Ramsay Sante : half year results as at end of December 2021
PRESS RELEASE
Paris, 23rd February 2022
Half-year results
as at end of
December
2021
The period significantly impacted by
COVID waves
during which Ramsay Santé
have continued to play a key
role, in
both France and the
Nordics, to take care of
patients
Financial results
improving on a solid performance in the
Nordics
- Continued
commitment in the last 6 months for taking care of COVID patients
in Europe, with more than 4,000 COVID patients treated in France,
whereof 1,500 in critical care, and more than 500 in Sweden. As an
example, in France, in Paris area, nearly 20% of all COVID patients
in critical care are taken in charge in Ramsay Santé’s hospitals.
The Group has also continued to contribute through both COVID
testing (20% of COVID tests in Norway are performed in Ramsay Santé
facilities) and vaccination efforts to support the governments to
get the pandemic under control.
- Strong activity
growth overall, largely driven by out of hospital segments,
contributing to enhance care accessibility for all the population
(development of primary care in Denmark, specialized care
consultations, home care, imaging): more than 5 million of patients
visits during the period, up 13% from the same period last year,
whereof 64% are out of hospital activities.
- Total capital
expenditure during HY 2022 amounted €108,1m, in order relentlessly
to be state-of-the-art for medical excellence. Thus, in oncology,
in France, we acquired 2 additional robots, a first step to
structure comprehensive cancer pathways; as well, we partnered with
Resilience, a start-up to support cancer patient care with a
personalized approach. Besides, we keep on investing in
Seine-St-Denis, a disadvantaged area, where we are the largest
healthcare operator. Innovation for patients remains a key
priority, with extended digital services in France or a fully
automatized process of vaccination centers in Sweden.
- Half-year
turnover amounted to €2,037.7 million, up 6.6% on a reported basis.
Adjusted for changes in the consolidation scope and at constant
currency exchange rates, turnover for the half-year ended 31
December 2021 was up with a solid 7.0% organic sales growth. The
organic sales growth was mainly driven by the Nordics, as the
organic sales growth in France was positively impacted by the
compensation for the national Segur initiatives.
- Increase in the
reported EBIT by 17.3%, to €149.1 million (last year €127.1m), thus
a margin of 7,3% (last year 6,7%). EBIT and margin development were
mainly driven by the solid organic sales growth in the Nordics with
France overall stable compared to last year. The increase in
results was also supported by the recent acquisitions done in the
Nordics. The revenue guarantee scheme put in place by the French
government resulted in additional revenue of €62.3 million (last
year €76 million) in the half-year ended 31 December 2021;
- Net profit for
the Group share was €59.6 million, 2.9% of turnover (last year
€47.3 million and 2.5% of turnover), benefiting from the higher
business activity and improved results;
- Net financial
debt at the end of 31 December 2021 amounted to €3,462.1 million,
including €2,091.7 million of IFRS 16 liabilities. In December
2021, the Ramsay Santé Group successfully completed the issuance of
a Euro private placement bond with a total financing value of €100
million divided into two tranches which matures in 2027 and 2028
respectively.
Pascal Roché, Chief Executive Officer of Ramsay
Santé, says:
“During HY 2022, Ramsay Santé in Europe has
relentlessly played a key role to take care of COVID patients and
set up vaccination centers. And, in parallel, kept on investing for
improving patients’ pathway and medical excellence. Our financial
results are solid, with a good organic growth driven mainly by the
Nordic countries, and a slight improvement of the EBIT margin (7,3%
vs 6,7% last year). All things considered, these results
demonstrate the relevance of our strategy in Europe to orchestrate
patients’ pathways, as the number of patients visits has increased
by 13%, over 5 million in H1 2022, with 64% of those visits being
out-of-hospitals.”
The Board of Directors that met on 23 February
2022 approved the consolidated financial statements for the
six-month period ended 31 December 2021. The consolidated financial
statements have been subject to a limited review by the statutory
auditors.
