Caissargues, March 20, 2024
| In € millions - Year ended June 30 | H1 2022-2023 | H1 2023-2024 | Change |
| Revenue | 249.7 | 265.0 | +6.1 % |
| EBITDA* | 49.9 | 53.6 | +7.5 % |
| EBITDA margin | 20.0% | 20.2% | |
| Recurring operating profit | 21.5 | 21.9 | +2.1% |
| Recurring operating margin | 8.6% | 8.3% | |
| Operating profit | 18.9 | 20.7 | +9.5% |
| Financial result | -6.9 | -11.9 | |
| Taxes | -3.7 | -5.1 | |
| Net profit from continuing operations | 8.3 | 3.6 | -56.6% |
| Net loss from discontinued operations | -5.7 | -1.2 | |
| Net profit, Group share | 2.6 | 2.4 | -7.7% |
* EBITDA: recurring operating income + net depreciation, amortization and provisions.
Groupe Bastide's 2023-2024 half-yearly consolidated financial statements have been reviewed by the Group's Statutory Auditors and were approved by its Board of Directors on March 18, 2024. The half-yearly results presentation will be available on the Group's website from 2:30 pm on March 21, 2024 in the "Investors" section. The half-yearly financial report will be available on the www.bastide-groupe.fr website before March 31, 2024, and will be the subject of a press release.
Revenue up 6.1%
Groupe Bastide's activity remained dynamic in first-half 2023-2024, posting growth of 6.1%, of which 5.7% in organic terms alone[1]. Revenue for the period amounted to €265.0 million.
The more technical business activities (Respiratory, Nutrition-Perfusion-Stomatherapy) maintained strong momentum and recorded revenue of €158.8 million, up 12.2% (up 10.5% on an organic basis). These strategic activities are driving the Group's growth, and now account for 60% of total revenue.
The "Homecare" business came in at €106.2 million, down 0.6% on an organic basis (down 1.6% on a reported basis). While sales continue to be impacted by the inflationary context, rental activities remain solid, posting revenue of €38.1 million, up 4.5% for the period.
International business accounted for almost 18% of revenue over the half-year.
Increase in recurring operating profit despite the inflationary context
Over the half-year, in an inflationary context, the shift in the product mix - following Groupe Bastide's strategic decision to develop its more technical business activities - led to a significant improvement in the Group's gross margin, which rose by 110 basis points to 67.2%.
EBITDA rose by 7.5% to €53.6 million, representing an increased margin of 20.2% (up 20 basis points), despite the negative 150 basis point impact of payroll costs, due both to wage inflation and significant growth in home healthcare services.
Recurring operating profit increased by 2.1% to €21.9 million, while recurring operating margin came in at 8.3%, in line with the Group's strategic roadmap.
Operating profit rose by 9.5% to €20.7 million. Non-recurring expenses, were halved compared with the first half of 2022-2023, and include various extraordinary expenses such as restructuring costs of €0.4 million.
Financial expenses came to €11.9 million (versus €6.9 million in first-half 2022-2023), of which €1.1m related to IFRS 16, due to the automatic impact of the increase in interest rates. The cost of average debt came to 6.2%.
Net profit from continuing operations stood at €3.6 million, after taking into account a €5.1 million tax expense.
Net loss from discontinued operations came in at €1.2 million for the half-year, due to the finalization of the Livramedom disposal.
Financial structure
Cash flow from operations came to €34.3 million, including an increase in working capital of around €10 million, largely due to non-recurring items, including the discontinuation of factoring in the community healthcare sector (€6 million) and a one-off delay in receivables (€2 million) which was resolved in January.
Net operating investments amounted to €25.7 million, or 9.7% of revenue, compared with 10.1% for first-half 2022-2023. This tight control over net operating investments is all the more remarkable in that it has been achieved against a backdrop of strong growth in the more capital-intensive rental business. Some 90% of these investments involve the purchase of medical devices for new capacity or existing capacities to renew, which are then leased to the customer.
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 negative €2.2 million. Operating free cash flow was a positive €5.8 million, excluding non-recurring items related to WCR (discontinuation of factoring and delays in receivables).
Over the half-year, the Group collected €12.7 million net in connection with the management of its business portfolio, including the proceeds from the sale of Distrimed in December 2023 and outflows linked to the acquisitions of Oxigo and Occit'Perf, and earn-outs paid in previous years' acquisitions and minority interest buyouts.
Excluding lease liabilities of €74.6 million, net debt amounted to €324.4 million at December 31, 2023 and shareholders' equity to €83.4 million. Cash and cash equivalents stood at €35.1 million. The Group's leverage (net debt3/annual restated EBITDA4 - excluding IFRS 16 impact), came to 3.41×, a decrease on the calculated leverage at June 30, 2023.
2023-2024 outlook
In light of the trends observed in its markets, Groupe Bastide is confident in continuing its growth trajectory. The Group confirms its annual revenue target of around €530 million like-for-like and a recurring operating margin at least equal to that achieved for fiscal year 2022-2023, i.e., 8.4%.
Debt reduction is the priority for the 2023-2024 fiscal year. In line with the expected improvement in operating free cash flow in the second half of the year, Groupe Bastide intends to accelerate debt reduction, and is continuing to look into the possibility of selling assets that no longer align with its strategy or hinder value creation.
NEXT RESULTS:
Publication of third-quarter 2023-2024 revenue on
May 15, 2024 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 8 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) | H1 2022-2023 | H1 2023-2024 |
| Recurring operating profit | 21.5 | 21.9 |
| - Net depreciation, amortization and provisions | 28.4 | 31.7 |
| = EBITDA | 49.9 | 53.6 |
| Operating free cash flow (€ millions) | H1 2022-2023 | H1 2023-2024 |
| Cash flows from operating activities | 52.0 | 34.3[2] |
| - Cash flows from/(used in) financing activities | -25.3 | -25.7 |
| - Lease liabilities repaid (IFRS 16) | -9.1 | -10.8 |
| = Operating free cash flow | 17.6 | -2.2 |
[1] Organic growth calculated at constant exchange rates and on a like-for-like basis, with 2023-2024 figures restated for the contribution of companies acquired within the last 12 months and 2022-2023 figures restated for the contribution of assets sold within the last 12 months.
[2] Of which a negative €8 million in non-recurring items (discontinuation of factoring and late payment of receivables).
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