SOURCE: CEGEDIM
PARIS–(Marketwire – September 23, 2010) – First half-year Financial Information as of June30, 2010
IFRS – Regulated information – Audited
Cegedim: Half-year net profit up 15.6% to ?19.9 million
First half 2010 marked by a strong dynamic commercial performance
Paris, September 23, 2010 – Cegedim, a global technology and services company specializing in the healthcare field, announces consolidated net profit of ?19.9 million for the first half of 2010, up 15.6% over the year-earlier period.
The first half was marked by numerous commercial successes, proving that Cegedim’s range of products and services is well suited to market demand, and that its recent acquisitions hold great promise.
– Simplified income statement
+-------------------------+---------+-------+-------+---------+---------+ | | H1 2010| | | H1 2009| | +-------------------------+---------+-------+-------+---------+---------+ |?M | %| | ?M| %| | +-------------------------+---------+-------+-------+---------+---------+ |Revenues | 448.8| | 433.9| | +3.4%| +-------------------------+---------+-------+-------+---------+---------+ |EBITDA from ordinary | 84.1| | 88.3| | -4.7%| |activities | | | | | | +-------------------------+---------+-------+-------+---------+---------+ |Depreciation | -33.5| | -34.2| | -2.0%| +-------------------------+---------+-------+-------+---------+---------+ |Operating profit from | 50.6| 11.3%| 54.1| 12.5%| -6.4%| |ordinary activities | | | | | | +-------------------------+---------+-------+-------+---------+---------+ |Other exceptional | -5.4| | -4.7| | +17.0%| |operating revenues / | | | | | | |expenses | | | | | | +-------------------------+---------+-------+-------+---------+---------+ |Operating profit | 45.2| 10.1%| 49.4| 11.4%| -8.6%| +-------------------------+---------+-------+-------+---------+---------+ |Net cost of financial | -21.6| | -29.8| | -27.6%| |debt | | | | | | +-------------------------+---------+-------+-------+---------+---------+ |Tax expenses | -4.1| | -2.7| | +49.1% | +-------------------------+---------+-------+-------+---------+---------+ |Share of earnings of | 0.4| | 0.4| | n s | |equity-accounted | | | | | | |affiliates | | | | | | +-------------------------+---------+-------+-------+---------+---------+ |Consolidated net profit | 19.9| | 17.2| | +15.6%| +-------------------------+---------+-------+-------+---------+---------+ |Group share of net profit| 19.8| | 17.2| | +15.2%| +-------------------------+---------+-------+-------+---------+---------+
Consolidated H1 2010 revenues amounted to ?448.8 million, up 0.4% like for like* and 3.4% on a reported basis. As expected, second-quarter growth of 3.8% like for like* and 8.0% on a reported basis offset the first-quarter decline.
The fact that every Group sector made a positive contribution to revenue growth in the second quarter, both like for like* and on a reported basis, is proof of Cegedim’s dynamic sales performance.
Operating profit from ordinary activities came to ?50.6 million, down 6.4% compared with the first half of 2009. This dip is attributable to an increase in personnel costs, which rose 6.2% due to delays implementing certain large-scale CRM projects.
Thus, margin decreased from 12.5% to 11.3%, despite a fine improvement in Healthcare Professionals and Insurance and services sector margins.
Consolidated net profit rose 15.6% compared with a year earlier to ?19.9 million. The biggest contribution to the increase came from lower interest charges on debt, which fell from ?21.4 million to ?10.6 million due to a drop in the average level of outstanding financial debt.
Consolidated net profit attributable to the Group amounted to ?19.8 million, a 15.2% increase over the first half of 2009. Earnings per share amounted to ?1.4, against ?1.8 last year. The increase of the number of shares following the ?180.5 million capital issue of December 2009 explains the drop in EPS.
Sector business trends
– CRM and strategic data
In the first half of 2010, sector revenues rose 3.5% on a reported basis to ?249.1 million. Currency effects and acquisitions helped boost revenues by 1.9% and 2.9% respectively over the first half. Like-for-like revenues fell slightly, by 1.4%. As expected, the 4.8% rise in Q2 revenues helped offset the drop in Q1 caused by delays in executing certain large-scale projects.
