Cegedim: Full year 2022 results
Quarterly financial information as of December 31, 2022IFRS -
Regulated information - Audited
Full year 2022 results: Revenue and investments both
up
- 2022 revenues rose
5.8% to €555.2 million
- Recurring operating
income(1) came to €25.7 million
- Consolidated net
profit attributable to the Group came to €13.6
million
Boulogne-Billancourt, France, March 23, 2022, after the
market close
Cegedim generated
consolidated revenues of €555.2
million(3)
in 2022, an increase of 5.8% as reported and 5.0% like for
like(2) compared with the
previous year, and recurring operating
income(1) came to €25.7
million, down by
35.7%.
Consolidated income statement
|
2022 |
2021 |
Change |
|
(in €m) |
(in %) |
(in €m) |
(in %) |
(in %) |
Revenue(3) |
555.2 |
100.0% |
524.7 |
100.0% |
5.8% |
EBITDA(1) |
96.2 |
17.3% |
104.7 |
20.0% |
-8.1% |
Depreciation & amortization |
-70.5 |
-12.7% |
-64.8 |
-12.3% |
8.8% |
Recurring operating
income(1) |
25.7 |
4.6% |
39.9 |
7.6% |
-35.7% |
Other non-recurring operating income and expenses(1) |
0.8 |
+0.1% |
3.8 |
0.7% |
-78.4% |
Operating income |
26.5 |
4.8% |
43.7 |
8.3% |
-39.4% |
Financial result |
-8.8 |
-1.6% |
-10.4 |
-2.0% |
-15.5% |
Total tax |
-4.6 |
-0.8% |
-5.8 |
-1.1% |
-20.5% |
Net profit attributable to owners of the
parent |
13.6 |
2.5% |
26.2 |
5.0% |
-48.0% |
Recurring earnings per share(1) (in euros) |
0.9 |
- |
1.8 |
- |
-50% |
Earnings per share (in euros) |
1.0 |
- |
1.9 |
- |
-47% |
Consolidated revenues rose
€30.5 million, or 5.8%, to €555.2(3) million in
2022 compared with €524.7 million in 2021. The positive scope
effect of €4.1 million, or 0.8%, was attributable to the first-time
consolidation in Cegedim’s accounts of new acquisitions Kobus Tech,
MesDocteurs, Laponi, Sedia, and Clinityx. The positive currency
impact was €0.4 million, or 0.1%.Like-for-like(1) revenue increased
5.0% over the period.
Recurring operating
income(1) fell €14.2 million to €25.7
million in 2022, compared with €39.9 million in 2021. It
represented 4.6% of 2022 revenue compared with 7.6% in 2021. The
decline was mainly the result of a major recruitment campaign in
response to growth at Cegedim Santé, some turbulence affecting the
healthcare professionals business in the UK, and sustained R&D
investment.
-------------(1) Alternative
performance indicator. See pages 134-136 of the 2021 Universal
Registration Document.(2) At constant scope and
exchange rates.(3) As a result of a restatement of
provisions following the January 26, 2022, revenue announcement, we
have adjusted 2022 revenues from €555.6 million to €555.2
million.
Other non-recurring operating income
and expenses(1) registered a profit of
€0.8 million in 2022. The main components include a gain from the
sale of shares of Healthcare Gateway Ltd in the UK, which was
nearly offset by €4.2 million of restructuring costs and a €10.3
million impairment of non-current assets.
Depreciation and amortization
expenses increased €5.7 million, chiefly due to an
increase in R&D amortization, which rose €4.4 million compared
with 2021.
EBITDA(1) was down €8.5 million
between 2022 and 2021 as a result of higher employee costs (+€24.7
million) and external charges (+€12.5 million).
Financial result was -€8.8
million, of which €2.0 million related to IFRS16, €1.6 million
better than in 2021, owing to a €0.7 million gain from
currencies.
