2023 results
2023 financial targets achieved:
o Organic revenue growth of 8.4%
o EBITDA excluding IFRS 16 slightly higher at €614 million
o Leverage of 3.8x, in line with revised targets, with a LTV at 61%
All 2023 ESG targets achieved or exceeded: an NPS of +44 (up 8 points relative to 2022) and 12% of employees taking part in qualifying paths as part of their career development
Refinancing Plan well underway:
o AMF exemption granted to Predica
o First tranche of asset disposals completed, raising €268 million, a quarter of the
target under the disposal plan
Net income from continuing operations, excluding IFRS 16 and asset impairment*, was breake-ven. The Group’s share of net profit was a loss of €63m.
The full 2023 financial statements* are presented in the appendix to this press release.
| In millions of euros – | 2022 | 2023 | Reported growth | Organic growth |
|---|---|---|---|---|
| Revenue | 4,534 | 5,047 | +11.4% | +8.4% |
| EBITDAR excluding IFRS 16 | 1,091 | 1,127 | + 3.3% | |
| EBITDA excluding IFRS 16 | 607 | 614 | + 1.1% | |
| EBITDA including IFRS 16 | 1,003 | 1,021 | + 1.8% | |
| Net result from continuing operations excluding IFRS 16 |
67 | -49 | ||
| Net result from continuing operations excluding IFRS 16 and excluding asset impairment** |
67 | 2 | ||
| Net profit - Group share excluding IFRS 16 |
52 | -63 | ||
| Operating free cash flow excluding IFRS 16 |
371 | 191 |
*The consolidated audited financial statements for 2023 were approved by the Board of Directors at its meeting of 28th February 2024. The Statutory Auditors will be issuing a report with unconditional certification within the coming days. The consolidated financial statements were prepared in accordance with the IFRS 16 standard. For purposes of comparability, the financial information below is presented excluding the application of IFRS 16.
**Impairment related to asset disposals (United Kingdom and Netherlands) and other impairment (Italy and Spain) amounting to €60 million, net of tax (benefit of €9 million).
As the leverage ratio was greater than 3.5x at 31 December 2023, the Group will not pay a dividend in respect of 2023, in accordance with the clauses of the unsecured syndicated loan agreement.
Sophie Boissard, CEO of Clariane, said:
“In 2023, we once again delivered strong operational performance in market conditions that were made more difficult by persistent inflation and, in Germany, by delays in implementing the new regulatory framework, which adversely affected our margins. Against this backdrop, all our businesses and all our geographical regions are nonetheless enjoying positive momentum in terms of volumes and prices. I would like to highlight the outstanding dedication shown by the 70,000 professionals who make up the Clariane community, who cared for around 900,000 patients and residents in 2023 in our facilities and in their homes, and whose efforts are acknowledged by constantly increasing quality indicators. We exceeded all of our ESG targets, which were defined in 2019 and increased as part of the process of adopting purpose-driven company status, and particularly our main targets regarding quality, training and recruitment, skills development and the occupational health and safety of our staff members.
In financial terms, access to funding became much tougher as a result of industry conditions and, combined with higher interest rates, this led the Group in November 2023 to embark on a plan to strengthen its financial position by raising €1.5 billion. The first two parts of that plan – forming two real-estate partnerships and securing real-estate credit facilities – were completed by the end of 2023. The Group is now focused on carrying out a €300 million capital increase, which will be put to shareholders in the 26 March 2024 general meeting of shareholders, and on completing asset disposals, with two initial transaction, announced today, involving all of our UK business for a total amount of €268 million, representing a quarter of the amount we intend to raise from disposals. The plan – made possible in particular by the support of our main shareholder Crédit Agricole Assurances, which I would like to thank for its long-term commitment to the Group – should enable us to bring our gearing below 3x by the end of 2025 and get back on track in terms of delivering ongoing growth and creating value for our stakeholders.
2024 will be an important transitional year for the Group, in which we will focus more than ever on the quality and performance of our operations, as well as on the completion of our Refinancing Plan. The dedication of our staff members and good momentum in our various business segments and geographies mean that we can look ahead to the coming year with confidence.”
Disclaimer :
This press release does not constitute, and shall not be deemed to constitute, an offer to the public or an offer to buy or the solicitation of public interest in an offer to the public, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful absent registration or approval under the securities laws of such state or jurisdiction. The distribution of this document may be subject to specific restrictions in certain countries. Persons in possession of this document are required to inform themselves of and to observe any such local restrictions. A prospectus relating to the capital increase will be submitted by Clariane S.E. to the Autorité des marchés financiers for approval prior to the effective launch of the capital increase. All forward-looking statements included in this document speak only as of the date of this press release. Clariane S.E. undertakes no obligation and assumes no responsibility to update the information contained herein beyond what is required by applicable regulations. In this press release, unless otherwise indicated, all changes are expressed on a year-on-year basis (2023/2022), and at constant scope and exchange rates. The main alternative performance indicators (APIs), such as EBITDA, EBIT, net debt and financial leverage, are defined in the Universal Registration Document available on the company's website at www.clariane.com.
