Ramsay Sante

Results at the end of March 2023 - Seite 2

1^st April 2023, St Göran has opened its new maternity ward in Stockholm.

Activity levels in France and the Nordics have been solid. Revenues for the group increased by €149m or 13.5% for the January to March 2023 quarter compared to the prior corresponding period. Adjusted for changes in the scope of consolidation and at constant exchange rates, revenues organic growth for the quarter ending 31 March 2023 was 10.2%. France revenue has grown by 10.3% supported by an increase in medical purchases rechargeable revenue and impacted by the ongoing shift toward ambulatory care. Nordic countries revenue grew by 21.3% supported by recent acquisitions. On a like-for-like basis, Nordics revenue growth is of 10.7% and is mainly realised in the Nordics by proximity care and specialist care patients in both Sweden and Denmark.

• The group consolidated EBITDA for the quarter ending 31 March 2023 of €137m decreased by €30m or
  -18% compared to the prior corresponding period.
• Decrease of the EBITDA this quarter is related to the drop of subsidies and revenue guarantee received by government bodies, by continuing medical staff shortage in all regions and by persistently higher inflation conditions. The amount of various government subsidies related to COVID, including revenue guarantee, have been lower by €52m for the group this quarter compared to the same period last year, reflecting the decreasing intensity of the COVID pandemia.
• In order to mitigates these headwinds, Ramsay Santé has launched a set of measures in order to better control its cost base while preserving its Yes We Care 2025 strategic plan.
• Acquisitions realised during the last Fiscal Year have been integrated as expected. Regarding GHP, this acquisition represents an impact, for the nine month period, of 121.9M€ of revenues, 16.1M€ of EBITDA and 7.8M€ of EBIT.
• The French tariffs applicable from 1^st March 2023 have been released. MSO tariffs increase by +5.4% and re-incorporate into DRG price the 2022 funding of operating costs inflation that had been received through grants in H1 FY23. Rehabilitation and follow-up care tariffs increase by +1.9%.
• Finally, the French Government has indicated it will prolong its support to the industry through a modified revenue guarantee scheme extending to 31^st December 2023, with a less favourable scheme however.
• Ramsay Health Care Ltd is publishing in parallel a trading update as at end of March 2023, which includes some of the information contained in this announcement.