Korian publishes positive performances with: 2012 revenues up by 9.2% to €1.108 billion and expected improvements in profitability (increase in EBITDAR, reduced debt)
We hear from Yann Coléou, CEO of Korian (Paris:KORI): "2012 marked the beginning of a new era for Korian. With the ambition of becoming the largest player on the market, in terms of leadership, progression, quality and innovation, we decided to put transformation at the heart our strategy starting from now, in order to get ahead. This transformation involves the adoption of a new company strategy, "Korian First”, based on four pillars: Performance, Development, Innovation, and People. I am confident about Korian's future and its ability to generate strong, sustainable and profitable growth.”
|In €M||Quarterly figures*||12 months*|
|Q4 2012||Q4 2011||? 12/11||2012||2011||? 12/11|
|% total revenues||69%||68%||69%||70%|
|% total revenues||31%||32%||31%||30%|
|* unaudited figures|
1) IMPROVING PERFORMANCE
In 2012, the Group recorded a growth of 9.2%, driven by:
- Strong organic growth of 5%;
- Strong international growth, a key area for growth, of 15% (in spite of the restructuring operations which impacted the business in the fourth quarter in Italy);
- Targeted external growth operations (including four nursing homes in Germany and one in France in 2012).
The 2012 financial statements will also reveal the first effects of the "Korian First” Performance pillar, with an improvement in margins and substantial generation of cash flow resulting in a reduction in debt.
2) INTERNATIONAL DEVELOPMENT
The takeover of Curanum is a testament to the Group’s commitment to developing as a leader and exploiting key areas for international growth.
The takeover began on 21 January 2013 after the offer was approved by BaFin (German Federal Financial Supervisory Authority) and received the green light from merger control. Curanum’s board of directors and supervisory board also expressed a positive opinion. The offer will remain open until 18 February. To date, 54% of Curanum's shareholders have committed to contributing their securities to Korian, and a further 8% of the company's capital has been acquired directly on the market.
The Korian Group, founded in 2001, is the European market leader in temporary and permanent comprehensive care. A private group employing almost 19,000 people, Korian has three platforms established in France, Italy and Germany.
At 31 December 2012, Korian’s 248 facilities represented a combined total of 24,356 beds in service.
- In France: 127 retirement homes, 37 follow-up care and rehabilitation clinics, and 7 psychiatric clinics with a total of 14,684 beds.
- In Europe: 31 facilities in Italy with a total of 4,349 beds, and 46 facilities in Germany with a total of 5,323 beds in service.
The company has been listed on Euronext Paris Eurolist Compartment B since November 2006.
Next release: 27 March 2013 after close of trading
2012 annual results
For more information, please visit our website: www.groupe-korian.com