Synthetic results
In €M |
From 1
July 2021
to 31 December
2021 |
Variation |
from 1 July
2020 to 31
December 2020 |
Turnover |
2 037.7 |
+6.6% |
1 911.1 |
EBITDA (IFRS 16) |
335.4 |
+7.4% |
312.4 |
Current Operating Result |
149.1 |
+17.3% |
127.1 |
As a % of Turnover |
+7.3% |
+0.6 point |
6.7% |
Operating Result |
151.4 |
+7.5% |
140.8 |
Net income, Group share |
59.6 |
|
47.3 |
Earnings per share (in €) |
0.54 |
|
0.43 |
Breakdown of revenue by operating
segment
In €M |
from 1 July
2021 to
31 December
2021 |
from 1 July
2020
to31 December
2020 |
Variation |
Île-de-France |
497.3 |
472.5 |
+5.2% |
Auvergne-Rhône-Alpes |
275.2 |
254.5 |
+8.1% |
Hauts de France |
190.0 |
180.5 |
+5.3% |
Provence Alpes Côte d'Azur |
80.4 |
76.3 |
+5.4% |
Bourgogne Franche Comté |
64.6 |
65.9 |
-2.0% |
Other regions |
321.4 |
304.4 |
+5.6% |
« Nordics » |
608.8 |
557.0 |
+9.3% |
Published Turnover |
2,037.7 |
1,911.1 |
+6.6% |
|
|
|
|
Including: - Revenue on a like-for-like basis and at constant
exchange rates |
1,996.5 |
1,865.9 |
+7.0% |
- Changes in scope of consolidation and exchange rates |
41.2 |
45.2 |
-8.8% |
Note: the table above details the contributions of the various
operating segments to the Group's consolidated revenue.
Significant events of the
half-year
period:
Pandemic-related health crisis
COVID
The six-month period ending 31 December 2021
continued to be significantly impacted by the continuing health
crisis linked to the global COVID pandemic in all countries where
the Group operates.
France
In France, private hospitals
and clinics have throughout the six-month period maintained their
action plans to fight the COVID epidemic and their investment, in
conjunction with and in support of public hospitals.
Ramsay Santé has continued to participate in the
effort of taking care of COVID patients with more than 4,000
patients treated in France, including 1,500 in critical care. In
France, Ramsay Santé has taken care of c.50% of the COVID patients
treated in the private sector.
As other hospital providers, Ramsay Santé has
continued to be supported by the measures put in place by the
government. Key measures during the six-month period being:
-
Revenue guarantee
-
Subsidies for additional COVID costs
The revenue guarantee program has covered the
full six-month period and relate to the following parts of the
business:
-
Medicine Surgery and Obstetrics (MSO);
-
Follow-up and rehabilitation care (FCR);
-
Mental Health
During the six-month period a total amount of
€62.3 million (last year €76 million) has been recognized in the
consolidated financial statements of the group as “Other operating
income”.
In parallel with the revenue guarantee scheme,
the government has throughout the pandemic also adapted the funding
of health institutions to compensate the additional costs related
to the COVID crisis that would not otherwise be covered. For the
six-month period a total amount of €32.1 million (last year €14.5
million) has been recognized in the financial statements of the
group as “Other operating income”. As there is a timing delay
between when the costs are incurred in the business and when the
regional health agencies notify our facilities, a large part of the
subsidies accounted for in the six-month period relates to the
period prior to the current financial year, same situation as in
the comparable six-month period last year. Out of the total amount
recognized in the current six-month period €27.5 million (last year
€14.5 million) relate to the preceding financial year.
Nordic:
The Group's facilities in the Nordic region
actively took part in patient care and screening, in support of
public institutions and in close collaboration with the supervisory
authorities. Business activities have been impacted by the COVID
situation throughout the period, especially inpatient care in
Sweden. However, production and results have been solid as the
business has been strong in the periods during which business has
been normal.
In Sweden, Sankt Göran and our geriatric
hospitals, operated by the Group in Stockholm, plays a key role in
managing the epidemic, with more than 100 beds dedicated to COVID
patients. Sankt Göran in combination with the geriatric hospitals
in Stockholm has throughout the pandemic treated close to 20% of
all COVID inpatients in the Stockholm region. During the period the
Group has significantly contributed to the vaccination effort in
Sweden.
