(AOF) – Muriel Barnéoud is appointed Director of CSR and Quality of the Orpea Group and joins the Management Committee. Her missions will include steering the group’s CSR strategy, strengthening the quality policy and objectives as part of the restructuring plan, and contributing to the group’s transformation in terms of quality. A graduate of Sciences Po Paris and holder of a DESS in Finance and Taxation from Panthéon-Sorbonne University, Muriel Barnéoud has been Director of Social Engagement for the La Poste group since 2016, which she joined in 1994.
She was Executive Director of the group in 2002, then Industrial Director in 2005, before being appointed President of the digital subsidiary Docaposte in 2010.
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Key points
– European number 1 in global dependency care with more than 90,000 beds and nearly 1,000 establishments in 21 countries, created in 1989;
– Turnover of €4.7 billion, split between France-Benelux for 60%, Central Europe for 26%, Eastern Europe for 9%, the Iberian Peninsula and Latin America ( Brazil, Chile and Uruguay) for 5% then China;
– Questioning the value creation model (international growth and strong ownership, at 46%, of operating real estate assets) following criticism of resident care;
– Very tight balance sheet with leverage (net debt / pre-IRFS 16 EBITDA) greater than 25x at the end of 2022, requiring a restructuring of the debt and contributions of new funds through guaranteed debt and capital increase.
Challenges
– Refoundation plan “Orpea changes with you and for you” 2025:
– association of stakeholders in the overhaul and improvement of medical practices,
– recovery in performance: 9% annual revenue growth and operating margin of +12%,
– sales of real estate assets (€1 billion identified), restructuring or sale in countries without an attractive position and financial restructuring;
– Strategy of innovation and anticipation of care for all vulnerabilities;
Challenges
– Strong impact of inflation on food and energy consumption, electricity purchases in France not being covered;
– Implementation of the financial restructuring project as part of the accelerated safeguard procedure opened on March 24, 2023;
– Attitude of shareholders and creditors, the restructuring involving the capitalization of unsecured debts held by the latter to the tune of €3.8 billion and a capital increase from €1.3 to €1.5 billion;
– Interest from numerous funds: Mat Immo Beaune, Nextstone.
Learn more about the Pharmacy sector
Biotechs put to the test
These companies are suffering from a much less favorable economic cycle, which is reflected in particular by a drop in venture capital financing of start-ups. These companies are therefore obliged to carry out layoff plans. Added to this is a much more restrictive regulatory framework. First, in the United States, measures linked to the Inflation Reduction Act (IRA) could have a strong impact on the margins of stakeholders. Indeed, from 2026, the federal Medicare program will be able to renegotiate the price of drugs marketed for nine years (chemical) or 13 years (biological), with discounts that could range from 35 to 60% for biotechs. Likewise, in Europe, with the new drug regulations presented in Brussels in April, the duration of patent protection will be reduced if the innovative treatment is not marketed in all member countries within two years.