Full year Financial Information at December 31, 2018 IFRS -
Regulated Information - Audited
Cegedim: Debt reduction and revenue growth in
2018
- Like-for-like revenue growth of 1.9%
- EBITDA virtually stable at €76.8 million in 2018 vs €77.5
million in 2017
- Net debt cut by €128.2 million
- 2019 target: 5% revenue and EBITDA growth
| Disclaimer: This press release is
available in French and in English. In the event of any difference
between the two versions, the original French version takes
precedence. This press release may contain inside information. It
was sent to Cegedim’s authorized distributor on March 27, 2019, no
earlier than 5:45 pm Paris time.The terms
“business model transformation” and “BPO” are defined in the
glossary.Owing to the disposal of the Group’s
Cegelease and Eurofarmat businesses, announced in 2017 and
completed on February 28, 2018, the consolidated 2017 and 2018
financial statements are presented according to IFRS 5,
“Non-current assets held for sale and discontinued”. The Group also
applies IFRS 15, “Revenue from contracts with customers” and IFRS 9
“Financial instruments”. |
| CONFERENCE CALL ON
MARCH 27, 2019, AT 6:15PM CET |
| FR : +33 1 72 72 74
03 |
USA :
+1 844 286 0643 |
UK: +44 (0)207 1943
759 |
PIN CODE:
19873083# |
| The webcast is
available at the following address:
www.cegedim.fr/webcast |
Boulogne-Billancourt, France, March 27, 2019, after the
market close
Cegedim, an innovative
technology and services company, generated consolidated revenues
from continuing activities of €467.7 million in 2018, an increase
of 2.2% as reported and 1.9% like for like compared with the same
period in 2017. EBITDA came to €76.8 million in 2018, down a
marginal 0.9% compared with 2017. EBITDA margin was relatively
stable at 16.4% in 2018, compared with 16.9% the year
before.
Simplified income statement
| |
2017 |
|
2016 |
|
Chg. |
| |
€m |
% |
€m |
% |
% |
| Revenue |
467.7 |
|
100.0 |
|
457.4 |
|
100.0 |
|
+2.2 |
|
| EBITDA |
76.8 |
|
16.4 |
|
77.5 |
|
16.9 |
|
(0.9 |
) |
| Depreciation |
(43.7 |
) |
(9.3 |
) |
(40.1 |
) |
(8.8 |
) |
+9.1 |
|
| EBIT before special
items |
33.1 |
|
7.1 |
|
37.4 |
|
8.2 |
|
(11.7 |
) |
| Special items |
(18.6 |
) |
(4.0 |
) |
(18.9 |
) |
(4.1 |
) |
(1.2 |
|
| EBIT |
14.4 |
|
3.1 |
|
18.5 |
|
4.1 |
|
(22.3 |
) |
| Cost of net financial debt |
(6.0 |
) |
(1.3 |
) |
(6.7 |
) |
(1.5 |
) |
(11.4 |
) |
| Tax expenses |
(3.9 |
) |
(0.8 |
) |
(4.7 |
) |
(1.0 |
) |
(16.5 |
) |
| Consolidated profit from continuing
activities |
4.5 |
|
1.0 |
|
7.1 |
|
1.5 |
|
(36.5 |
) |
| Net earnings from activities held for
sale |
0.0 |
|
0.0 |
|
4.1 |
|
0.0 |
|
n.m. |
| Net earnings from activities sold |
1.3 |
|
0.3 |
|
0.0 |
|
0.9 |
|
n.m. |
| Profit attributable to the owners
of the parent |
5.8 |
|
1.2 |
|
11.1 |
|
2.4 |
|
(48.2 |
) |
| EPS before special items |
0.7 |
|
- |
|
0.9 |
|
- |
|
(48.0 |
) |
| Earnings per share |
0.4 |
|
- |
|
0.8 |
|
- |
|
(48.0 |
) |
For the full year 2018, Cegedim posted
consolidated revenues from continuing activities of €467.7 million,
up 2.2% on a reported basis. Excluding an unfavorable currency
translation effect of 0.3% and a 0.6% boost from acquisitions,
revenues rose 1.9%.
The Health insurance, HR and e-services division
grew by 4.7%, whereas the Healthcare professionals division
experienced a drop of 3.1%. BPO revenues amounted to €35.9 million
over FY 2018, an 11.5% increase compared with FY 2017.
