RAMSAY SANTE : Half-year results at the end of December 2024
PRESS
RELEASE
Paris,
26th February 2025
Half-year results at the end of December
2024
Confirmed fundamentals
- Strengthening access to
healthcare for all as a mission-driven company, Ramsay Santé,
thanks to its employees and medical community, expands its
pioneering role in access to care and medical innovation benefiting
12.6 million patients in France, Nordics and Italy.
- 95% of French Ramsay Santé
facilities certified to the highest standards of quality of care by
the Haute Autorité de Santé (French National Authority for Health)
vs. 86% nationally.
- NPS
reaching an all-time high with 73% of patients recommending Ramsay
Santé in France.
Activity growth, cost control to mitigate
pricing headwinds
- Group
revenue increased by 5.8% to €2.5bn supported by activity volume
growth and Cosem primary care centres acquired in June 2024.
Revenue growth of 3.7% on a like-for-like basis.
- Group EBITDA reported for
the half-year ended December 2024 was flat at €284.6m, despite the
2024 prudential coefficient on French tariffs being withheld
entirely by the government unlike prior years (€14.7m last year),
much lower subsidies, increasing salaries and procurement inflation
which are still under-funded by governments. Ongoing discussions
with governments in Europe, notably in France to obtain a fair
share of the funding for the private sector which plays a critical
role in the healthcare systems, and thus appropriate tariffs.
Reinforcement of cost base restructuring efforts, review of
portfolio of facilities and productivity
improvements.
- Group EBITDA over the last
twelve months (LTM) reached €611m, increasing +€18m (+3.0%) on the
LTM to December 2023, reflecting the positive underlying trend of
operating performance.
- Net loss (group share) of
€43.1m compared to the prior year net loss of €17.3 due to higher
lease depreciation expense and last year’s non-current income, with
increasing costs of debt.
A strategy that is bearing
fruits
- In
October 2024, Capio was awarded the assignment to provide care at
St. Göran's Hospital in Stockholm for at least 8 additional years
(with a possible 4 year extension) from January 2026, for a
contract value, calculated for 12 years, of c.€4,8bn (SEK55bn) and
better price conditions.
- Continued growth of out of
hospital and outpatient activities with strong development of
primary care in France through the acquisition of the Cosem,
opening of 3 primary care centres in Norway based on new public
partnership model, new mental health outpatient settings in France
(7 as of today), set up of 5 new imaging heavy equipment in France
during the half year.
- Strong development of
digital capabilities enhancing access to care and patient
experience, with e.g. in Sweden the success of the platform
digitally and seamlessly handing over patients between units, now
serving c.10k patients every month. In addition, the Swedish
digital front-door serves more than 800k customers and patients
(15% of adult population) benefiting from personalized care
offerings and self-services options tailored by their data and
preferences.
- In August 2024, Ramsay
Santé successfully refinanced its €1,650m senior debt facilities
proactively extending its upcoming debt maturities. On 17th
February 2025, Ramsay Santé subsequently repriced the new senior
debt facilities at more favourable margins and a single maturity in
2031. Those transactions provide to all stakeholders a long-term
financing framework to support the implementation of its “Yes We
Care 2025” strategic plan.
- French MSO
tariff indexation for the 12 months commencing 1st March
2024 was initially announced at +0.3% for the private sector
compared to +4.3% for the public hospital system. The ensuing
unprecedented mobilisation of private sector to obtain a fair
treatment concluded with a government commitment resulting in a
+3.2% tariff indexation for the private sector (inclusive of the
0.3%) from 1st July 2024 including the financing of specific night
and weekend shift measures. France revenue has grown by 7.2%
including the contribution of the 12 Cosem primary care centres
taken over in June 2024 and the opening of 5 mental health day
facilities, 4 new primary care centres and the installation of new
imaging equipment since December 2023. Organic growth was supported
by a 2.8% increase in admissions volumes excluding sessions, higher
tariffs applicable since 1st March and 1st
July 2024, higher medical purchases rechargeable revenue and
benefitted from two additional business days vs. last year. This is
despite the prudential coefficient on calendar year 2024 DRG
billings, withheld entirely by the government (vs €14.7m last year,
impacting French growth by 0.9pt).
- Nordic countries
revenue grew by +1.1% on a like-for-like and constant exchange rate
bases, with a reported revenue growth of +2.7% benefitting from
€9.2m (or 1.2%) favourable foreign exchange rate fluctuation, and
dynamic revenue at St Göran.
- Group reported
EBITDA was flat at €284.6m with a margin of 11.4% (vs. 12.0% last
year). The result was achieved despite (i) the prudential
coefficient withholding on French tariffs representing a €14.7m
(restated from this impact, half-year EBITDA would be up +5,2% vs.
last year, with a stable marge rate) as well as the French revenue
guarantee income decreasing by €18.6m over the period.
