| [September 18, 2014] |
 |
Cegedim: EBITDA Margin Nearly Stable in the First Half of 2014
PARIS --(Business Wire)--
Regulatory News:
Cegedim,
a global technology and services company specializing in the healthcare
field, generated consolidated first half 2014 revenues of
€428.7 million, down 1.9% on a reported basis and 0.9% like for like.
The 2.8% drop in L-f-L Q1 revenues was partly offset by 1.0% growth in
the second quarter.
The decline in L-f-L revenues at the Healthcare
professionals division was more than offset by L-f-L growth in
revenue at the CRM and strategic data, Insurance and services and
GERS Activities and Reconciliation divisions. It is worth
noting that the Healthcare professionals division's sales
momentum turned around over the month of June.
EBITDA came to €53.5 million, down €1.9 million compared with the first
six months of 2014. The result was a virtually stable EBITDA margin of
12.5% in the first half of 2014, on a par with the 12.7% posted a year
earlier. The EBITDA trend reflected declines at the Healthcare
professionals and Insurance and services divisions, which
were partly offset by a substantial improvement at the CRM and
strategic data and GERS activities and Reconciliation divisions.
Net financial debt fell by €11.2 million to €460.0 million.
With respect to the proposed IMS Health transaction announced on June 24th,
consultations of employee representatives have begun, and they are
expected to issue an opinion in late September. Thus, the Board of
Directors should be able to vote on the offer before the end of October
2014.
-
Simplified income statement
|
|
|
H1 2014
|
H1 2013
|
?
|
|
|
|
€m
|
|
%
|
|
€m
|
|
%
|
|
|
|
Revenue
|
|
428.7
|
|
100%
|
|
437.2
|
|
100%
|
|
(1.9)%
|
|
EBITDA
|
|
53.5
|
|
12.5%
|
|
55.4
|
|
12.7%
|
|
(3.5)%
|
|
Depreciation
|
|
32.3
|
|
-
|
|
29.4
|
|
-
|
|
+9.8%
|
|
Operating income from recurring operations
|
|
21.1
|
|
4.9%
|
|
25.9
|
|
5.9%
|
|
(18.7)%
|
|
Exceptional operating income / expenses
|
|
(9.1)
|
|
-
|
|
(4.0)
|
|
-
|
|
+125.3%
|
|
Operating income
|
|
12.0
|
|
2.8%
|
|
21.9
|
|
5.0%
|
|
(45.3)%
|
|
Cost of net financial debt
|
|
24.4
|
|
-
|
|
36.1
|
|
-
|
|
(32.2)%
|
|
Tax expenses
|
|
(5.3)
|
|
-
|
|
0.4
|
|
-
|
|
n.m.
|
|
Consolidated profit
|
|
(16.8)
|
|
(3.9)%
|
|
(12.8)
|
|
(2.9)%
|
|
+30.6%
|
|
Profit attributable to the owners of the parent
|
|
(16.8)
|
|
(3.9)%
|
|
(12.8)
|
|
(2.9)%
|
|
+30.6%
|
Cegedim generated consolidated first half year 2014 revenues of
€428.7 million, down 1.9% on a reported basis and 0.9% like for like
compared with the same period a year earlier. Acquisitions had a
positive impact of 0.2%, and currencies provided a negative impact of
1.2%.
Operating expenses fell by €4.1 million. This trend reflects decreases
of €4.3 million in purchases used and €2.6 million in payroll costs,
whereas external costs increased by €2.8 million.
EBITDA fell by €1.9 million to €53.5 million, and the margin decreased
from 12.7% in the first half of 2013 to 12.5% in first half of 2014.
This EBITDA trend was attributable to drops at the Healthcare
professionals and Insurance and services divisions, partly
offset by significant EBITDA growth at the CRM and strategic data and
GERS Activities and Reconciliation divisions.
Depreciation expenses increased by €2.9 million, and non-recurrent
income and expenses, by €5.1 million owing to the €5.7 million fine
imposed by the French Competition Authorities. Thus, operating income
from recurring operations came to €12.0 million, down €9.9 million
compared to the first half of 2013.
