Generale de Sante : H1 RESULTS AT DECEMBER 31,2016

Paris, February 22, 2017

H1 results at December 31, 2016

Satisfactory Group results in a very penalizing pricing environment

• Half-year revenue down slightly by 0.6% on a like-for-like basis to €1,004.7 million (with two working days less);

• Net profit attributable to the Group of €24.7 million (compared with €14.3 million at end- December 2015);

• Reported EBITDA increased by 3.8% to €117.4 million (2.7% decline one a like-for-like basis; margin rate practically stable);

• Successful completion of the HPM integration, sale of some non-strategic assets;

• Substantial decline in net financial debt which stood at €977.9 million at the end of December 2016 (against €1,097 million at the end of December 2015).

Pascal Roché, the Group's Chief Executive Officer, issued the following statement:

"Despite a moderate increase in volume and a very constrained pricing environment which penalized our revenue, we continued to maintain stable operating margin ratios, thanks to excellent management of our costs and the implementation our 2020 strategic plan.

The integration of the HPM Group, acquired in December 2015, was completed and has created positive synergies. During the half-year, we sold some non-strategic assets, in line with our plan, which will enable us to continue to sustain a high level of investments, which is a guarantee of quality and attractiveness for physicians and patients, and will generate profits over the coming years".

The Board of Directors, meeting on February 20, approved the end-December 2016 financial statements. The accounts have been subject of a limited review by the company's auditors.

In €m	July 1-Dec. 31, 2016	Change	July 1-Dec. 31, 2015
Revenue	1,077.8	+6.1%	1,015.6
EBITDA	117.4	+3.8%	113.1
Current operating income	50.2	+1.6%	49.4
In % of Revenue	4.7%	-0.2 points	4.9%
Operating income	61.0	+27.6%	47.8
Group's share of net earnings	24.7	+72.7%	14.3
Net earnings per share (in €)	0.32	+68.4%	0.19

In €m	July 1 - Dec. 31, 2016	July 1 - Dec. 31, 2015	Change 2016/2015
Ile de France (Paris region)	439.5	438.7	+0.2%
Auvergne-Rhône Alpes	162.5	164.1	-1.0%
Nord-Pas-de-Calais-Picardie	173.5	102.4	+69.4%
Provence Alpes Côte d'Azur	78.7	81.1	-3.0%
Bourgogne-Franche Comté	51.6	53.2	-3.0%
Other regions	149.8	149.7	+0.1%
Other activities (1)	22.2	26.4	-15.9%
Reported revenue	1,077.8	1,015.6	+6.1%
Of which:- Organic	1,004.7	1,011.0	-0.6%
Of which organic France	993.8	1,000.2	-0.6%
Of which organic Italy	10.9	10.8	+0.9%
- Changes in scope	73.1	4.6	nm

(1) The "Other Businesses" line item includes non-strategic businesses whose assets have been sold.

Business and revenue:

The Group's consolidated revenue amounted to €1,077.8 million over six months at end- December 2016, compared with €1,015.6 million for the same period in 2015. It climbed 6.1% as a result of entry of the former HPM Group entities in the scope from January 1, 2016.

On a like-for-like basis, turnover decreased by 0.6%.

On the same like-for-like basis, volumes were down by 0.2% during the semester ending December 31, 2016, compared with the same period in 2015 (with two working days less).

From July 1 to December 31, 2016, surgery was down by 0.9%, as a result of the material decline in ophthalmology and vascular surgery, whereas spine surgery and, to a lesser extent, orthopedics grew.

Medicine was up by 1.7% during the half-year period, thanks to the growth of interventionist medicine and pulmonology.

Lastly, gynecology and obstetrics activity decreased by 3.8% over the six months with the number of births down by 4.3% over the period.

As part of the public service missions managed by the Group, the number of emergency care visits rose by 10.8% over six months at end-December 2016, with 276,000 people treated in our facilities' emergency departments. Our hospitals also recorded a 2.2% increase in the number of dialysis sessions and a 3.3% rise in the number of chemo sessions over the period.

The Group moreover recorded a 1.2% increase in the number of days invoiced in mental health in the period and a 2.6% growth in the number of days invoiced in sub-acute care.

Results:

The gross operating profit amounted to €117.4 million, up by 3.8% on a published data basis. On a like-for-like basis, the EBITDA declined by 2.7% over the period. The EBITDA margin, in relation to turnover, was stable at around 11%.

The current operating result published amounted to €50.2 million between July 1, 2016 and December 31, 2016 (i.e. 4.7% of the turnover) up 1.6% compared with €49.4 million during the year-earlier period.

The amount of other non-current income and expenses represented a net income of €10.8 million from July 1, 2016 to December 31, 2016, consisting primarily of merger and restructuring costs amounting to €2.5 million, and the profits stemming from the management of real estate and financial assets of €13.3 million. From July 1, 2015 to December 31, 2015, the amount of other non-current income and expenses represented a net expense of €1.6 million.

The cost of net financial debt amounted to €20.5 million for the second half of 2016, compared with €22.8 million for the same period in 2015. It consisted primarily of interest on senior debt.

In total, the Ramsay Générale de Santé Group recorded a net profit attributable to the Group of

€24.7 million, compared with €14.3 million for the six months at end-December 2015.

Debt:

Net financial debt outstanding at December 31, 2016 fell substantially to €977.9 million, against

€1,097 million at December 31, 2015, mainly as a result of the sale of non-strategic assets and the sale without recourse of its 2016 employment and competitiveness tax credit (CICE).

As at December 31, 2016, debt largely comprised of €1,107.4 million in borrowings and non- current financial debt, €83.5 million in current financial debt and €173.6 million in cash.

Ramsay Générale de Santé SA is listed on the Euronext Paris Eurolist and is included in the Midcac Index. The leading private healthcare and services group, Ramsay Générale de Santé has 20,000 employees in 124 private clinics and hospitals, and works with 6,000 practitioners who represent the first independent medical community in France. As a major player in hospital care, Ramsay Générale de Santé covers the entire healthcare chain in three businesses: medical, surgery and obstetrics, aftercare and rehabilitation, and mental health. Ramsay Générale de Santé has developed a healthcare offering combining quality and safety of care, and efficient organization. The Group offers comprehensive care with personalized support before, during, and after hospitalization; it also operates in the public health service and national healthcare network.

ISIN and Euronext Paris Code: FR0000044471 Website: www.ramsaygds.com

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