Full year Financial Information at December 31, 2018
IFRS - Regulated Information - Audited

Cegedim: Debt reduction and revenue growth in 2018

  • Like-for-like revenue growth of 1.9%
  • EBITDA virtually stable at €76.8 million in 2018 vs €77.5 million in 2017
  • Net debt cut by €128.2 million
  • 2019 target: 5% revenue and EBITDA growth
Disclaimer: This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on March 27, 2019, no earlier than 5:45 pm Paris time.
The terms “business model transformation” and “BPO” are defined in the glossary.
Owing to the disposal of the Group’s Cegelease and Eurofarmat businesses, announced in 2017 and completed on February 28, 2018, the consolidated 2017 and 2018 financial statements are presented according to IFRS 5, “Non-current assets held for sale and discontinued”. The Group also applies IFRS 15, “Revenue from contracts with customers” and IFRS 9 “Financial instruments”.


FR : +33 1 72 72 74 03 USA : +1 844 286 0643 UK: +44 (0)207 1943 759PIN CODE: 19873083#
The webcast is available at the following address:

Boulogne-Billancourt, France, March 27, 2019, after the market close

Cegedim, an innovative technology and services company, generated consolidated revenues from continuing activities of €467.7 million in 2018, an increase of 2.2% as reported and 1.9% like for like compared with the same period in 2017. EBITDA came to €76.8 million in 2018, down a marginal 0.9% compared with 2017. EBITDA margin was relatively stable at 16.4% in 2018, compared with 16.9% the year before.

Simplified income statement

 2017 2016 Chg.
Revenue467.7 100.0 457.4 100.0 +2.2 
EBITDA76.8 16.4 77.5 16.9 (0.9)
EBIT before special items33.1 7.1 37.4 8.2 (11.7)
Special items(18.6)(4.0)(18.9)(4.1)(1.2 
EBIT14.4 3.1 18.5 4.1 (22.3)
Cost of net financial debt(6.0)(1.3)(6.7)(1.5)(11.4)
Tax expenses(3.9)(0.8)(4.7)(1.0)(16.5)
Consolidated profit from continuing activities4.5 1.0 7.1 1.5 (36.5)
Net earnings from activities held for sale0.0 0.0 4.1 0.0 n.m.
Net earnings from activities sold1.3 0.3 0.0 0.9 n.m.
Profit attributable to the owners of the parent5.8 1.2 11.1 2.4 (48.2)
EPS before special items0.7 - 0.9 - (48.0)
Earnings per share0.4 - 0.8 - (48.0)

For the full year 2018, Cegedim posted consolidated revenues from continuing activities of €467.7 million, up 2.2% on a reported basis. Excluding an unfavorable currency translation effect of 0.3% and a 0.6% boost from acquisitions, revenues rose 1.9%.

The Health insurance, HR and e-services division grew by 4.7%, whereas the Healthcare professionals division experienced a drop of 3.1%. BPO revenues amounted to €35.9 million over FY 2018, an 11.5% increase compared with FY 2017.

EBITDA was more or less stable at €76.8 million, compared with €77.5 million a year ago, and the margin dipped slightly to 16.4% from 16.9% in 2017. The EBITDA trend was chiefly attributable to payroll costs outpacing revenue growth, external charges holding steady, and a decrease in purchases used.

Depreciation and amortization rose by €3.6 million, to €43.7 million from €40.1 million in 2017. Most of the increase was due to an €8.7 million increase in amortization of R&D over the period.

EBIT before special items declined by €4.4 million, or 11.7%, to €33.1 million. The margin declined to 7.1% in 2018 from 8.2% in 2017.

Exceptional items amounted to a net charge of €18.6 million compared with a net charge of €18.9 million in 2017. The main reasons for the near stability were the €2.4 million decrease in amortization of intangible assets related to mature assets and the €1.3 million decrease in other exceptional charges, partly offset by the €3.5 million increase in restructuring costs, including a €4.1 million charge related to the sale of Cegelease and Eurofarmat.

