Quarterly Financial Information as of March 31, 2015IFRS -
Regulated Information - Not Audited
- Reported growth of 7.0% and
like-for-like growth of 4.8%
- FY 2015 revenue growth outlook revised
upward
- S&P rating for Cegedim upgraded to
BB-, positive outlook
Regulatory News:
Cegedim, a technology and services company committed to
innovation, posted consolidated first quarter 2015 revenues
excluding activities held for sale of €119.3 million, up 7.0%
on a reported basis and 4.8% like-for-like compared with the same
period in 2014. All divisions contributed positively to the
reported growth.
Cegedim announced on April 1, 2015, the completion of the
disposal of its CRM and Strategic Data division to IMS Health for a
selling price of €396 million1. Consequently, the first
quarter 2015 Financial Statements are reported in compliance with
IFRS 5 that separately classifies - Non-current Assets Held for
Sale and Discontinued Operations.
Following this disposal, in order to provide more relevant
information on its divisions that more closely reflects its new
internal reporting, Cegedim will now report financial information
for the following divisions: Technologies, Healthcare
Professionals, Cegelease, and Reconciliation.
The main changes are the following:
- The Cegelease activity has been
separated out to reflect its specific business model;
- The digital promotional activities have
been transferred from the Healthcare Professionals division to the
Technologies division, and the former Insurance and services
division is now folded into the Technologies division;
- Finally, the Reconciliation division
now encompasses only 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 GERS activities have
been transferred in to the Technologies division.
Rating agency S&P upgraded its rating for Cegedim on April
13, 2015, to BB- with a positive outlook.
As of its first quarter 2015 revenue release, Cegedim now
expects consolidated revenue from continuing activities to grow by
2.5% like-for-like, against 1.0% previously.
1 This estimated amount is subject to joint review on the basis
of the accounts at March 31, 2015, to be prepared within 90
business days.
- The change in revenues per division
for the 1st quarter is as follows:
€ thousands Q1
2015 Q1 2014 Q1 2015/2014
change
Reported Like-for-like Technologies
53,847 49,592 +8.6% +8.5% Healthcare
Professionals 36,139 36,041 +0.3% (6.3)% Cegelease 28,950 25,533
+13.4% +13.4% Reconciliation 335 304 +10.3% +10.3%
Total from
continuing activities 119,271 111,469
+7.0% +4.8% Activities held for sale 103,688 92,581
+12.0% +7.0% IFRS 5 Restatements 2,038
1,900 +7.3%
+7.3%
Total Cegedim 224,997
205,951
+9.2% +5.8%
In the first quarter of 2015, revenues from continuing
activities came to €119.3 million, up 4.8% on a like-for-like basis
compared with the year-earlier period. Acquisitions had virtually
no impact and currencies had a positive impact of 2.1%, thus
revenue increased by 7.0% on a reported basis. Group revenue
including activities held for sale amounted to €225.0 million, up
9.2% on a reported basis and 5.8% like-for-like.
The like-for-like decline at the Healthcare Professionals
division was more than offset by an increase at the Technologies
and Cegelease divisions.
Analysis of business trends by division
The division’s first-quarter 2015 revenues came to
€53.8 million, up 8.6% on a reported basis and 8.5%
like-for-like. Currencies had virtually no impact and there were no
acquisitions or divestments.
The Technologies division represented 45.1% of the Group’s
consolidated revenues from continuing activities, compared with
44.5% a year earlier.
This increase was chiefly attributable to double-digit growth at
RNP, the specialist in window dressing for French pharmacists; at
Cegedim SRH, provider of human resources management solutions,
which continues to record many commercial successes; and in the
third-party payer data processing segment of Cegedim
Assurances.
Finally, the electronic invoicing activity of the Cegedim
e-business entity continues to grow, driven among other things by
the rebound of the Cegedim Global Payments activity, which was
penalized last year by the transition from a perpetual license
offer to an SaaS offering.
In the first quarter of 2015, the division’s revenues amounted
to €36.1 million, up 0.3% on a reported basis. The SoCall
acquisition and currencies had positive impacts of respectively
0.1% and 6.5%. Like-for-like revenues were down 6.3% over the
period.
The Healthcare Professionals division represented 30.3% of the
Group’s consolidated revenues from continuing activities, compared
with 32.3% in the year-earlier period.
This like-for-like decrease mainly reflects the changes in sales
model used for offers aimed at French pharmacists. Indeed, the
rental model, under which revenues are recognized at Cegelease, is
now favored over direct license sales, under which revenues are
recognized at Alliadis (Healthcare Professionals division). We also
note a cyclical effect on offers to US physicians and a temporary
delay in the billing of UK physicians.
As in the fourth quarter of 2014, this decline was partially
offset by growth in the computerization of doctors in France,
Belgium, Spain and Romania, and of pharmacies in the UK, as well as
at drug database operations in France and the UK. Lastly, the
computerization of nurses and physical therapists in France
continued its double-digit growth.
