Quarterly Financial Information as of December 31,
2017
IFRS - Regulated Information - Audited
Cegedim returned
to positive revenue and margin growth in 2017
-
The business model transformation continues, in
line with Group expectations
-
Good sales momentum
-
Improved profitability
-
Cautiously optimistic for 2018
Disclaimer:
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.
Cegedim announced on December 14 that it had
signed a contract for the definitive sale of its Cegelease and
Eurofarmat businesses. As a result, the consolidated 2017 financial
statements are presented according to IFRS 5, "Non-current assets
held for sale and discontinued".
In practice the contribution from these businesses
until the effective disposal, if any, to each line
of:
-
Cegedim's Consolidated Income
Statement (before non-controlling interests) has been grouped under
the line "Earnings from discontinued operations"; in accordance
with IFRS 5,and their share of net income has been excluded from
Cegedim's adjusted net income;
-
Cegedim's consolidated cash
flow statement has been grouped under the line "Cash flow of
discontinued operations".
These adjustments have been applied to all periods
presented to ensure consistency of information. In addition, the
contribution of Cegelease and Eurofarmat to each line of Cegedim's
Consolidated Balance Sheet has been grouped under the lines "Assets
held for sale" and "Liabilities associated with assets held for
sale".
|
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Boulogne-Billancourt, France,
March 20, 2018 after the market close
Cegedim, an innovative technology and services company, posted
consolidated FY 2017 revenues from continuing activities of €457.4
million, up 6.6% on a reported basis and 5.9% like for like
compared with the same period in 2016. EBITDA
came to €77.5 million in 2017, up 35.0% year on year. EBITDA margin
improved significantly to 16.9% in 2017, compared with 13.4% a year
earlier.
2017 represents another positive
milestone in the Group's transformation. The revamp of its business
model continues, capacity for innovation has been bolstered and the
organizational structure has been adjusted to make it even more
agile. The disposal of Cegelease end-February 2018, completes the
refocus initiated in 2015. 2017 results reflect the combined impact
of good sales momentum and improved profitability.
Both operating divisions saw
like-for-like revenue growth. Health Insurance, HR
and e-services division revenues rose by 8.5% and Healthcare professionals division revenues increased by
1.4%.
EBITDA growth is mainly due to the
significant recovery posted by the Healthcare
professionals division, itself mostly due to a favorable base
effect
Simplified income
statement
|
2017 |
2016 |
Chg. |
|
€m |
% |
€m |
% |
% |
Revenue |
457.4 |
100.0 |
429.3 |
100.0 |
+6.6% |
EBITDA |
77.5 |
16.9 |
57.4 |
13.4 |
+35.0% |
Depreciation |
(40.1) |
(8.8) |
(34.3) |
(8.0) |
+17.0% |
EBIT before special items |
37.4 |
8.2 |
23.1 |
5.4 |
+61.8% |
Special
items |
(18.9) |
(4.1) |
(24.1) |
(5.6) |
(21.8)% |
EBIT |
18.5 |
4.1 |
(1.0) |
(0.2) |
n.m. |
Cost of net
financial debt |
(6.7) |
(1.5) |
(26.0) |
(6.1) |
(74.1)% |
Tax
expenses |
(4.7) |
(1.0) |
(2.3) |
(0.5) |
+101.2% |
Consolidated profit from continuing activities |
7.1 |
1.5 |
(29.5) |
(6.9) |
n.m. |
Net
earnings from activities held for sale |
4.1 |
0.0 |
(1.1) |
(0.3) |
n.m. |
Net
earnings from activities sold |
0.0 |
0.9 |
3.8 |
0.9 |
- |
Profit attributable to the owners of the parent |
11.1 |
2.4 |
(26.7) |
(6.2) |
n.m. |
EPS before
special items |
0.9 |
- |
(1.5) |
- |
n.m. |
Earnings
per share |
0.8 |
- |
(1.9) |
- |
n.m. |
Consolidated revenues from continuing activities
for 2017 amounted to €457.4 million, a 6.6% increase as reported.
