RAMSAY SANTE : Quaterly results at end of September 2022
PRESS RELEASE
Paris, 10 November 2022
9.8% total revenues growth for this quarter, strongly supported by good dynamics in the Nordics countries and recent acquisitions. Growth on a like-for-like basis of 4.9%.
Continuously playing a leading role in addressing the effects of the COVID pandemic in Europe, whilst confronted to an EBITDA decrease of 16.7% vs Q1 FY22 due to lower Covid subsidies, high inflation and staff shortage challenges.
Cost controls measures reinforced to address current headwinds and support our efforts in implementing a global patient pathway strategy to remain a European leader in integrated care.
- Unaudited turnover for the three months period ending 30 September 2022 amounted to €1,027.9m up 9.8% on a reported basis;
- Unaudited EBITDA for the three months period ending 30 September 2022 amounted to €112.6m down 16.7% on a reported basis;
- Unaudited current operating profit for the three months period ending 30 September 2022 amounted to €13.5m down 69.0% on a reported basis;
- Ramsay Santé has continued in the 3 months to support the fight against the COVID by taking care of COVID patients in both France and Sweden.
- Revenues for the group increased by 9.8% or €92m for this quarter. On a like-for-like basis, revenues organic growth for the 3 months ending 30 September 2022 was 4.9%. France revenue has grown by 5.5% supported by an increase in medical purchases rechargeable revenue and impacted by the ongoing shift toward ambulatory care. Nordic countries revenue grew by 20% supported by recent acquisitions and their organic revenue growth is mainly realised by proximity care and specialist care patients in both Sweden and Denmark.
- The French Government has extended the 2022 revenue guarantee decree to being effective up until 31 December 2022. The amount of various government subsidies related to COVID is lower by €13m for the group this quarter compared to the same period last year.
- Ramsay Santé margins have also been negatively impacted by shortages of nursing and clinical staff and persistently higher inflation conditions.
- The Group continues to successfully implement its 2025 strategic plan, confirming its position as the leader in integrated digi-physical care in Europe. The Group finalised the acquisition of 10 entities in Scandinavia during FY22,and is focused on delivering the benefits from their integration. These acquisitions are complementary to the current business and expand the scope of the Group's services as well as its geographic footprint.
- During this quarter, Ramsay Santé has strengthen its financing structure thanks to an additional €150m tranche of its Fiducie Sureté.
- Ramsay Health Care Ltd is publishing in parallel a trading update at the end of September 2022 which includes some of the information contained in this announcement.
Pascal Roché, Chief Executive Officer of Ramsay Santé, says:
« The first quarter of FY23 (July-September 2022) has seen a full contribution of all the acquisitions completed over the course of the last financial year in the Nordics and has benefited from a strong activity in that geography. Ramsay Santé continued to care for many Covid patients in France and Sweden in particular. Whilst operating conditions are improving, profitability did not compare favourably versus the prior year corresponding period due to lower Covid-related subsidies, high inflation and staff shortage challenges »
The Board of Directors approved the unaudited first quarter FY23 trading update at its meeting held on 10 November 2022.
About Ramsay Santé
Ramsay Santé is the leader in private hospitalisation and primary care in Europe. The Group has 36,000 employees and works with nearly 9,300 practitioners to treat more than 10 million patients per year in its 443 facilities and 5 countries: France, Sweden, Norway, Denmark and Italy.
Ramsay Santé offers almost all medical and surgical specialities in three domains: Medicine, Surgery, Obstetrics (MSO), Follow-up Care and Rehabilitation (FCR) and Mental Health. In all its territories, the Group contributes to public service health undertakings and providing proximity care, as in Sweden where the group has more than a hundred local health centres. Safe, quality care is the Group's priority in all the countries where it operates. This is what has made it a reference in state-of-the-art medicine, particularly in outpatient surgery and enhanced recovery after surgery (ERAS). The Group also invests more than €200 million every year in its facilities, whether in new surgical and imaging technologies or in the construction and modernisation of facilities. To best serve patient interests, it innovates constantly with new digital tools and by developing its organisations to improve efficiency of care.
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