Half Year 2023 results - Solid operational performance, in line with 2023 objectives

Clariane Group


• Purpose driven company status approved by 99.9% of voting shareholders and ESG 2019-2023 roadmap on track
• Strong revenue growth at 12.2% (9.3% on an organic basis) mainly fuelled by tariff adjustments and activity increase (long term care occupancy rate up by 2 points in H1 2023, and at 89.2% as of end of July)
• Resilient operating performance in an inflationary environment: stable EBITDAR at € 538.3 million (+2.9%) and EBITDA at €285.3 million (+0.1%)
• Financial leverage of 4.1x and LTV at 58%, due to a high level of investments (€375m), still significantly above operating free cash flow generation during the semester. The deleveraging trajectory resulting from the slow-down in the pace of investments in the second semester (€50m) excl. maintenance, more robust cash flow generation, and planned further real estate monetisation transactions, is expected to allow, subject to these transactions completion calendar, a reduction of the financial leverage to around 3.5x.
• Major financing milestones recently achieved
• Revenue growth and operational margin objectives confirmed for 2023

Sophie Boissard, CEO of Clariane, stated: “The transformation into a purpose-driven company, with overwhelming support from our shareholders at the 2023 Annual General Meeting, firmly anchors our social performance at the heart of our strategy, a major milestone for all stakeholders of Clariane. In an inflationary context, and a constrained tariff environment, our solid operational performance is a new testimony of our business model resilience supported by the complementarity of our three activity segments and of our different geographies. Despite a tightening credit market, and on the back of our financial partners confidence, we have also achieved major financial milestones, ensuring a good level of visibility for the next semesters.

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