The cost of financial debt decreased by €11.6 million, from €36.1
million at June 30, 2013, to €24.4 million at June 30, 2014. This
decrease reflects the demanding comparison caused by accounting charges
stemming from the 2013 refinancing.
Tax expense increased by €5.7 million, from a credit of €0.4 million to
a charge of €5.3 million. This increase is mainly due to the
non-capitalization of deferred tax on loss-making companies in 2014
unlike in 2013.
Consolidated net result, Group share, was a loss of €16.8 million,
compared with a €12.8 million loss a year earlier. The loss per share
from recurring operations went from €0.9 in the first half year of 2013
to €1.2 in the first half year of 2014.
Analysis of business trends by division
|
|
|
Revenue
|
|
EBIT from recurring
operations
|
|
EBITDA
|
|
in € million
|
|
2nd Quarter
|
|
2nd Quarter
|
|
2nd Quarter
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
CRM and strategic data
|
|
102.0
|
|
101.8
|
|
6.2
|
|
7.2
|
|
12.8
|
|
10.7
|
|
Healthcare professionals
|
|
74.6
|
|
75.7
|
|
8.2
|
|
9.8
|
|
14.3
|
|
15.2
|
|
Insurance and services
|
|
40.0
|
|
39.9
|
|
5.9
|
|
7.7
|
|
9.5
|
|
11.2
|
|
GERS Activities and Reconciliation
|
|
8.2
|
|
7.0
|
|
(1.5)
|
|
(1.6)
|
|
(1.1)
|
|
(1.2)
|
|
Cegedim
|
|
224.7
|
|
224.4
|
|
18.8
|
|
23.2
|
|
35.5
|
|
35.9
|
|
|
|
Revenue
|
|
EBIT from recurring
operations
|
|
EBITDA
|
|
in € million
|
|
H1
|
|
H1
|
|
H1
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
CRM and strategic data
|
|
194.5
|
|
198.5
|
|
2.7
|
|
2.4
|
|
16.0
|
|
13.0
|
|
Healthcare professionals
|
|
141.9
|
|
147.6
|
|
13.0
|
|
17.1
|
|
24.3
|
|
28.3
|
|
Insurance and services
|
|
78.0
|
|
77.0
|
|
8.9
|
|
11.6
|
|
15.8
|
|
18.3
|
|
GERS Activities and Reconciliation
|
|
14.3
|
|
14.0
|
|
(3.4)
|
|
(5.1)
|
|
(2.6)
|
|
(4.3)
|
|
Cegedim
|
|
428.7
|
|
437.2
|
|
21.1
|
|
25.9
|
|
53.5
|
|
55.4
|
In the first six months of 2014, the division's revenues came to
€194.5 million, down €4.0 million or 2.0% on a reported basis.
Currencies had a negative impact of 3.2%. Like-for-like revenues fell
1.2% over the period.
EBITDA came to €16.0 million, up €3.0 million or 23.0%. The margin came
to 8.2%, compared to 6.6% a year earlier.
This increase results mainly from growth in Compliance products and
products and services linked to the OneKey database, together
with stabilization in the market research activity and ongoing
restructuring measures. As a result, EBITDA increased even though
revenue decreased.
In the first six months of 2014, the division's revenues amounted to
€141.9 million, down €5.7 million or 3.9% on a reported basis. The Webstar
and SoCall acquisitions and currencies had positive impacts of
respectively 0.5% and 0.6%. Like-for-like revenues were down 5.0% over
the period.
EBITDA was €24.3 million, down €4.0 million or 14.2% relative to the
same period in 2013. The margin came to 17.1%, compared with 19.2% a
year ago.
The decrease in EBITDA reflects mainly the demanding comparison in the
computerization of UK doctors caused by an exceptional level of activity
with the NHS in 2013 and the temporary decrease in French pharmacists'
investments. Despite uncertainty related to government announcements
regarding regulated professions, pharmacists in particular, the order is
developing favorably.
It is worth noting the good business momentum in France stemming from
products for doctors, which benefit from an enhanced services offering,
and for nurses, with the Simply Vitale solution, as well as from
the offering for multidisciplinary healthcare facilities.