Analysis of business trends by division
in millions of euros |
Total |
Software & services |
Flow |
Data & Marketing |
BPO |
Corporate and others |
Revenue |
|
|
|
|
|
|
2021 |
524.7 |
292.0 |
84.2 |
98.4 |
47.3 |
2.7 |
2022 |
555.2 |
302.0 |
90.6 |
106.9 |
53.0 |
2.8 |
Change |
5.8% |
3.4% |
7.5% |
8.6% |
11.9% |
2.0% |
|
|
|
|
|
|
|
Recurring operating income |
|
|
|
|
|
|
2021 |
39.9 |
12.8 |
11.1 |
14.6 |
2.5 |
-1.1 |
2022 |
25.7 |
-4.9 |
13.1 |
17.9 |
3.0 |
-3.4 |
Change |
-35.7% |
-138.0% |
17.6% |
22.9% |
20.7% |
-210.0% |
|
|
|
|
|
|
|
Recurring operating margin |
|
|
|
|
|
|
2021 |
7.6% |
4.4% |
13.2% |
14.8% |
5.2% |
-40.3% |
2022 |
4.6% |
-1.6% |
14.4% |
16.8% |
5.6% |
-122.5% |
|
|
|
|
|
|
|
-
Software & Services: 2022 revenues rose 3.4%,
driven by good performances at Cegedim Santé (+16% in H2) and HR
solutions (+10.0% over the full year). Recurring operating income
(REBIT)(1) amounted to a loss of €4.9 million in 2022, a €17.8
million decrease compared with the €12.8 million profit of 2021.
There were two main reasons for the decline. First, Cegedim Santé
recruited large numbers of new hires to keep pace with its growth
(notably in sales, support staff, and R&D), which caused its
REBIT(1) to fall by €9.9 million year on year. Second,
international business REBIT(1) fell by €8.1 million year on year.
Sales were unable to compensate for the loss of Boots as a client
in the pharmacy segment in the UK and, as expected, the lack of a
window for marketing solutions for doctors in the UK (governed by
the NHS). The other companies in the division posted 1.9% REBIT(1)
growth compared with 2021.
Software & Services |
|
Change 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Revenue |
302.0 |
292.0 |
10.0 |
3.4% |
Cegedim Santé |
69.6 |
63.1 |
6.5 |
10.3% |
Insurance, HR, Pharmacies, and other services |
183.5 |
175.0 |
8.5 |
4.8% |
International businesses |
48.9 |
53.9 |
-5.0 |
-9.3% |
Recurring operating
income(1) |
-4.9 |
12.8 |
-17.7 |
-138% |
Cegedim Santé |
-7.8 |
2.2 |
-9.9 |
-457.2% |
Insurance, HR, Pharmacies, and other services |
14.3 |
14.0 |
0.3 |
1.9% |
International businesses |
-11.4 |
-3.3 |
-8.0 |
-241.1% |
---------
(1) Alternative performance indicator. See pages 134-136 of the
2021 Universal Registration Document.
-
Flow: Revenues rose 7.5%, led by Cegedim
e-business (process digitalization and electronic data flows),
whose French and international businesses grew by 8.8% and 25.1%
respectively. Over the same period, Third-party payer systems
posted 3.3% growth. Both businesses made positive contributions to
the division’s 17.6% REBIT(1) growth.
-
Data & Marketing: marketing and data
activities made positive contributions to the division’s revenue
growth compared with 2021 of respectively 9.5% and 7.9%. Division
REBIT(1) rose 22.9% compared with 2021, buoyed by the data business
in France and abroad and by advertising in pharmacies.
-
BPO: operations continued to post double-digit
growth over the full year (+11.9% vs 2021), driven equally by
services aimed at insurance companies and mutual groups, and by
those designed for clients’ HR departments. Both businesses made
positive contributions to REBIT(1), which rose 20.7% compared with
2021 on the back of productivity gains achieved during the year,
notably thanks to process automation and the use of Software &
Services division software.
-
Corporate and others: 2022 REBIT(1) was a €3.4
million loss, €2.3 million higher than the loss in 2021. The
deterioration was caused by an effort to standardize methods for
reinvoicing corporate office activities, notably in the areas of
R&D and IT systems, as well as lower margins at the offshore
corporate centers.
---------
(1) Alternative performance indicator. See pages 134-136 of the
2021 Universal Registration Document.
Highlights
To the best of the company’s knowledge, there
were no events or changes during 2022 that would materially alter
the Group’s financial situation.
-
Investment and strategic partnership between
Cegedim and 3 social protection
companies
On May 16, 2022, Cegedim Group and social
protection companies Malakoff Humanis, Groupe VYV, and PRO BTP
Groupe announced that they had finalized the strategic partnership
they began negotiating on March 1, 2022.
This strategic partnership will advance the
goals laid out by the French government in its Ma Santé 2022 plan.
