BASTIDE LE CONFORT MÉDICAL 
2022-2023 half-yearly results
- Recurring operating profit up 14.7%
- Recurring operating margin up 8.6%
- Increase in operating free cash flow
2022-2023 outlook confirmed
Caissargues, March 22, 2023
| In € millions | H1 2021-2022 | H1 2022-2023 | Change |
| Revenue | 223.1 | 249.7 | +11.9% |
| EBITDA1 | 46.8 | 49.9 | +6.6% |
| EBITDA margin | 21.0% | 20.0% | |
| Recurring operating profit | 18.7 | 21.5 | +14.7% |
| Operating margin before non-recurring items | 8.4% | 8.6% | |
| Operating profit | 14.9 | 18.9 | +26.7% |
| Net profit from continuing operations | 5.9 | 8.3 | +42.0% |
| Net loss from discontinued operations | 0 | (5.7) | |
| Net profit, Group share | 5.6 | 3.2 | -42.3% |
1 EBITDA = recurring operating profit + net depreciation, amortization and provisions.
Groupe Bastide's 2022-2023 half-yearly consolidated financial statements have been subject to a limited review by the Group's Statutory Auditors and were approved by its Board of Directors on March 20, 2023. The results presented to analysts will be available on the website on March 23, 2023, at 2:30 p.m. The half-yearly financial report will be available on the Group's website www.bastide-groupe.fr before March 31, 2023.
Revenue up 11.9%
Groupe Bastide reported revenue of €249.7 million in first-half 2022-2023, up 11.9%. Organic growth2 came in at 5.0% in line with expectations, despite a drop of more than 56% in sales of personal protective equipment (PPE) due to the end of the health crisis.
The more technical business activities (Respiratory, Nutrition-Perfusion-Stomatherapy) maintained strong momentum and recorded revenue of €141.5 million, up 17.0% and up 10.7% on an organic basis. All segments delivered excellent performances, with organic growth at rates of between 8% and 18%.
The “Homecare” business came in at €108.2 million, up 5.6% (down 1.4% on an organic basis). Excluding PPE, the business overall grew by 10.5% (up 2.8 on an organic basis).
International activities increased in line with the Group's development strategy and now represent more than 18.4% of revenue (compared to 16.3% in first-half 2021-2022).
Increase in recurring operating margin despite the inflationary context
In the first half of the year, Groupe Bastide remained resilient despite the current inflationary context, as illustrated by the increase in its recurring operating margin. This performance confirms the pertinence of our strategic choices as regards our international expansion activities and the shift in our business mix towards activities requiring more technical expertise.
EBITDA rose by 6.6% to €49.9 million with a high EBITDA margin of 20.0% despite a negative 150 bps impact related to high inflation, particularly in energy prices, and the 10% price cut in sleep apnea treatment, effective since September 1, 2021. Th
Thanks to the efficient management of net allocations to depreciation and amortization, the Group's recurring operating profit rose by 14.7% to €21.5 million. Recurring operating margin for the period rose to 8.6%, up 20 basis points compared with first-half 2021-2022. This is higher than the minimum 8.3% target announced at the beginning of the year.
Operating profit rose by 26.7% to €18.9 million. Non-recurring expenses, which are not as high as in first-half 2021-2022, include acquisition costs and various extraordinary expenses, including restructuring costs.
Financial expenses increased to €7.2 million, due to the automatic impact of the increase in interest rates. The average net debt rate (calculated over the last 12 months) came to 3.8%, up from 3.4% the previous year.
Net profit from continuing operations increased by a steep 42.0% to €8.3 million, after taking into account a €3.7 million tax expense.
Discontinued operations generated a net loss of €5.7 million over the period including a 4.8 M€ write-down related to Care Service non strategic service activities backed to Care Service' software offer.
Financial structure
Cash flow from operations, up by 24.9% at €50.5 million, resulting from cash flow after tax of €43.0 million and an improvement in working capital of €6.1 million. The change in working capital resulted from a return to more normal inventory levels after the one-off increase in 2021-2022 to avoid potential supply shortfalls.
Net operating investments, which amounted to €26.7 million, have been well controlled thanks to the actions implemented in this area, and remained almost stable compared to first-half 2021-2022, despite the sharp increase in lease revenue.
In the first half of the year, operating free cash flow (cash-flow from operating activities after net cash flow related to PPE and intangible assets and after payment of IFRS 16 lease liabilities), came to a positive €17.6 million, an increase of nearly €11 million compared with first-half of 2021-2022.
During the first half of the year, the Group disbursed €16.3 million in acquisitions, in particular for 4S-Emed, Probace and Oxystore, which were completed during the first half of the year (€7.4 million), earn-outs (€1.4 million) and minority interest buyouts (€7.5 million).
