First-half financial information at June 30, 2018 IFRS -
Regulated information - Audited
Cegedim: EBITDA margin improved in the first half of
2018
- Health insurance, HR and e-services division EBITDA rose
33.5%
- EBITDA fell at the Healthcare professionals division
- Outlook confirmed
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 17, 2018, no earlier than 5:45 pm Paris
time.The terms "business model transformation" and "BPO" are
defined in the glossary.Owing to the disposal of the Group's
Cegelease and Eurofarmat businesses, announced in 2017 and
completed on February 28, 2018, the consolidated 2017 and 2018
financial statements are presented according to IFRS 5,
"Non-current assets held for sale and discontinued". The Group also
applies IFRS 15, "Revenue from contracts with customers". See the
annexes for more details. |
CONFERNCE CALL AT 6:15 PM (PARIS TIME) ON SEPTEMBER
17 |
FR: +33 1 72 72 74 03 |
US: +1 844 286 0643 |
UK: +44 207 1943 759 |
PIN Code: 35537485# |
Webcast at: www.cegedim.fr/webcast |
Boulogne-Billancourt, France, September 17, 2018 after the
market close
Cegedim, an innovative technology and
services company, posted consolidated H1 2018 revenues from
continuing activities of €227.6 million, up 1.6% on a reported
basis and 1.8% like for like compared with the same period in 2017.
First-half EBITDA came to €33.3 million, up 11.8% year on year.
EBITDA margin improved from 13.3% a year earlier to 14.6% in H1
2018.
Health insurance, HR and e-services division
revenues rose 6.6%, while Healthcare professionals division
revenues fell 6.9%. The BPO business delivered a noteworthy
performance, boosting sales by 14.0% over the second quarter of
2018 and posting revenues of €17.9 million for the first half, an
11.2% improvement over the same period in 2017. EBITDA rose by
33.5% at the Health insurance, HR and e-services division, but fell
42.4% at the Healthcare professionals division.
In 2018, the Group is fine-tuning the updated
business model it first adopted in 2015.
Income statement summary
Consolidated revenues from continuing
activities for the first half of 2018 came to €227.6 million,
up 1.6% as reported. Excluding a currency headwind of 0.7% and a
positive impact from acquisitions of 0.4%, revenues rose 1.8%. In
like-for-like terms, revenues rose 6.0% at the Health insurance, HR
and e-services division and fell 5.2% at the Healthcare
professionals division.
EBITDA rose by €3.5 million, or 11.8%, to
€33.3 million. The margin increased from 13.3% in H1 2017 to 14.6%.
The main reasons for the EBITDA trend were a decrease in purchases
consumed and external expenses, set against an increase in
personnel costs.
Depreciation and amortization costs
climbed by €1.8 million to €21.4 million, compared with €19.5
million in first half 2017. Amortization of R&D expenses
notably increased by €1.0 million over the period.
EBIT before special items increased by
€1.7 million, or 16.7%, to €11.9 million. The margin improved to
5.2% in the first half of 2018 compared with 4.6% in H1 2017.
Exceptional items in the first half of
2018 amounted to a €9.6 million charge, against an €11.7 million
charge in the year-earlier period. The decline was mainly
attributable to a drop in intangible fixed asset amortization
linked to assets set to become obsolete, partly offset by an
increase in restructuring costs, including €4 million in fees
related to the Cegelease divestment.
Net cost of financial debt decreased by
€1.2 million, or 35.3%, to €2.2 million in first half 2018 compared
with €3.4 million in first half 2017. The decrease reflects the
positive impact of refinancing deals struck in the first half of
2017.
Tax amounted to a charge of €0.8 million
in H1 2018 compared with a €1.2 million charge in H1 2017, chiefly
due to the recognition of deferred tax assets in France.