One impact of these delays was an increase in personnel costs, which hurt the sector’s operating margin. The sector’s operating profit from ordinary activities was ?18.3 million, down ?6.0 million compared with H1 2009. As a result, operating margin from ordinary activities was 7.3%, versus 10.1% a year earlier.
Second-quarter revenues testify to the sector’s substantial sales momentum, successful geographic expansion of new services, and the beneficial impact of launching new Mobile Intelligence offerings – particularly the SaaS version – with both current and new clients.
Able to integrate SK&A both operationally and commercially in just six months, Cegedim is now fully profiting from the successful strengthening of its OneKey offering in the USA.
These performances lend credence to the Group’s strategic choices: a global presence as a result of the Dendrite acquisition, particularly in rapidly growing markets such as emerging countries; expanding platforms (iPad® and iPhone®, BlackBerry®, etc.); a richer compliance offering in Europe; bringing Dendrite’s business model in line with that of Cegedim (services vs. licenses); and continuing to make substantial investments in R&D to support new products.
The strategic data activity posted a clear rebound in its revenues and profitability in the second quarter. The Group expects this trend to continue in the months ahead.
– Healthcare professionals
Sector first-half 2010 revenues were ?138.7 million, up 0.8% on a reported basis and stable on a like-for-like* basis. Growth of 1.3% in the second quarter offset the slight first-quarter decline, as expected.
Currency effects and acquisitions boosted first-half revenues by 0.5% and 0.4% respectively.
Operating profit from ordinary activities rose 4.2% to ?23.8 million, reflecting a sizeable 60bp increase in the margin to 17.2%. This result is especially remarkable considering that the sector margin was hurt by the wait-and-see attitude of UK physicians and the expected drop in Cegelease’s margin.
The Group continues to generate impressive performances in France, Spain and Italy. In the UK, Cegedim is convinced that it is in a position to profit from new opportunities arising from a reorganization of the UK healthcare system over the coming years.
Lastly, we note that the RMI (paramedic software) and RNP activities (promotional information for pharmacists) continue to turn in very fine performances in terms of revenues and profitability.
After the close of the first-half financial statements, Cegedim’s acquired Pulse, a US company specializing in electronic healthcare records (EHR) management. In the second half, this move will propel the Cegedim Healthcare Software division onto the global stage, positioning the division to capitalize on the considerable new opportunities in this market. For more information on the deal, please see the “Important post-closing transactions and events” section on page 5.
– Insurance and services
Sector revenues rose 9.9% on both a like-for-like* and a reported basis to ?61 million. Insurance and services activities continued to grow by nearly 6% like for like* following an exceptional first quarter.
As expected, operating margin on ordinary activities rose substantially, up 150bp from 12.5% to 14.0%. Operating profit from ordinary activities amounted to ?8.5 million, a 23% increase over the same period in 2009.
These excellent performances are proof that Cegedim’s range of software (Activ’Infinite) and services (various data flow management platforms) is well suited to a rapidly evolving health insurance sector, in which differentiation and productivity gains are crucial.
It is also worth noting the robust trend in the sales of Cegedim SRH, which specializes in the services associated with outsourcing payroll and HR management. Its revenues rose by more than 12% in the first half of 2010, and its profitability improved.
Financial resources
At June 30, 2010, Cegedim’s consolidated total balance sheet amounted to ?1,535 billion, a 15.6% jump over the year-earlier period.
The Group has a robust balance sheet position, with share capital representing 37% of total asset, a 20% increase.
Acquisition goodwill was ?713 million, compared with ?613 million at the end of 2009. This represents 46% of the total balance sheet, which is the same level as six months prior. These trends are attributable chiefly to currency exchange rate and acquisitions.
Cash and equivalents exceed short-term financial debt (less than 1 year).
Netfinancial debt amount to ?443 million compared with ?395 million six months earlier. As expected this increase is due to the use of Cegedim credit revolver facility in order to finance ac quisitions and to the negative evolution of the dollar against the euro.
