- Organic revenue growth for the nine months ended 30
September 2023: +9.0%
- All regions and business lines contributing to
growth
- New ESG Entity Rating of 2 from Sustainable Fitch,
reflecting Clariane’s “good ESG profile”
- 2023 guidance: organic revenue growth of more than 8%,
stable amount of EBITDAR, leverage ratio around 3.8x, depending on
the completion schedule of current real-estate
partnerships
Regulatory News:
Clariane (CLARIA.PA – ISIN FR0010386334) (Paris:CLARI),
announces its revenue for the nine months ended 30 September
2023.
(€ million)
First nine months of
2023
First nine months of
2022
Reported growth
Organic growth
Revenue
3,731.3
3,344.0
11.6%
9.0%
France
1,644.0
1,545.1
6.4%
6.1%
Germany
867.5
795.0
9.1%
12.7%
Belgium/Netherlands
557.1
488.9
14.0%
14.0%
Italy
455.1
409.3
11.2%
7.1%
Spain/UK
207.6
105.7
97.6%
8.6%
Sophie Boissard, CEO of Clariane, said: “The Group’s
business continued to make steady progress in the first nine months
of the year, despite an environment of continuingly tight caregiver
recruitment and high inflation. This performance demonstrates the
relevance and resilience of our diversified business model of
caring for vulnerable people in the heart of their communities,
through our specialist Long-Term Care, Healthcare, and Community
Care networks.
I am delighted that the major ESG efforts made by the Clariane
community have been acknowledged by the rating agency Sustainable
Fitch, which awarded us a rating of 2 for our inaugural rating
defined as a “good ESG profile”. This result commits us to pursue
the fundamental work we have been doing in line with our
commitments made when adopting our status as a mission company.
In July, the Group completed major financing milestones that
demonstrated the continued confidence of its financial partners.
However, credit conditions continue to tighten and will remain so
for an extended period. In this context we are making improvement
in cash-flow generation and control of our debt a priority and in
addition to the very sharp reduction in development investment
planned over the next few years, we are studying different options
including the realisation of a programme of targeted disposals. Our
recent investments and continuous improvements over recent years
will support our growth and enable us to gradually improve our
operational and financial performance.”
In this press release, and unless otherwise indicated, all
changes are stated on a year-on-year basis (2023/2022), and at
constant scope and exchange rates.
The main alternative performance measures, such as EBITDA, EBIT,
net debt and financial leverage, are defined in the Group’s
Universal Registration Document, available on its website
(www.clariane.com).
This press release may contain forward-looking statements. Such
forward-looking statements do not constitute forecasts regarding
results or any other performance indicator, but rather trends or
targets. These statements are by their nature subject to risks and
uncertainties as described in the Company’s Universal Registration
Document available on its website (www.clariane.com). Accordingly,
these statements do not necessarily reflect the Company’s future
performance, which may differ significantly. The Company does not
undertake to provide updates of these statements. Further
information about Clariane is available on its website
(www.clariane.com).
--------------------------------------------------------------------------------------------------------------------------------
Clariane’s revenue in the first nine months of 2023 amounted to
€3,731 million, up 11.6% on a reported basis and up 9.0% at
constant scope and exchange rates. Reported growth was boosted by
the acquisition of Grupo 5, but also adversely affected by
disposals carried out in 2022, notably in Germany.
Across the Group as a whole, in the Long-Term Care segment, the
occupancy rate rose to 88,0% in the first nine months of 2023 as
opposed to 86,2% in the same period of 2022. This reflects a
gradual return to a normalized post-Covid and the ramp-up of
facilities that have recently been brought into service. To note,
the occupation rate in September 2023 reached 88.9%.
The Group has delivered and refurbished 58 new facilities,
representing 1,200 beds, over the period as a whole.
In the third quarter, revenue totalled €1,246.4 million versus
€1,128.7 million in the previous year period, representing reported
growth of 10.4% and organic growth of 8.3%.
