- Earnings in line with expectations
- S&P confirms the CreditWatch
positive on Cegedim rating
- CRM and Strategic Data disposal on
track
Full-Year Financial Information as of December 31, 2014IFRS -
Regulated Information – Audited
Regulatory News:
Cegedim, a technology and services company committed to
innovation, generated consolidated revenues of €911.5 million
in 2014, up 1.0% on a reported basis and 1.3% Like-for-like
compared with 2013. EBIT before special items amounted to €94.8
million, up 2.9%. Thus, the EBIT margin before special items came
to 10.4% in 2014 compared with 10.2% a year earlier.
Cegedim announced that a definitive purchase agreement has been
executed for its CRM and Strategic Data division with IMS Health
Inc. Consequently, the 2014 Financial Statements are reported in
compliance with IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations (for more details please refer to the
appendices). The transaction will take effect in early second
quarter 2015.
Consolidated revenue excluding activities held for sale, came to
€493.5 million in 2014, up 1.2% on a reported basis and 0.3%
Like-for like. EBIT before special items amounted to €49.5 million,
down €2.4 million. Thus, the EBIT margin before special items came
to 10.0% in 2014 compared with 12.2% a year earlier.
Rating agency Standard & Poor’s reiterated its CreditWatch
positive on the Group’s B+ rating on February 18th.
For 2015, Cegedim anticipate that consolidated EBIT before
special items from continuing activities will growth faster that
its revenue.
- Simplified income statement
2014 2013
Δ
€m % €m %
Revenue 493.5 100.0
487.6 100.0 +1.2 % EBITDA
86.9 17.6 91.6 18.8 (117)bps
Depreciation (37.4) ─ (39.8) ─ (5.7)%
Operating income before
special items 49.5 10.0
51.9 12.2 (4.6)% Special items
(11.0) ─ 2.0 ─ n.m.
Operating income 38.5
7.8 53.9 12.7
(28.6)% Cost of net financial debt (47.7) ─ (56.7) ─ (15.9)%
Tax expenses (1.4) ─ (12.8) ─ (88 8)%
Consolidated profit from
continuing activities (9.4) ─
(14.3) ─
+34.2)% Net earnings from
activities held for sale
(190.8) ─
(44.4) ─
(329.1)% Profit attributable
to the owners of the parent (199.8) ─ (58.6)
─ (240.7)%
In 2014, Cegedim generated consolidated revenues from continuing
activities of €493.5 million, up 1.2% on a reported basis and
0.3% Like-for-like relative to 2013. Acquisitions (Webstar in the
UK and SoCall in France) and currencies had positive impacts of
respectively 0.3% and 0.6%.
Operating expenses increased by 2.1%, reflecting the slight
increase in purchases used, external costs and payroll costs. It
should be noted that capitalized production is now deducted from
payroll costs and external costs.
EBITDA fell by €4.7 million to €86.9 million; the
margin came to 17.6% in 2014 compared to 18.3% in 2013. This EBITDA
trend was attributable to drops at the Healthcare professionals and
Insurance and services divisions partly offset by EBITDA
improvement at the GERS Activities and Reconciliation division.
Special items in 2014 amounted to a charge of €11.0 million,
compared with income of €2.0 million one year earlier. The major
components of this cost are the €5.8 million fine imposed by French
Competition Authorities and €1.9 million in fees related the IMS
Health transaction. Thus, EBIT amounted to €38.5 million, down by
€15.4 million compared with 2013.
The cost of financial debt decreased by €9.0 million, from €56.7
million in 2013 to €47.7 million in 2014. This decrease reflects
the positive impact from refinancing in 2013 and 2014.
Tax expense decreased by €11.4 million, from a charge of €12.8
million in 2013 to a charge of €1.4 million in 2014. This decrease
is mainly due to the non-capitalization of deferred tax in 2014. In
2013, the French tax-consolidation group generated a deficit as
opposed to a profit in 2014.
