Emeis · EURONEXT:EMEIS
Emeis — Orpea — FY2022 Earnings Presentation
87 slides from Emeis's earnings presentation, May 12, 2023
Slide 1: 2022 Full-Year Results Press Release
Press Release Puteaux, 12 May 2023 (8:15 am CEST) 2022 FULL-YEAR RESULTS 2022 OPERATIONAL PERFORMANCE IN LINE WITH THE REFOUNDATION PLAN NET RESULT 2022 OF -€4 BN: - REFLECTING THE COMPANY'S PROFOUND REORGANIZATION - VERY STRONGLY DETERIORATED BY ANTICIPATED ASSET DEPRECIATION IN DECEMBER 2022 REAL
Slide 2: CEO comments on 2022 financial statements
Laurent Guillot, Chief Executive Officer, comments: "The 2022 financial statements reflect the profound reorganization and the scale of the change that had to be driven within the company. 2022 will have been a year of change for ORPEA. Today, we are looking to the future. The Refoundation of the Gr
Slide 3: Dilution of existing shareholders
The Group recalls that in the context of its financial restructuring, the envisaged capital increases will result in massive dilution for existing shareholders, who would hold, in the absence of reinvestment, less than 0.5% of the Company's share capital in the event of an accelerated safeguard plan
Slide 4: Context of approval of 2022 consolidated financial statements
1. Context of the approval of the 2022 consolidated financial statements by the Board of Directors On 24 March 2023, ORPEA SA entered into an accelerated safeguard procedure with a draft safeguard plan based in particular on the lock-up agreement signed on 14 February 2023 with the Groupement, which
Slide 5: Consolidated income statement
2. Consolidated income statement (*) EBITDAR is used by the Group to analyse its operating performance. It corresponds to operating income before rental expenses not eligible for IFRS 16 "Leases", depreciation and provisions, other operating income and expenses, interest and taxes. (**) L’EBITDA cor
Slide 6: EBITDA, operating income and non-recurring items
EBITDA excluding IFRS 16 amounted to €342 million, representing a margin of 7.3%. Current operating income amounts to €-49 million, compared with €396 million in 2021. This evolution was mainly due to a decline in operating profitability and an increase in depreciation and amortization related to th
Slide 7: Net tangible assets and real estate value
As of 31 December 2022, the book value of net tangible assets amounted to €5.0bn, down €3.1bn. This change is mainly due to impairment losses recognized on real estate assets (€1.4 billion recognized in the income statement) and a change in accounting method applied to real estate assets recognized
Slide 8: Pro forma debt maturity schedule and equity
On a pro forma basis of the proposed financial restructuring (conversion in equity of €3.8 billion of unsecured debt of ORPEA S.A. and additional financing of €400 million), the maturity schedule of gross financial debt as of 31 December 2022 would be as follows: (€m, pro-forma of the financial rest
Slide 9: Update of the Business Plan
5. Update of the Business Plan presented on 15 November 2022 The 2022-2025 Business Plan underlying the Refoundation Plan presented on 15 November 2022 has been updated to take into account, on the one hand, the 2022 achievements and the consequences of the various reviews carried out in the context
Slide 10: Revenues for Q1 2023
7. Revenues for the 1er quarter 2023 Geographic breakdown: Central Europe (Germany, Italy and Switzerland), Eastern Europe (Austria, Poland, Czech Republic, Slovenia, Latvia, Croatia), Iberian Peninsula and Latin America (Spain, Portugal, Brazil, Uruguay, Mexico, Colombia, Chile), Other countries (C
Slide 11: Financial restructuring and capital increases
support of the Group's main banking partners. It is to be submitted around mid-June to a vote of the classes of parties affected, including the existing shareholders of the Company. The envisaged plan provides for 3 capital increases: A first capital increase with preferential subscription rights