While in Norway and Denmark no accompanying
measures have been implemented, our facilities in Sweden have
received subsidies covering additional operating costs. Total
amount received in Sweden for the period amounted to €15.4 million
(last year €24.5 million).
Scope of consolidation
During the first six months of the current
financial year Ramsay Santé has completed 3 bolt-on acquisitions in
the Nordics. These acquisitions are complementary to the current
business as well expands the scope of services as well as
geographical footprint. In total these acquisitions added goodwill
and other acquisition surplus values to the total amount of €74.2
million.
Comments on the annual accounts
Activity and
turnover:
In the six-month period July 1st 2021 to
December 31st 2021, Ramsay Santé Group reported a consolidated
turnover of €2,037.7 million, compared with €1,911.1 million for
the period from 1 July 2020 to 31 December 2020, up 6.6%. For
information, the financing guarantee scheme in (for France) the
Group's financial statements have no impact on published revenue as
it has been recognised in the income statement under "Other
operating income".
On a like-for-like basis and at constant
exchange rates, the Group's sales increased by 7.0% with unchanged
number of working days compared to the same period last year.
Changes in the scope of consolidation is due to
the divestment of the German business (done end of October 2020) as
well as the sale of Cliniques St Vincent and St Pierre (end of
September 2020) combined with acquisitions made over the last 12
months
For the six-month period ending 31 December
2021, the total activity of Ramsay Santé's French entities was
impacted by the consequences of the COVID crisis. Main effects were
related to the cancellation of certain scheduled medical and
surgical activities both during wave four and five but also from
limiting the number of patients per room. In total the number of
patient admissions increased to last year by 3.4%. The increase was
mainly a consequence of a lower base in 2020, with the COVID
pandemic impact on the willingness of patients to seek care
recovering in our sub-acute care activities. The breakdown by
business line is as follows:
- -0.8% in
Medicine, Surgery and Obstetrics
- +32.6% in
Follow-up Care and Rehabilitation
- +21.7% in
Mental Health
As part of its public service missions, the
Group recorded a 19.1% increase in the number of emergencies over
the past year, with around 385,000 visits to the emergency services
in our facilities in France.
Organic sales growth in the Group's Nordic
activities for the first six-month of the financial year was +9.6%
compared with last year. Organic sales growth in the Nordics was
positively impacted by both greenfields/new care contracts,
additional work in relation to COVID testing/vaccination and a
continued positive organic sales growth in the underlying business.
Nordic activities have benefited as well from the impact of the
latest acquisitions that have represented 29M€ of additional sales
during the last 6-month period.
Results:
EBITDA reached €335.4 million (last year €312.4
million) for the six-month period that ended 31 December 2021, up
7.3% on a reported basis. Group EBITDA for the six-month period
that ended 31 December 2021 includes €62.3 million (last year €76
million) related to the revenue guarantee scheme described in the
paragraph "Significant events of the financial year" above. EBITDA
further also include cost compensations related extra incurred by
the businesses in both France and Sweden. EBITDA development was
also positively impacted by the underlying business growth,
especially in the Nordic region. On a like-for-like basis, at
constant consolidation scope and exchange rates, EBITDA increased
by 6.4% during the six-month period.
The EBITDA margin as a percentage of sales was
16.5%, up from 16.3% for the same period last year on a reported
basis. On a constant scope and considering exchange rate changes,
the EBITDA margin was overall stable to last year.
Current operating result amounted to
€149.1million (last year € 127.1 million) for the first six-month
period representing a current operating margin of 7.3% (last year
6.7%), up 17.3% over the previous period demonstrating solid
leverage on the improved sales and EBITDA growth.
Other non-current income and expenses represent
a net profit of €2.3 million (last year M€13.7) for the six-month
period that ended 31 December 2021, consisting mainly of net
capital gains on divestment of idle properties and
acquisition/divestment related costs.