Consolidated net profit from continuing activities amounted to a
loss of €9.4 million, compared with a €14.3 million loss a year
earlier. This improvement in consolidated net loss reflected the
trends in revenue, EBIT, special items, cost of net financial debt
and tax expense based on the factors set out above.
The loss per share before special items was €0.3 in 2014
compared with a €1.0 loss in 2013.
Analysis of business trends by division
in €m
Revenue EBIT before special items
EBITDA
2014 2013 2014 2013 2014 2013
Healthcare Professionals 295.6 295.5 31.1 35.4 52.9
59.7 Insurance and Services 165.0 161.1 22.8 24.8 36.7 38.6
GERS Activities and Reconciliation 32.9 32.0 (4.4) (8.3) (2.7)
(6.7)
Total from continuing activities 493.5
487.6 49.5 51.9 86.9 91.6
Activities held for sale 429.8 425.8 45.3 40.2 66.2 64.1 IFRS 5
restatement (11.7) (11.2) - - - -
Total Cegedim 911.5
902.3 94.8 92.1 153.1
155.7
Revenue for the Healthcare Professionals division increased by
€1.1 million, or 0.4%, from €294.5 million in 2013 to €295.6
million in 2014. Excluding the 0.4% positive impact from the
acquisitions of Webstar (UK) in November 2013 and SoCall (France)
in April 2014, and the favorable foreign currency translation of
1.1%, revenue decreased by 1.1%.
Expressed as a percentage of total revenue, revenue for the
Healthcare Professionals division represented 60.4% of 2013,
compared to 59.9% of 2014.
EBIT came to €31.1 million, down €4.4 million. Thus, the margin
came to 10.5% compared to 12.0% a year earlier.
The decrease in EBIT reflects mainly the demanding comparison in
the computerization of UK doctors caused by an exceptional level of
activity with the NHS in 2013, and the decrease, mainly early this
year, in French pharmacists’ investments.
This decrease was partially offset by an increase in the
profitability of software for UK pharmacists. It should be noted
that profitability improved in the second half of 2014 in
pharmacist computerization in France
Revenue for the Insurance and Services division increased by
€3.9 million, or 2.4%, from €161.1 million in 2013 to €165.0
million in 2014. There were no disposals or acquisitions.
Expressed as a percentage of total revenue, revenue for the
Insurance and Services division represented 33.4% in 2013, compared
to 33.0% in 2014.
EBIT before special items amounted to €22.8 million, down €2.0
million. Thus the margin amounted to 13.8% compared to 15.4% a year
earlier.
This decrease in EBIT reflects mainly the development of a SaaS
offer at Cegedim Global Payments, part of the e-business activity,
and the significant investment made at Kadrige. It was partially
offset by an increase in business the Health Insurance companies
and at Cegedim SRH, the provider of human resources management
solutions.
- GERS Activities and
Reconciliation
Revenue for the GERS Activities and Reconciliation division
increased by €0.9 million, or 2.8%, from €32.0 million in 2013 to
€32.9 million in 2014. There were no disposals or acquisitions, and
excluding marginally unfavorable foreign currency translations,
revenue increased by 2.9%.
EBIT before special items developed positively by €4.0 million,
or 47.7%, from a loss of €8.3 million for 2013 to a loss of €4.4
million for 2014.
This favorable trend in EBITDA reflects the gradual return to
breakeven at GERS activities, sales statistics for pharmaceutical
products.
- Discontinued activities (the CRM and
strategic data division)
Revenue amounted to €429.8 million in 2014, up 0.9% on a
reported basis compared to one year earlier. EBIT before special
items came to €45.3 million, up €5.1 million compared to the same
period last year. Thus the EBIT margin before special items came to
10.5% compared to 9.4% a year earlier.
This increase is attributable to the growth in OneKey activities
in all of the geographic regions where it is present,, Compliance
activities chiefly in Europe, and Market research, mainly in the
US, France and Southern Europe. It is worth noting the positive
momentum at the Mobile Intelligence’s activity, and that the Sanofi
Group has extended its supply contract with Cegedim through April
2017.