Slide 12: Issue prices of capital increases
On the basis of the financial parameters on which the draft Safeguard Plan is based and in application of the aforementioned principles, in the event of non-approval of the accelerated Safeguard Plan by at least one of the classes of affected parties, the issue price of the first capital increase wi
Slide 13: Disclaimer and About ORPEA
About ORPEA ORPEA is a leading global player, expert in providing care for all types of frailty. The Group operates in 22 countries and covers three core businesses: care for the elderly (nursing homes, assisted living facilities, homecare and services), post-acute and rehabilitation care and mental
Slide 14: Definitions of alternative performance measures
Organic growth Organic growth in Group revenues includes : 1. The change in revenues (N vs. N-1) of existing facilities as a result of changes in their occupancy rates and per diem prices; 2. The change in sales (N vs. N-1) of establishments restructured or whose capacities were increased in N or N-
Slide 15: Appendix 1: Consolidated financial statements 2022
APPENDIX 1 CONSOLIDATED FINANCIAL STATEMENTS AT THE END OF 2022 1. Consolidated income statement Consolidated income statement 2021 2022 in €m REVENUE 4 299 4 681 Staff costs (2 644) (3 028) Purchases used and other external expenses (732) (939) Taxes and duties (26) (63) Depreciation, amortisation
Slide 16: Consolidated balance sheet
31-déc-21 31-Dec-21 31/12/2022 restated IAS 16) Consolidated balance sheet - in €m Non-current assets 16 181 14 269 12 226 Goodwill 1 669 1 669 1 362 Net intangible assets 3 076 3 076 1 592 Net tangible assets 7 237 5 324 4 375 Assets in progress 832 832 627 Right of use assets 3 073 3 073 3 500 Oth
Slide 17: Cash flow statement
- Account receivable (7,109) (198,406) - Other receivable 28,959 (8,027) - Tax and payroll tax expenses 124,548 51,383 - Account payable 37,215 25,381 - Other payable (284,124) (15,783) Net operating cash-flow 409,728 753,751 Investment and development cash-flow Capital expenditure (158,711) (1,270,
Slide 18: Alternative performance measures ex IFRS 16
4. Information about Alternative Performance Measures ex IFRS 16 Income statement aggreagates IFRS 16 FY 2021 FY 2022 EBITDA excl. IFRS16 682 342 Rental IFRS 16 359 414 EBITDA margin excl. IFRS 16 15,9% 7,3% Recurring operating profit excl. IFRS 16 337 -112 Recurring operating margin ex IFRS 16 7,8%
Slide 19: Appendix 2: Business Plan 2022-2025
APPENDIX 2 Business Plan 2022-2025 underpinning the Refoundation Plan Update of the financial projections presented on 15 November 2022 in the light of the 2022 financial statements and the terms and conditions of the Accelerated Safeguard Plan (Plan de Sauvegarde Accélérée) The business outlook for
Slide 20: Impacts of the safeguard plan terms
Impacts of the terms and conditions of the safeguard plan (plan de sauvegarde) before taking into account the real estate disposal program The main differences between the terms and conditions of the safeguard plan and the assumptions relating to the financial restructuring originally envisaged are
Slide 21: New EBITDA trajectories and leverage reduction
Summary: New EBITDA trajectories (excluding IFRS 16) and reduction of financial leverage In conclusion, the updated vision of the 2022-2025 Business Plan underpinning the Refoundation Plan, taking into account the terms and conditions of the proposed accelerated safeguarding plan, including the comm
Slide 22: Appendix 2.1: Business Plan of November 15, 2022
APPENDIX 2.1: 2022-2025 Business Plan presented on November 15, 2022 (reminder) 22 | 25
Slide 23: Appendix 2.2: Updated plan before disposal program
APPENDIX 2.2: Updated Business Plan 2022-2025 Vision before taking into account the real estate disposal program 23 | 25
Slide 24: Appendix 2.3: Updated plan after disposal program