The division's first half 2014 revenues came to €78.0 million, up €0.9
million or 1.2% both on a reported basis and like for like. Currencies
had virtually no impact and there were no acquisitions or divestments.
EBITDA came to €15.8 million, down €2.6 million or 14.0% year on year.
The margin came to 20.2%, compared with 23.8% a year ago.
This decrease in EBITDA is chiefly attributable to the transition from a
perpetual license model to an SaaS model at Cegedim Global Payments,
part of the e-business activity, and to the significant investment made
at Kadrige. It was partially offset by an increase at the Health
Insurance companies activity and Cegedim SRH, the provider of
human resources management solutions.
-
GERS Activities and Reconciliation
The division's first half 2014 revenues came to €14.3 million, up €0.3
million or 2.1% both on a reported basis and like for like. Currencies
had virtually no impact and there were no acquisitions or divestments.
EBITDA came to a loss of €2.6 million, an improvement of €1.7 million or
38.9% year on year. The margin came to (18.3)% compared with (30.5)% a
year ago.
This favorable trend in EBITDA reflects the virtual stability of
corporate costs and the gradual return to breakeven at GERS activities.
Financial resources
Cegedim's total consolidated balance sheet at June 30, 2014, was
€1,237.8 million, a 1.4% increase compared with the end of 2013.
Goodwill on acquisition was up €6.3 million, at €534.8 million, and
represents 43.2% of total assets.
Cash and cash equivalents came to €79.8 million, up €12.9 million. This
increase is mainly due to last April's refinancing. It should be noted
that the premium of €7.9 million received from the additional 2020 bond
offering made it possible to finance the €8.6 million premium paid for
the partial 2015 bond buyback.
Shareholders' equity fell 3.0% to €335.6 million and represents 27.1% of
the total balance sheet.
Net debt came to €460.0 million at the end of the first half of 2014,
down €11.2 million compared with end of 2013. Gearing remained
relatively stable at end-June 2014 compared to end-December 2013.
Before the cost of net financial debt and taxes, operating cash flow was
€43.9 million at the end of the first half of 2014, a slight decrease of
€8.1 million compared with the first half of 2013.
Period highlights
On April 7, 2014, Cegedim launched an additional bond offering of
€100 million, upsized to €125 million on the issue date, of its 6.75%
Senior Notes due 2020. Apart from the date and price of issuance
(105.75% plus interest accrued since April 1, 2014), the new bonds are
identical to the €300 million of 6.75% Senior Notes due in 2020 that the
Group issued on March 20, 2013. It should be noted that Cegedim was able
to issue at 5.60%, compared to 6.75% one year earlier.
The proceeds
from the offering were used, among other things, to finance the
redemption of €105,950,000 of outstanding bonds due 2015 (at a price of
108.102%), pay the premium and any related fees, and repay bank
overdraft facilities.
As a result, the Group's current debt structure is as follows:
-
€62.6 million of 7.00% bonds due July 27, 2015;
-
€425 million of 6.75% bonds due April 1, 2020;
-
€80 million of revolving credit due June 10, 2016, undrawn as of March
31, 2014;
-
Overdraft facilities.
When the operation was announced on April 7, 2014, rating agency
Standard and Poor's confirmed its B+ rating with a stable outlook for
Cegedim and its two bonds.
On April 15, 2014, Cegedim acquired the French company SoCall,
which is based in Sèvres. Its core activity is providing secretarial and
scheduling services for practices of healthcare professionals. The
company manages incoming patient calls, messages, scheduling and records
of past consultations for around 50 practices. Financed by internal
financing, these activities represent annual revenues of less than €0.3
million and are part of the consolidation scope of Cegedim Group from Q2
2014.
-
Binding offer received from IMS Health for the new CRM and
Strategic Data division
On June 24, 2014, Cegedim announced that it had received a binding offer
from IMS Health Inc. to acquire its new CRM and strategic data
division in exchange for €385 million in cash1.
In compliance with regulatory requirements in some jurisdictions,
employee representatives are currently being consulted regarding the
deal, which will then be submitted to the Board of Directors for a
decision before end-October 2014.
