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Bastide Le Confort Médical
Earnings Release • Oct 23, 2024
1141_iss_2024-10-23_4a2b23ec-476c-4bb3-850f-a9847c808dcf.pdf
Earnings Release
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2023-2024 annual results
- Solid growth in revenue
- Recurring operating margin of 8.5%, exceeding the target
- Operating profit up 6.2%
2024-2025 outlook: improved profitability and a focus on reducing debt
Caissargues, October 23, 2024 - Groupe Bastide, leading European provider of home healthcare services, announces its earnings for the 2023-2024 financial year ended 30 June 2024. The full-year consolidated financial statements were approved by the Board of Directors on October 21, 2024. The statutory auditors have audited the financial statements and the annual financial report will be available on the website www.bastide-groupe.fr by October 31, 2024.
| In € millions | 2022-2023 | 2023-2024 | Change |
|---|---|---|---|
| Revenue | 508.0 | 529.8 | +4.3% |
| EBITDA | 101.6 | 107.6 | +5.9% |
| EBITDA margin | 20.0% | 20.3% | |
| Recurring operating profit | 42.8 | 44.9 | +4.9% |
| Recurring operating margin | 8.4% | 8.5% | |
| Operating profit | 36.7 | 38.9 | +6.0% |
| Financial expense | (13.9) | (22.4) | |
| Income tax expense | (6.0) | (7.0) | |
| Net profit from continuing operations | 16.8 | 9.5 | -43.5% |
| Net loss from discontinued operations | (4.0) | (8.3) | |
| Net profit | 12.8 | 1.2 |
Organic growth of 7.4% for the 2023-2024 fiscal year
Revenue amounted to €529.8 million, with organic growth1 of 7.4% for the 2023-2024 fiscal year, driven by an excellent performance in home healthcare services and a return to growth in Homecare.
1 Organic growth calculated at constant exchange rates and on a like-for-like basis, with 2023-2024 figures restated for the contribution of companies acquired within the last 12 months and 2022-2023 figures restated for the contribution of assets sold within the last 12 months and assets classified as assets held for sale.
With revenue of €328.9 million, the more technical business activities such as Respiratory, Nutrition-Perfusion-Stomatherapy, now represent 62% of the Group's activities. Momentum remains very strong, particularly in the Respiratory and Diabetes businesses, driven by Groupe Bastide's market share gains and structural growth within the sector. On a like-for-like basis, Respiratory revenue was up 13.1% and Nutrition-Perfusion-Stomatherapy revenue up 10.6%.
Homecare revenue was up 1.4% (1.6% on a like-for-like basis) to €200.8 million, benefiting from the continued development of local authorities and in-store rental activities, and a return to growth in equipment sales in the final quarter of the year.
The scope effect of acquisitions was €4.6 million over the period. International business accounted for 16.6% of revenue.
Recurring operating margin of 8.5%, exceeding the announced annual target
In an inflationary context, gross margin2 improved by 120 basis points over the year to 66.9%, reflecting the Group's strategy of strengthening its more technical business activities.
EBITDA2 was up 5.9%, outstripping revenue growth, to €107.6 million, corresponding to a margin of 20.3% which represents an improvement of 30 basis points.
Recurring operating profit2 was up 5.0%, amounting to €44.9 million. Recurring operating margin amounted to 8.5%, up 10 basis points and above the announced 8.4% target. This performance reflects good management of external expenses (positive 10-basis point impact on margin), the amortized cost of assets (negative 20-basis point impact) and a controlled increase in payroll costs resulting from salary inflation and the development of home healthcare services (negative 100-basis point impact on margin).
Operating profit increased by 6.0% to €38.9 million. Non-recurring expenses amounted to €6.0 million, including restructuring and acquisition costs of €1.2 million and litigation costs of €2.2 million.
Financial expense came to €22.4 million (versus €13.9 million in the 2022-2023 fiscal year), including €2.1 million in interest paid on lease obligations (IFRS 16) and the impact of the increase in interest rates.
Net profit from continuing operations stood at €9.5 million, after taking into account a €7.0 million tax expense.
Discontinued operations generated a net loss of €8.3 million for the year, mainly due to the ongoing disposal of our business in Switzerland (€4.5 million in impairment of goodwill with no cash impact and a net loss of €2.4 million).
