PARIS–(BUSINESS WIRE)–Regulatory Information:
Clariane (Paris:CLARI) (CLARIA.PA – ISIN FR0010386334), Europe’s main neighborhood for care in instances of vulnerability (the Firm), publicizes that an modification (the “Amendment“) to the 2023 Common Registration Doc (the “2023 Universal Registration Document“) was filed on 31 Might 2024 with the Autorité des marchés financiers (the “AMF”) underneath quantity D. 24-0380-A01.
The Modification updates a variety of objects within the 2023 Common Registration Doc, together with:
– the data referring to 2023 highlights the Firm’s European footprint, financing and actual property technique, contained in Chapter 1 “Clariane, Europe’s leading group serving the needs of the most vulnerable” of the 2023 Common Registration Doc,
– the data referring to threat components, (together with dangers referring to care and help, property growth and building, execution of the asset disposal plan, regulatory, forex, liquidity and monetary covenant breach dangers) set out in Chapter 2 “Risk Factors” of the 2023 Common Registration Doc,
– the data referring to regulated agreements, modifications in company governance and the remuneration coverage for company officers, contained in Chapter 4 “Corporate governance” of the 2023 Common Registration Doc,
– the data referring to the symptoms for steering and measuring monetary efficiency, the simplified consolidated earnings assertion, the monetary statements at 31 December 2023, the simplified money move assertion, gross sales for the primary quarter of 2024, the monetary forecasts for the monetary yr 2024, the outlook for 2023-2026 and authorized proceedings and arbitrations, which is about out in Chapter 5 “Activities and analysis of performance” of the 2023 Common Registration Doc,
– the data referring to the monetary delegations and authorisations proposed to the Basic Assembly of 10 June 2024, modifications within the shareholder base and the dividend distribution coverage contained in Chapter 7 “Information on the Company, the share capital and the shareholder base” of the 2023 Common Registration Doc.
On 21 Might 2024, the Firm offered its strategic plan and outlook for the interval 1 January 2023 to 31 December 2026.
The Modification additionally makes a correction with regard to the Firm’s itemizing compartment indicated in Chapter 7 “Information on the Company, its capital and shareholders”.
In response to the general public well being challenges posed by an ageing inhabitants and a rise in power sicknesses, Clariane has developed a variety of diversified and complementary types of help and care in its varied areas, organised across the following three segments:
- Lengthy-Time period Care;
- Specialty Care;
- Neighborhood Care.
As a part of its At your facet company mission, Clariane is selling the event of personalised care options, grounded in native ecosystems and within the wants of susceptible folks and their carers.
It’s growing a standard expertise base to all its actions, together with the usage of rigorous medical experience, constant high quality requirements, a coverage of expertise growth and promotion by means of coaching resulting in {qualifications}, and the gradual digitalisation of key processes.
Consistent with its determination to develop into a purpose-driven firm with excessive ranges of accountability, the corporate’s governance consists of its stakeholders constructing belief and repeatedly measures its non-financial efficiency.
Following the tightening of credit score circumstances and sectoral turbulence, Clariane launched a plan on 14 November to strengthen its monetary construction (the “Strengthening Plan”) (see part 1.2 “Update on the plan to strengthen the Company’s financial structure” of the Modification).
Confirming its goals for 2024, and constructing on the progress made with the plan to strengthen its monetary construction, the Group introduced its important goals for the interval 2023-2026 (see part 5.5 “Outlook 2023 – 2026” of this “Amendment):
- An organic compound annual growth rate (CAGR) objective in revenue of around +5%, driven in particular by a gradual and steady increase in occupancy rates and activity levels in Specialized Care, especially in outpatient care, and by the ongoing catch-up of tariffs, particularly in Germany. The growth objective reflects the projected contributions of the different geographies:
- France: CAGR 2023-2026 > 5%, based in particular on an occupancy rate in nursing homes that gradually rises to 93% in 2028,
- Germany: CAGR 2023-2026 c. 7%, pro forma for the 10% of sites that the Group wishes to cease operating,
- Belgium & Netherlands: CAGR 2023-2026 > 8%, based in particular on the growth of the network in the Netherlands, with the number of facilities in operation rising from 52 to 90, and an occupancy rate in nursing homes in Belgium that gradually rises to 97% by 2027,
- Italy: CAGR 2023-2026 2% to 3%, based in particular on an occupancy rate in nursing homes that gradually rises to 98% by 2028,
- Spain: CAGR 2023-2026 > 15%, 75% of which will be generated by service contracts.
