- Les résultats du premier semestre 2012 font ressortir une croissance du chiffre d’affaires soutenue (+13,2% en moyenne) et une stabilité de la rentabilité à des niveaux élevés (marges d’EBITDAR comprises entre 23,8% et 26,2%).
- The first half results show a growth in sales (+13,2% on average) and a stable profitability at a high level (EBITDAR margins between 23.8% and 26.2%).
- An increase of the existing park (openings, restructurings and integration of acquisitions) should assure financial performance on the medium term.
- If the international environment is a key indicator for value creation, new sources of growth have also been identified in France (especially in the voluntary sector, public-private partnerships and homecare).
- Debt levels are still substantial, but operators continue to benefit from attractive conditions to outsource their real estate, offering significant financing leverage.
- The equity market reacted positively on the results, especially on the voluntary declarations to reduce debt levels.
Fore more details, feel free to download the attached memo.
The CASE Corporate Finance team