Excluding an unfavorable currency translation effect of 0.9% and a
1.6% boost from acquisitions, revenues rose 5.9%.
Both of the divisions grew their like-for-like
revenues. Health insurance, HR and e-services
division revenues rose by 8.5%, and Healthcare
professionals division revenues rose by 1.4%.
EBITDA
increased significantly by €20.1 million, or 35.06%, to €77.5
million. The margin also rose, to 16.9% from 13.4% in 2016. The
EBITDA performance was chiefly the result of lower purchased used
and stable external expenses combined with a lower increase of
personnel costs compare to revenue increase.
Depreciation and
amortization costs rose €14.3 million to €40.1 million in 2017
compared with €34.3 million in 2016. Most of the increase was due
to the €4.2 million increase in the amortization of R&D
expenses over the period.
EBIT from
recurring operations rose €14.3 million, or 61.8%, to €37.4
million. The margin improved to 8.2% in 2017 from 5.4% in 2016.
Exceptional
items amounted to a charge of €18.9 million compared with a
charge of €24.1 million in 2016. This decrease is chiefly due to
the €3.1 million decline in restructuring costs over the period, to
the fact that in 2017 there was no fine relating to the former
activity sold in 2007, partially offset by a €1.8 million increase
in the allowance for legacy software in the United States and
France.
Net cost of
financial debt fell by €19.3 million, or 74.1%, to €6.7 million
compared with €26.0 million in 2016. The decline reflects the
positive impact of refinancing carried out in the first half of
2016.
Tax costs
came to a charge of €4.7 million compared with a €2.3 million
charge in 2016. The increase was chiefly due to an increase of €2.5
million at income taxes.
Thus, the profit attributable to
the owners of the parent came to a profit of €11.1 million compared
to a loss of €26.7 million in 2016. The
consolidated net result from continuing activities came to a
profit of €7.1 million compared with a loss of €29.5 million in
2016. Net profit before special items came to
€0.9 profit per share compared with a €1.5 loss a year earlier.
Earnings per share were a €0.8 profit compared
with a €1.9 loss in 2016.
Analysis of business trends by
division
|
|
Revenue |
|
EBIT before special items |
|
EBITDA |
In € million |
|
FY 2017 |
FY 2016 |
|
FY 2017 |
FY 2016 |
|
FY 2017 |
FY 2016 |
Health
insurance, HR and e-services |
|
291.1 |
262.4 |
|
28.4 |
28.6 |
|
48.1 |
43.9 |
Healthcare professionals |
|
162.5 |
163.6 |
|
10.4 |
(0.8) |
|
25.0 |
12.8 |
Corporate
and others |
|
3.9 |
3.3 |
|
(1.3) |
(4.7) |
|
4.4 |
0.7 |
Cegedim |
|
457.4 |
429.3 |
|
37.4 |
23.1 |
|
77.5 |
57.4 |
The division's
2017 revenues came to €291.1 million, up 10.9% on a reported basis.
The November 2016 Futuramedia acquisition in France
made a positive contribution of 2.6%. Currency translation had a
negative impact of 0.2%. Like-for-like revenues rose 8.5% over the
period. The division represented 63.6% of consolidated revenues
from continuing activities, compared with 61.1% over the same
period a year earlier.
EBITDA rose in 2017, up 9.5%, to €48.1 million,
compared with €43.9 million in 2016. EBITDA margin was 16.5% in 17,
a decrease of 0.2 point compared with 2016.
The businesses that made the
biggest contributions to this growth in revenue and EBITDA were
C-MEDIA, merger of RNP
and Futuramedia (ad at point of sales in
pharmacies and health & wellness shops), Cegedim SRH (HR management solutions), Cegedim e-business (digitalization and data exchange),
sales statistics for pharmaceutical products, and - in the field of
health insurance - third-party payment flow management. EBITDA
growth was partly offset by the health insurance software and
services businesses' switch to SaaS format and by the launch of BPO
offerings.
The division's
2017 revenues came to €162.5 million, down 0.7% on a reported
basis. Currencies had a negative impact of 2.2%. There was
virtually no impact from acquisitions or divestments. Like-for-like
revenues rose 1.4% over the period.
