- Annual turnover up 0.3% to EUR 2,234.4 million (down 1.4% on a like-for-like basis) with three fewer business days;
- Group net profit of EUR 57.0 million (compared with a profit of EUR 36.9 million at end June 2016);
- Marginal decrease of EBITDA by 1.4% to EUR 265.9 million (down 3.5% on a like-for-like basis) with the margin rate remaining broadly stable;
- Successful integration of HPM, disposal of a number of non-strategic assets and a high level of investment maintained as part of the Group's strategic plan to 2020;
- Significant reduction in net financial debt, amounting to EUR 964.0 million at the end of June 2017 (compared with EUR 1,047.0 million at end June 2016).
Against a backdrop of sharp price cuts, we managed to maintain our profit margin, reduce our debt and invest for the future. We are reaping the benefits of the implementation of our strategic plan: a slight increase in the number of patients (despite an unfavourable calendar), ongoing reorganisations, opening of new hospitals and digitisation of the treatment pathway.
However, it is time for the new government to adopt a pricing policy that supports the role of private hospitals in France – a major role that complements that of public hospitals, both for the provision of quality care and investment, and for their social role.
The Board of Directors, meeting on 28 August, approved the consolidated financial statements for the year ended June 2017. The audit procedures have been completed and the audit report and its annexes are being issued.
The accounts and reports will be made available to the public upon publication of the Company's activity report at the end of October 2017.
| Turnover|| 2 234.4|| +0.3%|| 2 226.9|
| EBITDA|| 265.9|| -1.4%|| 269.8|
| Current operating profit|| 132.5|| -4.7%|| 139.0|
| As a % of turnover|| 5.9%|| -0.3 points|| 6.2%|
| Operating profit|| 138.6|| +21.2%|| 114.4|
| Net profit attributable to the Group|| 57.0|| +54.5%|| 36.9|
| Net earnings per share (in euros)|| 0.75|| +53.1%|| 0.49|
| In millions of euros -|| from 1 July 2016|
to 30 June 2017
|from 1 July 2015|
to 30 June 2016
| Ile de France||927.9||934.4|| -0.7%|
| Auvergne Rhône Alpes||340.3||342.5|| -0.6%|
| Nord – Pas de Calais - Picardie||358.9||299.1|| +20.0%|
| Provence Alpes Côte d’Azur||165.0||169.1|| -2.4%|
| Bourgogne Franche Comté||106.5||110.0|| -3.2%|
| Other regions||311.0||314.1|| -1.0%|
| Other activities||24.8||57.7|| -57.0%|
| Published turnover|| 2 234.4||2 226.9|| +0.3%|
| Of which: - Organic|| 2 161.3||2 192.3|| -1.4%|
| Of which organic within France|| 2 137.8||2 169.0|| -1.4%|
| Of which organic within Italy|| 23.5||23.3|| 0.9%|
| - Changes in scope of consolidation|| 73.1||34.6|| +111.3|
Operations and turnover :
The Group’s consolidated turnover for the period ending 30 June 2017 was EUR 2,234.4 million, compared with EUR 2,226.9 million for the period 1 July 2015 to 30 June 2016. The increase of 0.3% was due to the inclusion in scope of the entities of the former HPM Group as of 1 January 2016, but it was also impacted by disposals of non-strategic assets made during the year.
On a like-for-like basis, turnover decreased by 1.4%.
At the end of June 2017, total activity (excluding emergencies) increased by 0.9% in volume terms. The breakdown by business segment is as follows:
- +0.3% in Medicine-Surgery-Obstetrics
- +1.8% sub-acute care and rehabilitation
- +5.0% in mental health
- Medicine-Surgery-Obstetrics (MSO) activity by hospitals within the same scope was down by 0.7% compared with the same period in 2015-2016 (with three fewer working days).
With regard to the public service tasks managed by the group, the number of emergencies increased strongly, up 7.1% over the past year with 551,000 cases registered by the emergency services of our facilities.
Gross operating surplus for the year was EUR 265.9 million, down 1.4% on a reported basis. At constant scope and accounting methods, EBITDA was down 3.5% over the period. The EBITDA margin, relative to turnover, remained stable at around 12%.
Operating profit for the period 1 July 2016 to 30 June 2017 reached EUR 132.5 million (or 5.9% of sales), down 4.7% from EUR 139.0 million recorded for the period 1 July 2015 to 30 June 2016.
Other non-current income and expenses represents a net income of EUR 6.1 million for the period, mainly comprising costs of EUR 1.7 million related to mergers and restructuring, and income of EUR 7.8 million related to the management of the Group’s property and financial assets. From 1 July 2015 to 30 June 2016, the amount of other non-current income and expenses represented a net expense of EUR 24.6 million.
At 30 June 2017, the net cost of borrowing amounted to EUR 39.8 million, compared with EUR 42.9 million the previous year. This consists mainly of interest on senior debt.
In total, Ramsay Générale de Santé recorded a net profit of EUR 57.0 million at end June 2017, compared with EUR 36.9 million for the period from 1 July 2015 to 30 June 2016.
Net financial debt at 30 June 2017 fell sharply to EUR 964.0 million compared with EUR 1,047.0 million at 30 June 2016, mainly due to the disposal of non-strategic assets and the assignment without recourse of its CICE for 2016.
As at 30 June 2017, the debt included in particular EUR 1,099.8 million in non-current borrowings and financial debt, EUR 53.4 million in current financial debt, and EUR 180.8 million in cash.
The detail of total exposure
to interest rate risk of the financial debt (excluding interest rate hedging instruments) is as follows:
- 17.3% of the financial debt is tied to fixed rates;
- 82.7% of the financial debt is tied to floating rates;
Taking the interest rate hedging using swaps, the position with regard to interest rate risk is completely reversed, with:
- 91.5% of financial debt at a fixed rate and,
- 8.5% at a floating rate.
ISIN and Euronext Paris code: FR0000044471
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