2013 full-year results 27 March 2014
SPEAKERS Yann Coléou Chief Executive Officer Jean-Brieuc Le Tinier Group CFO 27 March 2014
01 KORIAN: 2013. a year of great change 2013 full-year results ● 27 March 2014
A structural corporate initiative PERFORMANCE INNOVATION DEVELOPMENT PEOPLE 4 2013 full-year results ● 27 March 2014
2013: A year of great change Performance All objectives set for 2013 were exceeded 2013 SFAF March 2013 SFAF sept Actual � 1 Revenue €1.3 billion €1.35 billion €1.37 billion � 1 26 % EBITDAR 27 % 27.3 % � 1 3x 3x 2.7x Restated debt ratio 5 2013 full-year results ● 27 March 2014
Substantial improvement in performance Performance Current net income (Group share) (2) up +46.2% +23.7% +35.2% +31.4% In €M In €M In €M 374 1.371 In €M 183 In €M 41.3 716 In €M In €M In €M In €M 1.081 In €M 619 277 In €M 139 562 28.3 3.9x 25.0% 27.3% 12.5% 13.3% 3.1x In €M 2.7x Margin rate In €M 28.6 Restated % OF 23.3 leverage (3) REVENUES 2012 2013 2012 2013 2012 2013 2012 2013 Dec. Dec. Dec. 2011 2012 2013 REVENUES EBITDAR (1) EBITDA NET NET DEBT INCOME (GROUP SHARE) Growth +24% Margin up by 230bp (1) EBITDAR is the interim management balance sheet measurement preferred by the Korian Group to monitor the performance of its facilities. It consists of gross operating surplus of the operating sectors before leasing expenses. (2) Current net income (Group share) represents net income (Group share) - (other operating income and expenses + gains and losses on acquisitions and disposals of subsidiaries) x (1 - standard corporate income tax of 35%). or restated net income (Group share) for non-recurring items. (3) (Net debt – Real estate debt) / (EBITDA – 7%* Real estate debt) 6 2013 full-year results ● 27 March 2014
Profitability up significantly in all countries Performance Conso France Germany Italy 2012 2013 2012 2013 2012 2013 2012 2013 In millions of euros Revenues 1.108 1.371 762 766 157 414 190 192 EBITDAR 277 374 188 202 44 125 45 47 % of revenues 25.0% 27.3% 24.7% 26.5% 28.0% 30.1% 23.6% 24.5% Change +230bp +180bp +210pb +90bp in margin Changes in the scope of Sale of the Acquisition of consolidation psychiatry division Curanum complete by the integrated on 1 end of H1 March 2013 7 2013 full-year results ● 27 March 2014
A solid financial structure Performance Net debt trends Reduced leverage Net debt – Real estate debt = 2.7x 3.9x EBITDA – 7% Real estate debt 3.1x Default covenant at 4.75x 2.7x Continued debt diversification with the issue of a €67.5m private placement in August 2013 December December December 2011 2012 2013 Net debt in millions 619 562 716 of euros Syndicated credit 465 465 315 0 37 105 Commitments Real estate debts 154 173 282 Other payables 34 45 65 Cash (34) (158) (51) 8 2013 full-year results ● 27 March 2014
Innovation at the core of the corporate initiative Innovation Innovation in research and at the service of facilities Role In practice Societal research A booklet containing 20 case studies to help improve the care given to our residents Applied research through mining of our data Competitions to create competition Korian’s scientific research and sharing (e.g. Medication booklet) National campaigns to develop temporary and respite accommodation Official launch on 11 December 2013 in the presence of the French Minister for the Elderly and Dependent Care. Michèle Delaunay 9 2013 full-year results ● 27 March 2014
Creating the European leader Development Milestones: Objectives: March Creating a market leader 78% acquisition of Curanum in Germany with some 15.000 beds 2013 Sept. Acquisition by Medica Acquisition of the leader in Belgium 2013 of Senior Living Group Strengthening of our positions March Completion of merger with in France and Italy 2014 Medica A strong lead in the four largest private markets in Europe 10 2013 full-year results ● 27 March 2014
02 Creating the leader in healthy ageing 2013 full-year results ● 27 March 2014
A leading presence in four European countries 593 47 124 facilities facilities in Europe: BELGIUM facilities 5.483 beds GERMANY 15.816 beds 506 nursing homes 87 specialist follow-up care and rehabilitation clinics 363 Accommodation capacity of more than 2.400 people in assisted living facilities facilities FRANCE 9.000 people receiving homecare services 29.398 beds More than 57.000 beds in use 59 As well as additional activities facilities ITALY Note: Scope of consolidation as at 31 December 2013 6.398 beds 12 2013 full-year results ● 27 March 2014