After the net cost of financial debt and taxes, cash flow was ?51.4 million, on a par with that of the first half of 2009. Gearing level remains unchanged at 0.9 against 0.8 six months earlier.
Working capital requirement increased by ?6.6 million, mainly due to the change in customer receivables. These trends reflect seasonal effects on the Group’s working capital requirement.
At the end of June 2010, the Group complied with all its bank covenants.
First-half highlights
On January 7, 2010, the Group acquired US company SK&A Information Services, Inc., a top-notch supplier of healthcare data. The acquisition strengthens Cegedim’s OneKey offering in the US. Created 26 years ago, SK&A has built and maintains a database with targeted information on more than 2 million healthcare professionals, including more than 800,000 prescribing physicians. This is the only database of US prescribing physicians and other healthcare professionals for which every single email address has been verified by phone contact. The acquired businesses generate full-year revenues of roughly $15 million. Its operational and commercial integration, which was completed in less than 6 months, was a complete success.
On June 3, 2010, Cegedim finalized the acquisition of Swiss CRM and direct marketing businesses from IMS Health to complement and strengthen its existing Swiss offerings. The CRM and Direct Marketing Direct business unit of IMS Health GmbH has been targeting the life science industry in Switzerland for more than a decade and is recognized for its quality and reliability by more than 500 users and 30 companies. The acquired businesses will contribute to the Group’s consolidated result from Q2 2010. Cegedim expects the acquired company to contribute annual revenues in the region of ?2 million.
Moreover, the Group announced on June 18, 2010 the acquisition of French company Hosta, a specialist in third-party management in which it has held a minority stake since 2004. Managing 400,000 beneficiaries and boasting extensive experience in third-party management of health and personal protection insurance policies, Hosta is among France’s leading third-party management companies. This acquisition expands Cegedim Group’s portfolio of solutions dedicated to all of its clients in the insurance sector. The acquired businesses represent annual revenues of approximately ?11 million.
These three deals were financed by internal financing and will not prevent the Group from respecting its debt covenants. Under the agreements signed by the parties, all other terms of the transactions are confidential.
Significant post-closing transactions and events
– Extension of the average maturity of the debt
As part of its policy of diversifying and extending the average maturity of its debt, Cegedim (BB+ S&P), completed on July 27 issuance of a ?300 million bond maturing in 2015, with a fixed annual coupon of 7.00% payable every six months. The strong demand generated by the operation, finalized in just half a day, the quality of the interested parties, and geographic diversity of the investors – of which 70% were located outside of France – enabled Cegedim to raise the ?300 million under favorable conditions. At the same time, the debt issue demonstrates Cegedim’s ability to tap financial markets.
– External growth
On July 27 Cegedim finalized the acquisition of Pulse Systems, Inc., a leading US healthcare software and services supplier. The move gives Cegedim access to the US market for the computerization of healthcare professionals at a very critical time for the Electronic Health Records (EHR) and Practice Management (PM) software markets.
Founded in 1997, Pulse Systems has developed an extremely sophisticated and scalable ambulatory healthcare IT solution – Pulse Patient Relationship Management. This solution includes EHR, PM, e-Prescribing, Revenue Cycle Management services, etc. The company is based in Wichita and has more than 100 employees. Pulse is profitable and will likely continue to grow in a rapidly expanding sector: it expects to increase its revenues more than four-fold by 2014.
Building on the Target Software acquisition in 2005, the Dendrite acquisition in 2007 and the SK&A acquisition earlier this year, this new addition in the US is squarely in line with the Group’s global strategy. It will enable the Group to leverage its complementary activities in North America and transform its European Cegedim Healthcare Software division into a global player by utilizing the Pulse solutions to expand its presence in the US market.
Cegedim finalized the acquisition of Deskom a leading French B-to-B invoice dematerialization company, on September 6th. The deal is an opportunity for Cegedim EDI, its professional electronic data management department, to build on its leadership in the field.
