Cegedim Sa · EURONEXT:ALCGM
Cegedim Sa — Non-Deal Roadshow (October 2017)
46 slides from Cegedim Sa's roadshow presentation, Oct 26, 2017
Slide 1: Roadshow
017 Roadshow November 2017 FF cegedim
Slide 2: © Cegedim 2017
© Cegedim 2017
Slide 3: Roadshow
Cegedim » Roadshow. <<
Slide 4: Agenda and Safe Harbor Statement
AGENDA 01 SAFE HARBOR STATEMENT ---------- This presentation contains forward- looking statements (made pursuant Cegedim at a glance to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995). By their nature, forward- looking statements involve risk and uncertainty. For
Slide 5: Cegedim at a glance
» Cegedim at a glance «K
Slide 6: Founded in 1969
Founded in 1969 An innovative technology and services company in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for Cegedim healthcare and insurance professionals in A global company with headquarter France and a local presence in 11 co
Slide 7: Shareholder Structure as of Oct. 2017
Others 4% Shareholder BPI USA France 29% 34% Structure as 15.0% of Oct. 2017 Free float UK 33% 32.2% FCB 52.7% Source: IPREO Data on Sept. 26, 2016 Cegedim 0.2% │7│ © Cegedim 2017
Slide 8: Presence in 11 countries
Presence in 11 countries │8│ © Cegedim 2017
Slide 9: Strong Positions
#1 Cegedim Insurance Solutions Cegedim Healthcare Software • Software and IT in France • UK Pharmacists, French, Italian • Third-Party Payment in France & Spanish Physicians Cegedim e-business Strong • European Network • +300 million Electronic Documents Positions exchanged per year #2 #3 Cegedim SR
Slide 10: Key Strengths
Leading market positions Stable, well-balanced in each of our divisions and diversified revenue mix Key Strengths High barriers to entry Unique presence in the Healthcare Ecosystem Recognized portfolio of Long-standing shareholder innovative and integrated support and experienced solutions managemen
Slide 11: Cegedim: Our divisions, Our Clients
Cegedim: Our divisions Our Clients │11│ Proportional to FY 2016 Revenue © Cegedim 2017
Slide 12: Cegedim Governance
Cegedim Governance │12│ © Cegedim 2017
Slide 13: Cegedim Strategy
» Cegedim Strategy <<
Slide 14: Our Playbook Planning
Our Playbook Planning │14│ © Cegedim 2017
Slide 15: Our Playbook
Our Playbook │15│ © Cegedim 2017
Slide 16: Our Playbook
Our Playbook │16│ © Cegedim 2017
Slide 17: Cegelease Disposal Update
Cegelease - Operates principally in the financial domain, - Is highly valued, - Requires additional resources to continue pursuing and accelerating its development for the benefit of its clients and employees In 2016 it contributed Cegelease - €11.6m to Group consolidated revenue Disposal - €5.4m to
Slide 18: Our Playbook
Our Playbook │18│ © Cegedim 2017
Slide 19: Numerous New Products
Numerous New Products │19│ © Cegedim 2017
Slide 20: Our Playbook
Roadshow. Our Playbook (>) Portfolio @ ; Management Investing in Innovation Ha cegedim Digit Operationnal Excellenc BPO © Cegedim 2017
Slide 21: Our Drivers
Our Drivers │21│ © Cegedim 2017
Slide 22: Portfolio Management
Portfolio Management Acquisitions: * Activus * Nightingale i * Futuramedia Divestments: * CRM and js POM Strategic Data laptive apps * Cegeleasel SaaS The Gi = Be Siig ased ; Digital fits Cegel id Euroformat Businesses Business Model BPO yr S Transformation Results seco enc enc eeccecc neces ence et
Slide 23: Cegedim HY 2017 Results Highlight and Performance
Cegedim HY 2017 Results Highlight and Performance
Slide 24: HY 2017 Results
