Cegedim full-year 2021 results: highly resilient business model
Quarterly financial information as of December 31, 2021IFRS -
Regulated information - Audited
Cegedim full-year 2021 results: highly resilient
business model
- 2021 revenues up
5.6% to €524.7m
- Recurring operating
income(1) down 4.4% to €39.9m
- Net profit
attributable to owners of the parent up 2.4x to €26.2m
- Proposed dividend of
€0.50 per share
Boulogne-Billancourt, France, March 24, 2022, after the
market close
Cegedim generated
consolidated 2021 revenues of €524.7 million, an increase of 5.6%
as reported and 5.0% like for
like(2)
compared with a year ago. Recurring operating income fell
4.4% to €39.9 million, and net profit attributable to the owners of
the parent rose 142.0% to €26.2 million.
“We have a solid foundation in the form of a
relevant, resilient business model and talented, motivated teams.
We turned those resources into a remarkable performance in 2021,
with revenues up 5.6% to €524.7 million and net profit attributable
to the owners of the parent up 2.4-fold to €26.2 million.2022 is
full of promise. We are giving Cegedim Santé the capital it needs
to grow: exclusive talks with social protection groups Malakoff
Humanis, Groupe VYV, and PRO BTP will result in a €65 million
reserved capital increase. The deal also creates a compelling
partnership in telehealth.Uncertainty hangs over the start of this
year, but we will continue to innovate and to strengthen our sales
and R&D teams, and we are confident in our 2022 performance,”
said Laurent
Labrune—Deputy Managing Director
of Cegedim.
Consolidated income statement
|
|
2021 |
2020 |
Change |
|
|
(in €m) |
(in %) |
(in €m) |
(in %) |
(in %) |
|
Revenue |
524.7 |
100.0% |
496.9 |
100.0% |
+5.6% |
|
EBITDA (1) |
104.7 |
20.0% |
104.2 |
21.0% |
+0.5% |
|
Depreciation & amortization |
(64.8) |
(12.3)% |
(62.5) |
(12.6)% |
+3.8% |
|
Recurring operating
income(1) |
39.9 |
7.6% |
41.7 |
8.4% |
-4.4% |
|
Other non-recurring operating income and expenses(1) |
3.8 |
0.7% |
(19.9) |
(4.0)% |
n.m. |
|
Operating income |
43.7 |
8.3% |
21.8 |
4.4% |
+100.2% |
|
Financial result |
(10.4) |
(2.0)% |
(8.6) |
(1.7)% |
+20.0% |
|
Total tax |
(5.8) |
(1.1)% |
(2.0) |
(0.4)% |
+196.8% |
|
Net profit attributable to owners of the
parent |
26.2 |
5.0% |
10.8 |
2.2% |
+142.0% |
|
Recurring earnings per share(1) (in euros) |
1.8 |
- |
1.2 |
- |
+50.0% |
|
Earnings per share (in euros) |
1.9 |
- |
0.8 |
- |
+137.5% |
---------
(1) Alternative performance indicator. See
pages 137-139 of the 2020 Universal Registration Document.
(2) At constant scope and
exchange rates.
Consolidated revenues increased
by €27.8 million, or 5.6%, to €524.7 million in 2021 compared with
€496.9 million in 2020. The positive scope effect of €1.3 million,
or 0.3pp, was attributable to Cegedim’s first-time consolidation of
new acquisitions Médimust and Kobus Tech. The positive currency
impact of €1.6 million, or 0.3pp, was mainly due to the euro’s
appreciation against the pound sterling.Like-for-like(2) revenues
climbed 5.0% over the period.
Recurring operating income(1)
decreased by €1.8 million, or 4.4%, to €39.9 million in 2021
compared with €41.7 million in 2020. It represented 7.6% of
consolidated revenue in 2021, compared with 8.4% in 2020. The
decline is chiefly attributable to a €4.5 million negative impact
from lower R&D capitalization and an increase in R&D
amortization. In addition, other net non-recurring operating
expenses(1) fell by €23.7 million compared with 2020.