The division represented 35.5% of consolidated
Group revenues from continuing activities, compared with 38.1% over
the same period a year earlier.
EBITDA grew significantly by €95.4%, to €25.04
million, compared with €12.8 million in 2016. EBITDA margin was
15.4%, up 7.6 points compared with 2016.
The slight revenue growth combined
with the sharp increase in EBITDA reflect the positive base effect
on the computerization of doctors in the United States, Belgium and
France, and of pharmacists in France. After a rather mixed start to
the year, business in the United Kingdom saw a return to fourth
quarter revenue growth rates.
The division's
2017 revenues came to €3.9 million, up 17.2% on a reported basis
and like for like. There was no currency impact and no acquisitions
or divestments. The division represented 0.8% of consolidated
revenues from continuing activities in 2017 and 2016.
EBITDA increased significantly by €3.7 million, to
€4.4 million compared with a €00.7 million in 2016.
The positive EBITDA trend was principally due to a favorable base
effect.
Financial resources
Acquisition
goodwill represented €167.8 million at December 3, 2017
compared with €199.0 million at end-2016. The €31.2 million
decrease, equal to 15.7%, was mainly attributable to the
classification as assets held for sale of €28.3 million in
acquisition goodwill linked to the disposal of Cegelease and
Eurofarmat. Acquisition goodwill represented 22.5% of the total
balance sheet at December 31, 2017, compared with 28.1% on December
31, 2016.
Cash and
equivalents decreased by €2.1 million to €18.7 million at
December 31, 2017. This drop was principally due to the
classification as assets held for sale of €5.2 million in cash
linked to the sale of Cegelease.
Shareholders'
equity rose €8.4 million to €197.3 million at December 31,
2017. This trend reflects the results of the €11.1 million net
earnings profit attributable to owners of the parent partially
offset by a €2.6 million decrease in group exchange gain/losses.
Shareholders' equity represented 26.4% of the total balance sheet
at end-December 2017, compared with 26.6% at end-December 2016.
Net financial
debt amounted to €236.2 million at end-December 2017, up €9.3
million compared with end-December 2016. It represented 119.7% of
Group shareholders' equity at December 31, 2017, compared with
120.1% at December 31, 2016.
Free cash flow
from operation came to an inflow of €13.4 million compared with
an outflow of €2.4 million. This €15.8 million euros increase came
mainly from an increase from cash-flow before taxes and interest
and a decrease in corporate tax paid partially offset by an
increase in working capital requirement.
Outlook
With a position in structurally
buoyant markets and its strategic refocus complete, Cegedim boasts
solid fundamentals, a balanced portfolio of complementary
offerings, a diversified client-base, a widespread geographic
footprint and the strength of an integrated group. This should
enable it to continue its growth momentum and reach a new stage in
its development, so it can deliver lasting, profitable growth.
To continue the initiatives it
successfully implemented in 2017, Cegedim will maintain a strategy
primarily focused on organic growth and driven by a robust
innovation policy.
The Group is cautiously optimistic
for 2018 and expects moderate organic revenue growth and a similar
increase in EBITDA.
In 2018, the Group does not expect
any significant acquisitions and is not issuing any earnings
estimates or forecasts.
In 2017, the UK accounted for
10.9% of consolidated Group revenues from continuing activities and
14.0% 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.
Additional information
The Audit Committee met on March 20, 2018. The
Board of Directors, chaired by Jean-Claude Labrune, approved the
consolidated financial statement for 2017 at its meeting on March
20, 2017. The audit of the financial statements has been completed.
The audit report will be issued once the requisite procedures for
the filing of the registration document are completed. The 2017
Registration Document will be available in a few days' time on our
website and on Cegedim IR, the Group's financial communications
app.
This press release is available in French and 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
March 20, 2018, no earlier than 5:45pm Paris time. |
Financial calendar
|
March 21, 2018, at 11:00 am CET
April 26, 2018, after the market
close
June 19, 2018, at 9:30 am CET
|
Analyst
meeting (SFAF) in Cegedim's auditorium
First-quarter 2018 revenues
Cegedim shareholders' meeting
|
March 20, 2018, 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:
www.cegedim.fr/webcast
The presentation on FY 2017 earnings is available: on the website
and on the Group's financial communications app, Cegedim IR. |
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: 41900137# |
Appendices
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.