The Deskom acquisition allows Cegedim EDI, the healthcare data exchange leader, to move ahead with its strategy of opening its services to all business sectors and becoming Europe’s top electronic invoicing network, able to handle any request regardless of invoice volumes, project complexity, or the number of countries involved.
These activities represent annual revenues of around ?4 million and will be part of the consolidation scope of Cegedim Group for H2 2010.
These two deals were financed by internal financing. Under the agreements signed by the parties, all other terms of the transactions are confidential.
– New trademark strategy and visual identity for the Group
In order to strengthen its image, Cegedim Management decided to simplify the brand’s visual identity for the Group and its main healthcare Business Units. Each Business Unit’s logo and name will reflect a key description of its overall activity. Therefore, Cegedim Dendrite has been renamed Cegedim Relationship Management.
This change is inspired by the Group’s desire to present its customers with a more coherent, unified image of all of its businesses and to succinctly convey its commitment to providing them with the most advanced products and services in the industry. It is also a way of expressing the successful integration of Dendrite, as the new visual identity will incorporate some graphic elements from its logo.
These changes will take place gradually starting on September 24, 2010. An analysis of the possible accounting consequences of canceling the Dendrite trademark are still under way.
As part of its new brand strategy and to simplify and modernize this window on the Group, Cegedim will launch its new corporate website: www.cegedim.com This new, redesigned portal does more to emphasize the Group’s various activities and gives users direct access to the sites of its Business Units, while incorporating traditional sections on Recruitment, Press and Finance.
2010 outlook
Acquisitions made during the first half-year, as well as the post-closing acquisitions of Pulse and Deskom, are in line with the external growth policy the Group presented at the time of the December 2009 capital increase. These acquisitions did not prevent the Group from meeting all of its covenants. We recall that the sole purpose of the bond issue for ?300 million on July 27, 2010, was to refinance existing bank debt.
Given its adaptability, good regional mix and business mix of revenues, commercial momentum and half-year performances, the Group confirms its goal to consolidate leadership in the global healthcare market with revenue growth of approximately 5% for 2010
Based on its half-year results, the Group is no longer aiming for margin improvement for 2010.
Financial calendar
+-------------------------+--------------------+--------------------+ |The Group will hold a | | | |conference call this | | | |evening (September 23) at| | | |6:15 pm in French and | | | |7:00 pm in English at the| | | |following numbers (Paris | | | |time): | | | +-------------------------+--------------------+--------------------+ | |· From France: 01 72|Access code: | | |30 02 03 |13648531 | +-------------------------+--------------------+--------------------+ | |· From UK: 1616 018 |# | | |915 | | +-------------------------+--------------------+--------------------+ | |· From the US: 703 | | | |62 19 122 | | +-------------------------+--------------------+--------------------+ +-------------------------+--------------------+--------------------+
September 24, 2010
– SFAF Meeting – 24 rue de Penthièvre 75008 Paris (at 10:00am)
– Half-year Financial Report (after the stock market closes)
From September 27 to October 15, 2010
– Roadshow in Europe
From October 4 to October 8, 2010
– Roadshow in the US
November 15, 2010
– Q3 revenues announcement (after the stock market closes)
Additional information
The Board of Directors and the Auditors met on September 23, 2010, to approve 2010 Half-year consolidated financial statements. Audit procedures have been performed and the 2010 Half-year statutory auditors’ report on the consolidated financial statements is forthcoming.
The financial information presented in this press release comes from Cegedim half year consolidated financial statements and is fully available on the 2010 Half-year Financial Report at www.cegedim.fr/finance as of September 24, 2010.
A presentation of Cegedim 2010 Half-year results is also available on the Website.
