Ramsay Generale de Sante : Universal Registration Document 2020

UNIVERSAL REGISTRATION DOCUMENT 2020

Including the annual financial report at 30 June 2020

This Universal Registration Document was filed on 2 November 2020 with AMF, the French financial markets regulator as competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of the above Regulation. The Universal Registration Document may be used for the purposes of a public offer of securities or the admission of securities to trading on a regulated market if supplemented by a securities note and, where applicable, a summary and any amendments to the Universal Registration Document. The documentation has been approved by AMF, the French financial markets regulator, in accordance with Regulation (EU) 2017/1129.

Copies of the Universal Registration Document are available free of charge from Ramsay Générale de Santé SA, 39 rue Mstislav Rostropovitch - 75017 Paris, and on the Ramsay Santé website (http://www.ramsaygds.fr) and the AMF website (http://www.amf-france.org)

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	CONTENTS
1 - GENERAL PRESENTATION OF THE GROUP .....................................................................	5
1.1	- Information regarding the issuer .....................................................................................	5
1.2	- Overview of activities ......................................................................................................	7
2 - ANNUAL FINANCIAL INFORMATION ................................................................................	24
2.1	- Financial information .....................................................................................................	24
2.2	- Review of the financial position and results ..................................................................	26
2.3	- Financial information concerning the assets, financial position and results of the issuer
	(and statutory auditor's report).......................................................................................	38
2.4	- Cash flows and capital ................................................................................................	125
2.5	- Information on trends, forecasts or income estimates ................................................	128
2.6	- Property and equipment..............................................................................................	129
3 - RISK FACTORS AND RISK MANAGEMENT....................................................................	132
3.1	- Risk factors .................................................................................................................	132
3.2	- Risk management .......................................................................................................	140
3.3	- Risk coverage ..............................................................................................................	145
4 - STATEMENT OF NON-FINANCIAL PERFORMANCE .....................................................	148
4.1	- Business model...........................................................................................................	149
4.2	- Risk analysis ...............................................................................................................	150
4.3	- Public health and healthcare provision .......................................................................	151
4.4	- A commitment to society: the corporate foundation....................................................	157
4.5	- Ethical commitments ...................................................................................................	158
4.6	- Health data, personal data ..........................................................................................	159
4.7	- Human resources management..................................................................................	160
4.8	- Work and employment ................................................................................................	172
4.9	- Social policy ................................................................................................................	174
4.10 - Workplace health and safety.....................................................................................	177
4.11 - Observance of the principles of labour law ...............................................................	178
4.12 - Sustainable development..........................................................................................	179
4.13 - Corporate environmental responsibility ....................................................................	180

4.14 - Report by one of the auditors, designated as an independent third-party body, on consolidated social, environmental and corporate information appearing in the

		management report ..................................................................................................	187
5	- CORPORATE GOVERNANCE...........................................................................................	189
	5.1	- Directorships, management, supervision and general management bodies..............	189
	5.2	- Board practices ...........................................................................................................	197
	5.3	- Remuneration and related benefits for corporate officers ..........................................	206
	5.4	- Report of the Board of Directors on corporate governance ........................................	217
6 - GENERAL INFORMATION ABOUT THE GROUP .............................................................	219
	6.1	- Structure and organisation chart .................................................................................	219
	6.2	- Main shareholders.......................................................................................................	223
	6.3	- Related-party transactions ..........................................................................................	229
	6.4	- Additional information concerning share capital .........................................................	234
	6.5	- Information from third parties, declarations by experts and declarations of interest ..	250
	6.6	- Information on holdings...............................................................................................	250
7	- FURTHER INFORMATION..................................................................................................	251
	7.1	- Person responsible for the Universal Registration Document ....................................	251
	7.2	- Statutory auditors ........................................................................................................	251
	7.3	- Research and development, patents and licenses .....................................................	252
	7.4	- Major contracts............................................................................................................	253
	7.5	- Documents available to the general public .................................................................	254
	7.6	- Cross-reference table .................................................................................................	255
	7.7	- Abbreviations ..............................................................................................................	256

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ATTESTATION OF THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT

Having taken all reasonable measures in this regard, I hereby certify that the information in this Universal Registration Document is genuine to the best of my knowledge, and has no omissions that could alter its scope.