On May 22, 2017, the Group signed
a factoring agreement with a French bank. The non-recourse
agreement. The amount of trade receivables sold under the agreement
came to €38.0 million at December 31, 2017 over an €38.0 million
authorized
Cegedim
carried out two zero-premium swap agreements on February 17 and May
11, 2017 under which it receives the 1-month Euribor rate if it
exceeds 0%, receives nothing otherwise, and pays:
-
A fixed rate of 0.2680% on a notional amount of
€50 million starting February 28, 2017, and maturing on February
26, 2021.
-
A fixed rate of 0.2750% on a notional amount of
€30 million starting May 31, 2017, and maturing on 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.
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. The sum was paid on July 21, 2017.
Cegedim has appealed the ruling. Cegedim has
decided to appeal this decision.
On February 23, 2017, Cegedim acquired UK company B.B.M.
Systems with a 2016 revenues of around €0.7 million and earned
a profit.
On May 3, 2017, Cegedim acquired
UK company Adaptive Apps. Its 2016 revenues came to around €1.5
million and earned a profit.
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.
On October 20, 2017, the court of
Nîmes ordered Alliadis to pay a fine of €2
million as part of a case involving a pharmacist from Remoulins. A
subsequent hearing on November 24 set the fine at €187,500.
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.
Bpifrance Participations sale of 1,682,146 shares
in Cegedim via an accelerated bookbuilding process to French and
international institutional investors at a price of 35 euros per
share on February 13, 2018. In the context of the transaction, the
shareholders' agreement dated 28 October 2009 between M.
Jean-Claude Labrune, FCB (family holding controlled by M.
Jean-Claude Labrune) and Bpifrance as well as the concert between
the parties have been terminated. As a consequence Anne-Sophie
Herelle and Bpifrance Participations represented by Marie
Artaud-Dewitte have resigned from the board of directors on
February 15, 2018. Position held since the Valerie Raoul-Desprez
resignation in March 2017.
Cegedim's free-float increases to reach now 44% of
capital (vs. 32% before the transaction).
On February 28, 2018, Cegedim
announces that it has completed the disposal of Cegelease and
Eurofarmat to FRANFINANCE (Société Générale Group for an amount of
€57.5 million.
The parties have decided that
Cegelease and the Cegedim Group will continue to collaborate in
France under the current terms as part of a six-year collaboration
agreement.
The selling price is €57.5 million, plus
reimbursement of the shareholder's loan account, which amounted to
€13 million. Of this amount, Cegedim will use €30 million to pay
down its debt.
The businesses revenue and consolidated EBITDA
came to respectively to €13 million and €5.8 million in 2017 and
€12.5 million and €5.4 million, in 2016.