Cost of net financial debt fell by €0.8 million, or 11.4%, to €6.0 million vs. €6.7 million in 2017. This decline reflects the positive impact of refinancing transactions carried out in H2 2018 combined with the sale of Cegelease and Eurofarmat in February 2018.

Tax amounted to a charge of €3.9 million compared with a charge of €4.7 million in 2017. The main factors were a deferred tax asset of €0.7 million in 2018 compared with a deferred tax charge of €0.7 million in 2017, partly offset by a €0.6 million increase in corporate income tax.

As a result, the consolidated net profit attributable to the owners of the parent came to €5.8 million compared with a profit of €11.1 million in 2017. Consolidated net profit from continuing activities came to €4.5 million compared with a profit of €7.1 million over the year-earlier period. Net profit per share before special items came to a profit of €0.7 vs. a profit of €0.9 in 2017. Earnings per share were a profit of €0.4 compared with a profit of €0.8 in 2017.

Analysis of business trends by division

  • Key figures per division
  Revenue EBIT before special items EBITDA
In € million 20182017 2018 2017  20182017
Health insurance, HR and e-services 307.7291.1 32.5 28.4  54.448.1
Healthcare professionals 156.2162.5 2.5 10.4  18.925.0
Corporate and others 3.83.9 (2.0)(1.3) 3.54.4
Cegedim 467.7457.4 33.1 37.4  76.877.5
  • Health insurance, HR and e-services

The division’s 2018 revenues came to €307.7 million, up 5.7% on a reported basis. The March 30, 2018 Rue de la Paye acquisition in France made a positive contribution of 1.1%. Currency translation had virtually no impact. Like-for-like revenues rose 4.7% over the period.
EBITDA rose in 2018, up 13.2%, to €54.4 million, compared with €48.1 million in 2017. EBITDA margin was 17.7% in 2018, an increase of 117 basis point compared with 2017.

The businesses that made the biggest contributions to this growth in revenue and EBITDA were Cegedim SRH (HR management solutions), Cegedim Health Data (sales data and statistics for pharmaceuticals), and--in the health insurance sector--third-party payment flow processing activities. BPO products and Cegedim e-business (process and document digitalization) made notable contributions to revenue growth, and Cegedim-Media (advertising in pharmacies and health & wellness shops) did the same for EBITDA growth.

  • Healthcare professionals

The division’s 2018 revenues came to €156.2 million, down 3.9% on a reported basis. Currencies had a negative impact of 0.7%. There was virtually no impact from acquisitions or divestments. Like-for-like revenues fell 3.1% over the period.
EBITDA decrease by 24.5%, to €18.9 million, compared with €25.1 million in 2017. EBITDA margin was 12.1%, down 330 basis points compared with 2017.

The businesses that made positive contributions to revenues and EBITDA were doctors’ software in France and the BCB medication database. Software for allied health professionals in France and for doctors in Belgium contributed positively to revenues. Sales of computerization solutions to UK doctors increased strongly year on year in the fourth quarter. By contrast, the main businesses that made negative contributions to EBITDA were doctors’ software in the US and Spain. Substantial investment in Docavenue's telemedicine offering--notably in person-hours--was also a headwind.

  • Corporate and others

The division’s 2018 revenues came to €3.8 million down 1.5% on a reported basis and like for like. There was no currency impact and no acquisitions or divestments.
EBITDA decreased by €0.9 million, to €3.5 million compared with a €4.4 million in 2017.

Financial resources

Acquisition goodwill represented €173.0 million at December 31, 2018, compared with €167.8 million at end-2017. The €5.3 million increase, or 3.1%, was chiefly attributable to the €6.5 million impact of the Rue de la Paye acquisition in March 2018. Acquisition goodwill represented 26.7% of total assets at December 31, 2018, compared with 22.5% at December 31, 2017.

Cash and equivalents rose by €62.4 million, or 333.2%, to €81.1 million at December 31, 2018, compared with €18.7 million at December 31, 2017. The increase was chiefly attributable to the divestments of Cegelease and Eurofarmat in 2018 and the recording of client prepayments in the BPO health insurance businesses.

