Korian falls after 45% net profit drop, EBITDA miss

Clariane SE

22/02/2023 09:15

** Shares in Korian  KORI.PA  tumble around 15% after the
care home operator on Tuesday reported a 45% drop in full-year
net profit and missed EBITDA expectations
    ** The group's annual net profit from continued activities
fell to 66.9 million euros ($71.22 million), while EBITDA rose
1.7% to 607.1 million
    ** Korian says the profit drop was caused by non-current
expenses related to the group's transformation in France,
Germany and Belgium
    ** Jefferies points the full-year EBITDA being around 5%
below consensus despite in-line revenue
    ** Portzamparc says "the EBITDA margin (IFRS 16) comes out
slightly below our expectations", impacted by the inflation and
salaries costs pass-through in Germany
    ** The company forecasts organic revenue growth of more than
8% in 2023
    ** Including Wednesday's fall, the stock is down around 20%
YTD
($1 = 0.9394 euros)
 (Reporting by Lina Golovnya)
 ((lina.golovnya@thomsonreuters.com))