2023 REVENUE: €5.2BN, UP +11.0% VS. FY2022 (ORGANIC: +9.5%)
AVERAGE OCCUPANCY RATE IN 2023: UP +1.5 POINT VS. 2022
FINANCIAL RESTRUCTURING COMPLETED FOLLOWING THE THIRD CAPITAL INCREASE
ESTIMATED KEY FINANCIAL INDICATORS FOR 2023: EBITDAR OF AROUND €690M AND PRE-IFRS 16 EBITDA OF AROUND €200M
Along with the publication of its 4th quarter and full-year 2023 revenue,
Revenue growth remained solid in the fourth quarter of 2023, with an increase of +11.7%, of which +9.7% was organic. Over the full 2023 financial year, revenue rose by +11.0%, of which +9.5% on an organic basis, giving sales for the period of €5,198 million, in line with expectations. The Group's activity as a whole is growing, with an average occupancy rate of 84.0% in the 4th quarter of 2023, up +1.9 points compared with the 4th quarter of 2022, despite a 0.9-point decrease within the perimeter of retirement homes in
With regard to its consolidated financial statements for the year ending 2023, which will be published in
-
EBITDAR is expected to be around
690 million euros (unchanged) ; -
Pre-IFRS 16 EBITDA is expected to be around
200 million euros (c. -5% below the estimate published on18 January 2024 ) ; -
a number of items are likely to have a material non-cash impact on the consolidated financial statements for the year ending
31 December 2023 :- an accounting entry following the capital transactions linked to the financial restructuring, leading to a positive impact of €2.7 billion on net income ;
-
a depreciation expense of around €0.4 billion, as part of the impairment tests carried out under IAS 36.
- Revenue growth in Q4 and for the full year 2023
in €m (unaudited) |
|
Quarterly figures |
|
12 months to December |
|||||||
|
Q4 2022 |
Q4 2023 |
Change |
o/w organic1 |
|
2022 |
2023 |
Change |
o/w organic1 |
||
France Benelux |
|
715 |
788 |
10,2% |
7,2% |
2 802 |
3 037 |
8,4% |
6,2% |
||
|
|
312 |
348 |
11,5% |
10,9% |
1 197 |
1 352 |
12,9% |
12,2% |
||
|
|
113 |
132 |
17,4% |
16,9% |
435 |
515 |
18,4% |
18,8% |
||
Iber. Peninsula and Latam |
|
63 |
75 |
17,9% |
18,6% |
242 |
286 |
18,2% |
18,3% |
||
Other countries |
|
1 |
2 |
nm |
nm |
4 |
7 |
nm |
nm |
||
Total revenue |
|
1 205 |
1 346 |
11,7% |
9,7% |
4 681 |
5 198 |
11,0% |
9,5% |
1 Organic growth of Group revenue reflects the following factors: 1. The year-on-year change in the revenue of existing facilities as a result of changes in their occupancy rates and per diem rates; 2. The year-on-year change in the revenue of redeveloped facilities or those where capacity has been increased in the current or year-earlier period; 3. Revenue generated in the current period by facilities created during the year or year-earlier period; and 4. the change in revenue of recently acquired facilities by comparison with the previous equivalent period.
Composition of the geographical areas:
Group revenue in Q4 2023 amounted to €1,346 million (unaudited), up +11.7%, including +9.7% organic growth. The Group's activity as a whole is on the rise, with an average occupancy rate of 84.0% in Q4 2023, up +1.9 points on Q4 2022.
In
In
Revenue in
In
Lastly, revenue in the
For the full year 2023, consolidated revenue amounted to €5,198 million (unaudited figure), an increase of +11.0%, of which +9.5% was organic.