Other non-recurring operating income and
expenses(1) amounted to income of €3.8
million in 2021 compared with a charge of €19.9 million in 2020.
The 2021 performance is partly the result of a €4.7 million payment
made by a client as part of the early termination of a services
contract that was originally supposed to run through 2027. This
payment was partly offset by other expenses, notably fees related
to disputes or the winding up of non-recurring operations. In 2020
the amount was mainly attributable to €15.0 million of impairments
of certain intangible assets related to software businesses,
notably on products for doctors in the UK and Belgium.
Depreciation and amortization
expenses increased by €2.3 million, or 3.8%, to €64.8
million in 2021 compared to €62.5 million in 2020. Amortization
related to lease contracts (IFRS 16) was virtually stable, at €16.5
million in 2021 compared to €15.9 million in 2020. The amortization
of capitalized R&D expenses over the period increased by €2.7
million, or 9.0%, to €33.3 million in 2021 compared to €30.6
million in 2020. The increase was due to higher R&D
capitalization in previous years. Other depreciation &
amortization declined by €0.9 million to €15.0 million in 2021 from
€15.9 million in 2020.
EBITDA (1) increased by €0.5
million, or 0.5%, to €104.7 million in 2021, compared with €104.2
million in 2020. It represented 20.0% of consolidated revenue in
2021, compared with 21.0% in 2020.
Financial result increased by
€1.7 million, or 20.0%, to €10.4 million in 2021 compared with €8.6
million in 2020. The main reason for the increase was exchange rate
impacts related to the pound sterling. We note that the cost of
gross financial debt is stable relative to December 31, 2020,
because the vast majority of debt is at fixed interest rates.
Total tax came to €5.8 million
in 2021 compared with €2.0 million in 2020, an increase of €3.9
million or 196.8%. This change was principally the result of a
combination of increased income taxes, especially for French
companies, and a decrease in deferred tax assets.
Net profit attributable to the owners of
the parent came to €26.2 million in 2021 compared with
€10.8 million in 2020. Recurring earnings per
share came to €1.8 in 2021 compared with a profit of €1.2
a year earlier. Earnings per share came to €1.9 in
2021 compared with €0.8 a year earlier.
Analysis of business trends by division
|
In millions of euros |
2021 |
2020 |
Change |
|
Revenue |
292.0 |
277.2 |
+5.4% | Like for like (2): +4.4% |
|
Recurring operating income(1) |
12.8 |
23.8 |
(46.1)% |
|
Margin |
4.4% |
8.6% |
(420) bp |
|
Operating income |
12.3 |
6.9 |
+78.9% |
|
Margin |
4.2% |
2.5% |
+174 bp |
Revenues got a boost from stronger growth in
computerization activities for health insurers, bolstered by the
resumption of project-based business, which positively affected
recurring operating income(1). The HR management outsourcing
activity turned in an excellent performance. Growth was also
spurred by trading activity in the fourth quarter, which negatively
impacted recurring operating income(1).
---------
(1) Alternative performance indicator. See pages 137-139 of the
2020 Universal Registration Document.
(2) At constant scope and exchange rates.
Sales trends at Cegedim Santé are robust despite
the Covid flare-up late in the year, which curtailed sales efforts
targeting healthcare professionals and hurt recurring operating
income(1). As expected, Maiia, the appointment scheduling
business—notably for vaccinations and teleconsultations—doubled its
revenues in 2021 compared with 2020. Recurring operating income(1)
was hurt by delayed NHS accreditation and increased hiring for
sales teams assigned to Cegedim Santé’s latest offerings and for
development teams working on innovations and who do not meet the
criteria for capitalized costs.
