This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. By their nature, forward-looking statements involve risk and uncertainty. Consequently the company cannot guarantee their accuracy and their completeness, and actual results may differ materially from those the company anticipated due to a number of uncertainties, many of which the company is not aware of.
For additional information concerning important factors that may cause the company's actual results to differ materially from expectations and underlying assumptions, please refer to the reports filed by the company with the 'Autorité des Marchés Financiers'.
Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Cegedim
Cegedim
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Our offering
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A global presence
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A unique, diversified Group creating synergies and opportunities
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Business group review
The Big Picture
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Covid-19 and lockdown
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Disciplined financial management
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Impact on operation
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FY 2020 Outlook
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Finance
H1 2020
The big picture
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H1 2020 Revenue overview
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L-f-l revenue growth by business group
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Recurring Operating Income Trend
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Health Insurance, HR & E-Services Division Overview
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Healthcare Professionals Division Overview
H1 2020 Financial Performance
In € million
H1 2019 | H1 2020 | % change | ||
REVENUE | 245.8 | 236.2 | (3.9)% | |||||
EBITDA | 45.5 | 38.2 | (15.9)% | |||||
Margin | 18.5% | 16.2% | (231)bps | |||||
D&A | (32.8) | (31.9) | (2.7)% | |||||
RECURRING OPERATING INCOME | 6.3 | (50.1)% | ||||||
12.6 | ||||||||
Margin | 5.1% | 2.7% | (247)bps | |||||
Other non-recurring operating income and expenses | (16.3) | (6.2) | (62.1)% | |||||
Operating income | (3.6) | 0.1 | n.m. | |||||
(1.5)% | 0.1% | +154bps | ||||||
Margin | ||||||||
Cost of net financial debt | (4.5) | (4.6) | +2.4% | |||||
Total Taxes | (2.1) | (0.2) | (89.8)% | |||||
NET EARNINGS | (10.2) | (4.6) | (54.5)% | |||||
RECURRING EARNINGS PER SHARE | (0.4) | (0.2) | (49.0)% | |||||
EARNINGS PER SHARE | (0.7) | (0.3) | (54.1)% | |||||
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June 2020 Balance Sheet Sound Financial Structure
In € million
ASSETS
Dec. 19 Jun. 20
Goodwill | 192.7 | 186.0 | ||||||
Intangible assets | 157.5 | 163.9 | ||||||
Tangible assets | 99.2 | 102.7 | ||||||
Financial assets | 19.8 | 22.0 | ||||||
Other non-current assets | 47.6 | 48.4 | ||||||
Cash & cash equivalents | 29.1 | 26.1 | ! | Includes sums managed on behalf of mutual insurers and insurance | ||||
Trade receivables, short-term portion | 144.0 | 139.5 | companies under the outsourced management contracts signed with the | |||||
Other current assets | ! | 118.7 | 181.2 | Group in the amount of €137m at June 30, 2020 and €81m at December 31, | ||||
Total assets | 808.6 | 870.0 | 2019. | |||||
SHAREHOLDERS EQUITY & LIABILITIES | ||||||||
Shareholder equity | 201.2 | 191.0 | ||||||
Long-term financial debt | 195.7 | 196.3 | ||||||
Other non-current liabilities | 95.2 | 101.6 | ||||||
Short-term financial debt | 14.0 | 6.0 | ||||||
Other current liabilities | 302.6 | 375.2 | ||||||
Total equity and liabilities | 808.6 | 870.0 | ||||||
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FCF from operations
In € million
June 2019 | June 2020 |
Cash flow before taxes and interests | 43.1 | 34.7 | The improvement in WCR is attributable to: | |
Change in working capital requirement | (47.6) | +18.1 | ! | |
Corporate tax paid | (0.5) | (2.1) | • a €15 million boost from the postponement of social | |
Net cash flow from operating activities | 4.9 | 50.7 | charges and rent payments as a result of efforts to | |
mitigate the impacts of the Covid-19 crisis, | ||||
Acquisition of intangible assets | (26.1) | (27.8) | ||
• the termination of non-recourse factoring | ||||
Acquisition of tangible assets | (4.9) | (5.0) | ||
agreements in December 2019 (€14.9 million impact | ||||
Disposals of tangible and intangible assets | 0.1 | 0.3 | ||
at June 30, 2019) | ||||
Free cash flow from operations | (35.8) | +18.1 | • the fluctuation in advances paid by client at the | |
health Insurance BPO business
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Change in Net Financial Debt
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FY 2020 Financial Agenda
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Annexes
Alternative Performance Indicator
This financial performance indicator is equivalent to "operating profit from continuing activities" plus net depreciation and amortization expenses.