As a result, consolidated net profit
attributable to the Group was a profit of €0.7 million versus a
loss of €3.8 million in 2017. Consolidated net profit from
continuing activities was a loss of €0.7 million compared with
a loss of €6.1 million in the year-earlier period. Earnings per
share before special items was a profit of €0.2 per share
against a loss of €0.1 in H1 2017. Earnings per share
amounted to €0.0 compared with a loss of €0.3 in 2017.
|
H1 2018 |
H1 2017 |
Chg. |
|
€m |
% |
€m |
% |
% |
Revenues |
227.6 |
100.0 |
224.1 |
100.0 |
+1.6% |
EBITDA |
33.3 |
14.6 |
29.8 |
13.3 |
+11.8% |
Depreciation & amortization |
(21.4) |
(9.4) |
(19.5) |
(8.7) |
+9.3% |
EBIT before special items |
11.9 |
5.2 |
10.2 |
4.6 |
+16.7% |
Special items |
(9.6) |
(4.2) |
(11.7) |
(5.2) |
(17.8)% |
EBIT |
2.3 |
1.0 |
(1.5) |
(0.7) |
n.m. |
Cost of net financial debt |
(2.2) |
(1.0) |
(3.4) |
(1.5) |
(35.2)% |
Tax expenses |
(0.8) |
(0.3) |
(1.2) |
(0.5) |
(36.8)% |
Consolidated net profit from continuing activities |
(0.7) |
(0.3) |
(6.1) |
(2.7) |
(89.2)% |
Net earnings from activities held for sale |
0.0 |
0.0 |
2.4 |
1.1 |
n.m. |
Net earnings from activities sold |
1.3 |
0.6 |
0.0 |
0.0 |
- |
Profit attributable to the owners of the parent |
0.7 |
0.3 |
(3.8) |
(1.7) |
n.m. |
EPS before special items |
0.2 |
- |
(0.1) |
- |
n.m. |
EPS |
0.0 |
- |
(0.3) |
- |
n.m. |
Analysis of business trends by division
|
|
Revenues |
|
EBIT before special items |
|
EBITDA |
In €
million |
|
H1 2018 |
H1 2017 |
|
H1 2018 |
H1 2017 |
|
H1 2018 |
H1 2017 |
Health insurance, HR and
e-services |
|
149.5 |
140.3 |
|
13.4 |
8.8 |
|
24.2 |
18.1 |
Healthcare
professionals |
|
76.2 |
81.8 |
|
(0.9) |
4.6 |
|
6.9 |
12.0 |
Corporate and others |
|
1.9 |
2.0 |
|
(0.6) |
(3.2) |
|
2.2 |
(0.3) |
Cegedim |
|
227.6 |
224.1 |
|
11.9 |
10.2 |
|
33.3 |
29.8 |
- Health insurance, HR and e-services
The division's H1 2018 revenues came to
€149.5 million, up 6.6% as reported. The March 30, 2018, Rue
de la Paye acquisition in France boosted revenues by 0.7%.
Currency translation had virtually no impact. Like-for-like
revenues rose 6.0% over the period.H1 2018 EBITDA rose
33.5%, to €24.2 million, compared with €18.1 million in H1 2017.
The EBITDA margin improved to 16.2%, 3.3 percentage points higher
than a year ago.
The Health insurance, HR and e-services division
represented 65.7% of consolidated revenues from continuing
activities, compared with 62.6% over the same period a year
earlier.
The businesses that made the biggest
contributions to first-half revenue growth were Cegedim SRH (HR
management solutions), Cegedim e-business (digitalization and data
exchange), sales statistics for pharmaceutical products, and
third-party payment flow management in France. The businesses that
made the biggest contributions to first-half EBITDA growth were
Cegedim SRH, sales statistics for pharmaceutical products, Cegedim
e-business, and third-party payment flow management in France.
The division's H1 2018 revenues came to €76.2
million, down 6.9% as reported. Currency translation was a 1.7%
headwind. Acquisitions and divestments had virtually no impact.
