- Revenue up 3.3% and EBITDA, 3.2%
- Rapid development of BPO deals
- Accelerated migration of offerings
toward SaaS / cloud models
Regulatory News:
Cegedim, an innovative technology and services company,
generated consolidated first nine months 2015 revenues from
continuing activities of €366.6 million, up 1.0% like for like and
3.3% on a reported basis compared with the same period in 2014. All
Group divisions contributed to the reported increase. The
like-for-like decline at the Healthcare Professionals division was
more than offset by stability at the Cegelease division and an
increase at Health Insurance, HR and e-services. The Health
Insurance, HR and e-services division made a noteworthy return to
strong growth in the third quarter despite the migration of clients
towards SaaS and cloud offerings.
EBITDA amounted to €60.3 million over the first nine months of
2015, up 3.2% compared with a year earlier. This EBITDA trend was
attributable to the increases at Health Insurance, HR and
e-services, Cegelease and at the Activities not allocated division,
which were partially offset by the decrease at the Healthcare
Professionals division. The EBITDA margin remains virtually stable
at 16.4% for the first nine months of 2015 compared to 16.5% a year
earlier.
These performances reflect the main development areas the Group
is prioritizing for future growth:
- Speeding up the migration of its
software offerings from a perpetual license model to SaaS / cloud
models
- The rapid deployment of its BPO
offering (Business Process Outsourcing)
- Strengthening its businesses through
targeted acquisitions
During this transition period, revenue and profitability are
being negatively impacted by the significant investment needed in
human resources and innovation. Furthermore, the change in revenue
and costs recognition induced by the migration to SaaS is leading
to an unfavorable base effect during the transition year.
Over the longer term, Cegedim will increase its customer loyalty
and forge closer relationships, simplify its operating processes,
and strengthen its offering and its geographic footprint. This move
will simultaneously increase the share of recurring revenues, make
growth stronger and more predictable, and increase the Group’s
profitability.
The Group reiterates, as announced on October 27, its target of
2015 like-for-like revenue growth of 1.0% for continuing
activities, and a 5.0% increase in EBITDA.
Net financial debt fell by €327.3 million to €176.9 million,
mainly as a result of the sale of the CRM and Strategic Data
division to IMS Health on April 1.
- Simplified income statement
9M 2015 9M 2014
Δ
€M % €M %
Revenue
366.6 100% 355.0
100% +3.3% EBITDA 60.3 16.4% 58.4
16.5% +3.2% Depreciation (32.0) ─ (28.4) ─ +13.0%
Operating income before special items 28.2
7.7% 30.1 8.5%
(6.0)% Special items (5.0) ─ (8.1) ─ (37.9)%
Operating
income 23.2 6.3% 22.0
6.2% +5.7% Cost of net financial debt
(32.7) ─ (38.2) ─ (14.3)% Tax expenses (2.7) ─ (1.5) ─ +85.1%
Consolidated profit from continuing activities
(10.8) (2.9)% (16.3)
(4.6)% +34.0% Net earnings from activities
sold 34.1 3.5 - n.m.
Consolidated profit (loss) Group Share 23.3 6.4%
(12.8) (3.6)% n.m.
Over the first nine months of 2015, Cegedim generated
consolidated revenue from continuing activities of
€366.6 million, up 3.3% on a reported basis compared with the
same period in 2014. Currencies and acquisitions had positive
impacts of respectively 1.9% and 0.3%. Like-for-like revenue grew
by 1.0%.
The decline in like-for-like revenues at the Healthcare
Professionals division was more than offset by growth at the Health
Insurance, HR and e-services; Cegelease; and Activities not
allocated divisions.
EBITDA increased by €1.9 million, or 3.2%, to €60.3 million; the
margin remained virtually stable at 16.4% for the first nine months
of 2015, compared to 16.5% for the first nine months of 2014. This
EBITDA trend was attributable to the drop at the Healthcare
professionals division being more than offset by EBITDA
improvements at Health Insurance, HR and e- services; Cegelease;
and Activities not allocated.
Depreciation increased by €3.7 million, from €28.4 million for
the first nine months of 2015 to €32.0 million for the first nine
months of 2015. Special items at the end of September 2015 amounted
to a charge of €5.0 million, compared with a charge of €8.1 million
one year earlier. Most of these charges are linked to
reorganizational costs tied to the computerization of doctors in
the UK and fees related to the sale of the CRM and Strategic Data
division to IMS Health.