The partnership will draw on the recognized expertise of Cegedim,
Malakoff Humanis, Groupe VYV, and PRO BTP, who all share the goal
of improving patients’ access to care and making the course of care
as smooth as possible.
To this end, Malakoff Humanis, Groupe VYV, and
PRO BTP Groupe—who together represent 25 million beneficiaries in
France—subscribed a reserved capital increase of €65 million on May
24, 2022, and now own 18% of the shares of Cegedim Santé. Cegedim
Santé houses all of Cegedim Group’s software products and services
for doctors and allied health professionals in France, covering the
care pathway from online appointment scheduling to management of
patient records, invoicing, and teleconsultation. In addition, its
Resip subsidiary supplies information on medications and medical
devices.The deal values Cegedim Santé at €360.9 million. As part of
the deal, Cegedim Santé acquired Groupe VYV subsidiary MesDocteurs,
a telehealth solution pioneer and one of the originators of 24/7
telemedicine.
On June 21, 2022, Cegedim SRH acquired Laponi,
an innovative solution for managing absenteeism in real time.
Laponi, a French startup founded in 2016, has successfully
developed a digital SaaS platform that lets companies ask internal
and external employees to cover shifts when someone is absent. The
Laponi solution is easy to use and alerts employees in real time
about tasks that need to be done. Employees are then free to choose
tasks while boosting their income. The acquisition enhances Cegedim
SRH’s TeamsRH HRIS platform.
As a standalone component in Cegedim SRH’s
portfolio, Laponi will be able to help solve absenteeism issues at
the company’s 400 clients, and its solution will benefit from
Cegedim SRH’s technical and financial resources as well as its
sales force.
The company is profitable and began contributing
to the Group’s consolidation scope in the third quarter of
2022.
On July 19, 2022, Cegedim e-business rounded out
its Hospitalis offering by acquiring Sedia, which has specialized
in software that tracks medical instrumentation usage since 1985.
Thanks to this acquisition, Hospitalis now offers a medical device
and implantable medical device (MD/IMD) tracking service. The
service is responsible for 900,000 scans annually and has tracked
more than 8 million IMDs. The newest component in the Hospitalis
range, Sedia offers health, financial, and logistical tracking of
MD/IMDs that are on consignment or have been lent or purchased
outright.
Sedia is profitable and began contributing to
the Group’s consolidation scope in the third quarter of 2022.
On July 28, 2022, Cegedim strengthened its
position in the real-world data sector by acquiring 70% of
Clinityx.
Clinityx a health start-up founded in 2018, aims
to make real-word data research easier by providing a robust
scientific, technical, and regulatory environment. The company
partners with academic establishments to build data warehouses
paired with the SNDS, the French administrative healthcare
database, enriching the health data and ensuring their good
governance and security. It also provides consulting services and
manages all aspects of real-world studies from protocol design to
final report, using data from its own warehouses, the SNDS, and
other databases.
Clinityx is profitable and began contributing to
the Group’s consolidation scope in the third quarter of 2022.
-
Healthcare Gateway Limited divestment
In October 2022, In Practice Systems Ltd, which
is 100% owned by Cegedim SA, sold all of its shares in the UK
company Healthcare Gateway Limited (HGL). Prior to the sale, the
50% non-controlling stake in HGL had been consolidated using the
equity method.
Cegedim, jointly with IQVIA (formerly IMS
Health), is being sued by Euris for unfair competition. Cegedim has
asked the court to dismiss the case against the Group. On December
17, 2018, the Paris Commercial Court granted Cegedim’s request,
which IQVIA then appealed. On December 8, 2021, the Court of
Appeals upheld the judgement in favor of Cegedim. That ruling is
currently under appeal.
After consulting its external legal counsel, the
Group decided not to set aside any provisions.
On February 21, 2018, Cegedim SA received
official notice that the French tax authorities planned to perform
an audit of its financial statements for the period from January 1,
2015, to December 31, 2016. After consultation with its lawyers and
based on ample precedent, the Group believes that the adjustment
related to the use of tax-loss carryforwards is unwarranted and
continues to explore its options to appeal the decision. On October
21, 2021, Cegedim SA received official notice that the French tax
authorities planned to perform an audit of its financial statements
for the period from January 1, 2019, to December 31, 2020. That
audit has not resulted in any adjustments other than those the
Group is already appealing.