|
In millions of euros |
2021 |
2020 |
Change |
|
Revenue |
84.2 |
79.4 |
+6.1% | Like for like(2): +6.0% |
|
Recurring operating income(1) |
11.1 |
10.6 |
+4.4% |
|
Margin |
13.2% |
13.4% |
(22) bp |
|
Operating income |
10.9 |
10.1 |
+7.2% |
|
Margin |
12.9% |
12.8% |
+14bp |
The process digitalization and digital data flow
business grew despite slowing somewhat in the fourth quarter due to
the resurgence of the Covid-19 pandemic. Business in France made a
positive contribution to recurring operating income(1), whereas UK
and German activities had a negative impact.
People in France reduced their use of the
healthcare system because of public health restrictions, which put
a crimp on healthcare flow business related to reimbursements
resulting in a slightly negative impact on recurring operating
income(1).
|
In millions of euros |
2021 |
2020 |
Change |
|
Revenue |
98.4 |
87.8 |
+12.1% | Like for like(2): +12.1% |
|
Recurring operating income(1) |
14.6 |
10.5 |
+39.5% |
|
Margin |
14.8% |
11.9% |
+292bp |
|
Operating income |
14.6 |
10.4 |
+41.0% |
|
Margin |
14.8% |
11.8% |
+304bp |
Data activities experienced strong growth and
had their strongest quarter of the year in Q4, strongly boosting
recurring operating income(1).
Digital displays in pharmacies experienced
substantial growth over the year but ran into a challenging
comparison in Q4, as the business had made up significant ground in
the fourth quarter of 2020. 2021 margins at this business were
historically high.
|
In millions of euros |
2021 |
2020 |
Change |
|
Revenue |
47.3 |
48.9 |
(3.3)% | Like for like(2): (3.3)% |
|
Recurring operating income(1) |
2.5 |
(0.2) |
n.m. |
|
Margin |
5.2% |
(0.5)% |
+565bp |
|
Operating income |
2.5 |
(0.3) |
n.m. |
|
Margin |
5.2% |
(0.6)% |
+575bp |
A significant portion of this division’s
business is providing services for insurance companies and mutual
insurance providers. It was hurt by a downward adjustment of unit
prices, now that the implementation phase is finished, and by less
so-called overflow business. However, this was health insurance
BPO’s first year in the black in terms of recurring operating
income(1) thanks to the automation of certain processes.
HR BPO revenues rose, which positively affected
recurring operating income(1).
---------
(1) Alternative performance indicator. See pages 137-139 of the
2020 Universal Registration Document.
(2) At constant scope and exchange rates.
2021 revenues fell 24.8% to €2.7 million, and
recurring operating income(1) was a profit of €1.1 million compared
with a €3.0 million loss a year earlier.
Highlights
To the best of the company’s knowledge, apart
from those listed below, there were no events or changes during
2021 that would materially alter the Group’s financial
situation.
- Acquisition of Kobus in
France
On April 30, 2021, Cegedim acquired French
start-up Kobus Tech, which specializes in patient management for
physical therapists (patient care summaries, exercise prescription,
mail generation, etc.). Its solution has more than 4,000 users. It
is perfectly compatible with Cegedim Santé’s solutions, and their
combined offering in France is one of the market’s most
comprehensive. Kobus was initially consolidated on June 30,
2021.
- Acquisition
of Médimust in France
On May 4, 2021, Cegedim acquired Médimust, a
software publisher serving healthcare professions for 25 years that
currently supplies 2,000 independent physicians. The acquisition
cements Cegedim Santé’s place as France’s number 1 medical software
company(3). Pooling the companies’ know-how and expertise is
strengthening Cegedim Santé’s range of solutions and improving its
ability to adapt to market developments and healthcare
professionals’ changing needs.Médimust generated revenues of €1.3
million in 2020 and earned a profit. It began contributing to the
Group’s consolidation scope in May 2021.
