13.09.2017 18:39

Korian: Solid interim results in line with roadmap


Regulatory News:

Korian (Paris:KORI):

  • Revenue up 4.9%, driven by strong growth internationally (+9.4%)
  • Stable operating margin (EBITDA) at 13.5%, compared to 1rst half 2016 underlying margin
  • Continued development: over 1,700 beds created or acquired, primarily outside France, and expansion in the home care segment in Belgium and Germany
  • Implementation of the Korian 2020 strategic plan: launch of plan to reconfigure and modernise network in France, optimisation of real estate management, deployment of integration plan in Germany
  • Annual revenue growth and operating margin objectives confirmed

Sophie Boissard, Chief Executive Officer of the Korian group, commented: "Korian, the European leader in Ageing Well, experienced a favourable business momentum in the first half of the year and pursued its community-based development strategy in its four markets, in particular in Belgium where, with 11 additional facilities and a home care network, we are now the leading operator in the market for services to seniors. At the same time, to continuously improve the service we offer to the nearly 200,000 residents, patients and care givers who place their trust in us every year, we are implementing the structural actions of our Korian 2020 plan to enhance and broaden our service offers and modernise our network. We expect a significant increase in our profitable growth potential, particularly in France and Germany, where the integration of the acquisitions completed in 2015 and 2016 is now well underway.”

In € milllions   H1 16   H1 17   Change
Revenue 1,470 1,542 4.9%
EBITDAR 393 401 2.0%
as % of revenue 26.7% 26.0%
EBITDA 207 209 0.9%
as % of revenue 14.1% 13.5%
Ordinary operating income 128 130 1.4%
as % of revenue 8.7% 8.4%
Net profit Group share   32   38   18.8%


Korian continued to expand its network of facilities by opening or acquiring over 1,700 beds during the period, primarily in the international sector (Belgium, Italy and Germany).

In Belgium, Korian consolidated its leading position, achieved through the acquisition of Foyer de Lork in 2016, by completing the acquisition in early 2017 of OTV, a group that specialises in home care services in Flanders, and the acquisition of eight facilities from the Senior Assist group in June 2017. The Group also expanded its presence in the home care segment in Germany by making three bolt-on acquisitions since the start of the year.

In France, the Group has undertaken an ambitious programme to modernise and reconfigure its facilities in order to reinforce the attractiveness of its offer and accelerate organic growth.

In January, a first reconfiguration of facilities was successfully placed into service in the Healthcare business line (comprising primarily post-acute and rehabilitation care clinics). This operation grouped two facilities at a new site in Guyancourt, near Paris, and enabled the addition of hospital day care services, as well as expanded home care services. Two other facilities (one new facility and one relocated facility) opened in early September.

In addition, on 13 September, the Group announced the signature of a partnership agreement with the Icade group, which will assist Korian in reconfiguring and expanding its facilities network in France. This non-exclusive partnership concerns a first group of 15 new properties to be delivered by 2020, covers the development, design and construction of facilities, and grants Korian a purchase option with respect to each property prior to delivery. This partnership is consistent with the Group’s new real estate policy, which focuses primarily on increasing the property ownership rate and on dynamically managing the asset portfolio.

In Germany, the Group has taken key steps to implement the business integration plan, in particular unifying the facilities networks, signing an agreement with the Casa Reha works council to implement an administrative costs reduction plan, and strengthening its management team.

First-half 2017 results

Consolidated revenue for the first-half 2017 totalled €1,542 million, up 4.9% in reported figures and 2.5% organically.

In France, revenue increased by 0.8%, and 1.0% organically.

International revenue rose by 9.4%, and accounts for 49.1% of consolidated revenue. This strong growth was due, in particular, to the acquisitions completed in Belgium in the 2nd half of 2016 and early 2017. Organic growth continues to be strong, at 4.2%.

The Group’s EBITDAR1 (EBITDA before rental income) totalled €401 million. The EBITDAR margin was 26.0% of revenue, compared to 26.7% in 1rst half 2016. Adjusted for non-recurring income of around €5 million recognised in Germany in 1rst half 2016, the EBITDAR margin fell by 40 basis points.

1 EBITDAR is the interim performance indicator that the Korian group has selected to monitor the performance of its facilities. EBITDAR represents gross earnings from operations (EBITDA) before rental expenses.

The EBITDAR margin for France was stable at 27.5%, despite the continuing drop in tariffs in the post-acute care clinics sector.

