Caissargues, October 18, 2023
| In € millions - Year ended June 30 | 2021-2022 | 2022-2023 | Change |
| Revenue | 468.3 | 508.0 | +8.5% |
| EBITDA[1] | 95.0 | 101.6 | +5.6% |
| EBITDA margin | 20.3% | 20.0% | |
| Recurring operating profit | 38.9 | 42.8 | +10.0% |
| Recurring operating margin | 8.3% | 8.4% | |
| Operating profit | 32.5 | 36.7 | +12.6% |
| Net profit from continuing operations | 15.1 | 16.8 | +10.8% |
| Net loss from discontinued operations | (0.8) | (4.0) | |
| Net profit, Group share | 13.7 | 12.0 | -12.4% |
Revenue up 8.5% to €508 million
Groupe Bastide reported revenue of €508.0 million for the 2022-2023 fiscal year, up 10.9% restated for assets held for sale (up 8.5% as reported) and of which 5% is organic growth[2].
The Respiratory (€162.1 million, up 20.3%) and Nutrition-Perfusion-Stomatherapy (€129.4 million, up 19.2%) businesses all delivered solid performances, with organic growth of more than 10%.
Homecare revenue totaled €216.5 million, up 0.9%, despite a further significant decline in personal protective equipment sales of almost 65% year-on-year.
The scope effect of acquisitions was €27.3 million over the year.
Resilient operating profitability in line with targets despite the inflationary context
Despite the impact of inflation on payroll and energy costs, as well as the price cut in sleep apnea treatment, which affected only 10 months of the previous year, EBITDA reached €101.6 million, exceeding the €100 million mark for the first time, and resulting in an EBITDA margin of 20%.
This resilience can be attributed to the Group's good operational efficiency, the increase in the proportion of more technical business activities, and international business.
Thanks to the efficient management of net allocations to depreciation and amortization, recurring operating profit rose by 10% to €42.8 million. Recurring operating margin for the period amounted to 8.4%, exceeding the target of 8.3% by 10 basis points compared with 2021?2022.
Operating profit amounted to €36.7 million. Non-recurring expenses notably included €1.9 million in expenses linked to disposals and acquisitions.
The net financial loss was €13.9 million, up €2.4 million due to higher interest rates. During the 2022-2023 fiscal year, the average rate of net debt (excluding the impact of lease liabilities) reached 4.8%, compared with 2.9% in the 2021-2022 fiscal year.
Net profit from continuing operations rose by 10.8% to €16.8 million, after taking into account a €6 million tax expense.
The net loss from discontinued operations came in at €4 million, of which a negative €4.9 million related to the discontinuation of non-strategic operations grouped with Care Service software offerings, and a positive €0.8 million linked to the disposal of Livramedom in May 2023.
Financial structure
Cash flow from operations was up by 86% to €105.7 million, resulting in particular from cash flow after tax of €91 million and a net improvement in working capital of €14.6 million (of which €4.4 million related to assets sold). This change in working capital is the result of a return to normal invoicing of trade receivables and to more normal inventory levels after the one-off increase in 2021-2022.
It more than offset net operating investments, which totaled €52.7 million.
During the year, operating free cash flow (cash flow from operations after cash flows related to acquisitions of property, plant & equipment and intangible assets and after repayment of lease liabilities), came to a positive €38.8 million, an increase of more than €47.5 million compared with 2021-2022.
The Group disbursed €22.0 million for acquisitions, in particular for 4S-Emed, Probace and Oxystore, which were completed during the year, and for earn-outs paid on acquisitions of previous years. The Group also bought out minority interests.
Excluding lease liabilities of €76.1 million, net debt amounted to €314.6 million at June 30, 2023 (compared with €322.0 million at December 31, 2022) and shareholders' equity to €88.1 million. Cash and cash equivalents stood at €36.7 million. The Group's leverage (net debt[3]/restated EBITDA[4] - excluding IFRS 16 impact), came to 3.69 ×, down compared with the level recorded at June 30, 2022 and below the authorized leverage of 4.0 at June 30, 2023.
The Group obtained €20 million in new bank financing at the beginning of the year, including €15 million indexed to the maturity of the syndicated loan. This financing, together with cash and cash equivalents, short-term bank facilities and operating free cash flow, enabled the Group to meet its annual debt repayments, including repayment of two tranches of its bond loans totaling €49.9 million. The Group is also in the process of finalizing the issue of €26.7 million worth of 8-year French state-backed bonds (Obligation Relance) to strengthen its long-term financial structure.
2023-2024 outlook
Organic growth is set to remain strong in the 2023-2024 fiscal year, driven by momentum in the Respiratory and Nutrition-Perfusion-Stomatherapy businesses. Groupe Bastide therefore confirms its full-year revenue target of €540 million, based on its current scope.
Strict control of operating costs combined with an increasing proportion of revenue from more technical business activities should enable the Group to achieve a recurring operating margin in 2023-2024, at least equal to that achieved in 2022-2023.
Priority will remain focusing on operating free cash flow for the 2023-2024 fiscal year, resulting from the expected growth in cash flow, strict management of working capital and controlled operating investments.
Operating free cash flow will be allocated to reducing group's debt as a priority. In line with its international development strategy, Groupe Bastide will however remain alert to any acquisition opportunities.
NEXT RESULTS:
Publication of first-quarter 2023-2024 revenue on
November 16, 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 Anne-Charlotte Dudicourt T. +33 (0)6 24 03 26 52 |
Alternative performance indicators (reconciliation)
| EBITDA (€ millions) | 2021-2022 | 2022-2023 |
| Recurring operating profit | 38.9 | 42.8 |
| - Net depreciation, amortization and provisions | 56.1 | 58.8 |
| = EBITDA | 95.0 | 101.6 |
| Operating free cash flow (€ millions) | 2021-2022 | 2022-2023 |
| Cash flows from operating activities | 56.9 | 105.7 |
| - Cash flows from/(used in) financing activities | (50.6) | (52.7) |
| - Lease liabilities repaid (IFRS 16) | (15.0) | (14.2) |
| = Operating free cash flow | (8.7) | 38.8 |
[1] EBITDA: recurring operating profit + net depreciation, amortization and provisions.
[2] Organic growth calculated at constant exchange rates and on a like-for-like basis, with 2021-2022 figures restated for the contribution of companies acquired within the last 12 months and the revenue of own stores that have been sold.
[3] Including a future earn-out liability of €1.7 million and a call/put option on minority interests of €2.6 million.
[4] EBITDA calculated before IFRS 16 impact and restated in accordance with IAS 17.
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