27.03.2014 07:45:00

Korian announces a significant upturn in results for 2013, surpassing all of its announced targets.

Regulatory News:

(Paris:KORI)

Yann Coléou, CEO of Korian - Medica:

"During 2013, we implemented a strategy of transformation within Korian via the "Korian First” corporate initiative, with excellent results:

  • In terms of the Performance pillar, we made good our commitments and exceeded all our objectives: revenues of €1.37 billion (> €1.35 billion), an EBITDAR margin of 27.3% (> 27%) and managed leverage at 2.7x (< 3.0x).
  • As regards the Innovation pillar, we focused our efforts on research, with the creation of the Korian Institut du Bien Vieillir (Institute for Healthy Ageing) and on practical applications to improve care for our residents. Our objective is to allow everyone to benefit from the best practices in a fast-changing profession.
  • In terms of the Workforce pillar: with the development of our "Korian employer brand”, we want to promote and attract the best talents and make our sector even more attractive.
  • Concerning the Development pillar, our year was rich in development, with the objective of strengthening our position as the leading European player in Healthy Ageing. With the acquisition of Curanum in Germany finalised on 1 March 2013, the acquisition by Medica of the Senior Living Group, the leading player on the Belgian market, at the end of September, and the merger of Korian and Medica, we now have a solid foundation in four major European markets.

In 2014, we intend to focus our efforts in France on the successful integration of Korian and Medica. We are building closer ties in a methodical and timely manner. It is a major challenge for us, and all the teams are already committed to help define this joint project. These works will help us achieve a perfectly defined organisation, operational from 1 January 2015.

Furthermore, our group governance is being further strengthened thanks to an executive committee that includes the VPs from the four countries and international candidates, set to take the new Group dimension into account.

Our strong international base and our solid performance put us in a great position to benefit from the wide range of opportunities offered by the Healthy Ageing market. In 2014, we aim to achieve pro forma revenues of €2.5 billion, with a slight improvement in our operating profitability."

I. KORIAN EXCEEDS ITS GROWTH AND PROFITABILITY TARGETS

2013 results of Korian stand alone

 
In millions of euros 31/12/2013     31/12/2012     Change
Revenues 1,371 1,108 23.7%
EBITDAR 1 374 277 35.2%
Margin as a % of revenues 27.3% 25.0%  
External rents (191) (138) 39.0%
EBITDA 2 183 139 31.4%
Operating income 100 87 15.9%
Financial income (45) (34) 31.9%
Net income (Group share) 29 23 22.8%
Current net income (Group share)4 41 28 46.2%
       
Net financial debt 716 562 27.4%
Restated leverage 2.7x 3.1x
(Net debt – Real estate debt) / (EBITDA – 7%* Real estate debt)
 

Strong growth

With published revenues of €1,371m, up 23.7%, Korian exceeded its initial objective of €1.35 billion for 2013. This sharp upturn in business was supported by robust organic growth of 4.2% and a strong development dynamic, with the opening of 8 nursing homes and 2 Clinics in Europe, and the acquisition in Germany of Curanum, effective from 1 March 2013.

An increase in profitability of 230bp

EBITDAR for 2013 amounted to €374m, up 35.2%. The EBITDAR margin rate is up at 27.3%, an improvement of 230 basis points, and more than the objective of 27% set at the beginning of the year. The margin rate increased in all countries.

 
In millions of euros     Consolidated     France     Germany     Italy
    2013     2012     2013     2012     2013     2012     2013     2012
Revenues 1,371     1,108     766     762     414     157     192     190
 
EBITDAR 374 277 202 188 125 44 47 45
Margin/revenues     27.3%     25.0%     26.5%     24.7%     30.1%     28.0%     24.5%     23.6%
 

A solid financial structure

Net debt at the end of December 2013 stood at €716 million. Thanks to a sharp improvement in performance, leverage restated after real estate debt improved, reaching 2.7x EBITDA.

The accounts were approved by the Board of Directors of Korian-Medica, which met on 26 March 2014. The consolidated accounts have been audited. The certification report will be issued after finalisation of the procedures required for the purposes of publication of the annual financial report.