Following the disposal of this division to IMS Health, an
impairment of €218.9 million has been recorded in order to reflect
the estimated loss on capital gain from this disposal. Consolidated
net profit from discontinued activities amounted to a loss of
€190.3 million.
Assets held for sale amounted to €584.9 million at December
2014. This represents 50.9% of the total assets.
Liabilities associated with assets held for sale amounted to
€180.6 million at December 2014. This represents 15.7% of the Total
Liabilities & Shareholders’ Equity.
Financial resources
The consolidated total balance sheet amounted to €1,149.2
million at December 31, 2014, a 5.9% decrease over December 31,
2013.
Goodwill on acquisition was €175.4 million at December 31, 2014,
compared with €528.5 million at the end of 2013. This €353.1
million decrease is chiefly attributable to an impairment of
goodwill of €218.9 million and a €201.8 million reclassification as
“Assets held for sale”, partiality offset by a €62.7 million
positive impact form foreign currency mainly due to a strengthening
of the euro compared to the US dollar and sterling. Goodwill on
acquisition represented 15.3% of the total balance sheet on
December 31, 2014, compared to 43.3% on December 31, 2013.
Cash and cash equivalents came to €44.0 million at December 31,
2014, down €22.9 million compared with December 31, 2013. This
decrease reflects the direct impact of the disposal of the CRM and
Strategic Data division to IMS Health.
Shareholders’ equity decreased by €127.8 million or 36.9% to
€218.1 million at December 31, 2014, compared to €345.8 million at
the end of 2013. This decrease reflects the impairment of goodwill
on assets held for sale. Total shareholders’ equity came to 19.0%
of total assets at the end of December 2014 compared to 28.3% one
year earlier.
Net debt came to €495.8 million at the end of December 2014, up
€33.8 million compared with the end of 2013. It should be noted
that excluding the restatement of activities held for sale, the net
debt would have been down by €27.2 million.
Before the cost of net financial debt and taxes, operating cash
flow was €141.3 million at the end of December 2014, a decrease of
€11.3 million compared with the end of December 2013.
2014 highlights
On April 7, 2014, Cegedim launched an additional bond offering
of €100 million, upsized to €125 million on the issue date, of its
6.75% Senior Notes due 2020. Apart from the date and price of
issuance (105.75% plus interest accrued since April 1, 2014), the
new bonds are identical to the €300 million of 6.75% Senior Notes
due in 2020 that the Group issued on March 20, 2013. It should be
noted that Cegedim was able to issue at 5.60% compared to 6.75% one
year earlier.
The proceeds from the offering were used, among other things, to
finance the redemption of €105,950,000 of outstanding bonds due
2015 (at a price of 108.102%), pay the premium and any related
fees, and repay bank overdraft facilities.
As a result, the Group’s current debt structure is as
follows:
- €62.6 million of 7.00% bonds due July
27, 2015;
- €425 million of 6.75% bonds due April
1, 2020;
- €80 million of revolving credit due
June 10, 2016, undrawn as of December 31, 2014;
- Overdraft facilities.
On April 15, 2014, Cegedim acquired the French company SoCall.
Its core activity is providing secretarial and scheduling services
for practices of healthcare professionals. The company manages
incoming patient calls, messages, scheduling and records of past
consultations for around 50 practices. Financed by internal
financing, these activities represent annual revenues of less than
€0.3 million and are part of the consolidation scope of Cegedim
Group from Q2 2014.
- Competition authorities’
fine
On July 8, 2014, competition authorities imposed a €5.8 million
fine on Cegedim in response to a complaint filed by the Euris
company accusing the Group of unfair practices in France in the
market for healthcare professional databases.
Cegedim appealed this decision to the Paris Court of Appeals.
The French Competition Authorities decision is enforceable, so
Cegedim paid the full amount of the fine in October 2014.