The cost of net financial debt amounted to €59.9
million (last year 63.0 million) for the six-month period that
ended 31 December 2021. It comprises interest on the Senior debt
and, in accordance with IFRS 16, the Group recorded an additional
financial interest expense of €34.8 million related to the lease
debt.
Group’s share of net profit reached €59.6
million (last year €47.3 million) for the six-month period that
ended 31 December 2021.
Financing:
Net financial debt as of 31 December 2021
increased to €3,462.1 million compared with €3,230.5 million at 30
June 2021. Net debt includes €1,766 million in non-current
borrowings and €35,8 million in current borrowings, offset by
€408.1 million in a positive cash position. During the period the
net debt has been impacted by the Group going from a net cash
advance position to a net receivable in France related to the
revenue guarantee/cash advance program. As of 30 June 2021, the net
cash advance position amounted to €121 million and as of 31
December the situation instead was a net receivable of €75
million.
IFRS 16 to leases contributed to net financial
debt at 30 June with €2,091.7 million including €1,892,3 million in
non-current lease debt and €199.4 million in current lease
debt.
In December 2021, the Ramsay Santé Group
successfully completed the issuance of a Euro private placement
bond with a total financing value of €100 million divided into two
tranches which matures in 2027 and 2028 respectively.
The Group complies with all commitments relating
to the financial documentation in place. The application of IFRS 16
has no effect on the methods used to calculate the financial
aggregates referred to in these debt agreements.
About Ramsay
Santé
After the acquisition of Capio AB Group in 2018,
Ramsay Santé has become one of the leaders of the private
hospitalization and primary care in Europe with 36 000
employees and 8 600 practitioners serving 9 million patients
in over 350 facilities in five countries: France, Sweden, Norway,
Denmark and Italy.
Ramsay Santé offers almost all medical and
surgical specialties in three business areas: general hospitals
(medicine – surgery – obstetric), follow-up care and rehabilitation
clinics, mental health. In all its territories, the group
contributes to missions of public service and to the territorial
sanitary disposal, as for example in Sweden with more than 100
proximity care units.
The quality and security of care is the group’s
priority. As such our group is today a reference in terms of modern
medicine, especially in outpatient care and enhanced recovery.
Every year, the group invests more than €200
million in innovation whether it is in new surgical or imaging
technologies, in building or modernizing its facilities… The group
also innovates in its organization and digitalization in order to
deliver care in a more efficient way to the benefit of the
patient.
Facebook : https://www.facebook.com/RamsaySanteInstagram :
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www.ramsaygds.fr
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-Glossary
Constant perimeter
- The restatement of the scope of
consolidation of the incoming entities consists of:
- For the current
year's entries in the scope of consolidation, subtract the
contribution of the acquisition of the current year's
aggregates;
- For prior year
acquisitions, deduct in the current year the contribution of the
acquisition of aggregates from the months prior to the month of
acquisition.
- The restatement
of the scope of consolidation of entities leaving the Group
consists of:
- For
deconsolidations in the current year, the contribution of the
deconsolidated entity is deducted from the previous year from the
month of deconsolidation.
- In the case of
deconsolidations in the previous year, the contribution of the
deconsolidated entity for the entire previous year is
deducted.
Change at constant exchange rates reflects a
change after translation of the current period's foreign currency
figure at the exchange rates of the comparison period.
Change at constant accounting standard reflects
a change in the figure excluding the impact of changes in
accounting standards during the period.
Current operating income means operating income
before other non-recurring income and expenses consisting of
restructuring costs (expenses and provisions), capital gains or
losses on disposals or significant and unusual impairment of
non-current assets, whether tangible or intangible; and other
operating income and expenses such as a provision relating to a
major dispute.
EBITDA corresponds to current operating profit
before depreciation and amortisation (charges and provisions in the
income statement are grouped according to their nature).
Net financial debt consists of gross financial
debt less financial assets.