1. Key performance indicators for the first nine months of
2023 by segment
All of the Group’s business segments achieved significant
growth:
(€ million)
First nine months of
2023
First nine months of
2022
Reported growth
Organic growth
Revenue
3,731.3
3,344.0
11.6%
9.0%
Long-Term Care
2,329.7
2,151.1
8.4%
8.9%
Healthcare
966.6
825.8
17.1%
5.6%
Community Care
435.0
367.2
18.5%
16.8%
1.1 Long-Term Care:
In the first nine months of 2023, revenue in this segment –
generated notably by the Korian, Seniors Residencias and Berkley
brands – amounted to €2,329.7 million, equal to 62.4% of the Group
total, and represented reported growth of 8.4% and organic growth
of 8.9%. Over the period as a whole, Clariane cared for around
90,000 residents in its Long-Term Care homes. This performance was
driven by:
- A gradual increase in the occupancy rate: in the first nine
months of 2023, at 88,0%, significantly higher than the
year-earlier figure of 86,2%;
- The increase in regulated prices in all regions, and
particularly in Germany, to reflect the increase in wages and
operational costs;
In the third quarter, revenue in the Long-Term Care segment grew
by 6.9% as reported and 8.1% on an organic basis, with revenue of
€790.1 million against €739.6 million in the third quarter of
2022.
1.2 Healthcare:
This segment generated revenue of €966.6 million in the first
nine months of the year, representing 25.9% of the Group total, and
representing growth of 17.1% as reported or 5.6% on an organic
basis. Operating under the Inicea brand in France and the Ita Salud
and Grupo 5 brands in Spain, the Group’s Healthcare facilities
cared for more than 500,000 patients during the period.
Performance was driven by the following developments.
- Medical and rehabilitation care: the commissioning of new
technical platforms and the extension of care capacity, with 8
projects delivered during the year, notably in France.
- Mental health: the acquisition of Spanish platform Grupo 5 has
been completed, strengthening the Group’s mental health business,
and should generate around €330 million of revenue in 2023 (France,
Spain, Italy).
To note, revenue of outpatient activities (consultations and
partial hospitalisation) rose by more than 25% (13% on an organic
basis).
In the third quarter, revenue in the Healthcare segment grew by
16.0% on a reported basis and 4.7% on an organic basis, with
revenue of €308.0 million as opposed to €265.4 million in the third
quarter of 2022.
1.3 Community Care:
Revenue in this segment, whose brands include Petits-Fils and
Age & Vie, amounted to €435.0 million in the first nine months
of 2023, representing 11.7% of the Group total and growth of 18.5%
or 16.8% on an organic basis. Over the period as a whole, Clariane
cared for more than 90,000 patients in this segment.
Performance was driven by the following developments.
- Ongoing development of the shared housing offering;
- Further strong growth in the homecare network.
In the third quarter, revenue in the Community Care segment grew
by 20.0% on a reported basis and 17.1% on an organic basis, with
revenue of €148.3 million as opposed to €123.6 million in the third
quarter of 2022.
2. Key performance indicators for the first nine months of
2023 by geographical region
2.1 France
(€ million)
First nine months of
2023
First nine months of
2022
Reported growth
Organic growth
Revenue
1,644.0
1,545.1
6.4%
6.1%
Business levels remained firm in France throughout the period,
with revenue up 6.1% on an organic basis.
- Revenue in the Long-Term Care segment includes the
impact of revised pricing against a backdrop of high inflation, as
well as a progression in volumes with an average occupancy rate of
more than 87% over the period as a whole. As a result, revenue in
this segment rose by 4.6% on an organic basis.
- The Healthcare segment achieved organic revenue growth
of 6.3%. Each of the sub-segments of activity, homecare, mental
health and medical and rehabilitation care, achieved significant
growth over the period as a whole.
- Finally, the Community Care segment achieved strong
growth (32.8% on an organic basis) in the first nine months of the
year, driven by robust demand for services such as those offered by
Age & Vie and Petits Fils.