As part of this process, in the first half of
2022 Cegedim SA received a notice of collection and paid a total of
€12.1 million in respect of tax losses used through 2020 and a €0.4
million late payment penalty. The corresponding entry for these
payments is not in the taxes line of the income statement, but
rather the deferred tax assets line of the balance sheet, as we
expect these sums to be repaid once the dispute has been resolved
in our favor. Furthermore, as the Group’s accounting method and
legal arguments are sound, it continues to record the disputed tax
losses as an asset equal to €20 million in deferred tax assets on
the balance sheet.
In the event of an unfavorable ruling, based on
the deferred tax assets used as of December 31, 2022, Cegedim faces
a maximum risk of €23 million, of which it has already paid €12.1
million, and the cancellation of €20 million in deferred tax
assets, which would not entail any cash disbursement.
Cegedim believes that the risk of an unfavorable
ruling is small and plans to continue using the remaining disputed
deferred tax assets. Thus, if the ruling is ultimately unfavorable,
the maximum risk in terms of a reversing entry in the tax line of
the accounts will increase, but the impact on the cash position
would still be more modest, as the Group continues to make periodic
payments in respect of the collection notice.
Significant transactions and events post December 31,
2022
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.
The Group does not do business in Russia or
Ukraine and has no assets exposed to those countries.
Outlook
Despite the economic,
geopolitical, and
monetary uncertainties facing the world, we are
confident we will be able to grow our revenues. Based on the
currently available information, the Group expects 2023
like-for-like revenue(2) growth to be around 10% relative to
2022.
REBIT(1) is expected to grow, notably thanks to
the initial returns on investments made in Cegedim Santé and
international activities.
These targets may need to be revised if there is
a resurgence in the Covid-19 pandemic and/or a significant
worsening of geopolitical and macroeconomic risks.
The Group does not expect to make any
significant acquisitions in 2023.
---------------
The Audit Committee met on March 22, 2023. The
Board of Directors, chaired by Jean-Claude Labrune, met on March
23, 2023, and approved the consolidated financial statements at
December 31, 2022. It will ask the Shareholders’ Meeting to approve
the accounts for fiscal 2022. The consolidated accounts have been
audited. The certification report will be issued once the requisite
filing procedures for the Universal Registration Document have been
completed.
The Universal Registration Document will be
available in a few days’ time, in French and in English, on our
website and the Cegedim IR app.
---------
(1) Alternative performance indicator See pages 134-136 of the
2021 Universal Registration Document.
(2) At constant scope and exchange rates.
WEBCAST ON MARCH 23, 2022 AT 6:15 PM (PARIS
TIME) |
The webcast is available at:
www.cegedim.fr/webcast |
The fiscal
2022 results presentation is available:
- On the website:
https://www.cegedim.fr/finance/documentation/Pages/presentations.aspx
- And on the Cegedim
IR smartphone app, available at
https://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx
|
2023 financial calendar
2023 |
March 24 at 10:00 am April
27 after the closeJune 16 at 9:30
amJuly 27 after the closeSeptember
20 after the close |
SFAF meeting - Cegedim auditorium in Boulogne BillancourtQ1 2023
revenuesShareholders’ meetingH1 2023 revenuesFirst-half 2023
results |
Financial calendar:
https://www.cegedim.fr/finance/agenda/Pages/default.aspx
DisclaimerThis press release is available
in French and in English. In the event of any difference between
the two versions, the original French version takes precedence.
This press release may contain inside information. It was sent
to Cegedim’s authorized
distributor on March 23, 2023, no earlier than 5:45 pm Paris
time.The figures cited in this press release
include guidance on Cegedim's
future financial performance targets. This forward-looking
information is based on the opinions and assumptions of the Group’s
senior management at the time this press release is issued and
naturally entails risks and uncertainty. For more information on
the risks facing Cegedim, please
refer to Chapter 7, “Risk management”, section 7.2, “Risk factors
and insurance”, and Chapter 3, “Overview of the financial year”,
section 3.6, “Outlook”, of the 2021 Universal Registration Document
filled with the AMF on April 16, 2022, under number
D.21-0320. |
About Cegedim:Founded in 1969, Cegedim is an innovative
technology and services company in the field of digital data flow
management for healthcare ecosystems and B2B, and a business
software publisher for healthcare and insurance professionals.
