Bastide Le Confort Medical Sa · EURONEXT:BLC
Bastide Le Confort Medical Sa — FY2020/21 Earnings Presentation
30 slides from Bastide Le Confort Medical Sa's earnings presentation, Oct 19, 2021
Slide 1: Full-year results 2020/21
Full-year results 2020/21 October 2021 1
Slide 2: Europe's multi-specialist in home healthcare services
Europe’s multi-specialist in home healthcare services Respiratory care A European Group with operations Homecare 26% of 2020/21 in France, Belgium, Spain, UK and 52% of 2020/21 revenues Switzerland revenues 86% of revenues in France Reimbursed oxygen therapy 14% of revenues in Europe Sale and lease
Slide 3: A growing French market worth over €9 billion
A growing French market worth over €9 billion Addressable market Powerful, sustainable growth drivers EHPAD / HCH Ageing population (+2% average/year) 0,5 Md€ 1.7-fold increase in people over 75 years of age (2020-2040) Consumables Increase in dependent people Well-being / comfort 15% increase expec
Slide 4: Breakdown of French LPPR (category 1) market
Breakdown of French LPPR* (category 1) market A €6.8 billion market Respiratory 56% CPAP Disability-friendly vehicles 6% care €1.9bn Oxygen therapy Dressings and support 50% €2.0bn 41% respiratory items equipment sales 3% Inhalers Other equipment 20% €2.8bn Medical beds & accessories 19% Stomatherap
Slide 5: Leading positions in French market, still highly fragmented
Leading positions in French market, still highly fragmented + No. 1 Homecare small local operators and pharmacies (22,500) + No. 5 Respiratory care patient associations and small local operators No. 3 Nutrition + small local operators and Infusion pharmacies (22,500) Stomatherapy + No. 3 pharmacies
Slide 6: Virtuous growth over the long term
Virtuous growth over the long term 500 70 444,1 450 Approx. 70% 60 400 recurring 382,7 revenues 335,7 50 350 Services Installation of fixed equipment 300 289,1 37,0 40 Revenues 32,8 EBIT 250 218,1 28,4 191,9 30 200 171,2 23,3 152,1 150 133,6 122,6 16,1 20 100,0 109,1 14,0 96,8 12,7 100 10,5 8,5 10 6
Slide 7: 2020-2021 highlights
2020-2021 highlights 7
Slide 8: 8 acquisitions in 2020-2021 in France and Spain
8 acquisitions in 2020-2021 5 in France and 3 in Spain Expansion into Spain Targeted acquisitions in France in Respiratory in respiratory care care and Nutrition-Infusion Médical R TMAD 07/20 04/21 07/20 07/20 04/21 Infusion Respiratory care Respiratory care Projected FY 2021/22 revenues: €8.0m Proj
Slide 9: Continued strong growth
Continued strong growth €000 - 12 months 2019/20 2020/21 Change NI - Stomatherapy sales 22% Revenues 382,706 444,073 +16.0% 53% 25 % Respiratory care Performance better than initially expected (€430 million) All divisions are growing, and posted a strong performance in the Homecare segment Europe Li
Slide 10: Revenue milestone achieved (excl. impacts of Covid-19)
Revenue milestone achieved (excl. impacts of Covid-19) 140 +23% +27% +24% -4% 120 116,0 115,7 111,7 111,2 105,4 100 91,3 90,3 85,4 85,1 82,4 85,2 78,2 80 60 40 20 0 1er trimestre 2ème trimestre 3ème trimestre 4ème trimestre 2018-2019 2019-2020 2020-2021 Strong growth over the first nine months of th
Slide 11: Homecare: continued strong momentum
Homecare: continued strong momentum E-commerce Healthcare institutions 26,1 Healthcare M€ 110,9 M€ Stores / E-commerce institutions 93,3 M€ Stores €119.4m (+9.9%) €110.9m (+33.2%) Strong performance in Purely organic growth €230.3m (+20.1%) stores: up +14% LFL New clients and increased market up +19
Slide 12: Homecare: new strengthened e-commerce dimension
Homecare: new strengthened e-commerce dimension 26,0 26,1 11,3 2018-2019 2019-2020 2020-2021 411,000 Number of customers on the Group’s 2 websites 4,733,510 Number of unique visitors to Group websites
Slide 13: Homecare: Goal to reach 100 franchises
Homecare: Goal to reach 100 franchises Contribution to the Group’s 2020-2021 Franchise chain revenues (€m) 52.0 consolidated financial statements 44.0 35.3 €19.4m Contribution to 2020-2021 rev. 29.4 (equipment resale, royalties, franchise fees) 21.0 €4.8m Contribution to 2020-2021 gross margin 16/17
Slide 14: Respiratory care: strong momentum confirmed
Respiratory care: strong momentum confirmed France Europe €73.9 million (up €40.3 million (up 12.9%) 16.1%) Strong like-for-like €5.7m impact of the integration of €113.5 m (up 13.8%) performance: +10.9% Spanish companies (up 7.0% LFL) Outperformed the market Near-stable business in the United despi
Slide 15: NPSUC: ongoing positive trend