Equity rose by €1.6 million, or 0.8%, to €199.0 million at December 31, 2018, compared with €197.3 million at December 31, 2017. The change mainly reflects the €5.4 million increase in reserves, offset by the €5.4 million decline in Group earnings and €0.6 million of translation reserves. Equity represented 30.7% of total assets at December 31, 2018, compared with 26.4% at December 31, 2017.

Net financial debt amounted to €108.0 million, down €128.2 million compared with a year earlier. That figure amounted to 54.3% of equity at December 31, 2018, compared with 119.7% at December 31, 2017.

Operating free cash flow was a positive €64.8 million for financial year 2018 compared with a positive €13.4 million in 2017. The €51.4 million improvement was chiefly attributable to a significant decrease in WCR, partly offset by a decline in gross cash flow.


Cegedim operates in constantly changing markets, and its strategic refocus is complete. The Group boasts solid fundamentals, a balanced portfolio of complementary offerings, a diverse client base, a broad geographic footprint, and the strength of an integrated group. These factors should enable it to sustain its current momentum and reach a new stage in its development where it can deliver lasting, profitable growth. Building on 2018, Cegedim continues to follow a strategy of primarily focused on organic growth and driven by robust innovation.

The Group has set a target of around 5% growth in both like-for-like revenues and EBITDA.

In 2019, the Group does not expect any significant acquisitions and is not issuing any earnings estimates or forecasts.

  • Potential impact of Brexit

In 2018, the UK accounted for 10.0% of consolidated Group revenues from continuing activities and 9.9% of consolidated Group EBIT.

Cegedim deals in local currency in the UK, as it does in every country where it is present. Thus Brexit is unlikely to have a material impact on Group EBIT.

With regard to healthcare policy, the Group has not identified any major European programs at work in the UK and expects UK policy to be only marginally affected by Brexit.

The figures cited above include guidance on Cegedim's future financial performances. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 2, points 2.5, “Risk factors and insurance”, and 2.7, “Outlook”, of the 2018 Registration Document who will be filed with the AMF in the coming days.


Apart from the items cited below, to the best of the company’s knowledge, there were no events or changes during the period that would materially alter the Group’s financial situation.

  • Bpifrance sells Cegedim shares

Bpifrance Participations sold 1,682,146 Cegedim shares via an accelerated bookbuilding process to French and international institutional investors at a price of €35 per share on February 13, 2018. In the context of the transaction, the shareholders’ agreement dated October 28, 2009, between Mr. Jean-Claude Labrune, FCB (the family holding company controlled by Mr. Labrune), and Bpifrance – as well as the concert between the parties – has been terminated. Following the sale, Cegedim’s free float increased to 44% of capital (vs. 32% before the transaction).

  • Cegelease and Eurofarmat definitively sold

On February 28, 2018, Cegedim announced that it had completed the disposal of Cegelease and Eurofarmat to FRANFINANCE of the Société Générale Group for an amount of €57.5 million plus reimbursement of the shareholder’s loan account, which amounted to €13 million. Of this amount, Cegedim used €30 million to pay down its debt.

The parties have decided that Cegelease and the Cegedim Group will continue to collaborate in France under the current terms as part of a six-year collaboration agreement.

  • Rue de la Paye acquired in France

On March 30, 2018, Cegedim acquired French company Rue de la Paye via its Cegedim SRH subsidiary. The deal will enable the Group to market digital payroll solutions to 2 million SMEs and small businesses in France, including – importantly – thousands of healthcare professionals that are already Cegedim Group clients.

Rue de la Paye’s 2017 revenues were equivalent to around 1% of 2017 consolidated Group revenues, and it earned a profit. It began contributing to the Group’s consolidation scope in April 2018.

  • Tax

On February 21, 2018, Cegedim S.A. received notice that French tax authorities would perform an audit of its accounts covering the period January 1, 2015, to December 31, 2016. As the audit is still underway, the Group has not received any notice of tax adjustment.

  • Independent director appointed to Cegedim SA’s board

At the annual general meeting on August 31, 2018, shareholders appointed Ms. Béatrice Saunier to a six-year term as an independent director. Her term will expire following the AGM held to approve the financial statements for the year 2023.