- Gross financial
debts are made up of:
- loans from
credit institutions including interest incurred;
- loans under
finance leases including accrued interest;
- lease
liabilities arising from the application of IFRS 16;
- fair value hedging instruments
recorded in the balance sheet, net of tax;
- current financial debts relating to
financial current accounts with minority investors;
- bank overdrafts.
- The financial assets are made up of:
- the fair value
of fair value 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 borrowings contracted and recognised in
gross financial debt.
Half year financial
results of 31 December
2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME |
(In EUR million) |
From 1 July 2021 to31 December
2021 |
From 1 July 2020
to31 December 2020 |
TURNOVER |
2,037.7 |
1,911.1 |
Personnel expenses and profit sharing |
(1,057.8) |
(1,004.1) |
Purchased consumables |
(420.2) |
(389.7) |
Other operating income and expenses |
(124.3) |
(105.5) |
Taxes and duties |
(63.0) |
(61.4) |
Rents |
(37.0) |
(38.0) |
EBITDA |
335.4 |
312.4 |
Depreciation |
(186.3) |
(185.3) |
Current operating profit |
149.1 |
127.1 |
Restructuring costs |
(5.3) |
(4.4) |
Result of the management of real estate and financial assets |
7.6 |
18.1 |
Impairment of goodwill |
-- |
-- |
Other non-current income and expenses |
2.3 |
13.7 |
Operating profit |
151.4 |
140.8 |
Gross interest expenses |
(25.4) |
(27.8) |
Income from cash and cash equivalents |
0.3 |
0.3 |
Financial interest related to rental debt (IFRS16) |
(34.8) |
(35.5) |
Net interest expenses |
(59.9) |
(63.0) |
Other financial income |
3.8 |
0.4 |
Other financial expenses |
(1.5) |
(3.5) |
Other financial income and expenses |
2.3 |
(3.1) |
Corporate income tax |
(31.7) |
(25.0) |
Amount attributable to associates |
(0.1) |
-- |
NET PROFIT FOR THE PERIOD |
62.0 |
49.7 |
Revenues and expenses recognized directly as equity |
|
|
- Retirement commitments |
4.4 |
(23.3) |
- Change in fair value of hedging financial instruments |
3.9 |
(1.0) |
- Translation differential |
(4.1) |
7.0 |
- Other |
-- |
-- |
- Income tax on other comprehensive income |
(1.9) |
5.9 |
Results recognized directly as equity |
2.3 |
(11.4) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
64.3 |
38.3 |
PROFIT ATTRIBUTABLE TO (In EUR
million) |
From 1 July 2021 to31 December
2021 |
From 1 July 2020
to31 December 2020 |
- Group’s share of net earnings |
59.6 |
47.3 |
- Non-controlling interests |
2.4 |
2.4 |
NET PROFIT FOR THE PERIOD |
62.0 |
49.7 |
NET EARNINGS PER SHARE (in euros) |
0.54 |
0.43 |
NET DILUTED EARNINGS PER SHARE (in euros) |
0.54 |
0.43 |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO
(In EUR million) |
From 1 July 2021 to31 December
2021 |
From 1 July 2020
to31 December 2020 |
- Group’s comprehensive income for the period |
61.9 |
35.9 |
- Non-controlling interests |
2.4 |
2.4 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
64.3 |
38.3 |
CONSOLIDATED BALANCE SHEET – ASSET |
(In EUR million) |
12-31-2021 |
06-30-2021 |
Goodwill |
1,832.5 |
1,762.6 |
Other intangible fixed assets |
250.4 |
241.2 |
Tangible fixed assets |
929.9 |
918.0 |
Right of use (IFRS16) |
2,040.2 |
2,079.8 |
Investments in associates |
0.2 |