Across the different geographies, and based on the contributions reflected above, the business segments are expected to evolve as follows:
- Long term care: 3% to 5% annual organic growth,
- Specialty care: 4% to 6% annual organic growth,
- Community Care: > 10% annual organic growth.
- an improvement objective of 100 to 150 basis points in its pre-IFRS16 EBITDA margin at 31 December 2026 compared with 12.2% at 31 December 2023, driven mainly by revenue growth, notably through occupancy rates and the development of outpatient services, as well as by targeted improvement measures relating to its central cost structure, rent and energy costs and, finally, an improvement in performance in Germany;
- a financial leverage objective of less than 3.0x at 31 December 2025 and an LTV of 55% for real estate debt at the same date, reflecting the Strenghtening Plan but also investment discipline with limited levels of investment: around €100 million a year for building maintenance and around €200 million in total for development investment including real estate and an EBITDA to free cash flow conversion rate of around 40% from 2024. In this context, the level of net financial debt1 in 2026, excluding IFRS 16 debt, should be brought down to around €2.7 to €3 billion, with expected real estate debt of around €1.4 billion, giving an LTV of around 55% (assuming a capitalisation rate of 6.7%) and non-real estate debt of around €1.3 to €1.6 billion.
At the same time, the Group has set the following ESG targets for 2026:
- 7,000 employees enrolled in a qualifying path through the Clariane University
- NPS maintained above 40
- Lost-time injury frequency rate down to 29
- Implementing the SBTi commitments on the carbon trajectory
The Company points out that the documentation for the syndicated loan of €505 million renewed on 25 July 2023 prohibits the distribution of dividends as long as the leverage ratio remains above 3.5x and limits it to 40% of net income in all cases. Against this background, no dividend will be paid in 2024 in respect of the 2023 financial year, as leverage stood at 3.8x at 31 December 2023. The Company’s objective is to achieve a leverage ratio of significantly less than 3x by the end of 2025. No dividend policy has been adopted for 2024, apart from the constraints imposed by the syndicated loan.
Upcoming occasions:
10 June 2024 – Annual Basic Assembly
5 August 2024 – Gross sales and outcomes for the 1er half-year 2024
23 October 2024 РGross sales for the 3̬me quarter 2024
Basic data
The French model of the 2023 Common Registration Doc and the Modification can be found on Clariane’s web site (www.clariane.com – Investor Relations) and on the AMF web site (www.amf-france.org). An English model of the 2023 Common Registration Doc is out there on the Firm’s web site and an English model of the Modification will probably be accessible shortly. Copies of the 2023 Common Registration Doc and the Modification are additionally accessible, freed from cost, from the Firm’s registered workplace at 21-25, rue Balzac in Paris (eighth arrondissement).
Warning
This press launch doesn’t represent, and shall not be deemed to represent, a suggestion to the general public or a suggestion to purchase or the solicitation of public curiosity in a suggestion to the general public, nor shall there be any sale of securities in any state or jurisdiction by which such provide, solicitation or sale can be illegal absent registration or approval underneath the securities legal guidelines of such state or jurisdiction. The distribution of this doc could also be topic to particular restrictions in sure nations. Individuals in possession of this doc are required to tell themselves of and to watch any such native restrictions. The shares of Clariane and any rights to subscribe for shares of the Firm) haven’t been and won’t be registered underneath the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and is probably not supplied or bought in the US absent registration or an relevant exemption from registration underneath the U.S. Securities Act, or in a transaction not topic to such necessities.
