(AOF) – Clariane announces for 2023 organic revenue growth of 8.4% to 5.04 billion euros and Ebitda excluding IFRS 16 at 614 million euros, up 3.3%. The retirement home group indicates that its net income from continuing operations, excluding IFRS 16, excluding asset impairments, is positive by 2 million euros, while it is negative by 49 million euros with the impairments of ‘assets. As the leverage ratio is greater than 3.5 as of December 31, 2023, the group will not pay a dividend for the 2023 financial year.
In 2024, Clariane expects continued organic growth in its turnover “at a level above 5%”, supported by the regular increase in activity volumes and the continued readjustment of prices. Given the absence of expected contribution from real estate development activities in 2024, the level of Ebitda excluding IFRS 16 on a pro forma basis of expected disposals, “should remain stable in amount”.
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Key points
– European number 1 in reception, care and home help for the elderly and vulnerable, with more than 1,000 establishments in 7 European countries, created in 2003;
– Turnover of €4.5 billion achieved by 3 businesses: long-term care for 65%, health for 24% and follow-up care clinics and home help;
– Revenues from France for 49% (number 1), Germany for 27% (number 1), Italy for 12% (number 1) and Belgium for 14% (number 1);
– Multi-local and partnership business model, with a diversified care offering in 600 living areas in Europe and, at the same time, the desire to be a real estate developer-manager (Propco), with a 24% property ownership rate. real estate, worth €3.3 billion;
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Capital controlled by mutuals (Prédica with 24.80%, Malakoff Humanis with 7.60%, PSP with 6.40%, Jean-Pierre Duprieu chairing the board of 12 directors and Sophie Boissard being general director;
– Balance sheet a little tight at the end of June: debt leverage at 4.1, LTV ratio at 58% at the end of June but €900 million in liquidity and real estate assets valued at €3.2 billion.
Challenges
– Strategy 2024:
– 10% annual growth in turnover excluding acquisitions,
– ramp-up of the health activity (objective of 30% of revenues),
– opening of 3,000 beds per year,
– by 2023, increase in the value of real estate assets to €4 billion;
– Innovation strategy carried out by the internal digital agency “Korian Solutions”:
– industrialization of buildings with the BIM system;
– serving residents: multifunctional, robotic or virtual equipment designed by start-ups, partnerships with universities or CEA, innovation laboratory, etc.;
– Environmental strategy 2019-2023:
– 40% reduction in CO2 emissions by 2030 (vs 2018),),
– 5% reduction in waste,
– loans integrating ESG criteria;
– Continued rationalization and improvement of retirement, care and health homes;
– Within the Inicea division:
– health: delivery of 13 projects in outpatient activity, integration of Spanish Grupo 5 (mental health) and 20% increase in the number of patients,
– outpatient and home care: 1,875 beds in operation for the Ages&Vie network in France with 1,875 beds in operation, doubling of the number of people supported in home care and 253 agencies for the Petits-fils network in France,
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addiction ; growth of the network via the partnership with the Banque des Territoires;
– Reinforcement of €120 million in equity via the monetization of real estate assets: entry of investors (Covéa, Crédit Agricole Assurances and Malakoff Humanis) into a real estate vehicle holding 46 European assets, valued at €500 million.
Challenges
– Continued rise in the occupancy rate;
– Pipeline of 11,000 new beds by 2026, bringing the number of beds to more than 103,000;
– Negative impact of energy, food and wage inflation on the operating margin;
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After a 7% gain in revenues and a slight decline in operating margin, 2023 objective of revenues up 5%, a stable operating margin and debt leverage at 3.5;
– Option to pay the dividend in shares retained at 0.30% of the capital.
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