II. KORIAN-MEDICA, A SOLID GROUP

2013 results of Korian – Medica pro forma

 
In millions of euros 31/12/2013     31/12/2012     Change
Revenues 2,376 2,252 5.5%
EBITDAR 1 655 601 8.9%
Margin/revenues 27.6% 26.7%  
External rents (320) (301) 6.5%
EBITDA 2 335 300 11.4%
Operating income 231 211 9.7%
Financial income (71) (70) 0.8%
Net income (Group share) 96 78 23.8%
Current net income (Group share)4 97 78 24.0%
 

Pro forma revenues for 2013 of over €2.3 billion, up 5.5%

The pro forma revenues figure for 2013 stands at over €2,376m, up 5.5%. Pro forma data reflects the impact of the merger with Medica, the acquisitions of Curanum and the Senior Living Group, and the sale of psychiatry activities that occurred during 2013.

A high level of profitability

Pro forma EBITDAR for 2013 stood at €655m, up 8.9%. The EBITDAR margin rate stood at 27.6%, an increase of 90 points.

 
In millions of euros     France     Germany     Italy     Belgium
    2013     2012     2013     2012     2013     2012     2013     2012
Revenues 1,441     1,356     461     446     271     268     202     183
 
EBITDAR 402 361 138 131 65 64 50 45
Margin/revenues     27.9%     26.6%     29.9%     29.4%     24.0%     23.8%     24.7%     24.9%
 

Rents stood at €320m, or an increase of 6.5%, of which only 0.8% is due to indexing.

In 2013, pro forma EBITDA was thus up significantly by 11.4% to stand at €335m, and net current income (Group share) stood at €97m, expressing a profit of €1.24 per share.

Controlled debt

With a combined net financial debt of €1,376m, of which €492m is real estate debt, leverage restated after real estate debt stood at 2.9x EBITDA. As such, the financial structure of the new entity is solid. In this context, the Group refinanced the syndicated credits of both companies under good conditions, for a total amount of €1.1 billion, of which €300 million was in revolving credit. This refinancing operation shows the renewed confidence, which banks have placed in the corporate initiative, and gives the Group considerable leeway to calmly continue its development. Korian - Medica has some €550 million available in lines that can be used to help its growth.

III. A NEW DIMENSION FULLY OPERATIONAL ON JANUARY 1, 2015

2013 was marked by structural transactions for the Group and positions Korian-Medica as a leading player in Europe on the Healthy Ageing market.

In March 2013, Korian finalised its friendly takeover bid on Curanum. As such, Korian has strengthened its position in Germany by creating a leader in a market that offers opportunities for consolidation and organic growth.

In September 2013, Medica finalised the acquisition of the Senior Living Group, the leading group in the Belgian dependent care market, a market with high barriers to entry and favourable dependent-care financing procedures.

Announced in November 2013, the merger between Korian and Medica took place following the Shareholders’ Meeting of 18 March 2014, with the approval of more than 99% of the votes.

Korian-Medica has thus become a leader on four major European markets, with over 57,000 beds in operation. The geographical diversification achieved will enable the Group to continue to develop, making the most of the growth opportunities offered internationally.

In 2014, the Group will focus its efforts on successful integration in France. In addition to day-to-day management activities, the mission of Olivier Derycke, VP France, is to implement operating synergies and to identify opportunities for organic growth. This grass-roots work will inform the Group’s strategic plan, which should be finalised in late 2014, prior to operational implementation from 1 January 2015.

Furthermore, the Group’s executive committee, led by Yann Coléou, is comprised of seven members, and includes the VPs of the four countries. This organisation reflects the Group’s new truly international dimension.

IV. A SOLID OUTLOOK

With results up significantly, a strong financial structure and appropriate organisation, Korian-Medica has a good overview in terms of its business and an encouraging outlook. The Group aims to achieve pro forma revenues of €2.5 billion in 2014, and anticipates a slight increase in its operating profitability.

With a pipeline of 7 901 beds, including 3 391 beds to be opened and 4 510 beds to be restructured, and the many opportunities offered by our markets, Korian - Medica reiterates its revenue objective of €3 billion by 2017.

A proposed dividend of €0.60 per share

At the next shareholders’ meeting, Korian-Medica will recommend the payment of a dividend of €0.60 per share with an option to take the payment in shares.

Next press release: 14 May after close of trading

First-quarter revenues for 2014

ABOUT KORIAN – MEDICA

 
 

Founded in 2001, Korian-Medica, the leading European specialist in healthy ageing, has the capacity to accommodate more than 57,000 residents and patients in Europe (France, Germany, Belgium and Italy) and employs some 40,000 staff. The group manages 506 nursing homes and 87 specialist follow-up care and rehabilitation clinics, has over 2,400 beds in assisted living facilities and provides homecare services for over 9,000 people.