EBIT before special items decreased by €1.8 million, or 6.0%, to
€28.2 million, with a decrease in margin from 8.5% for the first
nine months of 2014 to 7.7% for the first nine months of 2015.
The cost of financial debt decreased by €5.5 million, from €38.2
million at the end of September 2014 to €32.7 million at the end of
September 2015. This decrease reflects the gain on financial
investments and the positive impact of the restructuring of bond
debt in 2014 and 2015.
Tax expense increased by €1.2 million, from a charge of €1.5
million over the first nine months of 2014 to a charge of €2.7
million over the first nine months of 2015.
Thus, the consolidated net profit from continuing activities
amounted to a loss of €10.8 million at the end of September 2015,
compared with a €16.3 million loss a year earlier. The loss per
share from continuing activities before special items was €0.4 at
the end of September 2015, compared with a €0.6 loss at the end of
September 2014. The consolidated net profit attributable to the
Group amounted to a profit of €23.3 million at the end of September
2015, compared to a €12.8 million loss at the end of September
2014. This profit came from the adjustment of the result on
disposal (see note 13 of the consolidated financial
statements).
Analysis of business trends by division
Revenue
EBIT before special
items
EBITDA in € million 3rd Quarter 3rd Quarter 3rd
Quarter 2015 2014 2015 2014 2015 2014
Health Insurance, HR and e-services 55.9 51.4 4.5 6.2
8.6 10.0 Healthcare professionals 36.5 36.9 3.6 6.3 6.4 8.8
Cegelease 27.2 27.3 1.3 1.6 4.6 4.1 Activities not allocated 0.8
0.7 (0.4) (1.5) 0.4 (1.0)
Cegedim 120.4
116.4 9.1 12.5 20.0
21.9 Revenue
EBIT before special
items
EBITDA in € million 9M 9M 9M 2015 2014
2015 2014 2015 2014 Health Insurance, HR and
e-services 167.5 158.0 16.2 15.7 28.1 26.9
Healthcare professionals 113.0 111.5 10.5 16.5 18.9 24.0 Cegelease
83.3 83.1 3.0 3.6 12.7 12.2 Activities not allocated 2.8 2.3 (1.4)
(5.8) 0.6 (4.6)
Cegedim 366.6 355.0
28.2 30.1 60.3 58.4
- Health Insurance, HR and
e-services
Over the first nine months of 2015, division revenues came to
€167.5 million, up 6.0% on a reported basis. The acquisition
of Activus in July 2015 in the UK made a positive contribution of
0.7%. Currencies had virtually no impact. Like-for-like revenues
grew 5.2% over the period.
The Health Insurance, HR and e-services division represented
45.7% of consolidated revenues from continuing activities, compared
with 44.5% during the same period a year earlier.
EBITDA came to €28.1 million for the first nine months of 2015,
up €1.2 million or 4.6%. The margin came to 16.8%, compared to
17.0% a year earlier.
These positive performances stem chiefly from:
- Cegedim Health Insurance, driven mainly
by the third-party payments processing and BPO activities. Others
activities were impacted in the short term by the transition from a
perpetual license model to an SaaS / Cloud model. Finally, the
acquisition of health and personal insurance software publisher
Activus gave Cegedim Health Insurance access to new markets (UK,
US, Middle East, APAC, etc.).
- Cegedim SRH, the SaaS HR management
platform, which got a boost from numerous commercial successes and
from the successful development of its BPO activities. This last
element initially had a negative impact on margin.
- Digital communication activities,
following the successful transition to digital
Over the first nine months of 2015, division revenues came to
€113.0 million, up 1.4% on a reported basis. Currency effects
made positive contributions of 6.0%. Acquisitions had virtually no
impact. Like-for-like revenues fell 4.7% over the period.
The Healthcare Professionals division represented 30.8% of
consolidated revenues from continuing activities, compared with
31.4% during the same period a year earlier.
EBITDA came to €18.9 million for the first nine months of 2015,
down €5.1 million or 21.3% compared to a year earlier. Thus, the
margin came to 16.7%, compared to 21.5% a year earlier.
These performances stem chiefly from:
- Weaker trends in the computerization of
UK doctors following the market’s migration to cloud-based
offerings. However, the investments the Group is now making in
order to get a cloud offering in 2016 should allow this segment to
gradually return to growth.