The third quarter has confirmed the trends seen during the
period as a whole, with revenue in France rising by 5.3% as
reported and 6.4% on an organic basis.
2.2 Germany
(€ million)
First nine months of
2023
First nine months of
2022
Reported growth
Organic growth
Revenue
867.5
795.0
9.1%
12.7%
Revenue in Germany rose sharply in the first nine months of
2023, driven mainly by the significant price increases negotiated
in 2022 with local authorities following consequent pay rises for
staff in September 2022. Reported figures also include the impact
caused by selling and closing of a total of 21 facilities in
2022.
Given very high inflation, a new round of negotiations has been
underway since the spring with the various pricing authorities to
review upwards the fares applicable throughout the network. To
date, the results of these negotiations - which represent an
average increase of 10% on an annual basis - have not made it
possible to completely offset increases in non-wage costs,
particularly energy and food costs. while payment times from the
health insurance administration have increased significantly.
On this basis:
- The Long-Term Care segment posted organic growth of
12.3%, supported by price rises and a gradual increase in the
occupancy rate to 87% for the period as a whole (versus around 86%
in the first nine months of 2022).
- Revenue in the Community Care segment grew by
13.4%.
In the third quarter, revenue in Germany rose by 11.8% as
reported and by 12.0% on an organic basis.
2.3 Benelux
(€ million)
First nine months of
2023
First nine months of
2022
Reported growth
Organic growth
Revenue
557.1
488.9
14.0%
14.0%
Of which Belgium
460.5
414.3
11.2%
11.1%
Of which Netherlands
96.7
74.6
29.5%
29.5%
Growth remained strong in the Benelux region, with revenue
rising by 14.0% on an organic basis.
In Belgium:
- Revenue in the Long-Term Care segment rose by 10.9% on
an organic basis. This was supported by the increase in the
occupancy rate, which rose to 90% over the period as a whole
(versus 86% in the same period of 2022), and by steady price
increases, which fully offset the effect of inflation.
- The Community Care segment, meanwhile, achieved organic
growth of 14.0%.
In the Netherlands: the Group’s
three business segments achieved firm growth throughout the
period.
- Long-Term Care revenue rose by 24.3%, supported by an
improvement in the occupancy rate to 76% over the period as a whole
(versus 66% in the first nine months of 2022). This reflects the
rapid ramp-up of recently completed greenfield facilities in
favourable market conditions.
- Revenue in the Healthcare segment, which still accounts
for less than 4% of the total in the Netherlands, grew by 8.4% on
an organic basis.
- The Community Care segment, meanwhile, achieved organic
revenue growth of 77.8%.
In the third quarter, revenue in Benelux rose by 10.7% as
reported and by 10.4% on an organic basis. As regards individual
countries, revenue rose 9.4% as reported in Belgium (9.0% on an
organic basis) and 17.5% (both as reported and organically) in the
Netherlands.
2.4 Italy
(€ million)
First nine months of
2023
First nine months of
2022
Reported growth
Organic growth
Revenue
455.1
409.3
11.2%
7.1%
Growth in the Italian market remained robust, with revenue
rising by 7.1% on an organic basis. Adding in acquisitions made in
2022, reported growth was 11.2% in the first nine months of
2023.
- Long-Term Care revenue rose by 9.7%, supported by a high
occupancy rate of 94% over the period as a whole (versus 91% in the
first nine months of 2022).
- The Healthcare segment posted organic revenue growth of
4.1% in the first nine months of 2023, supported by significant
improvements in the follow-up care, mental health and outpatient
businesses.
- Finally, the Community Care segment achieved organic
revenue growth of 8.8%.
In the third quarter, revenue in Italy rose by 5.7% as reported
and by 5.2% on an organic basis.