- Group EBITDA
over the last twelve months (LTM) reached €610.9m or a €17.6m
(+3.0%) increase on the prior twelve months to December 2023
despite the prudential coefficient withholding as of December 2024.
EBITDA margin was also driven down by the adverse trend on
inflation not fully covered by revenue price increases in all
jurisdictions, by lower subsidies level, despite the effect from
ongoing cost control and efficiency actions.
- Net cash flow
from operating activities of €169.9m (+€20.7m vs. last year)
primarily reflected the improvement of working capital on a stable
EBITDA generation. Reported net financial debt as of
31 December 2024 amounted to €3,715.6m, of which
€1,905.6m on a restated basis (i.e. restated from the IFRS16 impact
on operating or non-financial rents – please refer to glossary for
further details). Restated net leverage amounts to 5.4x as of
December 2024, stable vs. 5.4x as of December 2023.
Pascal Roché, CEO of Ramsay Santé
says:
“I would like to highlight the strong
commitment of our teams, and the continued implementation of the
Yes We Care 2025 strategy, towards a more inclusive, more digital
healthcare system, covering the entire care pathway of patients,
whilst in the midst of challenging budgetary constraints. It has
enabled us to deliver a dynamic revenue growth of +5.8% of which
+3,7% on a like-for-like and local currency bases, caring for 12.6
million patients. Operating profitability is stable at group level
despite the French prudential coefficient withholding this year.
These performances are also reflected in a patient recommendation
index that has risen to 73% in France and a level of quality in the
highest standards of care confirmed for 95% of French facilities.
The recent refinancing, extension and then subsequent repricing of
our debt facility offers to all our stakeholders a positive
long-term framework securing the implementation of our strategic
plan and creating to the conditions for a profitable and
sustainable growth going forward.”
The Board of Directors that met on 26 February
2025 approved the consolidated financial statements for the
six-month period ended 31 December 2024. The consolidated financial
statements have been subject to a limited review by the statutory
auditors.
Summary of results
P&L – in € millions |
From July 1, 2024 to
December 31, 2024 |
From July 1, 2023 to
December 31, 2023 |
Variation |
Revenue |
2 507.2 |
2 370.1 |
+5.8% |
EBITDA |
284.6 |
284.6 |
0.0% |
As a % of revenue |
11.4% |
12.0% |
-0.6 pts |
Current Operating Result |
66.1 |
78.2 |
-15.5% |
As a % of revenue |
2.6% |
3.3% |
-0.7 pts |
Operating Profit |
62.2 |
85.9 |
-27.6% |
As a % of revenue |
2.5% |
3.6% |
-1.1 pts |
Net result attributable to owners of the Company |
(43.1) |
(17.3) |
-149.1% |
Earnings per share (in €) |
(0.39) |
(0.16) |
-143.8% |
Net Financial Debt – in € millions |
December 31, 2024 |
June 30, 2024 |
Non-current borrowings and debt |
1 857.1 |
1 880.0 |
Non-current lease debt |
1 753.5 |
1 800.7 |
Current lease debt |
245.6 |
245.1 |
Current borrowings and debt |
60.3 |
104.3 |
(Cash and cash equivalents) |
(157.8) |
(359.0) |
Other financial (assets) & liabilities |
(43.1) |
(60.2) |
Net financial debt |
3 715.6 |
3 610.9 |
Cash Flow Statement – in € millions |
From July 1, 2024 to
December 31, 2024 |
From July 1, 2023 to
December 31, 2023 |
EBITDA (a) |
284.6 |
284.6 |
Changes in working capital (b) |
(84.8) |
(114.5) |
Other items (c) |
(29.9) |
(20.9) |
Net cash flow from operating activities
(a)+(b)+(c) |
169.9 |
149.2 |
Net cash flow from investing activities |
(78.6) |
(94.9) |
Net cash flow from financing activities |
(293.3) |
(224.5) |
Change in net cash position |
(202.0) |
(170.2) |
FX translation differences on cash and cash
equivalents |
0.8 |
6.6 |
Opening cash and cash equivalents |
359.0 |
352.2 |
Closing cash and cash equivalents |
157.8 |
188.6 |
Breakdown of revenue by operating segment
In € million |
From July 1, 2024 to
December 31,2024 |
From July 1, 2023 to
December 31, 2023 |
Variation |
Île-de-France |
643.9 |
573.7 |
+12.2% |
Auvergne-Rhône-Alpes |
330.8 |
321.5 |
+2.9% |
Hauts de France |
214.2 |
208.9 |
+2.5% |
Occitanie |
153.4 |
142.2 |
+7.9% |
Other regions |
399.1 |
377.9 |
+5.6% |
Nordic countries |
765.8 |
745.9 |
+2.7% |
Reported Revenue |
2 507.2 |
2 370.1 |
+5.8% |
Note: The table above details the contributions of
the various operating segments to the Group's consolidated
revenue.
