Quarterly Financial Information as of June 30,
2017
IFRS - Regulated Information - Audited
Cegedim returned
to positive revenue and margin growth in the first half of
2017
-
The business model transformation continues, in
line with Group expectations
-
Like-for-like revenues rose 6.4%
-
EBITDA grew by 23.6%
-
FY 2017 revenue target revised upward
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 September 21, no earlier than
5:45 pm Paris time.
The following terms "business model
transformation" and "BPO" are defined in the
Glossary.
Starting June 30, 2017, the Group has decided to
implement recommendation ANC 2013-03 of France's national
accounting standards board, which allows companies to incorporate
the income of equity-accounted affiliates in the consolidated
operating result. Cegedim's 2016 financial statements have been
restated as indicated in the accounting principles of our Half-Year
Report.
|
Conference CALL on September 21, 2017, at
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Boulogne-Billancourt, France,
September 21, 2017 after the market close
Cegedim, an innovative technology and services company, posted
consolidated H1 2017 revenues of €230.6 million, up 7.0% on a
reported basis and 6.4% like for like compared with the same period
in 2016. EBITDA came to €33.2 million in the
first half of 2017, up 23.6% year on year. EBITDA margin improved
to 14.4% in H1 2017, compared with 12.5% a year earlier.
The business model transformation
that began in fall 2015 is starting to pay off, with more rapid
like-for-like revenue growth and a return to EBITDA margin
improvement in the first half of 2017.
Both operating divisions increased
their revenues at comparable exchange rates and Group structure.
Revenue grew by 9.8% at the Health insurance, HR
and e-services division and 1.4% at the Healthcare professionals division.
Most of the EBITDA growth came
from the Healthcare professionals division,
which made an impressive recovery with the help of a favorable
comparison. The Health insurance, HR and
e-services division posted a marginal increase in EBITDA owing
to the short-term headwinds of switching products over to SaaS and
launching several new BPO offerings.
The business transformation plan,
the development of BPO services, the switch to SaaS formats, and
R&D efforts will result in greater customer loyalty, closer
client relationships, simpler operating processes, more robust
offerings and stronger geographic positions. The transformation is
now well under way, so its full impact is likely to materialize in
2018.
Simplified income
statement
|
H1 2017 |
H1 2016 |
Chg. |
|
€m |
% |
€m |
% |
% |
Revenue |
230.6 |
100.0 |
215.5 |
100.0 |
+7.0% |
EBITDA |
33.2 |
14.4 |
26.8 |
12.5 |
+23.6% |
Depreciation |
(19.6) |
(8.5) |
(16.4) |
(7.6) |
+19.1% |
EBIT before special items |
13.6 |
5.9 |
10.4 |
4.8 |
+30.6% |
Special
items |
(11.7) |
(5.1) |
(3.7) |
(1.7) |
+214.1% |
EBIT |
1.9 |
0.8 |
6.7 |
3.1 |
(72.0)% |
Cost of net
financial debt |
(3.3) |
(1.4) |
(23.9) |
(11.1) |
(86.3)% |
Tax
expenses |
(2.3) |
(1.0) |
(1.7) |
(0.8) |
+36.8% |
Consolidated profit from continuing activities |
(3.7) |
(1.6) |
(19.0) |
(8.8) |
(80.2)% |
Net
earnings from activities held for sale |
- |
- |
(0.8) |
(0.4) |
- |
Profit attributable to the owners of the parent |
(3.8) |
(1.6) |
(19.8) |
(9.2) |
(81.0)% |
EPS before
special items |
0.0 |
- |
(1.1) |
- |
(101.9)% |
Earnings
per share |
(0.3) |
- |
(1.4) |
- |
(81.0)% |
Consolidated revenues for the first half of 2017
amounted to €230.6 million, a 7.0% increase as reported. Excluding
an unfavorable currency translation effect of 1.2% and a 1.8% boost
from acquisitions, revenues rose 6.4%.
Both of the divisions grew their like-for-like
revenues. Health insurance, HR and e-services
division revenues rose by 9.8%, and Healthcare
professionals division revenues rose by 1.4%.