Korian-Medica. providing additional geographic coverage 2013 pro forma revenues (1) by country KORIAN MEDICA KORIAN-MEDICA Belgium Germany Germany 21% 33% 19% + Belgium Italy 9% 8% Italy 11% France France Italy France 71% 53% 14% 61% 2013 data including 100% of the scope of consolidation of Koran. Medica. Senior Living Group. Curanum and excluding the Korian Psychiatry Division from 1 January 2013 13 2013 full-year results ● 27 March 2014
A leading player in four markets with solid fundamentals France Germany Italy Belgium 62% increase in the 55% increase in the 47% increase in the 47% increase in the number of people over 80 number of people over number of people over number of people over by 2035 80 by 2035 80 by 2035 80 by 2035 Increase in the number of The main European Public authorities wish to The population living in people suffering from age- market: 2.3m dependent turn clinics/hospitals into nursing homes is set to related diseases persons nursing homes grow by 2.500 residents per annum until 2025 ~35% of the nursing home 200.000 beds in nursing ~50% of the total cost of tariff (1) and 80% of the homes to be created in one day's stay Operating licenses clinic tariff (1) reimbursed by the next ten years. reimbursed by social 44% of the total cost of public authorities security ~50% of the total cost of one day's stay one day's stay reimbursed by reimbursed by social social security security Solid market A growth market Group positioning in the Opportunities for fundamentals supported by secure market’s development in public funding most attractive the Flemish region regions Source: INSEE. DREES. World Bank. Pflegestatistik. Istat. Euromonitor. (1) Korian data 14 2013 full-year results ● 27 March 2014
Growth Potential for development by adding to our offer on a country-by-country basis France Germany Italy Belgium Follow-up care and rehabilitation clinics Homecare Intermediate facilities Nursing homes Develop through the transfer of business models Emerging activity Average activity High activity Opportunity for entry 15 2013 full-year results ● 27 March 2014
A strong brand in the domain of healthy ageing Making the most of the Korian brand : a brand strong, dynamic, international and unifying, able to transform the market and support our societies as they age. A strong symbol representing the excellence and know-how of the leading European company specialising in healthy ageing. A brand set to roll out over the network , to display and share this emblem of excellence with families, care providers, partners, prescribers, service providers, investors and so on. 16 2013 full-year results ● 27 March 2014
03 A group ready for action 2013 full-year results ● 27 March 2014
New governance Half of the members of the Board of Directors are independent Jacques Bailet Christian Chautard Chairman Vice-Chair Prédica Jacques Ambonville Permanent representative: Independent Director Françoise Debrus Jérôme Grivet Martin Hoyos Director appointed Independent Director by Prédica Batipart Invest SA Anne Lalou Permanent representative: Independent Director Charles Ruggieri MAAF Assurances SA (Covéa) Guy de Panafieu Permanent representative: Independent Director Sophie Beuvaden Malakoff Médéric Assurances Catherine Soubie Permanent representative: Independent Director Hugues du Jeu 18 2013 full-year results ● 27 March 2014
The Committees of the Board of Directors Committees and Observer Guy de Panafieu Audit committee Chairman Appointments and Anne Lalou Compensation committee Chairwoman Jérôme Grivet Investment committee Chairman Ethics and Risks Jacques Ambonville committee Chairman Jean-Claude Georges-François Observer 19 2013 full-year results ● 27 March 2014
Long-term Shareholders – Capitalisation of €2 billion Predica 20.4% Autres Capitalisation of €2 billion 39.5% With a float that represents some 40% of share capital Monroe/Batipart 16.0% KORIAN - MEDICA included in the SBF Groupe Covéa- 120 ACM Vie MAAF 5.0% 12.7% Groupe Malakoff- Mederic 6.4% Notes: Based on the Korian Medica share price on 14 March 2014 Number of shares: 78.388.873 Five Covéa entities are individual shareholders in Korian – Medica: GMF Vie, MMA Vie, MAAF SA, MAAF Vie and Covéa Risks 20 2013 full-year results ● 27 March 2014
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