APPENDIX 2.3: Updated 2022-2025 Business Plan Vision after taking into account the real estate disposal program 24 | 25
Slide 25: Appendix 3: Financial presentation dated 12 May 2023
APPENDIX 3: financial presentation dated 12 May 2023 25 | 25
Slide 26: 2022 Full-Year results and Q1 2023 revenue
2022 Full-Year results and Q1 2023 revenue 12 May 2023
Slide 27: Agenda & Speakers
Agenda & Speakers 1 REFOUNDATION PLAN IN PROGRESS Laurent Guillot Chief Executive Officer 2022 FULL-YEAR RESULTS AND Q1-2023 REVENUES 2 UPDATE ON FINANCIAL RESTRUCTURING Laurent Lemaire Executive Vice President, Finance, Procurement and IT 3 NEXT STEPS AND OUTLOOK Laurent Guillot Chief Executive Off
Slide 28: Refoundation plan in progress
Refoundation plan in progress Laurent Guillot Chief Executive Officer
Slide 29: A new governance in 2022
A new governance in 2022 A SUBSTANTIALLY RENEWED BOARD OF DIRECTORS IN 2022 14 members Ethics, Quality and CSR Committee Including 2 employee representatives 50% < 2 years 11/12 3 Audit and Risk Committee Specialised committees Female board Average Independent Appointments and Remuneration Committee
Slide 30: Financial restructuring as prerequisite for Refoundation Plan
A necessary financial restructuration as a prerequisite for the success of the Refoundation Plan During 2023 Since November 2022 A major financial restructuring to ensure the Since July 2022 company's sustainability and to finance the A Refoundation Plan to restore the trust of our Refoundation stak
Slide 31: 4 pillars to rebuild an efficient and transparent model
4 pillars to rebuild an efficient and transparent model, with first milestones already achieved PEOPLE PATIENTS, RESIDENTS, FAMILIES Major progress on labor relations, recruitment Implementation of the medico-healthcare and training project (supervision, Medical Commission, catering, etc.) and media
Slide 32: Actions around the 4 pillars: people
Actions undertaken around the 4 pillars of the plan A COMPANY REBUILT ON ITS FUNDAMENTALS WITH AN AMBITIOUS HR POLICY... Our PEOPLE Our PATIENTS, our ... that guarantees employees’ health, safety and well-being RESIDENTS and their FAMILIES ... that effectively attracts motivated recruits ... that kn
Slide 33: Actions around the 4 pillars: patients and residents
Actions undertaken around the 4 pillars of the plan A COMPANY DEDICATED TO THE HEALTH, CARE AND LIFE PROJECT OF THE MOST VULNERABLE... Our People Our PATIENTS, our An EVP Medical sitting on the Executive Committee... RESIDENTS and their FAMILIES … who relies on 3 pillars: a medical and nursing commi
Slide 34: Mission-driven company project
Actions undertaken around the 4 pillars of the plan A “MISSION-DRIVEN COMPANY” PROJECT FOCUSED ON CARE, IN LINE WITH CONTEMPORARY SUSTAINABILITY ISSUES Our People Ethics Exemplary social Committee and Our PATIENTS, our 100% of trained environmental RESIDENTS and their ethics referents CSR approach F
Slide 35: Financial restructuring milestones
Initiatives undertaken around the 4 pillars of the plan A FINANCIAL RESTRUCTURING ESSENTIAL TO THE SUCCESS OF THE REFOUNDATION PLAN Our PEOPLE Main steps and objectives achieved since opening of the Conciliation proceeding 14/02 Lock-up Agreement Groupement - SteerCo - ORPEA Our PATIENTS, our 10/03
Slide 36: Key financial indicators 2022
Key financial indicators 2022 NET INCOME EBITDAR IMPAIRMENTS SALES (GROUP SHARE) €4,681m €780m €(5.7)bn €(4)bn +8,9% / +5.5% organic (16.7% margin) (including €3.8bn pre-tax P&L impact) A 2022 FINANCIAL YEAR SETTING THE STAGE FOR A MORE TRANSPARENT MODEL • Growing activity and operating performance
Slide 37: 2022 results and update on the financial restructuring
2022 results and update on the financial Restructuring Q1 2023 Revenue Laurent Lemaire Group CFO, Procurement, Information Systems
Slide 38: 2022 Financial results