2.5 Spain/UK
(€ million)
First nine months of
2023
First nine months of
2022
Reported growth
Organic growth
Revenue
207.6
105.7
97,6%
8.6%
Of which Spain
161.3
73.1
120.7%
5.0%
Of which UK
46.2
32.6
45.8%
16.5%
The region as a whole posted solid revenue growth of 8.6% on an
organic basis, supported by price rises and the ramp-up of the UK
business. Reported revenue surged by 97.6%, mainly due to the
completion of the Grupo 5 acquisition.
In Spain:
- Revenue in the Long-Term Care segment rose by 10.4% on
an organic basis. This was supported an occupancy rate of 84% in
the first nine months of 2023 (versus 81% in the same period of
2022) and slight price increases.
- Healthcare revenue grew 0.9% on an organic basis and
198.7% as reported due to the acquisition of Grupo 5.
To note, since Grupo 5 was acquired, its organic growth has been
strong, reaching 43% in the first nine months of 2023.
- The Community Care segment, which currently accounts for
only 2.3% of revenue in Spain, achieved rapid organic growth of
12.9%.
In the United Kingdom, revenue grew
16.5% on an organic basis. This performance resulted from price
rises and the ramp-up of facilities, with an occupancy rate of 84%
in the first nine months of the year (versus 81% in the same period
of 2022).
In the third quarter, revenue in the Spain/UK region rose by
88.1% on a reported basis due to the acquisition of Grupo 5, and by
10.2% on an organic basis. By individual country, revenue rose
119.4% as reported and 5.1% on an organic basis in Spain. In the
UK, revenue growth in the third quarter of 2023 was 29.3% as
reported and 19.7% on an organic basis.
3. Recent events
On 2 October, Sustainable Fitch awarded Clariane SE an ESG
Entity Rating of 2 and an entity score of 63, reflecting its “good
ESG profile”.
Fitch’s analysis reflects how Clariane integrates ESG
considerations into its business, strategy and management. It also
considers how Clariane evaluates, selects, manages and reports on
the projects to which the proceeds of bond issues have been
assigned.
Fitch also assessed:
- Clariane’s green bond (ISIN: FR0014003YZ5), awarding it a
framework score of 81;
- the Company’s social bond (ISIN: FR00140060J6), awarding it a
framework score of 80.
This led to a combined ESG Instrument Rating of 2 and an
instrument score of 72.
These ratings reflect Clariane’s overall good ESG profile
according to Fitch’s assessment of the environmental and social
impact of its business activities. Fitch’s assessment included the
eligibility and alignment of Clariane’s business activities and use
of proceeds with taxonomies of reference, and its level of
contribution to the UN Sustainable Development Goals.
The assessment recognises efforts made by Clariane in the ESG
space in recent months, in line with the adoption of its status as
a purpose-driven company.
4. Outlook - Guidance for 2023
Clariane confirms its operational targets for 2023:
- Organic revenue growth of more than 8%;
- Stable EBITDAR in amount.
Progressive deleveraging path, with financial leverage expected
to be around 3.8x in December 2023, depending on the completion
schedule of current real-estate partnerships.
5. Conference call: 25 October 2023, 3pm (CET)
To accompany the publication of its revenue figures for the nine
months ended 30 September 2023, Clariane will hold a conference
call in English, led by Philippe Garin, Chief Financial
Officer.
To connect:
- Call the following numbers:
- Paris: +33 (0)1 70 37 71 66
- UK: +44 (0)33 0551 0200
- US: +1 786 697 3501
- Watch the live webcast here
A playback of the conference call will be available
here.
The presentation used in the conference call will be available
on Clariane’s website (www.clariane.com) from 12pm (CET).
6. Next event:
Publication of 2023 results on 28 February 2024 after the
Euronext Paris market close
About Clariane
Clariane is the leading European community for care in times of
vulnerability. It has operations in seven countries: Belgium,
France, Germany, Italy, the Netherlands, Spain and the United
Kingdom.