In Germany, the EBITDAR margin was 24.4%, a drop of 130 basis points compared to the underlying margin for 1rst half 2016 (i.e. adjusted for the favourable impact of non-recurring income). This drop reflects higher payroll expenses due to the ramping-up of facilities opened over the last 12 months, as well as to the application of the new pricing law ("PSG 2”), which has led to a short-term increase in the staff keys not yet fully offset during the half-year by readjusted rates.

In Italy, the EBITDAR margin rose by 120 basis points to 24.2%, driven by the favourable impact of changes in perimeter due to the transfer of the operation of four facilities in 2016, as well as by a solid operating performance.

The EBITDAR margin in Belgium was 24.9%, a drop of 120 basis points compared to 1rst half 2016, due to the dilutive effect of recent acquisitions, which include a majority of facilities that are not yet mature.

EBITDAR by country

In € milllions   H1 16   H1 17   Change
France 214 215 0.6%
as % of revenue 27.5% 27.5%
International 179 185 3.6%
as % of revenue 25.9% 24.5%
Germany 113 106 -5.8%
as % of revenue 26.9% 24.4%
Italy 36 37 2.1%
as % of revenue 23.0% 24.2%
Belgium 30 43 40.1%
as % of revenue 26.1% 24.9%
Group 393 401 2.0%
as % of revenue   26.7%   26.0%    

EBITDA totalled €209 million, up 0.9% compared to 1rst half 2016. EBITDA for the 1rst half of 2016 included total non-recurring income of about €9 million, of which about €5 million were recognised as other expenses (see above) and about €4 million as rental income.

The EBITDA margin was 13.5%, compared to 14.1% in reported figures for 1rst half 2016. It was stable compared to the restated margin for H1 2016 (i.e. adjusted for the favourable impact of non-recurring income).

Current operating income totalled €130 million, i.e. 8.4% of revenue (compared to 8.1% for 1rst half 2016 on a restated basis).

Other operating income and expenses showed a net expense of €4 million for the period, which is a significant drop compared to 2016.

With financial expense of €56 million and income tax expense of €30 million, net income (group share) totalled €38 million, an increase of 18.8% compared to 1rst half 2016.

Financial position

At 30 June 2017, net financial debt totalled €2,317 million, which is stable compared to the level at 31 December 2016.

Net financial debt, excluding real estate debt, totalled €1,447 million, a drop from the level at 31 December 2016 (€1,477 million). The restated debt ratio2 was 3.8 x EBITDA.

On 28 June, Korian announced the issue of undated bonds for a total amount of €300 million, comprising €240 million in bonds with an option for repayment in cash and/or new and/or existing shares ("ODIRNANE” bonds) and €60 million in unlisted bonds that do not confer access to equity. In accordance with IAS 32, these financial instruments are classified as equity.

The "ODIRNANE” issue was settled on 3 July and, therefore, was not included in the accounts closed on 30 June 2017.

These issues provide the Group with increased financial flexibility to pursue its development strategy through selective acquisitions (bolt-ons).

Conclusion and outlook

Performance in the first half was consistent with the Korian 2020 strategic plan roadmap.

The expansion of the network will accelerate in the second half with the opening of 8 facilities (7 greenfields and 1 reconfigured facility) and through selective acquisitions, with the goal of adding a total of more than 2,500 new beds in 2017.

The Group will continue to deploy its strategic roadmap, which is based on:

  • Accelerating growth, in particular, by reconfiguring the portfolio of facilities in France and continuing a policy of selective acquisitions
  • Optimising management of real estate assets to support growth and create value
  • Improving operational performance, in particular by implementing the Success 2020 plan in Germany
  • Encouraging innovative medical care and the use of digital tools
  • Investing in people

The Group confirms its objectives for 2017 of revenue growth over 5% and an operating margin (EBITDA) of around 13.7%, equal to the underlying margin for 2016.

2 Restated debt ratio = (net debt - real estate debt) / adjusted EBITDA – (6.5% * real estate debt)


Presentation of H1 results


The results for the first half of the year will be presented live at 9a.m. (Paris time) on Thursday 14 September, in the Investors section of Korian’s website at www.korian.com. The presentation document will be made available before the presentation.


A recorded version will be available on line during the day.
The presentation of results is also accessible by telephone at:
In French: +33 (0) 1 70 77 10 25 - code: 89242778#
In English: +33 (0) 1 72 00 15 10 – code: 56659285#

Next event: 24 October 2017 after the close of trading
3rd quarter revenue


Korian, the expert in providing care and support services for seniors, with 715 facilities, operates Europe’s largest network of long-term care nursing homes, specialised clinics, assisted-living facilities, home care and hospital home care services. At the end of December 2016, the Korian group has the capacity to accommodate around 72,000 beds in four countries (France, Germany, Belgium and Italy) and employs around 47,000 people.