- The impact of rolling out Revenue Cycle
Management (RCM) products in the US. This product range allows
doctors to manage reimbursements from multiple US insurers. This is
a BPO-like offering that required the size of the RCM team to be
doubled before requested work could begin with clients. This
significantly increased costs. As business with clients gradually
ramps up over Q4 2015 and H1 2016, this activity should return to
growth and improve its profitability. Revenues related to RCM
offerings are recognized over the life of the contract, unlike EHR
products.
- The definitive adoption in October of
the ICD-10 standards in the Unites-States, which means we can
expect a gradual pick-up in EHR sales momentum following a period
in which doctors have been hesitant to invest.
- Lastly, the September 2015 acquisition
of Nightingale’s US assets gives the Group product ranges that use
both client-server and cloud models.
- Growth in the computerization of
doctors in Spain, Belgium and Romania, and the computerization of
nurses and physical therapists in France.
- Growth in the Base Claude Bernard (BCB)
medication database.
Cegedim is strengthening its SoCall remote medical receptionist
offering by launching Docavenue, an innovative online appointment
scheduling solution. This platform connects patients directly to
their healthcare professional’s calendar so they can request an
appointment. Patients then receive a text message confirming the
appointment. The service also gives patients access to information
on diseases and on medications, via the BCB database. It meets a
growing need, both before and after consultations, for vetted
information on treatments, indications, side-effects and
contraindications. The Group plans to expand the Docavenue offering
to other countries.
Over the first nine months of 2015, division revenues came to
€83.3 million, up 0.3% on a reported basis and like for like.
There were no acquisitions or divestments, and currencies had no
impact.
The Cegelease division represented 22.7% of consolidated
revenues from continuing activities, compared with 23.4% during the
same period a year earlier.
EBITDA came to €12.7 million for the first nine months of 2015,
up €0.5 million or 4.1% compared to a year earlier. Thus, the
margin came to 15.2%, compared to 14.6% a year earlier.
The increased use of self-financing for financial lease
contracts, principally in the second quarter, negatively affected
revenues and EBITDA. Favorable financing conditions are leading the
Group to reduce the share of self-financed contracts.
As a reminder, margins are higher on self-financed contracts
than on resold contracts, but the margin on resold contracts is
recognized when the contract is signed, whereas in the case of
self-financed contracts, the margin is recognized over the duration
of the contract.
Over the first nine months of 2015, division revenues came to
€2.8 million, up 18.5% on a reported basis and like for like.
There were no acquisitions or divestments, and currencies had no
impact.
The Activities not allocated division represented 0.8% of
consolidated revenues from continuing activities, compared with
0.7% during the same period a year earlier.
EBITDA improved by €5.3 million to a €0.6 million profit for the
first nine months of 2015 compared with a €4.6 million loss a year
earlier. The margin came to 22.2% at the end of September 2015.
This favorable EBITDA trend reflects cost-containment efforts
and the impact of invoicing for IT services that are being provided
to IMS Health.
Financial resources
Cegedim’s total consolidated balance sheet at September 30,
2015, was €783.8 million, a 31.8% decrease over December 31,
2014.
Goodwill on acquisition came to €184.9 million at September 30,
2015, compared to €175.4 million at the end of 2014. This €9.5
million increase is chiefly attributable to the acquisition of
Activus in July 2015 in the UK and to the appreciation of some
foreign currencies against the euro, chiefly the UK pound, for €1.7
million. Goodwill on acquisition represented 23.6% of total assets
on September 30, 2015, compared to 15.3% at December 31, 2014.
Cash and cash equivalents came to €218.1 million at September
30, 2015, an increase of €174.0 million compared to December 31,
2014. This increase was principally due to the recognition of the
selling price of the CRM and Strategic Data business to IMS Health,
i.e. €324 million net of the cash positions of the divested
companies, partly offset by the redemption of a total of
€87.9 million of the 6.75% bond maturing in 2020 on the
market, and by an increase in WCR.
Shareholders’ equity fell €34.5 million to €183.6 million at the
end of September 2015 compared to €218.1 million at the end of
December 2014. This decrease stems from the decline in the group
exchange gains/losses following the deconsolidation related to the
disposal of the CRM and Strategic Data division to IMS Health.