Appendices
– Revenues by sector and by quarter#:
# Figures rounded to the nearest unit.
Year 2010
+-------------------------+---------+---------+----+----+---------+ |? thousands | Q1 | Q2 | Q3| Q4| Total | +-------------------------+---------+---------+----+----+---------+ |CRM and strategic data | 111,532| 137,575| | | 249,107| +-------------------------+---------+---------+----+----+---------+ | Healthcare professionals| 64,461| 74,278| | | 138,739| +-------------------------+---------+---------+----+----+---------+ |Insurance and services | 29,627| 31,364| | | 60,991| +-------------------------+---------+---------+----+----+---------+ |Group | 205,620| 243,217| | | 448,837| +-------------------------+---------+---------+----+----+---------+ +-------------------------+---------+---------+----+----+---------+
Year 2009 pro-forma
For information, Revenues at June 30, 2009 were restated between sectors for an amount of ?4.4 million. In order to continue streamlining the Group’s structure, certain activities of the Healthcare professionals and Insurance and services sectors have been linked to entities of the CRM and strategic data sector. Pro-forma revenue is mentioned below.
+-------------------------+---------+---------+---------+---------+---------+ |? thousands | Q1 | Q2 | Q3 | Q4 | Total | +-------------------------+---------+---------+---------+---------+---------+ |CRM and strategic data | 117,523| 123,223| 117,178| 140,361| 498,285| +-------------------------+---------+---------+---------+---------+---------+ | Healthcare professionals| 65,247| 72,411| 58,779| 67,817| 264,254| +-------------------------+---------+---------+---------+---------+---------+ |Insurance and services | 25,892| 29,609| 22,062| 33,970| 111,533| +-------------------------+---------+---------+---------+---------+---------+ |Group | 208,662| 225,245| 198,017| 242,148| 874,072| +-------------------------+---------+---------+---------+---------+---------+ +-------------------------+---------+---------+---------+---------+---------+
– By sector of activity and currency, the distribution of revenues for the first half-year of 2010 is as follows:
+-------------------------+------+-----+-----+--------+ | | Euro| USD| GBP| Others| +-------------------------+------+-----+-----+--------+ |CRM and strategic data | 51%| 23%| 4%| 22%| +-------------------------+------+-----+-----+--------+ | Healthcare professionals| 80%| -| 20%| -| +-------------------------+------+-----+-----+--------+ |Insurance and services | 99%| -| -| 1%| +-------------------------+------+-----+-----+--------+ |Group | 66%| 13%| 9%| 12%| +-------------------------+------+-----+-----+--------+ +-------------------------+------+-----+-----+--------+
– By sector of activity and geographic zone, the distribution of revenues for the first half-year of 2010 is as follows:
+-------------------------+--------+------------------+---------------+ | | France| Europe ex France| North America| +-------------------------+--------+------------------+---------------+ |CRM and strategic data | 31%| 33%| 24%| +-------------------------+--------+------------------+---------------+ | Healthcare professionals| 77%| 23%| -| +-------------------------+--------+------------------+---------------+ |Insurance and services | 99%| -| -| +-------------------------+--------+------------------+---------------+ |Group | 55%| 26%| 13%| +-------------------------+--------+------------------+---------------+ +-------------------------+--------+------------------+---------------+ +-------------------------+-------------------+ | | Rest of the world| +-------------------------+-------------------+ |CRM and strategic data | 12%| +-------------------------+-------------------+ | Healthcare professionals| -| +-------------------------+-------------------+ |Insurance and services | 1%| +-------------------------+-------------------+ |Group | 7%| +-------------------------+-------------------+ +-------------------------+-------------------+
– Consolidated first-half financial statements
Assets