EBITDA rose
€6.3 million, or 23.6%, to €33.2 million. The margin also rose,
from 12.5% in the first half of 2016 to 14.4% in the first half of
2017. The EBITDA performance was chiefly the result of higher
personnel costs and external costs stemming from recruitment and
interim staff brought on to help migrate products over to SaaS
formats and develop new offerings.
Depreciation and
amortization costs rose €3.1 million to €19.6 million in the
first half of 2017 compared with €16.4 million in the first half of
2016. Most of the increase was due to the amortization of €2.1
million of R&D expenses over the period.
EBIT from
recurring operations rose €3.2 million in the first half of
2017, or 30.6%, to €13,6 million. The margin improved to 5.9% in
the first half of 2017 from 4.8% in the first half of 2016.
Exceptional
items amounted to an €11.7 million charge in H1 2017 compared
with a €3.7 million charge a year earlier. The increase was mainly
attributable to the impact of accelerated amortization of
intangible fixed assets in the US amounting to €8.5 million.
Without the accelerated amortization, exceptional items at June
2017 would have been virtually the same as at June 2016.
Net cost of
financial debt fell by €20.6 million, or 86.3%, to €3.3 million
in the first half of 2017 compared with €23.9 million a year
earlier. The decline reflects the positive impact of refinancing
carried out in the first half of 2016.
Tax costs
came to €2.3 million in H1 2017, compared with a €1.7 million
charge in H1 2016. The increase was chiefly due to better earnings
at French subsidiaries whose results are consolidated with those of
Cegedim for tax purposes.
Thus, the
consolidated net result from continuing activities came to a
loss of €3.7 million at June 30, 2017, compared with a loss of
€19.0 million in the year-earlier period. Net
profit before special items came to €0.0 loss per share in the
first half of 2017, compared with a €1.1 loss a year earlier.
Earnings per share were a €0.3 loss compared
with a €1.4 loss for the same period in 2016.
Analysis of business trends by
division
|
|
Revenue |
|
EBIT before special items |
|
EBITDA |
In € million |
|
H1 2017 |
H1 2016 |
|
H1 2017 |
H1 2016 |
|
H1 2017 |
H1 2016 |
Health
insurance, HR and e-services |
|
140.3 |
124.6 |
|
8.8 |
10.6 |
|
18.1 |
17.9 |
Healthcare professionals |
|
88.4 |
89.4 |
|
8.0 |
2.0 |
|
15.4 |
8.5 |
Activities not allocated |
|
2.0 |
1.6 |
|
(3.2) |
(2.2) |
|
(0.3) |
0.5 |
Cegedim |
|
230.6 |
215.5 |
|
13.6 |
10.4 |
|
33.2 |
26.8 |
The division's H1
2017 revenues rose €15.7 million, or 12.6%, to €140.3 million,
compared with €124.6 million in the first half of 2016. Currency
translation had a negative impact of 0.3%. The November 2016
Futuramedia acquisition in France made a positive contribution of 3.1%.
Like-for-like revenues rose 9.8% over the period.
The Health
insurance, HR and e-services division
represented 60.8% of consolidated revenues, compared with 57.8%
over the same period a year earlier.
EBITDA rose marginally in the first half of 2017,
up €0.3 million or 1.4%, to €18.1 million, compared with €17.9
million in the first half of 2016.
EBITDA margin was 12.9% in H1 17, a decrease from
the 14.3% generated in H1 2016.
This significant H1 2017 revenue
growth, combined with slight EBITDA growth, was chiefly
attributable to:
-
Continued double-digit growth at Cegedim SRH, as work began with several new clients of
the SaaS platform for HR management, which is temporarily impeding
margin improvement.
-
Strong sales momentum leading to the start of
work with several new clients of the SaaS platform for electronic
data exchange, Global Information Services,
including payment and process digitalization platforms. For
example, Cegedim e-business posted
double-digit revenue growth combined with strong improvement in
profit margins.