Shareholders’ equity came to 19.0% of total balance sheet on
December 31, 2014, compared to 23.4% at the end of September
2015.
Net debt came to €176.9 million at the end of September 2015,
down €327.3 million compared with end of 2014. This represented
96.4% of equity as of September 30, 2015.
Before the cost of net financial debt and taxes, operating cash
flow was €61.3 million at the end of September 2015, compared to
€77.3 million as of September 30, 2014.
Period highlights
- Disposal of the “CRM and Strategic
Data” division to IMS Health
On April 1, 2015, Cegedim announced that it had completed the
disposal of its CRM and Strategic Data division to IMS Health. The
estimated selling price, determined in accordance with October 2014
agreements, amounts to €396 million. This estimated amount is
subject to joint review over a period of 180 business days from
March 31, 2015.
- S&P has upgraded Cegedim’s
rating to BB- with positive outlook
Following the announcement of the transaction, rating agency
Standard and Poor’s upgraded Cegedim’s rating to BB-, with positive
outlook, on April 13, 2015.
- Redemption of the 7.0% 2015
bond
Cegedim redeemed the full amount of the €62.6 million of
the 7.0% 2015 bond remaining in circulation upon maturity on July
27, 2015 (ISIN: FR0010925172).
- Cancellation of factoring
agreements
In the first half of 2014, the Group cancelled factoring
agreements covering the divestment of client receivables, with no
possibility of recourse, for a total of €38.0 million. These
agreements amounted to €14.2 million at end-December 2014. The
agreements dealt chiefly with companies sold to IMS Health.
- Redemption of Cegedim Bonds
Between May 6, 2015, and September 30, 2015, Cegedim redeemed on
the market its 6.75% bond, maturing April 1, 2020, ISIN code
XS0906984272, for a total principal amount of €79,504,000. The
company then cancelled these bonds. As a result, a total principal
amount of €345,496,000.00 remains in circulation.
- Acquisition in the UK of
Activus
On July 20, 2015, Cegedim announced the acquisition of 100% of
Activus, one of the UK’s leading suppliers of health and protection
insurance software. This deal gives Cegedim Health Insurance access
to new markets (UK, US, Middle East, APAC, Africa, etc.) and
strengthens its software offering for international clients.
Activus generated revenue of around €7 million in 2014.
This move is part of the Group’s strategy of making bolt-on
acquisitions to expand its international positions. The deal was
financed with internal financing. It began contributing to Cegedim
consolidated results starting from the acquisition date.
- Favorable exchange rate
movements
At end-September, movements in exchange rates were positive,
contributing €6.8 million to consolidated nine month revenues
from continuing activities.
On September 24, 2015, the Paris Court of Appeal rejected
Cegedim’s request and upheld the Competition Authority decision of
July 8, 2014. Because the fine was paid in full in September 2014,
this decision has no impact on Cegedim’s accounts. Cegedim has
appealed this decision to the Court of Cassation.
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
- Acquisition of Nightingale’s US
assets
In early October 2015, Cegedim announced that its US subsidiary,
Pulse Systems, Inc., had acquired the US healthcare management
activities of Nightingale Informatix Corporation, including
Medrium, Ridgemark, Secure Connect and Northern Health
Products.
Pulse will now be able to offer its clients healthcare and EHR
management products in client-server and cloud formats.
- Redemption of Cegedim Bonds
On October 1, 2015, Cegedim redeemed on the market its 6.75%
bond, maturing April 1, 2020, ISIN code XS0906984272, for a total
principal amount of €2,150,000. The company is canceling these
bonds. As a result, a total principal amount of €343,346,000
remains in circulation.
Apart from the items cited above, to the best of the company’s
knowledge, there were no post-closing events or changes that would
materially alter the Group’s financial situation.
Outlook
In light of the rapid development of its BPO and SaaS / cloud
businesses, which require personnel investments to get clients up
and running, and given the investments necessary for migrating all
of its software products from perpetual license models to cloud /
SaaS formats, Cegedim is expecting for 2015 like-for-like revenue
growth of 1% and a 5% increase in EBITDA.
The Group does not anticipate any significant acquisitions for
2015 and does not disclose profit projections or estimates.