Balance sheet as December 31,
2017
In
thousands of euros |
12.31.2017 |
12.31.2016 |
Goodwill on acquisition |
167,758 |
198,995 |
Development costs |
22,887 |
12,152 |
Other
intangible fixed assets |
122,962 |
127,293 |
Intangible fixed assets |
145,849 |
139,445 |
Property |
544 |
459 |
Buildings |
4,127 |
4,712 |
Other
tangible fixed assets |
28,057 |
26,548 |
Construction work in progress |
444 |
508 |
Tangible fixed assets |
33,172 |
32,227 |
Equity
investments |
913 |
1,098 |
Loans |
12,986 |
3,508 |
Other
long-term investments |
6,454 |
4,126 |
Long-term investments - excluding equity shares in equity
method companies |
20,353 |
8,733 |
Equity
shares in equity method companies |
10,072 |
9,492 |
Government
- Deferred tax |
27,271 |
28,784 |
Accounts
receivable: Long-term portion |
210 |
29,584 |
Other
receivables: Long-term portion |
|
0 |
Financial
instruments |
622 |
- |
Non-current assets |
405,308 |
447,260 |
Services
in progress |
78 |
1,034 |
Goods |
3,567 |
6,735 |
Advances
and deposits received on orders |
325 |
1,773 |
Accounts
receivables: Short-term portion |
118,170 |
167,361 |
Other
receivables: Short-term portion |
71,220 |
53,890 |
Cash
equivalents |
8,000 |
8,000 |
Cash |
10,718 |
12,771 |
Prepaid
expenses |
8,989 |
10,258 |
Current Assets |
221,068 |
261,823 |
Asset of
activities held for sale |
119,847 |
|
Total
Assets |
746,223 |
709,082 |
In
thousands of euros |
12.31.2017 |
12.31.2016 |
Share
capital |
13,337 |
13,337 |
Group
reserves |
177,881 |
204,723 |
Group
exchange gains/losses |
(5,008) |
(2,391) |
Group
earnings |
11,147 |
(26,747) |
Shareholders' equity. Group share |
197,357 |
188,921 |
Minority
interests (reserves) |
(25) |
9 |
Minority
interests (earnings) |
14 |
14 |
Minority
interests |
(11) |
23 |
Shareholders' equity |
197,346 |
188,944 |
Long-term
financial liabilities |
250,830 |
244,013 |
Long-term
financial instruments |
928 |
1,987 |
Deferred
tax liabilities |
6,362 |
6,453 |
Non-current provisions |
25,445 |
23,441 |
Other
non-current liabilities |
56 |
13,251 |
Non-current liabilities |
283,621 |
289,145 |
Short-term
financial liabilities |
4,040 |
3,582 |
Short-term
financial instruments |
2 |
11 |
Accounts
payable and related accounts |
46,954 |
62,419 |
Tax and
social liabilities |
83,118 |
78,810 |
Provisions |
3,025 |
3,297 |
Other
current liabilities |
65,098 |
82,874 |
Current liabilities |
202,236 |
230,993 |
Liabilities of activities held for sale |
63,020 |
|
Total
Liabilities |
746,223 |
709,082 |
Income statements as of December
31, 2017
In
thousands of euros |
12.310.2017 |
12.31.2016 |
Revenue |
457,441 |
429,251 |
Purchased
used |
(33,788) |
(35,277) |
External
expenses |
(122,453) |
(123,100) |
Taxes |
(7,257) |
(7,415) |
Payroll
costs |
(215,434) |
(202,657 |
Allocations to and reversals of provisions |
(2,684) |
(4,545) |
Change in
inventories of products in progress and finished products |
0 |
1,034 |
Other
operating income and expenses |
(621) |
(1,276) |
Income of
equity-accounted affiliates (1) |
2,291 |
1,368 |
EBITDA |
77,496 |
57,383 |
Depreciation expenses |
(40,075) |
(34,254) |
Operating income before special items |
37,420 |
23,129 |
Depreciation of goodwill |
- |
- |
Non-recurrent income and expenses |
(18,874) |
(24,124 |
Other exceptional operating income and expenses |
(18,874) |
(24,124 |
Operating income |
18,547 |
(996) |
Income
from cash and cash equivalents |
631 |
1,094 |
Gross cost
of financial debt |
(8,938) |
(29,264 |
Other
financial income and expenses |
1,573 |
2,142 |
Cost of net financial debt |
(6,734) |
(26,027) |
Income
taxes |
(4,002) |
(1,473) |
Deferred
taxes |
(699) |
(863) |
Total taxes |
(4,701) |
(2,336) |
Share of
profit (loss) for the period of equity method companies |
(51) |
(115) |
Profit
(loss) for the period from continuing activities |
7,061 |
(29,473) |
Profit
(loss) for the period from discontinued activities |
- |
(1,096) |
Profit
(loss) for the period from activities held for sale |
4,099 |
3,838 |
Consolidated profit (loss) for the period |
11,160 |
(26,731) |
Consolidated Net income (loss) attributable to owners of