Cegedim, jointly with IQVIA (formerly IMS
Health), is being sued by Euris for unfair competition. Cegedim has
asked the court to dismiss the case against the Group. On December
17, 2018, the Paris Commercial Court granted Cegedim’s request,
which IQVIA then appealed. On December 8, 2021, the Court of
Appeals upheld the judgement in favor of Cegedim.
After consulting its external legal counsel, the
Group had decided not to set aside any provisions.
On February 21, 2018, Cegedim S.A. received
official notice that the French tax authorities planned to perform
an audit of its financial statements for the period from January 1,
2015, to December 31, 2016. After consultation with its lawyers and
based on ample precedent. the Group believes that the adjustment is
unwarranted and continues to explore its options to appeal the
decision. The maximum tax liability Cegedim faces as a result of
the current audit is €20.3 million at December 31, 2021. Cegedim
still believes that there is not enough risk with respect to this
amount or to tax loss carryforwards recorded on its consolidated
balance sheet (corresponding to €20 million) to jeopardize their
valuation.
On October 21, 2021, Cegedim SA received
official notice that the French tax authorities planned to perform
an audit of its financial statements for the period from January 1,
2019, to December 31, 2020. This audit is currently being
conducted.
Significant transactions and events post December 31,
2021
To the best of the company’s knowledge, apart
from those listed below, there were no post-closing events or
changes that would materially alter the Group’s financial
situation.
The Group has no activities or exposed assets in
Russia or Ukraine.
- Cegedim
in exclusive talks with mutual insurance groups Malakoff Humanis,
Groupe VYV, and PRO BTP regarding acquisition of an equity stake in
Cegedim Santé
On March 1, 2022, Cegedim Group and Malakoff
Humanis, Groupe VYV, and PRO BTP announced that they were in
exclusive talks regarding the acquisition of an equity stake in
Cegedim Santé, the Group subsidiary specialized in digital
solutions for healthcare professionals and patients. As part of the
deal, Cegedim Santé will simultaneously acquire Groupe VYV
subsidiary MesDocteurs, which specializes in telehealth.
---------
(1) Alternative performance indicator. See pages 137-139 of the
2020 Universal Registration Document.
(3) Source: GIE SESAM-Vitale.
Once negotiations are complete, the deal will be
sealed by the signature of an investment agreement and a strategic
and industrial partnership between Cegedim, Malakoff Humanis,
Groupe VYV, and PRO BTP. The transaction will be complete once
employee representatives issue an opinion.
The deal will involve a reserved capital
increase of €65 million, giving Cegedim Santé a post-deal valuation
of €360.9 million. Cegedim will continue to fully consolidate
Cegedim Santé.
Dividend distribution policy
A proposal to pay a dividend in respect of 2021
of €0.50 per share on July 1, 2022, will be put forward at the
General Meeting on June 17, 2022.
Outlook
Although the impact of the Covid-19 pandemic on
business in 2022 is still difficult to assess and despite the
economic, geopolitical, and
monetary uncertainties facing the world, we are
confident we will be able to grow our revenues.
Thus, for 2022 Cegedim expects like-for-like(2)
revenue growth of around 5%. Recurring operating income(1) should
remain stable owing to the significant investments planned,
especially for Cegedim Santé.
These targets may need to be revised if there is
a sharp resurgence of the Covid-19 pandemic and/or a significant
worsening of geopolitical risks.
The Group does not expect to make any
significant acquisitions in 2022.
---------------
The Audit Committee met on March 23, 2022. The
Board of Directors, chaired by Jean-Claude Labrune, met on March
24, 2022, closed the consolidated financial statements at December
31, 2021, and approved the accounts for 2021. The audit procedures
of the consolidated financial statements have been performed. The
certification report will be issued once the requisite filing
procedures for the Universal Registration Document have been
completed.
The Universal Registration Document will be
available in a few days’ time, in French and in English, on our
website and the Cegedim IR app.