The division’s first-quarter 2015 revenues came to
€28.9 million, up 13.4% both on a reported basis and like for
like. There were no acquisitions or divestments and no currencies
impact.
The Cegelease division represented 24.3% of the Group’s
consolidated revenues from continuing activities, compared with
22.9% a year earlier.
This increase mainly reflects the significant recovery in the
computerization of French pharmacies and the positive impact from
the initial sales involving new partners in optics and in dental in
the second half of 2014.
The division’s first-quarter 2015 revenues came to
€0.3 million, up 10.3% both on a reported basis and
like–for-like. Currencies had virtually no impact and there were no
acquisitions or divestments.
The Reconciliation division represented 0.3% of the Group’s
consolidated revenues from continuing activities, as of a year
earlier.
- Activities held for sale (division
“CRM and Strategic Data”)
In the first quarter of 2015, the division’s revenues came to
€103.7 million, up 12.0% on a reported basis. Currencies had a
positive impact of 5.0%. There were no acquisitions or divestments.
Like-for-like revenues increased 7.0% over the period.
1st quarter highlights
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
- Disposal of the “CRM and Strategic
Data” division to IMS Health
On April 1, 2015, Cegedim announced the completion of 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 on the basis of the accounts at March 31,
2015, to be prepared within 90 business days.
- 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.
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
For 2015, Cegedim now expects consolidated revenue from
continuing activities to record like-for-like growth of 2.5%,
compared with a 1.0% increase before. The Group will adjust its
forecast growth rate for EBIT before special items from continuing
activities after the first-quarter earnings release on May 27,
2015. Please note that the Group currently anticipates growth in
consolidated EBIT before special items from continuing activities
of more than 5%.
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 on April 28, 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 Q1 Revenue will also be available
on the website:
http://www.cegedim.com/finance/documentation/Pages/presentations.aspx
Contact
numbers:
France: +33 1 70 77 09 42
US : +1 866 907 5928
UK and others: +44 (0)20 3367 9457
No Access code
required
May 27, 2015 (after the stock
market closes)
September 22, 2015
Q1 2015 Results announcement
SFAF meeting
July 28, 2015 (after the stock
market closes)
October 27, 2015 (after the stock
market closes)
Q2 2015 Revenue announcement
Q3 2015 Revenue announcement
September 21, 2015 (after the stock
market closes)
November 26, 2015 (after the stock
market closes)
H1 2015 Results announcement
Q3 2015 Results announcement
Additional Information
Complete financial information and a presentation on Cegedim’s
first quarter revenues are available on our website:
www.cegedim.com/finance.
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
- Revenues by division and by
quarter:
Year 2015
€ thousands Q1 Q2 Q3 Q4
Total Technologies 53,847
53,847 Healthcare Professionals 36,136 36,136 Cegelease 28,950
28,950 Reconciliation 335 335
Total from continuing
activities 119,271 119,271 Activities held for
sale 103,688 103,688 IFRS 5 Restatements 2,038
2,038
Total Cegedim
224,997
224,997
Year 2014
€ thousands Q1 Q2 Q3 Q4
Total Technologies 49,592
49,592 Healthcare Professionals 36,041 36,041 Cegelease 25,533
25,533 Reconciliation 304 304
Total from continuing
activities 111,469 111,469 Activities held for
sale 92,581 92,581 IFRS 5 Restatements 1,900
1,900
Total Cegedim
205,951
205,951
- Revenues from continuing activities,
breakdown by geographic zone as of Q1 2015
France
EMEA ex.France
Americas APAC Technologies 98.7% 1.3%
- - Healthcare Professionals 46.3% 45.7% 8.0% -
Cegelease 100.0% - - - Reconciliation 89.0% 11.0%
- --
Total from continuing activities
83.1% 14.5% 2.4% -
- Revenue from continuing activities,
breakdown by currency as of Q1 2015
Euro USD GBP Others Technologies
98.7% - - 1.3% Healthcare Professionals
50.0% 7.9% 40.8% 1.4% Cegelease 100.0% - - - Reconciliation
100.0% 0.0% - 0.0%
Total from continuing
activities 84.2% 2.4%
12.4% 1.0%
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.
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 technology
and services company committed to innovation. Cegedim supplies
services, technological tools, specialized software, data flow
management services and databases. Its offerings are targeted
notably at healthcare professionals, healthcare industries, life
science companies, and health insurance companies. Cegedim employs
almost 3,500 people in 11 countries and generated revenue from
continuing activities 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
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
AgencyPress RelationsTel.: +33 (0)1 77 35 60
99guillaume.dechamisso@prpa.fr
Congoleum (AMEX:CGM)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Congoleum (AMEX:CGM)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