EBITDA was more or less stable
at €76.8 million, compared with €77.5 million a year ago, and the
margin dipped slightly to 16.4% from 16.9% in 2017. The EBITDA
trend was chiefly attributable to payroll costs outpacing revenue
growth, external charges holding steady, and a decrease in
purchases used.
Depreciation and amortization
rose by €3.6 million, to €43.7 million from €40.1 million in 2017.
Most of the increase was due to an €8.7 million increase in
amortization of R&D over the period.
EBIT before special items
declined by €4.4 million, or 11.7%, to €33.1 million. The margin
declined to 7.1% in 2018 from 8.2% in 2017.
Exceptional items amounted to a
net charge of €18.6 million compared with a net charge of €18.9
million in 2017. The main reasons for the near stability were the
€2.4 million decrease in amortization of intangible assets related
to mature assets and the €1.3 million decrease in other exceptional
charges, partly offset by the €3.5 million increase in
restructuring costs, including a €4.1 million charge related to the
sale of Cegelease and Eurofarmat.
Cost of net financial debt fell
by €0.8 million, or 11.4%, to €6.0 million vs. €6.7 million in
2017. This decline reflects the positive impact of refinancing
transactions carried out in H2 2018 combined with the sale of
Cegelease and Eurofarmat in February 2018.
Tax amounted to a charge of
€3.9 million compared with a charge of €4.7 million in 2017. The
main factors were a deferred tax asset of €0.7 million in 2018
compared with a deferred tax charge of €0.7 million in 2017, partly
offset by a €0.6 million increase in corporate income tax.
As a result, the consolidated net profit
attributable to the owners of the parent came to €5.8 million
compared with a profit of €11.1 million in 2017. Consolidated net
profit from continuing activities came to €4.5 million
compared with a profit of €7.1 million over the year-earlier
period. Net profit per share before special items
came to a profit of €0.7 vs. a profit of €0.9 in 2017.
Earnings per share were a profit of €0.4 compared
with a profit of €0.8 in 2017.
Analysis of business trends by division
| |
|
Revenue |
|
EBIT before special
items |
|
EBITDA |
| In € million |
|
2018 |
2017 |
|
2018 |
|
2017 |
|
|
2018 |
2017 |
| Health insurance, HR and e-services |
|
307.7 |
291.1 |
|
32.5 |
|
28.4 |
|
|
54.4 |
48.1 |
| Healthcare professionals |
|
156.2 |
162.5 |
|
2.5 |
|
10.4 |
|
|
18.9 |
25.0 |
| Corporate and others |
|
3.8 |
3.9 |
|
(2.0 |
) |
(1.3 |
) |
|
3.5 |
4.4 |
| Cegedim |
|
467.7 |
457.4 |
|
33.1 |
|
37.4 |
|
|
76.8 |
77.5 |
- Health insurance, HR and e-services
The division’s 2018 revenues came to
€307.7 million, up 5.7% on a reported basis. The March 30,
2018 Rue de la Paye acquisition
in France made a positive contribution of 1.1%. Currency
translation had virtually no impact. Like-for-like revenues rose
4.7% over the period.EBITDA rose in 2018, up
13.2%, to €54.4 million, compared with €48.1 million in 2017.
EBITDA margin was 17.7% in 2018, an increase of 117 basis point
compared with 2017.
The businesses that made the biggest
contributions to this growth in revenue and EBITDA were Cegedim SRH
(HR management solutions), Cegedim Health Data (sales data and
statistics for pharmaceuticals), and--in the health insurance
sector--third-party payment flow processing activities. BPO
products and Cegedim e-business (process and document
digitalization) made notable contributions to revenue growth, and
Cegedim-Media (advertising in pharmacies and health & wellness
shops) did the same for EBITDA growth.
The division’s 2018 revenues came to
€156.2 million, down 3.9% on a reported basis. Currencies had a
negative impact of 0.7%. There was virtually no impact from
acquisitions or divestments. Like-for-like revenues fell 3.1% over
the period.EBITDA decrease by 24.5%, to €18.9
million, compared with €25.1 million in 2017. EBITDA margin was
12.1%, down 330 basis points compared with 2017.
The businesses that made positive contributions
to revenues and EBITDA were doctors’ software in France and the BCB
medication database. Software for allied health professionals in
France and for doctors in Belgium contributed positively to
revenues. Sales of computerization solutions to UK doctors
increased strongly year on year in the fourth quarter. By contrast,
the main businesses that made negative contributions to EBITDA were
doctors’ software in the US and Spain. Substantial investment in
Docavenue's telemedicine offering--notably in person-hours--was
also a headwind.