However, the fine does not in any way jeopardize the terms of
the deal with IMS Health. We note that this risk was cited in
paragraph 4.3.24 of the 2013 Annual Report and in the prospectus
that accompanied our bond issue in April.
- Execution of a definitive purchase
agreement for the CRM and Strategic Data division
On October 20, 2014, Cegedim, announced that a definitive
purchase agreement had been executed for its CRM and Strategic Data
division with IMS Health Inc. for a cash price of €385 million on a
“cash-free, debt-free” basis and subject to certain adjustments
dependent upon Group net debt on the completion date, changes in
working capital requirement, and the CRM and strategic data
activity’s 2014 revenues.
In late December 2014, the European Commission gave a green
light to IMS Health’s acquisition of the CRM and strategic data
division. The decision is subject to IMS Health divesting its
syndicated promotional audits business in Europe. Revenue in 2013
from this business was approximately $2 million. In addition to the
Commission’s approval, the waiting period for the U.S. antitrust
review expired on December 5, 2014.
The proceeds will be used to repay debt, thus reinforcing the
Cegedim balance sheet and P&L statement.
This transaction will allow Cegedim to refocus on software and
databases for healthcare professionals and health insurance
companies, and on its fast-growing multi-industry activities such
as e-business, e-collaboration and outsourced payroll and HR
management. As planned, the transaction will take effect in April
2015.
- Cegedim B+ rating placed on
CreditWatch Positive by S&P
On October 24, 2014, once the definitive agreement on the sale
of the CRM and Strategic Data division was signed, Standard &
Poor’s placed the Cegedim B+ rating for its bonds on CreditWatch
positive. Rating agency S&P reiterated this positive outlook on
February 18, 2015.
Apart from the items cited above, 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.
Significant post-closing transactions and events
To the best of the company’s knowledge, there were no
post-closing events or changes that would materially alter the
Group’s financial situation.
Outlook
For 2015, Cegedim anticipates consolidated revenue from
continuing activities to grow by 1%, excluding the impact of
acquisitions and currencies, and anticipates consolidated EBIT
before special items from continuing activities to grow by more
than 5%.
The Group does not anticipate any significant acquisitions for
2015.
The Group does not disclose profit projections or estimates.
Financial calendar
The Group will hold a conference call
today, March 26, 2015, at 6:15 pm in English (Paris time). The call
will be hosted by Jan Eryk Umiastowski, Cegedim Chief Investment
Officer and Head of Investor Relations.
A presentation of Cegedim 2014 Results
will also be available on the website:
http://www.cegedim.com/finance/documentation/Pages/presentations.aspx
Contact
numbers:
France: +33 1 70 77 09 44
US: +1 866 907 5928
UK and others: +44 (0)20 3367 9453
No access code
required
March 27, 2015 – 11:30am - Boulogne-Billancourt
(France)
April 28, 2015 (after the stock market closes)
- Q1 2015 Revenue announcement
May 27, 2015 (after the stock market closes)
- Q1 2015 Results announcement
July 28, 2015 (after the stock market closes)
- Q2 2015 Revenue announcement
September 21, 2015 (after the stock market closes)
- H1 2015 Results announcement
September 22, 2015
October 27, 2015 (after the stock market closes)
- Q3 2015 Revenue announcement
November 26, 2015 (after the stock market closes)
- Q3 2015 Results announcement
Additional Information
The Audit Committee and the Board of Directors met on March 25,
2015 to review the 2014 consolidated financial statements.
The 2014 Registration Document, will be available next week, in
French and in English, in the Finance section of Cegedim’s
website:
- In French:
http://www.cegedim.fr/finance/documentation/Pages/rapports.aspx
- In English:
http://www.cegedim.com/finance/documentation/Pages/reports.aspx
This information is also available on Cegedim IR, the Group’s
financial communications app for smartphones and iOS and Android
tablets. To download the app, visit:
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx.