---------------
|
WEBCAST ON MARCH 24, 2022, AT 6:15 PM (PARIS
TIME) |
|
The webcast is available
at: www.cegedim.fr/webcast |
The full-year 2021 results presentation is available:
- On the website:
https://www.cegedim.fr/finance/documentation/Pages/presentations.aspx
- And on the Cegedim
IR smartphone app, available at
https://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx
|
2022 financial calendar
|
2022 |
March 25 at 10:00 amApril 28
after the closeJune 17 at 9:30July
28 after the closeSeptember 20 after the
close |
SFAF Meeting - Cegedim Auditorium in Boulogne BillancourtQ1 2022
revenuesShareholders’ General MeetingH1 2022 revenuesH1 2022
results |
---------
(1) Alternative performance indicator. See pages 137-139 of the
2020 Universal Registration Document.
(2) At constant scope and exchange rates.
|
DisclaimerThis 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 24, 2022, no earlier than
5:45 pm Paris time.The figures cited in this press
release include guidance on Cegedim's future financial performance
targets. 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 7, “Risk management”, section 7.2, “Risk
factors and insurance”, and Chapter 3, “Overview of the financial
year”, section 3.6, “Outlook”, of the 2020 Universal Registration
Document filled with the AMF on April 16, 2021, under number
D.21-0320. |
|
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 5,600 people in more than 10 countries and
generated revenue of €525 million in 2021. Cegedim SA is listed in
Paris (EURONEXT: CGM).To learn more, please visit:
www.cegedim.frAnd follow Cegedim on Twitter @CegedimGroup, LinkedIn
and Facebook. |
| Aude
BALLEYDIERCegedimMedia Relations and
Communications ManagerTel.: +33 (0)1 49 09 68
81aude.balleydier@cegedim.fr |
Jan Eryk
UMIASTOWSKICegedimChief Investment and
Investor Relations OfficerTel.: +33 (0)1 49 09 33
36janeryk.umiastowski@cegedim.com |
Céline
PARDO .becomingMedia
Relations Tel.: +33
(0)6 52 08 13 66cegedim@becoming-group.com |
|
Annexes
Revenue comparison, sector vs. division
|
|
|
2021 |
|
in millions of euros |
|
Health insurance, HR and e-services |
Healthcareprofessionals |
Corporateand others |
Total |
|
Software & services |
|
141.4 |
150.6 |
- |
292.0 |
| Flow |
|
84.2 |
- |
- |
84.2 |
| Data &
Marketing |
|
98.4 |
- |
- |
98.4 |
| BPO |
|
47.3 |
- |
- |
47.3 |
| Corporate and
others |
|
- |
- |
2.7 |
2.7 |
|
Total |
|
371.4 |
150.6 |
2.7 |
524.7 |
Recurring operating income(1)
comparison, sector vs. division
|
|
|
2021 |
|
in millions of euros |
|
Health insurance, HR and e-services |
Healthcareprofessionals |
Corporateand others |
Total |
|
Software & services |
|
16.2 |
-3.3 |
- |
12.8 |
| Flow |
|
11.1 |
- |
- |
11.1 |
| Data &
Marketing |
|
14.6 |
- |
- |
14.6 |
| BPO |
|
2.5 |
- |
- |
2.5 |
| Corporate and
others |
|
- |
- |
(1.1) |
(1.1) |
|
Total |
|
44.4 |
-3.3 |
(1.1) |
39.9 |
(1) Alternative performance indicator
Consolidated financial statements at December 31,
2021
- Assets
at December 31, 2021
|
In thousands of euros |
December 31, 2021 |
December 31, 2020 |
|
Goodwill |
187,106 |
186,036 |
|
Development costs |
8,436 |
3,873 |
|
Other intangible fixed assets |
171,489 |
159,144 |
|