This resulted in a net profit of €1.2 million for the year.
2 See definition in appendices.
Financial structure: operating free cash flow of almost €20 million
Cash flow from operations came to €92.7 million, with working capital virtually unchanged. This more than offset net operating investments of €51.3 million, or 9.7% of revenue, compared with 10.4% for the 2022-2023 fiscal year. This tight control over net operating investments is all the more satisfactory in that it has been achieved against a backdrop of strong growth in the more capital-intensive rental business. Some 90% of these investments involve the purchase or repair of medical devices, which are then leased to the customer.
Operating free cash flow (cash flow from operations after cash flows related to acquisitions of property, plant & equipment and intangible assets and after repayment of lease liabilities), came to a positive €20.8 million. The second half saw a clear improvement, with operating free cash flow of €23.0 million compared with negative €2.2 million in the first half.
The Group also collected €9.7 million net in connection with the management of its business portfolio, including the proceeds from the sale of Distrimed in December 2023 (€14.2 million), outflows linked to the acquisitions of Oxigo and Occit'Perf (€1.5 million), earn-outs paid on previous years' acquisitions and minority interest buyouts (€2 million).
Including lease liabilities of €69.8 million, net debt amounted to €385 million at June 30, 2024 compared with €390.7 million (including €76.1 million in lease liabilities) at June 30, 2023 for shareholders' equity of €80.7 million, i.e., a €5.7 million reduction in debt. Available cash stood at €23.6 million.
Improvement in the Group's leverage
In July 2024, Groupe Bastide secured its medium-term financing and extended the maturity of its debt by setting up a new financing contract for €375 million, more than 90% of which is repayable at maturity, i.e., as from the 2029-2030 fiscal year. The repayment in the current year is therefore limited to €7.8 million.
The new debt is subject to compliance with a leverage ratio (IFRS16 Financial net debt / EBITDA 3 ), of 4.5 at December 31, 2024, 4.25 from December 31, 2025 and 4.00 from June 30, 2027. At June 30, 2024, post IFRS 16 leverage stood at 3.6x, well below the authorized threshold and a marked improvement on the leverage of 3.9x at June 30, 2023 and 4.2x at June 30, 2022.
2024-2025 outlook
Given the excellent momentum of home healthcare services, Groupe Bastide is confident it will achieve its revenue target of over €560 million (based on its current scope) for the 2024-2025 fiscal year.
Cost control associated with the higher share of revenue from higher value-added businesses in the Group's revenue, and a stable pricing environment expected for the current year, enable Groupe Bastide to aim for a 20 to 25-basis point improvement in recurring operating margin to reach a minimum of 8.7% in the 2024-2025 fiscal year.
Reducing debt and improving debt ratios, particularly the Group's leverage, are also among its top priorities.
To achieve this, Groupe Bastide plans to continue optimizing its operating free cash flow generation, resulting from the expected growth in profitability, strict management of working capital and controlled operating investments.
At the same time, the Group intends to accelerate its debt reduction by pursuing its strategy of targeted asset disposals, including the sale of its businesses in Switzerland, which should be completed before the end of 2024
NEXT PUBLICATION:
First-quarter 2024-2025 revenue on Thursday, November 14, 2024 after the close of trading.
About Groupe Bastide Le Confort Médical
Created in 1977 by Guy Bastide, Groupe Bastide is a leading European provider of home healthcare services. Present in eight countries, Bastide develops a permanent quality approach and is committed to providing medical devices and associated services that best meet patients' needs in key health areas: diabetes, nutrition, infusion, respiratory care, stomatherapy and urology. Bastide is listed on Euronext Paris (ISIN: FR0000035370, Reuters BATD.PA, - Bloomberg BLC: FP).