The division’s 2018 revenues came to
€3.8 million down 1.5% on a reported basis and like for like. There
was no currency impact and no acquisitions or divestments.
EBITDA decreased by €0.9 million, to €3.5 million compared
with a €4.4 million in 2017.
Financial resources
Acquisition goodwill
represented €173.0 million at December 31, 2018, compared with
€167.8 million at end-2017. The €5.3 million increase, or 3.1%, was
chiefly attributable to the €6.5 million impact of the Rue de la
Paye acquisition in March 2018. Acquisition goodwill represented
26.7% of total assets at December 31, 2018, compared with 22.5% at
December 31, 2017.
Cash and equivalents rose by
€62.4 million, or 333.2%, to €81.1 million at December 31, 2018,
compared with €18.7 million at December 31, 2017. The increase was
chiefly attributable to the divestments of Cegelease and Eurofarmat
in 2018 and the recording of client prepayments in the BPO health
insurance businesses.
Equity rose by €1.6 million, or
0.8%, to €199.0 million at December 31, 2018, compared with €197.3
million at December 31, 2017. The change mainly reflects the €5.4
million increase in reserves, offset by the €5.4 million decline in
Group earnings and €0.6 million of translation reserves. Equity
represented 30.7% of total assets at December 31, 2018, compared
with 26.4% at December 31, 2017.
Net financial debt amounted to
€108.0 million, down €128.2 million compared with a year earlier.
That figure amounted to 54.3% of equity at December 31, 2018,
compared with 119.7% at December 31, 2017.
Operating free cash flow was a
positive €64.8 million for financial year 2018 compared with a
positive €13.4 million in 2017. The €51.4 million improvement was
chiefly attributable to a significant decrease in WCR, partly
offset by a decline in gross cash flow.
Outlook
Cegedim operates in constantly changing markets,
and its strategic refocus is complete. The Group boasts solid
fundamentals, a balanced portfolio of complementary offerings, a
diverse client base, a broad geographic footprint, and the strength
of an integrated group. These factors should enable it to sustain
its current momentum and reach a new stage in its development where
it can deliver lasting, profitable growth. Building on 2018,
Cegedim continues to follow a strategy of primarily focused on
organic growth and driven by robust innovation.
The Group has set a target of around 5% growth in both
like-for-like revenues and EBITDA.
In 2019, the Group does not expect any significant acquisitions
and is not issuing any earnings estimates or forecasts.
- Potential impact of Brexit
In 2018, the UK accounted for 10.0% of
consolidated Group revenues from continuing activities and 9.9% 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 Chapter 2, points 2.5,
“Risk factors and insurance”, and 2.7, “Outlook”, of the 2018
Registration Document who will be filed with the AMF in the coming
days.
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.
- Bpifrance sells Cegedim shares
Bpifrance Participations sold 1,682,146 Cegedim
shares via an accelerated bookbuilding process to French and
international institutional investors at a price of €35 per share
on February 13, 2018. In the context of the transaction, the
shareholders’ agreement dated October 28, 2009, between Mr.
Jean-Claude Labrune, FCB (the family holding company controlled by
Mr. Labrune), and Bpifrance – as well as the concert between the
parties – has been terminated. Following the sale, Cegedim’s free
float increased to 44% of capital (vs. 32% before the
transaction).
- Cegelease and Eurofarmat definitively sold
On February 28, 2018, Cegedim announced that it
had completed the disposal of Cegelease and Eurofarmat to
FRANFINANCE of the Société Générale Group for an amount of €57.5
million plus reimbursement of the shareholder’s loan account, which
amounted to €13 million. Of this amount, Cegedim used €30 million
to pay down its debt.
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.
- Rue de la Paye acquired in France
On March 30, 2018, Cegedim acquired French
company Rue de la Paye via its Cegedim SRH subsidiary. The deal
will enable the Group to market digital payroll solutions to 2
million SMEs and small businesses in France, including –
importantly – thousands of healthcare professionals that are
already Cegedim Group clients.
Rue de la Paye’s 2017 revenues were equivalent
to around 1% of 2017 consolidated Group revenues, and it earned a
profit. It began contributing to the Group’s consolidation scope in
April 2018.