HY 2017 Results 3.5% Group Revenue +7.0% 13.5% Americas EMEA excl. France +7.1% +7,0% 83.0% €230.6m €230.6m France €113.7m 116.9m +7.0% reported +6.4% L-f-L Q1 17 Q2 17 … H1 17 14.4% Group EBITDA €26.8m +€6.3m €33.2m +193bps The business model 12.5% transformation initiated in fall 2015 is €33.2m be
Slide 25: HY 17 EBITDA Trend
€15.1m €0.4m €(3.1)m €(6.1)m €0.1m €33.2m €26.8m HY 16 Revenue Purchases External Payroll Others HY 17 HY 17 used expenses used EBITDA Trend EBITDA Trend 4,251 RCM Pulse €16.4m SRH BPO +33% +189 BPO Insurance €12.4m 4,062 +31% €9.4m +176 3,886 Jun. 16 Dec. 16 Jun.17 H1 15 H1 16 H1 17 │25│ Net hiring
Slide 26: HY 17 EBITDA Trend by Division
HY 17 Reported EBITDA In € million Change EBITDA Change Margin Health Insurance, HR & e-services 18.1 +1.4% 12.9% (142)bps Healthcare Professionals 15.4 +80.2% 17.4% +784bps HY 17 Activities not allocated (0.3) n.m. (15.4)% n.m. EBITDA Trend Group (33.2) +23.6% 14.4% +193bps by Division +€6.8m €(0.8
Slide 27: HY 17 Health Insurance, HR & e-services P&L
In € million HY 16 HY 17 % change Revenue 124.6 140.3 +12.6% EBITDA 17.9 18.1 1.4% Margin 14.3% 12.9% (142)bps D&A (7.3) (9.3) +28.0% EBIT before special items 10.6 8.8 (16.8)% HY 17 Margin 8.5% 6.3% (222)bps Health Special items (0.3) (0.7) +160.6% Insurance, HR & e-services P&L This significant re
Slide 28: HY 17 Healthcare Professionals P&L
In € million HY 16 HY 17 % change Revenue 89.4 88.4 (1.1)% EBITDA 8.5 15.4 80.2% Margin 9.5% 17.4% 784bps D&A (6.5) (7.4) +13.5% HY 17 EBIT before special items Margin 2.0 2.3% 8.0 9.0% 293.0% 677bps Healthcare Special items (3.0) (9.7) +225.9% Professionals P&L This robust first-half performance wa
Slide 29: From EBITDA to EBIT before special items
€6.3m €33.2m €26.8m HY 16 HY 17 EBITDA Trend +€3.1m €19.6m €16.4m €6.5m €5.6m Most of the increase From EBITDA to was due to the amortization of €2.1 EBIT before special items €10.8m €13.1m million of R&D expenses HY 16 HY 17 R&D Depreciation Depreciation Depreciation expenses €13.6m €3.2m €10.4m │2
Slide 30: Between EBIT before special items and Net Earnings
€11.7m +€8.0m Without the accelerated €8.1m €3.7m amortization, exceptional items at June 2017 would €3.7m €3.6m have been virtually the same HY 16 HY 17 as at June 2016 Allowance and Provision Other special items Special Items Between €23.9m EBIT before special items €(20.6)m Positive impact of 201
Slide 31: HY 17 P&L
In € million HY 16 HY 17 % change Revenue 215.5 230.6 +7.0% EBITDA 26.8 33.2 +23.6% Margin 12.5% 14.4% +193bps D&A (16.4) (19.6) +19.1% EBIT before special items 10.4 13.6 +30.6% HY 17 Margin 4.8% 5.9% +107bps P&L Special items (3.7) (11.7) +214.1% EBIT 6.7 1.9 (72.0)% Margin 3.1% 0.8% (228)bps Cost
Slide 32: HY 17 FCF from operations & Net Debt Bridge
© Cegedi m 2017 Free Cash Flow from Operations In € million HY 16 HY 17 Cash flow before taxes and interests 29.2 34.1 Change in working capital requirement (10.6) +3.8 Corporate tax paid (2.3) (2.2) Net cash flow from operating activities 16.3 35.6 Acquisition of intangible assets (21.0) (23.9) HY
Slide 33: HY 17 Balance Sheet
In € million Dec. 16 Jun.17 Assets Goodwill 199.0 201.0 Intangible assets 139.4 138.2 Tangible assets 32.2 33.7 Financial assets 8.7 19.7 Other non-current assets 68.0 67.8 Cash & Cash equivalent 20.8 18.1 Trade receivables, short term portion 167.4 147.9 Other current assets 94.4 93.9 HY 17 Total a
Slide 34: Cegedim Q3 2017 Revenue Highlights