0.3 |
Other long-term investments |
92.7 |
85.6 |
Deferred tax assets |
82.8 |
125.4 |
NON CURRENT ASSETS |
5,228.7 |
5,212.9 |
Inventories |
116.4 |
111.4 |
Trade and other receivables |
291.6 |
323.4 |
Other current assets |
484.4 |
406.4 |
Tax assets |
6.3 |
7.6 |
Current financial assets |
11.7 |
11.6 |
Cash and cash equivalents |
408.1 |
608.4 |
CURRENT ASSETS |
1,318.5 |
1,468.8 |
TOTAL ASSETS |
6,547.2 |
6,681.7 |
CONSOLIDATED BALANCE SHEET – LIABILITIES AND
EQUITY |
(In EUR million) |
12-31-2021 |
06-30-2021 |
Share capital |
82.7 |
82.7 |
Additional paid-in capital |
611.2 |
611.2 |
Consolidated reserves |
378.7 |
311.4 |
Group’s share of net profit |
59.6 |
65.0 |
Group’s share of equity |
1,132.2 |
1,070.3 |
Non-controlling interests |
29.1 |
28.4 |
TOTAL SHAREHOLDERS’ EQUITY |
1,161.3 |
1,098.7 |
Borrowings and financial debts |
1,758.3 |
1,673.6 |
Short term debt on put and call commitments |
43.9 |
-- |
Non-current rental debt (IFRS16) |
1,892.3 |
1,940.2 |
Provisions for retirement and other employee benefits |
150.0 |
157.6 |
Non-current provisions |
175.1 |
176.9 |
Other long term liabilities |
22.6 |
32.6 |
Deferred tax liabilities |
19.0 |
51.2 |
NON-CURRENT LIABILITIES |
4,061.2 |
4,032.1 |
Current provisions |
52.6 |
51.7 |
Accounts payable |
374.3 |
343.8 |
Other current liabilities |
641.2 |
901.8 |
Tax liabilities |
12.0 |
16.6 |
Short-term borrowings |
36.7 |
38.1 |
Long tems debt on put and call commitments |
8.5 |
-- |
Current rental debt (IFRS16) |
199.4 |
198.9 |
Bank overdraft |
-- |
-- |
CURRENT LIABILITIES |
1,324.7 |
1,550.9 |
TOTAL EQUITY AND LIABILITIES |
6,547.2 |
6,681.7 |
consolidated statement of changes in equity |
(In EUR million) |
SHARE CAPITAL |
ADDITIO-NAL PAIDIN
CAPITAL |
RESER-VES |
RESULTS RECOGNISED DIRECTLY AS EQUITY |
TOTALCOMPREHENSIVEINCOME
FORTHE PERIOD |
GROUP’S SHAREOF EQUITY |
NON CONTROL-LING INTERESTS |
SHARE-HOLDERS’ EQUITY |
|
Shareholders’ equity at June 30, 2020 |
82.7 |
611.2 |
369.4 |
(64.2) |
13.4 |
1,012.5 |
24.7 |
1,037.2 |
|
Capital increase (including net fees) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Prior year appropriation of earnings |
-- |
-- |
13.4 |
-- |
(13.4) |
-- |
-- |
-- |
|
Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(0.7) |
(0.7) |
|
Change in consolidation scope |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
|
Total comprehensive income for the period |
-- |
-- |
-- |
(11.4) |
47.3 |
35.9 |
2.4 |
38.3 |
|
Shareholders’ equity at December 31, 2020 |
82.7 |
611.2 |
382.8 |
(75.6) |
47.3 |
1,048.4 |
26.4 |
1,074.8 |
|
Shareholders’ equity at June 30, 2021 |
82.7 |
611.2 |
382.8 |
(71.4) |
65.0 |
1,070.3 |
28.4 |
1,098.7 |
Capital increase (including net fees) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Treasury shares |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Stocks options and free share |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Prior year appropriation of earnings |
-- |
-- |
65.0 |
-- |
(65.0) |
-- |
-- |
-- |
Distribution of dividends |
-- |
-- |
-- |
-- |
-- |
-- |
(2.2) |
(2.2) |
Change in consolidation scope |
-- |
-- |
|
-- |
-- |
-- |
0.5 |
0.5 |
Total comprehensive income for the period |
-- |
-- |
-- |
2.3 |
59.6 |
61.9 |
2.4 |
