Financial informations

Half-year results at the end of December 2019

on 2020/02/26

  • Half year reported turnover up 44.4% to EUR 1,934.5 million. At constant scope and exchange rates, solid growth (+3.0%);
  • Very strong increase in EBITDA reported under new IFRS accounting standards to EUR 272.9 million. Good improvement in EBITDA margin at constant scope, exchange rate and accounting standards;
  • Group net profit at break-even under new IFRS accounting standards but positive at EUR 11.4 million excluding the dilutive impact of IFRS 16;
  • Integration process of Capio very well advanced, financial and strategic perspectives above expectations;
  • Acceleration of the digitalization of the Group and continuous transformation of our organizations in order to achieve efficiency and improve our care pathways.


Pascal Roché, CEO of the Group, states :

«The prospects that had been opened a bit more than one year ago with the acquisition of Capio have been confirmed and allow us to display, at constant perimeter, conversion rate and accounting standards, an increase of revenue of +3%, as well as a solid improvement of our operational margin. Hence, the diversity and the complementarity of our businesses and our geographies in Europe make us very confident for the future. This future, we have continued to prepare it through a high level of investment, focused on care quality for our patients and attractiveness towards doctors. »

The Board of Directors, meeting on 24 February, approved the consolidated financial statements for the semester ended December 2019. The accounts were subject to a limited review by the statutory auditors.


In EUR million

From 1 July 2019
to 31 December 2019


From 1 July 2018
to 31 December 2018









Current Operating Profit




As a % of turnover


+1.3 point


Operating Profit




Net Income – Group share




Net Earnings per Share (EUR)





In EUR million

From 1 July 2019
to 31 December 2019

From 1 July 2018
to 31 December 2018










Nord - Pas de Calais - Picardie




Provence Alpes Côte d'Azur




Bourgogne Franche Comté




Other regions




Other activities








Published Turnover




Of which :

- At constant scope and exchange rates







- Changes in scope and exchange rates






Significant events during the half year :

Following the acquisition of Capio on 7 November 2018, the appraisal of identifiable assets and liabilities acquired at their fair value at the date of acquisition have been finalized over the semester. The goodwill related to the Capio acquisition amounts to EUR 950,0 million.

On 1 December 2019, activities of Clinique Jeanne d’Arc in Gien (Centre-Val de Loire) were transfered to the Centre Hospitalier régional d’Orléans (CHRO).


Operations and turnover :

During the half year ending on 31 December 2019, the Ramsay Santé Group reported consolidated turnover of EUR 1,934.5 million, compared with EUR 1,340.1 million from 1 July 2018 to 31 December 2018, up 44.4%.

At constant scope of perimeter and exchange rates, the Group's turnover increased by a strong 3.0% to EUR 1,366.8 million over the semester.

Changes in the scope of consolidation are almost entirely explained by the consolidation of the Capio Group as from 7 November 2018. It contributed to an incremental EUR 558.6 million to the Group's consolidated turnover over this half year.

At the end of December 2019, the total activity of the French entities of Ramsay Santé, excluding Capio, increased by 2.7% in terms of the volume of admissions (excluding emergencies). The breakdown by business segment is as follows:

  • +0.9% in Medicine-Surgery-Obstetrics
  • +9.8% in sub-acute care and rehabilitation
  • +3.3% in mental health

With regard to the public service tasks managed by the group, the number of emergencies increased, up 4.7% over the last half year with more than 316,000 cases registered by the emergency services at our facilities.


Results :

EBITDA for the half year ended 30 December 2019 was EUR 272.8 million, up 121.7% on a reported basis. The implementation of the new IFRS 16 accounting standard from 1 July 2019 improves the Group EBITDA by EUR 99.2 million. Using the same scope, exchange rates and accounting methods, the EBITDA margin as a percentage of turnover increased significantly to reach 10.4% over the 6 months.

Reported current operating profit for the period 1 July 2019 to 31 December 2019 reached EUR 94.1 million (or 4.9% of turnover), up 92.4% from compared to EUR 48.9 million booked over the semester ended 31 December 2018. The implementation of the new IFRS 16 accounting standard improved the Group current operating profit by EUR 18.2 million.

The amount of other non-current income and expenses represents a net expense of EUR 4.9 million for the period ended 31 December 2019, consisting mostly of costs related to the ntegration of the Capio Group as well as to the restructuring project of our Marseille facilities. From 1 July 2018 to 31 December 2018, the amount of other non-current income and expenses represented a net expense of EUR 14.0 million.

At 31 December 2019, the net cost of borrowing amounted to EUR 30.1 million, compared with EUR 27.6 million the first semester of the previous year. This consists primarily of interest on senior debt. Through the implementation of the IFRS 16 accounting standard, the Group booked, in addition, financial expenses related to the the new rental debt amounting to EUR 35.7 million.

In total, Group net profit as at 31 December 2019 is at break-even, encompassing the dilutive EUR 11.4 million impact of IFRS 16.


Debt :

Net financial debt at 31 December 2019 increased significantly as a result of the first implementation of IFRS 16 to reach EUR 3,682.1 million compared to EUR 2 252.5 million at 31 December 2018. This debt includes, in particular, EUR 3,719.3 million in non-current borrowings and financial debt, EUR 205.0 million in current financial debt, offset by EUR 226.3 million in closing cash position.

The implementation of the IFRS 16 accounting standard to operarting leases implied a EUR 1,953.1 million increase of the net financial debt at 31 December 2019 of which EUR 1,817.6 million of non-current rental debt and EUR 135.5 million of current rental debt.


ISIN and Euronext Paris code : FR0000044471