On February 21, 2018, Cegedim S.A. received
notice that French tax authorities would perform an audit of its
accounts covering the period January 1, 2015, to December 31, 2016.
As the audit is still underway, the Group has not received any
notice of tax adjustment.
- Independent director appointed to Cegedim SA’s board
At the annual general meeting on August 31,
2018, shareholders appointed Ms. Béatrice Saunier to a six-year
term as an independent director. Her term will expire following the
AGM held to approve the financial statements for the year 2023.
- New financing structure for €200 million
On October 9, 2018, Cegedim set up a new
financing structure for a total amount of €200 million consisting
of a €135 million, 7-year Euro PP bond with a coupon of
3.50%, and a €65 million, 5-year syndicated revolving credit
facility with a one-year extension option. The interest rate on the
new revolving credit facility is 20 basis points lower than that of
the previous one.
Cegedim, jointly with IQVIA (formerly IMS
Health), is being sued by Euris for unfair competition. Cegedim
asked the court to dismiss the case against the Group. On December
17, 2018, the Paris Commercial Court granted Cegedim’s request.
That ruling has been appealed
Significant post December
31th, 2018 transactions and
events
- Acquisition of XimantiX in Germany
On January 21, 2019, Cegedim acquired German
company XimantiX. Building on its presence in the digitalization
market in Belgium, France, the United Kingdom, and Morocco, Cegedim
now has a solid base for this activity in Germany, Europe’s leading
economy. By acquiring a German leader positioned on the midmarket
segment, Cegedim e-business will be able to develop its offer for
SMEs. XimantiX customers will gain access to a wider range of
services, thanks to Cegedim’s international scope.
XimantiX’s 2018 revenues came to €2.2 million,
and it earned a profit. It began contributing to the Group’s
consolidation scope in January 2019.
- Acquisition of RDV médicaux in France
On February 2019: Cegedim acquired French
company RDV Médicaux, an online appointment scheduling site whose
close collaboration with hotlines gives it a unique positioning.
This deal clearly reaffirms Docavenue’s ambition to help healthcare
professionals focus on patient care by offering innovative services
that are 100% designed to improve the French healthcare system. RDV
Médicaux’s 2018 revenues came to €0.6 million. It began
contributing to the Group’s consolidation scope in March 2019.
- Acquisition of BSV in France
On January 31, 2019, Cegedim acquired BSV
Electronic Publishing, the leading provider of invoice digitization
solutions to French municipalities and widely respected for its
successful Electronic Document Management System (EDMS). BSV’s
ZeDOC software suite includes electronic document management--a
dynamic data capture tool that sets it apart from a conventional
EDMS based on document indexing--Optical Character Recognition
(OCR) and Automatic Document Recognition (ADR).
BSV Electronic Publishing generated revenue of
€1.2 million in 2018. It began contributing to the Group’s
consolidation scope in February 2019.
To the best of the company’s knowledge, except
for the aforementioned, there were no events or changes after the
September 30th that would materially alter the Group’s financial
situation.
Additional information
| The Audit Committee met on March 26, 2019.
The Board of Directors, chaired by Jean-Claude Labrune, approved
the consolidated financial statement for 2018 at its meeting on
March 27, 2019. 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 2018 Registration Document will be available in a
few days’ time on our website and on Cegedim IR, the Group’s
financial communications app. |
Financial calendar, FY 2019