Financial calendar
The Group will hold a conference call
today, November 26, 2015, 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 2015 First Nine
Months Results will also be available on the website:
http://www.cegedim.com/finance/documentation/Pages/presentations.aspx
Contacts
numbers:
France: +33 1 70 77 09 44
US: +1 866 907 5928
UK and others: +44 (0)20 3367 9453
No access code
required
December 17, 2015 at 1:45pm CET
Auditorium Cegedim, 17 rue de l’Ancienne Maire,
Boulogne-Billancourt
January 28, 2016 after market closing
March 23, 2016 after market closing
March 24, 2016 at 10am CET
- Analyst meeting (SFAF meeting)
May 26, 2016 after market closing
July 26, 2016 after market closing
September 15, 2016 after market closing
September 16, 2016 at 10am CET
- Analyst meeting (SFAF meeting)
November 29, 2016 after market closing
Additional Information
The Audit Committee met on November 24, 2015. The Board of
Directors met on November 26, 2015, to review the 2015 first nine
months consolidated financial statements.
The first nine months financial report, including management
discussion and analysis, is available in the Finance section of
Cegedim’s website:
- In French:
http://www.cegedim.fr/finance/documentation/Pages/rapports.aspx
- In
English:http://www.cegedim.com/finance/documentation/Pages/reports.aspx
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 as of September 30,
2015
Assets
In thousands of euros 09/30/2015
12/31/2014 Goodwill on acquisition
184,891 175,389 Development costs 30,268
12,059 Other intangible fixed assets 82,372 92,979
Intangible fixed assets 112,640 105,038
Property 389 389 Buildings 3,285 3,637 Other tangible fixed assets
18,752 16,006 Construction work in progress 1,799 697
Tangible fixed assets 24,224 20,727 Equity
investments 1,064 704 Loans 2,618 2,684 Other long-term investments
6,424 8,834
Long-term investments - excluding
equity shares in equity method companies 10,105
12,222 Equity shares in equity method companies 9,292 8,819
Government - Deferred tax 9,347 10,625 Accounts receivable:
Long-term portion 15,648 15,162 Other receivables: Long-term
portion 1,256 1,812
Non-current assets
367,403 349,793 Goods 8,424 8,563 Advances and
deposits received on orders 89 77 Accounts receivable: Short-term
portion 144,675 127,264 Other receivables: Short-term portion
27,900 21,931 Cash equivalents 165,000 2,416 Cash 53,081 41,619
Prepaid expenses 17,223 12,708
Current assets
416,394 214,579 ASSETS OF ACTIVITIES
HELD FOR SALE 584,857 Total
assets 783,797 1,149,229
Liabilities as of September 30, 2015
In thousands of euros 09/30/2015
12/31/2014 Share capital 13,337 13,337 Group
reserves 139,150 340,763 Group exchange gains/losses 7,731 63,577
Group earnings 23,326 (199,757)
Shareholders’
equity, Group share 183,544 217,921 Minority
interests (reserves) 71 118 Minority interests (earnings)
(10) 24
Minority interests 61
142 Shareholders' equity 183,605
218,063 Long-term financial liabilities 346,791 476,024
Long-term financial instruments 4,198 8,094 Deferred tax
liabilities 6,883 7,620 Non-current provisions 20,500 18,680 Other
non-current liabilities 2,625 1,123
Non-current
liabilities 380,996 511,541 Short-term financial
liabilities 48,208 72,192 Short-term financial instruments 5 8
Accounts payable and related accounts 47,474 47,166 Tax and social
liabilities 60,771 69,188 Provisions 2,420 2,615 Other current
liabilities 60,317 47,808
Current liabilities
219,196 238,976 LIABILITIES OF
ACTIVITIES HELD FOR SALE 180,649
Total Liabilities 783,797
1149,229
Income statement as of September 30, 2015
In thousands of euros 09/30/2015
09/30/2014 Revenue 366,567
354,969 Other operating activities revenue Purchases used
(64,888) (65,921) External expenses (93,322) (90,799) Taxes (7,799)
(8,161) Payroll costs (138,000) (129,537) Allocations to and
reversals of provisions (2,814) (1,832) Change in inventories of
products in progress and finished products Other operating income
and expenses 552 (305)
EBITDA 60,295 58,413
Depreciation expenses (32,047) (28,363)
Operating
income from recurring operations 28,248 30,050
Depreciation of goodwill Non-recurrent income and expenses (5,010)
