(CercleFinance.com) – Orpea publishes a turnover of 2295 ME for the 1st half, up 10.9%, including +6.4% organic, compared to the same period a year earlier.
At the same time, EBITDA fell by 16.9%, to 415 ME, and current operating profit (COI) dropped 64.6%, to 82 ME.
The group share of net income finally stands at -269 ME, far from the profit of 102 ME recorded twelve months earlier.
“The activity was characterized by a good overall dynamic of clinics both in France and internationally and retirement homes outside France”, assures Orpéa who specifies however that in France, the activity of retirement homes was affected by the context of the crisis affecting the Company (occupancy rate down 5 points between January and April 2022 followed by a gradual increase).
From the point of view of the outlook, Orpéa believes that the downward trend in the financial performance of the activities observed in the 1st half of 2022 could be amplified in the 2nd half given the additional volatility observed in energy prices.
In this context, and depending on the recovery in the occupancy rate, the Group’s EBITDAR margin rate in the 2nd half of 2022 could be lower than that of the 1st half of 2022, which would require ORPEA to contact the creditors concerned to renegotiate the financial covenants impacted.
‘Such an approach would only be undertaken in the event of a proven risk of non-compliance with the ratio, in order to preserve the Group’s financial structure’, assures the group.
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