Like-for-like revenues fell 5.2% over the period.H1 2018
EBITDA fell 42.4%, to €6.9 million, compared with €12.0 million in
H1 2017. The EBITDA margin contracted to 9.1%, 5.6 percentage
points lower than a year ago.
The Healthcare professionals division
represented 33.5% of consolidated revenues from continuing
activities, compared with 36.5% over the same period a year
earlier.
As expected, first-half revenue were hampered by
the doctor computerization businesses in the US, the UK and Spain
ahead of the release of new versions, whose impact will not be felt
until 2019. EBITDA fell mainly because of doctor computerization
activities in the US and Spain, and pharmacy computerization in
France owing to a demanding comparison.
The division's H1 2018 revenues came to €1.9
million, down 2.8% as reported and like for like. Currency
translation, acquisitions and divestments had no impact.H1
2018 EBITDA rose €2.5 million to €2.2 million, compared with a €0.3
million loss in H1 2017.
The Corporate and others division represented
0.9% of consolidated revenues from continuing activities in H1
2018, the same as in H1 2017.
EBITDA growth is attributable to the performance
of Cegedim_IT.
Balance sheet structure
Acquisition goodwill was €173.3 million
at June 30, 2018, compared with €167.8 million at end-December
2017. The €5.5 million increase, or 3. 3%, was chiefly
attributable to the €6.5 million impact of the Rue de la paye
acquisition in France. Acquisition goodwill represented 29.2% of
the total balance sheet at June 30, 2018, compared with 22.5% at
December 31, 2017.
Cash and equivalents amounted to
€13.6 million at June 30, 2018, down €5.1 million compared with
December 31, 2017.
Shareholders' equity rose €2.3 million,
or 1.2%, to €195.0 million at June 30, 2018, compared with €197.3
million at December 31, 2017. The increase was primarily due to an
additional €8.7 million of Group reserves, which were partly offset
by a €0.7 million negative movement in currency translation
reserves and the €10.5 million decline in Group net profit.
Shareholders' equity represented 32.9% of the total balance sheet
at end-June 2018 compared with 26.4% at end-December 2017.
Net financial debt amounted to €159.7
million, a drop of €76.5 million versus six months ago. This debt
represented 81.9% of shareholders' equity and liabilities at June
30, 2018, down from 119.7% at December 31, 2017.
The Group generated operating free cash
flow of €11.4 million compared with €6.1 million at end-2017.
The €5.2 million improvement was chiefly attributable to reductions
in WCR and in acquisitions of tangible and intangible fixed assets,
partly offset by a decline in gross cash flow.
Highlights
- Bpifrance sells Cegedim shares
Bpifrance Participations sold 1,682,146 Cegedim
shares via an accelerated bookbuilding process to French and
international institutional investors at a price of €35 per share
on February 13, 2018. In the context of the transaction, the
shareholders' agreement dated October 28, 2009, between Mr.
Jean-Claude Labrune, FCB (the family holding company controlled by
Mr. Labrune), and Bpifrance - as well as the concert between the
parties - has been terminated. Following the sale, Cegedim's free
float increased to 44% of capital (vs. 32% before the
transaction).
- Cegelease and Eurofarmat definitively sold
On February 28, 2018, Cegedim announced that it
had completed the disposal of Cegelease and Eurofarmat to
FRANFINANCE of the Société Générale Group for an amount of €57.5
million plus reimbursement of the shareholder's loan account, which
amounted to €13 million. Of this amount, Cegedim used €30 million
to pay down its debt.
The parties have decided that Cegelease and the
Cegedim Group will continue to collaborate in France under the
current terms as part of a six-year collaboration agreement.
- Rue de la Paye acquired in France
On March 30, 2018, Cegedim acquired French
company Rue de la Paye via its Cegedim SRH subsidiary. The deal
will enable the Group to market digital payroll solutions to 2
million SMEs and small businesses in France, including -
importantly - thousands of healthcare professionals that are
already Cegedim Group clients.
