In This Article:
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Organic Revenue Growth: 6.3% over the first nine months of 2024.
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Reported Revenue Growth: 5.4% for the first nine months of 2024.
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Long-Term Care Organic Growth: 7% in the first nine months of 2024.
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Specialty Care Organic Growth: 3% in the first nine months of 2024.
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Community Care Organic Growth: 9.8% in the first nine months of 2024.
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Occupancy Rate: Increased to 90.7% in Q3 2024 from 85.6% in Q2 2022.
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Price Effect on Revenue: Contributed EUR150 million, representing a 4% growth.
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France Organic Revenue Growth: 4.9% in the first nine months of 2024.
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Germany Long-Term Care Organic Growth: 9% in the first nine months of 2024.
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Belgium Organic Revenue Growth: 5.6% in the first nine months of 2024.
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Netherlands Organic Revenue Growth: 17.9% in the first nine months of 2024.
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Italy Long-Term Care Organic Growth: 6.4% in the first nine months of 2024.
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Spain Organic Revenue Growth: 13.4% in the first nine months of 2024.
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Disposal Program Progress: Secured 48% of the EUR1 billion target by end of September 2024.
Release Date: October 24, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Clariane SE (FRA:KO2) achieved a dynamic revenue growth of 6.3% on an organic basis over the first nine months of 2024.
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The average occupancy rate in care homes increased by close to 2 percentage points, indicating a return to normalcy.
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The company confirmed its 2024 guidance of organic revenue growth over 5% and stable EBITDA, excluding IFRS 16 and disposals.
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Clariane SE has secured 48% of its EUR1 billion disposal program target, showing progress in strengthening its balance sheet.
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Revenue growth was well-balanced, driven by both volume and price increases, with a notable 4% revenue increase from price management.
Negative Points
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The absence of contribution from real estate development activities in 2024, which generated EUR50 million in 2023, could impact financial performance.
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A slight negative impact from changes in scope resulted in a 0.9% reduction in total revenue, amounting to a EUR33 million decrease.
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The occupancy rate in the Netherlands decreased due to new beds coming on stream, reflecting challenges in maintaining high occupancy levels.
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The company faces uncertainties regarding the impact of the 2025 PLFSS on its activities, particularly in terms of subsidies and pricing.
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Clariane SE anticipates a 10% wage increase in Germany, which could pressure margins despite being pre-negotiated in rates.
Q & A Highlights
Q: What are the remaining maturities for 2024, and what is the strategy for addressing 2025 and 2026 maturities? A: Gregory Lovichi, CFO, mentioned that the remaining maturities for 2024 include EUR88 million and the amortization of real estate debt. The company has enough liquidity to face the maturities of 2024 and 2025, thanks to the capital increase and disposal program.