13.02.2013 07:00

ORPEA: Steep Rise in 2012 Sales: Up 15.8% to €1,429 Million

Regulatory News:

ORPEA (Paris:ORP), the leading European player in Long-Term Care (nursing homes), Post-Acute Care and Psychiatric Care, has today announced its sales for the fourth quarter and for the 2012 financial year ended on 31 December 2012.

In €m


Full-year Quarterly
2012   2011   Var. Q4 2012   Q4 2011   Var.
France 1,227.4   1,094.3   +12.2% 318.3   294.3   +8.1%
% of total sales 86%   89%     84%   90%    
International 201.7 139.8 +44.3% 59.5 33.9 +75.5%
% of total sales 14% 11% 16% 10%
Belgium 104.6 67.5 33.5 16.4
Spain 50.4 30.6 13.7 7.6
Italy 31.3 26.9 8.3 6.9
Switzerland 15.3   14.8     4.0   3.0    
Total sales 1,429.0 1,234.1 +15.8% 377.7 328.2 +15.1%

Organic growth1

        +8.2%         +8.0%

1 Organic growth reflects the following factors: 1. the growth in sales (in period n vs. period n-1) of existing facilities as a result of changes in their occupancy rates and daily rates, 2. the growth in sales (in period n vs. period n-1) of restructured facilities or those with capacity increased during period n or n-1, and 3. sales generated in period n by facilities set up in period n or n-1. Organic growth includes the improvement in sales recorded at recently-acquired facilities by comparison with the previous equivalent period.

Strong growth in 2012 sales

Yves Le Masne, CEO of the ORPEA group, commented: "ORPEA posted a remarkable performance in 2012, with sales rising by 15.8% to reach a record level of €1,429 million, beating the guidance of €1,425 million announced in November 2011.

In a gloomy economic environment, ORPEA continued to deliver very healthy organic growth of 8.2%, representing a record increase in sales of more than €100 million, owing in particular to the opening of 2,150 beds in 2012.

Outside France, business was boosted by the strategic acquisitions completed in 2012. During the fourth quarter, international revenues grew by 75% to represent 16% of consolidated sales.

This performance will lead to higher margins and cash flow, especially as a result of the ramp-up in the number of beds now at maturity, while the Group’s debt is tightly controlled, managed effectively and highly diversified.”

Growth prospects and jobs to be created in 2013

ORPEA is set to keep its momentum going in 2013, by opening another 2,000 beds at some 20 or so facilities, all situated in high-quality locations.

ORPEA will open new facilities at locations including Nantes, Guérande, Saint Laurent du Var, La Garenne Colombes, Le Cannet, Lyon and Chamalières, as well as in Nyon, Switzerland.

Thanks to this active development policy and after having created over 7,000 jobs in the past five years, ORPEA is set to maintain its commitment to the regional economies by creating 1,200 sustainable jobs in the caring, residential and administrative sectors during 2013.

The Group intends to keep this first-class growth momentum going during 2013 and confidently expects to generate sales of €1,600 million (up 12%, including brisk organic growth), together with strong margins.

Further developments in international markets

In line with its strategy of international expansion, the Group completed deals on attractive terms in Belgium and Italy, representing 1,100 in new beds that will add significant value.

ORPEA acquired 900 beds in Flanders, to speed up its expansion in this region blighted by a major shortage of facilities for the dependent elderly. This acquisition has tremendous potential, with 300 beds operational and another 600 beds under construction.

In Italy, the Group is also expanding its network with the acquisition of two facilities in the Turin region, representing 200 beds.

Dr Jean-Claude Marian, ORPEA’s Chairman, ended by saying: "ORPEA has delivered another year of remarkable growth, thanks in particular to the new facilities opened in France and expansion of its international network.

This first-class momentum will carry through into 2013 and future years. In a sector in which demand for high-quality care for dependent individuals is growing tremendously right across Europe, ORPEA boasts unique strengths:

  • Growth potential of close to 8,000 beds under construction and being restructured, which is regularly topped up to secure its future expansion;
  • Recognition of its know-how, particularly its ability to support people suffering from neurodegenerative disorders, and pan-European expertise;
  • Its ability to invest and create jobs.

As demonstrated by the recent deals in Flanders and Italy, ORPEA is actively pursuing its value-creating expansion in international markets.

In France, the sector faces major challenges, with the growth in the population of the very elderly and the need to renovate close to 116,000 beds (i.e. 17% of current capacity), according to a public report by the Caisse Nationale de la Solidarité pour l’Autonomie), which will cost an estimated €11.7 billion (excluding land).”

Key dates for investors

The following dates are subject to change. Press releases will be published before the market opens.

Event   Date
Full-year 2012 results   Wednesday, 27 March 2013
First-quarter 2013 sales   Tuesday, 30 April 2013
First-half 2013 sales   Wednesday, 17 July 2013
Interim 2013 results   Wednesday, 11 September 2013

About ORPEA (www.orpea-corp.com)

Listed on Euronext Paris since April 2002 and a member of the Deferred Settlement Service, the ORPEA group is the leading European player in the Long-Term Care and Post-Acute Care sectors.

At 31 July 2012, the Group had a unique European network of healthcare facilities with 38,348 beds (33,317 of them operational) at over 410 sites, including:

  • 28,819 beds in France: 25,340 operational (including 2,296 being renovated) + 3,479 under construction, at 333 facilities,
  • 9,529 beds in Europe (Spain, Belgium, Italy and Switzerland): 7,977 operational (including 754 being renovated) + 1,552 under construction, at 77 facilities.

Listed on Euronext Paris Compartment of NYSE Euronext
Member of the CAC Mid 60 and SBF 120 indices - Member of the SRD
ISIN: FR0000184798 - Reuters: ORP.PA - Bloomberg: ORP FP

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