If this proposal is accepted, most of the proceeds from the transaction
would be used to repay debt and thus strengthen Cegedim's balance sheet
and income statement with a debt ratio close to 1 and an improving
margin. In addition, the Group would be led to recognize, at the
effective time of the sale, an accounting loss with no impact on the
Group's cash of approximately €180 million.
The business activities targeted by this proposal represent 47% of
non-group revenue, 43% of current EBIT and 41% of EBITDA on the basis of
figures at December 31, 2013.
It should be noted that the financial
statements closed at June 30, 2014, continue to include all the data
relating to the business activities targeted by the IMS proposal. IFRS
5, whose objective is to separately classify activities considered as
held for sale, does not apply for the time being. In fact, the sale
cannot be considered as "highly probable" as long as the Board of
Directors of Cegedim has not made a statement on the transaction, and
the business activities cannot be considered as being "immediately
available for sale in their current condition", considering that it is
first essential to physically separate the data processing centers that
support all the Group's operational activities, as well as divide the
assets held in legal entities sheltering mixed activities.
Apart from the items cited above, 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.
Significant post-closing transactions and events
Decision no. 14-D-06 of July 8, 2014, by French Competition Authorities
imposed a €5.7 million fine on Cegedim based on a complaint brought by
Euris. Euris claimed that Cegedim refused to sell its OneKey database
to clients using Euris software products. As a reminder, Cegedim's
refusal to do so was related to a lawsuit alleging that Euris has
counterfeited its OneKey database.
Cegedim appealed this decision to the Paris Court of Appeals. The French
Competition Authorities decision is enforceable, therefore, at the end
of June 2014, Cegedim accounted an accrued expenses payable for the
amount of the fine.
We note that this risk was cited in paragraph 4.3.24 of the 2013 Annual
Report and in the prospectus that accompanied our bond issue in April.
The fine does not in any way affect the terms of the offer made by IMS
Health on June 24.
Apart from the items cited above, 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.
Outlook
Cegedim is reconfirming its target for 2014 of at least stable revenue
and operating margin from recurring operations.
For the second half of 2014, the group expects a slight slowdown at the CRM
and Strategic Data division, and a slight increase in activity at
the other divisions. A less demanding comparison level for UK doctors
software in the second half of 2014 and a restored order book for French
pharmacist software activities point to more positive revenue
developments in the second half of the year.
Furthermore, if the IMS Health offer, as previously disclosed, is
accepted, at the time of the sale the Group would be led to
recognize an accounting loss with no impact on the Group's cash of
approximately €180 million.
Financial calendar
|
|
|
The Group will hold a conference call today, September 18, 2014,
at 6:15 pm in English (Paris time). The call will be hosted by Jan
Eryk Umiastowski, Cegedim Chief Investment Officer and Head of
Investor Relations.
A presentation of Cegedim 2014 First Half Results will also be
available on the website:
http://www.cegedim.com/finance/documentation/Pages/presentations.aspx
|
|
Contact numbers:
|
|
France: +33 1 70 77 09 43
US: +1 866 907 5928
UK and others: +44 (0)20 3367 9453
|
|
No access code required
|
September 19, 2014, at 10:30 am
-
SFAF meeting presenting H1 2014 Results (24 rue de Penthièvre, 75008
Paris)
October 28, 2014 (after the stock market closes)
-
Q3 2014 Revenue announcement
November 27, 2014 (after the stock market closes)
-
Q3 2014 Results announcement
December 16, 2014 - 2:30 pm to 5:30 pm (welcome coffee at 2:00 pm)
-
5th Investor Summit (Auditorium Cegedim, 17 rue de
l'Ancienne Mairie, Boulogne-Billancourt France)
Additional Information
The Audit Committee met on September 15th, 2014. The Board of
Directors met on September 18th, 2014, to review the 2014
first half consolidated financial statements.
The First Half financial report, including management discussion and
analysis, is available in the Finance section of Cegedim's website:
This information is also available on Cegedim IR, the Group's
financial communications app for smartphones and iOS and Android
tablets. To download the app, visit: http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx.