Relying on their diverse expertise, each year the Group’s 70,000
professionals provide services to over 800,000 patients and
residents in three main areas of activity: long-term care nursing
home (Korian, Seniors Residencias, Berkley, etc.), healthcare
facilities and services (Inicea, Ita, Grupo 5, Lebenswert, etc.),
and alternative living solutions (Petits-fils, Les essentiels, Ages
et Vie, etc.).I
n June 2023, Clariane became a purpose-driven company and added
to its bylaws a new corporate purpose, common to all its
activities: “To take care of each person’s humanity in times of
vulnerability”.
Clariane has been listed on Euronext Paris Section A since
November 2006 and is included in the following indices: SBF 120,
CAC Health Care, CAC Mid 60, CAC Mid & Small and MSCI Global
Small Cap
Euronext ticker: CLARI - ISIN: FR0010386334
Annex
Quarterly revenue
First quarter 2023
Revenue (€ million)
Change (%)
First quarter
Reported
Organic
2023
2022
growth
growth
France
534.8
506.2
5.7%
4.6%
Germany
282.6
269.4
4.9%
12.1%
Benelux*
180.6
153.2
17.9%
18.0%
Italy
152.7
128.4
19.0%
8.9%
Spain/UK**
67.4
32.6
106.9%
7.1%
Total
1,218.2
1,089.7
11.8%
8.8%
* Including €150.0 million in Belgium in Q1 2023 vs. €130.5
million in Q1 2022 and €30.6 million in the Netherlands in Q1 2023
vs. €22.6 million in Q1 2022
** Including €53.6 million in Spain in Q1 2023 vs. €23.9 million
in Q1 2022 and €13.8 million in the UK in Q1 2023 vs. €8.7 million
in Q1 2022
Second quarter 2023
Revenue (€ million)
Change (%)
Second quarter
Reported
Organic
2023
2022
growth
growth
France
561.2
518.2
8.3%
7.2%
Germany
290.4
262.2
10.7%
14.0%
Benelux*
187.2
164.8
13.6%
13.9%
Italy
158.8
145.2
9.4%
7.2%
Spain/UK**
69.0
35.2
95.9%
5.8%
Total
1,266.6
1,125.7
12.5%
9.7%
* Including €153.6 million in Belgium in Q2 2023 vs. €140.4
million in Q2 2022 and €33.6 million in the Netherlands in Q2 2023
vs. €24.4 million in Q2 2022
** Including €53.4 million in Spain in Q2 2023 vs. €24.5 million
in Q2 2022 and €15.6 million in the UK in Q2 2023 vs. €10.8 million
in Q2 2022
Third quarter 2023
Revenue (€ million)
Change (%)
Third quarter
Reported
Organic
2023
2022
growth
growth
France
548.0
520.6
5.3%
6.4%
Germany
294.5
263.4
11.8%
12.0%
Benelux*
189.2
170.9
10.7%
10.4%
Italy
143.6
135.8
5.7%
5.2%
Spain/UK**
71.1
37.9
88.1%
10.2%
Total
1,246.4
1,128.6
10.4%
8.3%
* Including €156.9 million in Belgium in Q3 2023 vs. €143.3
million in Q3 2022 and €32.4 million in the Netherlands in Q3 2023
vs. €27.6 million in Q3 2022
** Including €54.3 million in Spain in Q3 2023 vs. €24.7 million
in Q3 2022 and €16.9 million in the UK in Q3 2023 vs. €13.2 million
in Q3 2022
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231024593312/en/
Investor relations Stéphane Bisseuil Head of Investor
Relations +33 6 58 60 68 69 stephane.bisseuil@clariane.com
Charles Rungeard Investor relations manager
charles.rungeard@clariane.com
Press Contacts Matthieu Desplats Press relations Director
+33 6 58 09 01 61 Matthieu.desplats@clariane.com
Julie Mary Press relations Manager +33 6 59 72 50 69
julie.mary@clariane.com
Florian Bachelet Press relations Manager +33 6 79 86 78 23
florian.bachelet@clariane.com
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