Changes in revenue between half year
ended Dec. 31, 2024 vs. previous corresponding period in
€m
Reported revenue
December 31, 2023 |
Changes in FX rates |
Acquisitions and disposals |
Organic growth |
Reported revenue
December 31, 2024 |
Variation |
2 370,1 |
9.2 |
40.9 |
87.0 |
2 507.2 |
137.1 |
|
0.4% |
1.7% |
3.7% |
|
+5.8% |
Significant events of the financial half
year:
Capio is awarded the contract to provide
care at St. Göran's Hospital from 2026: Capio, the
largest healthcare provider in Sweden, subsidiary of Ramsay Santé,
has been awarded on 22 October 2024 the assignment to provide care
at St. Göran's Hospital on behalf of the Stockholm region, during
the next contract period starting 4 January 2026. St Göran's
Hospital is one of the seven acute care hospitals in the Stockholm
Region, and the only one run by a private operator. The hospital is
an important part of the overall emergency care in the region and
its mission is to provide acute and planned somatic medical care in
outpatient and inpatient settings to meet the healthcare needs of
the residents. The decision means that Capio may continue to run
the business during the next contract period. The agreement is
valid from 4 January 2026 for at least eight years, with the right
for Region Stockholm to extend the agreement for a maximum of four
years. The contract is one of the largest in the region and the
contract value, calculated over 12 years, amounts to EUR 4.8
billion (SEK 55 billion).
French government supporting grants
maintained with a decreased contribution: Ramsay Santé's MSO
(medical, surgical and obstetrics) hospitals in France continued to
operate under the French government's revenue guarantee, which
supports the healthcare facilities by offsetting the negative
effects on activity lagging since the Covid pandemic crisis. The
guarantee has been extended for the calendar year up to
31 December 2024
and amounts to 50% of the amount of the revenue guarantee notified
for 2023 (indexed with 2024 tariffs) plus 50% of the invoicing for
activity carried out for 2024. In comparison, the same mechanism in
place in the prior half-year provided for a 70% guarantee rate. The
activity-adjusted revenue guarantee was legislated up until 31
December 2025, with modalities for the calendar year 2025 still
pending. The amount of the revenue guarantee recognised by the
Group as “Other operating income” decreased from €39m for the
half-year ending 31 December 2023 to €20m for the half-year ending
31 December 2024. The reduction stems from the change in guaranteed
coverage and a further recovery in activity levels at the minority
of Ramsay Santé French facilities still below pre-Covid levels and
benefitting from the scheme.
Ramsay Santé has successfully refinanced its Senior Debt
Facility: On 13 August 2024, Ramsay Santé finalized an Amend
& Extend agreement for the refinancing of its €1,650m Senior
Facilities, including €100m RCF and €100m Capex lines, proactively
extending its upcoming 2026-2027 debt maturities to 2029-2031. The
Amend & Extend was supported by existing lenders as well as a
large number of new investors, allowing Ramsay Santé to fully
extend its Term Loan B facility (TLB) whilst optimizing pricing
during syndication. Ramsay Santé is fully engaged in the
combination of economic, human et environmental interests to create
the conditions for a sustainable growth. Therefore, the ESG scheme
of existing Term Loan B facility has been reconducted and updated
in a specific framework document, which enables a possible
adjustment on margin (upwards or downwards) based on the evaluation
of specific KPIs related to patient satisfaction, medical care for
underserved population & preventive healthcare, employees’
satisfaction & prevention of psychological risks, as well as
reduction of CO2 emissions (scope 1&2). Such refinancing
enables Ramsay Santé to provide its stakeholders a long-term
financing framework and further support the implementation of its
key initiatives as part of its “Yes We Care 2025” strategy.
Subsequent event: Ramsay Santé has
successfully repriced its Senior Debt Facility: On 17 February
2025, Ramsay Santé successfully repriced its senior debt €1,025m
TLB4 and extended for 2 years the maturity of its €425m TLB3, both
merged into a new single Term Loan B5 of €1,450m maturing August
2031. Through this transaction, Ramsay Santé optimizes its cost of
debt and further extends its debt maturities.
Scope of consolidation
During the half-year, the Group sold a small health transport
subsidiary and increased its stake to 81% in Qurant, a Swedish
digital-enabled occupational health and prevention company, now
consolidated.