  • New financing structure for €200 million

On October 9, 2018, Cegedim set up a new financing structure for a total amount of €200 million consisting of a  €135 million, 7-year Euro PP bond with a coupon of 3.50%, and a €65 million, 5-year syndicated revolving credit facility with a one-year extension option. The interest rate on the new revolving credit facility is 20 basis points lower than that of the previous one.

  • Euris litigation

Cegedim, jointly with IQVIA (formerly IMS Health), is being sued by Euris for unfair competition. Cegedim asked the court to dismiss the case against the Group. On December 17, 2018, the Paris Commercial Court granted Cegedim’s request. That ruling has been appealed


Significant post December 31th, 2018 transactions and events

  • Acquisition of XimantiX in Germany

On January 21, 2019, Cegedim acquired German company XimantiX. Building on its presence in the digitalization market in Belgium, France, the United Kingdom, and Morocco, Cegedim now has a solid base for this activity in Germany, Europe’s leading economy. By acquiring a German leader positioned on the midmarket segment, Cegedim e-business will be able to develop its offer for SMEs. XimantiX customers will gain access to a wider range of services, thanks to Cegedim’s international scope.

XimantiX’s 2018 revenues came to €2.2 million, and it earned a profit. It began contributing to the Group’s consolidation scope in January 2019.

  • Acquisition of RDV médicaux in France

On February 2019: Cegedim acquired French company RDV Médicaux, an online appointment scheduling site whose close collaboration with hotlines gives it a unique positioning. This deal clearly reaffirms Docavenue’s ambition to help healthcare professionals focus on patient care by offering innovative services that are 100% designed to improve the French healthcare system. RDV Médicaux’s 2018 revenues came to €0.6 million. It began contributing to the Group’s consolidation scope in March 2019.

  • Acquisition of BSV in France

On January 31, 2019, Cegedim acquired BSV Electronic Publishing, the leading provider of invoice digitization solutions to French municipalities and widely respected for its successful Electronic Document Management System (EDMS). BSV’s ZeDOC software suite includes electronic document management--a dynamic data capture tool that sets it apart from a conventional EDMS based on document indexing--Optical Character Recognition (OCR) and Automatic Document Recognition (ADR).

BSV Electronic Publishing generated revenue of €1.2 million in 2018. It began contributing to the Group’s consolidation scope in February 2019.

To the best of the company’s knowledge, except for the aforementioned, there were no events or changes after the September 30th that would materially alter the Group’s financial situation.

Additional information

The Audit Committee met on March 26, 2019. The Board of Directors, chaired by Jean-Claude Labrune, approved the consolidated financial statement for 2018 at its meeting on March 27, 2019. The audit of the financial statements has been completed. The audit report will be issued once the requisite procedures for the filing of the registration document are completed. The 2018 Registration Document will be available in a few days’ time on our website and on Cegedim IR, the Group’s financial communications app. 

Financial calendar, FY 2019

March 27, 2019, at 6:15pm (Paris time)
The Group will hold a conference call hosted by Jan Eryk Umiastowski, Cegedim Chief Investment Officer and Head of Investor Relations.
The webcast is available at the following address:

The presentation on FY 2018 earnings is available:

The website:

The Group’s financial communications app, Cegedim IR. To download the app, visit:
Contact Numbers :France: +33 1 72 72 74 03 

