liabilities |
220,663 |
230,993 |
Total Liabilities |
702,148 |
709,082 |
Income statements as of June 30, 2017
In thousands of euros |
06.30.2017 |
06.30.2016 |
Revenue |
230,618 |
215,509 |
Purchased used |
(16,578) |
(16,966) |
External expenses |
(66,425) |
(63,290) |
Taxes |
(4,223) |
(3,684) |
Payroll costs |
(109,817) |
(103,670) |
Allocations to and reversals of provisions |
(1,476) |
(2,454) |
Change in inventories of products in progress and finished
products |
- |
- |
Other operating income and expenses |
(416) |
240 |
Income of equity-accounted affiliates (1) |
1,493 |
1,158 |
EBITDA |
33,177 |
26,843 |
Depreciation expenses |
(19,589) |
(16,443) |
Operating income before special items |
13,588 |
10,401 |
Depreciation of goodwill |
- |
- |
Non-recurrent income and expenses |
(11,719) |
(3,731) |
Other exceptional operating income and expenses |
(11,719) |
(3,731) |
Operating income |
1,870 |
6,669 |
Income from cash and cash equivalents |
294 |
974 |
Gross cost of financial debt |
(4,372) |
(25,458) |
Other financial income and expenses |
811 |
634 |
Cost of net financial debt |
(3,267) |
(23,851) |
Income taxes |
(1,173) |
(530) |
Deferred taxes |
(1,176) |
(1,187) |
Total taxes |
(2,349) |
(1,717) |
Share of profit (loss) for the period of equity method
companies |
(1) |
(76) |
Profit (loss) for the period from continuing activities |
(3,748) |
(18,974) |
Profit (loss) for the period from discontinued activities |
- |
(826) |
Consolidated profit (loss) for the period |
(3,748) |
(19,801) |
Consolidated Net income (loss) attributable to owners of the
parent |
(3,767) |
(19,775) |
Minority interests |
19 |
(26) |
Average number of shares excluding treasury stock |
13,975,365 |
13,953,978 |
Current Earnings Per Share (in euros) |
(0.0) |
(1.1) |
Earnings Per Share (in euros) |
(0.3) |
(1.4) |
Dilutive instruments |
None |
None |
Earning for recurring operation per share (in euros) |
(0.3) |
(1.4) |
(1) Restatement of the Income of
equity-accounted affiliates
In thousands of euros |
06.30.2017 reported |
Income of equity-accounted affiliates |
06.30.2016 restated |
EBITDA |
25,685 |
1,158 |
26,843 |
Operating income before special items |
9,243 |
1,158 |
10,401 |
Operating income |
5,511 |
1,158 |
6,669 |
Consolidated cash flow statement as of June 30, 2017
In thousands of euros |
06.30.2017 |
06.30.2016 |
Consolidated profit (loss) for the period |
(3,748) |
(19,801) |
Share of earnings from equity method companies |
(1,492) |
(1,082) |
Depreciation and provisions |
33,941 |
24,511 |
Capital gains or losses on disposals |
(266) |
(38) |
Cash flow after cost of net financial debt and taxes |
28,435 |
3,591 |
Cost of net financial debt |
3,267 |
23,854 |
Tax expenses |
2,349 |
1,722 |
Operating cash flow before cost of net financial debt and
taxes |
34,051 |
29,167 |
Tax paid |
(2,212) |
(2,251) |
Change in working capital requirements for operations:
requirement |
- |
(10,638) |
Change in working capital requirements for operations: surplus |
3,810 |
- |
Cash flow generated from operating activities after tax paid and
change in working capital requirements (A) |
35,650 |
16,278 |
Of which net cash flows from operating activities of held for
sales |
- |
(224) |
Acquisitions of intangible assets |
(23,897) |
(20,976) |
Acquisitions of tangible assets |
(5,849) |
(7,811) |
Acquisitions of long-term investments |
- |
- |
Disposals of tangible and intangible assets |
225 |
492 |
Disposals of long-term investments |
464 |
- |
Change in loans made and cash advance |
(9,812) |
(130) |
Impact of changes in consolidation scope |
(3,008) |
(1,448) |
Dividends received from outside Group |
- |
- |
Net cash flows generated by investment operations (B) |
(41,878) |
(29,872) |
Of which net cash flows connected to investment operations of
activities held for sales |
- |
(9) |
Dividends paid to parent company shareholders |
- |
- |
Dividends paid to the minority interests of consolidated
companies |
(13) |
(17) |
Capital increase through cash contribution |
- |
- |
Loans issued |
10,500 |
169,000 |
Loans repaid |
(3,106) |
(340,262) |
Interest paid on loans |
(2,963) |
(30,491) |
Other financial income and expenses paid or received |
(468) |
(566) |
Net cash flows generated by financing operations (C) |
3,950 |
(202,337) |
Of which net cash flows related to financing operations of
activities held for sales |
- |
-2 |
Change In Cash without impact of change in foreign currency
exchange rates (A + B + C) |
(2,279) |
(215,930) |
Impact of changes in foreign currency exchange rates |
(420) |
(845) |
Change in cash |
(2,699) |
(216,775) |
Opening cash |
20,722 |
228,120 |
Closing cash |
18,024 |
11,345 |
Glossary
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. BPO (Business Process Outsourcing): BPO is the
contracting of non-core business activities and functions to a
third-party provider. Cegedim provides BPO services for human
resources, Revenue Cycle Management in the US and management
services for insurance companies, provident institutions and mutual
insurers. Business model transformation: Cegedim decided in
fall 2015 to switch all of its offerings over to SaaS format, to
develop a complete BPO offering, and to materially increase its
R&D efforts. This is reflected in the Group's revamped business
model. The change has altered the Group's revenue recognition and
negatively affected short-term profitability 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: Operating expenses is 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 (L-f-l): 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. Adjusted EBITDA :
Consolidated EBITDA adjusted, for 2016, for the €4.0m of
negative impact from impairment of receivables in the Healthcare
Professional division 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: EBIT margin is defined as the
ratio of EBIT/revenue. EBIT margin before special
items: EBIT margin before special items is defined as the ratio
of EBIT before special items/revenue. Net cash: Net cash is
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 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.comAnd follow Cegedim on
Twitter, @CegedimGroup, LinkedIn and Facebook. |
Aude
BalleydierCegedim Media Relations and Communications
ManagerTel.: +33 (0)1 49 09 68 81aude.balleydier@cegedim.com |
Jan Eryk
UmiastowskiCegedimChief Investment Officerand Head of
Investor RelationsTel.: +33 (0)1 49 09 33
36janeryk.umiastowski@cegedim.com |
Marina ROSOFFFor
Madis Phileo Media RelationsTel: +33 (0)6 71 58
00 34marina@madisphileo.com |
Follow Cegedim:
|
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