Cegedim employs more than 6,000 people in more than 10 countries
and generated revenue of €555 million in 2022. Cegedim SA is listed
in Paris (EURONEXT: CGM).To learn more, please visit:
www.cegedim.frAnd follow Cegedim on Twitter @CegedimGroup, LinkedIn
and Facebook. |
Aude
BalleydierCegedimMedia Relations
and Communications ManagerTel.: +33 (0)1 49 09 68
81aude.balleydier@cegedim.fr |
Jérôme
MoreauCegedimGroup Director of Management
Control Head of Financial CommunicationTel.: +33 (0)1 46 10 72
62jerome.moreau@cegedim.com |
Céline
Pardo .becomingMedia
Relations Tel.: +33
(0)6 52 08 13 66cegedim@becoming-group.com |
|
Annexes
Consolidated financial statements at December 31,
2022
- Assets
at December 31, 2022
In thousands of euros |
12/31/2022 |
12/31/2021 |
Goodwill |
198,761 |
187,107 |
Development costs |
3,081 |
8,436 |
Other intangible fixed assets |
185004 |
171489 |
Intangible non-current assets |
188,085 |
179,925 |
Property |
544 |
544 |
Buildings |
1,872 |
2,088 |
Other property, plant, and equipment |
39,467 |
35,032 |
Advances and non-current assets in progress |
133 |
|
Rights of use |
88,988 |
84,002 |
Tangible fixed assets |
131,004 |
121,667 |
Equity investments |
1 |
315 |
Loans |
15,642 |
15,223 |
Other long-term investments |
5,053 |
5,771 |
Long-term investments – excluding equity shares in equity
method companies |
20,696 |
21,308 |
Equity shares in equity method companies |
20,578 |
2,1266 |
Deferred tax assets |
30,385 |
33,506 |
Prepaid expenses: long-term portion |
0 |
108 |
Non-current assets |
589,509 |
564,886 |
Goods |
6,495 |
4,503 |
Advances and deposits received on orders |
177 |
140 |
Accounts receivables: short-term portion |
151,757 |
136,343 |
Other receivables: short-term portion |
50,497 |
48,743 |
Current tax credits |
16,557 |
2,123 |
Cash equivalents |
0 |
0 |
Cash |
55,553 |
24,160 |
Prepaid expenses: short-term portion |
19,370 |
16,688 |
Current assets |
300,406 |
232,700 |
TOTAL Assets |
889,915 |
797,586 |
-
Liabilities and shareholders’ equity at December 31,
2022
In thousands of euros |
12/31/2022 |
12/31/2021 |
Share capital |
13,337 |
13,337 |
Consolidated retained earnings |
271,344 |
200,717 |
Group exchange gains/losses |
-13,141 |
-8,214 |
Group earnings |
13,624 |
26,224 |
Shareholders’ equity, Group share |
285,164 |
232,064 |
Minority interest |
18,971 |
323 |
Shareholders’ equity |
304,135 |
232,387 |
Financial liabilities |
188,913 |
186,574 |
Current lease liabilities |
75,907 |
70,297 |
Deferred tax liabilities |
6,137 |
8,272 |
Retirement benefit commitments |
25,397 |
34,069 |
Provisions |
2,355 |
2,255 |
Non-current liabilities |
298,709 |
301,467 |
Financial liabilities |
3,854 |
2,560 |
Current lease liabilities |
15,916 |
16,072 |
Trade payables and related accounts |
55,709 |
48,245 |
Current tax liabilities |
247 |
1,483 |
Tax and social security liabilities |
112,341 |
101,004 |
Provisions |
2,172 |
2,065 |
Other liabilities |
96,832 |
92,304 |
Current liabilities |
287,071 |
263,732 |
TOTAL Liabilities |
889,915 |
797,586 |
- Income
statement as of December 31, 2022
In thousands of euros |
12/31/2022 |
12/31/2021 |
Revenue |
555,209 |
524,709 |
Purchases used |
-26,559 |
-26,703 |
External expenses |
-119,913 |
-107,414 |
Taxes |
-6,259 |
-6,782 |
Employee costs |
-303,577 |
-278,841 |
Impairment on accounts receivable and other receivables and on
contract assets |
-298 |
-158 |
Allowances to and reversals of provisions |
-4,609 |
-4,102 |
Other operating income and expenses |
-8 |
1,161 |
Share of income of equity method companies |
2216 |
2828 |
EBITDA(1) |
96,202 |
104,698 |
Depreciation expenses other than right-of-use assets |
-53,302 |
-48,348 |