-
Double-digit growth in iGestion BPO activities for health insurers and mutual
insurers. These launches are having a negative short-term effect on
profitability.
-
The continuation of positive trends - seen for
several quarters now - in revenues of third-party payment
processing services. On the other hand, developing products and
services aimed at hospitals is having a negative short-term effect
on profitability.
-
Modest growth in software and services for the
personal insurance market, despite the impact of switching to the
SaaS format. However, the transition is having a negative
short-term effect on the business' profitability.
The division's H1
2017 revenues fell by €1.0 million, or 1.1%, to €88.4 million,
compared with €89.4 million in the first half of 2016. Currency
effects had a negative impact of 2.5%. There was virtually no
impact from acquisitions or divestments. Like-for-like revenues
rose 1.4% over the period.
The Healthcare professionals division
represented 38.3% of consolidated Group revenues, compared with
41.5% over the same period a year earlier.
EBITDA grew by €6.8 million, or 80.2%, to €15.4
million in the first half of 2017, compared with €8.5 million in
the first half of 2016.
EBITDA margin was 17.4% in H1 17, up from the 9.5%
generated in H1 2016.
This robust first-half performance
was chiefly attributable to:
· The
Pulse doctor computerization and revenue cycle
management (RCM) business in the US. RCM is a BPO-type business and
is growing rapidly, with double-digit growth over the first half.
In spite of the strong development, EBITDA grew substantially owing
to a favorable comparison.
· Robust
revenue and profit growth in the computerization of doctors in
France, Belgium and Spain.
· Good
revenue and profit at the financial lease business, Cegelease.
· A
brisk business in computerizing nurses, physical therapists, speech
therapists, orthoptists, midwives and podiatrists in France.
· Renewed
revenue growth in the second quarter for the computerization of
pharmacists in France thanks to the new Smart
Rx offering launched last year. The EBITDA
trend is encouraging.
This performance was partly offset
by a decline in revenue and profitability for the computerization
of doctors in the UK pending the release of a full SaaS version of
that product. The first few modules were launched at the start of
the year and have been very well received by the market.
The division's H1
2017 revenues rose €0.4 million, or 26.2%, to €2.0 million,
compared with €1.6 million in the first half of 2016. There were no
currency impacts, and no acquisitions or divestments.
The Activities not allocated division
represented 0.9% of consolidated revenues, compared with 0.7% over
the same period a year earlier.
EBITDA fell by €0.8 million, or 167.6%, to a loss
of €0.3 million in the first half of 2017, compared with a €0.5
million profit in the first half of 2016.
The negative EBITDA trend was principally due to the impact of rent
charges related to moving the corporate headquarters in 2016.
Financial resources
At 30 June,
2017, Cegedim's consolidated total balance
sheet amounted to €702.1 million.
Acquisition
goodwill amounted to €201.0 million at June 30, 2017, compared
with €199.0 million at December 31, 2016. The €2.0 million
increase, or 1.0%, was mainly due to the €3.1 million acquisitions
of B.B.M. Systems and Adaptive Apps in the UK. The €3.1 million was partly
offset by the euro's appreciation against certain foreign
currencies, notably the Pound Sterling for €0.8 million.
Acquisition goodwill represented 28.6% of the total balance sheet
at June 30, 2017, compared with 28.1% at December 31, 2016.
Cash and
equivalents came to €18.1 million at June 30, 2017, a decrease
of €2.7 million compared with December 31, 2016. The decline was
principally due to the generation of €34.1 million in cash from
operations before the net cost of financial debt and tax, the
payment of €2.2 million in tax, a €3.8 million reduction of WCR,
and the generation of €3.9 million in cash from financing
operations, mainly from drawing upon the revolving credit facility.
These developments were partially offset by €41.9 million in cash
disbursements related to investment transactions.
Shareholders'
equity fell by €5.4 million, i.e. 2.8%, to €183.6 million at
June 30, 2017, compared with €188.9 million at December 31, 2016.
Shareholders' equity represented 26.1% of the total balance sheet
at end-June 2017, compared with 26.6% at end-December 2016.