2022 Financial results Impacted by the inflationary environment and impairment of assets 13
Slide 39: Context of the 2022 financial reporting process
Context of the financial reporting process relating to 2022 consolided financial statements Taking into account : the Group's cash position at May 4, 2023, which amounts to €354 million the company's cash flow forecasts, based on the following structuring assumptions • new money debt of €200 mil
Slide 40: Evolution of revenue by geographic area
Evolution of revenue by geographic area Organic Growth €m R evenue 2021 R evenue 2022 Growth % %* F R ANCE B E NE L UX UK IR E L AND 2,643 2,802 +6.0% +4.3% CE NTR AL E UR OP E 1 ,086 1 ,1 97 +1 0.2% +5.5% E AS TE R N E UR OP E 395 435 +1 0.2% +8.6% IB E R IAN P E NINS UL A + L ATAM 1 71 242 +41 .3%
Slide 41: Evolution of occupancy rate in 2022
Evolution of occupancy rate in 2022 Overall occupancy rate increases thanks to the following elements: Gradual recovery from the covid-19 crisis; Ramp-up of newly opened facilities Average occupancy rate 2021 2022 Var. F rance B enelux UK Ireland 83.8 % 83.6 % (20) bp Group occupancy rate (nursi
Slide 42: Evolution of operated facilities and beds
Evolution of number of operated facilities and beds E nd of period data (*) No. of sites 2021 No. of beds 2021 No. of sites 2022 No. of beds 2022 F R ANCE B E NE L UX UK IR E L AND 530 43,076 551 44,1 70 CE NTR AL E UR OP E 234 23,597 237 23,765 E AS TE R N E UR OP E 116 1 1 ,671 1 24 1 2,764 IB E R
Slide 43: Evolution of EBITDAR margin
Evolution of EBITDAR margin • EBITDAR margin 2022 at 16.7% (-30bps vs target published on November 15th, 2022) Historical Actual Var. • Evolution of the occupancy rates in 2022 does not compensate the decrease of Covid subsidies €m 2021 * 2022 Var. granted, the 2021 positive non-recurring items (rev
Slide 44: EBITDAR margin bridge
Evolution of EBITDAR margin 24.9 % (186) bp (280) bp 16.7 % (270) bp (88) bp 2021 EBITDAR Decrease of COVID Personnel costs Other costs (Food, Others 2022 EBITDAR compensations (increased staffing levels energy) and inflation) ANNUAL RESULTS 2022 19
Slide 45: EBITDAR margin by geographic area
Evolution of EBITDAR margin by geographic area Historical Actual Var. (%) Historical Actual Var. €m 2021 E BIT DAR 2022 E BIT DAR Var. % vs 2021 2021 E BIT DAR % 2022 E BIT DAR % Var. F rance B enelux UK Ireland 694 445 (35.9)% 26.3 % 1 5.9 % (1 039) bp Central E urope 284 245 (13.7)% 26.1 % 20.5 %
Slide 46: Specific points relating to 2022 financial statements
Specific points relating to 2022 financial statements 1 Impairment tests of intangible assets (IAS 36) 2 Evolution of the value of operating properties held 3 Financial partnerships 4 Non-current items 5 Taxes ANNUAL RESULTS 2022 21
Slide 47: Impact of new business plan on asset valuation
Impact of new business plan on asset valuation Impacts #1 Intangible (goodwill and licences) IAS 36 New business plan produced by facility as part of the strategic and financial review Decrease in asset established for the Strategic value plan presented on 11/15/2022 Impacts #2 Fixed assets ANNUAL R
Slide 48: Impairment tests (IAS 36)
Impairment tests of tangible and intangible assets (IAS 36) IAS 36 impairment Impact on 2022 accounts (Goodwill and licences impairment tests) • The total amount of impairment relating to IAS 36 has no direct impact on the company's cash flow Total (excluding taxes): €(3.1)bn (non-cash) • Fixed asse
Slide 49: Specific points relating to 2022 financial statements
Specific points relating to 2022 financial statements 1 Impairment tests of intangible assets (IAS 36) 2 Evolution of the value of operating properties held 3 Financial partnerships 4 Non-current items 5 Taxes ANNUAL RESULTS 2022 24
Slide 50: Change of accounting policy under IAS 16
Change of accounting policies related to operating properties under IAS 16 HISTORICAL ACCOUNTING POLICIES • Revalued at fair value of operating properties accounted as assets in financial statements • The difference between cost and fair value is recognised under « Revaluation reserves » net of taxe