(8,062)
Other exceptional operating income and expenses
(5,010) (8,062) Operating income
23,239 21,988 Income from cash and cash equivalents
1,202 241 Gross cost of financial debt (32,775) (38,230) Other
financial income and expenses (1,173) (214)
Cost
of net financial debt (32,746) (38,203) Income
taxes (2,247) (3,013) Deferred taxes (448) 1,556
Total taxes (2,695) (1,456) Share of profit
(loss) for the period of equity method companies 1,428 1,343 Profit
(loss) for the period from continuing activities (10,775) (16,328)
Profit (loss) for the period discontinued activities 3,547 Profit
(loss) for the period from activities sold 34,091
Consolidated profit (loss) for the period 23,316
(12,781)
GROUP SHARE 23,326 (12,804)
Minority interests (10) 23 Average number of shares excluding
treasury stock 13,934,479 13,955,780
Current
Earnings Per Share (in euros) (0.4)
(0.6) Earnings Per Share (in euros) 1.7
(0.9) Dilutive instruments
none none
Earning for recurring operation per share (in euros)
1.7 (0.9)
Consolidated cash flow statement as of September 30,
2015
In thousands of euros 09/30/2015
09/30/2014 Consolidated profit (loss) for the period
23,316 (12,782) Share of earnings from equity method
companies (1,470) (1,346) Depreciation and provisions 32,532 47,280
Capital gains or losses on disposals (30,687) 350
Cash flow after cost of net financial debt and taxes
23,691 33,502 Cost of net financial debt 31,758
38,343 Tax expenses 5,811 5,417
Operating cash
flow before cost of net financial debt and taxes 61,260
77,262 Tax paid (9,877) (8,611) Change in working capital
requirements for operations: requirement (21,370) (12,220) Change
in working capital requirements for operations: surplus
Cash flow generated from operating
activities after tax paid and change in working capital
requirements (A) 30,013 56,432 OF
WHICH NET CASH FLOWS FROM OPERATING ACTIVITIES OF DISCONTINUED
OPERATIONS
6,091 40,858 Acquisitions of intangible
assets (30,615) (37,790) Acquisitions of tangible assets (21,003)
(16,282) Acquisitions of long-term investments Disposals of
tangible and intangible assets 1,532 665 Disposals of long-term
investments 1,604 1,383 Impact of changes in consolidation scope
(1) 319,370 (467) Dividends received from equity method companies
81 941
Net cash flows generated by investment
operations (B) 270,969 (51,550) OF
WHICH NET CASH FLOWS CONNECTED TO INVESTMENT OPERATIONS OF
DISCONTINUED OPERATIONS
(7,482) (23,314) Dividends
paid to parent company shareholders 0 0 Dividends paid to the
minority interests of consolidated companies (69) (73) Capital
increase through cash contribution 0 (53) Loans issued 0 125,000
Loans repaid (144,457) (107,069) Interest paid on loans (41,530)
(38,363) Other financial income and expenses paid or received
(643) (2,788)
Net cash flows generated by
financing operations (C) (186,699) (23,347) OF
WHICH NET CASH FLOW RELATED TO FINANCING OPERATIONS OF DISCONTINUED
OPERATIONS
(836) 262 Change In Cash without impact
of change in foreign currency exchange rates (A + B + C)
114,283 (18,466) Impact of changes in foreign
currency exchange rates 2,850 3,821
Change in cash
117,133 (14,644) Opening cash 99,715 54,227 Closing
cash 216,848 39,582
(1) Selling price net of cash positions of the divested
companies of the CRM and strategic data division on April 1,
2015.
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.
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
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 almost 3,500 people in 11 countries
and generated revenue of €494 million in 2014. Cegedim SA is listed
in Paris (EURONEXT: CGM).
To learn more, please visit:
www.cegedim.com
And follow Cegedim on Twitter:
@CegedimGroup
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151126005467/en/
Aude BALLEYDIERCegedimMedia RelationsTel: +33 (0)1 49 09
68 81aude.balleydier@cegedim.frorJan Eryk
UMIASTOWSKICegedimChief investment OfficerInvestor
RelationsTel.: +33 (0)1 49 09 33
36investor.relations@cegedim.frorGuillaume
DE CHAMISSOPRPA AgencyMedia RelationsTel: +33 (0)1 77 35 60
99guillaume.dechamisso@prpa.fr
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