Rue de la Paye's 2017 revenues were equivalent
to around 1% of 2017 consolidated Group revenues, and it earned a
profit. It began contributing to the Group's consolidation scope in
April 2018.
On February 21, 2018, Cegedim S.A. received
notice that French tax authorities would perform an audit of its
accounts covering the period January 1, 2015, to December 31,
2016.
To the best of the company's knowledge, there
were no events or changes after the accounts were closed that would
materially alter the Group's financial situation.
Significant post-closing transactions and events
- Independent director appointed to Cegedim SA\'s board
At the annual general meeting on August 31,
2018, shareholders appointed Ms. Béatrice Saunier to a six-year
term as an independent director. Her term will expire following the
AGM held to approve the financial statements for the year 2023.
To the best of the company's knowledge, there
were no events or changes after the accounts were closed that would
materially alter the Group's financial situation.
Outlook
- Cautiously optimistic for 2018
Building on the efforts that it executed with
success in 2017, Cegedim continues to pursue its strategy of
focusing on organic growth, fueled by a policy of sustained
innovation.
For 2018, the Group expects modest like-for-like
revenue and EBITDA margin growth. Most of the full-year margin
improvement will have taken place in the first half.
The Group does not issue any earnings estimates
or forecasts.
- Potential impact of Brexit
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 the Group's consolidated EBIT margin before
special items.
With regard to healthcare policy, the Group has not identified
any major European programs at work in the UK.
The figures cited above include guidance on
Cegedim's future financial performances. This forward-looking
information is based on the opinions and assumptions of the Group's
senior management at the time this press release is issued and
naturally entails risks and uncertainty. For more information on
the risks facing Cegedim, please refer to Chapter 2 points 4.2,
"Risk factors and insurance", and 5.5, "Outlook", of the 2017
Registration Document filed with the AMF on March 29, 2018, under
number D.18-0219.
Financial calendar
|
September 18, 2018, at 2:30 pm CET October 25,
2018, after the market close December 11, 2018, at 2:00
pm CET |
SFAF meeting Q3 2018 revenues 9th Investor Summit |
September 17, 2018, at 6:15 pm CET |
The Group will hold a conference call hosted by Jan
Eryk Umiastowski, Cegedim Chief Investment Officer and Head of
Investor Relations. The webcast is available at the following
address: www.cegedim.fr/webcast The H1 2018 results presentation is
available on the website and on the Group's financial
communications app, Cegedim IR. |
Contact numbers: |
France: +33 1 72 72 74 03US:
+1 844 286 0643 UK and others: +44
20 71943 759 |
PIN code: 35537485# |
Additional information
The
Audit Committee and the Board of Directors met on September 17,
2018, to review the consolidated financial statements for the first
half of 2018. The statutory auditors conducted a limited review of
the financial statements. The statutory auditors' report is dated
September 17, 2018. Cegedim Group revenues take into account the
initial application of IFRS 15 on January 1, 2018. IFRS 15 does not
significantly alter the Group's revenues relative to the principles
and methods of revenue recognition used prior to its application.