 

Website: www.groupe-korian.com

 

The company has been listed on Euronext Paris Eurolist Compartment B since November 2006 and is part of the SBF 120 index.

KORIAN STAND ALONE CONSOLIDATED INCOME STATEMENT AS AT 31 DECEMBER 2013

In millions of euros     31/12/2013     31/12/2012     %
REVENUES 1,371.0 1,108.4 23.7%
Other income 0.0 0.0
Income from activities 1,371.0 1,108.4 23.7%
Other external purchases and expenses (295.3) (256.2) 15.3%
Personnel expenses (656.4) (531.2) 23.6%
Taxes and duties (45.2) (44.2) 2.2%
EBITDAR 1 374.1 276.8 35.2%
% REV., NET OF TAX 27.3% 25.0%
External rents (191.3) (137.7) 39.0%
EBITDA 2 182.8 139.1 31.4%
% REV., NET OF TAX 13.3% 12.5%
Amortisation and depreciation (62.7) (44.7) 40.3%
EBIT 3 120.1 94.4 27.2%
% REV., NET OF TAX 8.8% 8.5%
Gains and losses on acquisitions and disposals of consolidated entities (5.0) (0.0)
Other operating income & expenses (14.7) (7.7) 91.4%
Operating income 100.4 86.7 15.9%
% REV., NET OF TAX 7.3% 7.8%
Cost of net financial debt (43.0) (31.7) 35.5%
Other financial expenses and revenue (1.9) (2.3) -18.4%
Financial income (44.9) (34.0) 31.9%
 
Income before taxes 55.6 52.7 5.5%
Income tax (24.2) (26.8) -9.8%
% of income before taxes 43.5% 50.9%
Net income from continuing activities 31.4 25.9 21.4%
Income from suspended and sold activities net of corporation tax 0.0 0.0
Share of profit or loss of SMEs (0.0) (0.0) -75.6%
Net income 31.4 25.9 21.4%
Share of minority interests (2.8) (2.6) 8.7%
Group share 28.6 23.3 22.8%
Current net income (group share)4 41.3 28.3 46.2%

 

(1) EBITDAR is the interim management balance sheet measurement preferred by the Korian Group to monitor the performance of its facilities. It consists of EBITDA of the operating sectors before leasing expenses.
2 EBITDA is equivalent to EBITDAR as defined above, less rental expenses.
3 EBIT is equivalent to EBITDA as defined above, less amortisation, provisions and depreciation.
4Current net income (Group share) represents net income (Group share) - (other operating income and expenses + gains and losses on acquisitions and disposals of subsidiaries) x (1 - standard corporate income tax of 35%), or restated net income (Group share) for non-recurring items.

KORIAN STAND ALONE CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2013

In millions of euros     31/12/2013     31/12/2012         31/12/2013     31/12/2012
NON-CURRENT ASSETS SHAREHOLDERS' EQUITY (Group share)
INTANGIBLE FIXED ASSETS 1,419 1,325 Share capital 174 170
Including goodwill 749 667 Premiums 293 285
Including other intangible fixed assets 670 658 Reserves 250 234
Consolidated results 29 23
PROPERTY, PLANT AND EQUIPMENT 557 387 Total shareholders’ equity (Group share) 746 712
Minority interests 23 21
LONG-TERM FINANCIAL ASSETS 14 20 Total shareholders' equity 769 733
 
Investments in companies accounted for under the equity method 0 0
 
Deferred asset taxes 58 43 NON-CURRENT LIABILITIES
Total non-current assets 2,047 1,775 Provisions for pensions 23 23
Deferred taxes 246 238
CURRENT ASSETS Other provisions 14 9
Inventories 4 3 Borrowings and financial debts 714 665
Total non-current liabilities 997 936
Trade receivables and related accounts 88 80
CURRENT LIABILITIES
Other receivables and current assets 136 119 Provisions for less than one year 7 5
Trade payables and related accounts 136 124
Financial asset instruments 0 0 Other payables and accruals 322 296
Borrowings – of one year and bank overdrafts 59 60
Cash and cash equivalents 52 163 Financial liability instruments 38 52
Total current assets 280 364 Total current liabilities 562 537
Assets held for sale 1 93 0 26
TOTAL ASSETS 2,328 2,232 TOTAL LIABILITIES 2,328 2,232
 