Comments on the half-year results:
Activity and revenue
Ramsay Santé Group reported a consolidated revenue of €2,507m for
the half-year ended 31 December 2024, up 5.8% on a reported basis.
Adjusted for changes in the consolidation scope and at constant
currency exchange rates, revenue for the half year ended 31
December 2024 was up 3.7%.
France revenue has grown by 7.2% including the
contribution of the 12 Cosem primary care centres taken over by
Ramsay Santé in June 2024 and the opening of 5 mental health day
facilities, 4 new primary care centres and the installation of new
imaging equipment since December 2023. The organic growth was
supported by (i) an increase in volumes supported by 2 additional
business days this semester compared to the same semester last year
(ii) higher revenues from rechargeable medical purchases (iii)
price increase from the cancellation of the CICE coefficient from
1st July 2024 (benefit from the full impact of tax credit for
competitiveness and employment) adding the equivalent of a +2.2%
tariff increase to the initial +0.3% MSO tariff increase from March
2024, and (iv) despite the prudential coefficient on the full
calendar year 2024 DRG billings being withheld entirely,
representing a €14.7m decrease versus last year.
France total admissions in our hospitals rose
vs. prior corresponding period extending and confirming the
contribution of the group’s facilities to address the post-Covid
backlog of elective hospital care: MSO (medicine, surgery and
obstetrics) admissions excluding sessions increased by +2.8%,
chemotherapy sessions increased by +6.0%, and dialysis sessions by
+0.5% vs H1 FY24. Our French facilities managed approximately
356,000 emergency presentations this semester, slightly up on the
same period last year, confirming their important role in
delivering on public service missions.
Nordic countries reported revenue grew by +2.7%
benefitting from €9.2m (or 1.2%) favourable foreign exchange rate
fluctuation (appreciation of SEK vs EUR versus the prior half-year
period). Organic revenue growth in the Nordics for the half year
ending 31 December 2024 was +1.1% on a like-for-like basis and at
constant exchange rate. Hospital admissions in Nordic countries’
facilities were flat overall vs. last year, with higher volumes of
inpatients in Sweden from growing activity in St Göran partly
driven by the ramp-up of its new maternity, and sustained demand in
our Swedish elderly care and specialist clinics, offset by lower
day patient volumes in the Eye specialty units and softer volumes
in Norway and Denmark. Primary care activity in Sweden was solid
with a long-term increasing trend of listed patients.
EBITDA
EBITDA has stabilised at €284.6m for the half-year ending 31
December 2024, flat on the prior corresponding period. The Group's
EBITDA as at 31 December 2024 includes €20m (last year €39m) of
French government's revenue guarantee, described in the paragraph
“Significant events of the financial year” above. The reduced
contribution from this mechanism was also added to a €14.7m price
decrease vs last year though the government withholding the
prudential coefficient on tariffed revenue. Funding otherwise
received through French tariff increases and various public payors
in the Nordics only partially covered inflation from medical staff
salary and wages as well as overall procurement and outsourced
services price increases. EBITDA and margins therefore continue to
be constrained despite productivity efforts on incremental
activity. Cost control measures were sustained to adapt activities
to current inflation environment and resources allocation are
revisited consequently.
Operating profit and non-current
items
Underlying current operating profit amounted to €66.1m for the
half-year ended 31 December 2024, down €12,1m on the previous
December half-year (€78,2m). Higher lease assets depreciation
expense came from the effect of rent indexation and the
contribution of FY24 acquisitions (e.g. Cosem).
Other non-current income and expenses represent a net expense of
€(3.9)m for the half-year ending 31 December 2024, including
facilities restructuring costs and fees for €(2.8)m as well as net
loss of (1.1)m on various sales of investment in subsidiaries and
properties, including transaction costs and asset depreciation. The
previous year corresponding period shows a €7.7m income mainly made
of a €15m profit from the remeasurement of options to buy back
minority interests in a primary care business in Denmark net of
other provisions and depreciation costs.
Financial result and net result after
tax
The cost of net financial debt amounted to €95.8m for the half-year
ending 31 December 2024, compared to €88.3m the previous year,
driven by higher funding costs from the senior debt refinancing and
old unamortised borrowing costs expensed to P&L alongside the
amortisation of the new debt upfronts. Other
financial income and expenses amount to €(9.0)m of the half-year
ending 31 December 2024 vs. €(13.1)m last year, this variation
being mainly explained by non-cash mark to market movements on an
interest rate swap hedging arrangement recorded in the P&L as
an expense for €(7.2)m this semester compared with an expense of
€(11.9)m last year ; these impacts being non-recurring going
forward as the corresponding swap arrangement matured in October
2024. Group’s share of net loss for the half-year ended 31 December
2024 amounted to €(43.1)m, compared to a net loss of €(17.3)m last
year.