Slide 51: Items that impacted real estate portfolio value
Items that impacted the value of real estate portfolio New business plan 1 Forecast by facility as part of the Strategic plan presented on November 15, 2022 Other specific parameters have impacted the value of real estate portfolio in 2022 financial 2 statements • Evolution of return rates (interest
Slide 52: Evolution of the value of the real estate portfolio
Evolution of the value of the real estate portfolio 12.31.2022 As a result of the 12.31.2021 withdrawal of IAS 16 -> Balance sheet value of the 2 values are different the real estate portfolio = estimated value of the Exclusion of Withdrawal of Estimated value property assets some assets IAS 16 lowe
Slide 53: Specific points relating to 2022 financial statements
Specific points relating to 2022 financial statements 1 Impairment tests of intangible assets (IAS 36) 2 Evolution of the value of operating properties held 3 Financial partnerships 4 Non-current items 5 Taxes ANNUAL RESULTS 2022 28
Slide 54: Financial partnerships
Financial partnerships Value at 12.31.2022 UPDATE ON FINANCIAL RECEIVABLES RELATED TO PARTNERSHIPS €757m Advances granted by the Group to associates, joint ventures and to other subsidiaries amounted to €757m at 12.31.2022 €(534)m A large part of the value of these financial receivables is consi
Slide 55: Summary of asset impairments at end of 2022
Summary of asset impairments at the end of 2022 (excluding tax) 21/12/2022 Real 2022 (Released) Shareholders' In billion euros Total P&L Total equity Appraised real estate assets 1.1 1.2 0.6 1.7 Non appraised real estate assets (*) 0.9 to 1.0 0.5 0.5 Real estate assets 2.0 to 2.1 1.2 1.1 2.2 Goodwil
Slide 56: Specific points relating to 2022 financial statements
Specific points relating to 2022 financial statements 1 Impairment tests of intangible assets (IAS 36) 2 Evolution of the value of operating properties held 3 Financial partnerships 4 Non-current items 5 Taxes ANNUAL RESULTS 2022 31
Slide 57: Non-current items
Non-current items Non-current items 2022 €m Depreciations IAS 36 3,081 Other real es tate depreciations (as s ets under cons truction/other) 372 Depreciation of financial receivables 534 Cris is management expens es - refinancing 50 Cris is management expens es - HR 26 Cris is management expens es -
Slide 58: Specific points relating to 2022 financial statements
Specific points relating to 2022 financial statements 1 Impairment tests of intangible assets (IAS 36) 2 Evolution of the value of operating properties held 3 Financial partnerships 4 Non-current items 5 Taxes ANNUAL RESULTS 2022 33
Slide 59: Taxes
Taxes No impact on cash- T axes (income statement) €m flow Deferred taxes IAS 36 603 Others (7) T OT AL 596 ANNUAL RESULTS 2022 34
Slide 60: Net income
Net income Historical Actual €m 2021 2022 E B IT DAR 1 ,070 780 E B IT DAR % 24.9 % 1 6.7 % Depreciations on new assets + additional IFRS 16 E B IT DA 1 ,041 756 charge (new facilities...) E B IT DA % 24.2 % 1 6.2 % D&A and provisions (645) (805) Impact of the increase of spreads in June Refinancing
Slide 61: Cash flow statement 2022
Cash flow statement 2022 (M€) E B IT DA excl. IF R S 1 6 342 E B ITDA adjustments cash / non cash 11 vs. €59m presented on November 15, 2022 Change in. WCR (excl. income tax)* (23) Operating CAP E X (1 36) Income taxes (cash) (72) Reduction vs. the BP presented on November 15, Operational Cash F low
Slide 62: Net financial debt at the end of 2022
Net financial debt at the end of 2022 Structure of net financial debt at the end of 2022 €m OR P E A S A S ubs idiaries T otal 1 J une 2022 F inancing 3,227 - 3,227 1 FINANCING OF €3.227bn WITH THE MAIN BANKING G6 New Money - - - PARTNERS (*) S ecured debt 320 1 ,762 2,082 P rivate P lacements € 32