CONTACTS
| Groupe Bastide | Actus Finance | ||
|---|---|---|---|
| Vincent Bastide/Olivier Jourdanney T. +33 (0)4 66 38 68 08 www.bastide-groupe.fr |
Analyst-Investor Hélène de Watteville T. +33 (0)1 53 67 36 33 |
Press – Media Déborah Schwartz T. +33 (0)1 53 67 36 35 |
|
Alternative performance indicators (reconciliation)
| In € millions | 2022-2023 | 2023-2024 |
|---|---|---|
| Published revenue | 508.0 | 529.8 |
| Impact of acquisitions in 2023-2024 | - | (4.4) |
| Removal from the scope of consolidation of Distrimed since December 2023 |
(7.8) | |
| Removal from the scope of consolidation of the Swiss entities in the process of being sold over the full year (IFRS |
||
| 5) | (10.7) | (0.2) |
| 12-month impact of closure of Lyon and Cannes stores | (0.4) | |
| Restated revenue | 489.1 | 525.2 |
| Organic growth | +7.4% |
| Gross margin (€ millions) | 2022-2023 | 2023-2024 |
|---|---|---|
| Revenue | 508.0 | 529.8 |
| - Cost of goods purchased | 174.3 | 175.3 |
| = Gross margin | 333.7 | 354.5 |
| Recurring operating profit (€ millions) | 2022-2023 | 2023-2024 |
|---|---|---|
| Operating profit | 36.7 | 38.9 |
| + Other non-recurring expenses | 10.7 | 16.2 |
| - Other non-current assets | 4.6 | 10.4 |
| = Recurring operating profit | 42.8 | 44.9 |
| EBITDA (€ millions) | 2022-2023 | 2023-2024 |
|---|---|---|
| Recurring operating profit | 42.8 | 44.9 |
| - Net depreciation, amortization and provisions | 58.8 | 62.6 |
| = EBITDA | 101.6 | 107.6 |
| Operating free cash flow (€ millions) | 2022-2023 | 2023-2024 |
|---|---|---|
| Cash flows from operating activities | 105.7 | 92.7 |
| - Cash flows from/(used in) financing activities | 52.8 | 51.3 |
| - Lease liabilities repaid (IFRS 16) | 14.2 | 20.6 |
| = Operating free cash flow | 38.7 | 20.8 |
| Net debt (€ millions) | 2022-2023 | 2023-2024 |
|---|---|---|
| Bond issue | 0 | 25.4 |
| + Long-term borrowings and loans | 275.3 | 265.6 |
| + Borrowings and short-term bank debt | 75.9 | 47.8 |
| - Cash and cash equivalents | 36.7 | 23.6 |
| = Net debt | 314.5 | 315.2 |
| Net debt (IFRS 16) (€ millions) | 2022-2023 | 2023-2024 |
|---|---|---|
| Net debt | 314.5 | 315.2 |
| + Lease liabilities | 76.1 | 69.8 |
| + Deferred payment obligations on shares in subsidiaries | 4.3 | 6.3 |
| = Net debt (IFRS 16) | 395.1 | 391.3 |
Post IFRS 16 leverage =
Net debt (IFRS 16)/(IFRS 16 EBITDA + normalized contribution from acquisitions) 2022-2023 2023-2024 Net debt (IFRS 16) (€ millions) 395.1 391.3 IFRS 16 EBITDA 101.6 107.6 + Normalized contribution from acquisitions over the year 0.3 - Post IFRS 16 leverage 3.9x 3.6x
Notes to the financial statements
Balance sheet
| ACTIF (en milliers d'euros) |
Notes | 30/06/2024 | 30/06/2023 |
|---|---|---|---|
| Actifs non courants | 438 145 | 460 668 | |
| Goodwill | 6.1.1 | 208 628 | 225 660 |
| Droits d'utilisation des actifs loués | 6.1.2 | 67 525 | 74 119 |
| Autres actifs incorporels | 6.1.3 | 8 837 | 8 212 |
| Actifs corporels | 6.1.4 | 140 871 | 136 081 |
| Titres mis en équivalence | 6.1.5 | 88 | 62 |
| Autres actifs financiers non courants | 6.1.6 | 9 339 | 11 343 |
| Actifs d'impôts différés | 6.12.2 | 2 858 | 5 190 |
| Actifs courants | 208 922 | 196 412 | |
| Stocks et en cours | 6.2 | 43 207 | 48 501 |
| Clients et comptes rattachés | 6.2 | 78 587 | 69 526 |
| Autres créances | 6.2 | 44 507 | 38 472 |
| Autres actifs courants | 6.2 | 6 229 | 2 589 |
| Trésorerie et équivalents de trésorerie | 6.2.2 | 23 616 | 36 706 |