United States: +1 844 286 0643 

UK and others: +44 (0)207 1943 759 
PIN Code: 19873083#


 March 28, 2019, at 2:30 pm CET

May 15, 2019, after the market close

June 19, 2019, at 9:30 am CET

July 25, 2019, after the market close

September 19, 2019, after the market close

September 20, 2019, at 11:30 am CET

October 24, 2019, after the market close

Analyst meeting (SFAF) in Cegedim’s auditorium

First-quarter 2019 revenues

Cegedim shareholders’ meeting

Second quarter 2019 revenues

Half year earnings 2019

Analyst meeting (SFAF) in SFAF’s offices

Third quarter 2019 revenues



Balance sheet as December 31, 2018

  • Assets as of December 31, 2018
In thousands of euros12.31.201812.31.2017
Goodwill on acquisition173,024167,758
Development costs13,10322,887
Other intangible fixed assets143,606122,962
Intangible fixed assets156,709145,849
Other tangible fixed assets29,30628,057
Construction work in progress11444
Tangible fixed assets33,41633,172
Equity investments1,214913
Other long-term investments6,3186,454
Long-term investments – excluding equity shares in equity method companies20,95720,353
Equity shares in equity method companies10,48610,072
Government – Deferred tax28,19627,271
Accounts receivable: Long-term portion87210
Other receivables: Long-term portion- 
Financial instruments562622
Prepaid expenses: long-term portion530-
Non-current assets423,966405,308
Services in progress-78
Advances and deposits received on orders268325
Accounts receivables: Short-term portion97,278118,170
Other receivables: Short-term portion33,31871,220
Cash equivalents1528,000
Prepaid expenses9,5168,989
Current Assets224,142221,068
Asset of activities held for sale-119,847
Total Assets648,108746,223

  • Liabilities and shareholders’ equity as of December 31, 2018
In thousands of euros12.31.2018 12.31.2017 
Share capital13,337 13,337 
Group reserves185,287 177,881 
Group exchange gains/losses(5,613)(5,008)
Group earnings5,771 11,147 
Shareholders’ equity. Group share198,781 197,357 
Minority interests175 (11)
Shareholders’ equity198,957 197,346 
Long-term financial liabilities185,845 250,830 
Long-term financial instruments961 928 
Deferred tax liabilities6,605 6,362 
Non-current provisions26,389 25,445 
Other non-current liabilities15 56 
Non-current liabilities219,814 283,621 
Short-term financial liabilities3,211 4,040 
Short-term financial instruments1 2 
Accounts payable and related accounts41,774 46,954 
Tax and social liabilities89,074 83,118 
Provisions2,945 3,025 
Other current liabilities92,332 65,098 
Current liabilities229,337 202,236 
Liabilities of activities held for sale- 63,020 
Total Liabilities648,108 746,223 

Income statements as of December 31, 2018

In thousands of euros12.310.2018 12.31.2017 
Revenue467,688 457,441 
Purchased used(29,316)(33,788)
External expenses(122,563)(122,453)
Payroll costs(229,507)(215,434)
Allocations to and reversals of provisions(1,056)(2,684)
Change in inventories of products in progress and finished products- 0 
Other operating income and expenses(2,358)(621)
Income of equity-accounted affiliates (1)2,128 2,291 
EBITDA76,772 77,496 
Depreciation expenses(43,716)(40,075)
Operating income before special items33,056 37,420 
Depreciation of goodwill- - 
Non-recurrent income and expenses(18,640)(18,874)
Other exceptional operating income and expenses(18,640)(18,874)
Operating income14,416 18,547 
Income from cash and cash equivalents1,154 631 
Gross cost of financial debt(7,041)(8,938)
Other financial income and expenses(77)1,573 
Cost of net financial debt(5,964)(6,734)
Income taxes(4,632)(4,002)
Deferred taxes707 (699)
Total taxes(3,925)(4,701)
Share of profit (loss) for the period of equity method companies(46)(51)
Profit (loss) for the period from continuing activities4,481 7,061 
Profit (loss) for the period from discontinued activities1,345 - 
Profit (loss) for the period from activities held for sale- 4,099 
Consolidated profit (loss) for the period5,826 11,160 
Consolidated Net income (loss) attributable to owners of the parent5,771 11,147 
Minority interests56 14 
Average number of shares excluding treasury stock13,919,741 13,979,390 
Current Earnings Per Share (in euros)0.7 0.9 
Earnings Per Share (in euros)0.4 0.8 
Dilutive instrumentsNoneNone
Earning for recurring operation per share (in euros)0.4 0.8 