| March 27, 2019, 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 2018 earnings is available: The website:
http://www.cegedim.fr/finance/documentation/Pages/presentations.aspx
The Group’s financial communications app, Cegedim IR. To download
the app, visit:
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx |
| Contact
Numbers : |
France: +33 1 72 72 74
03 United States: +1 844 286
0643 UK and others: +44 (0)207 1943
759 |
PIN Code: 19873083# |
| |
March 28, 2019, at 2:30 pm CET
May 15, 2019, after the market close June
19, 2019, at 9:30 am CET July 25, 2019,
after the market close September 19, 2019, after
the market close September 20, 2019, at 11:30 am
CET October 24, 2019, after the market close
|
Analyst meeting (SFAF) in Cegedim’s auditorium
First-quarter 2019 revenues Cegedim shareholders’ meeting Second
quarter 2019 revenues Half year earnings 2019 Analyst meeting
(SFAF) in SFAF’s offices Third quarter 2019 revenues |
Balance sheet as December 31, 2018
- Assets as of December 31, 2018
| In thousands of euros |
12.31.2018 |
12.31.2017 |
| Goodwill on
acquisition |
173,024 |
167,758 |
| Development costs |
13,103 |
22,887 |
| Other intangible fixed assets |
143,606 |
122,962 |
| Intangible fixed
assets |
156,709 |
145,849 |
| Property |
544 |
544 |
| Buildings |
3,554 |
4,127 |
| Other tangible fixed assets |
29,306 |
28,057 |
| Construction work in progress |
11 |
444 |
| Tangible fixed assets |
33,416 |
33,172 |
| Equity investments |
1,214 |
913 |
| Loans |
13,425 |
12,986 |
| Other long-term investments |
6,318 |
6,454 |
| Long-term investments – excluding
equity shares in equity method companies |
20,957 |
20,353 |
| Equity shares in equity method
companies |
10,486 |
10,072 |
| Government – Deferred tax |
28,196 |
27,271 |
| Accounts receivable: Long-term portion |
87 |
210 |
| Other receivables: Long-term portion |
- |
|
| Financial instruments |
562 |
622 |
| Prepaid expenses: long-term portion |
530 |
- |
| Non-current assets |
423,966 |
405,308 |
| Services in progress |
- |
78 |
| Goods |
2,670 |
3,567 |
| Advances and deposits received on
orders |
268 |
325 |
| Accounts receivables: Short-term
portion |
97,278 |
118,170 |
| Other receivables: Short-term portion |
33,318 |
71,220 |
| Cash equivalents |
152 |
8,000 |
| Cash |
80,939 |
10,718 |
| Prepaid expenses |
9,516 |
8,989 |
| Current Assets |
224,142 |
221,068 |
| Asset of activities held for sale |
- |
119,847 |
| Total Assets |
648,108 |
746,223 |
- Liabilities and shareholders’ equity as of December 31,
2018
| In thousands of euros |
12.31.2018 |
|
12.31.2017 |
|
| Share capital |
13,337 |
|
13,337 |
|
| Group reserves |
185,287 |
|
177,881 |
|
| Group exchange gains/losses |
(5,613 |
) |
(5,008 |
) |
| Group earnings |
5,771 |
|
11,147 |
|
| Shareholders’ equity. Group
share |
198,781 |
|
197,357 |
|
| Minority interests |
175 |
|
(11 |
) |
| Shareholders’ equity |
198,957 |
|
197,346 |
|
| Long-term financial liabilities |
185,845 |
|
250,830 |
|
| Long-term financial instruments |
961 |
|
928 |
|
| Deferred tax liabilities |
6,605 |
|
6,362 |
|
| Non-current provisions |
26,389 |
|
25,445 |
|
| Other non-current liabilities |
15 |
|
56 |
|
| Non-current
liabilities |
219,814 |
|
283,621 |
|
| Short-term financial liabilities |
3,211 |
|
4,040 |
|
| Short-term financial instruments |
1 |
|
2 |
|
| Accounts payable and related accounts |
41,774 |
|
46,954 |
|
| Tax and social liabilities |
89,074 |
|
83,118 |
|
| Provisions |
2,945 |
|
3,025 |
|
| Other current liabilities |
92,332 |
|
65,098 |
|
| Current liabilities |
229,337 |
|
202,236 |
|
| Liabilities of activities held for sale |
- |
|
63,020 |
|
| Total Liabilities |
648,108 |
|
746,223 |
|
Income statements as of December 31, 2018
| In thousands of euros |
12.310.2018 |
|
12.31.2017 |
|
| Revenue |
467,688 |
|
457,441 |
|