Appendices
- Information related to activities
held for sale
On October 20, 2014, Cegedim, announced that a definitive
purchase agreement has been executed for its CRM and Strategic Data
division with IMS Health Inc. The transaction will take effect in
in early 2015 second quarter, post publication of this document.
Consequently the 2014 Financial Statements are reported in
compliance with IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations. IFRS 5 outlines how to account for
non-current assets held for sale.
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 “flow of discontinued
operations”.
These adjustments have been applied to all periods presented to
ensure consistency of information.
In addition, the contribution of the CRM and Strategic Data
Division to each line of Cegedim’s Consolidated Balance Sheet as of
December 31, 2014 has been grouped under the lines “Assets held for
sales” and “Liabilities associated with assets held for sales”.
Data presented with respect to fiscal years 2013 corresponds to
historical data and has not been adjusted.
Assets
In thousands of euros
12/31/2014 12/31/2013 Goodwill on
acquisition 175,389 528,465
Development costs 12,059 16,791 Other intangible fixed assets
92,979 207,097
Intangible fixed assets
105,038 223,888 Land 389 389 Buildings 3,637 4,764
Other Property, plants and equipment 16,006 27,110 Construction
work in progress 697 45
Tangible fixed assets
20,727 32,307 Equity investments 704 704 Loans 2,684
2,464 Other long-term investments 8,834 10,793
Long-term investments - excluding equity shares in equity method
companies 12,222 13,960 Equity shares in equity
method companies 8,819 8,599 Government - Deferred tax 10,625
42,121 Accounts receivable: Long-term portion 15,162 14,379 Other
receivables: Long-term portion 1,812 894
Non-current assets 349,793 864,615 Services in
progress 0 186 Goods 8,563 10,428 Advances and deposits received on
orders 77 428 Accounts receivable: Short-term portion 127,264
229,958 Other receivables: Short-term portion 21,931 31,972 Cash
equivalents 2,416 3,515 Cash 41,619 63,458 Prepaid expenses
12,708 16,618
Current assets 214,579
356,564 Assets of activities held for sale
584,857 - Total assets
1,149,229 1,221,179
Liabilities
In thousands of euros
12/31/2014 12/31/2013 Share capital
13,337 13,337 Issue premium 182,955 185,562 Group
reserves 157,808 214,419 Group exchange reserves (238) (238) Group
exchange gains/losses 63,815 (8,996) Group earnings
(199,756) (58,634)
Shareholders’ equity, Group share
217,921 345,449 Minority interests (reserves) 118 419
Minority interests (earnings) 24 -43
Minority
interests 142 376 Shareholders'
equity 218,063 345,825 Long-term financial
liabilities 476,024 513,650 Long-term financial instruments 8,094
8,905 Deferred tax liabilities 7,620 9,513 Non-current provisions
18,680 27,501 Other non-current liabilities 1,123
2,421
Non-current liabilities 511,541 561,988
Short-term financial liabilities 72,192 24,564 Short-term financial
instruments 8 7 Accounts payable and related accounts 47,166
108,269 Tax and social liabilities 69,188 124,764 Provisions 2,615
5,840 Other current liabilities 47,808 49,922
Current liabilities 238,976
313,365 Liabilities of activities held for sale
180,649 - Total liabilities
1,149,229 1,221,179
In thousands of euros
12/31/2014 12/31/2013 Revenue
493,498 487,618 Other operating
activities revenue - - Purchases used (91,431) (89,654) External
expenses (125,567) (124,031) Taxes (10,188) (10,112) Payroll costs
(174,254) (169,631) Allocations to and reversals of provisions
(4,553) (3,504) Change in inventories of products in progress and
finished products - - Other operating income and expenses (561) 925
EBITDA 86,946 91,611 Depreciation expenses
(37,411) (39,674)
Operating income from recurring
operations 49,534 51,937 Depreciation of goodwill
- - Non-recurrent income and expenses (11,045) 2,001
Other
exceptional operating income and expenses
(11,045) 2,001 Operating income
38,489 53,938 Income from cash and cash equivalents
426 272 Gross cost of financial debt (47,909) (48,506) Other
financial income and expenses (182) (8,443)
Cost
of net financial debt (47,665) (56,677) Income
taxes (6,048) (4,865) Deferred taxes 4,610 (7,950)
Total taxes (1,438) (12,815) Share of profit
(loss) for the period of equity method companies 1,194 1,228 Net
profit (loss) for the period from continuing activities (9,420)
(14,326) Net profit (loss) for the period from discontinued
activities (190,313) (44,351) Consolidated profit (loss) for the
period (199,733) (58,677)
Group share (A)
(199,756) (58,634) Minority interests 24 (43) Average
number of shares excluding treasury stock (B) 13,962,873
13,948,887
Current earnings per share from continuing
activities (0.3) (1.0) Net
earnings per share (in euros) (A/B) (14.3) (4.2)
Diluting instruments none none
Diluted earnings per share (in
euros) (14.3) (4.2)
(1) Capitalized production is reclassified in payroll costs and
external expenses items.