The Group has created systems and tools to identify potentially
significant contracts, as well as any changes in the
characteristics or volume of business over time that may require
additional analysis in respect of IFRS 15. |
Annexes
Balance sheet as June 30, 2018
- Assets as December 31, 2018
In thousands of euros |
06.30.2018 |
12.31.2017 |
Goodwill on acquisition |
173 293 |
167 758 |
Development costs |
41 964 |
22 887 |
Other intangible fixed assets |
109 275 |
122 962 |
Intangible fixed assets |
151 239 |
145 849 |
Property |
544 |
544 |
Buildings |
3 839 |
4 127 |
Other tangible fixed assets |
29 007 |
28 057 |
Construction work in progress |
1 |
444 |
Tangible fixed assets |
33 391 |
33 172 |
Equity investments |
1 214 |
913 |
Loans |
12 875 |
12 986 |
Other long-term investments |
5 455 |
6 454 |
Long-term investments - excluding equity shares in equity method
companies |
19 544 |
20 353 |
Equity shares in equity method companies |
10 351 |
10 072 |
Government - Deferred tax |
28 902 |
27 271 |
Accounts receivable: Long-term portion |
147 |
210 |
Other receivables: Long-term portion |
0 |
|
Financial instruments |
629 |
622 |
Non-current assets |
417 495 |
405 308 |
Services in progress |
72 |
78 |
Goods |
3 448 |
3 567 |
Advances and deposits received on orders |
323 |
325 |
Accounts receivables: Short-term portion |
109 982 |
118 170 |
Other receivables: Short-term portion |
38 688 |
71 220 |
Cash equivalents |
153 |
8 000 |
Cash |
13 430 |
10 718 |
Prepaid expenses |
9 921 |
8 989 |
Current Assets |
176 017 |
221 068 |
Asset of activities held for sale |
- |
119 847 |
Total Assets |
593 512 |
746 223 |
- Liabilities ans shareholders' equity as of June 30, 20188
In thousands of euros |
06.30.2018 |
12.31.2017 |
Share capital |
13 337 |
13 337 |
Group reserves |
186 568 |
177 881 |
Group exchange gains/losses |
-5 663 |
-5 008 |
Group earnings |
655 |
11 147 |
Shareholders' equity. Group share |
194 898 |
197 357 |
Minority interests (reserves) |
121 |
-25 |
Minority interests (earnings) |
29 |
14 |
Minority interests |
150 |
-11 |
Shareholders' equity |
195 047 |
197 346 |
Long-term financial liabilities |
171 059 |
250 830 |
Long-term financial instruments |
1 025 |
928 |
Deferred tax liabilities |
7 128 |
6 362 |
Non-current provisions |
26 208 |
25 445 |
Other non-current liabilities |
37 |
56 |
Non-current liabilities |
205 457 |
283 621 |
Short-term financial liabilities |
2 185 |
4 040 |
Short-term financial instruments |
1 |
2 |
Accounts payable and related accounts |
40 872 |
46 954 |
Tax and social liabilities |
77 756 |
83 118 |
Provisions |
3 016 |
3 025 |
Other current liabilities |
69 178 |
65 098 |
Current liabilities |
193 007 |
202 236 |
Liabilities of activities held for sale |
- |
63 020 |
Total Liabilities |
593 512 |
746 223 |
- Income statements as of June 30, 2018
In thousands of euros |
06.30.2018 |
06.30.2017 |
Revenue |
227 633 |
224 069 |
Purchased used |
-15 365 |
-16 723 |
External expenses |
-58 501 |
-65 018 |
Taxes |
-4 640 |
-4 030 |
Payroll costs |
-114 566 |
-108 259 |
Allocations to and reversals of provisions |
-2 327 |
-1 329 |
Change in inventories of products in progress and finished
products |
-6 |
- |
Other operating income and expenses |
-229 |
-417 |
Income of equity-accounted affiliates |
1 315 |
1 493 |
EBITDA |
33 316 |
29 787 |
Depreciation expenses |
-21 369 |
-19 546 |
Operating income before special items |
11 947 |
10 241 |
Depreciation of goodwill |
- |
- |
Non-recurrent income and expenses |
-9 633 |
-11 719 |
Other exceptional operating income and expenses |
-9 633 |
-11 719 |
Operating income |
2 314 |
-1 478 |
Income from cash and cash equivalents |
1 077 |
125 |
Gross cost of financial debt |
-4 048 |
-4 372 |
Other financial income and expenses |
748 |
811 |
Cost of net financial debt |
-2 222 |
-3 436 |
Income taxes |
-1 546 |
-125 |
Deferred taxes |
793 |
-1 066 |
Total taxes |
-752 |
-1 191 |
Share of profit (loss) for the period of equity method
companies |
- |
-1 |