+-------------------------+------------+------------+ |? thousands | 06/30/2010| 06/30/2009| +-------------------------+------------+------------+ |Goodwill on acquisition | 713,179| 613,342| +-------------------------+------------+------------+ |Development costs | 31,057| 57,644| +-------------------------+------------+------------+ |Trademarks, patents | 135,868| 104,810| +-------------------------+------------+------------+ |Other intangible fixed | 106,145| 63,192| |assets | | | +-------------------------+------------+------------+ |Intangible fixed assets | 273,070| 225,646| +-------------------------+------------+------------+ |Property | 446| 417| +-------------------------+------------+------------+ |Buildings | 6,168| 6,225| +-------------------------+------------+------------+ |Plant, machinery and | 24,940| 24,377| |equipment | | | +-------------------------+------------+------------+ |Other tangible fixed | 13,866| 13,969| |assets | | | +-------------------------+------------+------------+ |Construction work in | 35| 234| |progress | | | +-------------------------+------------+------------+ |Tangible fixed assets | 45,456| 45,221| +-------------------------+------------+------------+ |Equity investments | 295| 302| +-------------------------+------------+------------+ |Loans | 555| 551| +-------------------------+------------+------------+ |Other fixed financial | 9,103| 8,030| |assets | | | +-------------------------+------------+------------+ |Fixed financial assets ? | 9,953| 8,883| |excluding shares of | | | |equity-accounted | | | |affiliates | | | +-------------------------+------------+------------+ |Shares of | 6,811| 7,173| |equity-accounted | | | |affiliates | | | +-------------------------+------------+------------+ |Government ? Deferred tax| 42,476| 33,350| +-------------------------+------------+------------+ |Accounts receivable: | 16,056| 15,282| |long-term portion | | | +-------------------------+------------+------------+ |Other receivables: | 2,064| 983| |long-term portion | | | +-------------------------+------------+------------+ |Non-current assets | 1,109,064| 949,881| +-------------------------+------------+------------+ |Services in progress | 188| 200| +-------------------------+------------+------------+ |Goods | 11,005| 10,956| +-------------------------+------------+------------+ |Advances and deposits | 1,882| 1,172| |received on orders | | | +-------------------------+------------+------------+ |Accounts receivable: | 226,488| 210,502| |short-term portion | | | +-------------------------+------------+------------+ |Unpaid, called-up capital| -| -| +-------------------------+------------+------------+ |Other receivables: | 20,533| 18,413| |short-term portion | | | +-------------------------+------------+------------+ |Cash equivalents | 1,159| 30,630| +-------------------------+------------+------------+ |Cash | 141,814| 90,739| +-------------------------+------------+------------+ |Prepaid expenses | 22,936| 15,847| +-------------------------+------------+------------+ |Current assets | 426,006| 378,461| +-------------------------+------------+------------+ |Total assets | 1,535,070| 1,328,341| +-------------------------+------------+------------+
Liabilities
+-------------------------+------------+------------+ |? thousands | 06/30/2010| 06/30/2009| +-------------------------+------------+------------+ |Share capital | 13,337| 13,337| +-------------------------+------------+------------+ |Issue premium | 185,562| 185,562| +-------------------------+------------+------------+ |Group reserves | 294,967| 249,732| +-------------------------+------------+------------+ |Group translation | -238| -238| |reserves | | | +-------------------------+------------+------------+ |Group translation | 46,317| -37,844| |gains/losses | | | +-------------------------+------------+------------+ |Group earnings | 19,849| 54,719| +-------------------------+------------+------------+ |Investment subsidies | -| -| +-------------------------+------------+------------+ |Regulated provisions | -| -| +-------------------------+------------+------------+ |Shareholders? equity, | 559,794| 465,267| |Group share | | | +-------------------------+------------+------------+ |Minority interests | 383| 609| |(reserves) | | | +-------------------------+------------+------------+ |Minority interests | 72| 114| |(earnings) | | | +-------------------------+------------+------------+ |Minority interests | 455| 724| +-------------------------+------------+------------+ |Shareholders? equity | 560,249| 465,991| +-------------------------+------------+------------+ |Long-term financial | 453,067| 391,408| |liabilities | | | +-------------------------+------------+------------+ |Long-term financial | 10,707| 16,517| |instruments | | | +-------------------------+------------+------------+ |Deferred tax liabilities | 60,298| 51,394| +-------------------------+------------+------------+ |Non-current provisions | 28,534| 21,517| +-------------------------+------------+------------+ |Other non-current | 12,396| 9,550| |liabilities | | | +-------------------------+------------+------------+ |Non-current liabilities | 565,002| 490,386| +-------------------------+------------+------------+ |Short-term financial | 142,671| 133,621| |liabilities | | | +-------------------------+------------+------------+ |Short -term financial | -| -| |instruments | | | +-------------------------+------------+------------+ |Accounts payable and | 71,813| 73,604| |related accounts | | | +-------------------------+------------+------------+ |Tax and social | 119,088| 113,705| |liabilities | | | +-------------------------+------------+------------+ |Provisions | 6,116| 7,133| +-------------------------+------------+------------+ |Other current liabilities| 70,131| 43,902| +-------------------------+------------+------------+ |Current liabilities | 409,819| 371,965| +-------------------------+------------+------------+ |Total liabilities | 1,535,070| 1,328,341| +-------------------------+------------+------------+
– Income statement
+-------------------------+------------+------------+ |? thousands | 06/30/2010| 06/30/2009| +-------------------------+------------+------------+ |Revenues | 448,837| 433,906| +-------------------------+------------+------------+ |Other income from | -| -| |business activities | | | +-------------------------+------------+------------+ |Capitalized production | 15,186| 16,616| +-------------------------+------------+------------+ |Purchased consumed | -48,637| -47,729| +-------------------------+------------+------------+ |External expenses | -110,205| -106,409| +-------------------------+------------+------------+ |Taxes | -7,069| -6,503| +-------------------------+------------+------------+ |Payroll costs | -213,954| -201,391| +-------------------------+------------+------------+ |Depreciation expenses | -33,494| -34,179| +-------------------------+------------+------------+ |Provision expenses and | -69| 391| |write-backs | | | +-------------------------+------------+------------+ |Change in inventories of | -20| -63| |in-progress and finished | | | |products | | | +-------------------------+------------+------------+ |Other operating income | 49| -560| |and expenses | | | +-------------------------+------------+------------+ |Operating profit from | 50,624| 54,079| |ordinary activities | | | +-------------------------+------------+------------+ |Other non-current | -5,448| -4,657| |operating income and | | | |expenses | | | +-------------------------+------------+------------+ |Operating profit | 45,175| 49,422| +-------------------------+------------+------------+ |Income from cash and cash| 564| 829| |equivalents | | | +-------------------------+------------+------------+ |Gross cost of financial | -12,283| -20,304| |debt | | | +-------------------------+------------+------------+ |Other financial income | -9,866| -10,349| |and expenses | | | +-------------------------+------------+------------+ |Net cost of financial | -21,585| -29,824| |debt | | | +-------------------------+------------+------------+ |Income taxes | -16,134| -3,005| +-------------------------+------------+------------+ |Deferred income taxes | 12,069| 279| +-------------------------+------------+------------+ |Tax expenses | -4,065| -2,726| +-------------------------+------------+------------+ |Share of earnings of | 396| 368| |equity-accounted | | | |affiliates | | | +-------------------------+------------+------------+ |Consolidated net profit | 19,921| 17,240| +-------------------------+------------+------------+ |Group share (A) | 19,849| 17,237| +-------------------------+------------+------------+ |Minority interests | 72| 3| +-------------------------+------------+------------+ |Average number of shares | 13,963,775| 9,331,449| |excl. Treasury stocks (B)| | | +-------------------------+------------+------------+ |Earnings per share - | 1.4| 1.8| |euros (A/B) | | | +-------------------------+------------+------------+ |Dilutive instruments | -| -| +-------------------------+------------+------------+ |Diluted earnings per | 1.4| 1.8| |share - euros | | | +-------------------------+------------+------------+
– Cash flow statement
+-------------------------+------------+------------+ |? thousands | 06/30/2010| 06/30/2009| +-------------------------+------------+------------+ |Consolidated net profit | 19,921| 17,240| +-------------------------+------------+------------+ |Share of earnings of | -396| -368| |equity-accounted | | | |affiliates | | | +-------------------------+------------+------------+ |Depreciation and | 31,885| 34,411| |amortization expense | | | +-------------------------+------------+------------+ |Capital gain or losses on| -33| 275| |disposals | | | +-------------------------+------------+------------+ |Cash flow after net cost | 51,377| 51,558| |of financial debt and | | | |taxes | | | +-------------------------+------------+------------+ |Net cost of financial | 21,585| 29,824| |debt | | | +-------------------------+------------+------------+ |Tax expenses | 4,065| 2,726| +-------------------------+------------+------------+ |Cash flow before net cost| 77,027| 84,108| |of financial debt and | | | |taxes | | | +-------------------------+------------+------------+ |Tax paid | -9,368| 245| +-------------------------+------------+------------+ |Plus: change in operating| -17,759| -11,179| |working capital | | | |requirement | | | +-------------------------+------------+------------+ |Net cash from operations | 49,900| 73,174| |(A) | | | +-------------------------+------------+------------+ |Acquisitions of | -18,160| -20,044| |intangible fixed assets | | | +-------------------------+------------+------------+ |Acquisitions of tangible | -13,045| -12,098| |fixed assets | | | +-------------------------+------------+------------+ |Acquisitions of financial| -| -1,454| |assets | | | +-------------------------+------------+------------+ |Disposals of tangible and| 2,074| 2,263| |intangible fixed assets | | | +-------------------------+------------+------------+ |Disposals of financial | 124| 363| |assets | | | +-------------------------+------------+------------+ |Impact of changes in | -25,680| -2,691| |consolidation scope | | | +-------------------------+------------+------------+ |Dividends from equity | -| -| |accounted affiliates | | | +-------------------------+------------+------------+ |Net cash from investment | -54,687| -33,661| |operations (B) | | | +-------------------------+------------+------------+ |Dividends paid to parent | -| -| |company shareholders | | | +-------------------------+------------+------------+ |Dividends paid to the | -| -| |minority interests of | | | |consolidated companies | | | +-------------------------+------------+------------+ |Increase in cash capital | -| -| +-------------------------+------------+------------+ |Debt issued | 61,611| 62,240| +-------------------------+------------+------------+ |Debt reimbursements | -57,587| -86,091| +-------------------------+------------+------------+ |Interest paid on debts | -10,606| -21,435| +-------------------------+------------+------------+ |Other financial income | -8,073| -2,675| |and expenses | | | +-------------------------+------------+------------+ |Net cash from financing | -14,655| -47,961| |operations © | | | +-------------------------+------------+------------+ |Change in cash (A+B+C) | -19,442| -8,448| +-------------------------+------------+------------+ |Opening cash position | 102,338| 70,254| +-------------------------+------------+------------+ |Closing cash position | 89,379| 61,539| +-------------------------+------------+------------+ |Foreign exchange gains or| -6,483| 267| |losses | | | +-------------------------+------------+------------+
*at constant scope and exchange rates
About Cegedim: Founded in 1969, Cegedim is a global technology and services company specializing in the healthcare field. Cegedim supplies services, technological tools, specialized software, data flow management services and databases. Its offerings are targeted notably at healthcare industries, life sciences companies, healthcare professionals and insurance companies. The world leader in life sciences CRM, Cegedim is also one of the leading suppliers of strategic healthcare industry data. Cegedim employs 8,600 people in more than 80 countries and generated revenue of ?874 million in 2009. Cegedim SA is listed in Paris (EURONEXT: CGM). To learn more, please visit: www.cegedim.com
Contacts:
+--+--------------------+--------------------+--------------------+--+ | | Aude BALLEYDIER|Jan Eryk UMIASTOWSKI|Guillaume DE | | | | | |CHAMISSO | | +--+--------------------+--------------------+--------------------+--+ | | Cegedim| Cegedim|Presse & Papiers | | | | | |Agency | | +--+--------------------+--------------------+--------------------+--+ | | Media Relations|Chief investment | Press Officer| | | | |Officer Investor | | | | | |Relations | | | +--+--------------------+--------------------+--------------------+--+ | | |Tel.: +33 (0)1 49 09| | | | | |33 36 | | | +--+--------------------+--------------------+--------------------+--+ | |Tel.: +33 (0)1 49 09|investor.relations@c|Tel.: +33 (0)1 77 35| | | |68 81 |egedim.fr |60 99 | | +--+--------------------+--------------------+--------------------+--+ | |aude.balleydier@cege| |guilaume.dechamisso@| | | |dim.fr | |pressepapiers.fr | | +--+--------------------+--------------------+--------------------+--+ +--+--------------------+--------------------+--------------------+--+
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