Appendices
Balance sheet
Assets
|
In thousands of euros
|
|
06/30/2014
|
|
12/31/2013
|
|
Goodwill on acquisition
|
|
534,765
|
|
528,465
|
|
Development costs
|
|
32,347
|
|
16,791
|
|
Other intangible fixed assets
|
|
198,026
|
|
207,097
|
|
Intangible fixed assets
|
|
230,373
|
|
223,888
|
|
Property
|
|
389
|
|
389
|
|
Buildings
|
|
4,373
|
|
4,764
|
|
Other tangible fixed assets
|
|
26,723
|
|
27,110
|
|
Construction work in progress
|
|
226
|
|
45
|
|
Tangible fixed assets
|
|
31,711
|
|
32,307
|
|
Equity investments
|
|
704
|
|
704
|
|
Loans
|
|
2,466
|
|
2,464
|
|
Other long-term investments
|
|
11,602
|
|
10,793
|
|
Long-term investments - excluding equity shares in equity method
companies
|
|
14,772
|
|
13,960
|
|
Equity shares in equity method companies
|
|
8,639
|
|
8,599
|
|
Government - Deferred tax
|
|
41,495
|
|
42,121
|
|
Accounts receivable: Long-term portion
|
|
14,183
|
|
14,379
|
|
Other receivables: Long-term portion
|
|
911
|
|
894
|
|
Non-current assets
|
|
876,848
|
|
864,615
|
|
Services in progress
|
|
173
|
|
186
|
|
Goods
|
|
10,277
|
|
10,428
|
|
Advances and deposits received on orders
|
|
817
|
|
428
|
|
Accounts receivable: Short-term portion
|
|
216,409
|
|
229,958
|
|
Other receivables: Short-term portion
|
|
32,816
|
|
31,972
|
|
Cash equivalents
|
|
3,287
|
|
3,515
|
|
Cash
|
|
76,548
|
|
63,458
|
|
Prepaid expenses
|
|
20,632
|
|
16,618
|
|
Current assets
|
|
360,958
|
|
356,564
|
|
Total assets
|
|
1,237,806
|
|
1,221,179
|
Liabilities
|
In thousands of euros
|
|
06/30/2014
|
|
12/31/2013
|
|
Share capital
|
|
13,337
|
|
13,337
|
|
Issue premium
|
|
182,955
|
|
185,562
|
|
Group reserves
|
|
157,657
|
|
214,419
|
|
Group exchange reserves
|
|
(238)
|
|
(238)
|
|
Group exchange gains/losses
|
|
(1,556)
|
|
(8,996)
|
|
Group earnings
|
|
(16,753)
|
|
(58,634)
|
|
Shareholders' equity, Group share
|
|
335,401
|
|
345,449
|
|
Minority interests (reserves)
|
|
208
|
|
419
|
|
Minority interests (earnings)
|
|
(2)
|
|
(43)
|
|
Minority interests
|
|
206
|
|
376
|
|
Shareholders' equity
|
|
335,607
|
|
345,825
|
|
Long-term financial liabilities
|
|
528,393
|
|
513,650
|
|
Long-term financial instruments
|
|
9,046
|
|
8,905
|
|
Deferred tax liabilities
|
|
9,705
|
|
9,513
|
|
Non-current provisions
|
|
29,271
|
|
27,501
|
|
Other non-current liabilities
|
|
2,210
|
|
2,421
|
|
Non-current liabilities
|
|
578,626
|
|
561,988
|
|
Short-term financial liabilities
|
|
11,456
|
|
24,564
|
|
Short-term financial instruments
|
|
7
|
|
7
|
|
Accounts payable and related accounts
|
|
115,039
|
|
108,269
|
|
Tax and social liabilities
|
|
114,888
|
|
124,764
|
|
Provisions
|
|
3,809
|
|
5,840
|
|
Other current liabilities
|
|
78,375
|
|
49,922
|
|
Current liabilities
|
|