Operating profit from continuing activities is defined as the sum of « recurring operating income » and « other non-recurring operating income and expenses. »
Other non-recurringoperating income and expenses is defined as consists of unusual items, notably as concerns the nature or frequency, that could distort the assessment of Group entities' financial performance. Other non-recurring operating income and expenses may include impairment of tangible assets, goodwill, and other intangible assets, gains or losses on disposals of non-current assets, restructuring costs, and costs relating to workforce adaptation measures.
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Recurring operating income and EBITDA
in € million
In € million | H1 2019 | H1 2020 | ||
Operating income (a) | (3.6) | 0.1 | ||
Non-recurring operating income and expenses (b) | (13.8) | (6.2) | ||
Amortization of goodwill (c) | (2.5) | (0.0) | ||
Recurring operating income (REBIT) (d= a-b-c) | 12.6 | 6.3 | ||
Depreciation and amortization expenses (e) | (32.8) | (31.9) | ||
EBITDA (f=d-e) | 45.5 | 38.2 | ||
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H1 2020 Revenue
In € thousands | Division 1 | Division 2 | Division 3 | Group |
2019 REVENUE (a) | 162,498 | 81,572 | 1,724 | 245,795 |
Impact of disposals | 0 | (5,584) | 0 | (5,584) |
2019 Revenue before impact of disposals | 162,498 | 75,988 | 1,724 | 240,211 |
Currency impact | (11) | (69) | 0 | (79) |
2019 Revenue at 2020 exchange rate (b) | 162,488 | 75,920 | 1,724 | 240,131 |
2020 Revenue before impact of acquisitions (c) | 158,097 | 74,147 | 1,730 | 233,973 |
Revenue from acquisitions | 2,225 | 0 | 0 | 2,225 |
2020 Revenue | 160,322 | 74,147 | 1,730 | 236,199 |
Organic growth ([c-b/a] | (2,7)% | (2.2)% | +0.3% | (2.5)% |
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Recurring operating income and EBITDA IFRS 16 BRIDGE
In € million | H1 2020 | IFRS 16 | H1 2020 | |||
Reported | Treatment | Adjusted | ||||
EBITDA | 38.2 | 8.0 | 30.2 | |||
margin | 16.2% | - | 12.8% | |||
D&A | (31.9) | (7.7) | (24.3) | |||
RECURRING OPERATING INCOME | 6.3 | 0.3 | 6.0 | |||
Margin | 2.7% | - | 2.5% | |||
Other non-recurring operating income and expenses | (6.2) | - | (6.2) | |||
Operating income | 0.1 | 0.3 | (0.2) | |||
Margin | 0.1% | - | (0.1)% | |||
Cost of net financial debt | (4.6) | (0.7) | (3.9) | |||
Total Taxes | (0.2) | 0.1 | (0.3) | |||
Net earnings | (4.7) | (0.3) | (4.4) | |||
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Thank you for your attention
Jan Eryk Umiastowski
Chief Investment Officer - Head of Investor Relations
janeryk.umiastowski@cegedim.com
Tel: 00 33 1 49 09 33 36 - Mob: 00 33 6 73 25 96 34
Design: Group Communication Service
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Cegedim SA published this content on 24 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2020 17:29:09 UTC