Intangible assets |
179,925 |
163,017 |
|
Property |
544 |
544 |
|
Buildings |
2,088 |
2,319 |
|
Other property, plant, and equipment |
35,033 |
31,835 |
|
Advances and construction work in progress |
|
0 |
|
Right-of-use assets |
84,002 |
75,607 |
|
Tangible fixed assets |
121,667 |
110,305 |
|
Equity investments |
314 |
1,182 |
|
Loans |
15,223 |
14,618 |
|
Other long-term investments |
5,771 |
4,730 |
|
Long-term investments – excluding equity shares in equity
method companies |
21,308 |
20,530 |
|
Equity shares in equity method companies |
21,266 |
21,479 |
|
Deferred tax assets |
33,506 |
33,202 |
|
Long-term financial instruments |
0 |
44 |
|
Prepaid expenses: long-term portion |
108 |
249 |
|
Non-current assets |
564,886 |
534,862 |
|
Goods |
4,503 |
3814 |
|
Advances and deposits received on orders |
140 |
501 |
|
Accounts receivables: short-term portion |
136,343 |
134,650 |
|
Other receivables: short-term portion |
48,743 |
189,683 |
|
Current tax credits |
2,123 |
4,007 |
|
Short-term financial instruments |
0 |
1 |
|
Cash equivalents |
0 |
- |
|
Cash |
24,160 |
24,734 |
|
Prepaid expenses: short-term portion |
16,688 |
13,103 |
|
Current assets |
232,700 |
370,493 |
|
TOTAL Assets |
797,586 |
905,355 |
-
Liabilities and equity at December 31, 2021
|
In thousands of euros |
December 31, 2021 |
December 31, 2020 |
|
Share capital |
13,337 |
13,337 |
|
Consolidated retained earnings |
200,717 |
188,524 |
|
Group exchange gains/losses |
(8,214) |
(5,040) |
|
Group earnings |
26,224 |
10,834 |
|
Shareholders’ equity, Group share |
232,064 |
207,655 |
|
Minority interest |
323 |
247 |
|
Shareholders’ equity |
232,387 |
207,902 |
|
Financial liabilities |
186,574 |
186,278 |
|
Current lease liabilities |
70,297 |
62,331 |
|
Short-term financial instruments |
- |
66 |
|
Deferred tax liabilities |
8,272 |
7,599 |
|
Retirement benefit commitments |
34,069 |
35,281 |
|
Provisions |
2,255 |
2,575 |
|
Non-current liabilities |
301,467 |
294,130 |
|
Financial liabilities |
2,560 |
2,606 |
|
Current lease liabilities |
16,072 |
15,243 |
|
Short-term financial instruments |
- |
1 |
|
Trade payables and related accounts |
48,245 |
43,214 |
|
Current tax liabilities |
1,483 |
501 |
|
Tax and social security liabilities |
101,003 |
108,217 |
|
Provisions |
2,065 |
3,045 |
|
Other liabilities |
92,304 |
230,495 |
|
Current liabilities |
263,732 |
403,323 |
|
TOTAL Liabilities |
797,586 |
905,355 |
- Income
statement as of December 31, 2021
|
In millions of euros |
December 31, 2021 |
December 31, 2020 |
|
Revenue |
524,709 |
496,939 |
|
Purchases used |
(26,703) |
(25,491) |
|
External expenses |
(107,414) |
(100,491) |
|
Taxes |
(6,782) |
(7,904) |
|
Employee costs |
(278,841) |
(256,219) |
|
Impairment on accounts receivable and other receivables and on
contract assets |
(158) |
(1,871) |
|
Allowances to and reversals of provisions |
(4,102) |
(3,442) |
|
Other operating income and expenses |
1,161 |
(65) |
|
Share of income of equity method companies |
2,828 |
2,736 |
|
EBITDA(1) |
104,698 |
104,192 |
|
Depreciation expenses other than right-of-use assets |
(48,348) |
(46,519) |
|
Depreciation expenses of right-of-use assets |
(16,453) |
(15,939) |
|