323,574
|
|
313,365
|
|
Total Liabilities
|
|
1,237,806
|
|
1,221,179
|
Income statement
|
In thousands of euros
|
|
06/30/2014
|
|
06/30/2013
|
|
Revenue
|
|
428,729
|
|
437,229
|
|
Other operating activities revenue
|
|
-
|
|
-
|
|
Capitalized production
|
|
24,177
|
|
22,601
|
|
Purchases used
|
|
(52,916)
|
|
(57,184)
|
|
External expenses
|
|
(116,361)
|
|
(113,539)
|
|
Taxes
|
|
(7,504)
|
|
(7,326)
|
|
Payroll costs
|
|
(219,725)
|
|
(222,344)
|
|
Allocations to and reversals of provisions
|
|
(2,396)
|
|
(3,797)
|
|
Change in inventories of products in progress and finished products
|
|
(14)
|
|
8
|
|
Other operating income and expenses
|
|
(536)
|
|
(248)
|
|
EBITDA
|
|
53,454
|
|
55,397
|
|
Depreciation expenses
|
|
(32,348)
|
|
(29,448)
|
|
Operating income from recurring operations
|
|
21,106
|
|
25,949
|
|
Non-recurrent income and expenses
|
|
(9,121)
|
|
(4,048)
|
|
Other exceptional operating income and expenses
|
|
(9,121)
|
|
(4,048)
|
|
Operating income
|
|
11,985
|
|
21,901
|
|
Income from cash and cash equivalents
|
|
399
|
|
201
|
|
Gross cost of financial debt
|
|
(28,241)
|
|
(29,061)
|
|
Other financial income and expenses
|
|
3,401
|
|
(7,208)
|
|
Cost of net financial debt
|
|
(24,441)
|
|
(36,068)
|
|
Income taxes
|
|
(5,091)
|
|
(6,879)
|
|
Deferred taxes
|
|
(163)
|
|
7,302
|
|
Total taxes
|
|
(5,254)
|
|
423
|
|
Share of profit (loss) for the period of equity method companies
|
|
956
|
|
919
|
|
Profit (loss) for the period before earnings from activities that
have been
discontinued or are being sold
|
|
(16,755)
|
|
(12,825)
|
|
Profit (loss) for the period net of income tax from activities
that have been
discontinued or are being sold
|
|
-
|
|
-
|
|
Consolidated profit (loss) for the period
|
|
(16,755)
|
|
(12,825)
|
|
Attributable to owners of the parent (A)
|
|
(16,753)
|
|
(12,826)
|
|
Minority interests
|
|
(2)
|
|
1
|
|
Average number of shares excluding treasury stock (B)
|
|
13,948,889
|
|
13,957,919
|
|
Current Earnings Per Share (in euros)
|
|
(1.8)
|
|
(0.6)
|
|
Earnings Per Share (in euros) (A/B)
|
|
(1.2)
|
|
(0.9)
|
|
Dilutive instruments
|
|
none
|
|
none
|
|
Earning for recurring operation per share (in euros)
|
|
(1.2)
|
|
(0.9)
|
Consolidated cash flow statement
|
In thousands of euros
|
|
06/30/2014
|
|
12/31/2013
|
|
06/30/2013
|
|
Consolidated profit (loss) for the period
|
|
(16,755)
|
|
(58,677)
|
|
(12,825)
|
|
Share of earnings from equity method companies
|
|
(956)
|
|
(1,275)
|
|
(919)
|
|
Depreciation and provisions (1)
|
|
31,516
|
|
127,421
|
|
30,010
|
|
Capital gains or losses on disposals
|
|
400
|
|
(397)
|
|
42
|
|
Cash flow after cost of net financial debt and taxes
|
|
14,205
|
|
67,072
|
|
16,308
|
|
Cost of net financial debt.