Consolidated cash flow statement as of December 31, 2018

In thousands of euros12.31.2018 12.31.2017 
Consolidated profit (loss) for the period5,826 11,160 
Share of earnings from equity method companies(2,082)(2,241)
Depreciation and provisions50,808 64,435 
Capital gains or losses on disposals(1,694)(534)
Cash flow after cost of net financial debt and taxes52,858 72,821 
Cost of net financial debt6,019 6,427 
Tax expenses3,212 6,628 
Operating cash flow before cost of net financial debt and taxes62,089 85,877 
Tax paid(2,943)(1,819)
Change in working capital requirements for operations: requirement- (10,574)
Change in working capital requirements for operations: surplus64,436 - 
Cash flow generated from operating activities after tax paid and change in working capital requirements (A)123,582 73,484 
Of which net cash flows from operating activities of held for sales(5,145)4,299 
Acquisitions of intangible assets(47,907)(48,372)
Acquisitions of tangible assets(10,976)(12,251)
Acquisitions of long-term investments(3,929)- 
Disposals of tangible and intangible assets104 529 
Disposals of long-term investments- 1,046 
Change in loans made and cash advance(1,214)(10,749)
Impact of changes in consolidation scope64,553 (1,855)
Dividends received from outside Group2,704 893 
Net cash flows generated by investment operations (B)3,335 (70,759)
Of which net cash flows connected to investment operations of activities held for sales13,892 (674)
Dividends paid to parent company shareholders- - 
Dividends paid to the minority interests of consolidated companies(57)(70)
Capital increase through cash contribution- - 
Loans issued135,000 10,500 
Loans repaid(202,125)(3,241)
Interest paid on loans(2,360)(5,996)
Other financial income and expenses paid or received641 (821)
Net cash flows generated by financing operations (C)(68,899)372 
Of which net cash flows related to financing operations of activities held for sales(13,073)270 
Change In Cash without impact of change in foreign currency exchange rates (A + B + C)58,017 3,098 
Impact of changes in foreign currency exchange rates72 (821)
Change in cash58,089 2,276 
Opening cash22,998 20,722 
Closing cash81,088 22,998 



Breakdown of revenues from continuing activities by quarter and division

  • Fiscal year 2018
In € thousands Q1Q2Q3Q4Total
Health insurance, HR et e-services 72,923 76,61371,62086,526307,684  
Healthcare professionals 38,029 38,13336,29143,731156,184  
Corporate and others 989 9479009853,820  
Revenue from continuing activities 111,941 115,693108,811131,242467,688  
Revenue from activities held for sale 2,066 0002,066  
IFRS 5 restatement (36)000(36) 
Group revenue 113,970 115,693108,811131,242469,717  
  • Fiscal year 2017
 In € thousands Q1Q2Q3Q4Total
Health insurance, HR et e-services 68,610 71,653 67,958 82,856 291,077  
Healthcare professionals 40,320 41,495 37,999 42,672 162,486  
Corporate and others 1,058 933 961 926 3,878  
Revenue from continuing activities 109,989 114,081 106,918 126,454 457,441  
Revenue from activities held for sale 3,926 2,935 2,476 3,664 13,001  
IFRS 5 restatement (209)(103)(100)(78)(490) 
Group revenue 113,705 116,913 109,294 130,040 469,952  

Breakdown of revenue by geographic zone and division

  • As of December 31, 2018
As a % of consolidated revenues from continuing activities FranceEMEA excl. FranceAmericasAPAC
Health insurance, HR et e-services 96.7%3.3%- -
Healthcare professionals 61.3%31.2%7.5%-
Corporate and others 100.0%- - -
Cegedim 84.9%12.6%2.5%-

Breakdown of revenue by currency and division

  • As of December 31, 2018
As a % of consolidated revenues from continuing activities EuroGBPUSDOthers
Health insurance, HR et e-services 96.7%2.3%0.0%1.0%
Healthcare professionals 65.5%25.3%7.2%2.0%
Corporate and others 100.0%- - - 
Cegedim 86.3%10.0%2.4%1.3%


BPO (Business Process Outsourcing):  BPO is the contracting of non-core business activities and functions to a third-party provider. Cegedim provides BPO services for human resources, Revenue Cycle Management in the US and management services for insurance companies, provident institutions and mutual insurers.