the parent |
11,147 |
(26,746) |
Minority
interests |
14 |
14 |
Average
number of shares excluding treasury stock |
13,979,390 |
13,960,024 |
Current Earnings Per Share (in euros) |
0.9 |
(1.5) |
Earnings Per Share (in euros) |
0.8 |
(1.9) |
Dilutive
instruments |
Néant |
Néant |
Earning for recurring operation per share (in
euros) |
0.8 |
(1.9) |
(1) Restatement
of the Income of equity-accounted affiliates
In
thousands of euros |
12.31.2017 reported |
Income of equity-accounted
affiliates |
Activities held for sale |
12.31.2016 restated |
EBITDA |
61,410 |
1,368 |
(5,395) |
57,383 |
Operating
income before special items |
27,072 |
1,368 |
(5,311) |
23,129 |
Operating
income |
2,948 |
1,368 |
(5,311) |
(996) |
Consolidated cash flow statement
as of December 31, 2017
In
thousands of euros |
12.31.2017 |
12.31.2016 |
Consolidated profit (loss) for the period |
11,160 |
(26,733) |
Share of
earnings from equity method companies |
(2,241) |
(1,253) |
Depreciation and provisions |
64,435 |
56,133 |
Capital
gains or losses on disposals |
(534) |
(548) |
Cash flow after cost of net financial debt and
taxes |
72,821 |
27,598 |
Cost of
net financial debt |
6,427 |
25,772 |
Tax
expenses |
6,628 |
4,083 |
Operating cash flow before cost of net financial debt and
taxes |
85,877 |
57,454 |
Tax
paid |
(1,819) |
(5,687) |
Change in
working capital requirements for operations: requirement |
(10,574) |
- |
Change in
working capital requirements for operations: surplus |
- |
6,801 |
Cash flow generated from operating activities after tax
paid and change in working capital requirements (A) |
73,484 |
58,569 |
Of which net cash flows from operating activities of held
for sales |
4,299 |
4,021 |
Acquisitions of intangible assets |
(48,372) |
(46,622) |
Acquisitions of tangible assets |
(12,251) |
(15,209) |
Acquisitions of long-term investments |
- |
- |
Disposals
of tangible and intangible assets |
529 |
848 |
Disposals
of long-term investments |
1,046 |
- |
Change in
loans made and cash advance |
(10,749) |
(1,277) |
Impact of
changes in consolidation scope |
(1,855) |
(21,425) |
Dividends
received from outside Group |
893 |
2,026 |
Net cash flows generated by investment operations
(B) |
(70,759) |
(81,659) |
Of which net cash flows connected to investment operations
of activities held for sales |
(674) |
(828) |
Dividends
paid to parent company shareholders |
- |
- |
Dividends
paid to the minority interests of consolidated companies |
(70) |
(87) |
Capital
increase through cash contribution |
- |
- |
Loans
issued |
10,500 |
190,000 |
Loans
repaid |
(3,241) |
(340,292) |
Interest
paid on loans |
(5,996) |
(33,029) |
Other
financial income and expenses paid or received |
(821) |
(112) |
Net cash flows generated by financing operations
(C) |
372 |
(183,520 |
Of which net cash flows related to financing operations of
activities held for sales |
270 |
(16) |
Change In Cash without impact of change in foreign currency
exchange rates (A + B + C) |
3,098 |
(206,610) |
Impact of
changes in foreign currency exchange rates |
(821) |
(787) |
Change in cash |
2,276 |
(207,398 |
Opening
cash |
20,722 |
228,120 |
Closing
cash |
22,998 |
20,722 |
The change in WRC is positively
impacted by the factoring and negatively by Cegeelase acquisition
of intangible assets and by the Tessi's fine.
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
Corporate and others: 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: 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.
|
Glossary
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
4,200 people in more than 10 countries and generated revenue of
€457 million in 2017. Cegedim SA is listed in Paris (EURONEXT:
CGM).
To learn more, please visit: www.cegedim.com
And follow Cegedim on Twitter: @CegedimGroup, LinkedIn and
Facebook.
|
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 |
Marina Rosoff
For Madis Phileo
Media Relations
Tel: +33 (0)6 71 58 00 34
marina@madisphileo.com |
Follow Cegedim:
|
Cegedim_Results_4Q2017_ENG
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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