|
|
24,441
|
|
60,060
|
|
36,068
|
|
Tax expenses
|
|
5,254
|
|
25,483
|
|
(423)
|
|
Operating cash flow before cost of net financial debt and taxes
|
|
43,900
|
|
152,615
|
|
51,953
|
|
Tax paid
|
|
(5,236)
|
|
(12,451)
|
|
(6,402)
|
|
Change in working capital requirements for operations: requirement
|
|
0
|
|
0
|
|
0
|
|
Change in working capital requirements for operations: surplus
|
|
27,733
|
|
9,424
|
|
6,991
|
|
Cash flow generated from operating activities after tax paid and
change
in working capital requirements (A)
|
|
66,397
|
|
149,588
|
|
52,542
|
|
Acquisitions of intangible assets
|
|
(25,747)
|
|
(51,051)
|
|
(24,801)
|
|
Acquisitions of tangible assets
|
|
(12,107)
|
|
(22,340)
|
|
(11,657)
|
|
Acquisitions of long-term investments
|
|
0
|
|
(2,914)
|
|
(16)
|
|
Disposals of tangible and intangible assets
|
|
478
|
|
4,674
|
|
583
|
|
Disposals of long-term investments
|
|
722
|
|
0
|
|
0
|
|
Impact of changes in consolidation scope
|
|
(467)
|
|
(1,697)
|
|
(147)
|
|
Dividends received from equity method companies
|
|
17
|
|
884
|
|
852
|
|
Net cash flows generated by investment operations (B)
|
|
(37,104)
|
|
(72,444)
|
|
(35,186)
|
|
Dividends paid to parent company shareholders
|
|
0
|
|
0
|
|
0
|
|
Dividends paid to the minority interests of consolidated companies
|
|
(3)
|
|
(94)
|
|
(75)
|
|
Capital increase through cash contribution
|
|
(53)
|
|
0
|
|
0
|
|
Loans issued
|
|
125,000
|
|
300,000
|
|
300,000
|
|
Loans repaid
|
|
(106,907)
|
|
(290,857)
|
|
(284,647)
|
|
Interest paid on loans
|
|
(20,833)
|
|
(43,413)
|
|
(24,765)
|
|
Other financial income and expenses paid or received
|
|
(1,890)
|
|
(8,339)
|
|
(3,194)
|
|
Net cash flows generated by financing operations (C)
|
|
(4,686)
|
|
(42,703)
|
|
(12,681)
|
|
Change In Cash without impact of change in foreign currency
exchange
rates (A + B + C)
|
|
24,606
|
|
34,441
|
|
4,675
|
|
Impact of changes in foreign currency exchange rates
|
|
285
|
|
(1,668)
|
|
(623)
|
|
Change in cash
|
|
24,891
|
|
32,773
|
|
4,052
|
|
Opening cash
|
|
54,227
|
|
21,454
|
|
21,454
|
|
Closing cash
|
|
79,118
|
|
54,227
|
|
25,506
|
(1) Including Impairment of goodwill for 63,300 thousand euros as at
December 31, 2013
|
GERS Activities and Reconciliation: 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. The activities of GERS in France and Romania and the
company Pharmastock were transferred from the CRM and strategic
data division to the Reconciliation division, which was
accordingly renamed GERS Activities and Reconciliation. This
reorganization aims to simplify the reading of the Cegedim income
statement in the event that the IMS Health proposal results in a
favorable outcome. More information is available in the
"Presentation of Cegedim's Divisions" section of the HY 2014
Financial Report.
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: 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: 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 from recurring operations: 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.
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.
Operating margin: defined as the ratio of EBIT/revenue.
Operating margin from recurring operations: defined as the
ratio of EBIT from recurring operations/revenue.
Net cash: defined as cash and cash equivalent minus
overdraft.
|
|
|
|
|
|
About Cegedim :
|
|
Founded in 1969, Cegedim is a global technology and services
company specializing in the healthcare field. Cegedim supplies
services, technological tools, specialized software, data flow
management services and databases. Its offerings are targeted
notably at healthcare industries, life sciences companies,
healthcare professionals and insurance companies. The world leader
in life sciences CRM, Cegedim is also one of the leading suppliers
of strategic healthcare industry data. Cegedim employs 8,000
people in more than 80 countries and generated revenue of €902
million in 2013. Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more, please visit: www.cegedim.com
And follow Cegedim on Twitter:
@CegedimGroup
|
1 On a cash-free debt-free basis, subject to certain
adjustments based on the Group's net debt at the date of completion,
changes in net working capital and 2014 CRM and strategic data division
revenue.
Public company with share capital of 13,336,506.43 euros
Trade and
Commercial Register: Nanterre B 350 422 622
www.cegedim.com
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