Business model transformation: Cegedim decided in fall 2015 to switch all of its offerings over to SaaS format, to develop a complete BPO offering, and to materially increase its R&D efforts. This is reflected in the Group’s revamped business model. The change has altered the Group's revenue recognition and negatively affected short-term profitability

Corporate and others: This division encompasses the activities the Group performs as the parent company of a listed entity, as well as the support it provides to the three operating divisions.

EPS: Earnings Per Share is a specific financial indicator defined by the Group as the net profit (loss) for the period divided by the weighted average of the number of shares in circulation.

Operating expenses: Operating expenses is defined as purchases used, external expenses and payroll costs.

Revenue at constant exchange rate: When changes in revenue at constant exchange rate are referred to, it means that the impact of exchange rate fluctuations has been excluded. The term “at constant exchange rate” covers the fluctuation resulting from applying the exchange rates for the preceding period to the current fiscal year, all other factors remaining equal.

Revenue on a like-for-like basis: The effect of changes in scope is corrected by restating the sales for the previous period as follows:

  • by removing the portion of sales originating in the entity or the rights acquired for a period identical to the period during which they were held to the current period;
  • similarly, when an entity is transferred, the sales for the portion in question in the previous period are eliminated.
Life-for-like data (L-f-l): At constant scope and exchange rates.

Internal growth: Internal growth covers growth resulting from the development of an existing contract, particularly due to an increase in rates and/or the volumes distributed or processed, new contracts, acquisitions of assets allocated to a contract or a specific project.
 External growth: External growth covers acquisitions during the current fiscal year, as well as those which have had a partial impact on the previous fiscal year, net of sales of entities and/or assets.

EBIT: Earnings Before Interest and Taxes. EBIT corresponds to net revenue minus operating expenses (such as salaries, social charges, materials, energy, research, services, external services, advertising, etc.). It is the operating income for the Cegedim Group.

EBIT before special items: This is EBIT restated to take account of non-current items, such as losses on tangible and intangible assets, restructuring, etc. It corresponds to the operating income from recurring operations for the Cegedim Group.

EBITDA: Earnings before interest, taxes, depreciation and amortization. EBITDA is the term used when amortization or depreciation and revaluations are not taken into account. “D” stands for depreciation of tangible assets (such as buildings, machines or vehicles), while “A” stands for amortization of intangible assets (such as patents, licenses and goodwill). EBITDA is restated to take account of non-current items, such as losses on tangible and intangible assets, restructuring, etc. It corresponds to the gross operating earnings from recurring operations for the Cegedim Group.

Adjusted EBITDA:  Consolidated EBITDA adjusted, for 2016, for the €4.0m of negative impact from impairment of receivables in the Healthcare Professional division

Net Financial Debt: This represents the Company’s net debt (non-current and current financial debt, bank loans, debt restated at amortized cost and interest on loans) net of cash and cash equivalents and excluding revaluation of debt derivatives.

Free cash flow: Free cash flow is cash generated, net of the cash part of the following items: (i) changes in working capital requirements, (ii) transactions on equity (changes in capital, dividends paid and received), (iii) capital expenditure net of transfers, (iv) net financial interest paid and (v) taxes paid.

EBIT margin: EBIT margin is defined as the ratio of EBIT/revenue.

EBIT margin before special items: EBIT margin before special items is defined as the ratio of EBIT before special items/revenue.

Net cash: Net cash is defined as cash and cash equivalent minus overdraft


About Cegedim:

Founded in 1969, Cegedim is an innovative technology and services company in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs more than 4,500 people in more than 10 countries and generated revenue of €468 million in 2018. Cegedim SA is listed in Paris (EURONEXT: CGM).
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Aude Balleydier
Media Relations
and Communications Manager
Tel.: +33 (0)1 49 09 68 81

Jan Eryk Umiastowski
Chief Investment Officer
and head of Investor Relations
Tel.: +33 (0)1 49 09 33 36

Marina Rosoff
For Madis Phileo


Media Relations
Tel: +33 (0)6 71 58 00 34


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