Ramsay Generale de Sante : Annual results at the end of June 2020

PRESS RELEASE

Paris, 20 October 2020

Annual results at the end of June 2020

Resilient results impacted by the COVID crisis, a crisis in which Ramsay Santé has been

a key player in patient care in Continental Europe

• More than 7,000 Covid patients treated in intensive care and medicine during the first wave of the crisis in France, Sweden and Italy.
• Turnover reached €3,746.2 million, up 10.1%, primarily due to the full year of contribution of Capio.
• High exceptional additional costs arising from the treatment of Covid patients.
• EBITDA was up 65.3% to €546.8 million, including the positive impact of the first-time application of IFRS16 amounting to €203.5 million. Adjusted for this effect and at constant consolidation scope and exchange rates, the EBITDA/revenue margin was 9.7%, exactly at the level same as last year, with the benefit in France from the revenue guarantee scheme introduced by the government, for an amount of €136.7 million.
• Current operating profit at 30 June 2020 amounted to €184.7 million, an improvement of 17.7% over the previous year. Excluding the positive impact (€38.1 million) of the first-time application of IFRS 16, it was down 6.6%.
• Group share of net earnings was €13.4 million compared with €8.2 million at end-June 2019.
• The value of the property portfolio (ex-RGdS scope) now stands at €899 million, up 15.1% year-on- year.
• Net financial debt amounted to €3,372.5 million, including €2,163.5 million in IRFS 16 liabilities, and €330 million refundable cash advances from the French social security bodies at the end of June 2020.
• A process of integration of the Capio Group is almost complete.

Pascal Roché, Managing Director of Ramsay Santé, says :

"After satisfactory half-yearly results, with improving financial indicators, the second half of the year has been deeply impacted by the admission and treatment of Covid patients. This has been our major objective in all six countries in which we are operating and, thanks to the exceptional work of our teams, we are very proud to have played a role for patients and with the various governments that has gone well beyond our market share, and has been recognised as such by the various regulatory authorities. As a result, more than 7,000 intensive care and medical patients have been treated in France, Sweden and Italy. More specifically, in France, almost 10% of all Covid patients hospitalised have been treated in a Ramsay Santé facility. In the meanwhile, we have endeavoured to maintain a high level of investment, of more than €168.7

million this year, in order to constantly reinforce the quality of care and strive for efficiency, in line with our strategy as the European leader in the provision of integrated care, caring for 7 million patients".

The Board of Directors, meeting on 20 October 2020, approved the consolidated financial statements for the financial year ending 30 June 2020. The audit procedures have been carried out and the audit report will be issued after the review of the management report.

The accounts and reports will be available to the public when the company's registration document is published at the end of October 2020.

Synthetic results

	In €M			From 1 July 2019 to		Variation		from 1 July 2018 to
			30 June 2020			30 June 2019
				IFRS 16				IAS 17
	Turnover			3,746.2		+10.1%		3,401.1
	EBITDA			546.8		+65.3%		330.8
	Current Operating Result			184.7		+17.7%		156.9
	As a % of Turnover			4.9%		+0.3 point		4.6%
	Operating Result			176.2		+48.3%		118.8
	Net income, Group share			13.4		+63.4%		8.2
	Earnings per share (in €)			0.12		+20.0%		0.10

Note:the above table presents financial data based on different accounting standards. The first- time application of IFRS 16 to the financial year beginning 1 July 2019 resulted in an improvement in EBITDA of €203.5 million and an increase in depreciation and amortisation charges of €165.4 million for a net impact on recurring operating income of €38.1 million. The impact of the implementation of IFRS 16 on Group share of net profit amounted to an additional charge of €21.9 million over the year.

Breakdown of revenue by operating segment

				from 1 July 2019 to			from 1 July 2018
	In €M					to			Variation
			30 June 2020
						30 June 2019
	Île-de-France			932.7			942.3			-1.0%
	Auvergne-Rhône-Alpes			508.1			384.8			+32.0%
	Nord - Pas de Calais - Picardie			352.8			376.9			-6.4%
	Provence Alpes Côte d'Azur			155.5			159.3			-2.4%
	Bourgogne Franche Comté			99.2			107.6			-7.8%
	Other regions			563.2			329.3			+71.0%
	Other activities			53.0			---			N/A
	« Nordics »			1,081.7			---			N/A
	Capio			---			1,100.9			N/A
	Published Turnover			3,746.2			3,401.1			+10.1%
	Including :
	- Revenue on a like-for-like basis and at			3,166.0			3,374.7			-6.2%
	constant exchange rates
	- Changes in scope of consolidation and			580.2			26.4			N/A
	exchange rates

Note:the table above details the contributions of the various operating segments to the Group's consolidated revenue. The work carried out during the financial year led to the recognition, in the French operating segments, of the contribution of the Capio France entities previously grouped under the heading "Capio". The latter also included the revenues of the Scandinavian and German entities, which are now isolated under the "Nordics" heading.