An admission prospectus referring to the reserved capital improve will probably be submitted to Clariane S.E. for approval by the Autorité des marchés financiers previous to the Basic Assembly of shareholders on 10 June 2024.
A prospectus referring to the capital improve with preferential subscription rights will probably be submitted by Clariane S.E. to the Autorité des marchés financiers for approval previous to the efficient launch of this capital improve.
This doc comprises forward-looking statements that contain dangers and uncertainties, together with these included or integrated by reference, regarding the Group’s future progress and profitability that might trigger precise outcomes to vary materially from these indicated within the forward-looking statements. These dangers and uncertainties relate to components that the Firm can not management or estimate exactly, reminiscent of future market circumstances. The forward-looking statements contained on this doc represent expectations of future occasions and ought to be considered such. Precise occasions or outcomes could differ from these described on this doc as a consequence of a variety of dangers and uncertainties described in Chapter 2 of the 2023 Common Registration Doc filed with the Autorité des Marchés Financiers (AMF) on 30 April 2024 underneath registration quantity D.24-0380, as amended in Part 3 of the Modification to the 2023 Common Registration Doc filed with the AMF on 31 Might 2024 underneath registration quantity D. 24-0380-A01, accessible on the Firm’s web site (www.clariane.com) and that of the AMF (www.amf-france.org). All forward-looking statements included on this doc communicate solely as of the date of this press launch. Clariane S.E. undertakes no obligation and assumes no duty to replace the data contained herein past what’s required by relevant rules.
You might be cautioned to not place undue reliance on any forward-looking statements. Neither the Firm, nor any of its administrators, officers, workers, brokers, associates or advisers accepts any duty in any respect for the reasonableness of assumptions made or opinions said or the probability of the achievement of projections, prospects or returns. Any duty or legal responsibility for any such data is expressly disclaimed. Nothing on this doc is, or ought to be relied upon as, a promise or illustration of the longer term. As well as, no assertion on this communication is meant to be nor could also be construed as a revenue forecast. Previous efficiency of the group can’t be relied on as a information to future efficiency.
On this press launch, until in any other case indicated, all modifications are expressed on an annual foundation (2024/2023), and at fixed scope and change charges. The primary various efficiency indicators (APIs), reminiscent of EBITDA, EBIT, internet debt and monetary leverage, are outlined within the Common Registration Doc 2023, as amended by the Modification, accessible on the Firm’s web site (www.clariane.com).
About Clariane
Clariane is the main European neighborhood for care in instances of vulnerability. It has operations in six nations: Belgium, France, Germany, Italy, the Netherlands, and Spain.
Counting on their numerous experience, annually the Group’s 60,000 professionals present providers to over 800,000 sufferers and residents in three important areas of exercise: long-term care nursing dwelling (Korian, Seniors Residencias, Berkley, and so on.), specialised care services and providers (Inicea, Ita, Grupo 5, Lebenswert, and so on.), and various residing options (Petits-fils, Ages et Vie, and so on.).
In June 2023, Clariane turned a purpose-driven firm and added to its bylaws a brand new company objective, frequent to all its actions: To maintain every particular person’s humanity in instances of vulnerability.
Clariane has been listed on Euronext Paris since November 2006, In compartment B
Euronext ticker: CLARI – ISIN: FR0010386334
1 Web of the Ages & Vie receivable, as described in paragraph 9.2 of the 2023 monetary statements, for 74 million euros
View supply model on businesswire.com: https://www.businesswire.com/information/dwelling/20240531264110/en/
Investor contacts
Stéphane Bisseuil
Investor Relations Director
+33 (0) 6 58 60 68 69
stephane.bisseuil@clariane.com
Press contacts
Matthieu Desplats
Press Relations Director
06 58 09 01 61
matthieu.desplats@clariane.com
Florian Bachelet
Head of press relations
06 79 86 78 23
florian.bachelet@clariane.com
Julie Mary
Head of press relations
06 59 72 50 69
julie.mary@clariane.com
Supply: Clariane