For more information, please visit the website: www.korian.com

Korian has been listed on Euronext Paris Section A since November 2006 and is included in the following indices: SBF 120, CAC Health Care, CAC Mid 60, CAC Mid & Small and MSCI Global Small Cap

Euronext Ticker: KORI – ISIN: FR0010386334 – Reuters: KORI.PA – Bloomberg: KORI.FP


The condensed consolidated financial statements for H1 2017 were approved by the Board of Directors on 13 September 2017 and were reviewed by the statutory auditors.


In € milllions   1st half   reported   organic
2016   2017 change


France 778 784 0.8% 1.0%
as % of revenue 52.9% 50.9%
International 692 758 9.4% 4.2%
as % of revenue 47.1% 49.1%
Germany 420 435 3.7% 4.1%
Italy 156 152 -3.0% 1.1%
Belgium 117 171 46.7% 8.3%
Group Total   1,470   1,542   4.9%   2.5%

3 Revenue and other income
4 Organic growth in revenue includes: a) the change in revenue (year "N” vs. year "N-1”) of existing facilities; b) revenue generated in year "N” by facilities created in year "N” or year "N-1”; c) the change in revenue (year "N” vs. year "N-1”) of facilities that were restructured or whose capacity was increased in year "N” or year "N-1”; and d) the change in revenue, in year "N” compared to the equivalent period in year "N-1”, of facilities recently acquired.


In € milllions   H1 16   H1 17   Change
Revenue   1,470   1,542   4.9%
Staff costs -793 -850 7.2%
Other purchases, external costs, other taxes   -284   -291   2.4%
EBITDAR   393   401   2.0%
As % of revenue 26.7% 26.0% -0.7%
External rents   -186   -192   3.2%
EBITDA   207   209   0.9%
As % of revenue 14.1% 13.5% -0.5%
Depreciation and amortisation   -78   -79   0.1%
Ordinary operating income   128   130   1.4%
As % of revenue 8.7% 8.4% -0.3%
Other operating expenses and income   -14   -4   -67.3%
Operating profit (loss)   114   126   9.7%
Net financial income -53 -56 6.3%
Income tax -29 -30 3.0%
Minority interests   -1   -2   99.3%
Net profit Group share   32   38   18.8%


In € millions   31.12.2016   30.06.2017
Non-current Assets   5,778   5,849
Intangible fixed assets   3,893   3,921
incl. Goodwills   2,175   2,202
incl. Other intangible fixed assets   1,718   1,720
Plant, property and equipment   1,670   1,712
Long-term financial assets   33   34
Deferred tax assets   183   183
Current Assets   714   837
Inventories   10   10
Trade receivables and related accounts   168   185
Other receivables and currents assets   225   228
Derivative financial assets   2   6
Cash and cash equivalents   310   408
Assets held for sales   2   0
Total assets   6,494   6,687
Shareholder's Equity (group share)   2,023   2,086
Share capital   401   401
Premiums   842   842
Reserves & consolidated results   781   843
Minority interests   14   11
Total shareholder's equity   2,037   2,097
Non-Current Liabilities   3,314   3,355
Pension provisions   59   62
Deferred tax   673   674
Other provisions   140   148
Borrowings and financial liabilities   2,442   2,471
Current Liabilities   1,143   1,235
Provisions for less than one year   14   10
Trade payables and related accounts   250   245
Other payables and accruals   678   709
Borrowings less than one year and overdrafts   183   255
Derivatives financial liabilities   18   16
Liabilities held for sale   0   0
Total Liabilities   6,494   6,687
Net financial debt   2,315   2,317


In € millions   H1 16   H1 17
Net profit/(loss)   33   40
Net depreciation, amortisation and provisions   83   78
Other income and non-cash expenses   -6   -2
Elimination of acquisition costs of securities   2   1
Elimination of net interest paid   44   45
Cash flow before cost of net debt   156   162
Change in WCR   -24   -18
Operating cash flow   132   144
Impact of changes in scope (acquisitions)   -354   -33
Impact of changes in scope (disposals)   0   0
Payment for property, plant and equipment and intangible assets   -92   -77
Payment for other financial investments   -18   -14
Proceeds from disposals of non-current assets (excluding securities)   1   4
Net cash from/(used in) investing activities   -464   -120
Net cash flow   -332   24
Treasury shares charged to equity   1   0
Increase in financial liabilities   44   146
Repayment of financial liabilities   -49   -92
Other cash flows from/(used in) financing activities   0   59
Net interest paid   -38   -39
Dividends paid to shareholders of the parent   0   0
Dividends paid to non-controlling interests in consolidated companies   0   0
Dividends payable   0   0
Net cash from/(used in) financing activities   -42   75
Change in cash position   -374   99
Cash and cash equivalents at start of period   510   294
Cash and cash equivalents at end of period   136   393
Marketable securities   8   91
Cash   148   317
Bank overdrafts and advances   -20   -15
Change in cash position   136   393

Nachrichten zu korianAct. Prov. Regroupement Cat.-O-

  • Relevant
  • Alle
  • vom Unternehmen
  • Peer Group
  • ?