| Actifs destinés à être cédés | 4.7 | 12 776 | 618 |
| TOTAL ACTIF | 647 067 | 657 080 | |
| PASSIF (en milliers d'euros) |
Notes | 30/06/2024 | 30/06/2023 |
| PASSIF (en milliers d'euros) |
Notes | 30/06/2024 | 30/06/2023 |
|---|---|---|---|
| Capital | 3 359 | 3 356 | |
| Primes liées au capital | 9 466 | 9 466 | |
| Résultats accumulés | 66 947 | 74 827 | |
| Capitaux propres attribuables aux propriétaires de la Société | 6.3 | 79 772 | 87 648 |
| Participations ne donnant pas le contrôle | 953 | 443 | |
| Total des capitaux propres | 6.3 | 80 725 | 88 091 |
| Passifs non courants | 350 136 | 344 004 | |
| Emprunts obligataires | 6.5.1 | 25 420 | 0 |
| Emprunts et dettes financières non courants | 6.5.1 | 265 628 | 275 342 |
| Obligations locatives non courantes | 6.5.5 | 51 679 | 59 770 |
| Provisions non courantes | 6.4 | 1 386 | 1 882 |
| Passif d'impôts différés | 6.12.2 | 1 929 | 4 323 |
| Autres passifs non courants | 6.6 | 4 094 | 2 687 |
| Passifs courants | 216 206 | 224 985 | |
| Emprunts et concours bancaires courants | 6.5.1 | 47 799 | 75 920 |
| Obligations locatives courantes | 6.5.5 | 18 121 | 16 361 |
| Provisions courantes | 6.4 | 2 198 | 3 290 |
| Fournisseurs et comptes rattachés | 6.6 | 77 021 | 73 059 |
| Autres passifs courants | 6.6 | 65 410 | 55 375 |
| Passifs destinés à être cédés | 4.7 | 5 657 | 980 |
| TOTAL DES CAPITAUX PROPRES ET DES PASSIFS | 647 067 | 657 080 |
Consolidated profit and loss statement
| En milliers d'euros | Notes | 30/06/2024 | 30/06/2023 |
|---|---|---|---|
| Chiffre d'affaires | 6.8.1 | 529 755 | 508 031 |
| Achats consommés | -175 318 | -174 303 | |
| Charges externes | -83 488 | -80 552 | |
| Charges de personnel | -160 786 | -149 126 | |
| Impôts et taxes | -3 658 | -3 526 | |
| Dotations aux amortissements | -63 331 | -58 795 | |
| (Dotations) Reprises aux dépréciations d'actifs et aux provisions pour risques et charges |
696 | -32 | |
| Autres produits opérationnels courants | 3 109 | 2 247 | |
| Autres charges opérationnelles courantes | -2 061 | -1 155 | |
| Résultat opérationnel courant | 44 918 | 42 789 | |
| Ajustement de la juste valeur des compléments de prix | 6.9 | 204 | -57 |
| Autres produits opérationnels non courants | 6.9 | 10 189 | 4 589 |
| Autres charges opérationnelles non courantes | 6.9 | -16 392 | -10 664 |
| Résultat opérationnel | 38 920 | 36 657 | |
| Quote-part de résultat net des sociétés mises en équivalence | 6.1.5 | 0 | 38 |
| Résultat opérationnel après quote-part de résultat net dans les entités mises en équivalence |
38 920 | 36 695 | |
| Produits de trésorerie et d'équivalents de trésorerie | 0 | 0 | |
| Coût de l'endettement financier brut | -27 369 | -16 593 | |
| Coût de l'endettement financier net | 6.10 | -27 369 | -16 593 |
| Autres produits et charges financiers | 6.11 | 4 951 | 2 664 |
| Résultat avant impôt | 16 502 | 22 766 | |
| Impôt sur le résultat | 6.12 | -7 015 | -5 960 |
| Résultat net des activités poursuivies | 9 487 | 16 805 | |
| Résultat net des activités non poursuivies | -8 281 | -4 019 | |
| Résultat net | 1 206 | 12 786 | |
| Dont: | |||
| - Part des propriétaires de la Société | -900 | 12 047 | |
| - Part des participations ne donnant pas le contrôle | 2 107 | 739 | |
| Résultat net attribuable aux propriétaires de la société mère par action |
|||
| Non dilué (en euros) (*) | 6.14 | -0,12 | 1,62 |
| Dilué (en euros) (**) | 6.14 | -0,11 | 1,52 |