Excluding lease liabilities of €79.1 million, net debt amounted to €322.0 million at December 31, 2022 and shareholders' equity to €79.6 million. Cash and cash equivalents stood at €27.3 million. The Group's leverage (net debt3/annual restated EBITDA4 – excluding IFRS 16 impact), came to 3.88×, in line with expectations and below the authorized leverage of 4.0 at December 31, 2022.
2022-2023 outlook
Groupe Bastide intends to continue its trajectory in the second half of the year and confirms its annual revenue target of around €510 million and a recurring operating margin of over 8.3%.
The Group's priorities in the second half of the year will include continuing the improvement in operating free cash flow already visible in the first-half, with the aim of deleveraging and freeing up new financial resources for acquisitions. The Group continues to selectively assess opportunities to accelerate its international diversification and recurring, high value-added activities.
3 including debt for future earn-outs for €7m
4 EBITDA calculated before IFRS 16 impact and restated according to IAS 17
NEXT RESULTS:
Publication of third-quarter 2022-2023 revenue on
May 10, 2023, after the close of trading
About Groupe Bastide Le Confort Médical
Created in 1977 by Guy Bastide, Groupe Bastide is a leading European provider of home healthcare services. Present in 7 countries, Bastide develops a permanent quality approach and is committed to providing medical devices and associated services that best meet patients' needs in key health areas: diabetes, nutrition, infusion, respiratory care, stomatherapy and urology. Bastide is listed on Euronext Paris (ISIN: FR0000035370, Reuters BATD.PA, - Bloomberg BLC: FP).
| Groupe Bastide | Actus Finance | |
|
Vincent Bastide/Olivier Jourdanney T. +33 (0)4 66 38 68 08 www.bastide-groupe.fr | Analyst-Investor Hélène de Watteville T. +33 (0)1 53 67 36 33 | Press – Media Déborah Schwartz T. +33 (0)1 53 67 36 35 |
Indicators
| EBITDA (€ millions) | H1 2021-2022 | H1 2022-2023 |
| Recurring operating profit | 18.7 | 21.5 |
| - Net depreciation, amortization and provisions | 28.1 | 28.4 |
| = EBITDA | 46.8 | 49.9 |
| Operating free cash flow (€ millions) | H1 2021-2022 | H1 2022-2023 |
| Cash flow from operating activities | 40.4 | 52.0 |
| - Net cash flow related to PPE and intangible assets | (25.1) | (25.3) |
| - Lease liabilities repaid (IFRS 16) | (8.6) | (9.1) |
| = Operating free cash flow | 6.7 | 17.6 |
Appendices – financial statements
Balance sheet
| ASSETS (in thousands of euros) | 31/12/2022 | 30/06/2022 |
| Non-current assets | 455,741 | 445,909 |
| Goodwill | 222,850 | 217,610 |
| Right-of-use lease assets | 77,333 | 81,532 |
| Other intangible assets | 8,139 | 8,470 |
| Property, plant and equipment | 130,988 | 126,166 |
| Equity-accounted investees | 63 | 24 |
| Other non-current financial assets | 12,330 | 8,373 |
| Deferred tax assets | 4,039 | 3,735 |
| Current assets | 200,666 | 186,642 |
| Inventories and work in progress | 46,885 | 48,466 |
| Client and other receivables | 72,825 | 68,019 |
| Other receivables | 42,744 | 40,892 |
| Other current assets | 3,208 | 3,183 |
| Cash and cash equivalents | 27,308 | 22,133 |
| Assets held for sale | 7,696 | 3,949 |
| TOTAL ASSETS | 656,408 | 632,552 |
| SHAREHOLDERS' EQUITY AND LIABILITIES (in thousands of euros | 31/12/2022 | 30/06/2022 |
| Share capital | 3,310 | 3,310 |
| Additional paid in capital | 9,466 | 9,466 |
| Retained earnings | 66,500 | 71,788 |
| Equity attributable to owners of the parent company | 79,276 | 84,564 |
| Non-controlling interests | 332 | 2,099 |
| Total shareholders' equity | 79,608 | 86,663 |
| Non-current liabilities | 371,197 | 370,885 |
| Bonds | 25,049 | 49,936 |
| Non-current borrowings and debt | 272,742 | 247,029 |
| Non-current lease liabilities | 62,378 | 66,320 |
| Non-current provisions | 2,044 | 3,405 |
| Deferred tax liabilities | 4,417 | 2,928 |
| Other non-current liabilities | 4,566 | 1,266 |
| Current liabilities | 205,603 | 175,004 |
| Borrowings and short-term bank debt | 51,150 | 39,209 |
| Current lease liabilities | 16,698 | 16,739 |
| Current provisions | 754 | 482 |
| Supplier and other payables | 74,150 | 63,794 |
| Other current liabilities | 57,999 | 53,709 |
| Liabilities held for sale | 4,851 | 1,072 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 656,408 | 632,552 |
Profit and Loss statement
| In thousands of euros | H1 22-23 | H1 21-22 |
| Revenue | 249,734 | 223,095 |