Cegedim Q3 2017 Revenue Highlights CEGELEASE AND IFRS 5 ---------- IFRS 5 was not applied as at September 30, 2017. The contributions of Cegelease and Eurofarmat to the consolidated accounts was €8.9 million at September 30, 2017, and €8.1 million in 9M 2016. The Q3 2017 contribution was €2.4 millio
Slide 35: 9M 2017 Revenue
9M 2017 Revenue Americas Group Revenue +6.8% 3.4% France 83.3% €339.9m +7.1% €339.9m +7,0% +6.3% €339.9m +6.8% reported €113.7m €116.9m €109.3m EMEA excl. France +6.3% L-f-L Q1 17 Q2 17 Q3 17 9M 17 13.3% Health Insurance, HR Group Revenue Healthcare Professionals Corporate and Others* & e-services €
Slide 36: Revenue Quarterly Organic Growth
Group Revenue +6.9% +6.4% +5.9% +4.8% +4.9% +5.4% +2.4% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Revenue Health Insurance, HR & e-services Revenue Quarterly Organic +13.0% +12.5% +10.3% +9.5% +10.1% +8.7% Growth +7.3% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Healthcare Professionals Revenue +3.8%
Slide 37: 9M 17 Headcount and BPO Trend
+250 or 6.3% 3,995 4,062 4,251 4,245 3,723 3,886 3,569 3,432 9M 17 Jun. 2015 Sep. 2015 Dec. 2015 Jun. 16 Sep. 16 Dec. 16 Jun.17 Sep. 17 Headcount Workforce on long-term contract and BPO Trend RCM USA BPO HR €24.2m +28% BPO Insurance €19.0m +32% €14.4m 9M 15 9M 16 9M 17 │37│ BPO Revenue Trend © Ceged
Slide 38: Health Insurance, HR & e-services Revenue
+12.4% +9.9% +2.8% €208.2m €185.2m (0.2)% Futuramedia 61.3% 9M 16 L-f-L Forex Structure 9M 17 Health 9M 17 Revenue growth Insurance, HR % of 9M 17 Consolidated revenue & e-services Cegedim SRH: Continued double-digit growth as work Revenue • begins with several new clients • RNP: Point-of-sale adver
Slide 39: Healthcare Professionals Revenue
(1.6)% +0.8% (2.4)% 37.9% €130.8m +0.1% €128.8m GBP USD Healthcare 9M 16 L-f-L Forex Structure 9M 17 Professionals % of 9M-17 Consolidated revenue H1 Revenue growth Revenue • This performance reflects mainly the decline in the computerization of UK doctors pending the complete Americas SaaS version.
Slide 40: Cegedim Outlook
» Cegedim Outlook <4
Slide 41: FY 2017 Outlook
The business model transformation is well under way • Growth momentum and improving profitability is expected to continue • We expect to see the full impact of the Business model transformation in 2018 Guidance maintained FY 2017 Outlook FY 2017 Revenue Maintained >+6% L-f-l growth €66m to €72m FY 2
Slide 42: Potential impact of Brexit
12.7% UK revenue as a share of consolidated Group revenue Potential 14.8% impact of UK EBIT as a share of consolidated Brexit Group EBIT • Cegedim operates in the UK in local currency, as it does in all the countries where it operates • No major European health program is at work in the UK Thus, the
Slide 43: Cegedim Conclusion
» Cegedim Conclusion <4
Slide 44: Portfolio Management
Portfolio Management Acquisitions: * Activus * Nightingale i * Futuramedia Divestments: * CRM and js POM Strategic Data laptive apps * Cegeleasel SaaS The Gi = Be Siig ased ; Digital fits Cegel id Euroformat Businesses Business Model BPO yr S Transformation Results seco enc enc eeccecc neces ence et
Slide 45: Investor Day invitation, December 11, 2017
Be. 1 mw cegedim December 11, 2017 from 2:30pm till 5:45pm CET Welcome coffee with senior management at 2:00pm CET oO @ Cegedim DNA: a Unique Presence in the 8 Connected Healthcare Ecosystem. 1) Introduction speech by Laurent Labrune, Managing Director. Focus on: Big data, Software, Digital, Telemed
Slide 46: Jan Eryk Umiastowski
Jan Eryk Umiastowski Chief Investment Officer – Head of Investor Relations [email protected] Tel: 00 33 1 49 09 33 36 – Mob: 00 33 6 73 25 96 34 © Cegedim 2017