Net financial
debt amounted to €237.0 million at end-June 2017, up €10.2
million compared with end-December 2016. It represented 129.1% of
Group shareholders' equity at June 30, 2017, compared with 120.0%
at December 31, 2016.
After the net
cost of financial debt and taxes, cash flow was €28.4 million
at June 30, 2017, compared with €3.6 million at June 30, 2016.
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.
On May 22, 2017, the Group signed
a factoring agreement with a French bank. The non-recourse
agreement covers aggregated total receivables of €38.0 million. The
operating units involved in the arrangement are Cegedim SA, Cegedim Activ,
Cegedim SRH and CETIP.
The factoring agreement is open-ended, but either party may
terminate it at any time, subject to a three-month notice
period.
It applies to trade receivables
denominated in euros payable by clients located in France. The
amount of trade receivables sold under the agreement came to €18.8
million at June 30, 2017.
To hedge part of its exposure to
euro interest rate fluctuations arising from its RCF, the Group
carried out an interest rate swap on February 17, 2017. Under the
zero-premium swap agreement, Cegedim receives
the 1-month Euribor rate if it exceeds 0%, receives nothing
otherwise, and pays a fixed rate of 0.2680% for a notional amount
of €50 million, starting on February 28, 2017, and maturing
February 26, 2021.
To hedge part of its exposure to
euro interest rate fluctuations arising from its RCF, the Group
carried out an interest rate swap on May 11, 2017. Under the
zero-premium swap agreement, Cegedim receives
the 1-month Euribor rate if it exceeds 0%, receives nothing
otherwise, and pays a fixed rate of 0.2750% for a notional amount
of €30 million, starting on May 31, 2017, and maturing December 31,
2020.
As part of the BPO contract
Cegedim signed with the Klesia group in
September 2016, the two companies created an economic interest
group (GIE), held 50/50. In January 2017, Cegedim lent Isiaklé €9 million for a period of 10
years at an interest rate of 1m Euribor plus a margin of 1.1%.
Isiaklé will use the loan to purchase from Klesia a €9 million
software package necessary for it to perform its services. The GIE
is accounted for in Cegedim's consolidated
accounts using the equity method.
On February 10, 2017, Cegedim was ordered to pay €4,636,000 to the Tessi
company for failing to meet certain obligations with respect to an
asset sale made on July 2, 2007.
Cegedim has decided to appeal this
decision.
On February 23, 2017, Cegedim acquired UK company B.B.M.
Systems through its Alliadis Europe Ltd
subsidiary. The deal strengthens the Group's expertise in
developing cloud-based products for general practitioners.
B.B.M. Systems had 2016 revenues
of around €0.7 million and earned a profit. It contributes to the
Group's scope of consolidation from March 1, 2017.
In March 2017, in keeping with the
wishes of Bpifrance, Ms. Anne-Sophie Hérelle has been appointed to
replace Ms. Valérie Raoul-Desprez on the Board of Directors. The
permanent representative of Bpifrance, is now Ms. Marie
Artaud-Dewitte, Deputy Head of Legal Affairs at Bpifrance
Investissements. She replaces Ms. Anne-Sophie Hérelle.
On May 3, 2017, Cegedim acquired
UK company Adaptive Apps through its In Practice Systems Limited
subsidiary. The deal strengthens the Group's expertise in
developing cloud-based and mobile products for healthcare
professionals.
Adaptive Apps had 2016 revenues of
around €1.5 million and earned a profit. It contributes to the
Group's scope of consolidation from May, 2017.
Cegedim,
jointly with IMS Health, is being sued by Euris for unfair
competition. Cegedim has filed a motion
claiming that IMS Health should be the sole defendant. After
consulting with its external legal counsel, the Group has decided
not to record any provisions.
Significant post-closing
transactions and events
To the best of the company's
knowledge, apart from the items cited below, there were no events
or changes after the accounts were closed that would materially
alter the Group's financial situation.
On July 21, 2017, Cegedim paid €4,636,000 to the Tessi company to comply
with a court ruling of February 10, 2017.
