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Upbeat FY16 results, strong operating support from acquisitions

  • 20 Mar 17

Korian gained almost 6% yesterday following a robust pace in the FY16 results, coming in line with the consensus and the group’s guidance (September 2016). Sales were up 15.8% on a reported basis, fuelled by acquisitions completed by Korian with a strong contribution from the German Casa Reha. EBITDA leaped by 23.5% (EBITDA margin at 14.1% vs 13.3% in 2015) boosted by c.€12m of non-recurring income (EBITDA margin at 13.7%, i.e. +40bp excluding this one-off). Sales grew by 3.8% lfl, reflecting robust performances across the group’s geographies, particularly outside France (47% of group sales, +6.7% lfl), in Germany (+8.4% lfl, reflecting the ramp-up of new facilities opened and acquired in 2015) and Belgium (+9.1%) both benefiting from increased occupancy in mature facilities. Growth in France (+1.3% lfl) was held up by the rehab clinic business, penalised by a regulatory pricing decrease but slightly offset by a steady nursing home segment. Italy (+1.8% in sales lfl) benefited from the portfolio optimisation measures (exit from four non-performing facilities). The opening of 2,744 new beds along with a favourable pricing environment also contributed to Korian’s robust organic performance. The occupancy rate reached 95% in three out of the four geographies. The group’s EBITDAR margin gained 30bp to 26.7%, fuelled by France (+50bp at 27.2%) which benefited from the synergy gains from the Korian-Medica merger and a steady activity. In Germany, the acquisition of Casa is behind the 59.7% rise in EBITDAR, while the EBITDAR margin stood at 27%, experiencing a drop of 80bp in H1 but the strategic efforts (the 2020 Action Plan) led to an upturn in H2. Italy recorded a 23% EBITDAR margin, flat compared to 2015 (impact of the Brescia facility). Promising 2017 targets with growth to accelerate in H2 The group added 2,744 new beds to the network excluding the additional beds stemming from the Casa Reha acquisition (10,182 beds) which brought the total number of beds to c.72k at the end of 2016. At year end, Korian’s portfolio was made up of 715 facilities (vs 621 at end 2015), including 600 retirement homes. The group confirmed its 2017 targets (+5% in sales, EBITDA margin at 13.7%, flat vs 2016 but in line with the 2020 Plan) on the back of the steady pricing environment in the Senior Business, the ramp-up of new facilities opened in 2016 and to be opened in H2 17 (“greenfield”) and the expected growth in the number of beds (c.2,500 beds to be opened in 2017).

13 residents pass away, victims of flu

  • 09 Jan 17

Korian lost up to 5% this morning after the announcement yesterday that 13 residents of a 110-room Korian retirement-home passed away (average age of 91.5 years-old), all victims of flu. However, six of the 13 victims had been vaccinated against seasonal flu. Six other residents who are showing flu symptoms are still hospitalised, while a seventh resident has been admitted to hospital as a precautionary measure. The immunisation rate within this residential home is a dramatically low 38% (against an average of 80% in the rest of Korian’s retirement homes and the Ehpad network in 2015). In December 2016, a severe outbreak of flu began in France and there have been numerous alerts sent to the public in recent weeks. The Ministry of Health announced it had opened an investigation. Korian’s reputation under pressure This stands as a hard blow for Korian since it raises questions about the quality of care given by the group’s staff and the possible lack of preventive measures taken by the retirement home (hygienic ones in particular) which is crucial for both clients and the brand’s reputation. It also raises questions about Korian’s capacity to cope with risky situations and, in this case, to manage sick and very contagious residents despite the high degree of vulnerability of Korian’s elderly residents. These dead residents may highlight that the staff were too slow in alerting there was a problem when they should have sent the sick residents to hospital or placed them in quarantine to prevent any contagion risk within the retirement home.