I hereby certify that to the best of my knowledge the financial statements were drawn up in accordance with the accounting standards applicable and provide a true and fair view of the assets, the financial position and results of the company and of all the companies within the consolidated Group, and that the management report on page 116 presents a faithful representation of the business developments, results and financial position of the company and of all the companies within the consolidated Group, and a description of the main risks and uncertainties faced by them.

Paris, 2 November 2020

Pascal Roché

Chief Executive Officer

The present document dated 1 December 2020 replaces the initial version dated 2 November 2020 after correction of the leverage ratio and its components pages 76, 108, 126 and 127.

The present document is an internal translation of the French language version of the Universal Registration Document (URD) which was filed with the Autorité des Marchés Financiers (French Financial Markets Authority or AMF) as the competent authority under EU Regulation 2017/1129, without prior approval in accordance with Article 9 of said Regulation. This URD may be used for the purpose of a public offer of securities or the admission of securities to trading on a regulated market if it is supplemented by a securities note and, where appropriate, a summary and any amendments to the Universal Registration Document. All of these documents are approved by the AMF in accordance with EU Regulation 2017/1129.

The URD has been prepared by the issuer and its signatories are liable for its content. However, the version of the URD issued in French as mentioned above is the only binding version. The English language version is provided solely for the convenience of English speaking readers. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinion expressed in the original language version of the document in French take precedence over the translation.

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MESSAGE FROM THE CHAIRMAN OF THE BOARD AND THE CHIEF EXECUTIVE OFFICER

Craig McNally

Pascal Roché

Craig McNally - Chairman of the Board of Directors

Today, Ramsay Santé is a leader in the provision of integrated care in Continental Europe. The Group cares for 7 million patients every year, through its 250 multi-disciplinary hospitals and clinics and 130 primary care centres.

With our partner, Crédit Agricole Assurances, our commitment is a long-term one, especially as we are convinced of the quality and resilience of the French and Scandinavian healthcare systems. Each year, we invest more than EUR 250 million to improve the quality of patient care and the organisation of personalised pathways.

This year was an exceptional one due to the Covid pandemic, which disrupted the daily activities of our facilities and the projects underway. I would like to commend our teams for their remarkable adaptability and incredible dedication during this difficult time.

Pascal Roché - Chief Executive Officer

This year was marked above all by the Covid pandemic and the exceptional manner in which our teams worked to care for patients suffering from the virus in all Group countries, but especially in France, Sweden and Italy. This teamwork, combined with the Group's strength, has allowed us to take care of more than 10,000 patients in intensive care, medicine and post-operative care and rehabilitation, not to mention visits to emergency. This has been made possible through full coordination with public and private hospitals, with a single shared objective: to do our job by finding a solution for every patient affected by the virus.

As a leading player in the private sector, we are very proud to have done more than just played our part with the public authorities in all the countries in which we operate.

Beyond this unprecedented health crisis, we are continuing to transform our Group to better prepare it for the future, with a health sector that is itself undergoing rapid change thanks to advances in medicine and technology, artificial intelligence, and new patient and public expectations. This year has also seen the increasing digitalisation of our business activities, the ongoing modernisation of our operating theatres and imaging equipment, the rise of coordinated care pathways and new projects such as the testing in France of the Scandinavian concept of proximity care, not to mention prevention, which we want to increasingly integrate into our activities to benefit our patients and our healthcare systems. The Ramsay Santé Foundation is innovating in this area by creating, in conjunction with the Brest Faculty of Medicine, the first "prevention" university diploma for caregivers.

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