| Purchased used |
(29,316 |
) |
(33,788 |
) |
| External expenses |
(122,563 |
) |
(122,453 |
) |
| Taxes |
(8,243 |
) |
(7,257 |
) |
| Payroll costs |
(229,507 |
) |
(215,434 |
) |
| Allocations to and reversals of
provisions |
(1,056 |
) |
(2,684 |
) |
| Change in inventories of products in
progress and finished products |
- |
|
0 |
|
| Other operating income and expenses |
(2,358 |
) |
(621 |
) |
| Income of equity-accounted affiliates
(1) |
2,128 |
|
2,291 |
|
| EBITDA |
76,772 |
|
77,496 |
|
| Depreciation expenses |
(43,716 |
) |
(40,075 |
) |
| Operating income before special
items |
33,056 |
|
37,420 |
|
| Depreciation of goodwill |
- |
|
- |
|
| Non-recurrent income and expenses |
(18,640 |
) |
(18,874 |
) |
| Other exceptional operating income
and expenses |
(18,640 |
) |
(18,874 |
) |
| Operating income |
14,416 |
|
18,547 |
|
| Income from cash and cash equivalents |
1,154 |
|
631 |
|
| Gross cost of financial debt |
(7,041 |
) |
(8,938 |
) |
| Other financial income and expenses |
(77 |
) |
1,573 |
|
| Cost of net financial
debt |
(5,964 |
) |
(6,734 |
) |
| Income taxes |
(4,632 |
) |
(4,002 |
) |
| Deferred taxes |
707 |
|
(699 |
) |
| Total taxes |
(3,925 |
) |
(4,701 |
) |
| Share of profit (loss) for the period of
equity method companies |
(46 |
) |
(51 |
) |
| Profit (loss) for the period from continuing
activities |
4,481 |
|
7,061 |
|
| Profit (loss) for the period from
discontinued activities |
1,345 |
|
- |
|
| Profit (loss) for the period from activities
held for sale |
- |
|
4,099 |
|
| Consolidated profit (loss) for the
period |
5,826 |
|
11,160 |
|
| Consolidated Net income (loss)
attributable to owners of the parent |
5,771 |
|
11,147 |
|
| Minority interests |
56 |
|
14 |
|
| Average number of shares excluding treasury
stock |
13,919,741 |
|
13,979,390 |
|
| Current Earnings Per Share (in
euros) |
0.7 |
|
0.9 |
|
| Earnings Per Share (in
euros) |
0.4 |
|
0.8 |
|
| Dilutive instruments |
None |
None |
| Earning for recurring operation per
share (in euros) |
0.4 |
|
0.8 |
|
Consolidated cash flow statement as of December 31,
2018
| In thousands of euros |
12.31.2018 |
|
12.31.2017 |
|
| Consolidated profit (loss) for the
period |
5,826 |
|
11,160 |
|
| Share of earnings from equity method
companies |
(2,082 |
) |
(2,241 |
) |
| Depreciation and provisions |
50,808 |
|
64,435 |
|
| Capital gains or losses on disposals |
(1,694 |
) |
(534 |
) |
| Cash flow after cost of net
financial debt and taxes |
52,858 |
|
72,821 |
|
| Cost of net financial debt |
6,019 |
|
6,427 |
|
| Tax expenses |
3,212 |
|
6,628 |
|
| Operating cash flow before cost of
net financial debt and taxes |
62,089 |
|
85,877 |
|
| Tax paid |
(2,943 |
) |
(1,819 |
) |
| Change in working capital requirements for
operations: requirement |
- |
|
(10,574 |
) |
| Change in working capital requirements for
operations: surplus |
64,436 |
|
- |
|
| Cash flow generated from operating
activities after tax paid and change in working capital
requirements (A) |
123,582 |
|
73,484 |
|
| Of which net cash flows from operating
activities of held for sales |
(5,145 |
) |
4,299 |
|
| Acquisitions of intangible assets |
(47,907 |
) |
(48,372 |
) |
| Acquisitions of tangible assets |
(10,976 |
) |
(12,251 |
) |
| Acquisitions of long-term investments |
(3,929 |
) |
- |
|
| Disposals of tangible and intangible
assets |
104 |
|
529 |
|
| Disposals of long-term investments |
- |
|
1,046 |
|
| Change in loans made and cash advance |
(1,214 |
) |
(10,749 |
) |
| Impact of changes in consolidation
scope |
64,553 |
|
(1,855 |
) |
| Dividends received from outside Group |
2,704 |
|
893 |
|
| Net cash flows generated by
investment operations (B) |
3,335 |
|
(70,759 |
) |
| Of which net cash flows connected to
investment operations of activities held for sales |
13,892 |
|
(674 |
) |