- Consolidated cash flow
statement
In thousands of euros
12/31/2014 12/31/2013 Consolidated
profit (loss) for the period (199,733) (58,677) Share
of earnings from equity method companies (1,265) (1,275)
Depreciation and provisions (1) 278,817 127,421 Capital gains or
losses on disposals 2,241 (397)
Cash flow after
cost of net financial debt and taxes 80,060
67,072 Cost of net financial debt. 48,854 60,060 Tax
expenses 12,427 25,483
Operating cash flow before
cost of net financial debt and taxes 141,341
152,615 Tax paid (13,676) (12,451) Change in working capital
requirements for operations: requirement - - Change in working
capital requirements for operations: surplus 11,350
9,424
Cash flow generated from operating activities after tax
paid and change in working capital requirements (A)
139,015 149,588 Of which net cash flows
from operating activities of discontinued activities
79,919 82,288 Acquisitions of intangible
assets (52,768) (51,051) Acquisitions of tangible assets (22,596)
(22,340) Acquisitions of long-term investments (1,405) (2,914)
Disposals of tangible and intangible assets 960 4,674 Disposals of
long-term investments - - Impact of changes in consolidation scope
(595) (1,697) Dividends received from equity method companies
941 884
Net cash flows generated by investment
operations (B) (75,463) (72,444)
Of which net cash flows connected to investment operations of
discontinued activities (28,785)
(31,300) Dividends paid to parent company shareholders - -
Dividends paid to the minority interests of consolidated companies
(74) (94) Capital increase through cash contribution (53) - Loans
issued 125,000 300,000 Loans repaid (107,197) (290,857) Interest
paid on loans (39,396) (43,413) Other financial income and expenses
paid or received (4,310) (8,339)
Net cash flows
generated by financing operations (C) (26,030)
(42,703) Of which net cash flows related to
financing operations of discontinued activities
(1,300) (3,515) Change In Cash without
impact of change in foreign currency exchange rates (A + B + C)
37,522 34,441 Impact of changes in foreign currency
exchange rates 7,966 (1,668)
Change in cash 45,488
32,773 Opening cash 54,227 21,454 Closing cash 99,714
54,227
(1) Including Impairment of goodwill for 63,300 thousand euros
as at December 31, 2013 and 220,023 thousands of euros as at
December 31, 2014
GERS Activities and Reconciliation:
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. The activities of GERS
in France and Romania and the company Pharmastock were transferred
from the CRM and strategic data division to the Reconciliation
division, which was accordingly renamed GERS Activities and
Reconciliation. This reorganization aims to simplify the reading of
the Cegedim income statement in the event that the IMS Health
proposal results in a favorable outcome. More information is
available in the “Presentation of Cegedim’s Divisions” section of
the HY 2014 Financial Report.EPS: Earnings Per Share is a
specific financial indicator defined by the Group as the net profit
(loss) for the period divided by the weighted average of the number
of shares in circulation.Operating expenses: defined
as purchases used, external expenses and payroll costs.Revenue
at constant exchange rate: when changes in revenue at constant
exchange rate are referred to, it means that the impact of exchange
rate fluctuations has been excluded. The term “at constant exchange
rate” covers the fluctuation resulting from applying the exchange
rates for the preceding period to the current fiscal year, all
other factors remaining equal.Revenue on a Like-for-like
basis: the effect of changes in scope is corrected by restating
the sales for the previous period as follows:• by removing the
portion of sales originating in the entity or the rights acquired
for a period identical to the period during which they were held to
the current period;• similarly, when an entity is transferred, the
sales for the portion in question in the previous period are
eliminated.Life-for-like data: at constant scope and
exchange rates.