Profit (loss) for the period from continuing activities |
-661 |
-6 107 |
Profit (loss) for the period from discontinued activities |
1 345 |
2 358 |
Consolidated profit (loss) for the period |
684 |
-3 748 |
Consolidated Net income (loss) attributable to owners of the
parent |
655 |
-3 767 |
Minority interests |
29 |
19 |
Average number of shares excluding treasury stock |
13 941 543 |
13 975 365 |
Current Earnings Per Share (in euros) |
0,2 |
-0,1 |
Earnings Per Share (in euros) |
0,0 |
-0,3 |
Dilutive instruments |
Néant |
Néant |
Earning for recurring operation per share (in euros) |
0,0 |
-0,3 |
- Consolidated cash flow statement as of June 30, 2018
In thousands of euros |
06.30.2018 |
06.30.2017 |
Consolidated profit (loss) for the period |
684 |
-3 748 |
Share of earnings from equity method companies |
-1 315 |
-1 492 |
Depreciation and provisions |
26 609 |
33 941 |
Capital gains or losses on disposals |
- |
-266 |
Cash flow after cost of net financial debt and taxes |
25 978 |
28 435 |
Cost of net financial debt |
2 276 |
3 267 |
Tax expenses |
39 |
2 349 |
Operating cash flow before cost of net financial debt and
taxes |
28 293 |
34 051 |
Tax paid |
-697 |
-2 212 |
Change in working capital requirements for operations:
requirement |
- |
- |
Change in working capital requirements for operations: surplus |
11 549 |
3 810 |
Cash flow generated from operating activities after tax paid and
change in working capital requirements (A) |
39 145 |
35 650 |
Of which net cash flows from operating activities of held for
sales |
-5 145 |
1 047 |
Acquisitions of intangible assets |
-22 208 |
-23 897 |
Acquisitions of tangible assets |
-5 662 |
-5 849 |
Acquisitions of long-term investments |
-2 437 |
0 |
Disposals of tangible and intangible assets |
88 |
225 |
Disposals of long-term investments |
- |
464 |
Change in loans made and cash advance |
106 |
-9 812 |
Impact of changes in consolidation scope |
64 550 |
-3 008 |
Dividends received from outside Group |
1 969 |
0 |
Net cash flows generated by investment operations (B) |
36 405 |
-41 878 |
Of which net cash flows connected to investment operations of
activities held for sales |
13 892 |
85 |
Dividends paid to parent company shareholders |
- |
- |
Dividends paid to the minority interests of consolidated
companies |
-55 |
-13 |
Capital increase through cash contribution |
- |
- |
Loans issued |
- |
10 500 |
Loans repaid |
-82 038 |
-3 106 |
Interest paid on loans |
-1 628 |
-2 963 |
Other financial income and expenses paid or received |
-1 362 |
-468 |
Net cash flows generated by financing operations (C) |
-85 083 |
3 950 |
Of which net cash flows related to financing operations of
activities held for sales |
-13 073 |
132 |
Change In Cash without impact of change in foreign currency
exchange rates (A + B + C) |
-9 533 |
-2 279 |
Impact of changes in foreign currency exchange rates |
112 |
-420 |
Change in cash |
-9 421 |
-2 699 |
Opening cash |
22 998 |
20 722 |
Closing cash |
13 577 |
18 024 |
BPO
(Business Process Outsourcing): BPO is the contracting of
non-core business activities and functions to a third-party
provider. Cegedim provides BPO services for human resources,
Revenue Cycle Management in the US and management services for
insurance companies, provident institutions and mutual insurers.
Business model transformation: Cegedim decided in fall 2015
to switch all of its offerings over to SaaS format, to develop a
complete BPO offering, and to materially increase its R&D
efforts. This is reflected in the Group's revamped business model.
The change has altered the Group's revenue recognition and
negatively affected short-term profitability Corporate and
others: This division encompasses the activities the Group
performs as the parent company of a listed entity, as well as the
support it provides to the three operating divisions. EPS:
Earnings Per Share is a specific financial indicator defined by the
Group as the net profit (loss) for the period divided by the
weighted average of the number of shares in circulation.