Cegedim has decided to appeal
this decision. The appeal is currently under way
As part of the business model transformation plan
that the Group initiated in fall 2015, Cegedim is contemplating
divestment of its Cegelease and Eurofarmat subsidiaries. These subsidiaries operate
principally in the financial domain, are highly valued, and require
additional resources to continue pursuing and accelerating their
development for the benefit of their clients and employees.
The two businesses have 24
employees in France. In 2016 they contributed €5.4 million to Group
consolidated EBITDA. The subsidiaries' standalone EBITDA amounted
to €18.1 million in 2016.
If the Group receives satisfactory
offers and is able to obtain the necessary approvals, it plans to
close the deal in the second half of 2017. The Group in no way
guarantees that a deal will be carried out.
A successful sale would give the
Group a portfolio of businesses that fit well together and generate
strong synergies. Cegedim is not planning any
further divestments.
Assisting Cegedim on this transaction are the consulting firm of
Ohana & Co and the law firm of Freshfields Bruckhaus
Deringer.
Outlook
Cegedim
continues to reinvent itself in 2017, pursuing innovation and
investing in the future by transforming its business model. The
business model transformation is well under way, so growth momentum
is expected to continue and lead to improving profitability in the
future.
As a result, for FY 2017,
Cegedim had expected:
Based on its H1
2017 performances, the Group reiterates its EBITDA forecast and is
raising its outlook for like-for-like revenue growth, which is
likely to be slightly above the previously announced forecast
range.
Cegedim
expects to see the full positive impact of its investments,
reorganization and transformation in 2018.
The Group does not expect any
significant acquisitions in 2017 and does not disclose earnings
projections or estimates.
In 2016, the UK accounted for
12.7% of consolidated Group revenues and 14.8% 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 points 2.4, "Risk factors and
insurance", and 3.7, "Outlook", of the 2016 Registration Document
filed with the AMF on March 29, 2017, under number D.17-0255.
|
September 22, 2017, at 2:30 pm
October 26, 2017, after market
closing
December 12, 2017 |
Half-year
2017 earnings
Analyst meeting (SFAF)
Investor Day |
Financial calendar
September 21, 2017, at
6:15pm (Paris time) |
The Group
will hold a conference call in English hosted by Jan Eryk
Umiastowski, Cegedim Chief Investment Officer and Head of Investor
Relations.
The webcast is available at the following address:
http://bit.ly/2h5UFFO
The HY 2017 Earnings presentation is available at:
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: 10752768# |
Additional information
The Audit
Committee met on September 18, 2017, and the Board of Directors met
on September 21, 2017, to review the first half of 2017
consolidated financial statements. The statutory auditors conducted
a limited review of these financial statements. The statutory
auditors' report is dated September 21, 2017. |
|
The interim financial report for the first
half of 2016 is available:
In French:
http://www.cegedim.fr/finance/documentation/Pages/rapports.aspx
In English:
http://www.cegedim.com/finance/documentation/Pages/reports.aspx
To download the app. visit
http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx. |
Appendices
Balance sheet as June 30,
2017
In
thousands of euros |
06.30.2017 |
12.31.2016 |
Goodwill on acquisition |
200,958 |
198,995 |
Development costs |
34,927 |
12,152 |
Other
intangible fixed assets |
103,225 |
127,293 |
Intangible fixed assets |
138,153 |
139,445 |
Property |
544 |
459 |
Buildings |
4,376 |
4,712 |
Other
tangible fixed assets |
28,517 |
26,548 |
Construction work in progress |