| Dividends paid to parent company
shareholders |
- |
|
- |
|
| Dividends paid to the minority interests of
consolidated companies |
(57 |
) |
(70 |
) |
| Capital increase through cash
contribution |
- |
|
- |
|
| Loans issued |
135,000 |
|
10,500 |
|
| Loans repaid |
(202,125 |
) |
(3,241 |
) |
| Interest paid on loans |
(2,360 |
) |
(5,996 |
) |
| Other financial income and expenses paid or
received |
641 |
|
(821 |
) |
| Net cash flows generated by
financing operations (C) |
(68,899 |
) |
372 |
|
| Of which net cash flows related to
financing operations of activities held for sales |
(13,073 |
) |
270 |
|
| Change In Cash without impact of
change in foreign currency exchange rates (A + B + C) |
58,017 |
|
3,098 |
|
| Impact of changes in foreign currency
exchange rates |
72 |
|
(821 |
) |
| Change in cash |
58,089 |
|
2,276 |
|
| Opening cash |
22,998 |
|
20,722 |
|
| Closing cash |
81,088 |
|
22,998 |
|
Appendices
Breakdown of revenues from continuing activities by
quarter and division
| In € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
| Health insurance, HR et e-services |
|
72,923 |
|
76,613 |
71,620 |
86,526 |
307,684 |
|
|
| Healthcare professionals |
|
38,029 |
|
38,133 |
36,291 |
43,731 |
156,184 |
|
|
| Corporate and others |
|
989 |
|
947 |
900 |
985 |
3,820 |
|
|
| Revenue from continuing
activities |
|
111,941 |
|
115,693 |
108,811 |
131,242 |
467,688 |
|
|
| Revenue from activities held for sale |
|
2,066 |
|
0 |
0 |
0 |
2,066 |
|
|
| IFRS 5 restatement |
|
(36 |
) |
0 |
0 |
0 |
(36 |
) |
|
| Group revenue |
|
113,970 |
|
115,693 |
108,811 |
131,242 |
469,717 |
|
|
| In € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
| Health insurance, HR et e-services |
|
68,610 |
|
71,653 |
|
67,958 |
|
82,856 |
|
291,077 |
|
|
| Healthcare professionals |
|
40,320 |
|
41,495 |
|
37,999 |
|
42,672 |
|
162,486 |
|
|
| Corporate and others |
|
1,058 |
|
933 |
|
961 |
|
926 |
|
3,878 |
|
|
| Revenue from continuing
activities |
|
109,989 |
|
114,081 |
|
106,918 |
|
126,454 |
|
457,441 |
|
|
| Revenue from activities held for sale |
|
3,926 |
|
2,935 |
|
2,476 |
|
3,664 |
|
13,001 |
|
|
| IFRS 5 restatement |
|
(209 |
) |
(103 |
) |
(100 |
) |
(78 |
) |
(490 |
) |
|
| Group revenue |
|
113,705 |
|
116,913 |
|
109,294 |
|
130,040 |
|
469,952 |
|
|
Breakdown of revenue by geographic zone and
division
| As a % of consolidated revenues from
continuing activities |
|
France |
EMEA excl. France |
Americas |
APAC |
| Health insurance, HR et e-services |
|
96.7 |
% |
3.3 |
% |
- |
|
- |
|
Healthcare professionals |
|
61.3 |
% |
31.2 |
% |
7.5 |
% |
- |
|
Corporate and others |
|
100.0 |
% |
- |
|
- |
|
- |
| Cegedim |
|
84.9 |
% |
12.6 |
% |
2.5 |
% |
- |
Breakdown of revenue by currency and
division
| As a % of consolidated revenues from
continuing activities |
|
Euro |
GBP |
USD |
Others |
| Health insurance, HR et e-services |
|
96.7 |
% |
2.3 |
% |
0.0 |
% |
1.0 |
% |
|
Healthcare professionals |
|
65.5 |
% |
25.3 |
% |
7.2 |
% |
2.0 |
% |
|
Corporate and others |
|
100.0 |
% |
- |
|
- |
|
- |
|
| Cegedim |
|
86.3 |
% |
10.0 |
% |
2.4 |
% |
1.3 |
% |
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 4,500 people in more than
10 countries and generated revenue of €468 million in 2018. Cegedim
SA is listed in Paris (EURONEXT: CGM).To learn more, please visit:
www.cegedim.comAnd follow Cegedim on Twitter: @CegedimGroup,
LinkedIn and Facebook. |
| Aude
BalleydierCegedim Media Relations and
Communications ManagerTel.: +33 (0)1 49 09 68
81aude.balleydier@cegedim.com |
Jan Eryk UmiastowskiCegedimChief
Investment Officerand head of Investor RelationsTel.: +33 (0)1 49
09 33 36janeryk.umiastowski@cegedim.com |
Marina RosoffFor Madis
Phileo Media RelationsTel: +33
(0)6 71 58 00 34marina@madisphileo.com |
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