CASH FLOW STATEMENT KORIAN STAND ALONE 31 DECEMBER 2013

In thousands of euros     31/12/2013     31/12/2012
 
Cash flow from operations after cost of net financial debt 86 59
 
Cash flow from operations before cost of net financial debt 134 91
 
Change in working capital requirement (15) 35
 
Net cash flow from operating activities 119 126
 
Net cash flow from investment activities (65) (31)
 
Net cash flow 54 95
 
Net cash flow from financing activities (166) 27
 
Change in cash (112) 122
 
Cash 46 158
 

KORIAN-MEDICA PRO FORMA INCOME STATEMENT AS AT 31 DECEMBER 2013

In millions of euros     31/12/2013     31/12/2012     %
REVENUES 2,376 2,252 5.5%
Personnel expenses (1,138) (1,082) 5.1%
% OF REVENUES 47.9% 48.1%
Other external purchases and expenses (499) (489) 2.0%
% OF REVENUES 21.0% 21.7%
Taxes and duties (85) (80) 6.2%
 
EBITDAR 655 601 8.9%
% OF REVENUES 27.6% 26.7%
External rents (320) (301) 6.5%
EBITDA 335 300 11.4%
% REV., NET OF TAX 14.1% 13.3%
Amortisation and depreciation (102) (89) 15.1%
EBIT 3 232 212 9.9%
% REV., NET OF TAX 9.8% 9.4%
Other operating income & expenses (2) (1) 47.0%
Operating income 231 211 9.7%
% REV., NET OF TAX 9.7% 9.3%
Cost of net financial debt (68) (66) 3.5%
Other financial expenses and revenue (3) (5) -38.0%
Financial income (71) (70) 0.8%
 
Income before taxes 160 140 14.1%
Income tax (63) (60) 5.2%
% of income before taxes 39.3% 42.7%
Net income from continuing activities 97 80 20.8%
Income from suspended and sold activities net of corporation tax 0 0
Share of profit or loss of SMEs 2 0
Net income 99 80 23.4%
Share of minority interests (3) (3) 8.7%
Net income (group share) 96 78 23.8%
Current net income (group share)4 97 78 24.0%
 

4Current net income (Group share) represents net income (Group share) - (other operating income and expenses + gains and losses on acquisitions and disposals of subsidiaries) x (1 - standard corporate income tax of 35%), or restated net income (Group share) for non-recurring items.

KORIAN-MEDICA PRO FORMA CONSOLIDATED BALANCE SHEET AS AT

31 DECEMBER 2013

In millions of euros     31/12/2013     30/06/2013         31/12/2013     30/06/2013
NON-CURRENT ASSETS SHAREHOLDERS' EQUITY (Group share)
INTANGIBLE FIXED ASSETS 3,174 2,876 Share capital 392 388
Including goodwill 1,805 1,534 Premiums 1,223 925
Including other intangible fixed assets 1,369 1,342 Reserves and consolidated results 278 257
Total shareholders’ equity (Group share) 1,893 1,569
PROPERTY, PLANT AND EQUIPMENT 1,024 986 Minority interests 29 27
Total shareholders' equity 1,923 1,596
LONG-TERM FINANCIAL ASSETS 34 35
NON-CURRENT LIABILITIES
Investments in companies accounted for under the equity method 0 0 Provisions for pensions 31 30
Deferred taxes 511 491
Deferred asset taxes 61 58 Other provisions 38 23
Total non-current assets 4,293 3,955 Borrowings and financial debts 1,357 1,395
Other non-current liabilities 30 31
Total non-current liabilities 1,967 1,970
 
CURRENT ASSETS CURRENT LIABILITIES
Inventories 7 7 Provisions for less than one year 7 7
Trade receivables and related accounts 166 159 Trade payables and related accounts 240 195
Other receivables and current assets 209 235 Other payables and accruals 484 505
Financial asset instruments 1 0 Borrowings – of one year and bank overdrafts 163 196
Cash and cash equivalents 143 162 Financial liability instruments 42 49
Total current assets 527 562 Total current liabilities 936 952
Assets held for sale 28 24 23 24
TOTAL ASSETS 4,849 4,541 TOTAL LIABILITIES 4,849 4,541
 

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