Thus, despite revenue growth in
Summary of changes in occupancy rates (for the quarter and the full year)
Average occupancy rate
|
|
Quarterly |
12 months |
||||||
|
Q4 2022 |
Q4 2023 |
Var. |
2022 |
2023 |
Var. |
|||
France Benelux |
|
83.4% |
84.3% |
+0.9 pt |
83.6% |
83.4% |
-0.2 pt |
||
|
|
79.1% |
82.5% |
+3.4 pts |
79.1% |
81.9% |
+2.7 pts |
||
|
|
82.9% |
86.8% |
+3.9 pts |
81.9% |
85.6% |
+3.8 pts |
||
Iber. Peninsula and Latam |
|
82.2% |
85.9% |
+3.6 pts |
78.0% |
83.6% |
+5.6 pts |
||
Other countries |
|
ns |
ns |
ns |
ns |
ns |
ns |
||
Group total |
|
82.1% |
84.0% |
+1.9 pt |
81.6% |
83.1% |
+1.5 pt |
- Update on the financial restructuring
Following the Rights Issue of €390 million, the settlement and delivery of which took place on
-
Consolidated financial statements at
31 December 2023 : estimates of EBITDAR, EBITDA pre-IFRS 16 and main items likely to have a material impact
To date, the Company estimates that EBITDAR and pre-IFRS 16 EBITDA for the 2023 financial year should be around €690 million and €200 million respectively, i.e. less than 5% below the estimate for this management indicator communicated on 18 January.
In addition, the Company reminds below the items likely to have a material impact on the consolidated income statement for the year ended
-
an accounting entry in respect of the financial restructuring operations carried out in 2023, and more specifically the conversion into equity of
ORPEA S.A.'s Unsecured Debt: in accordance with the provisions of IFRS 9 (IFRIC 19 interpretation), the Group will recognize a positive impact (non-cash) on Group net income of around2.7 billion euros , corresponding mainly to the difference between :-
on the one hand, the book value of
ORPEA S.A.'s Unsecured Debt repaid and/or equitized (i.e. nearly3.9 billion euros ) on the settlement-delivery date of the Equitisation Capital Increase on4 December 2023 ; and -
on the other hand, the value received as consideration in cash (
72 million euros ) and in the form of new shares issued as part of the Equitisation Capital Increase (this consideration representing a fair value of around964 million euros based on a closing share price of0.0152 euro on4 December 2023 , the settlement-delivery date of the Equitisation Capital Increase),
-
on the one hand, the book value of
net of miscellaneous expenses related to the financial restructuring incurred during 2023 and/or provisioned at
-
- a negative impact on net income (non-cash) due to additional impairments on assets (non-cash) carried on the balance sheet at
31 December 2023 , amounting to around0.4 billion euros , mainly as a result of revised real estate yields (up 0.5% on average), weighted average costs of capital in certain countries, and business plans at facility level as part of the impairment tests carried out under IAS 36. -
Cash and financial debt at
31 December 2023 (unaudited figures)
The cash position at
At
In accordance with the timetable, on
DISCLAIMER
This document contains forward-looking statements that involve risks and uncertainties, including those included or incorporated by reference, concerning the Group's future growth and profitability that could cause actual results to differ materially from those indicated in the forward-looking statements. These risks and uncertainties relate to factors that the Company cannot control or estimate precisely, such as future market conditions. The forward-looking statements contained in this document constitute expectations of future events and should be regarded as such. Actual events or results may differ from those described in this document due to a number of risks or uncertainties described in Chapter 2 of the 2022 Universal Registration Document dated
About
https://www.orpea-group.com/en
Since
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215994426/en/
Investor Relations
Investor Relations Director
b.lesieur@orpea.net
Toll-free number for shareholders:
0 805 480 480
Investor Relations
NewCap
Dusan Oresansky
Tel. : 01 44 71 94 94
orpea@newcap.eu
Press Relations
Isabelle Herrier-Naufle
Investor Relations Director
Tel. : 07 70 29 53 74
i.herrier-naufle@orpea.net
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06 89 87 61 37
lheilbronn@image7.fr
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