Slide 63: Use of new money from June 2022 refinancing
Use of new money from the June 2022 refinancing 2.00 Non-Current 0.1 Operating Flow 0.15 1.80 Operating Flow 0.05 Disposals - M&A 0.1 Cash 1.60 Development 0.65 CAPEX 1.40 The June 2022 new money (loans A & B) of 1.20 €1.7bn mainly financed: 1.00 G6 Debt Service 0.3 G6 Financing Debt service exclu
Slide 64: R1 and R2 covenants under accelerated safeguard
R1 and R2 covenants and adjustments under the accelerated safeguard 2022 After the financial restructuring ~€2.3bn of financial debt comprising R1/R2 covenants at 1 single covenant that replaces R1/R2: 12/31/2022, including: • €2bn at ORPEA SA level, the application of • Relates to €0.4bn of debt wh
Slide 65: Simplified consolidated balance sheet (assets)
Simplified view of the consolidated balance sheet at the end of 2022 (assets) Restated from the withdrawal of IAS 16 31 /1 2/2021 31 /1 2/2021 Impairment of (in million euros ) 31 /1 2/2022 R es tated * P ublis hed intangible AS S E T S assets Goodwill 1 ,362,491 1 ,668,553 1 ,668,553 Intangible ass
Slide 66: Simplified consolidated balance sheet (liabilities)
Simplified view of the consolidated balance sheet at the end of 2022 (liabilities) Restated from the withdrawal of IAS 16 31 /1 2/2021 31 /1 2/2021 Negative (in million euros ) 31 /1 2/2022 R es tated * P ublis hed shareholders' E QUIT Y AND L IAB IL IT IE S equity Total cons olidated equity (1 ,502
Slide 67: Key figures vs. BP presented on November 15, 2022
Key figures vs. BP presented on November 15, 2022 Nov 15th 2022 Actual 2022 Revenue €4,688m €4,681m Difference resulting from the reclassification of ~€20m of IT capex EBITDAR €797m €780m in Opex in 2022 and over the duration of the BP Variance mainly due to a reduction of Net financial debt (exclud
Slide 68: Extension of deadline for Shareholders' Meeting
Extension of the deadline for the Shareholders’ Meeting to approve the 2022 financial statements In accordance with applicable legal provisions, the Company has requested and obtained from the President of the Nanterre Commercial Court an extension of the deadline for the Shareholders' Meeting conve
Slide 69: Update on the Financial Restructuring
Update on the Financial Restructuring Key parameters 44
Slide 70: Financial restructuring is a prerequisite for the Refoundation Plan
Financial restructuring is a prerequisite for the success of the Refoundation Plan • 2022-25: €2bn disposal commitment The June 2022 plan was based on • From April 2022: discussions initiated with real estate investors (mid-sized major real estate disposals operations and larger asset portfolios) •
Slide 71: Submission of restructuring plan to affected classes
Submission of the financial restructuring plan to the approval of the classes of affected parties • The judicial administrators appointed by the Nanterre Commercial Court will convene the classes of parties affected by the Company's proposed accelerated safeguard plan (including the class of shareho
Slide 72: Main characteristics of the capital increases
Main characteristics of the capital increases provided for in the safeguard plan Approval by each class of affected parties 1 2 3 Capital increase with preferential Conversion of unsecured debt into capital Capital increase Groupement New Money subscription rights Amount c. €3.8bn Amount c. €1.15bn
Slide 73: Capital increases if plan not approved by a class
Main characteristics of the capital increases provided for in the safeguard plan Not approved by at least one of the classes of affected parties 1 2 3 Capital increase with preferential Conversion of unsecured debt into capital Capital increase Groupement New Money subscription rights Amount c. €3.8
Slide 74: RCF and modification of June 2022 loan terms