| Cost of goods purchased | -84,703 | -77,724 |
| External costs | -41,644 | -33,955 |
| Payroll costs | -71,930 | -62,966 |
| Tax | -1,890 | -1,944 |
| Depreciation and amortization | -29,718 | -27,798 |
| (Allocations to)/Reversals of asset impairment and provisions for contingencies and expenses | 1,306 | -285 |
| Other recurring operating income | 298 | 607 |
| Other recurring operating expenses | 0 | -330 |
| Recurring operating profit | 21,454 | 18,699 |
| Fair value adjustment of earn-outs | -57 | -1,290 |
| Other non-recurring operating income | 939 | 1,555 |
| Other non-recurring operating expenses | -3,476 | -4,072 |
| Operating profit | 18,861 | 14,892 |
| Share in net profit of companies accounted for by the equity method | 39 | 0 |
| Operating profit after share in net profit of companies accounted for by the equity method | 18,900 | 14,892 |
| Income from cash and cash equivalents | 0 | 0 |
| Cost of gross debt | -7,233 | -5,231 |
| Cost of net debt | -7,233 | -5,231 |
| Other financial income and expenses | 352 | 444 |
| Profit before tax | 12,019 | 10,106 |
| Income tax expenses | -3,698 | -4,244 |
| Net profit from continuing operations | 8,321 | 5,862 |
| Net profit from discontinued operations | -5,738 | 0 |
| Net profit | 2,583 | 5,862 |
| O/w: | ||
| - Attributable to owners of the parent company | 3,212 | 5,565 |
| - Attributable to non-controlling interests | -629 | 298 |
| Net profit attributable to owners of the parent company per share | ||
| Undiluted (in euros)(*) | 0,44 | 0,76 |
| Diluted (in euros)(**) | 0,44 | 0,76 |
| (*) calculated for different periods based on the number of existing shares: | 7,355,519 | 7,350,928 |
| **) calculated for different periods based on the the number of existing and potential shares: | 7,373,737 | 7,353,693 |
| Cash flow statement (in thousands of euros ) | At 31 december 2022 | At 31 december 2021 |
| Consolidated net profit | 2,583 | 5,862 |
| Net depreciation, amortization and provisions | 19,043 | 19,090 |
| Depreciation of right-of-use lease assets (IFRS 16) | 9,441 | 8,829 |
| Gains and losses linked to changes in fair value | 53 | 1,247 |
| Non-cash expenses and income relating to share-based payments | 184 | 227 |
| Other non-cash items | 547 | -3 |
| Gains and losses on disposals | 342 | 85 |
| Gains and losses on dilution | 0 | 0 |
| Share in profit of companies accounted for by the equity method | 0 | 0 |
| Dividends on non-consolidated companies | -10 | -4 |
| Impact of discontinued operations | 3,040 | |
| Cash flow after cost of net debt and tax | 35,224 | 35,332 |
| Cost of net debt | 7,233 | 5,133 |
| Tax expense (including deferred taxes) | 3,701 | 4,244 |
| Cash flow before cost of net debt and tax | 46,157 | 44,710 |
| Tax paid | -3,151 | -3,877 |
| Change in WCR linked to operations | 6,145 | -385 |
| Other cash flows linked to operating activities | 0 | 3 |
| Impact of discontinued operations | 2,878 | |
| Cash flows from/(used in) operating activities | 52,030 | 40,451 |
| Impact of changes in scope | -16,287 | -24,471 |
| Acquisition of property, plant & equipment and intangible assets | -25,858 | -25,840 |
| Disposal of property, plant & equipment and intangible assets | 521 | 739 |
| Acquisition of financial assets | -1,259 | -105 |
| Disposal of financial assets | 112 | 262 |
| Change in loans and advances | -265 | -500 |
| Dividends received on non-consolidated shares | 10 | 4 |
| Other cash flows linked to investing activities | 0 | 0 |
| Impact of discontinued operations | -26 | |
| Cash flows from investing activities | -43,053 | -49,910 |
| Payment to owners of the parent company from capital increases | 7 | 2 |
| Payment to non-controlling interests from capital increases | 0 | 0 |
| Net sale/(purchase) of treasury shares | -2 | 8 |
| Dividends paid | -514 | -2,208 |
| Loans issued | 26,737 | 219,034 |
| Repayment of loans | -9,506 | -198,010 |
| Repayment of lease liabilities (IFRS 16) | -9,145 | -8,583 |
| Net interest paid | -7,007 | -5,143 |
| Other cash flows linked to financing activities | 431 | 54 |
| Impact of discontinued operations | -128 | |
| Cash flows from financing activities | 872 | 5,154 |
| Impact of changes in foreign exchange rates | -193 | 154 |
| Change in cash and cash equivalent | 9655 | -4,151 |
| Opening cash position | 15,200 | 33,277 |
| Closing cash position | 24,855 | 29,126 |
| Cash and cash equivalent | 27,308 | 29,580 |
| Cash flow liabilities | -2,453 | -454 |
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