64.3 |
Shareholders’ equity at December 31, 2021 |
82.7 |
611.2 |
447.8 |
(69.1) |
59.6 |
1 132.2 |
29.1 |
1 161.3 |
statement of income and expenses recognized directly in
equity |
|
(In EUR million) |
06-30-2020 |
Income and expenses July 2020to December
31, 2020 |
12-31-2020 |
|
06-30-2021 |
Income and expenses July
2021to December 31,
2021 |
12-31-2021 |
|
Translation differential |
10.6 |
7.0 |
17.6 |
|
14.7 |
(4.1) |
10.6 |
Retirement commitments |
(52.9) |
(17.6) |
(70.5) |
|
(71.9) |
3.5 |
(68.4) |
Fair value of hedging financial instruments |
(22.5) |
(0.8) |
(23.3) |
|
(14.8) |
2.9 |
(11.9) |
Other |
0.6 |
-- |
0.6 |
|
0.6 |
-- |
0.6 |
Results recognized directly as equity (Group’s
share) |
(64.2) |
(11.4) |
(75.6) |
|
(71.4) |
2.3 |
(69.1) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
(In EUR million) |
From 1 July 2021 to31 December
2021 |
From 1 July 2020
to31 December 2020 |
Total net consolidated profit |
62.0 |
49.7 |
Depreciation |
186.3 |
185.3 |
Other non-current income and expenses |
(2.3) |
(13.7) |
Amount attributable to associates |
0.1 |
-- |
Other financial income and expenses |
(2.3) |
3.1 |
Financial interest related to rental debt (IFRS16) |
34.8 |
35.5 |
Cost of net financial debt |
25.1 |
27.5 |
Income tax |
31.7 |
25.0 |
Gross operating surplus |
335.4 |
312.4 |
Non-cash items relating to recognition and reversal of provisions
(transactions of a non-cash nature) |
(4.6) |
(3.7) |
Other non-current income and expenses paid |
(2.2) |
(10.0) |
Change in other non-current assets and liabilities |
(1.8) |
5.5 |
Cash flow from operations before cost of net financial debt
and tax |
326.8 |
304.2 |
Income tax paid |
(11.6) |
(12.5) |
Change in working capital requirement |
(291.4) |
251.2 |
NET CASH FLOWS FROM OPERATING ACTIVITIES: (A) |
23.8 |
542.9 |
Investments in tangible and intangible assets |
(108.1) |
(96.7) |
Disposals of tangible and intangible assets |
17.5 |
-- |
Acquisition of entities |
(41.1) |
(58.7) |
Disposal of entities |
-- |
65.6 |
Dividends received from non-consolidated companies |
0.3 |
0.2 |
NET CASH FLOWS FROM INVESTING ACTIVITIES: (B) |
(131.4) |
(89.6) |
Capital and share premium increases: (a) |
-- |
-- |
Dividends paid to minority interests of consolidated companies:
(b) |
(2.2) |
(0.7) |
Net interest expense paid: (c) |
(25.4) |
(27.8) |
Financial income received: (d) |
0.3 |
0.3 |
Financial interest related to rental debt (IFRS16): (e) |
(34.8) |
(35.5) |
Debt issue costs: (f) |
(0.8) |
-- |
Cash flow before change in borrowings: (g)
= (A+B+a+b+c+d+e+f) |
(170.5) |
389.6 |
Increase in borrowings: (h) |
100.0 |
7.8 |
Repayment of borrowings: (i) |
(14.7) |
(17.0) |
Decrease in rental debt (IFRS16): (j) |
(114.7) |
(96.5) |
NET CASH USED FOR FINANCING ACTIVITIES:
(C) = a + b + c + d + e + f + h + i + j |
(92.3) |
(169.4) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: ( A +
B + C ) |
(199.9) |
283.9 |
Currency differences in cash and cash equivalents |
(0.4) |
(9.4) |
Cash and cash equivalents at beginning of period |
608.4 |
538.3 |
Cash and cash equivalents at end of period |
408.1 |
812.8 |
- Ramsay Santé - Half-year results as at end of December
2021
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