NPSUC: ongoing positive trend Stomatherapy/Wound healing Diabetes 12,5 35,0 Nutrition Stomatherapy/ M€ 52,8 Infusion M€ Diabetes Wound healing Nutrition-Infusion €65.3m (up 12.4%) €35.0m (up 8.0%) €100.3m (up 10.8%) Strong like-for-like growth Like-for-like growth of 3.6% with a in Nutrition-Infusio
Slide 16: FY 2020-2021 earnings
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Slide 17: Steady EBIT growth
Steady EBIT growth €000 2019/20 2020/21 Change Revenues 382,706 444,073 +16.0% Gross margin 65.7% 63.1% EBITDA 81,390 88,300 8.5% EBITDA margin 21.3% 19.9% EBIT 32,762 36,982 12.9% EBIT margin 8.6% 8.3% EBIT growth (€m) EBIT margin growth 37.0 (€m) 32.8 8.6% 8.5% 8.3% 28.4 8.1% 23.3 17/18 18/19 19/2
Slide 18: Analysis of the change in EBIT margin
Analysis of the change in EBIT margin +0.5 pp -0.8 pp 8.6% 8.3% Strong Performance in France and in Belgium/Spain/Switzerland Volume effect (strong growth)/better absorption of expenses Tight control of PPE margins Development of higher-growth businesses Decline in contribution in the United Kingdom
Slide 19: Increase in net profit
Increase in net profit €000 2019/20 2020/21 Change EBIT 32,762 36,982 +12.9% 1 o/w: • €3.0m in costs related to renewals/new long-term Fair value adjustment for earnouts (197) - contracts in the UK • €2.0m in equipment donations • €3.7m in miscellaneous expenses (litigation, Other net non-recurring
Slide 20: Statement of cash flows
Statement of cash flows €000 2019/20 2020/21 Free cash flow 76,399 81,952 Taxes paid (6,668) (8,525) Change in working capital (22,456) 1 (373) 1 Solid control of WC with a return to a more typical inventory level, particularly for PPE Other cash flows relating to operating activities (50) - Cash fl
Slide 21: Financial structure
Financial structure ASSETS (€m) June 2020 June 2021 EQUITY & LIABILITIES (€m) June 2020 June 2021 Goodwill 150.3 184.1 Shareholders’ equity 79.6 85.1 Right-of-use lease Current and non-current 59.8 85.8 60.2 86.8 assets (IFRS 16) lease liabilities (IFRS 16) Other non-current assets 124.0 135.1 Other
Slide 22: Financial structure
Financial structure Cash and cash equivalents at Debt maturity profile (€000) 30/06/2021 270 000 240 000 €33.7m 210 000 180 000 150 000 Incl. EuroPP: €49.6m 120 000 90 000 60 000 30 000 0 Average interest rate on borrowings: à 1 an à 2 ans à 3 ans à 4 ans 3.1% Covenant: Net debt/pro forma EBITDA Ref
Slide 23: CSR commitment
CSR commitment 4 ESG pillars A few key indicators Patient satisfaction Local impact 2425 0.30% 3/6 Certification of quality Integration of people Headcount Wage gap Number of women on the Local access and Sponsorship (France) Men / Women Board innovation Easier access to care Human resources Environ
Slide 24: Outlook
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Slide 25: Continue the organic growth strategy
Continue the organic growth strategy Further development of services (NIS/Respiratory) Development of existing acute pathology services: e.g. infusion Capitalise on the gradual resumption of treatment for chronic illnesses Return to growth in the UK and strong potential in Spain Launch of services i
Slide 26: Update on the price environment
Update on the price environment Homecare No material issues pending Application of new CPAP (sleep apnoea) Respiratory care rates from July 2021 Nutrition-Infusion Impact in the first half of the diabetes price revision applied on 01/01/2021 Stomatherapy Estimated negative impact of around €4m on 20
Slide 27: First major targets for the existing scope
First major targets for the existing scope REVENUES €444m Around €460m €383m 2019/20 2020/21 2021/21 target excluding new acquisitions de croissance externe A year of resilience (post-Covid) - Challenging basis for comparison in H1 and reduction in prices + Contribution of external growth in 2020-21
Slide 28: Strategic step-up in external growth
Strategic step-up in external growth Proven track record in integrating new Strengthened financial capabilities companies with refinancing underway 50 acquisitions carried out in 10 years A SELECTIVE AND TARGETED ACQUISITION STRATEGY Strengthen our foothold in France Continue to develop outside Fran
Slide 29: Shareholder information
Shareholder information Float + Concert: SIB Share price over the last 5 years treasury (Bastide family) shares (0.4%) + BGV 44% 55% (Bastide family) 44% 45% 7,344,828 Number of shares €315m Capitalisation at 18/10/2021 €0.27 Most recent dividend per share CAC HEALTH CARE – CAC MID & SMALL- CAC SMAL
Slide 30: Full-year results 2020/21
Full-year results 2020/21 October 2021 30
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