292 |
508 |
Tangible fixed assets |
33,729 |
32,227 |
Equity
investments |
1,098 |
1,098 |
Loans |
12,495 |
3,508 |
Other
long-term investments |
6,116 |
4,126 |
Long-term investments - excluding equity shares in equity
method companies |
19,709 |
8,733 |
Equity
shares in equity method companies |
10,006 |
9,492 |
Government
- Deferred tax |
27,320 |
28,784 |
Accounts
receivable: Long-term portion |
29,737 |
29,584 |
Other
receivables: Long-term portion |
- |
0 |
Financial
instruments |
781 |
- |
Non-current assets |
460,392 |
447,260 |
Services
in progress |
- |
1,034 |
Goods |
7,924 |
6,735 |
Advances
and deposits received on orders |
2,603 |
1,773 |
Accounts
receivables: Short-term portion |
147,870 |
167,361 |
Other
receivables: Short-term portion |
50,760 |
53,890 |
Cash
equivalents |
8,000 |
8,000 |
Cash |
10,074 |
12,771 |
Prepaid
expenses |
14,525 |
10,258 |
Current Assets |
241,756 |
261,823 |
Total
Assets |
702,148 |
709,082 |
In
thousands of euros |
06.30.2016 |
12.31.2016 |
Share
capital |
13,337 |
13,337 |
Group
reserves |
178,452 |
204,723 |
Group
exchange gains/losses |
(4,455) |
(2,391) |
Group
earnings |
(3,767) |
(26,747) |
Shareholders' equity. Group share |
183,567 |
188,921 |
Minority
interests (reserves) |
(23) |
9 |
Minority
interests (earnings) |
19 |
14 |
Minority
interests |
(4) |
23 |
Shareholders' equity |
183,562 |
188,944 |
Long-term
financial liabilities |
250,969 |
244,013 |
Long-term
financial instruments |
2,010 |
1,987 |
Deferred
tax liabilities |
6,162 |
6,453 |
Non-current provisions |
24,175 |
23,441 |
Other
non-current liabilities |
14,607 |
13,251 |
Non-current liabilities |
297,922 |
289,145 |
Short-term
financial liabilities |
4,094 |
3,582 |
Short-term
financial instruments |
7 |
11 |
Accounts
payable and related accounts |
55,618 |
62,419 |
Tax and
social liabilities |
72,444 |
78,810 |
Provisions |
2,657 |
3,297 |
Other
current liabilities |
85,843 |
82,874 |
Current liabilities |
220,663 |
230,993 |
Total
Liabilities |
702,148 |
709,082 |
Income statements as of June 30,
2017
In
thousands of euros |
06.30.2017 |
06.30.2016 |
Revenue |
230,618 |
215,509 |
Purchased
used |
(16,578) |
(16,966) |
External
expenses |
(66,425) |
(63,290) |
Taxes |
(4,223) |
(3,684) |
Payroll
costs |
(109,817) |
(103,670) |
Allocations to and reversals of provisions |
(1,476) |
(2,454) |
Change in
inventories of products in progress and finished products |
- |
- |
Other
operating income and expenses |
(416) |
240 |
Income of
equity-accounted affiliates (1) |
1,493 |
1,158 |
EBITDA |
33,177 |
26,843 |
Depreciation expenses |
(19,589) |
(16,443) |
Operating income before special items |
13,588 |
10,401 |
Depreciation of goodwill |
- |
- |
Non-recurrent income and expenses |
(11,719) |
(3,731) |
Other exceptional operating income and expenses |
(11,719) |
(3,731) |
Operating income |
1,870 |
6,669 |
Income
from cash and cash equivalents |
294 |
974 |
Gross cost
of financial debt |
(4,372) |
(25,458) |
Other
financial income and expenses |
811 |
634 |
Cost of net financial debt |
(3,267) |
(23,851) |
Income
taxes |
(1,173) |
(530) |
Deferred
taxes |
(1,176) |
(1,187) |
Total taxes |
(2,349) |
(1,717) |
Share of
profit (loss) for the period of equity method companies |
(1) |
(76) |
Profit
(loss) for the period from continuing activities |
(3,748) |
(18,974) |
Profit
(loss) for the period from discontinued activities |
- |
(826) |
Consolidated profit (loss) for the period |
(3,748) |
(19,801) |
Consolidated Net income (loss) attributable to owners of
the parent |
(3,767) |
(19,775) |
Minority
interests |
19 |
(26) |
Average
number of shares excluding treasury stock |
13,975,365 |
13,953,978 |
Current Earnings Per Share (in euros) |
(0.0) |
(1.1) |
Earnings Per Share (in euros) |
(0.3) |
(1.4) |
Dilutive
instruments |
None |
None |