Operating expenses: Operating expenses is defined as
purchases used, external expenses and payroll costs. Revenue at
constant exchange rate: When changes in revenue at constant
exchange rate are referred to, it means that the impact of exchange
rate fluctuations has been excluded. The term "at constant exchange
rate" covers the fluctuation resulting from applying the exchange
rates for the preceding period to the current fiscal year, all
other factors remaining equal. Revenue on a like-for-like
basis: The effect of changes in scope is corrected by restating
the sales for the previous period as follows: by removing the
portion of sales originating in the entity or the rights acquired
for a period identical to the period during which they were held to
the current period; similarly, when an entity is transferred, the
sales for the portion in question in the previous period are
eliminated. Life-for-like data (L-f-l): At constant scope
and exchange rates. Internal growth: Internal growth covers
growth resulting from the development of an existing contract,
particularly due to an increase in rates and/or the volumes
distributed or processed, new contracts, acquisitions of assets
allocated to a contract or a specific project. |
|
External growth: External growth covers acquisitions during
the current fiscal year, as well as those which have had a partial
impact on the previous fiscal year, net of sales of entities and/or
assets. EBIT: Earnings Before Interest and Taxes. EBIT
corresponds to net revenue minus operating expenses (such as
salaries, social charges, materials, energy, research, services,
external services, advertising, etc.). It is the operating income
for the Cegedim Group. EBIT before special items: This is
EBIT restated to take account of non-current items, such as losses
on tangible and intangible assets, restructuring, etc. It
corresponds to the operating income from recurring operations for
the Cegedim Group. EBITDA: Earnings before interest, taxes,
depreciation and amortization. EBITDA is the term used when
amortization or depreciation and revaluations are not taken into
account. "D" stands for depreciation of tangible assets (such as
buildings, machines or vehicles), while "A" stands for amortization
of intangible assets (such as patents, licenses and goodwill).
EBITDA is restated to take account of non-current items, such as
losses on tangible and intangible assets, restructuring, etc. It
corresponds to the gross operating earnings from recurring
operations for the Cegedim Group. Adjusted EBITDA :
Consolidated EBITDA adjusted, for 2016, for the €4.0m of
negative impact from impairment of receivables in the Healthcare
Professional division Net Financial Debt: This represents
the Company's net debt (non-current and current financial debt,
bank loans, debt restated at amortized cost and interest on loans)
net of cash and cash equivalents and excluding revaluation of debt
derivatives. Free cash-flow: Free cash-flow is cash
generated, net of the cash part of the following items: (i) changes
in working capital requirements, (ii) transactions on equity
(changes in capital, dividends paid and received), (iii) capital
expenditure net of transfers, (iv) net financial interest paid and
(v) taxes paid. EBIT margin: EBIT margin is defined as the
ratio of EBIT/revenue. EBIT margin before special
items: EBIT margin before special items is defined as the ratio
of EBIT before special items/revenue. Net cash: Net cash is
defined as cash and cash equivalent minus overdraft. |
Glossaire
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 4,200 people in more than 10 countries
and generated revenue of €457 million in 2017. Cegedim SA is listed
in Paris (EURONEXT: CGM).To learn more, please visit:
www.cegedim.comAnd follow Cegedim on Twitter: @CegedimGroup,
LinkedIn and Facebook.. |
Aude
BalleydierCegedim Media Relations and Communications
ManagerTel.: +33 (0)1 49 09 68 81aude.balleydier@cegedim.com |
Jan Eryk
UmiastowskiCegedimChief Investment Officerand head of
Investor RelationsTel.: +33 (0)1 49 09 33
36janeryk.umiastowski@cegedim.com |
Marina RosoffFor
Madis Phileo Media RelationsTel: +33 (0)6 71 58
00 34marina@madisphileo.com |
Follow Cegedim:
|
- Cegedim_Results_1S2018_ENG.pdf
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