Restated aggregates:
Reported EBITDA of €284.6m (stable vs. last half-year) in
accordance with IFRS standards excludes contracted operating or
non-financial lease expenses for €134.3m (vs €125.8m last year)
which are instead recorded as amortisation of the right-of-use
asset and interest on the lease debt. Increase of these operating
lease expenses vs. prior year primarily came from the effect of
price indexation and the contribution of FY24 acquisitions (e.g.
COSEM). The table below shows restated P&L aggregates deriving
from reported aggregates that have been restated from the IFRS16
impact on operating rents or non-financial rents (please refer to
glossary for further details)
€ millions
|
|
December 31, 2024 |
|
December 31, 2023 |
|
Δ |
Reported |
Restatement impact |
Restated |
Reported |
Restatement impact |
Restated |
Restatement impact |
EBITDA
% of revenue |
|
284.6
11.4% |
134.3
|
150.3
6.0% |
|
284.6
12.0% |
125.8
|
158.8
6.7% |
|
8.5
|
Depreciation & amortisation |
(218.5) |
(107.5) |
(111.0) |
(206.4) |
(101.1) |
(105.3) |
(6.4) |
Current operating profit |
66.1 |
26.8 |
39.3 |
78.2 |
24.7 |
53.5 |
2.1 |
Financial result |
(104.8) |
(37.9) |
(66.9) |
(101.4) |
(37.7) |
(63.7) |
(0.2) |
Net profit |
(39.4) |
(7.0) |
(32.4) |
(13.5) |
(9.3) |
(4.2) |
2.3 |
Cash-flow and financing
Compared to the same half last year, the €20.7m
increase in operating cash flow versus last year, starting from the
same underlying EBITDA, is realised through improved working
capital variation by €30m partially offset with tax payments higher
by €12m.
Capital expenditure of €84.7m for the half-year
was contained at a similar level than last year’s €85.7m and
included maintenance and optimisation, as well as improvement on
our portfolio of clinics and imaging equipment. Total cash outflow
in investing activities was reduced by €16.3m versus last year
thanks to proceeds from the sale of non-strategic non-hospital
properties and reduced acquisition of shares in subsidiaries.
The financing cash outflow is notably impacted
the payment of new borrowings costs following the refinancing for
€11m.
Net cash decreased by €202m to €157.8m over the
half-year to December 2024, which seasonally generates lower
liquidity from operations than the January to June period.
Reported IFRS net debt on 31 December 2024 was
€3,715.6m compared with €3,610.9m on 30 June 2024. Restated net
debt amounts to €1,905.6m compared with €1,756.2m on 30 June 2024.
Restated net leverage amounts to 5.4x at the end of December 2024,
stable vs. 5.4x as of December 2023. The Amend & Extend
refinancing of Ramsay Santé’s Senior Facilities in August 2024, as
well as its subsequent repricing and extension in February 2025 are
presented in “Significant events” paragraph. Please refer to the
dedicated press releases of 13th August 2024 and
17th February 2025 for further details.
About Ramsay Santé
Ramsay Santé is the leader in private
hospitalisation and primary care in Europe. The Group has 38,000
employees and works with nearly 9,300 practitioners to treat more
than 12 million patients per year in its 465 facilities and 5
countries: France, Sweden, Norway, Denmark and Italy. Ramsay Santé
offers almost all medical and surgical specialities in three
domains: Medicine, Surgery, Obstetrics (MSO), Follow-up Care and
Rehabilitation (FCR) and Mental Health.
Legally, Ramsay Santé is a mission-driven
company committed to constantly improving the health of all
patients through innovation. Wherever it operates, the Group
contributes to public health service missions and the healthcare
network. Through its actions and the constant dedication of its
teams, Ramsay Santé is committed to ensuring the entire patient
care journey, from prevention to follow-up care.
Every year, the group invests over 200 million
euros to support the evolution and diversity of care pathways, in
medical, hospital, digital, and administrative aspects. Through
this commitment, our Group enhances access to care for all, commits
to provide best-in-class healthcare, systematically engages in
dialogue with stakeholders and strives to protect the planet to
improve health.