Internal growth: internal growth
covers growth resulting from the development of an existing
contract, particularly due to an increase in rates and/or the
volumes distributed or processed, new contracts, acquisitions of
assets allocated to a contract or a specific project.External
growth: external growth covers acquisitions during the current
fiscal year, as well as those which have had a partial impact on
the previous fiscal year, net of sales of entities and/or
assets.
EBIT: Earnings Before Interest and
Taxes. EBIT corresponds to net revenue minus operating expenses
(such as salaries, social charges, materials, energy, research,
services, external services, advertising, etc.). It is the
operating income for the Cegedim Group.EBIT from recurring
operations: this is EBIT restated to take account of
non-current items, such as losses on tangible and intangible
assets, restructuring, etc. It corresponds to the operating income
from recurring operations for the Cegedim Group.EBITDA:
Earnings before interest, taxes, depreciation and amortization.
EBITDA is the term used when amortization or depreciation and
revaluations are not taken into account. “D” stands for
depreciation of tangible assets (such as buildings, machines or
vehicles), while “A” stands for amortization of intangible assets
(such as patents, licenses and goodwill). EBITDA is restated to
take account of non-current items, such as losses on tangible and
intangible assets, restructuring, etc. It corresponds to the gross
operating earnings from recurring operations for the Cegedim
Group.Net Financial Debt: this represents the Company’s net
debt (non-current and current financial debt, bank loans, debt
restated at amortized cost and interest on loans) net of cash and
cash equivalents and excluding revaluation of debt
derivatives.Free cash flow: free cash flow is cash
generated, net of the cash part of the following items: (i) changes
in working capital requirements, (ii) transactions on equity
(changes in capital, dividends paid and received), (iii) capital
expenditure net of transfers, (iv) net financial interest paid and
(v) taxes paid.Operating margin: defined as the ratio of
EBIT/revenue.Operating margin from recurring operations:
defined as the ratio of EBIT from recurring
operations/revenue.Net cash: defined as cash and cash
equivalent minus overdraft.
About Cegedim :
Founded in 1969, Cegedim is a technology
and services company committed to innovation. Cegedim supplies
services, technological tools, specialized software, data flow
management services and databases. Its offerings are targeted
notably at healthcare professionals, healthcare industries, life
science companies, and health insurance companies. Cegedim employs
3,500 people in 11 countries and generated revenue of €494 million
in 2014. Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more, please visit:
www.cegedim.com
And follow Cegedim on Twitter:
@CegedimGroup
CegedimMedia RelationsAude BALLEYDIER, +33 (0)1 49 09 68
81aude.balleydier@cegedim.frorJan
Eryk UMIASTOWSKI, +33 (0)1 49 09 33 36Chief investment
OfficerInvestor Relationsinvestor.relations@cegedim.frorPRPA AgencyPress
RelationsGuillaume DE CHAMISSO, +33 (0)1 77 35 60
99guillaume.dechamisso@prpa.fr
Congoleum (AMEX:CGM)
Historical Stock Chart
From Dec 2024 to Jan 2025
Congoleum (AMEX:CGM)
Historical Stock Chart
From Jan 2024 to Jan 2025