Recurring operating
income(1) |
39,897 |
41,734 |
|
Impairment of acquisition goodwill |
0 |
0 |
|
Non-recurring operating income and expenses |
3,789 |
(19,914) |
|
Other non-recurring operating income and
expenses(1) |
3,789 |
(19,914) |
|
Operating income |
43,686 |
21,820 |
|
Income from cash and cash equivalents |
90 |
75 |
|
Cost of gross financial debt |
(8,357) |
(8,547) |
|
Other financial income and expenses |
(2,104) |
(171) |
|
Financial result |
(10,371) |
(8,643) |
|
Income taxes |
(7,128) |
(4,973) |
|
Deferred tax |
1,292 |
3,007 |
|
Tax |
(5,836) |
(1,966) |
|
Share of profit (loss) for the period of equity method
companies |
(1,179) |
(295) |
|
Consolidated net profit |
26,300 |
10,916 |
|
Group share |
26,224 |
10,835 |
|
Income from equity-accounted affiliates |
76 |
81 |
|
Average number of shares excluding treasury stock |
13,782,436 |
13,824,493 |
|
Recurring earnings per share (in euros) |
1.8 |
1.2 |
|
Earnings per share (in euros) |
1.9 |
0.8 |
(1) Alternative performance indicator
- Cash
flow statement as of December 31, 2021
|
In thousands of euros |
December 31, 2021 |
December 31, 2020 |
|
Consolidated net profit |
26,300 |
10,916 |
|
Share of earnings from equity method companies |
(1,649) |
(2,441) |
|
Depreciation and amortization expenses and provisions |
64,438 |
77,481 |
|
Capital gains or losses on disposals of operations |
(141) |
1,641 |
|
Cash flow after cost of net financial debt and
taxes |
88,948 |
87,597 |
|
Cost of net financial debt |
10,370 |
8,642 |
|
Tax expenses |
5,837 |
1,966 |
|
Operating cash flow before cost of net financial debt and
taxes |
105,155 |
98,205 |
|
Tax paid |
(4,119) |
(6,337) |
|
Change in working capital requirements for operations |
(5,057) |
18,513 |
|
Cash flow generated from operating activities after tax
paid and change in working capital requirements |
95,979 |
110,381 |
|
Acquisitions of intangible assets |
(50,748) |
(54,607) |
|
Acquisitions of tangible assets |
(14,015) |
(19,920) |
|
Acquisitions of long-term investments |
(3,199) |
(980) |
|
Disposals of tangible and intangible assets |
668 |
11,024 |
|
Disposals of long-term investments |
2,040 |
40 |
|
Change in deposits received or paid |
(674) |
(780) |
|
Impact of changes in consolidation scope |
(5,128) |
(7,124) |
|
Dividends received ex. group |
950 |
2,032 |
|
Net cash flow used in investing activities |
(70,106) |
(70,315) |
|
Dividends paid to minority shareholders of consolidated cos. |
(1) |
(1) |
|
Debt issuance |
0 |
0 |
|
Debt repayments |
(1,156) |
(20,225) |
|
Employee profit sharing |
431 |
131 |
|
Repayment of lease liabilities |
(16,808) |
(16,119) |
|
Interest paid on loans |
(4,995) |
(5,280) |
|
Other financial income received |
369 |
1,030 |
|
Other financial expenses paid |
(4,576) |
(3,674) |
|
Net cash flow used in financing activities |
(26,736) |
(44,138) |
|
Change in net cash excluding currency impact |
(863) |
(4,073) |
|
Impact of changes in foreign currency exchange rates |
289 |
(252) |
|
Change in net cash |
(574) |
(4,325) |
|
Opening cash |
24,734 |
29,059 |
|
Closing cash |
24.159 |
24,734 |
- Cegedim_Results_FY2021_ENG
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