Facebook: https://www.facebook.com/RamsaySante
Instagram: https://www.instagram.com/ramsaysante
Twitter: https://twitter.com/RamsaySante
LinkedIn: https://www.linkedin.com/company/ramsaysante
YouTube: https://www.youtube.com/c/RamsaySante
Code ISIN and Euronext Paris:
FR0000044471
Website:
www.ramsaysante.fr
Investor / Analyst
Relations Press
Relations
Clément
Lafaix Brigitte
Cachon
Tél. +33 1 87 86 21
52 Tél. +33 1 87 86
22 11
clement.lafaix@ramsaysante.fr brigitte.cachon@ramsaysante.fr
Glossary
- Constant perimeter, or
like-for-like comparison
- The cancelation of incoming
entities consists in:
- for entries in the current year’s
scope, deducting the contribution of the acquisition on the current
year’s aggregates;
- for entries in the previous year’s
scope, deducting in the current year’s aggregates, the contribution
of the acquisition prior to the month of acquisition.
- The cancelation of outgoing
entities consists in:
- for exits in the current year’s
scope, deducting in the previous year’s aggregates, the
contribution of the exiting entity from the month of exit;
- for exits in the previous year,
deducting the contribution of the exiting entity for the entire
previous year’s aggregates.
- The change at constant exchange
rates reflects a change after translation of the current period's
foreign currency figure at the exchange rates of the comparative
period.
- The change on a constant accounting
basis reflects a change in the figure excluding the impact of
changes in accounting standards during the period.
- Current operating profit refers to
operating profit before other non-recurring income and expenses
consisting of restructuring costs (charges and provisions), gains
or losses on disposals or significant and unusual impairments of
non-current assets, whether tangible or intangible, and other
unusual operational income and expenses.
- EBITDA corresponds to current
operating profit before depreciation (expenses and provisions in
the income statement are grouped according to their nature).
- Net financial debt is gross
financial debt less financial assets.
- The gross financial debts are made
up of:
- borrowings from credit
institutions, including interest incurred;
- lease liabilities falling within
the scope of IFRS 16;
- fair value of hedging instruments
recorded in the balance sheet, net of tax;
- current financial debt relating to
financial current accounts with minority investors;
- bank overdrafts.
- Financial assets consist of:
- the fair value of hedging
instruments recorded in the balance sheet, net of tax;
- current financial receivables
relating to financial current accounts with minority
investors;
- Cash and cash equivalents,
including treasury shares held by the Group (considered as
marketable securities);
- financial assets directly related
to the loans contracted and recognized in gross financial
debt.
- Restated aggregates are calculated
based on reported aggregates that have been restated from the
IFRS16 impact on operating rents or non-financial rents (but not
from the IFRS16 impact on leasing and lease financing that is still
included). As an illustration:
- Restated EBITDA includes operating
rents or non-financial rents (as compared with reported
EBITDA)
- Restated Net Debt does not include
current and non-current lease debt linked to operating rents or
non-financial rents (as compared with the reported Net Debt)
- Restated net leverage ratio derives
from restated Net Debt and restated LTM EBITDA
Half-year financial results as of December 31,
2024
CONSOLIDATED INCOME STATEMENT |
(In millions of euros) |
From July 1, 2024 to
December 31, 2024 |
From July 1, 2023 to
December 31, 2023 |
REVENUE |
2 507.2 |
2 370.1 |
Personnel costs |
(1 286.4) |
(1 233.6) |
Purchased consumables |
(557.6) |
(507.1) |
Other operating income and expenses |
(267.4) |
(232.5) |
Taxes and duties |
(71.2) |
(70.8) |
Rents |
(40.0) |
(41.5) |
EBITDA |
284.6 |
284.6 |
Depreciation and amortisation |
(218.5) |
(206.4) |
Current operating profit |
66.1 |
78.2 |
Other non-recurring income and expenses |
(3.9) |
7.7 |
Operating profit |