Earning for recurring operation per share (in
euros) |
(0.3) |
(1.4) |
(1) Restatement
of the Income of equity-accounted affiliates
In
thousands of euros |
06.30.2017 reported |
Income of equity-accounted
affiliates |
06.30.2016 restated |
EBITDA |
25,685 |
1,158 |
26,843 |
Operating
income before special items |
9,243 |
1,158 |
10,401 |
Operating
income |
5,511 |
1,158 |
6,669 |
Consolidated cash flow statement
as of June 30, 2017
In
thousands of euros |
06.30.2017 |
06.30.2016 |
Consolidated profit (loss) for the period |
(3,748) |
(19,801) |
Share of
earnings from equity method companies |
(1,492) |
(1,082) |
Depreciation and provisions |
33,941 |
24,511 |
Capital
gains or losses on disposals |
(266) |
(38) |
Cash flow after cost of net financial debt and
taxes |
28,435 |
3,591 |
Cost of
net financial debt |
3,267 |
23,854 |
Tax
expenses |
2,349 |
1,722 |
Operating cash flow before cost of net financial debt and
taxes |
34,051 |
29,167 |
Tax
paid |
(2,212) |
(2,251) |
Change in
working capital requirements for operations: requirement |
- |
(10,638) |
Change in
working capital requirements for operations: surplus |
3,810 |
- |
Cash flow generated from operating activities after tax
paid and change in working capital requirements (A) |
35,650 |
16,278 |
Of which net cash flows from operating activities of held
for sales |
- |
(224) |
Acquisitions of intangible assets |
(23,897) |
(20,976) |
Acquisitions of tangible assets |
(5,849) |
(7,811) |
Acquisitions of long-term investments |
- |
- |
Disposals
of tangible and intangible assets |
225 |
492 |
Disposals
of long-term investments |
464 |
- |
Change in
loans made and cash advance |
(9,812) |
(130) |
Impact of
changes in consolidation scope |
(3,008) |
(1,448) |
Dividends
received from outside Group |
- |
- |
Net cash flows generated by investment operations
(B) |
(41,878) |
(29,872) |
Of which net cash flows connected to investment operations
of activities held for sales |
- |
(9) |
Dividends
paid to parent company shareholders |
- |
- |
Dividends
paid to the minority interests of consolidated companies |
(13) |
(17) |
Capital
increase through cash contribution |
- |
- |
Loans
issued |
10,500 |
169,000 |
Loans
repaid |
(3,106) |
(340,262) |
Interest
paid on loans |
(2,963) |
(30,491) |
Other
financial income and expenses paid or received |
(468) |
(566) |
Net cash flows generated by financing operations
(C) |
3,950 |
(202,337) |
Of which net cash flows related to financing operations of
activities held for sales |
- |
-2 |
Change In Cash without impact of change in foreign currency
exchange rates (A + B + C) |
(2,279) |
(215,930) |
Impact of
changes in foreign currency exchange rates |
(420) |
(845) |
Change in cash |
(2,699) |
(216,775) |
Opening
cash |
20,722 |
228,120 |
Closing
cash |
18,024 |
11,345 |
Glossary
Activities not allocated: 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.
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
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.
|
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
4,000 people in 11 countries and generated revenue of €441 million
in 2016. Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more, please visit: www.cegedim.com
And follow Cegedim on Twitter, @CegedimGroup, LinkedIn and
Facebook. |
Aude Balleydier
Cegedim Media
Relations
and Communications Manager
Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.com |
Jan Eryk Umiastowski
Cegedim
Chief Investment Officer
and Head of Investor Relations
Tel.: +33 (0)1 49 09 33 36
janeryk.umiastowski@cegedim.com |
Marina ROSOFF
For Madis Phileo
Media Relations
Tel: +33 (0)6 71 58 00 34
marina@madisphileo.com |
Follow Cegedim:
|
Cegedim_Earnings_HY2017_FR
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cegedim SA via Globenewswire
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