Brief: Orpea Q3 Group Occupancy Rate Up 1.8 Percentage Points

Emeis SA

06/11/2023 06:15

Nov 6 (Reuters) - Orpea Sa  ORP.PA :
    * ORPEA: THIRD-QUARTER 2023 REVENUE AND BUSINESS PLAN UPDATE
    * Q3 GROUP OCCUPANCY RATE UP 1.8 PERCENTAGE POINTS VERSUS
THIRD-QUARTER 2022, WITH ALL GEOGRAPHIC AREAS CONTRIBUTING TO
THE IMPROVEMENT
    * EBITDAR FORECAST FOR FULL-YEAR 2023 EXPECTED TO COME IN AT
LOWER
END OF EUR 705-EUR 750 MILLION RANGE ANNOUNCED IN JULY
    * FINANCIAL PROJECTIONS UPDATED FOR 2023-2025 PERIOD AND
EXTENDED
TO 2026
    * EBITDAR FORECAST FOR FULL-YEAR 2023 EXPECTED TO COME IN AT
LOWER
END OF EUR 705-EUR 750 MILLION RANGE ANNOUNCED IN JULY
    * EBITDAR (EUR 1.2 BILLION) AND FINANCIAL LEVERAGE (5.5X)
TARGETS
IN NOVEMBER 2022 BUSINESS PLAN SHIFTED BACK BY 12 MONTHS FROM
2025 TO 2026
    * IMPLEMENTATION OF ACCELERATED SAFEGUARD PLAN ON SCHEDULE,
WITH
COMPLETION EXPECTED IN COMING WEEKS
    * AS PREVIOUSLY ANNOUNCED, RESTRUCTURING RESULTING IN A
MASSIVE
DILUTION FOR EXISTING SHAREHOLDERS AND A POTENTIAL
POST-TRANSACTION PER-SHARE VALUE OF LESS THAN EUR 0.02
    * GROUP'S CASH POSITION STOOD AT EUR 740 MILLION (UNAUDITED)
AT 30
SEPTEMBER 2023
    * END-SEPT NET DEBT EXCLUDING IMPACT OF IFRS 16 STOOD AT EUR
9,364
MILLION (UNAUDITED) AS PER IFRS FINANCIAL STATEMENTS (INCLUDING
ACCRUED AND UNPAID INTEREST)
    * OUTLOOK 2023: GROUP REVENUE IS EXPECTED TO COME IN AT
AROUND EUR
5.2 BILLION, WITH AN OCCUPANCY RATE OF 84.0% (VERSUS 81.6% IN
2022)
    * OUTLOOK 2023: PERSONNEL COSTS ARE EXPECTED TO REPRESENT
61.2% OF
REVENUE, VERSUS 57.7% IN NOVEMBER 2022 BUSINESS PLAN
    * OUTLOOK 2023: EBITDAR IS EXPECTED TO COME OUT AT AROUND
EUR 710
MILLION, AT LOWER END OF EUR 705-EUR 750 MILLION RANGE ANNOUNCED
ON 13 JULY
    * OUTLOOK 2023: DEVELOPMENT CAPEX IS EXPECTED TO AMOUNT TO
EUR 373
MILLION, A DECREASE OF EUR 105 MILLION ON UPDATE PRESENTED IN
MAY 2023
    * OUTLOOK 2023: NON-RECURRING ITEMS ARE EXPECTED TO AMOUNT
TO AN
EXPENSE OF EUR 139 MILLION
    * OUTLOOK 2023: NET CASH FLOW BEFORE FINANCING WOULD AMOUNT
TO AN
OUTFLOW OF EUR 720 MILLION
    * GROUP'S OCCUPANCY RATE IS EXPECTED TO BE 87.2% IN 2024
(VERSUS
84.0% IN 2023) AND 89.1% IN 2025.
    * CONSOLIDATED REVENUE WOULD REMAIN CLOSE TO AMOUNTS
PROJECTED IN
NOVEMBER 2022 BUSINESS PLAN, AT AROUND EUR 5.8 BILLION IN 2024
AND EUR 6.1 BILLION IN 2025
    * OUTLOOK 2026: REVENUE OF EUR 6.4 BILLION, WITH A GROUP
OCCUPANCY
RATE OF 90.8%
    * BY 2025-2026, GROUP'S FINANCING CAPACITY SHOULD HAVE BEEN
RESTORED

Source text for Eikon:  ID: 
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