| (*) calculé au titre des différentes périodes sur le nombre d'actions existant : | 7 460 450 | 7 457 499 | |
| (**) calculé au titre des différentes périodes sur le nombre d'actions existant et potentiel : | 7 940 827 | 7 937 876 |
Cash flow statement
| En milliers d'euros | Notes | 30/06/2024 | 30/06/2023 |
|---|---|---|---|
| Résultat des activités poursuivies | 9 487 | 16 767 | |
| Résultat des activités non maintenues | -8 281 | -4 019 | |
| Dotations nettes aux amortissements et provisions | 6.1 | 42 594 | 40 112 |
| Dotations aux amortissements des droits d'utilisation des actifs loué (IFRS 16) | 6.1.2 | 20 737 | 18 645 |
| Gains et pertes latents liés aux variations de juste valeur | 6 | 6 | |
| Charges et produits calculés aux stocks-options et assimilés | 0 | 850 | |
| Autres produits et charges calculés | -52 | 0 | |
| Plus et moins-values de cession | -1 151 | 612 | |
| Profits et pertes de dilution | 0 | 0 | |
| Quote-part de résultat liés aux sociétés mises en équivalence | 0 | 0 | |
| Dividendes sur entités non consolidés | -51 | -20 | |
| Impact des activités abandonnées | 4.7 | 5 873 | 874 |
| Capacité d'autofinancement après coût de l'endettement financier net et impôt | 69 162 | 73 827 | |
| Coût de l'endettement financier net | 6.10 | 27 369 | 16 593 |
| Charge d'impôt (y compris impôts différés) | 6.12.1 | 7 015 | 5 873 |
| Capacité d'autofinancement avant coût de l'endettement financier net et impôt | 103 546 | 96 294 | |
| Impôt versé | -9 749 | -5 229 | |
| Variation du BFR lié à l'activité | 6.7 | -3 770 | 10 153 |
| Autres flux liés aux activités opérationnelles | 0 | 0 | |
| Impact des activités abandonnées | 2 661 | 4 462 | |
| Flux de trésorerie liés aux activités opérationnelles | 92 689 | 105 680 | |
| Incidence des variations de périmètre | 9 669 | -21 991 | |
| Acquisition d'immobilisations corporelles et incorporelles | 6.1 | -55 395 | -53 634 |
| Cession d'immobilisations corporelles et incorporelles | 4 130 | 852 | |
| Acquisition d'actifs financiers | -1 518 | -1 151 | |
| Montant au 30 juin 2024 | 0 | 134 | |
| Variation des prêts et avances consentis | -859 | -356 | |
| Dividendes reçus sur titres non consolidés | 51 | 20 | |
| Autres flux liés aux opérations d'investissement | 0 | 0 | |
| Impact des activités abandonnées | 268 | -123 | |
| Flux de trésorerie liés aux activités d'investissement | -43 654 | -76 249 | |
| Versement des actionnaires de la société mère lors d'augmentation de capital | 2 | 26 | |
| Versement des minoritaires lors d'augmentation de capital | 0 | 0 | |
| Cession (acquisition) nette d'actions propres | 16 | 22 | |
| Dividendes versés | -1 628 | -613 | |
| Emission d'emprunts | 6.5.1 | 56 883 | 36 967 |
| Remboursement d'emprunts | 6.5.1 | -70 114 | -15 201 |
| Remboursement des obligations locatives ( IFRS 16) | 6.5.5 | -20 593 | -14 205 |
| Intérêts financiers nets versés | -26 702 | -15 420 | |
| Autres flux liés aux opérations de financement | -118 | 1 757 | |
| Impact des activités abandonnées | 0 | -1 219 | |
| Flux de trésorerie liés aux activités de financement | -62 254 | -7 887 | |
| Incidence des variations des cours des devises | 128 | -37 | |
| Variation de la trésorerie nette | -13 091 | 21 507 | |
| Trésorerie d'ouverture | 36 707 | 15 200 | |
| Trésorerie de clôture | 23 616 | 36 706 | |
| Trésorerie et équivalents de trésorerie | 6.2.2 | 23 616 | 36 706 |
| Trésorerie passive | 6.2.2 | 0 | 0 |