62.2 |
85.9 |
Finance costs on gross debt |
(57.3) |
(50.0) |
Income from cash and cash equivalents |
2.1 |
1.6 |
Financial interests related to the lease debt (IFRS16) |
(40.6) |
(39.9) |
Finance costs, net |
(95.8) |
(88.3) |
Other financial income |
2.0 |
0.9 |
Other financial expenses |
(11.0) |
(14.0) |
Other financial income and expenses |
(9.0) |
(13.1) |
Income tax |
3.2 |
2.0 |
Share of profit in associates |
-- |
-- |
CONSOLIDATED NET PROFIT |
(39.4) |
(13.5) |
- Net income attributable to owners of the Company |
(43.1) |
(17.3) |
- Non-controlling interests |
3.7 |
3.8 |
NET EARNINGS PER SHARE (in euros) |
(0.39) |
(0.16) |
DILUTED NET EARNINGS PER SHARE (in euros) |
(0.39) |
(0.16) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
(In millions of euros) |
From July 1, 2024 to
December 31, 2024 |
From July 1, 2023 to
December 31, 2023 |
CONSOLIDATED NET PROFIT |
(39.4) |
(13.5) |
Foreign exchange translation differences |
(4.4) |
31.2 |
Cash flow hedges |
(11.4) |
(14.3) |
Items that may be reclassified to Profit &
Loss |
(15.8) |
16.9 |
Actuarial gains and losses relating to post-employment
benefits |
(8.8) |
(7.8) |
Items that may not be reclassified to Profit &
Loss |
(8.8) |
(7.7) |
Other comprehensive income after tax |
(24.6) |
9.2 |
CONSOLIDATED COMPREHENSIVE INCOME |
(64.0) |
(4.3) |
- Comprehensive income attributable to owners of the Company |
(67.7) |
(8.1) |
- Non-controlling interests |
3.7 |
3.8 |
CONSOLIDATED BALANCE SHEET - ASSETS |
(In millions of euros) |
31/12/2024 |
30/06/2024 |
Goodwill |
2 078.6 |
2 081.1 |
Other intangible assets |
200.3 |
209.0 |
Property, plant and equipment |
960.3 |
974.4 |
Right of use assets (IFRS16) |
1 871.1 |
1 925.4 |
Investments accounted for the equity method |
0.2 |
0.2 |
Other non-current financial assets |
142.7 |
146.9 |
Deferred tax assets |
103.4 |
91.6 |
NON-CURRENT ASSETS |
5 356.6 |
5 428.6 |
Inventories |
125.9 |
125.0 |
Trade and other operating receivables |
531.9 |
687.2 |
Other current assets |
288.4 |
269.3 |
Current tax assets |
7.9 |
3.8 |
Current financial assets |
18.0 |
22.3 |
Cash and cash equivalents |
157.8 |
359.0 |
CURRENT ASSETS |
1 129.9 |
1 466.6 |
TOTAL ASSETS |
6 486.5 |
6 895.2 |
CONSOLIDATED BALANCE SHEET – EQUITY AND
LIABILITIES |
(In millions of euros) |
31/12/2024 |
30/06/2024 |
Share capital |
82.7 |
82.7 |
Share premium |
611.2 |
611.2 |
Consolidated reserves |
475.8 |
554.3 |
Net income attributable to owners of the Company |
(43.1) |
(53.9) |
Equity attributable to owners of the Company |
1 126.6 |
1 194.3 |
Non-controlling interests |
32.4 |
35.4 |
TOTAL EQUITY |
1 159.0 |
1 229.7 |
Borrowings and debt |
1 857.1 |
1 880.0 |
Debt on commitment to purchase minority interests |
22.3 |
22.5 |
Non-current lease debt (IFRS16) |
1 753.5 |
1 800.7 |
Provisions for post-employment benefits |
111.9 |
107.6 |
Non-current provisions |
143.3 |
144.1 |
Other non-current liabilities |
19.5 |
7.4 |
Deferred tax liabilities |
16.6 |
17.2 |
NON-CURRENT LIABILITIES |
3 924.2 |
3 979.5 |
Current provisions |
31.0 |
36.4 |
Trade and other accounts payable |
404.1 |
457.8 |
Other current liabilities |
655.3 |
830.9 |
Current tax liabilities |
2.3 |
5.1 |
Current financial debts |
60.3 |
104.3 |
Debt on commitment to purchase minority interests |
4.7 |
6.4 |
Current lease debt (IFRS16) |
245.6 |
245.1 |
CURRENT LIABILITIES |
1 403.3 |
1 686.0 |
TOTAL EQUITY AND LIABILITIES |
6 486.5 |
6 895.2 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
(In millions of euros) |
SHARE CAPITAL |
SHARE PREMIUM |
RESERVES |
RESULTS DIRECTLY RECORDED IN EQUITY |
NET INCOME ATTRIBUTABLE TO OWNERS OF THE
COMPANY |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY |
NON-CONTROLLING INTEREST |
EQUITY |
Equity at June 30, 2023 |
82.7 |
611.2 |
566.2 |
(63.6) |
49.4 |
1 245.9 |
31.0 |
1 276.9 |
Capital increase (after deduction of issue costs net of tax) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Stock options and free shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Prior year result to be allocated |
-- |
-- |
49.4 |
-- |
(49.4) |
-- |
-- |