Keine Nachrichten im Zeitraum eines Jahres in dieser Kategorie verfügbar.

Eventuell finden Sie Nachrichten, die älter als ein Jahr sind, im Archiv

Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen

Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen

vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden

Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

Analysen zu korianAct. Prov. Regroupement Cat.-O-

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
Keine Analysen gefunden.
mehr Analysen

Top-Favoriten 2018: Die besten Nebenwerte

Bitte vormerken: Am Mittwoch 18 Uhr ist mit Holger Steffen einer der erfahren­sten Nebenwerte-Analysten zu Gast. Seit 1999 erzielte er mit Small Caps eine Rendite von 18,1 % pro Jahr. Im Online-Seminar stellt er exklusiv seine Top-Favoriten für 2018 vor. Das dürfen Sie nicht verpassen!
Jetzt noch schnell zum Webinar mit Holger Steffen anmelden!

Meistgelesene korianAct. Prov. Regroupement Cat.-O- News

Keine Nachrichten gefunden.
Weitere korianAct. Prov. Regroupement Cat.-O- News
Börse Stuttgart Anlegerclub

Bechtle - Der Favorit im IT-Segment!

Ein breit aufgestelltes, gut diversifiziertes Produkt- und Serviceangebot, eine solide Finanzbasis und ein gutes Gespür für chancenreiche Trends und wachstumsstarke Marktsegmente - diese Mischung ist das Erfolgsgeheimnis von Bechtle. Lesen Sie im aktuellen Anlegermagazin die ganze Story über Bechtle.
Kostenfrei registrieren und dabei sein!

korianAct. Prov. Regroupement Cat.-O- Peer Group News

Keine Nachrichten gefunden.

Heute im Fokus

DAX nach neuem Rekordhoch im Plus -- Dow schließt kaum verändert -- Elon Musk verlängert als Tesla-Chef -- Erneute Short-Attacke auf Wirecard -- Lufthansa, easyJet, Netflix, GEA im Fokus

Daimler und BMW führen offenbar Carsharing-Geschäft zusammen. Finanzwirtschaft für stärkere Regulierung von Bitcoin & Co. Analysten: Apples iPhone X war Renner in Weihnachtssaison. JPMorgan will 20 Milliarden Dollar investieren. Procter & Gamble übertrifft Gewinnerwartung. Verizon macht über 18 Milliarden Dollar Gewinn.


KW 3: Analysten-Flops der Woche
Diese Aktien stehen auf den Verkauflisten der Experten
KW 3: Analysten-Tops der Woche
Diese Aktien stehen auf den Kauflisten der Experten
KW 2: Analysten-Flops der Woche
Diese Aktien stehen auf den Verkauflisten der Experten

Die 5 beliebtesten Top-Rankings

Erster Job
Wo Absolventen am meisten Geld verdienen
Das sind die größten Privatbanken weltweit
Welche Bank macht 2017 das Rennen?
Die Länder mit den größten Goldreserven 2017
Wo lagert das meiste Gold?
Die mächtigsten Frauen der Welt 2017
Welche Frau belegt den ersten Platz?
Das Wachstum der Schulden in verschiedenen Regionen
Welche Region konnte ihren Schuldenberg am meisten verkleinern?
mehr Top Rankings


Besitzen Sie Bitcoins oder eine andere Kryptowährung?

Online Brokerage über finanzen.net

Das Beste aus zwei Welten: Handeln Sie für nur 5 Euro Orderprovision* pro Trade unmittelbar aus der Informationswelt von finanzen.net!
Zur klassischen Ansicht wechseln
Top News
Beliebte Suchen
DAX 30
Euro US-Dollar
Volkswagen (VW) AG Vz.766403
Steinhoff International N.V.A14XB9
Deutsche Bank AG514000
Daimler AG710000
Wirecard AG747206
Netflix Inc.552484
Deutsche Telekom AG555750
BYD Co. Ltd.A0M4W9
Apple Inc.865985
Infineon AG623100