The financial restructuring is also based on the implementation of a RCF by the main banking partners and on the modification of the terms and conditions of the June 2022 loan 1/ Implementation by the group's main banking partners of a RCF 2/ Modification of the terms and conditions of the June 2022
Slide 75: Maturity of gross financial debt
Maturity of gross financial debt (excluding IFRS) Maturity schedule (*) of gross debt at 31.12.2022 (€m, total in €bn) Pro forma debt maturity of the financial restructuring (€m, total €bn) Conversion of ORPEA SA unsecured debt into shares Extension of the maturities of the financing to June 202
Slide 76: Update of the 2022-2025 Business Plan
Update of the 2022-2025 Business Plan 51
Slide 77: Update of the business plan presented November 15, 2022
Update of the business plan presented on November 15, 2022 Business outlook 2022 → 2025 unchanged from the vision presented on November 15, 2022 Update produced as a result of the reviews carried out in the context of the closing of the 2022 accounts Business outlook 2022 to 2025 unchanged from
Slide 78: Business perspectives 2022-2025
Business perspectives 2022 → 2025 CAGR 2022 Real 2025 actualized1 22-25 €4,681m €6,102m +9% Revenue Unchanged €780m €1,216m EBITDAR (16.7%) (19.9%) +16% (% CA) €30m IT reclassification Capex to Opex €342m €671m EBITDA excl. IFRS 162 ~€45m rental income +25% (% CA) from property disposals 90,860 96,8
Slide 79: 2022-2025 operating cash-flow generation
2022 2025 : Operating cash-flow generation €m [reminder of figures presented on 2022R 2023 2024 2025 2022-2025 11/15/2022] Operating Cash-Flow1 122 43 322 416 903 €(53)m vs. novembre 22 [159] [132] [295] [471] (638) (478) (282) (124) (1,522) Development Capex [(705)] [(544)] [(216)] [(132)] +€75m
Slide 80: Debt reduction 2023-2025: November 2022 vision
Debt reduction 2023-2025: November 15, 2022 vision Change in Net Debt (in €m) over 2023-2025 By the end of 2025 25.2x November 2022 Vision 9,000 Net debt at €4.9bn 8,000 Leverage at 6.5x 7,000 -5,026 6,000 6.5x 5,000 9,026 11.7x +806 4,000 -51 -773 +891 3,000 4,873 2,000 4,000 1,000 ,0 Net Debt Safe
Slide 81: Debt reduction 2023-2025: updated vision May 2023
Debt reduction 2023-2025: updated vision (May 2023) Change in Net Debt (in €m) over 2023-2025 May 2023 Vision By the end of 2025 25.9x 9,000 Net debt at €3.7bn 8,000 Leverage at 5.5x 7,000 -5,250 6,000 5,000 8,860 4,000 10.6x 5.5x -620 +884 -863 +681 3,000 2,000 3,610 3,692 1,000 ,0 Net Debt Safegua
Slide 82: Update of the leverage target to end 2025
Summary: update of the leverage target to end 2025 Net Debt (in €m) and Leverage at end 2025 › Leverage at the end of 2025 is a key parameter for 6.5x the Group's future refinancing trajectory (horizon 5,000 -52 -298 6.3x 2025-2026) 4,500 4,000 -830 › Target net debt at the end of 2025 reduced by 5.
Slide 83: Q1 2023 Revenue
Q1 2023 Revenue 58
Slide 84: Q1 2023 Revenue
Q1 2023 Revenue R evenue R evenue Organic €m Growth Q1 2022 Q1 2023 Growth* Occupancy rate (avg. ) Q1 2022 Q1 2023 Var. (bps) France Benelux UK Ireland 84.9% 83.8% (115) bps F rance B enelux UK Irlande 679 720 +6.0% +5.8% Central Europe 78.1% 81.5% 340 bps Central E urope 283 322 +1 3.7% +1 2.6% Eas
Slide 85: Next steps and outlook
Next steps and outlook Laurent Guillot Group Chief Executive Officer
Slide 86: Transforming to become the benchmark operator in care
Transforming ourselves to become once again the benchmark operator in the care and support of the most vulnerable Continue the structuring of our financial, IT, purchasing and HR functions Completing the return to basics affected by the crisis Supporting the cultural Develop "trust & inspire" manage
Slide 87: Disclaimer
DISCLAIMER This document contains forward-looking statements that involve risks and uncertainties, including references, regarding the Group’s expected growth and profitability in the future that may significantly impact the expected performance indicated in the forward-looking statements. These ris