-- |
Dividend distribution |
-- |
-- |
-- |
-- |
-- |
-- |
(4.3) |
(4.3) |
Change in scope of consolidation |
-- |
-- |
-- |
-- |
-- |
-- |
0.4 |
0.4 |
Total comprehensive income for the year |
-- |
-- |
-- |
9.2 |
(17.3) |
(8.1) |
3.8 |
(4.3) |
Equity at December 31, 2023 |
82.7 |
611.2 |
615.6 |
(54.4) |
(17.3) |
1 237.8 |
30.9 |
1 268.7 |
Equity at June 30, 2024 |
82.7 |
611.2 |
615.6 |
(61.3) |
(53.9) |
1 194.3 |
35.4 |
1 229.7 |
Capital increase (after deduction of issue costs net of tax) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Stock options and free shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Prior year result to be allocated |
-- |
-- |
(53.9) |
-- |
53.9 |
-- |
-- |
-- |
Dividend distribution |
-- |
-- |
-- |
-- |
-- |
-- |
(6.8) |
(6.8) |
Change in scope of consolidation |
-- |
-- |
-- |
-- |
-- |
-- |
0.1 |
0.1 |
Total comprehensive income for the year |
-- |
-- |
-- |
(24.6) |
(43.1) |
(67.7) |
3.7 |
(64.0) |
Equity at December 31, 2024 |
82.7 |
611.2 |
561.7 |
(85.9) |
(43.1) |
1 126.6 |
32.4 |
1 159.0 |
CONSOLIDATED STATEMENT OF CASH FLOWS |
(In millions of euros) |
From July 1, 2024 to December 31, 2024 |
From July 1, 2023 to December 31, 2023 |
Net result of the consolidated group |
(39.4) |
(13.5) |
Depreciation and amortisation |
218.5 |
206.4 |
Other non-current income and expenses |
3.9 |
(7.7) |
Share of net result of associates |
-- |
-- |
Other financial income and expenses |
9.0 |
14.1 |
Financial interest related to the lease liability (IFRS16) |
40.6 |
39.9 |
Cost of net financial debt excluding financial interest related to
lease liability |
55.2 |
47.4 |
Income tax |
(3.2) |
(2.0) |
EBITDA |
284.6 |
284.6 |
Non-cash items relating to recognition and reversal of provisions
(non-cash transactions) |
(5.5) |
(10.9) |
Other non-current income and expenses paid |
(6.3) |
(6.0) |
Change in other non-current assets and liabilities |
(8.6) |
(6.8) |
Cash flow from operations before cost of net financial debt
and tax |
264.2 |
260.9 |
Income tax paid |
(9.5) |
2.8 |
Change in working capital |
(84.8) |
(114.5) |
NET CASH FLOWS FROM OPERATING ACTIVITIES: (A) |
169.9 |
149.2 |
Investment in tangible and intangible assets |
(84.7) |
(85.7) |
Disposal of tangible and intangible assets |
6.5 |
1.0 |
Acquisition of entities |
(2.4) |
(11.5) |
Disposal of entities |
1.0 |
1.2 |
Dividends received from non-consolidated companies |
1.0 |
0.1 |
NET CASH FLOW FROM INVESTING ACTIVITIES: (B) |
(78.6) |
(94.9) |
Capital increase and share premium increases: (a) |
-- |
-- |
Capital increase of subsidiaries subscribed by third parties
(b) |
-- |
-- |
Dividends paid to minority shareholders of consolidated companies:
(c) |
(6.8) |
(4.3) |
Interest paid: (d) |
(62.8) |
(60.2) |
Financial income received and other financial expenses paid:
(e) |
9.0 |
12.9 |
Financial interest related to lease liability (IFRS16): (f) |
(40.7) |
(39.9) |
Debt issue costs: (g) |
(11.4) |
-- |
Cash flow before change in borrowings: (h)
= (A+B+a+b+c+d+e+f+g) |
(21.4) |
(37.2) |
Increase in borrowings: (i) |
30.1 |
3.8 |
Repayment of borrowings: (j) |
(87.6) |
(24.8) |
Decrease in lease liability (IFRS16): (k) |
(123.1) |
(112.0) |
NET CASH FLOW FROM FINANCING ACTIVITIES: (C) = a + b + c +
d + e + f + h + i + j + k |
(293.3) |
(224.5) |
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS: ( A +
B + C ) |
(202.0) |
(170.2) |
Foreign exchange translation differences on cash and cash
equivalents held |
0.8 |
6.6 |
Cash and cash equivalents at beginning of year |
359.0 |
352.2 |
Cash and cash equivalents at end of year |
157.8 |
188.6 |
Net financial debt at beginning of year |
3 610.9 |
3 670.0 |
Cash flow before change in borrowings: (h) |
21.4 |
37.2 |
Capitalisation of loan issue costs |
(8.5) |
1.0 |
Fair value of financial hedging instruments |
16.7 |
23.1 |
Changes in scope of consolidation and other |
(11.1) |
8.9 |
Lease debt (IFRS16) |
86.2 |
129.7 |
Net financial debt at end of year |
3 715.6 |
3 869.9 |
- RAMSAY SANTE - half-year Results at the end of December
2024
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