Depreciation expenses of right-of-use assets |
-17,228 |
-16,453 |
Recurring operating
income(1) |
25,673 |
39,897 |
Non-recurring operating income and expenses |
820 |
3,789 |
Other non-recurring operating income and
expenses(1) |
820 |
3,789 |
Operating income |
26,492 |
43,686 |
Income from cash and cash equivalents |
114 |
90 |
Cost of gross financial debt |
-8949 |
-8357 |
Other financial income and expenses |
45 |
-2,104 |
Financial result |
-8,790 |
-10,371 |
Income taxes |
-5882 |
-7128 |
Deferred tax |
1,272 |
1,292 |
Tax |
-4,610 |
-5,836 |
Share of profit (loss) for the period of equity method
companies |
-1,013 |
-1,179 |
Consolidated net profit |
12,079 |
26,300 |
Group share |
13,624 |
26,224 |
Income from equity-accounted affiliates |
-1,545 |
76 |
Average number of shares excluding treasury stock |
13,658,348 |
13,782,436 |
Recurring earnings per share (in euros) |
0.9 |
1.8 |
Earnings per share (in euros) |
1.0 |
1.9 |
(1) Alternative performance indicator
- Cash
flow statement as of December 31, 2022
In thousands of euros |
12/31/2022 |
12/31/2021 |
Consolidated net profit |
12,079 |
26,300 |
Share of earnings from equity method companies |
-1,203 |
-1,649 |
Depreciation and amortization expenses and provisions |
83,090 |
64,438 |
Capital gains or losses on disposals of operating assets |
-31 |
-141 |
Cash flow after cost of net financial debt and
taxes |
93,935 |
88,948 |
Cost of net financial debt |
8,791 |
10,370 |
Tax expenses |
4,609 |
5,836 |
Operating cash flow before cost of net financial debt and
taxes |
107,335 |
105,155 |
Tax paid |
-21,309 |
-4,119 |
Change in working capital requirement: Requirement |
0 |
-5,057 |
Change in working capital requirement: Release |
450 |
0 |
Cash flow generated from operating activities after tax
paid and change in working capital requirements |
86,476 |
95,979 |
Acquisitions of intangible assets |
-58,554 |
-50,748 |
Acquisitions of tangible assets |
-17,582 |
-14,015 |
Acquisitions of long-term investments |
-2,619 |
-3,199 |
Disposals of tangible and intangible assets |
2,099 |
668 |
Disposals of long-term investments |
1,636 |
2,040 |
Change in deposits received or paid |
-717 |
-674 |
Impact of changes in consolidation scope |
52,483 |
-5,128 |
Dividends received from outside the Group |
3,084 |
950 |
Net cash flow used in investing activities |
-20,170 |
-70,106 |
Capital increase |
0 |
0 |
Dividends paid to minority shareholders of consolidated cos. |
-95 |
-2 |
Dividends paid to shareholders of the parent company |
-6,831 |
0 |
Debt issuance |
0 |
0 |
Debt repayments |
-85 |
-1,156 |
Employee profit sharing |
81 |
431 |
Repayment of lease liabilities |
-19,036 |
-16,808 |
Interest paid on loans |
-4,949 |
-4,995 |
Other financial income received |
1,784 |
369 |
Other financial expenses paid |
-4,758 |
-4,576 |
Net cash flow used in financing activities |
-33,889 |
-26,736 |
Change in net cash excluding currency impact |
32,417 |
-863 |
Impact of changes in foreign currency exchange rates |
-1,024 |
289 |
Change in net cash |
31,393 |
-574 |
Opening cash |
24,159 |
24,734 |
Closing cash |
55,553 |
24,159 |
In thousands of euros |
12/31/2022 |
Criterion |
Net debt(1) |
84,356 |
|
EBITDA |
77,445 |
|
Leverage ratio |
1,09 |
< 2.5 |
In thousands of euros |
12/31/2022 |
Criterion |
Interest expense |
5,275 |
|
EBITDA |
77,445 |
|
Interest cover ratio |
14.68 |
> 4.5 |
(1) Excluding profit sharing
debt, FCB loan, and IFRS16 debt(2) The Group
complied with all these covenants as of December 31, 2022, and
there is no foreseeable risk of default.
- Cegedim_Results_FY2022_ENG
Cegedim (EU:CGM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Cegedim (EU:CGM)
Historical Stock Chart
From Oct 2023 to Oct 2024